TIDMBGT
RNS Number : 8389E
Bright Things plc
30 December 2009
Bright Things plc
30 December 2009
Bright Things plc
('Bright Things' or 'the Company')
INTERIM RESULTS
Bright Things today announces its interim results for the period ended 30
September 2009.
Financial Highlights:
* Loss from operations increased to GBP716,000 (2008 H1 loss GBP624,000), due to
increased marketing and amortisation. Marketing costs increased to GBP231,000
(2008 H1 - GBP63,000) in the period.
* Maintained the reduction of other overheads.
* During the period, the Company undertook two fundraising exercises where
60,040,000 and 75,200,000 shares at 1.25p raised GBP750,500 and GBP940,000
before expenses.
Operational Highlights:
* Subscriptions have increased month on month since the product launch in February
as the customer base expanded.
* Focused on the further development and sales and marketing of SocialGO, the
social network maker.
Dominic Wheatley, CEO of Bright Things commented:
'We are looking forward to the next stage in the SocialGO project which is to
refine the product and embark on a concerted marketing campaign. I am pleased
with progress so far and hoping for growth of the business in 2010.'
For further information, please contact:
Bright Things plc 0845 299 7289
Dominic Wheatley, CEO
Edward Levey, Finance Director
Astaire Securities plc 020 7448 4400
William Vandyk
www.brightthings.com
www.SocialGO.com
Chairman's Statement
Introduction
The first six months of the year have seen Bright Things focus on the further
development and sales and marketing of SocialGO, the social network maker.
Revenues have increased month on month since the product launch in February as
the customer base expanded.
There has been an increase in the marketing costs for SocialGO, and in the
amortisation of the SocialGO IP, however, I am pleased to be able to report that
the Company has maintained the reductions in other costs. We will continue to
work hard to ensure the Company keeps costs to a minimum.
Financial Review
Revenue was GBP87,000 (2008 H1 - GBP2,000) and relates entirely to SocialGO.
The loss from operations was GBP716,000 (2008 H1 loss GBP624,000), with research
& development costs at GBP133,000 (2008 H1 - GBP326,000) and other
administrative expenses at GBP512,000 (2008 H1 - GBP297,000).
Marketing cost increases have reflected on the above overheads. All overhead
expenditure continues to be closely monitored.
The Group had cash deposits of GBP830,000 (2008 H1 - GBP73,000) at the Balance
Sheet date.
SocialGO
The product is now reaching the first stage of maturity and I am pleased with
the quality and the additional features that have been introduced. Members of
SocialGO networks can now sign in using their Facebook or Twitter account
details and feed activity back to those channels. We have added GoCart, a widget
that enables network owners to open an online store within their site and an IM
chatroom allowing dozens of members to engage with each other simultaneously.
The team has many new features and functions in the pipeline to be added over
the coming months to make owning and belonging to these micro networks even more
compelling.
There are a wide range of users building social networks on the SocialGO
platform. Some are using it to promote their businesses. Some are building
political networks. Church groups, charities and professional organizations are
creating networks to reach their audiences. For examples of some of these
networks in action, please visit www.socialgo.com/blog.
In November, the company opened a small office in Woodside, California. The US
is the largest market for SocialGO and sales and marketing initiatives will be
spear headed from there. Development and operations remain in Shoreditch,
London.
Financing
As reported in the Annual Report the Company raised GBP750,500 on 8 April 2009
by the issuing of 60,040,000 new Ordinary 1p Shares at 1.25p per share.
On 2 September 2009 the Company announced that it had raised GBP940,000 by the
issuing of 75,200,000 new Ordinary 1p Shares at 1.25p per share. This ensures
the Company has sufficient working capital, and cash available for investment in
SocialGO.
Prospects and Strategy
With month on month increases in revenue, SocialGO has found it's audience of
'early adopters'. However, our expectation is that the concept of creating a
network will gradually spread across businesses, non-profit organizations,
educational communities and many other groups who will come to see the great
benefits they can receive at a modest cost. We are still at the early stage of
market awareness and therefore well positioned for the growing interest in using
social media in the coming months. Creating an intricate and tested platform
such as SocialGO is not a trivial exercise and the knowledge base within the
company is valuable. Although we are always cautious, there is a growing sense
of excitement as we achieve each new internal milestone both in product
development and sales.
Post Balance Sheet Events
On 24 December 2009, the Company announced it entered into a conditional
agreement to acquire the entire issued share capital of Get On With It Limited
(GOWIT), a company from which Bright Things has been receiving software
development and maintenance services under the terms of a Services Agreement
since November 2007. Under the terms of the Acquisition Agreement, the Company
has conditionally agreed to acquire the entire issued share capital of GOWIT.
