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December 31, 2021
|
| |
September 30, 2022
|
| ||||||
Assets
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 80,453 | | | | | $ | 84,014 | | |
Accounts receivable, net
|
| | | | 6,568 | | | | | | 7,431 | | |
Current contract assets
|
| | | | — | | | | | | 3,404 | | |
Other receivables
|
| | | | 6 | | | | | | 95 | | |
Other receivables – related parties
|
| | | | — | | | | | | 14 | | |
Current income tax assets
|
| | | | 63 | | | | | | 69 | | |
| | |
December 31, 2021
|
| |
September 30, 2022
|
| ||||||
Assets
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Inventories
|
| | | | 88 | | | | | | 50 | | |
Other current assets
|
| | | | 299 | | | | | | 414 | | |
Total current assets
|
| | | | 87,477 | | | | | | 95,491 | | |
Non-current assets | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 407 | | | | | | 316 | | |
Right-of-use assets
|
| | | | 620 | | | | | | 422 | | |
Intangible assets
|
| | | | 100 | | | | | | 100 | | |
Deferred income tax assets
|
| | | | 165 | | | | | | 132 | | |
Guarantee deposits paid
|
| | | | 135 | | | | | | 123 | | |
Total non-current assets
|
| | | | 1,427 | | | | | | 1,093 | | |
Total assets
|
| | | $ | 88,904 | | | | | $ | 96,584 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Current contract liabilities
|
| | | $ | 9,021 | | | | | $ | 11,346 | | |
Other payables
|
| | | | 8,706 | | | | | | 8,639 | | |
Other payables – related parties
|
| | | | 73 | | | | | | 49 | | |
Current tax liabilities
|
| | | | 104 | | | | | | 98 | | |
Current provisions
|
| | | | 1,058 | | | | | | 1,649 | | |
Current lease liabilities
|
| | | | 449 | | | | | | 295 | | |
Other current liabilities
|
| | | | 384 | | | | | | 121 | | |
Total current liabilities
|
| | | | 19,795 | | | | | | 22,197 | | |
Non-current liabilities | | | | | | | | | | | | | |
Non-current financial liabilities at fair value through profit or loss
|
| | | | 259,230 | | | | | | 230,863 | | |
Non-current lease liabilities
|
| | | | 189 | | | | | | 131 | | |
Net defined benefit liability, non-current
|
| | | | 104 | | | | | | 91 | | |
Guarantee deposits received
|
| | | | 28 | | | | | | 24 | | |
Total non-current liabilities
|
| | | | 259,551 | | | | | | 231,109 | | |
Total liabilities
|
| | | | 279,346 | | | | | | 253,306 | | |
Equity | | | | | | | | | | | | | |
Common stock
|
| | | | 30,152 | | | | | | 32,815 | | |
Capital surplus
|
| | | | 2,871 | | | | | | 7,380 | | |
Accumulated deficit
|
| | | | (224,097) | | | | | | (195,589) | | |
Other equity interest
|
| | | | 632 | | | | | | (1,328) | | |
Total equity
|
| | | | (190,442) | | | | | | (156,722) | | |
Total liabilities and equity
|
| | | $ | 88,904 | | | | | $ | 96,584 | | |
|
| | |
Nine months ended September 30
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
Items
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Revenue
|
| | | $ | 29,681 | | | | | $ | 36,229 | | |
Costs of sales and services
|
| | | | (4,054) | | | | | | (5,168) | | |
Gross profit
|
| | | | 25,627 | | | | | | 31,061 | | |
Operating expenses | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (17,829) | | | | | | (18,228) | | |
General and administrative expenses
|
| | | | (2,628) | | | | | | (7,177) | | |
Research and development expenses
|
| | | | (6,343) | | | | | | (7,910) | | |
Total operating expenses
|
| | | | (26,800) | | | | | | (33,315) | | |
Operating profit (loss)
|
| | | | (1,173) | | | | | | (2,254) | | |
Non-operating income and expenses | | | | | | | | | | | | | |
Interest income
|
| | | | 98 | | | | | | 620 | | |
Other income
|
| | | | 12 | | | | | | 12 | | |
Other gains and losses
|
| | | | (1,794) | | | | | | 30,337 | | |
Finance costs
|
| | | | (6) | | | | | | (6) | | |
Total non-operating income and expenses
|
| | | | (1,690) | | | | | | 30,963 | | |
Income (loss) before income tax
|
| | | | (2,863) | | | | | | 28,709 | | |
Income tax expense
|
| | | | (215) | | | | | | (201) | | |
Net income (loss)
|
| | | $ | (3,078) | | | | | $ | 28,508 | | |
Other comprehensive income | | | | | | | | | | | | | |
Components of other comprehensive income that will not be reclassified to profit or loss
|
| | | | | | | | | | | | |
Credit risk changes in financial instrument-Preference shares
|
| | | $ | — | | | | | $ | (7) | | |
Components of other comprehensive income that will be reclassified to profit
or loss |
| | | | | | | | | | | | |
Exchange differences arising on translation of foreign
operations |
| | | | 92 | | | | | | (1,953) | | |
Other comprehensive income, net
|
| | | $ | 92 | | | | | $ | (1,960) | | |
Total comprehensive income (loss)
|
| | | $ | (2,986) | | | | | $ | 26,548 | | |
Net income (loss), attributable to: | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | $ | (3,078) | | | | | $ | 28,508 | | |
Total comprehensive income (loss) attributable to: | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | $ | (2,986) | | | | | $ | 26,548 | | |
| | |
Nine months ended September 30
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
Items
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Net Income (Loss)
|
| | | $ | (3,078) | | | | | $ | 28,508 | | |
One-off Transaction Costs
|
| | | | 521 | | | | | | 4,316 | | |
Non-Cash Equity-Based Compensation
|
| | | | 139 | | | | | | 1,580 | | |
Non-Cash Valuation (Gain)/Loss of Preferred Shares
|
| | | | 1,129 | | | | | | (28,375) | | |
Foreign Exchange (Gain)/Loss
|
| | | | 665 | | | | | | (1,962) | | |
Adjusted Net Income (Loss)
|
| | | $ | (624) | | | | | $ | 4,067 | | |
| | |
Nine months ended September 30
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
Items
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Net Income (Loss)
|
| | | $ | (3,078) | | | | | $ | 28,508 | | |
Depreciation and Amortization Expense
|
| | | | 473 | | | | | | 582 | | |
Income Tax Expense
|
| | | | 215 | | | | | | 201 | | |
Interest and Finance costs
|
| | | | (91) | | | | | | (614) | | |
One-off Transaction Costs
|
| | | | 521 | | | | | | 4,316 | | |
Non-Cash Equity-Based Compensation
|
| | | | 139 | | | | | | 1,580 | | |
Non-Cash Valuation (Gain)/Loss of Preferred Shares
|
| | | | 1,129 | | | | | | (28,375) | | |
Foreign Exchange (Gain)/Loss
|
| | | | 665 | | | | | | (1,962) | | |
Adjusted EBITDA
|
| | | $ | (27) | | | | | $ | 4,236 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||
(in thousands)
|
| |
Actual
(Unaudited) |
| |
Pro Forma
Combined (Unaudited) |
| |
As Adjusted
(Unaudited) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 82,773 | | | | | $ | 192,140 | | | | | $ | 223,765* | | |
Equity: | | | | | | | | | | | | | | | | | | | |
Ordinary shares
|
| | | | 32,815 | | | | | | 11,826 | | | | | | 12,101 | | |
Capital surplus
|
| | | | 6,806 | | | | | | 472,629 | | | | | | 504,439 | | |
Accumulated deficits
|
| | | | (197,145) | | | | | | (304,582) | | | | | | (304,582) | | |
Other equity
|
| | | | (376) | | | | | | (376) | | | | | | (376) | | |
Total Equity
|
| | | | (157,900) | | | | | | 179,497 | | | | | | 211,582 | | |
Preferred shares liability and warrant liability: | | | | | | | | | | | | | | | | | | | |
Non-current financial liabilities at fair value through profit or loss
|
| | | | 230,863 | | | | | | — | | | | | | — | | |
Warrant liability
|
| | | | — | | | | | | 3,507 | | | | | | 3,047 | | |
Total Capitalization
|
| | | $ | 72,963 | | | | | $ | 183,004 | | | | | $ | 214,629 | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 82,772,541 | | | | | | 479,064 | | | | | | — | | | | | | | | | | | | 230,330,846 | | | | | | C | | | | | | 192,139,502 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (216,823,474) | | | | | | G | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 55,000,000 | | | | | | L | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 50,000,000 | | | | | | F | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,156,668) | | | | | | H | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,062,807) | | | | | | I | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (400,000) | | | | | | M | | | | | | | | |
Trade receivables
|
| | | | 7,607,005 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7,607,005 | | |
Contract assets
|
| | | | 1,963,571 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,963,571 | | |
Inventories
|
| | | | 52,487 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 52,487 | | |
Other receivables
|
| | | | 30,514 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 30,514 | | |
Current income tax assets
|
| | | | 63,264 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 63,264 | | |
Prepayments
|
| | | | — | | | | | | 209,315 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 209,315 | | |
Other current assets
|
| | | | 146,142 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 146,142 | | |
Total Current Assets
|
| | | | 92,635,524 | | | | | | 688,379 | | | | | | — | | | | | | | | | | | | 108,887,897 | | | | | | | | | | | | 202,211,800 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 230,330,846 | | | | | | — | | | | | | | | | | | | (230,330,846) | | | | | | C | | | | | | — | | |
Property, plant and equipment
|
| | | | 389,548 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 389,548 | | |
Right-of-use asset
|
| | | | 431,278 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 431,278 | | |
Intangible assets
|
| | | | 107,906 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 107,906 | | |
Refundable deposits
|
| | | | 128,611 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 128,611 | | |
Other non-current assets
|
| | | | 139,340 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 139,340 | | |
Total Non-current Assets
|
| | | | 1,196,683 | | | | | | 230,330,846 | | | | | | — | | | | | | | | | | | | (230,330,846) | | | | | | | | | | | | 1,196,683 | | |
Total Assets
|
| | | | 93,832,207 | | | | | | 231,019,225 | | | | | | — | | | | | | | | | | | | (121,442,949) | | | | | | | | | | | | 203,408,483 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Promissory note – related party
|
| | | | — | | | | | | 400,000 | | | | | | — | | | | | | | | | | | | (400,000) | | | | | | M | | | | | | — | | |
Contract liabilities – current
|
| | | | 10,418,085 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10,418,085 | | |
Other payables
|
| | | | 8,138,533 | | | | | | 1,969,339 | | | | | | — | | | | | | | | | | | | (1,934,998) | | | | | | H | | | | | | 7,673,575 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (499,299) | | | | | | I | | | | | | | | |
Current tax liabilities
|
| | | | 133,386 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 133,386 | | |
Current provisions
|
| | | | 1,495,287 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,495,287 | | |
Lease liabilities – current
|
| | | | 347,768 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 347,768 | | |
Other current liability
|
| | | | 136,293 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 136,293 | | |
Total Current Liabilities
|
| | | | 20,669,352 | | | | | | 2,369,339 | | | | | | — | | | | | | | | | | | | (2,834,297) | | | | | | | | | | | | 20,204,394 | | |
Deferred underwriting commissions
|
| | | | — | | | | | | 8,050,000 | | | | | | — | | | | | | | | | | | | (8,050,000) | | | | | | D | | | | | | — | | |
Financial liabilities at fair value through profit or loss –
non-current |
| | | | 230,862,672 | | | | | | | | | | | | 230,330,846 | | | | | | 1 | | | | | | (230,862,672) | | | | | | E | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (230,330,846) | | | | | | B | | | | | | — | | |
Warrant liability
|
| | | | — | | | | | | 3,046,407 | | | | | | | | | | | | | | | | | | 460,350 | | | | | | L | | | | | | 3,506,757 | | |
FPA liability
|
| | | | — | | | | | | 321,287 | | | | | | — | | | | | | | | | | | | (321,287) | | | | | | L | | | | | | — | | |
Lease liabilities – non-current
|
| | | | 76,591 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 76,591 | | |
Guarantee deposits received
|
| | | | 26,110 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 26,110 | | |
Net defined benefit liability, non-current
|
| | | | 97,332 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 97,332 | | |
Total Non-current Liabilities
|
| | | | 231,062,705 | | | | | | 11,417,694 | | | | | | 230,330,846 | | | | | | | | | | | | (469,104,455) | | | | | | | | | | | | 3,706,790 | | |
Total Liabilities
|
| | | | 251,732,057 | | | | | | 13,787,033 | | | | | | 230,330,846 | | | | | | | | | | | | (471,938,752) | | | | | | | | | | | | 23,911,184 | | |
Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| |||||||||||||||||||||
Provident Class A Ordinary Shares;
23,000,000 shares subject to possible redemption at $10.00 per share as of June 30, 2022 |
| | | | — | | | | | | 230,330,846 | | | | | | (230,330,846) | | | | | | 1 | | | | | | — | | | | | | | | | | | | — | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provident Class B Ordinary Shares,
$0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding at June 30, 2022 |
| | | | — | | | | | | 575 | | | | | | — | | | | | | | | | | | | (575) | | | | | | A | | | | | | — | | |
Perfect Common Shares
|
| | | | 32,814,951 | | | | | | — | | | | | | — | | | | | | | | | | | | (32,814,951) | | | | | | E | | | | | | — | | |
Perfect Class A Ordinary Shares, $0.1 par value
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 10,147,508 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,421,128 | | | | | | E | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,300,000 | | | | | | B | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,165,120) | | | | | | G | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 541,500 | | | | | | A | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 550,000 | | | | | | L | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 500,000 | | | | | | F | | | | | | | | |
Perfect Class B Ordinary Shares, $0.1 par value
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 1,678,872 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,678,872 | | | | | | E | | | | | | | | |
Capital surplus
|
| | | | 6,806,084 | | | | | | 2,355,113 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 475,636,394 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (540,925) | | | | | | A | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 227,700,000 | | | | | | B | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (214,658,354) | | | | | | G | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 54,310,937 | | | | | | L | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 49,500,000 | | | | | | F | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (447,099) | | | | | | I | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,806,084) | | | | | | E | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (80,000) | | | | | | H | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 33,811,356 | | | | | | E | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 254,947,074 | | | | | | E | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 51,839,371 | | | | | | J | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,848,921 | | | | | | K | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,050,000 | | | | | | D | | | | | | | | |
Retained earnings (accumulated deficit) . . . . . . . . . . . . . . . . . . .
|
| | | | (197,144,671) | | | | | | (15,454,342) | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | (307,589,261) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8,848,921) | | | | | | K | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 330,846 | | | | | | B | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (28,374,723) | | | | | | E | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,141,670) | | | | | | H | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,116,409) | | | | | | I | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (51,839,371) | | | | | | J | | | | | | | | |
Other equity
|
| | | | (376,214) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (376,214) | | |
Total shareholders’ equity
|
| | | | (157,899,850) | | | | | | (13,098,654) | | | | | | — | | | | | | | | | | | | 350,495,803 | | | | | | | | | | | | 179,497,299 | | |
Total liabilities and shareholders’ equity
|
| | | | 93,832,207 | | | | | | 231,019,225 | | | | | | — | | | | | | | | | | | | (121,442,949) | | | | | | | | | | | | 203,408,483 | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| ||||||||||||||||||
Operating Revenue
|
| | | | 23,378,774 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 23,378,774 | | |
Cost of revenue
|
| | | | 3,281,561 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 3,281,561 | | |
Gross profit
|
| | | | 20,097,213 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 20,097,213 | | |
Selling and marketing expenses
|
| | | | 12,086,524 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 12,086,524 | | |
General and administrative expenses
|
| | | | 4,700,480 | | | | | | 2,026,855 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 6,727,335 | | |
Research and development expenses
|
| | | | 5,358,074 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 5,358,074 | | |
Total Operating Expenses
|
| | | | 22,145,078 | | | | | | 2,026,855 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 24,171,933 | | |
Operating loss
|
| | | | (2,047,865) | | | | | | (2,026,855) | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (4,074,720) | | |
Interest income
|
| | | | 178,288 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 178,288 | | |
Interest earned on marketable securities held in Trust Account
|
| | | | — | | | | | | 316,409 | | | | | | — | | | | | | | | | (316,409) | | | | | | EE | | | | | | — | | |
Unrealized gain on change in fair value of warrants
|
| | | | — | | | | | | 6,602,351 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 6,602,351 | | |
Unrealized gain on change in fair value of FPA Units
|
| | | | — | | | | | | 366,763 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 366,763 | | |
Other income
|
| | | | 11,153 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 11,153 | | |
Other gains and losses
|
| | | | 601,342 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 601,342 | | |
Gain on financial liabilities at fair value through profit or loss
|
| | | | 28,374,723 | | | | | | — | | | | | | — | | | | | | | | | (28,374,723) | | | | | | CC | | | | | | — | | |
Finance costs
|
| | | | (4,547) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (4,547) | | |
Total Non-operating Income and
Expenses |
| | | | 29,160,959 | | | | | | 7,285,523 | | | | | | — | | | | | | | | | (28,691,132) | | | | | | | | | | | | 7,755,350 | | |
Profit before income tax
|
| | | | 27,113,094 | | | | | | 5,258,668 | | | | | | — | | | | | | | | | (28,691,132) | | | | | | | | | | | | 3,680,630 | | |
Income tax expense
|
| | | | (160,738) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (160,738) | | |
Net profit
|
| | | | 26,952,356 | | | | | | 5,258,668 | | | | | | — | | | | | | | | | (28,691,132) | | | | | | | | | | | | 3,519,892 | | |
Weighted average shares of Perfect Common Shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Basic
|
| | | | 324,746,974 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | |
Diluted
|
| | | | 567,078,210 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Net profit (loss) attributable to
shareholders per common share: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Basic
|
| | | | 0.083 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | |
Diluted
|
| | | | (0.003) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | |
Weighted average shares of Provident Ordinary Shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| |||||||||||||||
Net profit attributable to shareholders per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Basic and diluted weighted average shares outstanding, Class A ordinary
share subject to possible redemption |
| | | | — | | | | | | 23,000,000 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted – net income
per ordinary share, Class A ordinary shares subject to possible redemption |
| | | | — | | | | | | 0.18 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted weighted
average shares outstanding, Class A and Class B shares outstanding, non-redeemable ordinary share |
| | | | — | | | | | | 5,750,000 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted net income per share, non-redeemable ordinary share
|
| | | | — | | | | | | 0.18 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Pro forma weighted average shares of Perfect Ordinary Shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 117,661,398 | | |
Pro forma net profit attributable to shareholders per ordinary share – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.03 | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| ||||||||||||||||||
Operating Revenue
|
| | | | 40,760,117 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 40,760,117 | | |
Cost of revenue
|
| | | | 5,736,216 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 5,736,216 | | |
Gross profit
|
| | | | 35,023,901 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 35,023,901 | | |
Selling and marketing expenses
|
| | | | 25,285,612 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 25,285,612 | | |
General and administrative expenses
|
| | | | 4,936,456 | | | | | | 2,447,239 | | | | | | — | | | | | | | | | 3,733,623 | | | | | | AA | | | | | | 71,805,610 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 8,848,921 | | | | | | DD | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 51,839,371 | | | | | | BB | | | | | | | | |
Research and development expenses
|
| | | | 9,838,292 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 9,838,292 | | |
Total Operating Expenses
|
| | | | 40,060,360 | | | | | | 2,447,239 | | | | | | — | | | | | | | | | 64,421,915 | | | | | | | | | | | | 106,929,514 | | |
Operating loss
|
| | | | (5,036,459) | | | | | | (2,447,239) | | | | | | — | | | | | | | | | (64,421,915) | | | | | | | | | | | | (71,905,613) | | |
Interest income
|
| | | | 131,323 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 131,323 | | |
Interest earned on marketable
securities held in Trust Account |
| | | | — | | | | | | 14,437 | | | | | | — | | | | | | | | | (14,437) | | | | | | EE | | | | | | — | | |
Expenses incurred for issuance
of FPA Units |
| | | | — | | | | | | (1,776,766) | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (1,776,766) | | |
Expenses incurred for the fair
value of warrants exceeding the purchase price |
| | | | — | | | | | | (1,053,214) | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (1,053,214) | | |
Unrealized gain on change in fair value of warrants
|
| | | | — | | | | | | 11,265,612 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 11,265,612 | | |
Unrealized gain on change in fair value of FPA Units
|
| | | | — | | | | | | 4,597,417 | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 4,597,417 | | |
Other income
|
| | | | 117,600 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 117,600 | | |
Other gains and losses
|
| | | | (892,866) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (892,866) | | |
Loss on financial liabilities at fair value through profit or
loss |
| | | | (150,745,231) | | | | | | — | | | | | | — | | | | | | | | | 150,745,231 | | | | | | CC | | | | | | — | | |
Finance costs
|
| | | | (9,045) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (9,045) | | |
Total Non-operating Income and Expenses
|
| | | | (151,398,219) | | | | | | 13,047,486 | | | | | | — | | | | | | | | | 150,730,794 | | | | | | | | | | | | 12,380,061 | | |
(Loss) profit before income
tax |
| | | | (156,434,678) | | | | | | 10,600,247 | | | | | | — | | | | | | | | | 86,308,879 | | | | | | | | | | | | (59,525,552) | | |
Income tax expense
|
| | | | (416,955) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | (416,955) | | |
Net (loss) profit
|
| | | | (156,851,633) | | | | | | 10,600,247 | | | | | | — | | | | | | | | | 86,308,879 | | | | | | | | | | | | (59,942,507) | | |
Weighted average shares of Perfect Common Shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 299,164,960 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | |
| | |
Perfect
(IFRS, Historical) |
| |
Provident
(US GAAP, Historical) |
| |
IFRS
Conversion and Presentation |
| |
Note
|
| |
Additional
Transaction Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined |
| |||||||||||||||
Net loss attributable to shareholders per common share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | (0.52) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares of Provident Ordinary Shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net profit attributable to shareholders per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted
average shares outstanding, Class A ordinary share subject to possible redemption |
| | | | — | | | | | | 22,243,836 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted – net income
per ordinary share, Class A ordinary shares subject to possible redemption |
| | | | — | | | | | | 0.38 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted weighted
average shares outstanding, Class A and Class B shares outstanding, non- redeemable ordinary share |
| | | | — | | | | | | 5,725,342 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted net income per share, non-redeemable ordinary share
|
| | | | — | | | | | | 0.38 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Pro forma weighted average shares of Perfect Ordinary Shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 117,846,673 | | |
Pro forma net loss attributable
to shareholders per ordinary share – basic and diluted |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (0.51) | | |
| | |
Perfect Class A
Ordinary Shares |
| |
Perfect Class B
Ordinary Shares |
| |
Equity%
|
| |||||||||
Public Shareholders
|
| | | | 1,348,797 | | | | | | | | | | | | 1.1% | | |
Initial Shareholders(1)
|
| | | | 5,415,000 | | | | | | | | | | | | 4.6% | | |
FPA Investors
|
| | | | 5,500,000 | | | | | | | | | | | | 4.7% | | |
Perfect Shareholders(2)
|
| | | | 84,211,280 | | | | | | 16,788,718 | | | | | | 85.4% | | |
PIPE Investors
|
| | | | 5,000,000 | | | | | | | | | | | | 4.2% | | |
Total Perfect Shares Outstanding at Closing
|
| | | | 101,475,077 | | | | | | 16,788,718 | | | | | | 100.00% | | |
Share Type
before Share Combination |
| |
Number of
Shares before Share Combination |
| |
Combination
Factor |
| |
Share Type after
Share Combination |
| |
Number of
Shares after Share Combination |
| |||||||||
Common shares
|
| | | | 241,649,505 | | | | | | 0.17704366 | | | |
Class A Ordinary Shares
|
| | | | 42,782,509 | | |
Preferred shares
|
| | | | 234,003,142 | | | | | | | | | | | | | | | 41,428,771 | | |
Subtotal
|
| | | | 475,652,647 | | | | | | | | | | | | | | | 84,211,280 | | |
Common shares
|
| | | | 86,500,000 | | | | | | 0.17704366 | | | |
Class B Ordinary Shares
|
| | | | 15,314,281 | | |
Preferred shares
|
| | | | 8,328,094 | | | | | | | | | | | | | | | 1,474,437 | | |
Subtotal
|
| | | | 94,828,094 | | | | | | | | | | | | | | | 16,788,718 | | |
Total | | | | | 570,480,741 | | | | | | | | | | | | | | | 100,999,998 | | |
