ADCORE INC.
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2022
UNAUDITED
ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS AS OF JUNE 30, 2022
TABLE OF CONTENTS
Page | |
Unaudited Interim Condensed Consolidated Statements of Financial Position | 2 |
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income | 3 |
Unaudited Interim Condensed Consolidated Statements of Changes in shareholders' equity | 4-5 |
Unaudited Interim Condensed Consolidated Statements of Cash Flows | 6-7 |
Notes to the Unaudited Interim Condensed Consolidated Financial Statements | 8-14 |
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ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
June 30, | December 31, | |||||||||
Note | 2022 | 2021 | ||||||||
CURRENT ASSETS: | US $ in | thousands | ||||||||
6,987 | 11,057 | |||||||||
Cash and cash equivalents | ||||||||||
Trade accounts receivable, net | 3,022 | 2,911 | ||||||||
Other accounts receivable | 484 | 619 | ||||||||
Total current assets | 10,493 | 14,587 | ||||||||
NON-CURRENT ASSETS: | ||||||||||
Long term deposit | 26 | 29 | ||||||||
Property, plant and equipment, net | 581 | 691 | ||||||||
Intangible assets, net | 2,303 | 1,977 | ||||||||
Total non-current assets | 2,910 | 2,697 | ||||||||
TOTAL ASSETS | 13,403 | 17,284 | ||||||||
CURRENT LIABILITIES: | ||||||||||
Trade accounts payable | 1,491 | 3,499 | ||||||||
Other accounts payable | 858 | 673 | ||||||||
Lease liability | 213 | 221 | ||||||||
Total current liabilities | 2,562 | 4,393 | ||||||||
NON-CURRENT LIABILITIES: | ||||||||||
Accrued severance pay, net | 16 | 18 | ||||||||
Deferred tax liability, net | 248 | 263 | ||||||||
Derivative liability - warrants | 1 | 202 | ||||||||
Lease liability | 103 | 213 | ||||||||
Total non-current liabilities | 368 | 696 | ||||||||
SHAREHOLDERS' EQUITY: | 3 | |||||||||
Share capital | * | * | ||||||||
Additional paid in capital | 10,605 | 10,355 | ||||||||
Treasury shares | (350) | - | ||||||||
Actuarial reserve | (80) | (80) | ||||||||
Retained earnings | 298 | 1,920 | ||||||||
Total Equity | 10,473 | 12,195 | ||||||||
TOTAL LIABILITIES AND EQUITY | 13,403 | 17,284 |
* Represents an amount lower than $ 1 thousand.
"Omri Brill" | "Roy Nevo" | August 10, 2022 | ||
Omri Brill | Roy Nevo | Date of approval of the | ||
Director | Director | financial statements |
2
The accompanying notes are an integral part of the condensed interim financial statements.
ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
Three months | Three months | Six months | Six months | |||||||||||
ended June | ended June | ended June | ended June | |||||||||||
Note | 30, 2022 | 30, 2021 | 30, 2022 | 30, 2021 (*) | ||||||||||
Unaudited | $ in thousands | |||||||||||||
Revenues | 4 | 4,057 | 5,694 | 7,763 | 12,501 | |||||||||
Cost of revenues | 2,417 | 3,074 | 4,522 | 8,305 |
Gross profit
Research and development expenses
Selling ,general and administrative expenses
Operating profit (Loss)
Finance expenses
Finance income
Profit (Loss) before taxes on income
Tax expenses
Total comprehensive Profit (Loss) for the period
Basic Profit (Loss) per share attributable to shareholders Diluted Profit (Loss) per share attributable to shareholders
Weighted average number of Common Shares
Weighted average number of dilutive Common Shares
(*) Restated, See note 7.
1,640 | 2,620 | 3,241 | 4,196 | |||||
284 | 278 | 592 | 633 | |||||
1,816 | 2,139 | 3,461 | 3,332 | |||||
(460) | 203 | (812) | 231 | |||||
641 | 467 | 1,124 | 669 | |||||
(156) | - | (329) | (36) | |||||
(945) | (264) | (1,607) | (402) | |||||
15 | 294 | 15 | 416 | |||||
(960) | (558) | (1,622) | (818) | |||||
(0.015) | (0.009) | (0.025) | (0.014) | |||||
(0.015) | (0.009) | (0.025) | (0.014) | |||||
63,696,703 | 58,907,725 | 63,667,152 | 58,907,725 | |||||
63,696,703 | 58,907,725 | 63,667,152 | 58,907,725 |
3
The accompanying notes are an integral part of the condensed interim financial statements.
ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS' EQUITY
For the six months period ended June 30, 2022:
Additional | Total | ||||||||||||||||||||||
Number of | Share | paid in | Treasury | Actuarial | Retained | Shareholders' | |||||||||||||||||
Shares | capital | capital | shares | reserve | earnings | equity | |||||||||||||||||
$ In thousands | |||||||||||||||||||||||
Balance at January 1, 2022 | 63,481,445 | ** | 10,355 | - | (80) | 1,920 | 12,195 | ||||||||||||||||
Changes during the period: | |||||||||||||||||||||||
Share-based compensation | - | - | 250 | - | - | - | 250 | ||||||||||||||||
Exercise of options | - | - | - | - | - | - | - | ||||||||||||||||
Exercise of warrants | - | - | - | - | - | - | - | ||||||||||||||||
Exercise of RSUs | 308,226 | - | - | - | - | - | - | ||||||||||||||||
Issuance of shares, net | - | - | - | - | - | - | - | ||||||||||||||||
Repurchase of shares | (2,238,900) | (350) | (350) | ||||||||||||||||||||
Comprehensive income for | |||||||||||||||||||||||
the period | - | - | - | - | - | (1,622) | (1,622) | ||||||||||||||||
Balance at June 30, 2022 | 61,550,771 | ** | 10,605 | (350) | (80) | 298 | 10,473 |
For the six months period ended June 30, 2021:
Additional | Total | ||||||||||||||||||||
Number of | Share | paid in | Actuarial | Retained | Shareholders' | ||||||||||||||||
Shares | capital | capital | reserve | earnings | equity | ||||||||||||||||
$ In thousands | |||||||||||||||||||||
Balance at January 1, 2021 | 56,329,336 | ** | 4,771 | (83) | 2,197 | 6,885 | |||||||||||||||
Changes during the period: | |||||||||||||||||||||
Share-based compensation | - | - | 435 | - | - | 435 | |||||||||||||||
Exercise of options | 677,500 | - | 262 | - | - | 262 | |||||||||||||||
Exercise of warrants | 2,957,609 | - | (*) 1,914 | - | - | 1,914 | |||||||||||||||
129,125 | |||||||||||||||||||||
Exercise of RSUs | - | - | - | - | - | ||||||||||||||||
Issuance of shares, net | 3,100,000 | - | 2,574 | - | - | 2,574 | |||||||||||||||
Comprehensive income for the period | - | - | - | - | (*)(818) | (818) | |||||||||||||||
Balance at June 30, 2021 | 63,193,570 | ** | 9,956 | (83) | 1,379 | 11,252 | |||||||||||||||
(*) Restated, See note 7. |
(**) Represents an amount lower than $ 1 thousand.
4
The accompanying notes are an integral part of the condensed interim financial statements.
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ADCORE Inc. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 20:51:56 UTC.