The consideration for the Acquisition will be the issue to the Vendors of
34,999,999 Consideration Shares (which have an aggregate value of GBP402,500 at
an assumed price per share of 1.15 pence, being the mid-market quotation for an
Ordinary Share on 22 December 2009, as derived from the AIM Supplement to the
Daily Official List of the London Stock Exchange) and the grant of the
Vendor Warrants over 41,625,000 Ordinary Shares, exercisable at a price of 1.25
pence per share. Upon completion of the Acquisition, the Services Agreement
shall terminate.
On 24 December 2009 the Company also announced it has entered into a conditional
subscription agreement with Veddis Ventures to raise GBP500,000 before expenses
by the conditional subscription by Veddis Ventures for 40,000,000 new Ordinary
Shares at the subscription price of 1.25 pence per share, together with
2,890,873 warrants each to subscribe for one Ordinary Share, exercisable at a
price of 1.25 pence per share.
Summary
Although we continue to explore all opportunities to utilise the Company's
expertise and intellectual property the real focus for Bright Things continues
to be SocialGO. Progress is encouraging and we will continue to update the
market as and when significant milestones are passed.
Administrative overhead reductions have been maintained and your Board will
continue to carefully monitor the working capital requirements of the Company.
Finally, I would like to thank all employees for their continuing hard work and
dedication during the period.
Ian Livingstone
Chairman
30 December 2009
Operational and financial review
Unaudited interim results for the 6 months ended 30 September 2009 and future
product portfolio
Bright Things had no product launches in the six month period to 30 September
2009.
The following product is scheduled for release in early 2010:
SocialGO - Social Network Maker boxed version
Development model
During the period to 30 September 2009 we continued to retain the core
management and technical skills in house and subcontract development to an
external partner. Having acquired CommonWorld Ltd from the owners of Get On With
It Ltd in December 2007 the Company acquired the core IP for SocialGO. At that
date, the company also entered into a contract with Get On With It Ltd who have
the appropriate expertise in website design and development to complete
development of SocialGO and provide ongoing development thereafter.
On 24 December 2009, the Company announced it entered into a conditional
agreement to acquire the entire issued share capital of Get On With It Limited,
a company from which Bright Things has been receiving software development and
maintenance services under the terms of a Services Agreement since November
2007. This will bring all development in house.
Further revenue streams
The Group's Patent and Intellectual Property portfolio presents opportunities to
generate revenue from the use of our technology in products outside of our
initial target market.
Strategy for the future
The company is focusing its resources on SocialGO. The product, which was
launched in February 2009 has progressed well.
Results for operations
The Group made loss from operations of GBP716,000 (2008 H1 - GBP624,000).
Reasearch and development and other administrative expenses were the main
components of the loss on ordinary activities during the six months to
30 September 2009.
Key figures:
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | 6 Months | 6 Months | Year |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | Ended | Ended | Ended |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | 30 September | 30 September | 31 March |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | 2009 | 2008 | 2009 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | GBP000 | GBP000 | GBP000 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Revenue | | 87 | 2 | 30 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Gross Loss | | (71) | (1) | (18) |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Research and Development | | 133 | 326 | 838 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Other administrative expenses | | 512 | 297 | 840 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Net assets | | 979 | 184 | 48 |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Increase/(Decrease) in cash and cash | | 746 | (528) | (517) |
| equivalents | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | | | |
+--------------------------------------+----------------+----------------+----------------+----------------+
| Basic and diluted loss per share | | (0.3)p | (1.0)p | (1.8)p |
+--------------------------------------+----------------+----------------+----------------+----------------+
| | | ________ | ________ | ________ |
+--------------------------------------+----------------+----------------+----------------+----------------+
Revenue, GBP87,000 (2008 H1 - GBP2,000)
Revenue for the year consists of sales from SocialGO.
Cost of sales, GBP158,000 (2008 H1 - GBP3,000)
Cost of sales includes GBP103,000 SocialGO server costs; SocialGO transaction
and customer support costs of GBP55,000.
Gross loss, GBP71,000 (2008 H1 - GBP1,000)
The overall gross loss for the year is GBP71,000. This relates to SocialGO.
Administrative expenses
Administrative expenses for the six months ended 30 September 2009 are the main
component of the loss on ordinary activities during the period. Administrative
expenses are in line with expectation and are analysed into four categories:
Research & Development, GBP133,000 (2008 H1 - GBP326,000)
All CommonWorld post acquisition research and development expenditure was
charged to the income statement account as incurred until the first receipt of
revenue upon the commercial launch of SocialGO in February 2009 in accordance
with the accounting policy in note 1 to the financial statements. From this
point, development costs relating to the enhancement of SocialGO have been
capitalised. Capitalised development costs for the six months ended 30 September
2009 total GBP164,000 and are not included in the above figure.