| Note (A) | | | Reflects the conversion of 5,750,000 Provident Class B Ordinary Shares held by the Initial Shareholders to 5,415,000 Perfect Class A Ordinary Shares after the consummation of the Proposed Transactions. Pursuant to the Business Combination Agreement, all Provident Class B Ordinary Shares outstanding prior to the Effective Time will be repurchased and canceled by Provident in exchange for the issuance of such number of Provident Class A Ordinary Shares in accordance with the conversion ratio provided under Provident’s Articles at the First Merger Effective Time. All Provident Class B Ordinary Shares converted into Provident Class A Ordinary Shares will no longer be outstanding and will cease to exist, and as a result of the Business Combination, each issued and outstanding Provident Class A Ordinary Share will no longer be outstanding and will automatically be converted into the right of the holder thereof to receive one Perfect Class A Ordinary Share at the First Merger Effective Time. | |
| | Provident Class B Ordinary Shares | | | |
575
|
| | | | | | |
Provident Class B Ordinary Shares, $0.0001 par value with 5,750,000 shares issued and outstanding
|
| |
| |
Capital surplus
|
| | |
540,925
|
| | | | | | |
Perfect capital surplus – ordinary shares
|
| |
| | Perfect Class A Ordinary Shares | | | | | | | |
541,500
|
| | |
Perfect Class A Ordinary Shares, $0.1 par value with 5,415,000 shares issued
|
| |
| Note (B) | | | Reflects the conversion of 23,000,000 Provident Class A Ordinary Shares subject to possible redemption originally classified as temporary equity under U.S. GAAP and reclassified to financial liabilities at fair value through profit or loss — non-current under IFRS to Perfect Class A Ordinary Shares and capital surplus, on a one-for-one basis upon the Business Combination. | |
| Note (C) | | | Reflects the reclassification of $230 million of investments held in the Trust Account that become available to fund the Business Combination. | |
| Note (D) | | | Reflects the reversal of $8 million of Provident’s deferred underwriting fees liability that has been waived due to the resignation of underwriters. | |
| Note (E) | | | Represents the recapitalization of (i) 328,149,505 shares of Perfect Common Shares and (ii) 242,331,236 shares of Perfect Preferred Shares, into 84,211,280 shares of Perfect Class A Ordinary Shares with par value $0.1 and 16,788,718 shares of Perfect Class B Ordinary Shares with par value $0.1. Excludes any potential earn-out consideration, as it does not represent legally outstanding ordinary shares at Closing. | |
| | Financial liabilities at fair value through profit or loss – non-current | | | |
230,862,672
|
| | | | | | |
Perfect Preferred Shares
|
| |
| | Perfect Common Shares | | | |
32,814,951
|
| | | | | | |
Perfect Common Shares, $0.1 par value
|
| |
| |
Capital surplus
|
| | |
6,806,084
|
| | | | | | |
Perfect capital surplus – common shares
|
| |
| | Perfect Class A Ordinary Shares | | | | | | | |
8,421,128
|
| | |
Perfect Class A Ordinary Shares, $0.1 par value
|
| |
| | Perfect Class B Ordinary Shares | | | | | | | |
1,678,872
|
| | |
Perfect Class B Ordinary Shares, $0.1 par value
|
| |
| | Capital surplus | | | | | | | |
33,811,356
|
| | |
Capital surplus from recapitalization of Perfect Common Shares
|
| |
| | Capital surplus | | | | | | | |
254,947,074
|
| | |
Capital surplus from recapitalization of Perfect Preferred Shares
|
| |
| |
Retained earnings (accumulated deficit)
|
| | |
28,374,723
|
| | | | | | |
Reversal of gain on financial liabilities at fair value through profit or loss
|
| |
| Note (F) | | | Reflects the net proceeds of $50 million from the issuance and sale of 5,000,000 shares of Provident Class A Ordinary Shares at $10.00 per share in a private placement pursuant to the Subscription Agreements. Each issued and outstanding Provident Class A Ordinary Share will no longer be outstanding and will automatically be converted into the right of the holder thereof to receive one Perfect Class A Ordinary Share at the First Merger Effective Time. | |
| Note (G) | | | Reflects the redemption of 21,651,203 Provident Class A Ordinary Shares for aggregate redemption payments of $216.8 million at a redemption price of $10.014 per share, including interest earned on the funds held in the trust account. | |
| Note (H) | | | Reflects preliminary estimated transaction costs expected to be incurred by Provident of approximately $6.2 million, for capital raising related to the banking, legal, and accounting fees incurred as part of the Business Combination. $1.9 million of these fees have been accrued as of the pro forma balance sheet date. The Provident estimated transaction costs exclude the deferred underwriting commissions as described in (D) above. $0.1 million represent equity issuance costs capitalized in share premium related to the PIPE Financing. The remaining amount of $4.2 million, composed of banking, legal, and accounting fees, is reflected in the unaudited pro forma condensed combined balance sheet as a reduction of cash and an adjustment to pre-acquisition accumulated deficit of Provident. | |
| | | | The following table summarizes the above mentioned transaction costs and the related treatment within the unaudited pro forma condensed combined financial information. | |
Estimated Provident transaction costs
|
| |
Pro forma
adjustment |
| |
Amount
(in thousands) |
| |||
Accrued as of June 30, 2022
|
| | | | | | $ | 1,935 | | |
PIPE Financing fees
|
| |
(H)
|
| | | | 80 | | |
Transaction costs not eligible for capitalization(1)
|
| |
(H), (J), (BB)
|
| | | | 4,141 | | |
Total Provident estimated transaction costs
|
| | | | | | $ | 6,156 | | |
| Note (I) | | | Reflects preliminary estimated transaction costs expected to be incurred by Perfect of approximately $3.1 million, for banking, legal, and accounting fees incurred as part of the Business Combination. $0.5 million of these fees have been accrued as of the pro forma balance sheet date. The remaining amount of $2.6 million is allocated between newly issued shares and newly listed but previously existing shares. Approximately $0.5 million is allocated to newly issued shares and included as adjustment to capital surplus and approximately $2.1 million is allocated to the newly listed but previously existing shares and included as an adjustment to accumulated deficit. | |
| Note (J) | | | Represents the preliminary estimated listing service expense recognized in accordance with IFRS 2, for the excess of the fair value of Perfect shares issued and the fair value of Provident’s identifiable net assets at the date of the Business Combination, resulting in a $51.8 million increase to accumulated loss. The fair value of shares issued was estimated based on a market price of Public Shares of $8.35 per share (as of October 28, 2022). | |
| | |
Estimated Fair Value
|
| |||||||||
Estimated fair value of Perfect equity consideration issued (pro forma)
|
| |
Shares
|
| |
(in 000s)
|
| ||||||
Public Shareholders
|
| | | | 1,348,797 | | | | | | | | |
Initial Shareholders
|
| | | | 5,415,000 | | | | | | | | |
| | | | | 6,763,797 | | | | | | | | |
Total value of Perfect shares to be issued to Provident shareholders, excluding PIPE
and FPA Investors |
| | | | | | | | | $ | 56,478 | | |
Net assets of Provident as of June 30, 2022(1)
|
| | | | | | | | | | 225,604 | | |
Less: Provident transaction costs, net(2)
|
| | | | | | | | | | (4,141) | | |
Less: Effect of redemption of 21,651,203 Provident Class A Ordinary Shares
|
| | | | | | | | | | (216,824) | | |
Adjusted net assets of Provident as of June 30, 2022
|
| | | | | | | | | | 4,639 | | |
Excess of fair value of Perfect consideration issued over | | | | | | | | | | | | | |
Provident net assets acquired (IFRS 2 Charge)(3)
|
| | | | | | | | |
$
|
51,839
|
| |
| Note (K) | | |
Reflects the estimated share based contingent payments of 1,175,624 Sponsor Earnout Promote Shares to be granted when a Sponsor Earnout Event occurs, based on a preliminary valuation. Aforementioned Earnout Shares are a potential contingent payment arrangement with Sponsor, based on a market condition and without link to service. Thus, the award vests immediately and should be considered as an adjustment to the grant date fair value of the IFRS 2 expense, regardless of whether the target share price of the Sponsor Earnout Event is achieved or not. The actual compensation expense recorded for such Sponsor Earnout Promote Shares may differ from these estimates, and such differences may be material.
|
|
| | Retained earnings/Share based compensation – sponsor earnout | | | |
8,848,921
|
| | | | | | |
Sponsor Earnout Promote Shares
= 587,812 shares * fair value $7.64/share (@ $11.5) + 587,812 shares * fair value $7.414/share (@ $13) |
| |
| | Capital surplus | | | | | | | |
8,848,921
|
| | | | | |
| Note (L) | | |
Reflects the proceeds of $55 million pursuant to the Forward Purchase Agreements for an aggregate of 5,500,000 Provident Class A Ordinary Shares with par value $0.1 and 2,750,000 warrants based on the quoted prices in active markets on June 30, 2022. As a result of the Business Combination, each issued and outstanding Provident Class A Ordinary Share will no longer be outstanding and will automatically be converted into the right of the holder thereof to receive one Perfect Class A Ordinary Share after giving effect to the Recapitalization.
|
|
| | Cash and cash equivalents | | | |
55,000,000
|
| | | | | | |
Proceeds
|
| |
| | Perfect Class A Ordinary Shares | | | | | | | |
550,000
|
| | |
Perfect Class A Ordinary Shares, $0.1 par value
|
| |
| | Capital surplus | | | | | | | |
54,310,937
|
| | | | | |
| | FPA liability | | | |
321,287
|
| | | | | | |
Reversal of Provident FPA liability
|
| |
| |
Warrant liability
|
| | | | | | |
460,350
|
| | |
New public warrants =
2,750,000 warrants * quoted price $0.17/warrant |
| |
| Note (M) | | |
Reflects the settlement of $0.4 million of Provident’s promissory note that is due on the earlier of (i) the date on which the Company consummates an initial Business Combination contemplated under the Business Combination Agreement dated as of March 3, 2022 and (ii) the date on which the winding up of the Company is effective.
|
|
|
Note (AA)
|
| | Reflects the total estimated transaction costs for Perfect not yet recognized in the statement of comprehensive income during the year ended December 31, 2021. These costs are a nonrecurring item. | |
|
Note (BB)
|
| | Reflects the preliminary estimated listing service expense recognized in accordance with IFRS 2, for the excess of the fair value of Perfect shares issued and the fair value of Provident’s identifiable net assets at the date of the Business Combination, in the amount of $51.8 million as described in (J) above. | |
|
Note (CC)
|
| | Reflects the elimination of fair value change of redeemable preference shares as such Perfect redeemable preference share will be settled immediately prior to the Closing of the Business Combination. | |
|
Note (DD)
|
| | Reflects the estimated grant date fair value of the Sponsor Earnout Promote Shares to be granted when a Sponsor Earnout Event occurs, as described in (K) above. | |
|
Note (EE)
|
| | Represents the elimination of Provident’s investment income related to the marketable securities held in the Trust Account. | |
| Weighted average shares outstanding – basic and diluted(1) | | | | | | | |
|
Public Shareholders
|
| | | | 1,348,797 | | |
|
FPA Investors
|
| | | | 5,500,000 | | |
|
Initial Shareholders
|
| | | | 5,415,000 | | |
|
Perfect Shareholders
|
| | | | 100,397,601 | | |
|
PIPE Investors
|
| | | | 5,000,000 | | |
| | | | | | 117,661,398 | | |
| Weighted average shares outstanding – basic and diluted(1) | | | | | | | |
|
Public Shareholders
|
| | | | 1,348,797 | | |
|
FPA Investors
|
| | | | 5,500,000 | | |
|
Initial Shareholders
|
| | | | 5,415,000 | | |
|
Perfect Shareholders
|
| | | | 100,582,876 | | |
|
PIPE Investors
|
| | | | 5,000,000 | | |
| | | | | | 117,846,673 | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
%
(million) |
| |
% of
Total |
| |
%
(million) |
| |
% of
Total |
| |
%
(million) |
| |
% of
Total |
| |
%
(million) |
| |
% of
Total |
| |
%
(million) |
| |
% of
Total |
| ||||||||||||||||||||||||||||||
United States
|
| | | | 12.3 | | | | | | 53 | | | | | | 15.0 | | | | | | 50 | | | | | | 20.2 | | | | | | 50 | | | | | | 7.9 | | | | | | 46 | | | | | | 11.2 | | | | | | 48 | | |
Japan
|
| | | | 2.7 | | | | | | 12 | | | | | | 3.2 | | | | | | 11 | | | | | | 4.5 | | | | | | 11 | | | | | | 2.2 | | | | | | 13 | | | | | | 2.7 | | | | | | 11 | | |
France
|
| | | | 2.2 | | | | | | 10 | | | | | | 3.2 | | | | | | 11 | | | | | | 3.2 | | | | | | 7 | | | | | | 1.5 | | | | | | 8 | | | | | | 1.9 | | | | | | 8 | | |
Others
|
| | | | 5.7 | | | | | | 25 | | | | | | 8.5 | | | | | | 28 | | | | | | 12.9 | | | | | | 32 | | | | | | 5.7 | | | | | | 33 | | | | | | 7.6 | | | | | | 33 | | |
Total | | | | | 22.9 | | | | | | 100.0 | | | | | | 29.9 | | | | | | 100.0 | | | | | | 40.8 | | | | | | 100.0 | | | | | | 17.3 | | | | | | 100.0 | | | | | | 23.4 | | | | | | 100.0 | | |
Brand
|
| |
Challenges
|
| |
Solutions
|
|
Brand A
|
| |
•
Provide consumers with new ways to experience products which reflects Brand A’s legacy of creating innovative, sophisticated, and high-performance beauty products
|
| |
•
Lip Virtual Try-on: enabled lipstick virtual try-on
•
Real-time skin-tone detection leveraging knowledge base of 89,969 skin tones to help consumers find their preferred foundation shade
|
|
Brand B
|
| |
•
Focus on inclusivity to deploy AR- and AI-technologies suitable for all skin tones and face shapes across age, ethnicity and gender
|
| |
•
Enable omni-channel digital transformation by offering best-in-class virtual try-on technology to ensure precise shade accuracy and promote inclusivity
|
|
Brand
|
| |
Challenges
|
| |
Solutions
|
|
Brand C
|
| |
•
Engage consumers through best-in-class AR to provide virtual try-on experiences
|
| |
•
Deploy AR platform as integral part of Brand C’s website and mobile app to enhance discovery experience for online consumers
|
|
Brand D
|
| |
•
From an AR technical standpoint, brows are difficult to implement due to degree of precision required
|
| |
•
Utilize our advanced facial-point detection to precisely and accurately deliver subtle complexities through brow start, arch, and tail
|
|
Brand E
|
| |
•
Enable users to perform skin diagnostics, receive product recommendations and track skincare journey
|
| |
•
Create bespoke skin diagnostics tool to provide users with real-time skincare analysis through utilizing AR- and AI- technologies to scan users’ face to provide instantaneous and detailed analysis
|
|
| | |
Brand A
|
| |
Brand B
|
| ||||||||||||||||||
| | |
2016
|
| |
2020
|
| |
2016
|
| |
2020
|
| ||||||||||||
Recurring Contract Revenue ($ in thousands)
|
| | | | 35 | | | | | | 1,572 | | | | | | 1 | | | | | | 666 | | |
Number of SKUs Covered
|
| | | | 840 | | | | | | 26,169 | | | | | | 160 | | | | | | 37,060 | | |
Number of Subscribed Modules
|
| | | | 1 | | | | | | 6 | | | | | | 1 | | | | | | 5 | | |
Number of Countries
|
| | | | 3 | | | | | | 49 | | | | | | 1 | | | | | | 36 | | |
| | |
Number of
Employees |
| |
Percentage
|
| ||||||
Sales and Marketing
|
| | | | 143 | | | | | | 48.4 | | |
Research and Development
|
| | | | 127 | | | | | | 43.1 | | |
General and Administrative
|
| | | | 25 | | | | | | 8.5 | | |
Total | | | | | 295 | | | | | | 100.0 | | |
Name
|
| |
Age
|
| |
Position
|
|
Alice H. Chang | | |
60
|
| | Chief Executive Officer and Chairwoman of the Board | |
Michael Aw | | |
46
|
| | Non-executive Director | |
Jau-Hsiung Huang | | |
63
|
| | Non-executive Director | |
Jianmei Lyu | | |
40
|
| | Non-executive Director | |
Meng-Shiou (Frank) Lee | | |
59
|
| | Independent Non-executive Director | |
Philip Tsao | | |
59
|
| | Independent Non-executive Director | |
Chung-Hui (Christine) Jih | | |
60
|
| | Independent Non-executive Director | |
Pin-Jen (Louis) Chen | | |
43
|
| | Executive Vice President and Chief Strategy Officer | |
Wei-Hsin Tsen (Johnny Tseng)
|
| |
54
|
| | Senior Vice President and Chief Technology Officer | |
Weichuan (Wayne) Liu | | |
53
|
| | Chief Growth Officer and President of Americas | |
Hsiao-Chuan (Iris) Chen | | |
53
|
| | Vice President and Head of Finance and Accounting | |
| | |
Year ended December 31
|
| |
Six months ended June 30
|
| ||||||||||||||||||||||||
($ in thousands, except per share amounts)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Revenue
|
| | | | 22,930 | | | | | | 29,873 | | | | | | 40,760 | | | | | | 17,288 | | | | | | 23,379 | | |
Cost of Sales and Services
|
| | | | (1,596) | | | | | | (3,962) | | | | | | (5,736) | | | | | | (2,594) | | | | | | (3,282) | | |
Gross profit
|
| | | | 21,334 | | | | | | 25,911 | | | | | | 35,024 | | | | | | 14,694 | | | | | | 20,097 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (13,555) | | | | | | (18,107) | | | | | | (25,287) | | | | | | (10,761) | | | | | | (12,087) | | |
General and administrative expenses
|
| | | | (3,045) | | | | | | (3,078) | | | | | | (4,936) | | | | | | (1,133) | | | | | | (4,700) | | |
Research and development expenses
|
| | | | (6,143) | | | | | | (7,567) | | | | | | (9,838) | | | | | | (4,184) | | | | | | (5,358) | | |
Total operating expenses.
|
| | | | (22,743) | | | | | | (28,752) | | | | | | (40,061) | | | | | | (16,078) | | | | | | (22,145) | | |
Operating profit (loss)
|
| | | | (1,409) | | | | | | (2,841) | | | | | | (5,037) | | | | | | (1,384) | | | | | | (2,048) | | |
Non-operating income and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 158 | | | | | | 243 | | | | | | 131 | | | | | | 65 | | | | | | 178 | | |
Other income
|
| | | | 691 | | | | | | 191 | | | | | | 118 | | | | | | 9 | | | | | | 11 | | |
Other gains and (losses)
|
| | | | (1,173) | | | | | | (2,792) | | | | | | (151,638) | | | | | | (1,695) | | | | | | 28,977 | | |
Finance costs
|
| | | | (5) | | | | | | (9) | | | | | | (9) | | | | | | (3) | | | | | | (5) | | |
Total non-operating income and expenses
|
| | | | (329) | | | | | | (2,367) | | | | | | (151,398) | | | | | | (1,624) | | | | | | 29,161 | | |
Loss before income tax
|
| | | | (1,738) | | | | | | (5,208) | | | | | | (156,435) | | | | | | (3,008) | | | | | | 27,113 | | |
Income tax expense
|
| | | | (247) | | | | | | (385) | | | | | | (417) | | | | | | (137) | | | | | | (161) | | |
Net loss for the year / period
|
| | | | (1,985) | | | | | | (5,593) | | | | | | (156,852) | | | | | | (3,145) | | | | | | 26,952 | | |
Loss per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic (loss) earnings per share
|
| | | | (0.01) | | | | | | (0.02) | | | | | | (0.52) | | | | | | (0.01) | | | | | | 0.08 | | |
Diluted loss per share
|
| | | | (0.01) | | | | | | (0.02) | | | | | | (0.52) | | | | | | (0.01) | | | | | | (0.00) | | |
Weighted average number of shares outstanding (share in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 301,503 | | | | | | 313,106 | | | | | | 299,165 | | | | | | 298,397 | | | | | | 324,747 | | |
Diluted
|
| | | | 301,503 | | | | | | 313,106 | | | | | | 299,165 | | | | | | 298,397 | | | | | | 567,078 | | |
| | |
Year ended December 31
|
| |
Six months ended
June 30 |
| ||||||||||||||||||||||||
($ in thousands, except per share amounts)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Supplemental pro forma (loss) earnings per share* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | (0.04) | | | | | | (0.10) | | | | | | (2.96) | | | | | | (0.06) | | | | | | 0.47 | | |
Diluted
|
| | | | (0.04) | | | | | | (0.10) | | | | | | (2.96) | | | | | | (0.06) | | | | | | (0.01) | | |
Supplemental pro forma weighted average ordinary
shares outstanding (share in thousands)* |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 53,379 | | | | | | 55,433 | | | | | | 52,965 | | | | | | 52,829 | | | | | | 57,494 | | |
Diluted
|
| | | | 53,379 | | | | | | 55,433 | | | | | | 52,965 | | | | | | 52,829 | | | | | | 100,398 | | |
| | |
As of December 31
|
| |
As of June 30,
2022 |
| ||||||||||||
($ in thousands)
|
| |
2020
|
| |
2021
|
| ||||||||||||
Total Assets
|
| | | | 86,236 | | | | | | 88,904 | | | | | | 93,832 | | |
Total Liabilities
|
| | | | 121,979 | | | | | | 279,346 | | | | | | 251,732 | | |
Total Equity
|
| | | | (35,743) | | | | | | (190,442) | | | | | | (157,900) | | |
Total Liabilities and Equity
|
| | | | 86,236 | | | | | | 88,904 | | | | | | 93,832 | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
US$’000
|
| |
% of
total revenue |
| |
US$’000
|
| |
% of
total revenue |
| |
US$’000
|
| |
% of
total revenue |
| |
US$’000
|
| |
% of
total revenue |
| |
US$’000
|
| |
% of
total revenue |
| ||||||||||||||||||||||||||||||
Revenue from brands
|
| | | | 20,309 | | | | | | 88.6% | | | | | | 22,302 | | | | | | 74.7% | | | | | | 26,691 | | | | | | 65.5% | | | | | | 11,127 | | | | | | 64.4% | | | | | | 14,573 | | | | | | 62.3% | | |
Revenue from Key Customers(1)
|
| | | | 16,711 | | | | | | 72.9% | | | | | | 19,512 | | | | | | 65.3% | | | | | | 21,666 | | | | | | 53.2% | | | | | | 9,371 | | | | | | 54.2% | | | | | | 12,050 | | | | | | 51.5% | | |
Revenue from non-Key Customer brands(2)
|
| | | | 3,598 | | | | | | 15.7% | | | | | | 2,790 | | | | | | 9.3% | | | | | | 5,025 | | | | | | 12.3% | | | | | | 1,756 | | | | | | 10.2% | | | | | | 2,523 | | | | | | 10.8% | | |
Revenue from mobile apps subscribers
|
| | | | 1,416 | | | | | | 6.2% | | | | | | 5,802 | | | | | | 19.4% | | | | | | 11,636 | | | | | | 28.5% | | | | | | 4,920 | | | | | | 28.5% | | | | | | 7,811 | | | | | | 33.4% | | |
Revenue from advertisement network service
providers |
| | | | 1,195 | | | | | | 5.2% | | | | | | 1,742 | | | | | | 5.8% | | | | | | 2,398 | | | | | | 5.9% | | | | | | 1,225 | | | | | | 7.1% | | | | | | 981 | | | | | | 4.2% | | |
Others
|
| | | | 10 | | | | | | 0.0% | | | | | | 27 | | | | | | 0.1% | | | | | | 35 | | | | | | 0.1% | | | | | | 16 | | | | | | 0.1% | | | | | | 14 | | | | | | 0.1% | | |
Total revenue
|
| | | | 22,930 | | | | | | 100% | | | | | | 29,873 | | | | | | 100% | | | | | | 40,760 | | | | | | 100% | | | | | | 17,288 | | | | | | 100% | | | | | | 23,379 | | | | | | 100% | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||
(in millions)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Average MAUs
|
| | | | 45.8 | | | | | | 35.4 | | | | | | 25.1 | | | | | | 27.0 | | | | | | 18.7 | | |
Average monthly active subscribers(1)
|
| | | | 0.07 | | | | | | 0.21 | | | | | | 0.35 | | | | | | 0.30 | | | | | | 0.46 | | |
““
|
| |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
($ in thousands, unless otherwise stated)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2020 %
Change |
| |
2021 %
Change |
| |
2021
|
| |
2022
|
| |
%
Change |
| ||||||||||||||||||||||||
Revenue
|
| | | | 22,930 | | | | | | 29,873 | | | | | | 40,760 | | | | | | 30.3% | | | | | | 36.4% | | | | | | 17,288 | | | | | | 23,379 | | | | | | 35% | | |
Cost of Sales and Services
|
| | | | (1,596) | | | | | | (3,962) | | | | | | (5,736) | | | | | | 148.2% | | | | | | 44.8% | | | | | | (2,594) | | | | | | (3,282) | | | | | | 27% | | |
Gross profit
|
| | | | 21,334 | | | | | | 25,911 | | | | | | 35,024 | | | | | | 21.5% | | | | | | 35.2% | | | | | | 14,694 | | | | | | 20,097 | | | | | | 37% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | (13,555) | | | | | | (18,107) | | | | | | (25,287) | | | | | | 33.6% | | | | | | 39.7% | | | | | | (10,761) | | | | | | (12,087) | | | | | | 12% | | |
General and administrative expenses
|
| | | | (3,045) | | | | | | (3,078) | | | | | | (4,936) | | | | | | 1.1% | | | | | | 60.4% | | | | | | (1,133) | | | | | | (4,700) | | | | | | 315% | | |
Research and development expenses
|
| | | | (6,143) | | | | | | (7,567) | | | | | | (9,838) | | | | | | 23.2% | | | | | | 30.0% | | | | | | (4,184) | | | | | | (5,358) | | | | | | 28% | | |
Total operating expenses
|
| | | | (22,743) | | | | | | (28,752) | | | | | | (40,061) | | | | | | 26.4% | | | | | | 39.3% | | | | | | (16,078) | | | | | | (22,145) | | | | | | 38% | | |
Operating (loss)
|
| | | | (1,409) | | | | | | (2,841) | | | | | | (5,037) | | | | | | 101.6% | | | | | | 77.3% | | | | | | (1,384) | | | | | | (2,048) | | | | | | 48% | | |
Non-operating income and expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 158 | | | | | | 243 | | | | | | 131 | | | | | | 53.8% | | | | | | -46.1% | | | | | | 65 | | | | | | 178 | | | | | | 174% | | |
Other income
|
| | | | 691 | | | | | | 191 | | | | | | 118 | | | | | | -72.4% | | | | | | -38.2% | | | | | | 9 | | | | | | 11 | | | | | | 22% | | |
Other gains and (losses)
|
| | | | (1,173) | | | | | | (2,792) | | | | | | (151,638) | | | | | | 138.0% | | | | | | 5331.2% | | | | | | (1,695) | | | | | | 28,977 | | | | | | n.m.(1) | | |
Finance costs
|
| | | | (5) | | | | | | (9) | | | | | | (9) | | | | | | 80.0% | | | | | | 0.0% | | | | | | (3) | | | | | | (5) | | | | | | 67% | | |
Total non-operating income and expenses
|
| | | | (329) | | | | | | (2,367) | | | | | | (151,398) | | | | | | 619.5% | | | | | | 6296.2% | | | | | | (1,624) | | | | | | 29,161 | | | | | | n.m. | | |
(Loss) income before income tax
|
| | | | (1,738) | | | | | | (5,208) | | | | | | (156,435) | | | | | | 199.7% | | | | | | 2904.7% | | | | | | (3,008) | | | | | | 27,113 | | | | | | n.m. | | |
Income tax expense
|
| | | | (247) | | | | | | (385) | | | | | | (417) | | | | | | 55.9% | | | | | | 8.3% | | | | | | (137) | | | | | | (161) | | | | | | 18% | | |
Net (loss) income
|
| | | | (1,985) | | | | | | (5,593) | | | | | | (156,852) | | | | | | 181.8% | | | | | | 2704.4% | | | | | | (3,145) | | | | | | 26,952 | | | | | | n.m.”” | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||
($ in thousands, unless otherwise stated)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Cash flows from (used in) operating activities
|
| | | $ | (1,254) | | | | | $ | 2,193 | | | | | $ | 1,548 | | | | | $ | 2,794 | | | | | $ | (1,006) | | |
Cash flows from (used in) investing activities
|
| | | | (7,768) | | | | | | 7,840 | | | | | | (213) | | | | | | (86) | | | | | | (183) | | |
Cash flows from (used in) financing activities
|
| | | | 26,163 | | | | | | 39,806 | | | | | | (63) | | | | | | (218) | | | | | | 5,337 | | |
Effects of exchange rates changes on cash and cash equivalents
|
| | | | 283 | | | | | | 896 | | | | | | 163 | | | | | | 226 | | | | | | (1,828) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 17,424 | | | | | $ | 50,735 | | | | | $ | 1,435 | | | | | $ | 2,716 | | | | | $ | 2,320 | | |
Redemption Date
(period to expiration of warrants) |
| |
Fair Market Value of Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
<$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
>$18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
Beneficial Owners
|
| |
Class A
Ordinary Shares |
| |
% of
Class† |
| |
Class B
Ordinary Shares |
| |
% of
Class† |
| |
% of
voting power†† |
| |||||||||||||||
Directors and Executive Officers: | | | | | | | |||||||||||||||||||||||||
Alice H. Chang
|
| | | | — | | | | | | — | | | | | | 16,788,718(1) | | | | | | 100% | | | | | | 62.3% | | |
Wei-Hsin Tsen (Johnny Tseng)
|
| | | | 862,769 | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Weichuan (Wayne) Liu .
