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"f1545": {
"value": "1.General information
\nHuuuge Inc. (hereinafter the \u201cCompany\u201d, the \u201cParent Company\u201d) is a company registered in the United States of America. The
\nCompany\u2019s registered o\ufb03ce is located in Dover, Delaware, 850 Burton Road, Suite 201, DE 19904 and the operating o\ufb03ce is
\nlocated in Las Vegas, Nevada, 2300 W. Sahara Ave., Suite 800, NV 89102.
\nThe Company was established with a notary deed on February 11, 2015.
\nAs of December 31, 2022 and December 31, 2021 the Huuuge Inc. Group (the Company and its subsidiaries collectively referred
\nto as the \u201cGroup\u201d) comprised the Parent Company and its subsidiaries, as listed below.
\nName of entity
Registered seat
Activities
\nParent Company's share in capital
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nHuuuge Games Sp. z o.o.
Szczecin, Poland
\ngames development and
\noperations
\n100%
100%
\nHuuuge Global Ltd
Limassol, Cyprus
\ngames distribution, user
\nacquisition
\n100%
100%
\nHuuuge Publishing Ltd
\n(formerly Fun Monkey Ltd)
\nLimassol, Cyprus
games distribution
100%
100%
\nHuuuge Block Ltd (formerly
\nCoffee Break Games Ltd)
\nLimassol, Cyprus
games distribution
100%
100%
\nBillionaire Games Limited
Limassol, Cyprus
games distribution
100%
-
\nHuuuge Digital Ltd
Tel Aviv, Israel
games development, R&D
100%
100%
\nPlayable Platform B.V.
\nAmsterdam,
\nNetherlands
\ngames advertisement
100%
100%
\nDouble Star Oy
Helsinki, Finland
games development
100%
100%
\nHuuuge UK Ltd
\nLondon, United
\nKingdom
\ncorporate development
100%
100%
\nHuuuge Mobile Games Ltd
Dublin, Ireland
\ngames distribution, user
\nacquisition, in liquidation
\n100%
100%
\nCoffee Break Games United
\nLtd
\nDublin, Ireland
\ngames distribution, user
\nacquisition, in liquidation
\n100%
100%
\nMDOK GmbH (formerly
\nHuuuge Pop GmbH)
\nBerlin, Germany
\ngames development, in
\nliquidation
\n100%
100%
\nHuuuge Labs GmbH
Berlin, Germany
\ngames development, R&D, in
\nliquidation
\n100%
100%
\nHuuuge Tap Tap Games Ltd
Hong Kong
\ngames development, user
\nacquisition
\n-
100%
\nOn April 8, 2022, Coffee Break Ltd., a subsidiary wholly owned by Huuuge Global Ltd changed its name to Huuuge Block Ltd.
\nOn April 29, 2022, Huuuge Tap Tap Games Ltd was successfully deregistered and dissolved.
\nOn May 4, 2022, a new subsidiary wholly owned by Huuuge Global Ltd was registered under the name Billionaire Games Limited.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n9
The core business activities of the Group include:
\n \u25cf
development of mobile games in the free-to-play model,
\n\u25cf
distribution and user acquisition of own mobile games.
\nThe Group\u2019s business activities are not subject to signi\ufb01cant seasonal or cyclical trends.
\nComposition of the Company\u2019s Board of Directors as of December 31, 2022 and as of the date of signing of these consolidated
\n\ufb01nancial statements
\nDirectors have annual terms of duty and serve until the successors are duly elected. The preference shareholders have the right
\nto appoint certain directors.
\nAs of December 31, 2021, the Company\u2019s Board of Directors consisted of the Chief Executive O\ufb03cer, who was also an executive
\ndirector,
and
non-executive
directors.
The
Chief Executive O\ufb03cer and executive director was Mr. Anton Gau\ufb03n, and
\nnon-executive directors were:
\n\u25cf
Henric Suuronen, director,
\n\u25cf
Krzysztof Kaczmarczyk, director,
\n\u25cf
John Salter, director,
\n\u25cf
Rod Cousens, director.
\nOn April 7, 2022 Mr. Rod Cousens was appointed as a co-CEO, and Mr. Tom Jacobsson was elected as a non-executive director.
\nAfter these changes, as of December 31, 2022, the composition of the Company\u2019s Board of Directors was the following:
\n\u25cf
Anton Gau\ufb03n, executive director, President, and co-CEO,
\n\u25cf
Rod Cousens, executive director, co-CEO,
\n\u25cf
Henric Suuronen, non-executive director,
\n\u25cf
Krzysztof Kaczmarczyk, non-executive director,
\n\u25cf
John Salter, non-executive director,
\n\u25cf
Tom Jacobsson, non-executive director.