Other administrative expenditure - GBP512,000 (2008 H1 - GBP297,000)
Other administrative costs comprise all the costs of running Bright Things'
operating and corporate functions. This includes the staff, contractors and
agencies together with associated costs employed in sales, marketing, PR,
design, project management, production, IT, quality assurance, finance and
legal.
The main component of general and administrative expenditure relates to
marketing. Marketing costs increased to GBP231,000 (2008 H1 - GBP63,000) in the
period. These costs relate to campaigns, external agencies and consultants
retained for SocialGO.
Also included in other administrative expenditure is human resource costs,
totalling GBP114,000 (2008 H1 - GBP97,000) for the period.
The share based payment charge within administrative expenses for the year
totalled GBP20,000 (2008 H1 - GBP21,000). Of this GBP13,000 (2008 - GBP18,000)
related to employee share options, GBP7,000 (2008 H1 - GBP3,000) related to
contractor share options.
Office and administration costs totalling GBP39,000 (2008 H1 - GBP39,000) in the
period, included office costs of GBP25,000 (2008 H1 - GBP19,000).
Travel and subsistence costs reduced to GBP10,000 (2008 H1 - GBP17,000).
Financial expenses decreased in the period to GBP17,000 (2008 H1 - GBP24,000).
GBP9,000 of this decrease relates to unrealised currency variances.
Professional expenses decreased in the period to GBP26,000 (2008 H1 -
GBP30,000).
Depreciation decreased in the period to GBP2,000 (2008 H1 - GBP6,000).
Amortisation in the period increased to GBP53,000. There was no amortisation
charge in the six months to 30 September 2008 as the intangible assets were not
yet available for commercial use.
Taxation
No tax charge arises on the loss for the financial period. At 30 September 2009
the Group has approximately GBP14.5 million of losses available to carry forward
to set against future taxable profits, subject to agreement with the UK and USA
tax authorities.
Loss per share
Basic and diluted loss per share of 0.3p (2008 H1 loss of 1.0p) has improved due
to an increased loss and the issuing of new shares in the period.
Working Capital
The Group's operational cash position has increased following fundraisings
during the period. At 30 September 2009, the Group had cash of GBP830,000 (2008
H1 - GBP73,000). Net assets have increased from GBP48,000 at 31 March 2009 to
GBP979,000 as at 30 September 2009 (2008 H1 - GBP184,000).
During the period, the Company undertook two fundraising exercises where
60,040,000 and 75,200,000 shares at 1.25p raised GBP750,500 and GBP940,000
before expenses.
The board continues to monitor the organisation's general overheads to make
savings where appropriate and constantly seeks cost efficiencies as appropriate
given the current level of cash resources.
Financial Instruments
During the period, the Group's financial instruments, comprised cash and various
items such as trade debtors and creditors that arise directly from operations.
The main purpose of these financial instruments is to finance the Group's
operations. The Group's policy is, and was throughout the period under review,
not to trade in financial instruments. The main risk arising from the Group's
financial instruments are liquidity risk and foreign currency risk. The Board
reviews and agrees policies for managing each of these risks on a regular basis.
Liquidity risk
With reference to detailed cash flow forecasts the Group continually monitors
the operational working capital requirements of the business. The Group
continues to assess appropriate financing opportunities based on future business
plans and working capital requirements.
Edward Levey
Finance Director
30 December 2009
Consolidated income statement for the six month period ended 30 September 2009
+------------------------------------+----------------+---------------+---------------+
| Note | 6 months ended | 6 months | 12 months |
| | 30 September | ended | ended 31 |
| | 2009 | 30 September | March |
| | (unaudited) | 2008 | 2009 |
| | GBP'000 | (unaudited) | (audited) |
| | | GBP'000 | GBP'000 |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Revenue | 87 | 2 | 30 |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Cost of sales | (158) | (3) | (48) |
+------------------------------------+----------------+---------------+---------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Gross loss | (71) | (1) | (18) |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Research and development costs | (133) | (326) | (838) |
+------------------------------------+----------------+---------------+---------------+
| Administrative expenses - other | (512) | (297) | (840) |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Total administrative expenses | (645) | (623) | (1,678) |
+------------------------------------+----------------+---------------+---------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Loss from operations | (716) | (624) | (1,696) |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
| Finance income | - | 7 | 10 |
+------------------------------------+----------------+---------------+---------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+---------------+---------------+
| Loss before and after tax for the | (716) | (617) | (1,686) |
| financial period | | | |
+------------------------------------+----------------+---------------+---------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+---------------+---------------+
| Loss per share | | | |
+------------------------------------+----------------+---------------+---------------+
| Basic and diluted | (0.3)p | (1.0)p | (1.8)p |
| 3 | | | |
+------------------------------------+----------------+---------------+---------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+---------------+---------------+
| | | | |
+------------------------------------+----------------+---------------+---------------+
The notes on pages 13 to 22 form part of these financial statements.
