Basis of Presentation
The following unaudited pro forma consolidated financial statements were derived from the historical financial statements of Integrated Media Technology Limited ("IMTE") as at and for the year ended December 31, 2021 which were prepared in accordance with International Financial Reporting Standards as adopted by the International Accounting Standards Board.
The unaudited pro forma consolidated financial statements for the year ended December 31, 2021 assumes the following disposals had occurred on January 1, 2021:
(i) | 100% equity interests in eGlass Technologies Ltd and its subsidiaries ("eGlass"); | |
(ii) | 100% equity interests in Grand Dynasty Limited and its subsidiary ("Grand Dynasty"); and | |
(iii) | the deemed disposal of the Company's equity interest due to a decrease from 40.75% to 23.96%, in Greifenberg Digital Limited and its subsidiaries ("Greifenberg") (collectively the "Dispositions"). |
The unaudited pro forma consolidated financial statements are provided for illustrative purposes only and do not reflect what IMTE's results of operations or financial position would have been had the Dispositions been completed on the dates assumed and are not necessarily indicative of IMTE's future results of operations or financial position.
The following unaudited pro forma consolidated financial statements and the accompanying notes to the unaudited pro forma consolidated financial statements should be read in conjunction with the historical consolidated financial statements of IMTE on Form 20 filed with the SEC on April 28, 2022.
INTEGRATED MEDIA TECHNOLOGY LIMITED
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2021
IMTE | Greifenberg | eGlass | Grand Dynasty | Note | Pro forma adjustments |
Unaudited Pro Forma | ||||||||||||||||||||||
A$ | A$ | A$ | A$ | A$ | A$ | |||||||||||||||||||||||
(Note 1) | (Note 2) | (Note 3) | (Note 4) | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||
Cash and bank balances | 274,767 | (148,672 | ) | (123,948 | ) | - | 1 | 2,148 | ||||||||||||||||||||
Trade and other receivables | 486,121 | - | (24,773 | ) | - | - | 461,348 | |||||||||||||||||||||
Right-of-use assets | 513,942 | - | (369,632 | ) | - | - | 144,310 | |||||||||||||||||||||
Other assets | 2,006,636 | - | (167,313 | ) | - | - | 1,839,323 | |||||||||||||||||||||
Total current assets | 3,281,466 | (148,672 | ) | (685,666 | ) | - | 1 | 2,447,129 | ||||||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||||||
Plant and equipment, net | 6,441,734 | - | (2,301,752 | ) | - | - | 4,139,982 | |||||||||||||||||||||
Other assets - equipment deposits | 11,459,195 | - | (11,459,195 | ) | - | - | - | |||||||||||||||||||||
Financial asset at fair value through other comprehensive income | 562,500 | - | - | - | - | 562,500 | ||||||||||||||||||||||
Intangible assets and goodwill | 1,900,589 | (1,900,589 | ) | - | - | - | - | |||||||||||||||||||||
Right-of-use assets | 1,444,927 | - | (1,444,927 | ) | - | - | - | |||||||||||||||||||||
Loan receivables | - | - | - | - | 5 | 10,101,944 | 10,101,944 | |||||||||||||||||||||
Investment in associate | - | - | - | - | 6 | 207,326 | 207,326 | |||||||||||||||||||||
Total non-current assets | 21,808,945 | (1,900,589 | ) | (15,205,874 | ) | - | 10,309,270 | 15,011,752 | ||||||||||||||||||||
TOTAL ASSETS | 25,090,411 | (2,049,261 | ) | (15,891,540 | ) | - | 10,309,271 | 17,458,881 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||
Trade and other liabilities | 2,424,717 | (808,980 | ) | (359,676 | ) | - | - | 1,256,061 | ||||||||||||||||||||
Amounts due to related companies | 247,406 | - | - | - | - | 247,406 | ||||||||||||||||||||||
Lease liabilities | 425,567 | - | (248,954 | ) | - | - | 176,613 | |||||||||||||||||||||
Derivative financial instruments | 2,321,003 | - | - | - | - | 2,321,003 | ||||||||||||||||||||||
Convertible promissory notes | 4,311,416 | - | - | - | - | 4,311,416 | ||||||||||||||||||||||
Total current liabilities | 9,730,109 | (808,980 | ) | (608,630 | ) | - | - | 8,312,499 | ||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||||