\nEffective on March 7, 2023, Mr. Rod Cousens, co-CEO, and the Company reached a mutual agreement to end Mr. Cousens\u2019s
\nexecutive service with the Company. Mr. Cousens will remain a member of the Issuer\u2019s Board of Directors. As a result, Mr. Anton
\nGau\ufb03n will be the sole Chief Executive O\ufb03cer of the Company. After these changes, as of the date of signing of these
\nconsolidated \ufb01nancial statements the composition of the Company\u2019s Board of Directors is the following:
\n\u25cf
Anton Gau\ufb03n, executive director, President, and CEO,
\n\u25cf
Rod Cousens, non-executive director,
\n\u25cf
Henric Suuronen, non-executive director,
\n\u25cf
Krzysztof Kaczmarczyk, non-executive director,
\n\u25cf
John Salter, non-executive director,
\n\u25cf
Tom Jacobsson, non-executive director.
\n 2.
Basis for preparation of the consolidated \ufb01nancial statements
\n (a)
Statement of compliance
\nThese consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards
\nas adopted by the European Union (\u201cIFRS\u201d) and were approved on March 24, 2023 by the Board of Directors.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n10
(b) Historical cost convention
\nThese consolidated \ufb01nancial statements are prepared on the historical cost basis, except for the series C preference shares
\nwhich were measured at fair value with the gains/losses recognized in pro\ufb01t or loss until their redemption in February 2021, and
\nderivatives, which were measured at fair value with the gains/losses recognized in pro\ufb01t or loss prior to its execution during the
\nyear 2021.
\n(c) Functional and presentation currency
\nThe functional currencies of the Parent Company and its subsidiaries are presented below:
\nName of entity
Functional currency
\nHuuuge Inc.
US dollar (\u201cUSD\u201d)
\nHuuuge Games Sp. z o.o.
Polish zloty (\u201cPLN\u201d)
\nHuuuge Global Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Publishing Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Block Ltd
US dollar (\u201cUSD\u201d)
\nBillionaire Games Limited
US dollar (\u201cUSD\u201d)
\nHuuuge Digital Ltd
Israeli shekel (\u201cILS\u201d)
\nHuuuge Labs GmbH
Euro (\u201cEUR\u201d)
\nHuuuge Mobile Games Ltd
Euro (\u201cEUR\u201d)
\nCoffee Break Games United Ltd
Euro (\u201cEUR\u201d)
\nPlayable Platform B.V.
Euro (\u201cEUR\u201d)
\nDouble Star Oy
Euro (\u201cEUR\u201d)
\nMDOK GmbH
\nEuro (\u201cEUR\u201d)
\nHuuuge UK Ltd
Pound sterling (\u201cGBP\u201d)
\nThe presentation currency of the consolidated \ufb01nancial statements is USD.
\n(d) Key judgements and estimates
\nThe preparation of consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements,
\nestimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
\nincome and expenses. Actual results may differ from those estimated. Estimates and underlying assumptions are reviewed on
\nan ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any
\nfuture periods affected.
\nIn preparing these consolidated \ufb01nancial statements, the signi\ufb01cant judgements and estimates made by management in
\napplying the Group\u2019s accounting policies have been consistently applied by the Group and are consistent across the reported
\nperiods.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n11
Model of revenue recognition
\nEstimate of the progress towards complete satisfaction of the performance obligation
\nManagement evaluates what is the most adequate model of accounting for revenue from micro-payments from customers. In
\ngaming applications, in-app purchases concern mostly immediate purchase of virtual coins (consumable goods), which can be
\nused by the players in the future. Purchase of the virtual coins by the player represents a prepayment for the gaming service.
\nThe coins do not have expiry date and the players decide when to use them in the game. In principle, providing access to game
\nfunctionalities in exchange for the redeemed coins is a performance obligation that the Group ful\ufb01ls over time. The output
\nmethod is used to measure the progress of satisfaction by the Group of its performance obligation. At the moment when the
\nplayer purchases the virtual coins, the Group recognizes the contract liability. The amounts recognized as contract liability are
\ntransferred to revenue in line with the pattern of usage of the coins in the game by the customers. Analysis of consumption of
\ncoins is not tracked on an individual player basis but is estimated using cumulative method to determine the average days of
\nusage. According to management\u2019s assessment, supported by historical data analysis, coins are generally used within 2 days
\nafter purchase (consistently over the years 2022 and 2021).