Consolidated statement of changes in equity for the period ended 30 September
2009
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | |
+------------------------------+----------+----------+----------+----------+---------------------+-----------------------+----------+
| | | Called | Deferred | Share | Merger | Warrant | Share | Retained | Total |
| | | up 1p | 9p share | premium | reserve | reserve | based | deficit | |
| | | share | capital | | | | payment | | |
| | | capital | | | | | reserve | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 1 April 2008 | | 618 | 2,741 | 10,170 | (136) | 267 | 312 | (13,192) | 780 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Loss for the period | | - | - | - | - | - | - | (617) | (617) |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Total recognised income and | | - | - | - | - | - | - | (617) | (617) |
| expense for the period | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share based payment charge | | - | - | - | - | - | 21 | - | 21 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share based payment charge - | | - | - | - | - | - | 53 | - | 53 |
| included in research and | | | | | | | | | |
| development | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Issue of shares - to Get On | | 31 | - | - | - | - | (93) | 9 | (53) |
| With It Limited | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 30 September 2008 | | 649 | 2,741 | 10,170 | (136) | 267 | 293 | (13,800) | 184 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
The notes on pages 13 to 22 form part of the group financial statements.
Consolidated statement of changes in equity for the period ended 30 September
2009
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | |
+------------------------------+----------+----------+----------+----------+---------------------+-----------------------+----------+
| | | Called | Deferred | Share | Merger | Warrant | Share | Retained | Total |
| | | up 1p | 9p share | premium | reserve | reserve | based | deficit | |
| | | share | capital | | | | payment | | |
| | | capital | | | | | reserve | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 1 October 2008 | | 649 | 2,741 | 10,170 | (136) | 267 | 293 | (13,800) | 184 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Loss for the period | | - | - | - | - | - | - | (1,069) | (1,069) |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Total recognised income and | | - | - | - | - | - | - | (1,069) | (1,069) |
| expense for the period | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share based payment charge | | - | - | - | - | - | 29 | - | 29 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Correct share based payment | | - | - | - | - | - | - | 53 | 53 |
| charge reversed 30 July upon | | | | | | | | | |
| issue of shares | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Issue of shares - private | | 628 | - | 1 | - | 156 | - | - | 785 |
| placing | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share issue costs | | - | - | (34) | - | - | - | - | (34) |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Issue of shares - to Get On | | 80 | - | - | - | 20 | - | - | 100 |
| With It Limited | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 31 March 2009 | | 1,357 | 2,741 | 10,137 | (136) | 443 | 322 | (14,816) | 48 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
The notes on pages 13 to 22 form part of the group financial statements.
Consolidated statement of changes in equity for the period ended 30 September
2009
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | |
+------------------------------+----------+----------+----------+----------+---------------------+-----------------------+----------+
| | | Called | Deferred | Share | Merger | Warrant | Share | Retained | Total |
| | | up 1p | 9p share | premium | reserve | reserve | based | deficit | |
| | | share | capital | | | | payment | | |
| | | capital | | | | | reserve | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 1 April 2009 | | 1,357 | 2,741 | 10,137 | (136) | 443 | 322 | (14,816) | 48 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Loss for the period | | - | - | - | - | - | - | (716) | (716) |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Total recognised income and | | - | - | - | - | - | - | (716) | (716) |
| expense for the period | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share based payment charge | | - | - | - | - | - | 20 | - | 20 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Issue of shares - private | | 600 | - | 150 | - | - | - | - | 750 |
| placing | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Issue of shares - private | | 752 | - | 188 | - | - | - | - | 940 |
| placing | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| Share issue costs | | - | - | (63) | - | - | - | - | (63) |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| At 30 September 2009 | | 2,709 | 2,741 | 10,412 | (136) | 443 | 342 | (15,532) | 979 |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
| | | | | | | | | | |
+------------------------------+----------+----------+----------+----------+----------+----------+------------+----------+----------+
The notes on pages 13 to 22 form part of the group financial statements.