|
| | | | 377,103 | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Pin-Jen (Louis) Chen
|
| | | | 283,491 | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Jau-Hsiung Huang .
|
| | | | 148,274 | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Hsiao-Chuan (Iris) Chen
|
| | | | 69,932 | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Michael Aw
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jianmei Lyu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meng-Shiou (Frank) Lee
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Philip Tsao .
|
| | | | 5,311(2) | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | |
Chung-Hui (Christine) Jih
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a group
|
| | | | 1,746,880 | | | | | | 1.7% | | | | | | 16,788,718 | | | | | | 100% | | | | | | 63.0% | | |
Five Percent or More Shareholders: | | | | | | | |||||||||||||||||||||||||
GOLDEN EDGE CO., LTD.
|
| | | | — | | | | | | — | | | | | | 10,622,620(1) | | | | | | 63.3% | | | | | | 39.4% | | |
DVDonet.com. Inc
|
| | | | — | | | | | | — | | | | | | 4,669,346(1) | | | | | | 27.8% | | | | | | 17.3% | | |
CyberLink International .
|
| | | | 36,960,961(3) | | | | | | 36.4% | | | | | | — | | | | | | — | | | | | | 13.7% | | |
Taobao China Holding Limited
|
| | | | 10,887,904(4) | | | | | | 10.7% | | | | | | — | | | | | | — | | | | | | 4.0% | | |
GS Entities
|
| | | | 8,065,686(5) | | | | | | 7.9% | | | | | | — | | | | | | — | | | | | | 3.0% | | |
CCV Entities .
|
| | | | 5,725,425(6) | | | | | | 5.6% | | | | | | — | | | | | | — | | | | | | 2.1% | | |
Provident Acquisition Holdings Ltd.
|
| | | | 14,491,467(7) | | | | | | 13.3% | | | | | | — | | | | | | — | | | | | | 5.2% | | |
Perfect AA Corp(8)
|
| | | | 5,115,694 | | | | | | 5.0% | | | | | | — | | | | | | — | | | | | | 1.9% | | |
| | |
Securities Beneficially
Owned Prior to this Offering |
| |
Securities Registered
for Sale in this Offering |
| |
Securities beneficially
owned after this offering |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder
|
| |
Class A
Ordinary Shares |
| |
%
|
| |
Warrants
|
| |
%
|
| |
Class A
Ordinary Shares |
| |
Warrants
|
| |
Class A
Ordinary Shares |
| |
%
|
| |
Warrants
|
| |
%
|
| ||||||||||||||||||||||||||||||
Sponsor
|
| | | | 4,891,467 | | | | | | 4.8 | | | | | | 6,600,000 | | | | | | 70.6 | | | | | | 4,891,467 | | | | | | 6,600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Mackay McCulloch Williamson(1)
|
| | | | 27,261 | | | | | | * | | | | | | — | | | | | | — | | | | | | 27,261 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Charles Mark Broadley(2)
|
| | | | 27,261 | | | | | | * | | | | | | — | | | | | | — | | | | | | 27,261 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kenneth Walton Hitchner III(3)
|
| | | | 27,261 | | | | | | * | | | | | | — | | | | | | — | | | | | | 27,261 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sidney Huang(4)
|
| | | | 27,261 | | | | | | * | | | | | | — | | | | | | — | | | | | | 27,261 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Roy Kuan(5)
|
| | | | 27,261 | | | | | | * | | | | | | — | | | | | | — | | | | | | 27,261 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Existing Shareholders of Perfect Prior
to the Closing |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
CCV Entities(6)
|
| | | | 5,725,425 | | | | | | 5.6 | | | | | | — | | | | | | — | | | | | | 5,725,425 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Extol Capital LP(7)
|
| | | | 556,391 | | | | | | * | | | | | | — | | | | | | — | | | | | | 556,391 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Taobao China Holding Limited(8)
|
| | | | 10,887,904 | | | | | | 10.7 | | | | | | — | | | | | | — | | | | | | 10,887,904 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
GS Entities(9)
|
| | | | 8,065,686 | | | | | | 7.9 | | | | | | — | | | | | | — | | | | | | 8,065,686 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
PIPE Investors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
CyberLink International
|
| | | | 36,960,961(10) | | | | | | 36.4 | | | | | | — | | | | | | — | | | | | | 300,000(11) | | | | | | — | | | | | | 36,660,961 | | | | | | 36.1 | | | | | | — | | | | | | — | | |
MC Investment Asset Holdings
LLC |
| | | | 4,388,790(12) | | | | | | 4.3 | | | | | | — | | | | | | — | | | | | | 500,000(13) | | | | | | | | | | | | 3,888,790 | | | | | | 3.8 | | | | | | | | | | | | | | |
Ephesus United Corp(14)
|
| | | | 200,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
KSL Investments Pte. Ltd.(15)
|
| | | | 1,000,000 | | | | | | 1.0 | | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kofuku Ranea Capital Pte. Ltd.(16)
|
| | | | 200,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Guanzhong Bamboo Capital Pte. Ltd.(17)
|
| | | | 500,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FPA Investors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
—
|
| | | | | | | | | |||||
Ward Ferry(18)
|
| | | | 2,887,228 | | | | | | 2.8 | | | | | | 1,250,000 | | | | | | 13.4 | | | | | | 2,887,228 | | | | | | 1,250,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Aventis Star Investments Limited(19)
|
| | | | 2,000,000 | | | | | | 2.0 | | | | | | 1,000,000 | | | | | | 10.7 | | | | | | 2,000,000 | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Baltimore Investments Ltd(20)
|
| | | | 1,000,000 | | | | | | 1.0 | | | | | | 500,000 | | | | | | 5.3 | | | | | | 1,000,000 | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
Audited Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Interim Financial Statements: | | | | | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | |
| | |
Page(s)
|
| |||
Audited Consolidated Financial Statements: | | | | | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-42 | | | |
| | | | F-43 | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
Unaudited Interim Financial Statements: | | | | | | | |
| | | | F-88 | | | |
| | | | F-90 | | | |
| | | | F-91 | | | |
| | | | F-92 | | | |
| | | | F-93 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 423,520 | | | | | $ | — | | |
Prepaid expense
|
| | | | 400,000 | | | | | | — | | |
Total current assets
|
| | | | 823,520 | | | | | | — | | |
Deferred offering costs
|
| | | | — | | | | | | 169,668 | | |
Prepaid expense
|
| | | | 7,671 | | | | | | — | | |
Investments held in trust account
|
| | | | 230,014,437 | | | | | | — | | |
Total Assets
|
| | | $ | 230,845,628 | | | | | $ | 169,668 | | |
Liabilities and Shareholders’ (Deficit) Equity | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accrued offering costs and expenses
|
| | | $ | 485,296 | | | | | $ | 71,593 | | |
Note payable – related party
|
| | | | — | | | | | | 82,668 | | |
Total current liabilities
|
| | | | 485,296 | | | | | | 154,261 | | |
Warrants liability
|
| | | | 9,648,758 | | | | | | — | | |
FPA units
|
| | | | 688,050 | | | | | | — | | |
Deferred underwriting commissions
|
| | | | 8,050,000 | | | | | | — | | |
Total Liabilities
|
| | | | 18,872,104 | | | | | | 154,261 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 23,000,000 shares and -0- shares subject to possible redemption at $10.00 per share at December 31, 2021 and December 31, 2020, respectively
|
| | | | 230,014,437 | | | | | | — | | |
Shareholders’(Deficit) Equity: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none
issued and outstanding |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding at December 31,2021 and December 31,2020
|
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | 2,355,113 | | | | | | 24,425 | | |
Accumulated deficit
|
| | | | (20,396,601) | | | | | | (9,593) | | |
Total shareholders’ (deficit) equity
|
| | | | (18,040,913) | | | | | | 15,407 | | |
Total Liabilities and Shareholders’ (Deficit) Equity
|
| | | $ | 230,845,628 | | | | | $ | 169,668 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the period
from October 21, 2020 (Inception) to December 31, 2020 |
| ||||||
Operating costs
|
| | | $ | 2,447,239 | | | | | $ | 9,593 | | |
Loss from operations
|
| | | | (2,447,239) | | | | | | (9,593) | | |
Other income (expense): | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 14,437 | | | | | | — | | |
Expenses incurred for the fair value of warrants exceeding the purchase price
|
| | | | (1,053,214) | | | | | | — | | |
Expenses incurred for issuance of FPA Units
|
| | | | (1,776,766) | | | | | | — | | |
Unrealized gain on change in fair value of warrants
|
| | | | 11,265,612 | | | | | | — | | |
Unrealized gain on change in fair value of FPA Units
|
| | | | 4,597,417 | | | | | | — | | |
Total other income
|
| | | | 13,047,486 | | | | | | — | | |
Net Income (loss)
|
| | | $ | 10,600,247 | | | | | ($ | 9,593) | | |
Basic and diluted weighted average shares outstanding, Class A ordinary
share subject to possible redemption |
| | | | 22,243,836 | | | | | | — | | |
Basic and diluted net income per ordinary share, Class A ordinary shares
subject to possible redemption |
| | | $ | 0.38 | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Class A and Class B shares outstanding, non-redeemable ordinary share
|
| | | | 5,725,342 | | | | | | 5,000,000 | | |
Basic and diluted net income per share, non-redeemable ordinary share
|
| | | $ | 0.38 | | | | | $ | 0.00 | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity (Deficit) |
| ||||||||||||||||||
|
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||
Balance as of October 21, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Class B ordinary shares issued to Sponsor
|
| | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,593) | | | | | | (9,593) | | |
Balance as of December 31, 2020
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 24,425 | | | | | ($ | 9,593) | | | | | $ | 15,407 | | |
Sale of units in initial public offering, gross
|
| | | | — | | | | | | — | | | | | | 230,000,000 | | | | | | — | | | | | | 230,000,000 | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | (12,426,195) | | | | | | — | | | | | | (12,426,195) | | |
Sale of private placement warrants to Sponsor in private placement
|
| | | | — | | | | | | — | | | | | | 6,600,000 | | | | | | — | | | | | | 6,600,000 | | |
Initial classification of warrant liability
|
| | | | — | | | | | | — | | | | | | (19,861,156) | | | | | | — | | | | | | (19,861,156) | | |
Initial classification of FPA Units
|
| | | | — | | | | | | — | | | | | | (5,285,467) | | | | | | — | | | | | | (5,285,467) | | |
Class B ordinary shares transferred
|
| | | | — | | | | | | — | | | | | | 2,330,688 | | | | | | — | | | | | | 2,330,688 | | |
Fair value adjustment of redeemable Class A ordinary shares carrying value to redemption value
|
| | | | — | | | | | | — | | | | | | (199,027,182) | | | | | | (30,987,255) | | | | | | (230,014,437) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,600,247 | | | | | | 10,600,247 | | |
Balance as of December 31, 2021
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | ($ | 20,396,601) | | | | | ($ | 18,040,913) | | |
| | |
For the year ended
December 31, 2021 |
| |
For the period
from October 21, 2020 (inception) to December 31, 2020 |
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 10,600,247 | | | | | ($ | 9,593) | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on cash and marketable securities held in Trust Account
|
| | | | (14,437) | | | | | | — | | |
Expenses incurred in relation to Forward Purchase Agreement and Class B ordinary shares issued
|
| | | | 2,330,688 | | | | | | — | | |
Expenses incurred for the fair value of warrants exceeding the purchase price
|
| | | | 1,053,214 | | | | | | — | | |
Warrant issuance costs
|
| | | | 778,385 | | | | | | — | | |
Unrealized gain on change in fair value of derivative instruments
|
| | | | (15,863,029) | | | | | | — | | |
Formation costs paid by Sponsor in exchange for issuance of Class B
ordinary shares |
| | | | — | | | | | | 9,593 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | (407,671) | | | | | | — | | |
Accrued offering costs and expenses
|
| | | | 413,703 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (1,108,900) | | | | | | — | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | (230,000,000) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (230,000,000) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds received from initial public offering, net of underwriters’ discount
|
| | | | 225,400,000 | | | | | | — | | |
Proceeds from private placement
|
| | | | 6,600,000 | | | | | | — | | |
Payment of offering costs
|
| | | | (384,912) | | | | | | — | | |
Repayment of note payable from related party
|
| | | | (82,668) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 231,532,420 | | | | | | — | | |
Net change in cash
|
| | | | 423,520 | | | | | | — | | |
Cash, beginning of the period
|
| | | | — | | | | | | — | | |
Cash, end of the period
|
| | | $ | 423,520 | | | | |
|
—
|
| |
Supplemental Non-cash disclosure of cash flow information: | | | | | | | | | | | | | |
Deferred underwriting commissions charged to additional paid in capital
|
| | | $ | 8,050,000 | | | | | $ | — | | |
Initial value of ordinary shares subject to possible redemption
|
| | | $ | 230,000,000 | | | | | $ | — | | |
Initial classification of warrant liability
|
| | | $ | 20,914,370 | | | | | $ | — | | |
Initial classification of FPA Units
|
| | | $ | 5,285,467 | | | | | $ | — | | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | $ | — | | | | | $ | 25,000 | | |
Deferred offering costs included in accrued expenses
|
| | | $ | — | | | | | $ | 62,000 | | |
Deferred offering costs paid by Sponsor under the promissory note
|
| | | $ | — | | | | | $ | 82,668 | | |
| | |
December 31, 2021
|
| |
Quoted
Prices In Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Money Market Fund held in Trust Account
|
| | | $ | 230,014,437 | | | | | $ | 230,014,437 | | | | | $ | — | | | | | $ | — | | |
| | | | $ | 230,014,437 | | | | | $ | 230,014,437 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrant Liability
|
| | | $ | 6,095,000 | | | | | $ | 6,095,000 | | | | | $ | — | | | | | $ | — | | |
Private Warrant Liability
|
| | | $ | 3,553,758 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,553,758 | | |
FPA Units
|
| | | $ | 688,050 | | | | | $ | — | | | | | $ | — | | | | | $ | 688,050 | | |
| | | | $ | 10,336,808 | | | | | $ | 6,095,000 | | | | | $ | — | | | | | $ | 4,241,808 | | |
| | |
Private Warrant
and FPA Units |
| |||
Fair value at December 31, 2020
|
| | | $ | — | | |
Initial value of public and private warrant liabilities
|
| | | | 20,914,370 | | |
Initial value of FPA Units
|
| | | | 5,285,467 | | |
Public warrants reclassified to level 1
|
| | | | (9,257,500) | | |
Change in fair value
|
| | | | (12,700,529) | | |
Fair Value at December 31, 2021
|
| | | $ | 4,241,808 | | |
| | |
January 12,
2021 |
|
Exercise price
|
| |
$11.50
|
|
Share price
|
| |
$10.00
|
|
Volatility before IBC
|
| |
10%
|
|
Volatility after IBC
|
| |
10 – 20%
|
|
Time to Maturity
|
| |
6 Year
|
|
Risk-free rate
|
| |
0.67%
|
|
Dividend yield
|
| |
—%
|
|
| | |
December 31,
2021 |
|
Exercise price
|
| |
$11.50
|
|
Share price
|
| |
$9.85
|
|
Volatility before IBC
|
| |
5.0%
|
|
Volatility after IBC
|
| |
9.8%
|
|
Time to Maturity
|
| |
5.52 Year
|
|
Risk-free rate
|
| |
1.31%
|
|
Dividend yield
|
| |
—%
|
|
| | |
January 12,
2021 |
|
Share price
|
| |
$10.00
|
|
Public Warrant Price
|
| |
$0.50
|
|
Time to IBC
|
| |
1.00 Year
|
|
Risk-free rate
|
| |
0.11%
|
|
| | |
December 31,
2021 |
|
Share price
|
| |
$9.85
|
|
Public Warrant Price
|
| |
$0.53
|
|
Time to IBC
|
| |
0.52 Year
|
|
Risk-free rate
|
| |
0.20%
|
|
| | |
For the year ended
December 31, 2021 |
| |
For period from October 21, 2020
(inception) to December 31, 2020 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per share | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
|
| | | $ | 8,430,357 | | | | | $ | 2,169,890 | | | | | $ | — | | | | | ($ | 9,593) | | |
Denominator:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares outstanding
|
| | | | 22,243,836 | | | | | | 5,725,342 | | | | | | — | | | | | | 5,000,000 | | |
Basic and diluted net income per share
|
| | | $ | 0.38 | | | | | $ | 0.38 | | | | | $ | — | | | | | $ | 0.00 | | |
|
Gross proceeds from IPO
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (13,261,156) | | |
|
Ordinary shares issuance costs
|
| | | | (12,426,195) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 25,687,351 | | |
|
Interest
|
| | | | 14,437 | | |
|
Contingently redeemable ordinary shares
|
| | | $ | 230,014,437 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 479,064 | | | | | $ | 423,520 | | |
Prepaid expense
|
| | | | 209,315 | | | | | | 400,000 | | |
Total current assets
|
| | | | 688,379 | | | | | | 823,520 | | |
Prepaid expense
|
| | | | — | | | | | | 7,671 | | |
Investments held in trust account
|
| | | | 230,330,846 | | | | | | 230,014,437 | | |
Total Assets
|
| | | $ | 231,019,225 | | | | | $ | 230,845,628 | | |
Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accrued offering costs and expenses
|
| | | $ | 1,969,339 | | | | | $ | 485,296 | | |
Promissory Note – Related Party
|
| | | | 400,000 | | | | | | — | | |
Total current liabilities
|
| | | | 2,369,339 | | | | | | 485,296 | | |
Warrants liability
|
| | | | 3,046,407 | | | | | | 9,648,758 | | |
FPA units
|
| | | | 321,287 | | | | | | 688,050 | | |
Deferred underwriting commissions
|
| | | | 8,050,000 | | | | | | 8,050,000 | | |
Total Liabilities
|
| | | | 13,787,033 | | | | | | 18,872,104 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 23,000,000 shares subject to possible redemption at $10.00 per share at June 30, 2022 and December 31, 2021
|
| | | | 230,330,846 | | | | | | 230,014,437 | | |
Shareholders’ Deficit: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized;
5,750,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 |
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | 2,355,113 | | | | | | 2,355,113 | | |
Accumulated deficit
|
| | | | (15,454,342) | | | | | | (20,396,601) | | |
Total shareholders’ deficit
|
| | | | (13,098,654) | | | | | | (18,040,913) | | |
Total Liabilities, Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 231,019,225 | | | | | $ | 230,845,628 | | |
| | |
For the Three
Months Ended June 30, |
| |
For the Six
Months Ended June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Operating costs
|
| | | $ | 1,363,571 | | | | | $ | 231,482 | | | | | $ | 2,026,855 | | | | | $ | 1,676,612 | | |
Loss from operations
|
| | | | (1,363,571) | | | | | | (231,482) | | | | | | (2,026,855) | | | | | | (1,676,612) | | |
Other income (expense): | | | | | | | | | | | | | | | | ||||||||||
Interest earned on marketable securities held in Trust Account
|
| | | | 313,921 | | | | | | 3,435 | | | | | | 316,409 | | | | | | 6,342 | | |
Expenses incurred for the fair value of warrants exceeding the purchase price
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,053,214) | | |
Expenses incurred for issuance of FPA Units
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,776,766) | | |
Unrealized gain on change in fair value of warrants
|
| | | | 4,617,805 | | | | | | 203,274 | | | | | | 6,602,351 | | | | | | 6,517,812 | | |
Unrealized (loss) gain on change in fair value of FPA
Units |
| | | | 615,737 | | | | | | 540,550 | | | | | | 366,763 | | | | | | 4,845,150 | | |
Total other income, net
|
| | | | 5,547,463 | | | | | | 747,259 | | | | | | 7,285,523 | | | | | | 8,539,324 | | |
Net Income
|
| | | $ | 4,183,892 | | | | | $ | 515,777 | | | | | $ | 5,258,668 | | | | | $ | 6,862,712 | | |
Basic and diluted weighted average shares outstanding, Class A ordinary share subject to possible redemption
|
| | | | 23,000,000 | | | | | | 23,000,000 | | | | | | 23,000,000 | | | | | | 21,475,138 | | |
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
|
| | | $ | 0.15 | | | | | $ | 0.02 | | | | | $ | 0.18 | | | | | $ | 0.25 | | |
Basic and diluted weighted average shares outstanding, Class A and Class B shares outstanding, non-redeemable ordinary share
|
| | | | 5,750,000 | | | | | | 5,750,000 | | | | | | 5,750,000 | | | | | | 5,700,276 | | |
Basic and diluted net income per share, non-redeemable
ordinary share |
| | | $ | 0.15 | | | | | $ | 0.02 | | | | | $ | 0.18 | | | | | $ | 0.25 | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | $ | (20,396,601) | | | | | $ | (18,040,913) | | |
Fair value adjustment of redeemable
Class A ordinary shares carrying value to redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (2,488) | | | | | | (2,488) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,074,776 | | | | | | 1,074,776 | | |
Balance as of March 31, 2022
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | $ | (19,324,313) | | | | | $ | (16,968,625) | | |
Fair value adjustment of redeemable
Class A ordinary shares carrying value to redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (313,921) | | | | | | (313,921) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,183,892 | | | | | | 4,183,892 | | |
Balance as of June 30, 2022
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | $ | (15,454,342) | | | | | $ | (13,098,654) | | |
| | |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity (Deficit) |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 24,425 | | | | | $ | (9,593) | | | | | $ | 15,407 | | |
Sale of units in initial public offering, gross
|
| | | | — | | | | | | — | | | | | | 230,000,000 | | | | | | — | | | | | | 230,000,000 | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | (12,426,195) | | | | | | — | | | | | | (12,426,195) | | |
Sale of private placement warrants to Sponsor
in private placement |
| | | | — | | | | | | — | | | | | | 6,600,000 | | | | | | — | | | | | | 6,600,000 | | |
Initial classification of warrant liability
|
| | | | — | | | | | | — | | | | | | (19,861,156) | | | | | | — | | | | | | (19,861,156) | | |
Initial classification of FPA Units
|
| | | | — | | | | | | — | | | | | | (5,285,467) | | | | | | — | | | | | | (5,285,467) | | |
Class B ordinary shares transferred
|
| | | | — | | | | | | — | | | | | | 2,330,688 | | | | | | — | | | | | | 2,330,688 | | |
Fair value adjustment of redeemable Class A ordinary shares carrying value to redemption value
|
| | | | — | | | | | | — | | | | | | (199,027,182) | | | | | | (30,975,725) | | | | | | (230,002,907) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,346,935 | | | | | | 6,346,935 | | |
Balance as of March 31, 2021
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | $ | (24,638,383) | | | | | $ | (22,282,695) | | |
Fair value adjustment of redeemable Class A ordinary shares carrying value to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,435) | | | | | | (3,435) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 515,777 | | | | | | 515,777 | | |
Balance as of June 30, 2021
|
| | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 2,355,113 | | | | | $ | (24,126,041) | | | | | $ | (21,770,353) | | |
| | |
For the Six
Months Ended June 30, 2022 |
| |
For the Six
Months Ended June 30, 2021 |
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 5,258,668 | | | | | $ | 6,862,712 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Interest earned on cash and marketable securities held in Trust Account
|
| | | | (316,409) | | | | | | (6,342) | | |
Expenses incurred in relation to Forward Purchase Agreement and Class B
ordinary shares issued |
| | | | — | | | | | | 2,330,688 | | |
Expenses incurred for the fair value of warrants exceeding the purchase price
|
| | | | — | | | | | | 1,053,214 | | |
Warrant issuance costs
|
| | | | — | | | | | | 778,385 | | |
