Pioneer Media Hldgs - Interim Results
RNS Number : 4360M
Pioneer Media Holdings Inc.
11 January 2023
 

11 January 2023

Pioneer Media Holdings Inc.

("Pioneer", the "Company")

Interim Results

Pioneer Media Holdings Inc. (NEO: JPEG, AQSE: PNER), a web3 gaming and infrastructure company, is pleased to announce its unaudited interim results for the six months ended November 30, 2022. A full copy of the Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis are obtainable from the Company's website at https://www.p10neer.com/ .

This announcement contains information which, prior to its disclosure, constituted inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

About Pioneer Media Holdings Inc.

 

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

 

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

 

 

ON BEHALF OF PIONEER MEDIA HOLDINGS INC.

 

"Darcy Taylor"

 

CEO & Director

ir@p10neer.com

 

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)

Brian Stockbridge +44 7876 888 011

 

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

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

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

Pioneer Media Holdings Inc.

 

 

 

 

Statements of Financial Position

 

 

 

 

(Stated in Canadian Dollars)

 

 

 

 

(unaudited)

 

 

 

 

 

 

November 30,

 

May 31,

 

 

2022

 

2022

ASSETS

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

 $               847,644


 $          

1,654,311

Trade and other receivables

 

                  149,715


                  289,160

Prepaid expenses and other assets

 

                  196,086


                     84,044

 

 




Total current assets

 

               1,193,445


               2,027,515

Non-current assets

 




Investment in associate

 

                  503,234


                  863,370

Investments

 

               4,876,212


               8,066,884

Purchased technology

 

               1,829,783


               4,605,456

 

 




TOTAL ASSETS

 

 $           8,402,674


 $        

15,563,225

 

 




LIABILITIES AND EQUITY

 




Current liabilities

 




 

Trade and other payables

 

 $               619,506


 $             

 342,349

Accrued purchase consideration

 

                453,549


               1,422,991

Derivative financial liablility

 

                     5,700


                     57,900

 

 




Total current liabilities

 

             1,078,755


               1,823,240

Non-current liabilities

 




Accrued purchase consideration

 

                178,412


                  602,141

Total non-current liabilities

 

                178,412


                  602,141

Equity

 




Common shares

 

           36,378,293


            35,725,490

Share-based payments reserve

 

            1,018,373


                898,342

Retained earnings (deficit)

 

        (30,251,159)


          (23,485,988)

 

 




Total equity

 

             7,145,507


            13,137,844

 

 




TOTAL LIABILITIES AND EQUITY

 

 $           8,402,674


 $        

15,563,225

 

 




 

 

 

 

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

(Stated in Canadian Dollars)









(unaudited)

 










Three months ended November  30,


Six months ended November 30,



2022


2021


2022


2021










 

Revenue


 $               689,228


 $                           -  


 $               843,568


 $                           -  

Cost of sales

 

                  323,735


                               -  


                  472,003


                               -  



                               -  







Gross Margin


                  365,493


                               -  


                  371,565


                               -  



                               -  







Expenses


                               -  







Filing and listing fees


                     21,222


               
65,062


                     43,878


                     90,673

Management fees


                     97,125


                     39,710


                  191,625


                     74,340

Marketing


                     34,689


                       3,859


                  106,520


                     10,804

Office and miscellaneous


                     54,488


                     (2,377)


                  181,338


                     18,353

Professional and consulting fees


                  203,221


                     40,851


                  391,340


                     76,269

Research and development


                  224,707


                               -  


                  526,812


                               -  

Share-based payments

 

                     45,680


                  142,353


                  117,831


                  312,032



                               -  







Loss before other items and income taxes


                (315,639)


                (289,458)


             (1,187,779)


                (582,471)

 


                               -  







Other items


                               -  







Amortization of purchased software

 

             (1,387,836)


                               -  


             (2,775,673)


                               -  

Interest and other income


                     12,815


                           615


                     15,870


                       1,232

Equity loss on investment in associate

 

                (176,787)


                (197,250)


                (360,136)


                (239,501)

Fair value changes on derivatives

 

                     10,000


                (429,900)


                     52,200


                (432,200)

Fair value changes on investments

 

             (2,225,575)


             (1,915,391)


             (3,460,672)


             (5,663,958)

Gain on sale of investments




                  428,563




                  428,563

Fair value changes on accrued purchase consideration

 