Consolidated balance sheet at 30 September 2009
+------------------------------------+----------------+----------------+--------------+
| Note | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+----------------+----------------+--------------+
| Assets | | | |
+------------------------------------+----------------+----------------+--------------+
| Non-current assets | | | |
+------------------------------------+----------------+----------------+--------------+
| Property, plant and equipment | 2 | 6 | 4 |
+------------------------------------+----------------+----------------+--------------+
| Intangible assets4 | 535 | 414 | 424 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total non-current assets | 537 | 420 | 428 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| Current assets | | | |
+------------------------------------+----------------+----------------+--------------+
| Trade and other receivables | 24 | 22 | 13 |
+------------------------------------+----------------+----------------+--------------+
| Tax asset | 48 | 34 | 31 |
+------------------------------------+----------------+----------------+--------------+
| Cash and cash equivalents | 830 | 73 | 84 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total current assets | 902 | 129 | 128 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total assets | 1,437 | 549 | 556 |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Liabilities | | | |
+------------------------------------+----------------+----------------+--------------+
| Current liabilities | | | |
+------------------------------------+----------------+----------------+--------------+
| Trade and other payables | (246) | (180) | (214) |
+------------------------------------+----------------+----------------+--------------+
| Tax liabilities | (35) | (9) | (12) |
+------------------------------------+----------------+----------------+--------------+
| Accruals and deferred income | (179) | (176) | (282) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total liabilities | (460) | (365) | (508) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total net assets | 979 | 184 | 48 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| Capital and reserves attributable | | | |
| to equity shareholders | | | |
+------------------------------------+----------------+----------------+--------------+
| Called up share capital - 1p | 2,709 | 649 | 1,357 |
| ordinary 5 | | | |
+------------------------------------+----------------+----------------+--------------+
| Called up share capital - 9p | 2,741 | 2,741 | 2,741 |
| ordinary 5 | | | |
+------------------------------------+----------------+----------------+--------------+
| Share premium | 10,412 | 10,170 | 10,137 |
+------------------------------------+----------------+----------------+--------------+
| Warrant reserve | 443 | 267 | 443 |
+------------------------------------+----------------+----------------+--------------+
| Merger reserve | (136) | (136) | (136) |
+------------------------------------+----------------+----------------+--------------+
| Share based payment reserve | 342 | 293 | 322 |
+------------------------------------+----------------+----------------+--------------+
| Retained deficit | (15,532) | (13,800) | (14,816) |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Total Equity | 979 | 184 | 48 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
The interim unaudited balance sheet was approved and authorised for issue by the
Board of Directors on 30 December 2009.
Edward Levey, Director
Consolidated cash flow statement for the six month period ended 30 September
2009
+-------------------------------------+-----------------+-----------------+---------------+
| | 6 months ended | 6 months ended | 12 months |
| | 30 September | 30 September | ended 31 |
| | 2009 | 2008 | March |
| | (unaudited) | (unaudited) | 2009 |
| | GBP'000 | (as restated) | (audited) |
| | | GBP'000 | (as restated) |
| | | | GBP'000 |
+-------------------------------------+-----------------+-----------------+---------------+
| Cash flows from operating | | | |
| activities | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Loss before tax | (716) | (617) | (1,686) |
+-------------------------------------+-----------------+-----------------+---------------+
| Share based payments | 20 | 21 | 203 |
+-------------------------------------+-----------------+-----------------+---------------+
| Depreciation on property plant and | 2 | 6 | 8 |
| equipment | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Amortisation of intangible assets | 53 | - | 13 |
+-------------------------------------+-----------------+-----------------+---------------+
| Finance income | - | (7) | (10) |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
| Cash used in operating activities | (641) | (597) | (1,472) |
| before | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| changes in working capital and | | | |
| provisions | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| (Increase)/Decrease in trade and | (11) | 8 | 20 |
| other receivables | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| (Decrease)/Increase in trade and | (65) | 57 | 200 |
| other payables | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
| Cash used in operations | (717) | (532) | (1,252) |
+-------------------------------------+-----------------+-----------------+---------------+
| | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Investing activities | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Purchase of property, plant and | - | (3) | (3) |
| equipment | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Purchase of intangible fixed assets | (164) | - | (23) |
+-------------------------------------+-----------------+-----------------+---------------+
| Finance income | - | 7 | 10 |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
| Net cash (used in)/from investing | (164) | 4 | (16) |
| activities | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Financing activities | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Proceeds from issue of new share | 1,690 | - | 785 |
| capital | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Costs of issue of new share capital | (63) | - | (34) |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
| Net cash from financing activities | 1,627 | - | 751 |
+-------------------------------------+-----------------+-----------------+---------------+
| | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Net increase/(decrease) in cash and | 746 | (528) | (517) |
| cash equivalents | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| Cash and cash equivalents at start | 84 | 601 | 601 |
| of period | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
| Cash and cash equivalents at end of | 830 | 73 | 84 |
| period | | | |
+-------------------------------------+-----------------+-----------------+---------------+
| | _______ | _______ | _______ |
+-------------------------------------+-----------------+-----------------+---------------+
Notes forming part of the interim financial statements for the period ended 30
September 2009
1 Accounting Policies
Principal accounting policies
The Company is a public company incorporated and domiciled in the United
Kingdom. The principal accounting policies applied in the preparation of these
consolidated financial statements are set out below. These policies have been
consistently applied to all the periods presented, unless otherwise stated.