Unrealized gain on change in fair value of derivative instruments
|
| | | | (6,969,114) | | | | | | (11,362,962) | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 198,356 | | | | | | (614,537) | | |
Accrued offering costs and expenses
|
| | | | 1,484,043 | | | | | | 15,713 | | |
Due to related party
|
| | | | — | | | | | | 4,000 | | |
Net cash used in operating activities
|
| | | | (344,456) | | | | | | (939,129) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | | — | | | | | | (230,000,000) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (230,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds received from initial public offering, net of underwriters’ discount
|
| | | | — | | | | | | 225,400,000 | | |
Proceeds from private placement
|
| | | | — | | | | | | 6,600,000 | | |
Payment of advances from related party
|
| | | | 400,000 | | | | | | (384,912) | | |
Payment of offering costs
|
| | | | — | | | | | | (82,668) | | |
Net cash provided by financing activities
|
| | | | 400,000 | | | | | | 231,532,420 | | |
Net change in cash
|
| | | | 55,544 | | | | | | 593,291 | | |
Cash, beginning of the period
|
| | | | 423,520 | | | | | | — | | |
Cash, end of the period
|
| | | $ | 479,064 | | | | | $ | 593,291 | | |
Supplemental Non-cash disclosure of cash flow information: | | | | | | | | | | | | | |
Deferred underwriting commissions charged to additional paid in capital
|
| | | $ | — | | | | | $ | 8,050,000 | | |
Initial value of ordinary shares subject to possible redemption
|
| | | $ | — | | | | | $ | 230,000,000 | | |
Initial classification of warrant liability
|
| | | $ | — | | | | | $ | 20,914,370 | | |
Initial classification of FPA Units
|
| | | $ | — | | | | | $ | 5,285,467 | | |
Change in value of ordinary shares subject to possible redemption
|
| | | $ | 316,409 | | | | | $ | 6,342 | | |
| | |
June 30, 2022
|
| |
Quoted
Prices In Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Money Market Fund held in Trust Account
|
| | | $ | 230,330,846 | | | | | $ | 230,330,846 | | | | | $ | — | | | | | $ | — | | |
| | | | $ | 230,330,846 | | | | | $ | 230,330,846 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrant Liability
|
| | | $ | 1,925,100 | | | | | $ | 1,925,100 | | | | | $ | — | | | | | $ | — | | |
Private Warrant Liability
|
| | | $ | 1,121,307 | | | | | $ | — | | | | | $ | 1,121,307 | | | | | $ | — | | |
FPA Units
|
| | | $ | 321,287 | | | | | $ | — | | | | | $ | — | | | | | $ | 321,287 | | |
| | | | $ | 3,367,694 | | | | | $ | 1,925,100 | | | | | $ | 1,121,307 | | | | | $ | 321,287 | | |
| | |
December 31, 2021
|
| |
Quoted
Prices In Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Money Market Fund held in Trust Account
|
| | | $ | 230,014,437 | | | | | $ | 230,014,437 | | | | | $ | — | | | | | $ | — | | |
| | | | $ | 230,014,437 | | | | | $ | 230,014,437 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrant Liability
|
| | | $ | 6,095,000 | | | | | $ | 6,095,000 | | | | | $ | — | | | | | $ | — | | |
Private Warrant Liability
|
| | | $ | 3,553,758 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,553,758 | | |
FPA Units
|
| | | $ | 688,050 | | | | | $ | — | | | | | $ | — | | | | | $ | 688,050 | | |
| | | | $ | 10,336,808 | | | | | $ | 6,095,000 | | | | | $ | — | | | | | $ | 4,241,808 | | |
| | |
Private Warrant and
FPA Units |
| |||
Fair Value at December 31, 2021
|
| | | $ | 4,241,808 | | |
Change in fair value
|
| | | | (2,799,214) | | |
Transfer to Level 2
|
| | | | (1,121,307) | | |
Fair Value at June 30, 2022
|
| | | | 321,287 | | |
| | |
January 12,
2021 |
|
Exercise price
|
| |
$11.50
|
|
Share price
|
| |
$10.00
|
|
Volatility before IBC
|
| |
10%
|
|
Volatility after IBC
|
| |
10 – 20%
|
|
Time to Maturity
|
| |
6 Year
|
|
Risk-free rate
|
| |
0.67%
|
|
Dividend yield
|
| |
—%
|
|
| | |
December 31,
2021 |
|
Exercise price
|
| |
$11.50
|
|
Share price
|
| |
$9.85
|
|
Volatility
|
| |
9.4%
|
|
Time to Maturity
|
| |
5.52 Year
|
|
Risk-free rate
|
| |
1.31%
|
|
Dividend yield
|
| |
—%
|
|
| | |
January 12,
2021 |
|
Share price
|
| |
$10.00
|
|
Public Warrant Price
|
| |
$0.50
|
|
Time to IBC
|
| |
1.00 Year
|
|
Risk-free rate
|
| |
0.11%
|
|
| | |
June 30,
2022 |
| |
December 31,
2021 |
|
Share price
|
| |
$9.85
|
| |
$9.85
|
|
Public Warrant Price
|
| |
$0.17
|
| |
$0.53
|
|
Time to IBC
|
| |
0.50 Year
|
| |
0.52 Year
|
|
Risk-free rate
|
| |
2.51%
|
| |
0.20%
|
|
| | |
For the Three Months Ended
June 30, 2022 |
| |
For the Three Months Ended
June 30, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per share | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
|
| | | $ | 3,347,114 | | | | | $ | 836,778 | | | | | $ | 412,622 | | | | | $ | 103,155 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares outstanding
|
| | | | 23,000,000 | | | | | | 5,750,000 | | | | | | 23,000,000 | | | | | | 5,750,000 | | |
Basic and diluted net income per share
|
| | | $ | 0.15 | | | | | $ | 0.15 | | | | | $ | 0.02 | | | | | $ | 0.02 | | |
| | |
For the Six Months Ended
June 30, 2022 |
| |
For the Six Months Ended
June 30, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per share | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
|
| | | $ | 4,206,934 | | | | | $ | 1,051,734 | | | | | $ | 5,423,199 | | | | | $ | 1,439,513 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares outstanding
|
| | | | 23,000,000 | | | | | | 5,750,000 | | | | | | 21,475,138 | | | | | | 5,750,276 | | |
Basic and diluted net income per share
|
| | | $ | 0.18 | | | | | $ | 0.18 | | | | | $ | 0.25 | | | | | $ | 0.25 | | |
|
Gross proceeds from IPO
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (13,261,156) | | |
|
Ordinary shares issuance costs
|
| | | | (12,426,195) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 25,687,351 | | |
|
Interest earned on cash and marketable securities held in Trust Account
|
| | | | 14,437 | | |
|
Contingently redeemable ordinary shares at December 31, 2021
|
| | | | 230,014,437 | | |
|
Interest earned on cash and marketable securities held in Trust Account
|
| | | | 316,409 | | |
|
Contingently redeemable ordinary shares at June 30, 2022
|
| | | $ | 230,330,846 | | |
| | | | | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Assets
|
| |
Notes
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
6(1)
|
| | | $ | 79,018 | | | | | $ | 80,453 | | |
Accounts receivable, net
|
| |
6(2)
|
| | | | 5,509 | | | | | | 6,568 | | |
Other receivables
|
| | | | | | | 10 | | | | | | 6 | | |
Other receivables – related parties
|
| |
7
|
| | | | 15 | | | | | | — | | |
Current income tax assets
|
| | | | | | | 87 | | | | | | 63 | | |
Inventories
|
| | | | | | | 88 | | | | | | 88 | | |
Other current assets
|
| | | | | | | 220 | | | | | | 299 | | |
Total current assets
|
| | | | | | | 84,947 | | | | | | 87,477 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| |
6(3)
|
| | | | 452 | | | | | | 407 | | |
Right-of-use assets
|
| |
6(4) and 7
|
| | | | 319 | | | | | | 620 | | |
Intangible assets
|
| |
6(5)
|
| | | | 113 | | | | | | 100 | | |
Deferred income tax assets
|
| |
6(21)
|
| | | | 299 | | | | | | 165 | | |
Guarantee deposits paid
|
| | | | | | | 106 | | | | | | 135 | | |
Total non-current assets
|
| | | | | | | 1,289 | | | | | | 1,427 | | |
Total assets
|
| | | | | | $ | 86,236 | | | | | $ | 88,904 | | |
| | | | | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Liabilities and Equity
|
| |
Notes
|
| |
AMOUNT
|
| |
AMOUNT
|
| ||||||
Current liabilities | | | | | | | | | | | | | | | | |
Current contract liabilities
|
| |
6(14)
|
| | | $ | 4,844 | | | | | $ | 9,021 | | |
Other payables
|
| |
6(7)
|
| | | | 6,964 | | | | | | 8,706 | | |
Other payables – related parties
|
| |
7
|
| | | | 85 | | | | | | 73 | | |
Current tax liabilities
|
| | | | | | | 596 | | | | | | 104 | | |
Current provisions
|
| |
6(8)
|
| | | | 480 | | | | | | 1,058 | | |
Current lease liabilities
|
| |
6(4) and 7
|
| | | | 225 | | | | | | 449 | | |
Other current liabilities
|
| | | | | | | 139 | | | | | | 384 | | |
Total current liabilities
|
| | | | | | | 13,333 | | | | | | 19,795 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Non-current financial liabilities at fair value through profit or loss
|
| |
6(6)
|
| | | | 108,427 | | | | | | 259,230 | | |
Non-current lease liabilities
|
| |
6(4) and 7
|
| | | | 115 | | | | | | 189 | | |
Net defined benefit liability, non-current
|
| |
6(9)
|
| | | | 77 | | | | | | 104 | | |
Guarantee deposits received
|
| | | | | | | 27 | | | | | | 28 | | |
Total non-current liabilities
|
| | | | | | | 108,646 | | | | | | 259,551 | | |
Total liabilities
|
| | | | | | | 121,979 | | | | | | 279,346 | | |
Equity | | | | | | | | | | | | | | | | |
Capital stock
|
| |
6(11)
|
| | | | | | | | | | | | |
Common stock
|
| | | | | | | 29,840 | | | | | | 30,152 | | |
Capital surplus
|
| |
6(12)
|
| | | | | | | | | | | | |
Capital surplus
|
| | | | | | | 1,071 | | | | | | 2,871 | | |
Retained earnings
|
| |
6(13)
|
| | | | | | | | | | | | |
Accumulated deficit
|
| | | | | | | (67,221) | | | | | | (224,097) | | |
Other equity interest | | | | | | | | | | | | | | | | |
Other equity interest
|
| | | | | | | 567 | | | | | | 632 | | |
Total equity
|
| | | | | | | (35,743) | | | | | | (190,442) | | |
Total liabilities and equity
|
| | | | | | $ | 86,236 | | | | | $ | 88,904 | | |
| | | | | |
Year ended December 31
|
| |||||||||||||||
| | | | | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
Items
|
| |
Notes
|
| |
AMOUNT
|
| |
AMOUNT
|
| |
AMOUNT
|
| |||||||||
Revenue
|
| |
6(14) and 7
|
| | | $ | 22,930 | | | | | $ | 29,873 | | | | | $ | 40,760 | | |
Cost of sales and services
|
| |
6(9)(19)(20)
|
| | | | (1,596) | | | | | | (3,962) | | | | | | (5,736) | | |
Gross profit
|
| | | | | | | 21,334 | | | | | | 25,911 | | | | | | 35,024 | | |
Operating expenses
|
| |
6(4)(9)(19)(20) and 7
|
| | | | | | | | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | | | | (13,555) | | | | | | (18,107) | | | | | | (25,287) | | |
General and administrative expenses
|
| | | | | | | (3,045) | | | | | | (3,078) | | | | | | (4,936) | | |
Research and development expenses
|
| | | | | | | (6,143) | | | | | | (7,567) | | | | | | (9,838) | | |
Total operating expenses
|
| | | | | | | (22,743) | | | | | | (28,752) | | | | | | (40,061) | | |
Operating loss
|
| | | | | | | (1,409) | | | | | | (2,841) | | | | | | (5,037) | | |
Non-operating income and expenses | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| |
6(15)
|
| | | | 158 | | | | | | 243 | | | | | | 131 | | |
Other income
|
| |
6(16)
|
| | | | 691 | | | | | | 191 | | | | | | 118 | | |
Other gains and losses
|
| |
6(6)(17)
|
| | | | (1,173) | | | | | | (2,792) | | | | | | (151,638) | | |
Finance costs
|
| |
6(4)(18) and 7
|
| | | | (5) | | | | | | (9) | | | | | | (9) | | |
Total non-operating income and expenses
|
| | | | | | | (329) | | | | | | (2,367) | | | | | | (151,398) | | |
Loss before income tax
|
| | | | | | | (1,738) | | | | | | (5,208) | | | | | | (156,435) | | |
Income tax expense
|
| |
6(21)
|
| | | | (247) | | | | | | (385) | | | | | | (417) | | |
Net loss
|
| | | | | | ($ | 1,985) | | | | | ($ | 5,593) | | | | | ($ | 156,852) | | |
Other comprehensive income
|
| | | | | | | | | | | | | | | | | | | | | |
Components of other comprehensive income that
will not be reclassified to profit or loss |
| | | | | | | | | | | | | | | | | | | | | |
Actuarial losses on defined benefit plans
|
| |
6(9)
|
| | | ($ | 25) | | | | | ($ | 36) | | | | | ($ | 24) | | |
Credit risk changes in financial instrument-Preference shares
|
| |
6(6)
|
| | | | — | | | | | | — | | | | | | (58) | | |
Total components of other comprehensive
income that will not be reclassified to profit or loss |
| | | | | | | (25) | | | | | | (36) | | | | | | (82) | | |
Components of other comprehensive income that
will be reclassified to profit or loss |
| | | | | | | | | | | | | | | | | | | | | |
Exchange differences arising on translation of
foreign operations |
| | | | | | | 174 | | | | | | 634 | | | | | | 123 | | |
Other comprehensive income, net
|
| | | | | | $ | 149 | | | | | $ | 598 | | | | | $ | 41 | | |
Total comprehensive loss
|
| | | | | | ($ | 1,836) | | | | | ($ | 4,995) | | | | | ($ | 156,811) | | |
Net loss, attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | | | | ($ | 1,985) | | | | | ($ | 5,593) | | | | | ($ | 156,852) | | |
Total comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | | | | ($ | 1,836) | | | | | ($ | 4,995) | | | | | ($ | 156,811) | | |
Loss per share (in dollars)
|
| |
6(22)
|
| | | | | | | | | | | | | | | | | | |
Basic loss per share
|
| | | | | | ($ | 0.01) | | | | | ($ | 0.02) | | | | | ($ | 0.52) | | |
Diluted loss per share
|
| | | | | | ($ | 0.01) | | | | | ($ | 0.02) | | | | | ($ | 0.52) | | |
| | | | | |
Equity attributable to owners of the parent
|
| | ||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | |
Capital surplus
|
| | | | | | | |
Other equity interest
|
| | | | | | | | | | | | | ||||||||||||||||||
| | |
Notes
|
| |
Common
stock |
| |
Additional
paid-in capital |
| |
Employee
stock options |
| |
Accumulated
deficit |
| |
Exchange
differences arising on translation of foreign operations |
| |
Credit risks
changes in financial instrument- Preference shares |
| |
Treasury
shares |
| |
Total
|
| ||||||||||||||||||||||||
Year 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | | | $ | 30,000 | | | | | $ | — | | | | | $ | 355 | | | | | ($ | 51,223) | | | | | ($ | 241) | | | | | $ | — | | | | | $ | — | | | | | ($ | 21,109) | | |
Net loss for 2019
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,985) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,985) | | |
Other comprehensive (loss) income for 2019
|
| |
6(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (25) | | | | | | 174 | | | | | | — | | | | | | — | | | | | | 149 | | |
Total comprehensive (loss) income
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,010) | | | | | | 174 | | | | | | — | | | | | | — | | | | | | (1,836) | | |
Share-based payment transactions
|
| |
6(10)
|
| | | | — | | | | | | — | | | | | | 394 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 394 | | |
Employee stock options exercised
|
| |
6(10)
|
| | | | 1,356 | | | | | | 109 | | | | | | (109) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,356 | | |
Balance at December 31, 2019
|
| | | | | | $ | 31,356 | | | | | $ | 109 | | | | | $ | 640 | | | | | ($ | 53,233) | | | | | ($ | 67) | | | | | $ | — | | | | | $ | — | | | | | ($ | 21,195) | | |
Year 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2020
|
| | | | | | $ | 31,356 | | | | | $ | 109 | | | | | $ | 640 | | | | | ($ | 53,233) | | | | | ($ | 67) | | | | | $ | — | | | | | $ | — | | | | | ($ | 21,195) | | |
Net loss for 2020
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,593) | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,593) | | |
Other comprehensive (loss) income for 2020
|
| |
6(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (36) | | | | | | 634 | | | | | | — | | | | | | — | | | | | | 598 | | |
Total comprehensive (loss) income
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,629) | | | | | | 634 | | | | | | — | | | | | | — | | | | | | (4,995) | | |
Share-based payment transactions
|
| |
6(10)
|
| | | | — | | | | | | — | | | | | | 336 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 336 | | |
Employee stock options exercised
|
| |
6(10)
|
| | | | 111 | | | | | | 30 | | | | | | (30) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | |
Purchase of treasury shares
|
| |
6(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,000) | | | | | | (10,000) | | |
Retirement of treasury shares
|
| | | | | | | (1,627) | | | | | | (14) | | | | | | — | | | | | | (8,359) | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | — | | |
Balance at December 31, 2020
|
| | | | | | $ | 29,840 | | | | | $ | 125 | | | | | $ | 946 | | | | | ($ | 67,221) | | | | | $ | 567 | | | | | $ | — | | | | | $ | — | | | | | ($ | 35,743) | | |
Year 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2021
|
| | | | | | $ | 29,840 | | | | | $ | 125 | | | | | $ | 946 | | | | | ($ | 67,221) | | | | | $ | 567 | | | | | $ | — | | | | | $ | — | | | | | ($ | 35,743) | | |
Net loss for 2021
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (156,852) | | | | | | — | | | | | | — | | | | | | — | | | | | | (156,852) | | |
Other comprehensive (loss) income for 2021
|
| |
6(6)(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | 123 | | | | | | (58) | | | | | | — | | | | | | 41 | | |
Total comprehensive (loss) income
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (156,876) | | | | | | 123 | | | | | | (58) | | | | | | — | | | | | | (156,811) | | |
Share-based payment transactions
|
| |
6(10)
|
| | | | — | | | | | | — | | | | | | 1,782 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,782 | | |
Employee stock options exercised
|
| |
6(10)
|
| | | | 312 | | | | | | 183 | | | | | | (165) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 330 | | |
Balance at December 31, 2021
|
| | | | | | $ | 30,152 | | | | | $ | 308 | | | | | $ | 2,563 | | | | | ($ | 224,097) | | | | | $ | 690 | | | | | ($ | 58) | | | | | $ | — | | | | | ($ | 190,442) | | |
| | | | | |
Year ended December 31
|
| |||||||||||||||
| | |
Notes
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | |
Loss before tax
|
| | | | | | ($ | 1,738) | | | | | ($ | 5,208) | | | | | ($ | 156,435) | | |
Adjustments
|
| | | | | | | | | | | | | | | | | | | | | |
Adjustments to reconcile profit (loss)
|
| | | | | | | | | | | | | | | | | | | | | |
Depreciation expense
|
| |
6(3)(4)(19)
|
| | | | 328 | | | | | | 456 | | | | | | 598 | | |
Amortisation expense
|
| |
6(5)(19)
|
| | | | 66 | | | | | | 36 | | | | | | 47 | | |
Interest income
|
| |
6(15)
|
| | | | (158) | | | | | | (243) | | | | | | (131) | | |
Interest expense
|
| |
6(18)
|
| | | | 5 | | | | | | 9 | | | | | | 9 | | |
Net loss on financial liabilities at fair value through profit
or loss |
| |
6(6)(17)
|
| | | | 936 | | | | | | 2,022 | | | | | | 150,745 | | |
Employees’ stock option cost
|
| |
6(10)
|
| | | | 394 | | | | | | 336 | | | | | | 1,782 | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | | | | |
Changes in operating assets
|
| | | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | | | | (3,378) | | | | | | 861 | | | | | | (1,059) | | |
Other receivables
|
| | | | | | | — | | | | | | (8) | | | | | | 7 | | |
Other receivables – related parties
|
| | | | | | | (75) | | | | | | 99 | | | | | | 16 | | |
Inventories
|
| | | | | | | (35) | | | | | | 8 | | | | | | — | | |
Other current assets
|
| | | | | | | (201) | | | | | | 113 | | | | | | (78) | | |
Changes in operating liabilities
|
| | | | | | | | | | | | | | | | | | | | | |
Current contract liabilities
|
| | | | | | | 1,740 | | | | | | 2,164 | | | | | | 4,108 | | |
Accounts payable
|
| | | | | | | 160 | | | | | | (167) | | | | | | — | | |
Other payables
|
| | | | | | | 1,045 | | | | | | 1,336 | | | | | | 1,653 | | |
Other payables – related parties
|
| | | | | | | 29 | | | | | | (95) | | | | | | (11) | | |
Current provisions
|
| | | | | | | — | | | | | | 465 | | | | | | 586 | | |
Other current liabilities
|
| | | | | | | (339) | | | | | | 35 | | | | | | 255 | | |
Net defined benefit liability, non-current
|
| | | | | | | (1) | | | | | | (2) | | | | | | — | | |
Cash (outflow) inflow generated from operations
|
| | | | | | | (1,222) | | | | | | 2,217 | | | | | | 2,092 | | |
Interest received
|
| | | | | | | 145 | | | | | | 257 | | | | | | 129 | | |
Interest paid
|
| | | | | | | (5) | | | | | | (9) | | | | | | (9) | | |
Income tax paid
|
| | | | | | | (172) | | | | | | (272) | | | | | | (664) | | |
Net cash flows (used in) from operating activities
|
| | | | | | | (1,254) | | | | | | 2,193 | | | | | | 1,548 | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of financial assets at amortised cost
|
| | | | | | | (8,657) | | | | | | (1,517) | | | | | | — | | |
Proceeds from disposal of financial assets at amortised cost
|
| | | | | | | 1,140 | | | | | | 9,696 | | | | | | — | | |
Acquisition of property, plant and equipment
|
| |
6(3)
|
| | | | (194) | | | | | | (215) | | | | | | (154) | | |
Acquisition of intangible assets
|
| |
6(5)
|
| | | | (42) | | | | | | (77) | | | | | | (32) | | |
Increase in guarantee deposits paid
|
| | | | | | | (15) | | | | | | (47) | | | | | | (27) | | |
Net cash flows (used in) from investing activities
|
| | | | | | | (7,768) | | | | | | 7,840 | | | | | | (213) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from financial liabilities designated at fair value through profit or loss
|
| |
6(6)(23)
|
| | | | 25,000 | | | | | | 50,000 | | | | | | — | | |
Repayment of principal portion of lease liabilities
|
| |
6(4)(23)
|
| | | | (193) | | | | | | (305) | | | | | | (393) | | |
Employee stock options exercised
|
| | | | | | | 1,356 | | | | | | 111 | | | | | | 330 | | |
Payments to acquire treasury shares
|
| |
6(11)
|
| | | | — | | | | | | (10,000) | | | | | | — | | |
Net cash flows from (used in) financing activities
|
| | | | | | | 26,163 | | | | | | 39,806 | | | | | | (63) | | |
Effects of exchange rates changes on cash and cash equivalents
|
| | | | | | | 283 | | | | | | 896 | | | | | | 163 | | |
Net increase in cash and cash equivalents
|
| | | | | | | 17,424 | | | | | | 50,735 | | | | | | 1,435 | | |
Cash and cash equivalents at beginning of year
|
| | | | | | | 10,859 | | | | | | 28,283 | | | | | | 79,018 | | |
Cash and cash equivalents at end of year
|
| | | | | | $ | 28,283 | | | | | $ | 79,018 | | | | | $ | 80,453 | | |
New Standards, Interpretations and Amendments
|
| |
Effective date by IASB
|
|
Amendments to IFRS 9, IAS39, IFRS7, IFRS4, and IFRS16 ‘Interest rate Benchmark Reform- Phase2’ | | | January 1, 2021 | |
Amendments to IFRS 4, ‘Extension of the Temporary Exemption from Applying IFRS 9’ | | | January 1, 2021 | |
Amendment to IFRS 16, ‘Covid-19-related rent concessions beyond 30 June 2021’ | | | April 1, 2021 | |
New Standards, Interpretations and Amendments
|
| |
Effective date by IASB
|
|
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ | | |
To be determined by
IASB
|
|
Annual improvements to IFRS Standards 2018 – 2020 | | | January 1, 2022 | |
Amendments to IFRS 3, ‘Reference to the conceptual framework’ | | | January 1, 2022 | |
Amendments to IAS 16, ‘Property, plant and equipment: proceeds before intended use’ | | | January 1, 2022 | |
Amendments to IAS 37, ‘Onerous contracts – cost of fulfilling a contract’ | | | January 1, 2022 | |
Amendments to IAS 1, ‘Classification of liabilities as current or non-current’ | | | January 1, 2023 | |
Amendments to IAS 1, ‘Disclosure of Accounting Policies’ | | | January 1, 2023 | |
Amendments to IAS 8, ‘Definition of accounting estimate’ | | | January 1, 2023 | |
Amendments to IAS 12, ‘Income Taxes’ | | | January 1, 2023 | |
| | | | | | | | |
Ownership (%)
|
| ||||||
Name of investor
|
| |
Name of
subsidiary |
| |
Main business
Activities |
| |
December 31,
2020 |
| |
December 31,
2021 |
| |||
The Company | | |
Perfect Mobile Corp. (Taiwan)
|
| |
Design, development, marketing and sales of mobile applications
|
| |
100%
|
| | | | 100% | | |
The Company | | |
Perfect Corp. (USA)
|
| |
Marketing and sales of mobile applications
|
| |
100%
|
| | | | 100% | | |
The Company | | |
Perfect Corp. (Japan)
|
| |
Marketing and sales of mobile applications
|
| |
100%
|
| | | | 100% | | |
The Company | | |
Perfect Corp. (Shanghai)
|
| |
Marketing and sales of mobile applications
|
| |
100%
|
| | | | 100% | | |
The Company | | |
Perfect Mobile Corp.(B.V.I.)