Lease liabilities | 1,403,932 | - | (1,403,932 | ) | - | - | - | |||||||||||||||||||||
1,403,932 | - | (1,403,932 | ) | - | - | - | ||||||||||||||||||||||
TOTAL LIABILITIES | 11,134,041 | (808,980 | ) | (2,012,562 | ) | - | - | 8,312,499 | ||||||||||||||||||||
NET CURRENT (LIABILITIES)/ASSETS | (6,448,643 | ) | 660,308 | (77,036 | ) | - | 1 | (5,865,370 | ) | |||||||||||||||||||
NET ASSETS | 13,956,370 | (1,240,281 | ) | (13,878,978 | ) | - | 10,309,271 | 9,146,382 | ||||||||||||||||||||
CAPITAL AND RESERVES | ||||||||||||||||||||||||||||
Issued capital | 48,144,406 | - | - | - | - | 48,144,406 | ||||||||||||||||||||||
Foreign currency translation reserves | 762,348 | (38,949 | ) | 252,397 | 2 | - | 975,798 | |||||||||||||||||||||
Other reserves | 62,500 | - | - | - | 7 | 701,400 | 763,900 | |||||||||||||||||||||
Accumulated losses | (37,169,358 | ) | (457,440 | ) | (14,131,375 | ) | (2 | ) | 8 | 9,607,871 | (42,150,304 | ) | ||||||||||||||||
Equity attributable to equity shareholders of Integrated Media Technology Limited | 11,799,896 | (496,389 | ) | (13,878,978 | ) | - | 10,309,271 | 7,733,800 | ||||||||||||||||||||
Non-controlling interests | 2,156,474 | (743,892 | ) | - | - | - | 1,412,582 | |||||||||||||||||||||
TOTAL EQUITY | 13,956,370 | (1,240,281 | ) | (13,878,978 | ) | - | 10,309,271 | 9,146,382 | ||||||||||||||||||||
Ordinary shares issued | 9,329,420 |
2
INTEGRATED MEDIA TECHNOLOGY LIMITED
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2021
IMTE | Greifenberg | eGlass | Grand Dynasty | Note | Pro forma adjustments |
Unaudited Pro Forma | ||||||||||||||||||||||
A$ | A$ | A$ | A$ | A$ | A$ | |||||||||||||||||||||||
(Note 1) | (Note 2) | (Note 3) | (Note 4) | |||||||||||||||||||||||||
Revenue, net | 193,113 | - | (6,846 | ) | - | - | 186,267 | |||||||||||||||||||||
Interest income | 18,864 | (4 | ) | - | - | - | 18,860 | |||||||||||||||||||||
211,977 | (4 | ) | (6,846 | ) | - | - | 205,127 | |||||||||||||||||||||
(Loss)/ gain on fair value change in derivative financial instruments | (842,463 | ) | - | - | - | - | (842,463 | ) | ||||||||||||||||||||
Other income | 335,807 | - | - | - | - | 335,807 | ||||||||||||||||||||||
(294,679 | ) | (4 | ) | (6,846 | ) | - | - | (301,529 | ) | |||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Cost of sales | (149,447 | ) | - | - | - | - | (149,447 | ) | ||||||||||||||||||||
Employee benefit expenses | (1,613,922 | ) | 10,925 | 659,008 | - | - | (943,989 | ) | ||||||||||||||||||||
Depreciation and amortisation expenses | (1,326,811 | ) | - | 26,889 | - | - | (1,299,922 | ) | ||||||||||||||||||||
Professional and consulting expenses | (2,376,038 | ) | 307,700 | 1,183,869 | 458 | - | (884,011 | ) | ||||||||||||||||||||
Travel and accommodation expenses | (91,385 | ) | 10,633 | 66,727 | - | - | (14,025 | ) | ||||||||||||||||||||
Other expenses and supplies | (142,482 | ) | 49 | 49,070 | 44 | - | (93,319 | ) | ||||||||||||||||||||
Rental costs | (116,406 | ) | - | 33,654 | - | - | (82,752 | ) | ||||||||||||||||||||
Other operating expenses | (378,500 | ) | 77,939 | 42,915 | 458 | - | (257,188 | ) | ||||||||||||||||||||
Finance costs | (2,000,952 | ) | - | 60,448 | - | - | (1,940,504 | ) | ||||||||||||||||||||
Reversal/ (Provision) of allowance for inventory obsolescence | 9,439 | - | - | - | - | 9,439 | ||||||||||||||||||||||
Provision for bad debts | (14,390 | ) | - | - | - | - | (14,390 | ) | ||||||||||||||||||||
Gain/ (loss) on disposal of subsidiaries | 1,998,269 | - | - | - | (512,218 | ) | 1,486,051 | |||||||||||||||||||||
Share of loss in associate | - | - | - | - | (86,664 | ) | (86,664 | ) | ||||||||||||||||||||
Exchange loss | (88,322 | ) | (11,616 | ) | 43,227 | - | - | (56,711 | ) | |||||||||||||||||||
Total expenses | (6,290,947 | ) | 395,630 | 2,165,807 | 960 | (598,882 | ) | (4,327,432 | ) | |||||||||||||||||||
Loss before income tax | (6,585,626 | ) | 395,626 | 2,158,961 | 960 | (598,882 | ) | (4,628,961 | ) | |||||||||||||||||||
Income tax (expense)/credit | - | - | - | - | - | |||||||||||||||||||||||