Basis of preparation
These interim financial statements have been prepared in accordance with EU
Endorsed International Financial Reporting Standards ('IFRS') and the Companies
Act 1985 applicable to companies reporting under IFRS.
The accounting policies applied are consistent with those described in the
Annual Report and Financial Statements for the year ended 31 March 2009, and
with the policies expected to be applied to the Group's full year
financial statements for the year ending 31 March 2010.
The financial information for the six months ended 30 September 2009 and the six
months ended 30 September 2008 are unreviewed and unaudited, within the meaning
of section 240 of the Companies Act 1985, such accounts do not constitute full
statutory accounts of the Group.
The comparative figures for the financial year ended 31 March 2009 have been
extracted from the statutory financial statements of Bright Things Plc for
that financial year on which the report of the auditors was unqualified and did
not contain statements under section 237(2) or (3) of the Companies Act 1985.
Internally generated intangible assets (research and development costs)
Research and development
Expenditure on internally developed products is capitalised if it can be
demonstrated that:
· it is technically feasible to develop the product for it to be sold;
· adequate resources are available to complete the development;
· there is an intention to complete and sell the product;
· the group is able to sell the product;
· sale of the product will generate future economic benefits; and
· expenditure on the project can be measured reliably.
Capitalised development costs are amortised straight-line over the useful
economic life being the period that prudently simulates the flow of revenues
from a typical product. At the close of each fiscal year products are reviewed
for any loss of value where there is an indication of impairment. Where the
expected contribution made by a product does not exceed the expected total cost
of development then an impairment provision is made. The amortisation expense is
included within administrative expenses in the consolidated income statement.
Development expenditure not satisfying the above criteria and expenditure on the
research phase of internal projects are recognised in the consolidated income
statement as incurred.
Significant accounting judgements and estimates
The preparation of these financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting period. These judgements and
estimates are based on managements' best knowledge of the relevant facts and
circumstances, having regard to prior experience, but actual results may differ
from the amounts included in the financial statements. Information about such
judgements and estimations is contained below, as well as in the accounting
policies and accompanying notes to the financial statements.
2 Segmental information
The Group operates in the following main business segments: SocialGO;
Interactive DVD software and Sales of component parts from stock.
The Group's primary reporting format is business segments. All amounts relate to
continuing activities.
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Period ended 30 September 2009 | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | Business Segments | | | |
+---------------------------------------+----------------------+-----------+-----------+----------+
| | i-DVD | Sale of | SocialGO | Not | Total |
| | software | component | | allocated | |
| | | stock | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Total segment revenue | - | - | 87 | - | 87 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Cost of sales | - | - | (158) | - | (158) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Gross profit | - | - | (71) | - | (71) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Research and development costs | - | - | (133) | - | (133) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses - other | - | - | (284) | (228) | (512) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses | - | - | (417) | (228) | (645) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) from operations | - | - | (488) | (228) | (716) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Finance income | - | - | - | - | - |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) before and after tax | - | - | (488) | (228) | (716) |
| for the period | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Period ended 30 September 2008 | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | Business Segments | | | |
+---------------------------------------+----------------------+-----------+-----------+----------+
| | i-DVD | Sale of | SocialGO | Not | Total |
| | software | component | | allocated | |
| | | stock | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Total segment revenue | 2 | - | - | - | 2 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Cost of sales | (1) | (2) | - | - | (3) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Gross profit | 1 | (2) | - | - | (1) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Research and development costs | - | - | (326) | - | (326) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses - other | - | - | (270) | (27) | (297) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses | - | - | (596) | (27) | (623) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) from operations | 1 | (2) | (596) | (27) | (624) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Finance income | - | - | - | 7 | 7 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) before and after tax | 1 | (2) | (596) | (20) | (617) |
| for the period | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Year ended 31 March 2009 | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | Business Segments | | | |
+---------------------------------------+----------------------+-----------+-----------+----------+
| | i-DVD | Sale of | SocialGO | Not | Total |
| | software | component | | allocated | |
| | | stock | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Total segment revenue | 21 | - | 9 | - | 30 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Cost of sales | (3) | (2) | (43) | - | (48) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Gross profit | 18 | (2) | (34) | - | (18) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Research and development costs | - | - | (838) | - | (838) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses - other | - | - | (228) | (612) | (840) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Administrative expenses | - | - | (1,066) | (612) | (1,678) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) from operations | 18 | (2) | (1,100) | (612) | (1,696) |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Finance income | - | - | - | 10 | 10 |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| Profit / (Loss) before and after tax | 18 | (2) | (1,100) | (602) | (1,686) |
| for the year | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
| | | | | | |
+---------------------------------------+----------+-----------+-----------+-----------+----------+
All recognised assets of the Group relate to SocialGO.