|
| |
Investment activities
|
| |
100%
|
| | | | 100% | | |
The Company | | |
Beauty Corp.
|
| |
For business combination
purpose via SPAC transaction, please refer to Note 11 for details. |
| |
Not applicable.
|
| | | | 100% | | |
The Company | | |
Fashion Corp.
|
| |
For business combination
purpose via SPAC transaction, please refer to Note 11 for details. |
| |
Not applicable.
|
| | | | 100% | | |
Perfect Mobile Corp.(B.V.I.)
|
| |
Perfect Mobile Limited. (Hong Kong)
|
| |
2019 and 2020: No operation
2021: Deregistered on May 21, 2021 |
| |
100%
|
| | | | 0% | | |
| Leasehold improvements | | | 2~3 | | | years (or the lesser of the contract period of the lease) | |
| Machinery | | | 3 | | | years | |
| Office equipment | | | 5 | | | years | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Petty cash
|
| | | $ | 1 | | | | | $ | 1 | | |
Checking accounts
|
| | | | 7,866 | | | | | | 1,882 | | |
Demand deposits
|
| | | | 56,315 | | | | | | 38,591 | | |
Time deposits
|
| | | | 14,800 | | | | | | 39,800 | | |
Others
|
| | | | 36 | | | | | | 179 | | |
| | | | $ | 79,018 | | | | | $ | 80,453 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Accounts receivable
|
| | | $ | 5,509 | | | | | $ | 6,568 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Not past due
|
| | | $ | 4,980 | | | | | $ | 5,773 | | |
Up to 30 days
|
| | | | 290 | | | | | | 508 | | |
31 to 90 days
|
| | | | 140 | | | | | | 121 | | |
91 to 180 days
|
| | | | 90 | | | | | | 138 | | |
Over 181 days
|
| | | | 9 | | | | | | 28 | | |
| | | | $ | 5,509 | | | | | $ | 6,568 | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
Leasehold
Improvements |
| |
Machinery
|
| |
Office
equipment |
| |
Total
|
| ||||||||||||
At January 1 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 365 | | | | | $ | 377 | | | | | $ | 20 | | | | | $ | 762 | | |
Accumulated depreciation
|
| | | | (228) | | | | | | (159) | | | | | | (10) | | | | | | (397) | | |
| | | | $ | 137 | | | | | $ | 218 | | | | | $ | 10 | | | | | $ | 365 | | |
Opening net book amount
|
| | | $ | 137 | | | | | $ | 218 | | | | | $ | 10 | | | | | $ | 365 | | |
Additions
|
| | | | 86 | | | | | | 125 | | | | | | 4 | | | | | | 215 | | |
Cost of disposals
|
| | | | — | | | | | | (68) | | | | | | — | | | | | | (68) | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
Leasehold
Improvements |
| |
Machinery
|
| |
Office
equipment |
| |
Total
|
| ||||||||||||
Accumulated depreciation on disposals
|
| | | | — | | | | | | 68 | | | | | | — | | | | | | 68 | | |
Depreciation expense
|
| | | | (54) | | | | | | (92) | | | | | | (4) | | | | | | (150) | | |
Net exchange differences
|
| | | | 8 | | | | | | 13 | | | | | | 1 | | | | | | 22 | | |
Closing net book amount
|
| | | $ | 177 | | | | | $ | 264 | | | | | $ | 11 | | | | | $ | 452 | | |
At December 31 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 473 | | | | | $ | 457 | | | | | $ | 24 | | | | | $ | 954 | | |
Accumulated depreciation
|
| | | | (296) | | | | | | (193) | | | | | | (13) | | | | | | (502) | | |
| | | | $ | 177 | | | | | $ | 264 | | | | | $ | 11 | | | | | $ | 452 | | |
|
| | |
2021
|
| |||||||||||||||||||||
| | |
Leasehold
Improvements |
| |
Machinery
|
| |
Office
equipment |
| |
Total
|
| ||||||||||||
At January 1 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 473 | | | | | $ | 457 | | | | | $ | 24 | | | | | $ | 954 | | |
Accumulated depreciation
|
| | | | (296) | | | | | | (193) | | | | | | (13) | | | | | | (502) | | |
| | | | $ | 177 | | | | | $ | 264 | | | | | $ | 11 | | | | | $ | 452 | | |
Opening net book amount
|
| | | $ | 177 | | | | | $ | 264 | | | | | $ | 11 | | | | | $ | 452 | | |
Additions
|
| | | | 34 | | | | | | 97 | | | | | | 23 | | | | | | 154 | | |
Cost of disposals
|
| | | | (6) | | | | | | (12) | | | | | | — | | | | | | (18) | | |
Accumulated depreciation on disposals
|
| | | | 6 | | | | | | 12 | | | | | | — | | | | | | 18 | | |
Depreciation expense
|
| | | | (93) | | | | | | (110) | | | | | | (6) | | | | | | (209) | | |
Net exchange differences
|
| | | | 5 | | | | | | 5 | | | | | | — | | | | | | 10 | | |
Closing net book amount
|
| | | $ | 123 | | | | | $ | 256 | | | | | $ | 28 | | | | | $ | 407 | | |
At December 31 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 516 | | | | | $ | 552 | | | | | $ | 48 | | | | | $ | 1,116 | | |
Accumulated depreciation
|
| | | | (393) | | | | | | (296) | | | | | | (20) | | | | | | (709) | | |
| | | | $ | 123 | | | | | $ | 256 | | | | | $ | 28 | | | | | $ | 407 | | |
| | |
2020
|
| |||||||||||||||
| | |
Buildings
|
| |
Business
vehicles |
| |
Total
|
| |||||||||
At January 1 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 540 | | | | | $ | — | | | | | $ | 540 | | |
Accumulated depreciation
|
| | | | (133) | | | | | | — | | | | | | (133) | | |
| | | | $ | 407 | | | | | $ | — | | | | | $ | 407 | | |
Opening net book amount
|
| | | $ | 407 | | | | | $ | — | | | | | $ | 407 | | |
Additions
|
| | | | 201 | | | | | | — | | | | | | 201 | | |
Depreciation expense
|
| | | | (306) | | | | | | — | | | | | | (306) | | |
Net exchange differences
|
| | | | 17 | | | | | | — | | | | | | 17 | | |
Closing net book amount
|
| | | $ | 319 | | | | | $ | — | | | | | $ | 319 | | |
At December 31 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 776 | | | | | $ | — | | | | | $ | 776 | | |
Accumulated depreciation
|
| | | | (457) | | | | | | — | | | | | | (457) | | |
| | | | $ | 319 | | | | | $ | — | | | | | $ | 319 | | |
| | |
2021
|
| |||||||||||||||
| | |
Buildings
|
| |
Business
vehicles |
| |
Total
|
| |||||||||
At January 1 | | | | | |||||||||||||||
Cost
|
| | | $ | 776 | | | | | $ | — | | | | | $ | 776 | | |
Accumulated depreciation
|
| | | | (457) | | | | | | — | | | | | | (457) | | |
| | | | $ | 319 | | | | | $ | — | | | | | $ | 319 | | |
Opening net book amount
|
| | | $ | 319 | | | | | $ | — | | | | | $ | 319 | | |
Additions
|
| | | | 530 | | | | | | 148 | | | | | | 678 | | |
Cost of derecognition
|
| | | | (432) | | | | | | — | | | | | | (432) | | |
Derecognized accumulated depreciation
|
| | | | 432 | | | | | | — | | | | | | 432 | | |
Depreciation expense
|
| | | | (339) | | | | | | (50) | | | | | | (389) | | |
Net exchange differences
|
| | | | 11 | | | | | | 1 | | | | | | 12 | | |
Closing net book amount
|
| | | $ | 521 | | | | | $ | 99 | | | | | $ | 620 | | |
At December 31 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 898 | | | | | $ | 149 | | | | | $ | 1,047 | | |
Accumulated depreciation
|
| | | | (377) | | | | | | (50) | | | | | | (427) | | |
| | | | $ | 521 | | | | | $ | 99 | | | | | $ | 620 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Total lease liabilities
|
| | | $ | 340 | | | | | $ | 638 | | |
Less: current portion (shown as ‘current lease liabilities’)
|
| | | | (225) | | | | | | (449) | | |
| | | | $ | 115 | | | | | $ | 189 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Items affecting profit or loss | | | | | | | | | | | | | | | | | | | |
Interest expense on lease liabilities
|
| | | $ | 5 | | | | | $ | 9 | | | | | $ | 9 | | |
Expense on short-term lease contracts
|
| | | | 124 | | | | | | 292 | | | | | | 391 | | |
| | | | $ | 129 | | | | | $ | 301 | | | | | $ | 400 | | |
| | |
2020
|
| |||||||||||||||
| | |
Software
|
| |
Other intangible
assets |
| |
Total
|
| |||||||||
At January 1 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 186 | | | | | $ | 3,177 | | | | | $ | 3,363 | | |
Accumulated amortisation
|
| | | | (120) | | | | | | (3,177) | | | | | | (3,297) | | |
| | | | $ | 66 | | | | | $ | — | | | | | $ | 66 | | |
Opening net book amount
|
| | | $ | 66 | | | | | $ | — | | | | | $ | 66 | | |
Additions
|
| | | | — | | | | | | 77 | | | | | | 77 | | |
Amortisation charge
|
| | | | (36) | | | | | | — | | | | | | (36) | | |
Net exchange differences
|
| | | | 3 | | | | | | 3 | | | | | | 6 | | |
Closing net book amount
|
| | | $ | 33 | | | | | $ | 80 | | | | | $ | 113 | | |
At December 31 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 196 | | | | | $ | 3,257 | | | | | $ | 3,453 | | |
Accumulated amortisation
|
| | | | (163) | | | | | | (3,177) | | | | | | (3,340) | | |
| | | | $ | 33 | | | | | $ | 80 | | | | | $ | 113 | | |
| | |
2021
|
| |||||||||||||||
| | |
Software
|
| |
Other intangible
assets |
| |
Total
|
| |||||||||
At January 1 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 196 | | | | | $ | 3,257 | | | | | $ | 3,453 | | |
Accumulated amortisation
|
| | | | (163) | | | | | | (3,177) | | | | | | (3,340) | | |
| | | | $ | 33 | | | | | $ | 80 | | | | | $ | 113 | | |
Opening net book amount
|
| | | $ | 33 | | | | | $ | 80 | | | | | $ | 113 | | |
Additions
|
| | | | 32 | | | | | | — | | | | | | 32 | | |
Cost of disposals
|
| | | | (153) | | | | | | (3,177) | | | | | | (3,330) | | |
Accumulated amortisation on disposals
|
| | | | 153 | | | | | | 3,177 | | | | | | 3,330 | | |
Amortisation charge
|
| | | | (20) | | | | | | (27) | | | | | | (47) | | |
Net exchange differences
|
| | | | — | | | | | | 2 | | | | | | 2 | | |
Closing net book amount
|
| | | $ | 45 | | | | | $ | 55 | | | | | $ | 100 | | |
At December 31 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 78 | | | | | $ | 82 | | | | | $ | 160 | | |
Accumulated amortisation
|
| | | | (33) | | | | | | (27) | | | | | | (60) | | |
| | | | $ | 45 | | | | | $ | 55 | | | | | $ | 100 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Research and development expenses
|
| | | $ | 51 | | | | | $ | 36 | | | | | $ | 47 | | |
General and administrative expenses
|
| | | | 15 | | | | | | — | | | | | | — | | |
| | | | $ | 66 | | | | | $ | 36 | | | | | $ | 47 | | |
| | |
December 31,
2020 |
| |
December 31,
2021 |
| ||||||
Non-current items: | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss | | | | | | | | | | | | | |
Preference share liabilities
|
| | | $ | 105,469 | | | | | $ | 105,469 | | |
Add: Valuation adjustment
|
| | | | 2,958 | | | | | | 153,761 | | |
| | | | $ | 108,427 | | | | | $ | 259,230 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Net losses recognized in profit or loss | | | | | | | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss
|
| | | | | | | | | | | | | | | | | | |
Preference share liabilities
|
| | | ($ | 936) | | | | | ($ | 2,022) | | | | | ($ | 150,745) | | |
Net losses recognized in other comprehensive income | | | | | | | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss
|
| | | | | | | | | | | | | | | | | | |
Preference share liabilities
|
| | | $ | — | | | | | $ | — | | | | | ($ | 58) | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Employee bonus
|
| | | $ | 2,859 | | | | | $ | 3,766 | | |
Payroll
|
| | | | 1,637 | | | | | | 1,934 | | |
Promotional fees
|
| | | | 854 | | | | | | 851 | | |
Professional service fees
|
| | | | 643 | | | | | | 1,358 | | |
Sales VAT payables
|
| | | | 452 | | | | | | 225 | | |
Post and telecommunications expenses
|
| | | | 186 | | | | | | 178 | | |
Others
|
| | | | 333 | | | | | | 394 | | |
| | | | $ | 6,964 | | | | | $ | 8,706 | | |
| | |
2020
|
| |
2021
|
| ||||||
| | |
Warranty
|
| |
Warranty
|
| ||||||
At January 1
|
| | | $ | — | | | | | $ | 480 | | |
Additional provisions
|
| | | | 780 | | | | | | 734 | | |
Used during the year
|
| | | | (315) | | | | | | (148) | | |
Net exchange differences
|
| | | | 15 | | | | | | (8) | | |
At December 31
|
| | | $ | 480 | | | | | $ | 1,058 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Current
|
| | | $ | 480 | | | | | $ | 1,058 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Present value of defined benefit obligations
|
| | | ($ | 84) | | | | | ($ | 113) | | |
Fair value of plan assets
|
| | | | 7 | | | | | | 9 | | |
Net defined benefit liability
|
| | | ($ | 77) | | | | | ($ | 104) | | |
| | |
2020
|
| |||||||||||||||
| | |
Present value
of defined benefit obligations |
| |
Fair value of
plan assets |
| |
Net defined
benefit liability |
| |||||||||
At January 1
|
| | | ($ | 45) | | | | | $ | 4 | | | | | ($ | 41) | | |
Current service cost
|
| | | | (1) | | | | | | — | | | | | | (1) | | |
| | | | | (46) | | | | | | 4 | | | | | | (42) | | |
Remeasurements: | | | | | | | | | | | | | | | | | | | |
Change in demographic assumptions
|
| | | | (14) | | | | | | — | | | | | | (14) | | |
Change in financial assumptions
|
| | | | (10) | | | | | | — | | | | | | (10) | | |
Experience adjustments
|
| | | | (12) | | | | | | — | | | | | | (12) | | |
| | | | | (36) | | | | | | — | | | | | | (36) | | |
Pension fund contribution
|
| | | | — | | | | | | 2 | | | | | | 2 | | |
Net exchange differences
|
| | | | (2) | | | | | | 1 | | | | | | (1) | | |
Balance at December 31
|
| | | ($ | 84) | | | | | $ | 7 | | | | | ($ | 77) | | |
| | |
2021
|
| |||||||||||||||
| | |
Present value
of defined benefit obligations |
| |
Fair value of
plan assets |
| |
Net defined
benefit liability |
| |||||||||
At January 1
|
| | | ($ | 84) | | | | | $ | 7 | | | | | ($ | 77) | | |
Current service cost
|
| | | | (2) | | | | | | — | | | | | | (2) | | |
| | | | | (86) | | | | | | 7 | | | | | | (79) | | |
Remeasurements: | | | | | | | | | | | | | | | | | | | |
Change in demographic assumptions
|
| | | | (8) | | | | | | — | | | | | | (8) | | |
Change in financial assumptions
|
| | | | 16 | | | | | | — | | | | | | 16 | | |
Experience adjustments
|
| | | | (32) | | | | | | — | | | | | | (32) | | |
| | | | | (24) | | | | | | — | | | | | | (24) | | |
Pension fund contribution
|
| | | | — | | | | | | 2 | | | | | | 2 | | |
Net exchange differences
|
| | | | (3) | | | | | | — | | | | | | (3) | | |
Balance at December 31
|
| | | ($ | 113) | | | | | $ | 9 | | | | | ($ | 104) | | |
| | |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| ||||||
Discount rate
|
| | | | 0.45% | | | | | | 1.00% | | |
Future salary increases
|
| | | | 3.00% | | | | | | 3.00% | | |
| | |
Discount rate
|
| |
Future salary
increases |
| ||||||||||||||||||
| | |
Increase
0.25% |
| |
Decrease
0.25% |
| |
Increase
0.25% |
| |
Decrease
0.25% |
| ||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect on present value of defined benefit obligation
|
| | | ($ | 5) | | | | | $ | 6 | | | | | $ | 6 | | | | | ($ | 5) | | |
December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect on present value of defined benefit obligation
|
| | | ($ | 7) | | | | | $ | 7 | | | | | $ | 7 | | | | | ($ | 7) | | |
|
Within 1 year
|
| | | $ | — | | |
|
1-5 year(s)
|
| | | | — | | |
|
Over 5 years
|
| | | | 146 | | |
| | | | | $ | 146 | | |
Type of arrangement
|
| |
Grant
date |
| |
Quantity
granted (units in thousands) |
| |
Contract
period |
| |
Vesting
conditions |
|
Employee stock options
|
| | 2015.9.1 | | | 15,540 | | |
Four years and one month
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2016.10.1 | | | 3,229 | | |
Four years and one month
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2018.7.31 | | | 11,575 | | |
Four years and one month
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2019.1.15 | | | 1,112 | | |
Four years and one month
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2019.5.1 | | | 8,970 | | |
Five years
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2021.4.19 | | | 1,197 | | |
Four years and one month
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2021.5.1 | | | 5,021 | | |
Five years
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
Employee stock options
|
| | 2021.11.18 | | | 2,170 | | |
Five years
|
| |
2 years’ service: exercise 50%
3 years’ service: exercise 75%
4 years’ service: exercise 100%
|
|
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||||||||
| | |
No. of options
(units in thousands) |
| |
Weighted-
average exercise price (in dollars) |
| |
No. of options
(units in thousands) |
| |
Weighted-
average exercise price (in dollars) |
| |
No. of options
(units in thousands) |
| |
Weighted-
average exercise price (in dollars) |
| ||||||||||||||||||
Options outstanding at January 1
|
| | | | 28,703 | | | | | $ | 0.10 | | | | | | 24,550 | | | | | $ | 0.17 | | | | | | 23,046 | | | | | $ | 0.18 | | |
Options granted
|
| | | | 10,082 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 8,388 | | | | | | 0.27 | | |
Options forfeited
|
| | | | (673) | | | | | | 0.14 | | | | | | (399) | | | | | | 0.17 | | | | | | (1,681) | | | | | | 0.22 | | |
Options exercised
|
| | | | (13,562) | | | | | | 0.10 | | | | | | (1,105) | | | | | | 0.10 | | | | | | (3,124) | | | | | | 0.10 | | |
Options outstanding at December 31
|
| | | | 24,550 | | | | | | 0.17 | | | | | | 23,046 | | | | | | 0.18 | | | | | | 26,629 | | | | | | 0.21 | | |
Options exercisable at December 31
|
| | | | 3,024 | | | | | | | | | | | | 7,881 | | | | | | | | | | | | 26,629 | | | | | | | | |
Type of arrangement
|
| |
Grant date
|
| |
Stock
price (in dollars) |
| |
Exercise
price (in dollars) |
| |
Expected
price volatility |
| |
Expected
option life |
| |
Expected
dividends |
| |
Risk-free
interest rate |
| |
Fair value
per unit (in dollars) |
| ||||||||||||||||||||||||
Employee stock options
|
| | | | 2015.9.1 | | | | | $ | 0.0564 | | | | | $ | 0.1000 | | | | | | 42.03% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 1.11% | | | | | $ | 0.0080 | | |
Employee stock options
|
| | | | 2016.10.1 | | | | | | 0.1297 | | | | | | 0.1000 | | | | | | 42.25% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 0.93% | | | | | | 0.0530 | | |
Employee stock options
|
| | | | 2018.7.31 | | | | | | 0.1386 | | | | | | 0.1000 | | | | | | 40.34% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 2.79% | | | | | | 0.0620 | | |
Employee stock options
|
| | | | 2019.1.15 | | | | | | 0.1777 | | | | | | 0.1000 | | | | | | 39.29% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 2.52% | | | | | | 0.0947 | | |
Employee stock options
|
| | | | 2019.5.1 | | | | | | 0.1777 | | | | | | 0.3000 | | | | | | 39.31% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 2.29% | | | | | | 0.0295 | | |
Employee stock options
|
| | | | 2021.4.19 | | | | | | 0.1691 | | | | | | 0.1000 | | | | | | 39.64% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 0.45% | | | | | | 0.0828 | | |
Employee stock options
|
| | | | 2021.5.1 | | | | | | 0.1689 | | | | | | 0.3000 | | | | | | 39.16% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 0.58% | | | | | | 0.0228 | | |
Employee stock options
|
| | | | 2021.11.18 | | | | | | 0.8931 | | | | | | 0.3000 | | | | | | 53.27% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 1.05% | | | | | | 0.6397 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Equity settled
|
| | | $ | 394 | | | | | $ | 336 | | | | | $ | 1,782 | | |
| | |
2019
|
| |
2020
|
| |
2021
|
| |||||||||
At January 1
|
| | | | 300,000 | | | | | | 313,562 | | | | | | 298,397 | | |
Employee stock options exercised
|
| | | | 13,562 | | | | | | 1,105 | | | | | | 3,124 | | |
Shares retired
|
| | | | — | | | | | | (16,270) | | | | | | — | | |
At December 31
|
| | | | 313,562 | | | | | | 298,397 | | | | | | 301,521 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Revenue from contracts with customers
|
| | | $ | 22,930 | | | | | $ | 29,873 | | | | | $ | 40,760 | | |
2019
|
| |
United
States |
| |
Japan
|
| |
France
|
| |
Others
|
| |
Total
|
| |||||||||||||||
Revenue from external customer contracts
|