Loss for the year | (6,585,626 | ) | 395,626 | 2,158,961 | 960 | (598,882 | ) | (4,628,961 | ) | |||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||
Items that may be re-classified subsequently to profit or loss: | ||||||||||||||||||||||||||||
Fair value through other comprehensive income | 62,500 | - | - | - | - | 62,500 | ||||||||||||||||||||||
Foreign currency translation | 158,547 | (36,080 | ) | 225,833 | 2 | - | 348,302 | |||||||||||||||||||||
Other comprehensive income for the year, net of tax | 221,047 | (36,080 | ) | 225,833 | 2 | - | 410,802 | |||||||||||||||||||||
Total comprehensive loss for the year | (6,364,579 | ) | 359,546 | 2,384,794 | 962 | (598,882 | ) | (4,218,159 | ) | |||||||||||||||||||
Loss for the year attributable to: | ||||||||||||||||||||||||||||
Owners of the Company | (5,771,510 | ) | 159,459 | 2,158,961 | 960 | (598,882 | ) | (4,051,012 | ) | |||||||||||||||||||
Non-controlling interests | (814,116 | ) | 236,167 | - | - | - | (577,949 | ) | ||||||||||||||||||||
(6,585,626 | ) | 395,626 | 2,158,961 | 960 | (598,882 | ) | (4,628,961 | ) | ||||||||||||||||||||
Total comprehensive loss for the year attributable to: | ||||||||||||||||||||||||||||
Owners of the Company | (5,830,540 | ) | 127,248 | 2,384,794 | 962 | (598,882 | ) | (3,916,418 | ) | |||||||||||||||||||
Non-controlling interests | (534,039 | ) | 232,298 | - | - | - | (301,741 | ) | ||||||||||||||||||||
(6,364,579 | ) | 359,546 | 2,384,794 | 962 | (598,882 | ) | (4,218,159 | ) | ||||||||||||||||||||
Loss per share | ||||||||||||||||||||||||||||
- Basic and Diluted | (0.70 | ) | (0.49 | ) |
3
Note
1. | The balances represent the amounts in IMTE's audited consolidated accounts as at December 31, 2021. |
2. | The balances represent the amounts in Greifenberg's unaudited accounts as at as at December 31, 2021. |
3. | The balances represent the amounts in eGlass's unaudited accounts as at December 31, 2021. |
4. | The balances represent the amounts in Grand Dynasty's unaudited accounts as at December 31, 2021. |
5. | The loan receivable of US$6,800,000 (equivalent to A$10,101,944) represents the sales proceeds for the disposal of eGlass by IMTE. |
6. | The investment in associated company of A$201,326 represents the value of the Company's investment in Greifenberg after the Deemed Disposal in Greifenberg from 40.75% to 23.96%. Accordingly, the investment in Greifenberg was accounted for on an equity basis rather than consolidated basis immediately after the Deemed Disposal. Greifenberg was previously consolidated on our balance sheet when we owned a 40.75% interest because IMTE had effective control over Greifenberg. |
7. | The amount of other reserve of A$701,400 represents the original investment cost in Greifenberg, which was adjusted as a result of the reduction interest of IMTE in Greifenberg from 40.75% to 23.96%. |
8. | The amounts represent the adjustments to accumulated losses resulting from the Disposals. The reconciliation of the proforma accumulated losses for the year ended December 31, 2021 is as follow: |
IMTE | Greifenberg | eGlass | Grand Dynasty | Pro forma adjustments | Unaudited pro forma | |||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2021 | 2021 | |||||||||||||||||||
A$ | A$ | A$ | A$ | A$ | A$ | |||||||||||||||||||
Accumulated losses - beginning of year | (34,102,300 | ) | - | 3,349,089 | - | 10,206,753 | (20,546,458 | ) | ||||||||||||||||
Adjustment - current a/c & equity | - | (616,899 | ) | (19,639,425 | ) | (962 | ) | - | (20,257,286 | ) | ||||||||||||||
Accumulated losses - equity movement | 2,704,452 | - | - | - | - | 2,704,452 | ||||||||||||||||||
Loss for the year - 2021 | (5,771,510 | ) | 159,459 | 2,158,961 | 960 | (598,882 | ) | (4,051,012 | ) | |||||||||||||||
Accumulated losses - end of year | (37,169,358 | ) | (457,440 | ) | (14,131,375 | ) | (2 | ) | 9,607,871 | (42,150,304 | ) |
4
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
IMT - Integrated Media Technology Ltd. published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2022 03:45:02 UTC.