The Group's secondary reporting format for reporting segment information is
geographic segments by location of customer.
Revenue
+------------------------------------+----------------+----------------+--------------+
| | 6 months ended | 6 months ended | 12 months to |
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| United Kingdom | 15 | (10) | 3 |
+------------------------------------+----------------+----------------+--------------+
| United States of America | 45 | 12 | 24 |
+------------------------------------+----------------+----------------+--------------+
| EU | 10 | - | 2 |
+------------------------------------+----------------+----------------+--------------+
| Other | 17 | - | 1 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Revenue | 87 | 2 | 30 |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
All the Group's assets are UK based.
3 Loss per share
Loss per share has been calculated using the following:
+------------------------------------+----------------+----------------+--------------+
| | 6 months ended | 6 months ended | 12 months to |
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Loss after | 716 | 617 | 1,686 |
| taxation for | | | |
| the period | | | |
| (GBP'000) | | | |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Weighted | 205,337 | 62,872 | 92,108 |
| average | | | |
| number of | | | |
| shares | | | |
| ('000s) | | | |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
| Basic and | 0.3p | 1.0p | 1.8p |
| diluted loss | | | |
| per share | | | |
+------------------------------------+----------------+----------------+--------------+
| | _______ | _______ | _______ |
+------------------------------------+----------------+----------------+--------------+
| | | | |
+------------------------------------+----------------+----------------+--------------+
Loss per ordinary share has been calculated using the weighted average number of
shares in issue during the relevant financial periods. The weighted average
number of equity shares in issue, is 205,336,656 (2008 H1 - 62,872,387) and the
earnings, being loss after tax is GBP716,000 (2008 H1 - GBP617,000 loss). There
are no potentially dilutive shares in issue. Share options totalling 9,193,105
(2008 H1 - 3,593,105) have not been included in the calculation of diluted loss
per share because they are anti-dilutive for the periods presented.
During the period ended 30 September 2009, the Company raised GBP750,500 and
GBP940,000 from the issue of 60,040,000 and 75,200,000 new Ordinary 1p shares.
There have been no other share issues since the balance sheet date that would
significantly alter the basic and diluted EPS calculations if those transactions
had occurred before the year end.
The company has outstanding issued warrants to subscribe for 540,541 10p
ordinary shares at GBP1.50 per share, 250,000 10p ordinary shares at GBP2.50 per
share and 35,380,000 1p ordinary shares at 5p per share (2008 - 540,541 10p
ordinary shares at GBP1.50 per share and 250,000 10p ordinary shares at GBP2.50
per share). These outstanding warrants are considered to be anti-dilutive.
4Intangible assets
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | Goodwill on | Intellectual | Licenses | Total |
| | consolidation | property | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | GBP000 | GBP000 | GBP000 | GBP'000 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Cost | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1 April 2008 | 832 | 635 | - | 1,467 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Additions | - | - | - | - |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ---------- | ----------- | ---------- | ---------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 30 September 2008 | 832 | 635 | - | 1,467 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ======== | ========= | ======== | ======== |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1 October 2008 | 832 | 635 | - | 1,467 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Additions | - | 23 | - | 23 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ----------- | ------------ | ----------- | ---------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 31 March 2009 | 832 | 658 | - | 1,490 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1 April 2009 | 832 | 658 | - | 1,490 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Additions | - | 164 | - | 164 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ------------ | ------------ | ------------ | ---------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 30 September 2009 | 832 | 822 | - | 1,654 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Amortisation and impairment | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1st April 2008 | 832 | 221 | - | 1,053 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Provision for period | - | - | - | - |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ------------------- | -------------------- | ------------------ | ---------------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 30 September 2008 | 832 | 221 | - | 1,053 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1 October 2008 | 832 | 221 | - | 1,053 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Provision for period | - | 13 | - | 13 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ------------------- | ------------------- | ------------------ | ---------------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 31 March 2009 | 832 | 234 | - | 1,066 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 1 April 2009 | 832 | 234 | - | 1,066 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Provision for period | - | 53 | - | 53 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ------------------- | ------------------ | ------------------ | ---------------- |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Balance at 30 September 2009 | 832 | 287 | - | 1,119 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| Net book value | | | | |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| At 30 September 2008 | - | 414 | - | 414 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| At 31 March 2009 | - | 424 | - | 424 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| At 30 September 2009 | - | 535 | - | 535 |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
| | ========= | ========= | ======== | ======= |
+-------------------------------------------------+---------------------+----------------------+--------------------+------------------+
5 Share capital
On 8 April 2009, the Company raised GBP750,500 from the issue of 60,040,000 new
Ordinary 1p Shares at 1.25p per share.