| | | $ | 12,282 | | | | | $ | 2,677 | | | | | $ | 2,245 | | | | | $ | 5,726 | | | | | $ | 22,930 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At a point in time
|
| | | $ | 7,210 | | | | | $ | 888 | | | | | $ | 607 | | | | | $ | 3,590 | | | | | $ | 12,295 | | |
Over time
|
| | | | 5,072 | | | | | | 1,789 | | | | | | 1,638 | | | | | | 2,136 | | | | | | 10,635 | | |
| | | | $ | 12,282 | | | | | $ | 2,677 | | | | | $ | 2,245 | | | | | $ | 5,726 | | | | | $ | 22,930 | | |
2020
|
| |
United
States |
| |
Japan
|
| |
France
|
| |
Others
|
| |
Total
|
| |||||||||||||||
Revenue from external customer contracts
|
| | | $ | 14,965 | | | | | $ | 3,236 | | | | | $ | 3,219 | | | | | $ | 8,453 | | | | | $ | 29,873 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At a point in time
|
| | | $ | 5,711 | | | | | $ | 961 | | | | | $ | 1,102 | | | | | $ | 2,955 | | | | | $ | 10,729 | | |
Over time
|
| | | | 9,254 | | | | | | 2,275 | | | | | | 2,117 | | | | | | 5,498 | | | | | | 19,144 | | |
| | | | $ | 14,965 | | | | | $ | 3,236 | | | | | $ | 3,219 | | | | | $ | 8,453 | | | | | $ | 29,873 | | |
2021
|
| |
United
States |
| |
Japan
|
| |
France
|
| |
Others
|
| |
Total
|
| |||||||||||||||
Revenue from external customer contracts
|
| | | $ | 20,173 | | | | | $ | 4,520 | | | | | $ | 3,206 | | | | | $ | 12,861 | | | | | $ | 40,760 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At a point in time
|
| | | $ | 5,114 | | | | | $ | 676 | | | | | $ | 771 | | | | | $ | 2,331 | | | | | $ | 8,892 | | |
Over time
|
| | | | 15,059 | | | | | | 3,844 | | | | | | 2,435 | | | | | | 10,530 | | | | | | 31,868 | | |
| | | | $ | 20,173 | | | | | $ | 4,520 | | | | | $ | 3,206 | | | | | $ | 12,861 | | | | | $ | 40,760 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Licensing
|
| | | $ | 11,766 | | | | | $ | 10,679 | | | | | $ | 8,857 | | |
AR/AI cloud solutions and Subscription
|
| | | | 9,440 | | | | | | 17,402 | | | | | | 29,470 | | |
Advertisement
|
| | | | 1,195 | | | | | | 1,742 | | | | | | 2,398 | | |
Others (Note 1)
|
| | | | 529 | | | | | | 50 | | | | | | 35 | | |
Total
|
| | | $ | 22,930 | | | | | $ | 29,873 | | | | | $ | 40,760 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Contract liabilities: | | | | | | | | | | | | | |
Advance sales receipts
|
| | | $ | 4,844 | | | | | $ | 9,021 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Revenue recognized that was included in the contract
liability balance at the beginning of the period Advance sales receipts |
| | | $ | 740 | | | | | $ | 2,518 | | | | | $ | 4,782 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Interest income from bank deposits
|
| | | $ | 86 | | | | | $ | 126 | | | | | $ | 131 | | |
Interest income from financial assets at amortised cost
|
| | | | 72 | | | | | | 117 | | | | | | — | | |
| | | | $ | 158 | | | | | $ | 243 | | | | | $ | 131 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Subsidy from government
|
| | | $ | 659 | | | | | $ | 178 | | | | | $ | 21 | | |
Others
|
| | | | 32 | | | | | | 13 | | | | | | 97 | | |
| | | | $ | 691 | | | | | $ | 191 | | | | | $ | 118 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Foreign exchange losses
|
| | | ($ | 237) | | | | | ($ | 770) | | | | | ($ | 893) | | |
Losses on financial liabilities at fair value through profit or loss
|
| | | | (936) | | | | | | (2,022) | | | | | | (150,745) | | |
| | | | ($ | 1,173) | | | | | ($ | 2,792) | | | | | ($ | 151,638) | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Interest expense – lease liabilities
|
| | | $ | 5 | | | | | $ | 9 | | | | | $ | 9 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Cost of goods sold
|
| | | $ | 279 | | | | | $ | 11 | | | | | $ | 2 | | |
Employee benefit expenses
|
| | | | 15,312 | | | | | | 18,039 | | | | | | 23,472 | | |
Promotional fees
|
| | | | 2,539 | | | | | | 6,511 | | | | | | 10,841 | | |
Service providing expenses
|
| | | | 1,352 | | | | | | 2,548 | | | | | | 4,286 | | |
Professional service fees
|
| | | | 2,777 | | | | | | 2,482 | | | | | | 3,753 | | |
Warranty cost
|
| | | | — | | | | | | 780 | | | | | | 734 | | |
Depreciation of right-of-use assets
|
| | | | 211 | | | | | | 306 | | | | | | 389 | | |
Depreciation of property, plant and equipment
|
| | | | 117 | | | | | | 150 | | | | | | 209 | | |
Amortisation of intangible assets
|
| | | | 66 | | | | | | 36 | | | | | | 47 | | |
Others
|
| | | | 1,686 | | | | | | 1,851 | | | | | | 2,064 | | |
Total operating costs and operating expenses
|
| | | $ | 24,339 | | | | | $ | 32,714 | | | | | $ | 45,797 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Wages and salaries
|
| | | $ | 12,888 | | | | | $ | 15,698 | | | | | $ | 19,328 | | |
Employee insurance fees
|
| | | | 633 | | | | | | 1,105 | | | | | | 1,218 | | |
Pension costs
|
| | | | 394 | | | | | | 480 | | | | | | 613 | | |
Employee stock options
|
| | | | 394 | | | | | | 336 | | | | | | 1,782 | | |
Other personnel expenses
|
| | | | 1,003 | | | | | | 420 | | | | | | 531 | | |
| | | | $ | 15,312 | | | | | $ | 18,039 | | | | | $ | 23,472 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Current tax: | | | | | | | | | | | | | | | | | | | |
Current tax expense recognized for the current
period |
| | | $ | 590 | | | | | $ | 371 | | | | | $ | 300 | | |
Prior year income tax under (over) estimation
|
| | | | 1 | | | | | | (50) | | | | | | 9 | | |
Total current tax
|
| | | | 591 | | | | | | 321 | | | | | | 309 | | |
Deferred income tax: | | | | | | | | | | | | | | | | | | | |
Origination and reversal of temporary differences
|
| | | | (42) | | | | | | (86) | | | | | | (47) | | |
Taxable losses
|
| | | | (302) | | | | | | 150 | | | | | | 155 | | |
Total deferred income tax
|
| | | | (344) | | | | | | 64 | | | | | | 108 | | |
Income tax expense
|
| | | $ | 247 | | | | | $ | 385 | | | | | $ | 417 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Tax calculated based on profit (loss) before tax and statutory tax rate (Note 1)
|
| | | $ | 392 | | | | | ($ | 418) | | | | | ($ | 1,132) | | |
Effects from items disallowed by tax regulation
|
| | | | 51 | | | | | | 208 | | | | | | 32 | | |
Effects from non-deductible offshore income tax
|
| | | | 387 | | | | | | 193 | | | | | | 110 | | |
Tax exempt income by tax regulation
|
| | | | (12) | | | | | | (14) | | | | | | — | | |
Temporary difference not recognized as deferred income tax assets
|
| | | | (31) | | | | | | 150 | | | | | | 497 | | |
Prior year income tax under (over) estimation
|
| | | | 1 | | | | | | (50) | | | | | | 9 | | |
Taxable loss not recognized as deferred income tax assets
|
| | | | 144 | | | | | | 173 | | | | | | 893 | | |
Change in assessment of realisation of deferred income tax assets
|
| | | | (1,016) | | | | | | (136) | | | | | | — | | |
Effects from other states apart from where United States subsidiary registered
|
| | | | 117 | | | | | | 31 | | | | | | 7 | | |
Effect from Japan provisional tax offsetting income tax
|
| | | | — | | | | | | (5) | | | | | | — | | |
Others
|
| | | | 214 | | | | | | 253 | | | | | | 1 | | |
Income tax expense
|
| | | $ | 247 | | | | | $ | 385 | | | | | $ | 417 | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
January 1
|
| |
Recognized in
profit or loss |
| |
Net exchange
differences |
| |
December 31
|
| ||||||||||||
Deferred income tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
– Temporary differences: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealised expenses
|
| | | $ | 36 | | | | | $ | 70 | | | | | $ | 4 | | | | | $ | 110 | | |
Unrealised exchange losses
|
| | | | — | | | | | | 14 | | | | | | — | | | | | | 14 | | |
Others
|
| | | | 8 | | | | | | 1 | | | | | | 1 | | | | | | 10 | | |
– Taxable losses
|
| | | | 303 | | | | | | (150) | | | | | | 12 | | | | | | 165 | | |
| | | | | 347 | | | | | | (65) | | | | | | 17 | | | | | | 299 | | |
Deferred income tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
– Unrealised exchange gain
|
| | | | (1) | | | | | | 1 | | | | | | — | | | | | | — | | |
| | | | $ | 346 | | | | | ($ | 64) | | | | | $ | 17 | | | | | $ | 299 | | |
| | |
2021
|
| |||||||||||||||||||||
| | |
January 1
|
| |
Recognized in
profit or loss |
| |
Net exchange
differences |
| |
December 31
|
| ||||||||||||
Deferred income tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
– Temporary differences: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealised expenses
|
| | | $ | 110 | | | | | $ | 63 | | | | | ($ | 15) | | | | | $ | 158 | | |
Unrealised exchange losses
|
| | | | 14 | | | | | | (15) | | | | | | (1) | | | | | | (2) | | |
Others
|
| | | | 10 | | | | | | (1) | | | | | | — | | | | | | 9 | | |
– Taxable losses
|
| | | | 165 | | | | | | (155) | | | | | | (10) | | | | | | — | | |
| | | | $ | 299 | | | | | ($ | 108) | | | | | ($ | 26) | | | | | $ | 165 | | |
| | |
December 31, 2020
|
| ||||||||||||||||||
Year incurred
|
| |
Amount filed/
assessed |
| |
Unused amount
|
| |
Unrecognized deferred
income tax assets |
| |
Expiry year
|
| |||||||||
2015
|
| | | $ | 7,164 | | | | | $ | 5,417 | | | | | $ | 5,417 | | | | 2025 | |
2016
|
| | | | 7,794 | | | | | | 6,142 | | | | | | 5,901 | | | | 2021~2036 | |
2017
|
| | | | 5,572 | | | | | | 5,572 | | | | | | 5,522 | | | | 2022~2037 | |
2018
|
| | | | 7,678 | | | | | | 7,678 | | | | | | 7,522 | | | |
2027~no expiration
|
|
2019
|
| | | | 918 | | | | | | 918 | | | | | | 918 | | | | 2024~2029 | |
2020
|
| | | | 868 | | | | | | 868 | | | | | | 868 | | | | 2030 | |
| | | | $ | 29,994 | | | | | $ | 26,595 | | | | | $ | 26,148 | | | | | |
| | |
December 31, 2021
|
| ||||||||||||||||||
Year incurred
|
| |
Amount filed/
assessed |
| |
Unused amount
|
| |
Unrecognized deferred
income tax assets |
| |
Expiry year
|
| |||||||||
2015
|
| | | $ | 7,164 | | | | | $ | 4,930 | | | | | $ | 4,930 | | | | 2025 | |
2016
|
| | | | 7,794 | | | | | | 5,328 | | | | | | 5,328 | | | | 2022~2036 | |
2017
|
| | | | 5,572 | | | | | | 5,522 | | | | | | 5,522 | | | | 2022~2037 | |
2018
|
| | | | 7,678 | | | | | | 7,522 | | | | | | 7,522 | | | |
2027~no expiration
|
|
2019
|
| | | | 918 | | | | | | 918 | | | | | | 918 | | | | 2024~2029 | |
2020
|
| | | | 1,024 | | | | | | 1,024 | | | | | | 1,024 | | | | 2030 | |
2021
|
| | | | 3,586 | | | | | | 3,586 | | | | | | 3,586 | | | | no expiration | |
| | | | $ | 33,736 | | | | | $ | 28,831 | | | | | $ | 28,831 | | | | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Deductible temporary differences
|
| | | $ | 813 | | | | | $ | 2,400 | | |
| | |
Year ended December 31, 2019
|
| |||||||||||||||
| | |
Amount after tax
|
| |
Weighted average
number of ordinary shares outstanding (share in thousands) |
| |
Losses
per share (in dollars) |
| |||||||||
Basic losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary
shareholders of the parent |
| | | ($ | 1,985) | | | | | | 301,503 | | | | | ($ | 0.01) | | |
Dilutive losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares
|
| | | ($ | 1,985) | | | | | | 301,503 | | | | | ($ | 0.01) | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||
| | |
Amount after tax
|
| |
Weighted average
number of ordinary shares outstanding (share in thousands) |
| |
Losses
per share (in dollars) |
| |||||||||
Basic losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary
shareholders of the parent |
| | | ($ | 5,593) | | | | | | 313,106 | | | | | ($ | 0.02) | | |
Dilutive losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares
|
| | | ($ | 5,593) | | | | | | 313,106 | | | | | ($ | 0.02) | | |
| | |
Year ended December 31, 2021
|
| |||||||||||||||
| | |
Amount after tax
|
| |
Weighted average
number of ordinary shares outstanding (share in thousands) |
| |
Losses
per share (in dollars) |
| |||||||||
Basic losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary
shareholders of the parent |
| | | ($ | 156,852) | | | | | | 299,165 | | | | | ($ | 0.52) | | |
Dilutive losses per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares
|
| | | ($ | 156,852) | | | | | | 299,165 | | | | | ($ | 0.52) | | |
| | |
2019
|
| |||||||||||||||
| | |
Financial liabilities
at fair value through profit or loss |
| |
Lease liabilities (including
current portion) |
| |
Liabilities from financing
activities-gross |
| |||||||||
January 1
|
| | | $ | 30,469 | | | | | $ | 83 | | | | | $ | 30,552 | | |
Changes in cash flow from
financing activities |
| | | | 25,000 | | | | | | (193) | | | | | | 24,807 | | |
Net exchange differences
|
| | | | — | | | | | | 13 | | | | | | 13 | | |
Change in fair value through profit and loss
|
| | | | 936 | | | | | | — | | | | | | 936 | | |
Changes in other non-cash
items – additions |
| | | | — | | | | | | 523 | | | | | | 523 | | |
December 31
|
| | | $ | 56,405 | | | | | $ | 426 | | | | | $ | 56,831 | | |
| | |
2020
|
| |||||||||||||||
| | |
Financial liabilities
at fair value through profit or loss |
| |
Lease liabilities (including
current portion) |
| |
Liabilities from financing
activities-gross |
| |||||||||
January 1
|
| | | $ | 56,405 | | | | | $ | 426 | | | | | $ | 56,831 | | |
Changes in cash flow from
financing activities |
| | | | 50,000 | | | | | | (305) | | | | | | 49,695 | | |
Net exchange differences
|
| | | | — | | | | | | 18 | | | | | | 18 | | |
Change in fair value through profit and loss
|
| | | | 2,022 | | | | | | — | | | | | | 2,022 | | |
Changes in other non-cash
items – additions |
| | | | — | | | | | | 201 | | | | | | 201 | | |
December 31
|
| | | $ | 108,427 | | | | | $ | 340 | | | | | $ | 108,767 | | |
| | |
2021
|
| |||||||||||||||
| | |
Financial liabilities
at fair value through profit or loss |
| |
Lease liabilities (including
current portion) |
| |
Liabilities from financing
activities-gross |
| |||||||||
January 1
|
| | | $ | 108,427 | | | | | $ | 340 | | | | | $ | 108,767 | | |
Changes in cash flow from
financing activities |
| | | | — | | | | | | (393) | | | | | | (393) | | |
Net exchange differences
|
| | | | — | | | | | | 13 | | | | | | 13 | | |
Change in fair value through profit and loss
|
| | | | 150,745 | | | | | | — | | | | | | 150,745 | | |
Change in fair value through other comprehensive income
|
| | | | 58 | | | | | | — | | | | | | 58 | | |
Changes in other non-cash
items – additions |
| | | | — | | | | | | 678 | | | | | | 678 | | |
December 31
|
| | | $ | 259,230 | | | | | $ | 638 | | | | | $ | 259,868 | | |
Names of related parties
|
| |
Relationship with the Group
|
|
CyberLink Corp. (CyberLink) | | | Other related party (Significant influence over the reporting entity) | |
CyberLink Inc. (CyberLink-Japan) | | | Other related party (Subsidiary of CyberLink) | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Service revenue: | | | | | | | | | | | | | | | | | | | |
CyberLink
|
| | | $ | 7 | | | | | $ | 27 | | | | | $ | 35 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
CyberLink
|
| | | $ | 15 | | | | | $ | — | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
CyberLink
|
| | | $ | 58 | | | | | $ | 44 | | |
CyberLink-Japan
|
| | | | 27 | | | | | | 29 | | |
| | | | $ | 85 | | | | | $ | 73 | | |
| | |
Description
|
| |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
CyberLink
|
| |
Management service fee
|
| | | $ | 268 | | | | | $ | 157 | | | | | $ | 128 | | |
CyberLink-Japan
|
| |
Management service fee
|
| | | | 83 | | | | | | — | | | | | | — | | |
Other related parties
|
| |
Management service fee
|
| | | | 10 | | | | | | — | | | | | | — | | |
| | | | | | | $ | 361 | | | | | $ | 157 | | | | | $ | 128 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
CyberLink-Japan
|
| | | $ | — | | | | | $ | 91 | | | | | $ | 99 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
CyberLink
|
| | | $ | 391 | | | | | $ | — | | | | | $ | 530 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Total lease liabilities
|
| | | $ | 108 | | | | | $ | 429 | | |
Less: Current portion (shown as ‘current lease liabilities’)
|
| | | | (108) | | | | | | (268) | | |
| | | | $ | — | | | | | $ | 161 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
CyberLink
|
| | | $ | 4 | | | | | $ | 4 | | | | | $ | 4 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
Salaries and other short-term employee benefits
|
| | | $ | 1,598 | | | | | $ | 1,691 | | | | | $ | 1,711 | | |
Share-based payment
|
| | | | 101 | | | | | | 83 | | | | | | 314 | | |
Post-employment benefits
|
| | | | 13 | | | | | | 11 | | | | | | 12 | | |
| | | | $ | 1,712 | | | | | $ | 1,785 | | | | | $ | 2,037 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Total liabilities
|
| | | $ | 121,979 | | | | | $ | 279,346 | | |
Total equity
|
| | | ($ | 35,743) | | | | | ($ | 190,442) | | |
Gearing ratio
|
| | | | (3.41) | | | | | | (1.47) | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Financial assets | | | | | | | | | | | | | |
Financial assets at amortised cost
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 79,018 | | | | | $ | 80,453 | | |
Accounts receivable
|
| | | | 5,509 | | | | | | 6,568 | | |
Other receivables (including related parties)
|
| | | | 25 | | | | | | 6 | | |
Guarantee deposits paid
|
| | | | 106 | | | | | | 135 | | |
| | | | $ | 84,658 | | | | | $ | 87,162 | | |
| | |
December 31, 2020
|
| |
December 31, 2021
|
| ||||||
Financial liabilities | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss
|
| | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss
|
| | | $ | 108,427 | | | | | $ | 259,230 | | |
Financial liabilities at amortised cost
|
| | | | | | | | | | | | |
Other payables (including related parties)
|
| | | $ | 7,049 | | | | | $ | 8,779 | | |
Guarantee deposits received
|
| | | | 27 | | | | | | 28 | | |
| | | | $ | 7,076 | | | | | $ | 8,807 | | |
Lease liabilities
|
| | | $ | 340 | | | | | $ | 638 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sensitivity analysis
|
| |||||||||
| | |
Foreign
currency amount (in thousands) |
| |
Exchange
rate |
| |
Functional
currency |
| |
Book value
(USD) |
| |
Degree of
variation |
| |
Effect on
profit or loss |
| ||||||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:NTD
|
| | | $ | 10,042 | | | | | | 28.48 | | | | | $ | 285,996 | | | | | $ | 10,042 | | | | | | 1% | | | | | $ | 100 | | |
HKD:NTD
|
| | | | 541 | | | | | | 3.67 | | | | | | 1,985 | | | | | | 70 | | | | | | 1% | | | | | | 1 | | |
EUR:NTD
|
| | | | 949 | | | | | | 35.02 | | | | | | 33,234 | | | | | | 1,167 | | | | | | 1% | | | | | | 12 | | |
RMB:NTD
|
| | | | 3,548 | | | | | | 4.38 | | | | | | 15,540 | | | | | | 546 | | | | | | 1% | | | | | | 5 | | |
JPY:NTD
|
| | | | 184,537 | | | | | | 0.28 | | | | | | 51,670 | | | | | | 1,814 | | | | | | 1% | | | | | | 18 | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:JPY
|
| | | | 122 | | | | | | 103.08 | | | | | | 12,576 | | | | | | 122 | | | | | | 1% | | | | | | 1 | | |
USD:RMB
|
| | | | 54 | | | | | | 6.51 | | | | | | 352 | | | | | | 54 | | | | | | 1% | | | | | | 1 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sensitivity analysis
|
| |||||||||
| | |
Foreign
currency amount (in thousands) |
| |
Exchange
rate |
| |
Functional
currency |
| |
Book value
(USD) |
| |
Degree of
variation |
| |
Effect on
profit or loss |
| ||||||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:NTD
|
| | | $ | 13,774 | | | | | | 27.68 | | | | | $ | 381,264 | | | | | $ | 13,774 | | | | | | 1% | | | | | $ | 138 | | |