                  156,022


                               -  


                  861,566


                               -  










Earnings (loss) before income taxes


             (3,927,000)


             (2,402,821)


             (6,854,624)


             (6,488,335)










    Income tax recovery (expense)


                               -  




                     89,453


                               -  

Deferred income tax recovery (expense)


                               -  


                  276,000


                               -  


                  793,000












                               -  







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


             (3,927,000)


 $         (2,126,821)


 $         (6,765,171)


 $         (5,695,335)










Weighted average number of common shares outstanding









Basic and diluted

 

          

 78,444,191


          55,718,400


            77,679,442


            55,626,919



                               -  







Basic and diluted loss per common share

 

 $                    (0.05)


 $                    (0.04)


 $                    (0.09)


 $                    (0.10)

 

 

 

Pioneer Media Holdings Inc.











Consolidated Statements of Changes in Equity

(Stated in Canadian Dollars)

(unaudited)

















Share


Share-based


Retained




Common Shares


Subscriptions


Payments


Earnings




Number


Amount


(Receivable)


Reserve


(deficit)


Total













Balance at May 31, 2022

            76,897,507


 $         35,725,490


 $                           -  


 $               898,342


 $       (23,485,988)


 $         13,137,844

Share-based payments

                               -  


                               -  


                               -  


                  117,831


                               -  


                  117,831

Shares issued for acquisition

               1,115,075


                     72,803








                     72,803

Shares issued in private private placement

               5,800,000


                  580,000








                  580,000

Loss for the period

                               -  


                               -  


                               -  


                               -  


             (6,765,171)


             (6,765,171)













Balance at November 30, 2022

            83,812,582


 $         36,378,293


 $                           -  


 $           1,016,173


 $       (30,251,159)


 $           7,143,307













Balance at May 31, 2021

            55,536,433


 $         14,440,452


 $                           -  


 $               304,320


 $           4,001,771


 $         18,746,543

Shares issued for cash

               1,103,932


               1,027,896




                       9,800




               1,037,696

Share-based payments

                               -  


                               -  


                               -  


                  312,032


                               -  


                  312,032

Loss for the period

                               -  


                               -  


                               -  


                               -  


             (5,695,335)


             (5,695,335)













Balance at November 30, 2021

            56,640,365


 $         15,468,348


 $                           -  


 $               626,152


 $         (1,693,564)


 $         14,400,936

 

 

 

 

Statements of Cash Flows

 



(Stated in Canadian Dollars)

 



(unaudited)





          Six months ended November 30

 

2022


2021





Operating activities




Earnings (loss) for the year

 $         (6,765,171)


 $        

(5,695,335)

Items not involving cash:




Share-based payments

                  117,831


                  312,032

Interest income accrued

                               -  


                     (1,232)

Equity loss on investment

                  360,136


                  239,501

Fair value changes on derivatives

                   (52,200)


                  432,200

Fair value changes on investments

               3,460,672


               5,663,958

Gain on sale of investments



                (428,563)

Income tax expense (recovery)

                               -  


                (793,000)

Fair value changes on accrued purchase considersation

                (861,566)


                               -  

Amortization of purchased software

               2,775,673


                               -  

Changes in non-cash working capital items:




Trade and other receivables

                  139,445


                               -  

Prepaid expenses

                (112,042)


                   (25,362)

Trade and other payables

                  154,898


                (128,520)





Net cash used in operating activities

                (782,324)


                (424,321)

 




Investing Activities




Disposition of investments

                               -  


               1,142,152

Purchase of investments

                (240,000)


             (2,583,870)





Net cash used in investing activities

                (240,000)


             (1,441,718)

 




Financing Activities




Shares issued for cash

                  580,000


               1,037,696

Cash paid to settle accrued purchase liability

                (364,343)


                               -  





Net cash provided by financing activities

                  215,658


               1,037,696





Change in cash during the period

                (806,667)


                (828,343)

 




Cash, beginning of period

               1,654,311


               2,871,074

 




Cash, end of period

 $               847,644


 $         

 2,042,731

 




Supplemental Cash Flow Information




Income taxes paid

 $                           -  


 $                           -  

Interest paid (received)

 $                           -  


 $                           -  





Non-cash Financing and Investing Activities




   Shares issued to Crowdform shareholders in lieu of cash

 $                 80,000


 $                           -  

   Shares issued for Crowdform acquisition

 $                 89,206


 $                           -  

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXFLFESLTILLIV ]]>