On 2 September 2009, the Company raised GBP940,000 from the issue of 75,200,000
new Ordinary 1p Shares at 1.25p per share.
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| Ordinary shares of 1p each |
+-------------------------------------------------------------------------------------------------------------------+
| | | Authorised |
+----------------------------------------------------+---+----------------------------------------------------------+
| | | 30 September | 30 September | 31 March |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | 2009 | 2008 | 2009 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| Ordinary shares of 1p each ('000s) | | 500,000 | 500,000 | 500,000 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| Ordinary shares of 1p each (GBP000) | | 5,000 | 5,000 | 5,000 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | Allotted, called up and fully paid |
+----------------------------------------------------+---+----------------------------------------------------------+
| | | 30 September | 30 September | 31 March |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | 2009 | 2008 | 2009 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| Ordinary shares of 1p each ('000s) | | 270,916 | 64,916 | 135,676 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| Ordinary shares of 1p each (GBP000) | | 2,709 | 649 | 1,357 |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+---------------------+------------------+-----------------+
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| Deferred shares of 9p each | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | Authorised |
+----------------------------------------------------+---+---------------------------------------------------------+
| | | 30 September | 30 September | 31 March |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | 2009 | 2008 | 2009 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| Deferred shares of 9p each ('000s) | | 274,051 | 274,051 | 274,051 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| Deferred shares of 9p each (GBP000) | | 2,741 | 2,741 | 2,741 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | Allotted, called up and fully paid |
+----------------------------------------------------+---+---------------------------------------------------------+
| | | 30 September | 30 September | 31 March |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | 2009 | 2008 | 2009 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| Deferred shares of 9p each ('000s) | | 274,051 | 274,051 | 274,051 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | | | |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| Deferred shares of 9p each (GBP000) | | 2,741 | 2,741 | 2,741 |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
| | | __________ | __________ | __________ |
+----------------------------------------------------+---+--------------------+------------------+-----------------+
+----------------------------------------------------------------------+---+-------------------+------------------------+
| The movement in share capital was as follows: |
+-----------------------------------------------------------------------------------------------------------------------+
| Ordinary shares of 1p each |
+-----------------------------------------------------------------------------------------------------------------------+
| | | Number | GBP'000 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | | |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| In issue at 30 September 2008 | | 64,916,328 | 649 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| 1p Ordinary Shares issued for 1.25p each - 23 October 2008 | | 62,760,000 | 628 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| 1p Ordinary Shares issued for 1.25p each - 20 February 2009 | | 8,000,000 | 80 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | __________ | __________ |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | | |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| In issue at 31 March 2009 | | 135,676,328 | 1,357 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| 1p Ordinary Shares issued for 1.25p each - 8 April 2009 | | 60,040,000 | 600 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| 1p Ordinary Shares issued for 1.25p each - 2 September 2009 | | 75,200,000 | 752 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | __________ | __________ |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | | |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| In issue at 30 September 2009 | | 270,916,328 | 2,709 |
+----------------------------------------------------------------------+---+-------------------+------------------------+
| | | __________ | __________ |
+----------------------------------------------------------------------+---+-------------------+------------------------+
At 30 September 2009, options were outstanding over 9,193,105 shares, (2008 H1 -
3,593,105), including options held by directors. The 5,600,000 increase refers
to share options exercisable at 1.25p per Ordinary Share. These were granted 24
October 2008. 700,000 of these options were granted to directors.
6Events after the balance sheet date
On 24 December 2009, the Company announced it entered into a conditional
agreement to acquire the entire issued share capital of Get On With It Limited
(GOWIT), a company from which Bright Things has been receiving software
development and maintenance services under the terms of a Services Agreement
since November 2007. Under the terms of the Acquisition Agreement, the Company
has conditionally agreed to acquire the entire issued share capital of GOWIT.
The consideration for the Acquisition will be the issue to the Vendors of
34,999,999 Consideration Shares (which have an aggregate value of GBP402,500 at
an assumed price per share of 1.15 pence, being the mid-market quotation for an
Ordinary Share on 22 December 2009, as derived from the AIM Supplement to the
Daily Official List of the London Stock Exchange) and the grant of the
Vendor Warrants over 41,625,000 Ordinary Shares, exercisable at a price of 1.25
pence per share. Upon completion of the Acquisition, the Services Agreement
shall terminate.
On 24 December 2009 the Company also announced it has entered into a conditional
subscription agreement with Veddis Ventures to raise GBP500,000 before expenses
by the conditional subscription by Veddis Ventures for 40,000,000 new Ordinary
Shares at the subscription price of 1.25 pence per share, together with
2,890,873 warrants each to subscribe for one Ordinary Share, exercisable at a
price of 1.25 pence per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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