EUR:NTD
|
| | | | 1,888 | | | | | | 31.32 | | | | | | 59,132 | | | | | | 2,136 | | | | | | 1% | | | | | | 21 | | |
JPY:NTD
|
| | | | 279,248 | | | | | | 0.24 | | | | | | 67,020 | | | | | | 2,421 | | | | | | 1% | | | | | | 24 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:JPY
|
| | | | 248 | | | | | | 115.09 | | | | | | 28,542 | | | | | | 248 | | | | | | 1% | | | | | | 2 | | |
USD:RMB
|
| | | | 79 | | | | | | 6.37 | | | | | | 503 | | | | | | 79 | | | | | | 1% | | | | | | 1 | | |
Non-derivative financial liabilities: December 31, 2020
|
| |
Less than
1 year |
| |
Between 2
and 5 years |
| |
Over
5 years |
| |||||||||
Financial liabilities at fair value through profit or loss
|
| | | $ | — | | | | | $ | — | | | | | $ | 108,427 | | |
Other payables (including related parties)
|
| | | | 7,049 | | | | | | — | | | | | | — | | |
Lease liabilities (Note)
|
| | | | 229 | | | | | | 116 | | | | | | — | | |
Guarantee deposits received
|
| | | | — | | | | | | 27 | | | | | | — | | |
Non-derivative financial liabilities: December 31, 2021
|
| |
Less than
1 year |
| |
Between 2
and 5 years |
| |
Over
5 years |
| ||||||
Financial liabilities at fair value through profit or loss
|
| | | $ | — | | | | | $ | 259,230 | | | |
$—
|
|
Other payables (including related parties)
|
| | | | 8,779 | | | | | | — | | | |
—
|
|
Lease liabilities (Note)
|
| | | | 456 | | | | | | 190 | | | |
—
|
|
Guarantee deposits received
|
| | | | — | | | | | | 28 | | | |
—
|
|
December 31, 2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Recurring fair value measurements | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Compound instrument:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | — | | | | | $ | — | | | | | $ | 108,427 | | | | | $ | 108,427 | | |
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Recurring fair value measurements | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Compound instrument:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | — | | | | | $ | — | | | | | $ | 259,230 | | | | | $ | 259,230 | | |
| | |
2020
|
| |
2021
|
| ||||||
| | |
Compound instrument:
Convertible preference shares |
| |
Compound instrument:
Convertible preference shares |
| ||||||
At January 1
|
| | | $ | 56,405 | | | | | $ | 108,427 | | |
Gains and losses recognized in profit or loss | | | | | | | | | | | | | |
Recorded as non-operating income and expenses
|
| | | | 2,022 | | | | | | 150,745 | | |
Gains and losses recognized in other comprehensive income | | | | | | | | | | | | | |
Recorded as credit risk changes in financial instrument through
other comprehensive income |
| | | | — | | | | | | 58 | | |
Issued in the period
|
| | | | 50,000 | | | | | | — | | |
At December 31
|
| | | $ | 108,427 | | | | | $ | 259,230 | | |
| | |
Fair value at
December 31, 2020 |
| |
Valuation
technique |
| |
Significant
unobservable input |
| |
Relationship
of inputs to fair value |
| |||
Compound instrument: | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | 108,427 | | | |
Market
approach |
| |
Discount for
lack of marketability |
| | The higher the discount for lack of marketability, the lower the fair value | |
| | |
Fair value at
December 31, 2021 |
| |
Valuation
technique |
| |
Significant
unobservable input |
| |
Relationship
of inputs to fair value |
| |||
Compound instrument: | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | 259,230 | | | |
Market
approach |
| |
Discount for
lack of marketability |
| |
The higher the discount for lack of marketability, the lower the fair value
|
|
| | | | | | |
Income
approach |
| |
Weighted
average cost of capital |
| |
The higher the
weighted average cost of capital, the lower the fair value |
| ||
| | | | | | |
Income
approach |
| | Exit multiple | | | The higher the exit multiple, the higher the fair value | |
| | | | | | | | | | | |
December 31, 2020
|
| |||||||||
| | | | | | | | | | | |
Recognized in profit or loss
|
| |||||||||
| | |
Input
|
| |
Change
|
| |
Favourable
change |
| |
Unfavourable
change |
| |||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| |
Discount for lack of marketability
|
| | | | ±1% | | | | | $ | 1,084 | | | | | ($ | 1,084) | | |
| | | | | | | | | | | |
December 31, 2021
|
| |||||||||
| | | | | | | | | | | |
Recognized in profit or loss
|
| |||||||||
| | |
Input
|
| |
Change
|
| |
Favourable
change |
| |
Unfavourable
change |
| |||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| |
Discount for lack of marketability
|
| | | | ±1% | | | | | $ | 2,738 | | | | | ($ | 2,763) | | |
| | | Weighted average cost of capital | | | | | ±1% | | | | | $ | 4,556 | | | | | ($ | 4,386) | | |
| | | Exit multiple | | | | | ±1% | | | | | $ | 1,212 | | | | | ($ | 1,212) | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
| | |
Revenue
|
| |
Revenue
|
| |
Revenue
|
| |||||||||
United States
|
| | | $ | 12,282 | | | | | $ | 14,965 | | | | | $ | 20,173 | | |
Japan
|
| | | | 2,677 | | | | | | 3,236 | | | | | | 4,520 | | |
France
|
| | | | 2,245 | | | | | | 3,219 | | | | | | 3,206 | | |
Others
|
| | | | 5,726 | | | | | | 8,453 | | | | | | 12,861 | | |
| | | | $ | 22,930 | | | | | $ | 29,873 | | | | | $ | 40,760 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Year ended
December 31, 2021 |
| |||||||||
| | |
Revenue
|
| |
Revenue
|
| |
Revenue
|
| |||||||||
Client A
|
| | | $ | 3,566 | | | | | $ | 5,708 | | | | | $ | 5,869 | | |
Client B
|
| | | | 3,175 | | | | | | 393 | | | | | | 219 | | |
| | | | | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Assets
|
| |
Notes
|
| |
Amount
|
| |
Amount
|
| ||||||
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
6(1)
|
| | | $ | 80,453 | | | | | $ | 82,773 | | |
Current contract assets
|
| | | | | | | — | | | | | | 1,964 | | |
Accounts receivable
|
| |
6(2)
|
| | | | 6,568 | | | | | | 7,607 | | |
Other receivables
|
| | | | | | | 6 | | | | | | 28 | | |
Other receivables – related parties
|
| |
7
|
| | | | — | | | | | | 2 | | |
Current income tax assets
|
| | | | | | | 63 | | | | | | 63 | | |
Inventories
|
| | | | | | | 88 | | | | | | 52 | | |
Other current assets
|
| | | | | | | 299 | | | | | | 146 | | |
Total current assets
|
| | | | | | | 87,477 | | | | | | 92,635 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| |
6(3)
|
| | | | 407 | | | | | | 390 | | |
Right-of-use assets
|
| |
6(4) and 7
|
| | | | 620 | | | | | | 431 | | |
Intangible assets
|
| |
6(5)
|
| | | | 100 | | | | | | 108 | | |
Deferred income tax assets
|
| | | | | | | 165 | | | | | | 139 | | |
Guarantee deposits paid
|
| | | | | | | 135 | | | | | | 129 | | |
Total non-current assets
|
| | | | | | | 1,427 | | | | | | 1,197 | | |
Total assets
|
| | | | | | $ | 88,904 | | | | | $ | 93,832 | | |
| | | | | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Liabilities and Equity
|
| |
Notes
|
| |
Amount
|
| |
Amount
|
| ||||||
Current liabilities | | | | | | | | | | | | | | | | |
Current contract liabilities
|
| |
6(14)
|
| | | $ | 9,021 | | | | | $ | 10,418 | | |
Other payables
|
| |
6(7)
|
| | | | 8,706 | | | | | | 8,088 | | |
Other payables – related parties
|
| |
7
|
| | | | 73 | | | | | | 51 | | |
Current tax liabilities
|
| | | | | | | 104 | | | | | | 133 | | |
Current provisions
|
| |
6(8)
|
| | | | 1,058 | | | | | | 1,495 | | |
Current lease liabilities
|
| |
7
|
| | | | 449 | | | | | | 348 | | |
Other current liabilities
|
| | | | | | | 384 | | | | | | 136 | | |
Total current liabilities
|
| | | | | | | 19,795 | | | | | | 20,669 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Non-current financial liabilities at fair value through profit or loss
|
| |
6(6)
|
| | | | 259,230 | | | | | | 230,863 | | |
Non-current lease liabilities
|
| |
7
|
| | | | 189 | | | | | | 77 | | |
Net defined benefit liability, non-current
|
| | | | | | | 104 | | | | | | 97 | | |
Guarantee deposits received
|
| | | | | | | 28 | | | | | | 26 | | |
Total non-current liabilities
|
| | | | | | | 259,551 | | | | | | 231,063 | | |
Total liabilities
|
| | | | | | | 279,346 | | | | | | 251,732 | | |
Equity | | | | | | | | | | | | | | | | |
Capital stock | | | | | | | | | | | | | | | | |
Common stock
|
| |
6(11)
|
| | | | 30,152 | | | | | | 32,815 | | |
Capital surplus
|
| |
6(12)
|
| | | | 2,871 | | | | | | 6,806 | | |
Retained earnings | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| |
6(13)
|
| | | | (224,097) | | | | | | (197,145) | | |
Other equity interest
|
| | | | | | | 632 | | | | | | (376) | | |
Total equity
|
| | | | | | | (190,442) | | | | | | (157,900) | | |
Total liabilities and equity
|
| | | | | | $ | 88,904 | | | | | $ | 93,832 | | |
| | | | | |
Six months ended June 30
|
| |||||||||
| | | | | |
2021
|
| |
2022
|
| ||||||
Items
|
| |
Notes
|
| |
Amount
|
| |
Amount
|
| ||||||
Revenue
|
| |
6(14) and 7
|
| | | $ | 17,288 | | | | | $ | 23,379 | | |
Costs of sales and services
|
| |
6(9)(19)(20)
|
| | | | (2,594) | | | | | | (3,282) | | |
Gross profit
|
| | | | | | | 14,694 | | | | | | 20,097 | | |
Operating expenses
|
| |
6(4)(9)(19)(20) and 7
|
| | | | | | | | | | | | |
Sales and marketing expenses
|
| | | | | | | (10,761) | | | | | | (12,087) | | |
General and administrative expenses
|
| | | | | | | (1,133) | | | | | | (4,700) | | |
Research and development expenses
|
| | | | | | | (4,184) | | | | | | (5,358) | | |
Total operating expenses
|
| | | | | | | (16,078) | | | | | | (22,145) | | |
Operating loss
|
| | | | | | | (1,384) | | | | | | (2,048) | | |
Non-operating income and expenses
|
| | | | | | | | | | | | | | | |
Interest income
|
| |
6(15)
|
| | | | 65 | | | | | | 178 | | |
Other income
|
| |
6(16)
|
| | | | 9 | | | | | | 11 | | |
Other gains and losses
|
| |
6(6)(17)
|
| | | | (1,695) | | | | | | 28,977 | | |
Finance costs
|
| |
6(4)(18) and 7
|
| | | | (3) | | | | | | (5) | | |
Total non-operating income and expenses
|
| | | | | | | (1,624) | | | | | | 29,161 | | |
(Loss) income before income tax
|
| | | | | | | (3,008) | | | | | | 27,113 | | |
Income tax expense
|
| |
6(21)
|
| | | | (137) | | | | | | (161) | | |
Net (loss) income
|
| | | | | | ($ | 3,145) | | | | | $ | 26,952 | | |
Other comprehensive income (loss) | | | | | | | | | | | | | | | | |
Components of other comprehensive loss that will not be reclassified to profit or loss
|
| | | | | | | | | | | | | | | |
Credit risk changes in financial instrument – Preference shares
|
| |
6(6)
|
| | | $ | — | | | | | ($ | 7) | | |
Components of other comprehensive income (loss) that will be reclassified to profit or loss
|
| | | | | | | | | | | | | | | |
Exchange differences arising on translation of foreign operations
|
| | | | | | | 107 | | | | | | (1,001) | | |
Other comprehensive income (loss), net
|
| | | | | | $ | 107 | | | | | ($ | 1,008) | | |
Total comprehensive (loss) income
|
| | | | | | ($ | 3,038) | | | | | $ | 25,944 | | |
Net (loss) income, attributable to: | | | | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | | | | ($ | 3,145) | | | | | $ | 26,952 | | |
Total comprehensive (loss) income attributable to: | | | | | | | | | | | | | | | | |
Shareholders of the parent
|
| | | | | | ($ | 3,038) | | | | | $ | 25,944 | | |
(Loss) earnings per share
|
| |
6(22)
|
| | | | | | | | | | | | |
Basic (loss) earnings per share
|
| | | | | | ($ | 0.011) | | | | | $ | 0.083 | | |
Diluted loss per share
|
| | | | | | ($ | 0.011) | | | | | ($ | 0.003) | | |
| | | | | |
Equity attributable to owners of the parent
|
| | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | |
Capital surplus
|
| | | | | | | |
Other equity interest
|
| | | | | | | ||||||||||||||||||
| | |
Notes
|
| |
Common
stock |
| |
Additional
paid-in capital |
| |
Employee
stock options |
| |
Accumulated
deficit |
| |
Exchange
differences arising on translation of foreign operations |
| |
Credit risks
changes in financial instrument- Preference shares |
| |
Total
|
| |||||||||||||||||||||
Year 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2021
|
| | | | | | $ | 29,840 | | | | | $ | 125 | | | | | $ | 946 | | | | | ($ | 67,221) | | | | | $ | 567 | | | | | $ | — | | | | | ($ | 35,743) | | |
Net loss for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,145) | | | | | | — | | | | | | — | | | | | | (3,145) | | |
Other comprehensive income for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 107 | | | | | | — | | | | | | 107 | | |
Total comprehensive (loss) income
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,145) | | | | | | 107 | | | | | | — | | | | | | (3,038) | | |
Share-based payment transactions
|
| |
6(10)
|
| | | | — | | | | | | — | | | | | | 86 | | | | | | — | | | | | | — | | | | | | — | | | | | | 86 | | |
Balance at June 30, 2021
|
| | | | | | $ | 29,840 | | | | | $ | 125 | | | | | $ | 1,032 | | | | | ($ | 70,366) | | | | | $ | 674 | | | | | $ | — | | | | | ($ | 38,695) | | |
Year 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2022
|
| | | | | | $ | 30,152 | | | | | $ | 308 | | | | | $ | 2,563 | | | | | ($ | 224,097) | | | | | $ | 690 | | | | | ($ | 58) | | | | | ($ | 190,442) | | |
Net income for the period
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,952 | | | | | | — | | | | | | — | | | | | | 26,952 | | |
Other comprehensive loss for the period
|
| |
6(6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,001) | | | | | | (7) | | | | | | (1,008) | | |
Total comprehensive income (loss)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,952 | | | | | | (1,001) | | | | | | (7) | | | | | | 25,944 | | |
Share-based payment transactions
|
| |
6(10)
|
| | | | — | | | | | | — | | | | | | 1,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,006 | | |
Employee stock options exercised
|
| |
6(10)
|
| | | | 2,663 | | | | | | 5,447 | | | | | | (2,518) | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,592 | | |
Balance at June 30, 2022
|
| | | | | | $ | 32,815 | | | | | $ | 5,755 | | | | | $ | 1,051 | | | | | ($ | 197,145) | | | | | ($ | 311) | | | | | ($ | 65) | | | | | ($ | 157,900) | | |
| | | | | |
Six months ended June 30
|
| |||||||||
| | |
Notes
|
| |
2021
|
| |
2022
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | |
(Loss) profit before tax
|
| | | | | | ($ | 3,008) | | | | | $ | 27,113 | | |
Adjustments
|
| | | | | | | | | | | | | | | |
Adjustments to reconcile (loss) profit
|
| | | | | | | | | | | | | | | |
Depreciation expense
|
| |
6(3)(4)(19)
|
| | | | 285 | | | | | | 357 | | |
Amortisation expense
|
| |
6(5)(19)
|
| | | | 24 | | | | | | 31 | | |
Interest income
|
| |
6(15)
|
| | | | (65) | | | | | | (178) | | |
Interest expense
|
| |
6(4)(18)
|
| | | | 3 | | | | | | 5 | | |
Net loss (gain) on financial liabilities at fair value through profit or loss
|
| |
6(6)(17)
|
| | | | 1,129 | | | | | | (28,374) | | |
Employees’ stock option cost
|
| |
6(10)(20)
|
| | | | 86 | | | | | | 1,006 | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | | | | |
Changes in operating assets
|
| | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | | | | 1,505 | | | | | | (1,283) | | |
Contract assets
|
| | | | | | | — | | | | | | (2,038) | | |
Other receivables
|
| | | | | | | 7 | | | | | | (3) | | |
Other receivables – related parties
|
| | | | | | | 15 | | | | | | (2) | | |
Inventories
|
| | | | | | | — | | | | | | 36 | | |
Other current assets
|
| | | | | | | (56) | | | | | | 145 | | |
Changes in operating liabilities
|
| | | | | | | | | | | | | | | |
Current contract liabilities
|
| | | | | | | 3,272 | | | | | | 1,973 | | |
Other payables
|
| | | | | | | (509) | | | | | | (137) | | |
Other payables – related parties
|
| | | | | | | 37 | | | | | | (15) | | |
Other current liabilities
|
| | | | | | | (16) | | | | | | (215) | | |
Current provisions
|
| | | | | | | 387 | | | | | | 529 | | |
Net defined benefit liability, non-current
|
| | | | | | | — | | | | | | 1 | | |
Cash inflow (outflow) generated from operations
|
| | | | | | | 3,096 | | | | | | (1,049) | | |
Interest received
|
| | | | | | | 62 | | | | | | 159 | | |
Interest paid
|
| | | | | | | (3) | | | | | | (5) | | |
Income tax paid
|
| | | | | | | (361) | | | | | | (111) | | |
Net cash flows from (used in) operating activities
|
| | | | | | | 2,794 | | | | | | (1,006) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | |
Acquisition of property, plant and equipment
|
| |
6(3)
|
| | | | (67) | | | | | | (137) | | |
Acquisition of intangible assets
|
| |
6(5)
|
| | | | — | | | | | | (46) | | |
Increase in guarantee deposits paid
|
| | | | | | | (19) | | | | | | — | | |
Net cash flows used in investing activities
|
| | | | | | | (86) | | | | | | (183) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | |
Repayment of principal portion of lease liabilities
|
| |
6(4)(23)
|
| | | | (218) | | | | | | (255) | | |
Employee stock options exercised
|
| |
6(10)
|
| | | | — | | | | | | 5,592 | | |
Net cash flows (used in) from financing activities
|
| | | | | | | (218) | | | | | | 5,337 | | |
Effects of exchange rates changes on cash and cash equivalents
|
| | | | | | | 226 | | | | | | (1,828) | | |
Net increase in cash and cash equivalents
|
| | | | | | | 2,716 | | | | | | 2,320 | | |
Cash and cash equivalents at beginning of period
|
| | | | | | | 79,018 | | | | | | 80,453 | | |
Cash and cash equivalents at end of period
|
| | | | | | $ | 81,734 | | | | | $ | 82,773 | | |
New Standards, Interpretations and Amendments
|
| |
Effective date by IASB
|
|
Amendments to IFRS 3, ‘Reference to the conceptual framework’ | | |
January 1, 2022
|
|
Amendments to IAS 16, ‘Property, plant and equipment: proceeds before intended use’
|
| |
January 1, 2022
|
|
Amendments to IAS 37, ‘Onerous contracts – cost of fulfilling a contract’ | | |
January 1, 2022
|
|
Annual improvements to IFRS Standards 2018 – 2020 | | |
January 1, 2022
|
|
New Standards, Interpretations and Amendments
|
| |
Effective date by IASB
|
|
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ | | |
To be determined by
IASB |
|
Amendments to IAS 1, ‘Classification of liabilities as current or non-current’ | | |
January 1, 2023
|
|
Amendments to IAS 1, ‘Disclosure of accounting policies’ | | |
January 1, 2023
|
|
Amendments to IAS 8, ‘Definition of accounting estimates’ | | |
January 1, 2023
|
|
Amendments to IAS 12, ‘Deferred tax related to assets and liabilities arising from a single transaction’ | | |
January 1, 2023
|
|
| | | | | | | | |
Ownership (%)
|
| |||
Name of investor
|
| |
Name of subsidiary
|
| |
Main business activities
|
| |
December 31,
2021 |
| |
June 30,
2022 |
|
The Company | | |
Perfect Mobile Corp.
(Taiwan) |
| |
Design, development,
marketing and sales of mobile applications |
| |
100%
|
| |
100%
|
|
The Company | | |
Perfect Corp. (USA)
|
| |
Marketing and sales of
mobile applications |
| |
100%
|
| |
100%
|
|
The Company | | |
Perfect Corp. (Japan)
|
| |
Marketing and sales of
mobile applications |
| |
100%
|
| |
100%
|
|
The Company | | |
Perfect Corp. (Shanghai)
|
| |
Marketing and sales of
mobile applications |
| |
100%
|
| |
100%
|
|
The Company | | |
Perfect Mobile Corp.(B.V.I.)
|
| |
Investment activities
|
| |
100%
|
| |
100%
|
|
The Company | | |
Beauty Corp.
|
| |
For business combination
purpose via SPAC transaction |
| |
100%
|
| |
100%
|
|
The Company | | |
Fashion Corp.
|
| |
For business combination
purpose via SPAC transaction |
| |
100%
|
| |
100%
|
|
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Petty cash
|
| | | $ | 1 | | | | | $ | 1 | | |
Checking accounts
|
| | | | 1,882 | | | | | | 688 | | |
Demand deposits
|
| | | | 38,591 | | | | | | 29,075 | | |
Time deposits
|
| | | | 39,800 | | | | | | 52,800 | | |
Others
|
| | | | 179 | | | | | | 209 | | |
| | | | $ | 80,453 | | | | | $ | 82,773 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Accounts receivable
|
| | | $ | 6,568 | | | | | $ | 7,607 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Not past due
|
| | | $ | 5,773 | | | | | $ | 5,291 | | |
Up to 30 days
|
| | | | 508 | | | | | | 240 | | |
31 to 90 days
|
| | | | 121 | | | | | | 1,448 | | |
91 to 180 days
|
| | | | 138 | | | | | | 569 | | |
Over 181 days
|
| | | | 28 | | | | | | 59 | | |
| | | | $ | 6,568 | | | | | $ | 7,607 | | |
| | |
Leasehold
Improvements |
| |
Machinery
|
| |
Office
Equipment |
| |
Total
|
| ||||||||||||
At December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 516 | | | | | $ | 552 | | | | | $ | 48 | | | | | $ | 1,116 | | |
Accumulated depreciation
|
| | | | (393) | | | | | | (296) | | | | | | (20) | | | | | | (709) | | |
| | | | $ | 123 | | | | | $ | 256 | | | | | $ | 28 | | | | | $ | 407 | | |
At January 1, 2022
|
| | | $ | 123 | | | | | $ | 256 | | | | | $ | 28 | | | | | $ | 407 | | |
Additions
|
| | | | 37 | | | | | | 100 | | | | | | — | | | | | | 137 | | |
Depreciation expense
|
| | | | (61) | | | | | | (61) | | | | | | (5) | | | | | | (127) | | |
Net exchange differences
|
| | | | (7) | | | | | | (19) | | | | | | (1) | | | | | | (27) | | |
Closing net book amount
|
| | | $ | 92 | | | | | $ | 276 | | | | | $ | 22 | | | | | $ | 390 | | |
| | |
Leasehold
Improvements |
| |
Machinery
|
| |
Office
Equipment |
| |
Total
|
| ||||||||||||
At June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 517 | | | | | $ | 610 | | | | | $ | 46 | | | | | $ | 1,173 | | |
Accumulated depreciation
|
| | | | (425) | | | | | | (334) | | | | | | (24) | | | | | | (783) | | |
| | | | $ | 92 | | | | | $ | 276 | | | | | $ | 22 | | | | | $ | 390 | | |
|
| | |
December 31, 2021
|
| |
Year ended
December 31, 2021 |
| |
June 30, 2022
|
| |
Six months ended
June 30, 2022 |
| ||||||||||||
| | |
Carrying amount
|
| |
Depreciation charge
|
| |
Carrying amount
|
| |
Depreciation charge
|
| ||||||||||||
Buildings
|
| | | $ | 521 | | | | | $ | 339 | | | | | $ | 304 | | | | | $ | 187 | | |
Business vehicles
|
| | | | 99 | | | | | | 50 | | | | | | 127 | | | | | | 43 | | |
| | | | $ | 620 | | | | | $ | 389 | | | | | $ | 431 | | | | | $ | 230 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Items affecting profit or loss | | | | | | | | | | | | | |
Interest expense on lease liabilities
|
| | | $ | 3 | | | | | $ | 5 | | |
Expense on short-term lease contracts
|
| | | | 185 | | | | | | 198 | | |
| | | | $ | 188 | | | | | $ | 203 | | |
| | |
Software
|
| |
Other intangible
assets |
| |
Total
|
| |||||||||
At December 31, 2021 | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 78 | | | | | $ | 82 | | | | | $ | 160 | | |
Accumulated amortisation
|
| | | | (33) | | | | | | (27) | | | | | | (60) | | |
| | | | $ | 45 | | | | | $ | 55 | | | | | $ | 100 | | |
At January 1, 2022
|
| | | $ | 45 | | | | | $ | 55 | | | | | $ | 100 | | |
Additions
|
| | | | 46 | | | | | | — | | | | | | 46 | | |
Amortisation charge
|
| | | | (18) | | | | | | (13) | | | | | | (31) | | |
Net exchange differences
|
| | | | (4) | | | | | | (3) | | | | | | (7) | | |
Closing net book amount
|
| | | $ | 69 | | | | | $ | 39 | | | | | $ | 108 | | |
At June 30, 2022
|
| | | | | | | | | | | | | | | | | | |
Cost
|
| | | $ | 117 | | | | | $ | 77 | | | | | $ | 194 | | |
Accumulated amortisation
|
| | | | (48) | | | | | | (38) | | | | | | (86) | | |
| | | | $ | 69 | | | | | $ | 39 | | | | | $ | 108 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Research and development expenses
|
| | | $ | 24 | | | | | $ | 31 | | |
Items
|
| |
December 31,
2021 |
| |
June 30,
2022 |
| ||||||
Non-current items: | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss
|
| | | ||||||||||
Preference share liabilities
|
| | | $ | 105,469 | | | | | $ | 105,469 | | |
Add: Valuation adjustment
|
| | | | 153,761 | | | | | | 125,394 | | |
| | | | $ | 259,230 | | | | | $ | 230,863 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Net (losses) gains recognised in profit or loss | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss Preference share liabilities
|
| | | ($ | 1,129) | | | | | $ | 28,374 | | |
Net losses recognised in other comprehensive income | | | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss Preference share liabilities
|
| | | $ | — | | | | | ($ | 7) | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Employee bonus
|
| | | $ | 3,766 | | | | | $ | 4,027 | | |
Payroll
|
| | | | 1,934 | | | | | | 1,431 | | |
Professional service fees
|
| | | | 1,358 | | | | | | 1,238 | | |
Promotional fees
|
| | | | 851 | | | | | | 628 | | |
Sales VAT payables
|
| | | | 225 | | | | | | 193 | | |
Post and telecommunications expenses
|
| | | | 178 | | | | | | 190 | | |
Others
|
| | | | 394 | | | | | | 381 | | |
| | | | $ | 8,706 | | | | | $ | 8,088 | | |
| | |
Warranty
|
| |||
At December 31, 2021
|
| | | $ | 1,058 | | |
Additional provisions
|
| | | | 529 | | |
Net exchange differences
|
| | | | (92) | | |
At June 30, 2022
|
| | | $ | 1,495 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Current
|
| | | $ | 1,058 | | | | | $ | 1,495 | | |
Type of arrangement
|
| |
Grant date
|
| |
Quantity
granted (units in thousands) |
| |
Contract period
|
| |
Vesting conditions
|
|
Employee stock option
|
| | 2022.1.21 | | |
12,103
|
| | Five years | | |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Type of arrangement
|
| |
Grant date
|
| |
Quantity
granted (units in thousands) |
| |
Contract period
|
| |
Vesting conditions
|
|
Employee stock option
|
| | 2018.7.31 | | |
11,575
|
| |
Four years and one month
|
| |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Employee stock option
|
| | 2019.1.15 | | |
1,112
|
| |
Four years and one month
|
| |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Employee stock option
|
| | 2019.5.1 | | |
8,970
|
| | Five years | | |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Employee stock option
|
| | 2021.4.19 | | |
1,197
|
| |
Four years and one month
|
| |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Employee stock option
|
| | 2021.5.1 | | |
5,021
|
| | Five years | | |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
Employee stock option
|
| | 2021.11.18 | | |
2,170
|
| | Five years | | |
2 years’ service: exercise 50%;
3 years’ service: exercise 75%;
4 years’ service: exercise 100%
|
|
| | |
2021
|
| |
2022
|
| ||||||||||||||||||
| | |
No. of
options (units in thousands) |
| |
Weighted-
average exercise price (in dollars) |
| |
No. of
options (units in thousands) |
| |
Weighted-
average exercise price (in dollars) |
| ||||||||||||
Options outstanding at January 1
|
| | | | 23,046 | | | | | $ | 0.18 | | | | | | 26,629 | | | | | $ | 0.21 | | |
Options granted
|
| | | | 4,981 | | | | | | 0.30 | | | | | | 12,103 | | | | | | 0.70 | | |
Options forfeited
|
| | | | (383) | | | | | | 0.22 | | | | | | (241) | | | | | | 0.70 | | |
Options exercised
|
| | | | — | | | | | | — | | | | | | (26,629) | | | | | | 0.21 | | |
Options outstanding at June 30
|
| | | | 27,644 | | | | | | 0.20 | | | | | | 11,862 | | | | | | 0.70 | | |
Options exercisable at June 30
|
| | | | 12,657 | | | | | | | | | | | | — | | | | | | | | |
Type of arrangement
|
| |
Grant date
|
| |
Stock
price (in dollars) |
| |
Exercise
price (in dollars) |
| |
Expected
price volatility |
| |
Expected
option life |
| |
Expected
dividends |
| |
Risk-free
interest rate |
| |
Fair value
per unit (in dollars) |
| |||||||||||||||||||||
Employee stock options
|
| | 2018.7.31 | | | | $ | 0.1386 | | | | | $ | 0.1000 | | | | | | 40.34% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 2.79% | | | | | $ | 0.0620 | | |
Employee stock options
|
| | 2019.1.15 | | | | | 0.1777 | | | | | | 0.1000 | | | | | | 39.29% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 2.52% | | | | | | 0.0947 | | |
Employee stock options
|
| | 2019.5.1 | | | | | 0.1777 | | | | | | 0.3000 | | | | | | 39.31% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 2.29% | | | | | | 0.0295 | | |
Employee stock options
|
| | 2021.4.19 | | | | | 0.1691 | | | | | | 0.1000 | | | | | | 39.64% | | | | | | 3.42 | | | | | | 0.00% | | | | | | 0.45% | | | | | | 0.0828 | | |
Employee stock options
|
| | 2021.5.1 | | | | | 0.1689 | | | | | | 0.3000 | | | | | | 39.16% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 0.58% | | | | | | 0.0228 | | |
Employee stock options
|
| | 2021.11.18 | | | | | 0.8931 | | | | | | 0.3000 | | | | | | 53.27% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 1.05% | | | | | | 0.6397 | | |
Employee stock options
|
| | 2022.1.21 | | | | | 0.9547 | | | | | | 0.7000 | | | | | | 53.75% | | | | | | 3.88 | | | | | | 0.00% | | | | | | 1.46% | | | | | | 0.4893 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
Equity settled
|
| | | $ | 86 | | | | | $ | 1,006 | | |
| | |
2022
|
| |||
At January 1
|
| | | | 301,521 | | |
Employee stock options exercised
|
| | | | 26,629 | | |
At June 30
|
| | | | 328,150 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
Revenue from contracts with customers
|
| | | $ | 17,288 | | | | | $ | 23,379 | | |
Six months ended June 30, 2021
|
| |
United
States |
| |
Japan
|
| |
France
|
| |
Others
|
| |
Total
|
| |||||||||||||||
Revenue from external customer contracts
|
| | | $ | 7,948 | | | | | $ | 2,221 | | | | | $ | 1,464 | | | | | $ | 5,655 | | | | | $ | 17,288 | | |
Timing of revenue recognition
At a point in time |
| | | $ | 1,265 | | | | | $ | 417 | | | | | $ | 359 | | | | | $ | 1,130 | | | | | $ | 3,171 | | |
Over time
|
| | | | 6,683 | | | | | | 1,804 | | | | | | 1,105 | | | | | | 4,525 | | | | | | 14,117 | | |
| | | | $ | 7,948 | | | | | $ | 2,221 | | | | | $ | 1,464 | | | | | $ | 5,655 | | | | | $ | 17,288 | | |
Six months ended June 30, 2022
|
| |
United
States |
| |
Japan
|
| |
France
|
| |
Others
|
| |
Total
|
| |||||||||||||||
Revenue from external customer contracts
|
| | | $ | 11,214 | | | | | $ | 2,659 | | | | | $ | 1,918 | | | | | $ | 7,588 | | | | | $ | 23,379 | | |
Timing of revenue recognition
At a point in time |
| | | $ | 1,593 | | | | | $ | 762 | | | | | $ | 569 | | | | | $ | 1,290 | | | | | $ | 4,214 | | |
Over time
|
| | | | 9,621 | | | | | | 1,897 | | | | | | 1,349 | | | | | | 6,298 | | | | | | 19,165 | | |
| | | | $ | 11,214 | | | | | $ | 2,659 | | | | | $ | 1,918 | | | | | $ | 7,588 | | | | | $ | 23,379 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Licensing
|
| | | $ | 3,155 | | | | | $ | 4,119 | | |
AR/AI cloud solutions and Subscription
|
| | | | 12,892 | | | | | | 18,184 | | |
Advertisement
|
| | | | 1,225 | | | | | | 981 | | |
Others (Note 1)
|
| | | | 16 | | | | | | 95 | | |
Total
|
| | | $ | 17,288 | | | | | $ | 23,379 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Contract assets: | | | | ||||||||||
Unbilled receivables
|
| | | $ | — | | | | | $ | 1,964 | | |
Contract liabilities: | | | | ||||||||||
Advance sales receipts
|
| | | $ | 9,021 | | | | | $ | 10,418 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Revenue recognised that was included in the contract liability balance at
the beginning of the period |
| | | ||||||||||
Advance sales receipts
|
| | | $ | 3,819 | | | | | $ | 7,104 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Interest income from bank deposits
|
| | | $ | 65 | | | | | $ | 178 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Other income
|
| | | $ | 9 | | | | | $ | 11 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Foreign exchange (losses) gains
|
| | | ($ | 566) | | | | | $ | 603 | | |
(Losses) gains on financial liabilities at fair value through profit or
loss |
| | | | (1,129) | | | | | | 28,374 | | |
| | | | ($ | 1,695) | | | | | $ | 28,977 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Interest expense – lease liabilities
|
| | | $ | 3 | | | | | $ | 5 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Cost of goods sold
|
| | | $ | 2 | | | | | $ | 32 | | |
Employee benefit expenses
|
| | | | 10,151 | | | | | | 13,949 | | |
Professional service fees
|
| | | | 752 | | | | | | 3,689 | | |
Promotional fees
|
| | | | 4,276 | | | | | | 3,359 | | |
Service providing expenses
|
| | | | 1,827 | | | | | | 2,347 | | |
Warranty cost
|
| | | | 387 | | | | | | 529 | | |
Depreciation of right-of-use assets
|
| | | | 183 | | | | | | 230 | | |
Depreciation of property, plant and equipment
|
| | | | 102 | | | | | | 127 | | |
Amortisation of intangible assets
|
| | | | 24 | | | | | | 31 | | |
Others
|
| | | | 968 | | | | | | 1,134 | | |
Total operating costs and operating expenses
|
| | | $ | 18,672 | | | | | $ | 25,427 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Wages and salaries
|
| | | $ | 9,002 | | | | | $ | 11,341 | | |
Employee stock options
|
| | | | 86 | | | | | | 1,006 | | |
Employee insurance fees
|
| | | | 616 | | | | | | 709 | | |
Pension costs
|
| | | | 307 | | | | | | 351 | | |
Other personnel expenses
|
| | | | 140 | | | | | | 542 | | |
| | | | $ | 10,151 | | | | | $ | 13,949 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Current tax: | | | | | | | | | | | | | |
Current tax expense recognised for the current period
|
| | | $ | 69 | | | | | $ | 161 | | |
Total current tax
|
| | | | 69 | | | | | | 161 | | |
Deferred income tax: | | | | | | | | | | | | | |
Taxable losses
|
| | | | 68 | | | | | | — | | |
Total deferred income tax
|
| | | | 68 | | | | | | — | | |
Income tax expense
|
| | | $ | 137 | | | | | $ | 161 | | |
| | |
Six months ended June 30, 2021
|
| |||||||||||||||
| | |
Amount after
tax |
| |
Weighted average
number of ordinary shares outstanding (share in thousands) |
| |
Loss per
share (in dollars) |
| |||||||||
Basic loss per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the parent
|
| | | ($ | 3,145) | | | | | | 298,397 | | | | | ($ | 0.011) | | |
Dilutive loss per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares
|
| | | ($ | 3,145) | | | | | | 298,397 | | | | | ($ | 0.011) | | |
| | |
Six months ended June 30, 2022
|
| |||||||||||||||
| | |
Amount after
tax |
| |
Weighted average
number of ordinary shares outstanding (share in thousands) |
| |
Earnings
(loss) per share (in dollars) |
| |||||||||
Basic earnings per share | | | | | | | | | | | | | | | | | | | |
Profit attributable to ordinary shareholders of the parent
|
| | | $ | 26,952 | | | | | | 324,747 | | | | | $ | 0.083 | | |
Dilutive loss per share | | | | | | | | | | | | | | | | | | | |
Loss attributable to ordinary shareholders of the parent
|
| | | | |||||||||||||||
Assumed conversion of all dilutive potential ordinary shares
|
| | | | |||||||||||||||
Convertible preferred shares
|
| | | | (28,374) | | | | | | 242,331 | | | | | | (0.12) | | |
Loss attributable to ordinary shareholders of the Group plus assumed conversion of all dilutive potential ordinary shares
|
| | | ($ | 1,422) | | | | | | 567,078 | | | | | ($ | 0.003) | | |
| | |
Financial liabilities
at fair value through profit or loss |
| |
Lease liabilities
(including current portion) |
| |
Liabilities from
financing activities-gross |
| |||||||||
December 31, 2021
|
| | | $ | 259,230 | | | | | $ | 638 | | | | | $ | 259,868 | | |
Changes in cash flow from financing activities
|
| | | | — | | | | | | (255) | | | | | | (255) | | |
Net exchange differences
|
| | | | — | | | | | | (37) | | | | | | (37) | | |
Changes in fair value through profit or loss
|
| | | | (28,374) | | | | | | — | | | | | | (28,374) | | |
Change in fair value through other comprehensive income
|
| | | | 7 | | | | | | — | | | | | | 7 | | |
Changes in other non-cash items – additions
|
| | | | — | | | | | | 79 | | | | | | 79 | | |
June 30, 2022
|
| | | $ | 230,863 | | | | | $ | 425 | | | | | $ | 231,288 | | |
Names of related parties
|
| |
Relationship with the Group
|
|
CyberLink Corp. (CyberLink) | | | Other related party (Significant influence over the reporting entity) | |
CyberLink Inc. (CyberLink-Japan) | | | Other related party (Subsidiary of CyberLink) | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Service revenue: | | | | | | | | | | | | | |
CyberLink
|
| | | $ | 16 | | | | | $ | 14 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
CyberLink
|
| | | $ | — | | | | | $ | 2 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
CyberLink
|
| | | $ | 44 | | | | | $ | 26 | | |
CyberLink-Japan
|
| | | | 29 | | | | | | 25 | | |
| | | | $ | 73 | | | | | $ | 51 | | |
| | |
Description
|
| |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
CyberLink
|
| |
Management service fee
|
| | | $ | 66 | | | | | $ | 47 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
CyberLink-Japan
|
| | | $ | 47 | | | | | $ | 48 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
CyberLink
|
| | | $ | 429 | | | | | $ | — | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Total lease liabilities
|
| | | $ | 429 | | | | | $ | 275 | | |
Less: Current portion (shown as ‘current lease liabilities’)
|
| | | | (268) | | | | | | (235) | | |
| | | | $ | 161 | | | | | $ | 40 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
CyberLink
|
| | | $ | 1 | | | | | $ | 3 | | |
| | |
Six months
ended June 30, 2021 |
| |
Six months
ended June 30, 2022 |
| ||||||
Salaries and other short-term employee benefits
|
| | | $ | 944 | | | | | $ | 1,111 | | |
Share-based payment
|
| | | | 19 | | | | | | 155 | | |
Post-employment benefits
|
| | | | 6 | | | | | | 6 | | |
| | | | $ | 969 | | | | | $ | 1,272 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Total liabilities
|
| | | $ | 279,346 | | | | | $ | 251,732 | | |
Total equity
|
| | | ($ | 190,442) | | | | | ($ | 157,900) | | |
Gearing ratio
|
| | | | (1.47) | | | | | | (1.59) | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Financial assets | | | | | | | | | | | | | |
Financial assets at amortised cost
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 80,453 | | | | | $ | 82,773 | | |
Accounts receivable
|
| | | | 6,568 | | | | | | 7,607 | | |
Other receivables (including
|
| | | | | | | | | | | | |
related parties)
|
| | | | 6 | | | | | | 30 | | |
Guarantee deposits paid
|
| | | | 135 | | | | | | 129 | | |
| | | | $ | 87,162 | | | | | $ | 90,539 | | |
| | |
December 31, 2021
|
| |
June 30, 2022
|
| ||||||
Financial liabilities | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss
|
| | | | | | | | | | | | |
Financial liabilities designated as at fair value through profit or loss
|
| | | $ | 259,230 | | | | | $ | 230,863 | | |
Financial liabilities at amortised cost
|
| | | | | | | | | | | | |
Other payables (including related parties)
|
| | | $ | 8,779 | | | | | $ | 8,139 | | |
Guarantee deposits received
|
| | | | 28 | | | | | | 26 | | |
| | | | $ | 8,807 | | | | | $ | 8,165 | | |
Lease liabilities
|
| | | $ | 638 | | | | | $ | 425 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sensitivity analysis
|
| |||||||||
| | |
Foreign
currency amount (in thousands) |
| |
Exchange
rate |
| |
Functional
currency |
| |
Book value
(USD) |
| |
Degree of
variation |
| |
Effect on
profit or loss |
| ||||||||||||||||||
Financial assets | | | | | | | | ||||||||||||||||||||||||||||||
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:NTD
|
| | | $ | 13,774 | | | | | | 27.68 | | | | | $ | 381,264 | | | | | $ | 13,774 | | | | | | 1% | | | | | $ | 138 | | |
EUR:NTD
|
| | | | 1,888 | | | | | | 31.32 | | | | | | 59,132 | | | | | | 2,136 | | | | | | 1% | | | | | | 21 | | |
JPY:NTD
|
| | | | 279,248 | | | | | | 0.24 | | | | | | 67,020 | | | | | | 2,421 | | | | | | 1% | | | | | | 24 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:RMB
|
| | | | 79 | | | | | | 6.37 | | | | | | 503 | | | | | | 79 | | | | | | 1% | | | | | | 1 | | |
USD:JPY
|
| | | | 248 | | | | | | 115.09 | | | | | | 28,542 | | | | | | 248 | | | | | | 1% | | | | | | 2 | | |
| | |
June 30, 2022
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sensitivity analysis
|
| |||||||||
| | |
Foreign
currency amount (in thousands) |
| |
Exchange
rate |
| |
Functional
currency |
| |
Book value
(USD) |
| |
Degree of
variation |
| |
Effect on
profit or loss |
| ||||||||||||||||||
Financial assets | | | | | | | | ||||||||||||||||||||||||||||||
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:NTD
|
| | | $ | 16,215 | | | | | | 29.72 | | | | | $ | 481,910 | | | | | $ | 16,215 | | | | | | 1% | | | | | $ | 162 | | |
EUR:NTD
|
| | | | 2,138 | | | | | | 31.05 | | | | | | 66,385 | | | | | | 2,234 | | | | | | 1% | | | | | | 22 | | |
JPY:NTD
|
| | | | 366,283 | | | | | | 0.22 | | | | | | 80,582 | | | | | | 2,711 | | | | | | 1% | | | | | | 27 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Monetary items
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USD:RMB
|
| | | | 70 | | | | | | 6.70 | | | | | | 469 | | | | | | 70 | | | | | | 1% | | | | | | 1 | | |
USD:JPY
|
| | | | 185 | | | | | | 136.21 | | | | | | 25,199 | | | | | | 185 | | | | | | 1% | | | | | | 2 | | |
December 31, 2021
|
| |
Less than
1 year |
| |
Between 2
and 5 years |
| |
Over
5 years |
| |||||||||
Financial liabilities at fair value through profit or loss
|
| | | $ | — | | | | | $ | 259,230 | | | | | $ | — | | |
Other payables (including related parties)
|
| | | | 8,779 | | | | | | — | | | | | | — | | |
Lease liabilities (Note)
|
| | | | 456 | | | | | | 190 | | | | | | — | | |
Guarantee deposits received
|
| | | | — | | | | | | 28 | | | | | | — | | |
June 30, 2022
|
| |
Less than
1 year |
| |
Between 2
and 5 years |
| |
Over
5 years |
| ||||||
Financial liabilities at fair value through profit or loss
|
| | | $ | — | | | | | $ | 230,863 | | | |
$—
|
|
Other payables (including related parties)
|
| | | | 8,139 | | | | | | — | | | |
—
|
|
Lease liabilities (Note)
|
| | | | 352 | | | | | | 77 | | | |
—
|
|
Guarantee deposits received
|
| | | | — | | | | | | 26 | | | |
—
|
|
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Recurring fair value measurements | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Compound instrument:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | — | | | | | $ | — | | | | | $ | 259,230 | | | | | $ | 259,230 | | |
June 30, 2022
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Recurring fair value measurements | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liabilities at fair value through profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | |
Compound instrument:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | — | | | | | $ | — | | | | | $ | 230,863 | | | | | $ | 230,863 | | |
| | |
Compound instrument:
Convertible preference shares |
| |||
At December 31, 2021
|
| | | $ | 259,230 | | |
Gains and losses recognised in profit or loss | | | | | | | |
Recorded as non-operating income and expenses
|
| | | | (28,374) | | |
Gains and losses recognised in other comprehensive income | | | | | | | |
Recorded as credit risk changes in financial instrument through other comprehensive income
|
| | | | 7 | | |
At June 30, 2022
|
| | | $ | 230,863 | | |
| | |
Fair value at
December 31, 2021 |
| |
Valuation
technique |
| |
Significant
unobservable input |
| |
Relationship
of inputs to fair value |
| |||
Compound instrument: | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | 259,230 | | | |
Market
approach |
| |
Discount for
lack of marketability |
| |
The higher the
discount for lack of marketability, the lower the fair value |
|
| | | | | | | | |
Income
approach |
| |
Weighted
average cost of capital |
| |
The higher the
weighted average cost of capital, the lower the fair value |
|
| | | | | | | | |
Income
approach |
| | Exit multiple | | |
The higher the
exit multiple, the higher the fair value |
|
| | |
Fair value at
June 30, 2022 |
| |
Valuation
technique |
| |
Significant
unobservable input |
| |
Relationship
of inputs to fair value |
| |||
Compound instrument: | | | | | | | | | | | | | | | | |
Convertible preference shares
|
| | | $ | 230,863 | | | |
Market
approach |
| |
Discount for
lack of marketability |
| |
The higher the
discount for lack of marketability, the lower the fair value |
|
| | | | | | | | |
Market
approach |
| |
Market
multiple |
| |
The higher the
market multiple, the lower the fair value |
|
| | |
Fair value at
June 30, 2022 |
| |
Valuation
technique |
| |
Significant
unobservable input |
| |
Relationship
of inputs to fair value |
|
| | | | | |
Income
approach |
| |
Weighted
average cost of capital |
| | The higher the weighted average cost of capital, the lower the fair value | |
| | | | | |
Income
approach |
| | Exit multiple | | | The higher the exit multiple, the higher the fair value | |
| | | | | | | | | | | |
December 31, 2021
|
| |||||||||
| | | | | | | | | | | |
Recognised in profit or loss
|
| |||||||||
| | |
Input
|
| |
Change
|
| |
Favourable
change |
| |
Unfavourable
change |
| |||||||||
Financial liabilities Convertible preference shares
|
| | Discount for lack of marketability | | | | | ±1% | | | | | $ | 2,738 | | | | | ($ | 2,763) | | |
| | | Weighted average cost of capital | | | | | ±1% | | | | | $ | 4,556 | | | | | ($ | 4,386) | | |
| | | Exit multiple | | | | | ±1% | | | | | $ | 1,212 | | | | | ($ | 1,212) | | |
| | | | | | | | | | | |
June 30, 2022
|
| |||||||||
| | | | | | | | | | | |
Recognised in profit or loss
|
| |||||||||
| | |
Input
|
| |
Change
|
| |
Favourable
change |
| |
Unfavourable
change |
| |||||||||
Financial liabilities
Convertible preference shares |
| | Discount for lack of marketability | | | | | ±10% | | | | | $ | 24,362 | | | | | ($ | 24,403) | | |
| | | Market multiple | | | | | ±20% | | | | | $ | 11,324 | | | | | ($ | 11,341) | | |
| | | Weighted average cost of capital | | | | | ±2% | | | | | $ | 8,198 | | | | | ($ | 7,592) | | |
| | | Exit multiple | | | | | ±10% | | | | | $ | 12,221 | | | | | ($ | 12,238) | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
| | |
Revenue
|
| |
Revenue
|
| ||||||
United States
|
| | | | 7,948 | | | | | | 11,214 | | |
Japan
|
| | | | 2,221 | | | | | | 2,659 | | |
France
|
| | | | 1,464 | | | | | | 1,918 | | |
Others
|
| | | | 5,655 | | | | | | 7,588 | | |
| | | | $ | 17,288 | | | | | $ | 23,379 | | |
| | |
Six months ended
June 30, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
| | |
Revenue
|
| |
Revenue
|
| ||||||
Client A
|
| | | $ | 1,858 | | | | | $ | 1,503 | | |