\nThe Group recognizes a contract liability for any consideration received that is attributable to player\u2019s unused coins (i.e. player\u2019s
\nunexercised rights), taking into account estimated breakage rate (i.e., percentage of coins not expected to be redeemed) at the
\nend of the reporting period. In management\u2019s estimate all coins will be used, therefore the breakage rate is zero. The amount of
\nthe contract liability is presented in Note 19
Trade, other payables and deferred income
as deferred income and amounted to USD
\n2,680 thousand as at December 31, 2022 and USD 3,126 thousand as at December 31, 2021.
\nDue to the fact that the timing of the use of the coins is at the discretion of the customer the contract does not contain a
\n\ufb01nancing component.
\nAccordingly, the Group defers the related portion of the platform fees paid or payable to distributors costs to ful\ufb01l the contract
\nand recognizes \u201cContract cost\u201d asset. For further information on the accounting for the fees paid/payable to the distributors see
\nbelow \u201cAgent vs principal considerations in selling the virtual coins and providing access to the games\u201d.
\nAgent vs principal considerations in selling the virtual coins and providing access to the games
\nVest majority of in-app purchases are sold through Application Marketplaces (\u201cPlatform Providers\u201d) such as Apple App Store,
\nGoogle Play, Facebook and Amazon App Store. Management determines that players are the Group\u2019s customers, and the Group
\nacts as a principal in its relation to the players. The conclusion that the Group acts as a principal selling virtual coins is
\nconsistent with general industry practices and is supported mainly by the following factors:
\n\u25cf
The Group has the ultimate responsibility for providing the game to a customer.
\n\u25cf
The players sign off the Group\u2019s terms & conditions statement.
\n\u25cf
All updates and modi\ufb01cations with respect to the game are also prepared by the Group.
\n\u25cf
The Group set prices for virtual coins charged to the end-user. The Group has a right to change these prices at any
\ntime at its discretion.
\n\u25cf
The Group, being a game developer, takes the risk of recovering the expenditures it has incurred developing the game.
\nThe distributors do not pay to the Group any upfront fee independently of the actual sales of the games thus do not
\ntake any risk similar to inventory risk.
\n\u25cf
The Platforms provide IT infrastructure (hosting service), distribution channels and marketing activities as well as
\ncollecting and disbursing cash on behalf of Huuuge. None of the distributors have an exclusive right to operate a
\ngame as the game is available in multiple channels. The distributors do not provide a signi\ufb01cant service of integrating
\nthe license with other products (features)
and do not create the combined output as the installation is a very simple
\nprocess and it is performed by the end-user (player).
\nBeing a principal, the Group presents in-app revenue on a gross basis.
\nPlatform Providers charge usually 30% fees on the prices paid by the users only when the virtual items are purchased. If there
\nare no purchases of the virtual items, the distributors are not entitled to any commissions. The fees cover all services performed
\nby the Platform Providers, such as granting access to the sales platform, ensuring the relevant IT environment (an ongoing
\nservice provided by the Platform Provider) and collecting sales proceeds from the users.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n12
Those fees are treated as the costs to ful\ufb01ll the contract and are recognized as an asset. Contract cost asset is presented in
\n\u201cTrade and other receivables\u201d line item in the statement of \ufb01nancial position. Those costs are charged to pro\ufb01t/loss over time
\nmatching the pattern of revenue recognition and the charge is presented in the consolidated statement of comprehensive
\nincome in the \u201cCost of sales\u201d line. Further accounting policy applied by the Group when recognizing revenue are described in
\nNote 4
Signi\ufb01cant accounting policies
, point (c)
Revenue
.
\nAgent vs principal considerations in publishing contracts
\nThe Group distributes in-house games as well as the games developed by other companies. In most cases, the Group is the
\nowner of the application and is fully responsible for future upgrades and future developments of this game application.
\nNevertheless, in some cases, the Group publishes mobile game applications of third-party developers based on the publishing
\ncontracts. The publishing contracts provide the Group with an exclusive right for distribution, marketing and operation of the
\ngames developed by external developers and to bene\ufb01t from selling the virtual coins to the end-users. The Group has the
\nultimate responsibility for providing the game to a customer, including undertaking marketing activities and it is entitled to set
\nprices for virtual coins charged to the end-user as well as to authorize upgrades and modi\ufb01cations of games. These arguments
\nsupport the Management conclusion that in the publishing arrangements, the control over the games developed by the
\nthird-party developers has been transferred over the Group. Therefore, in such a situation, the Group, being the customer of the
\ndevelopers, acts as a principal in its relation to the players and presents in-app revenue on a gross basis, i.e. in the amount of
\nconsideration to which it expects to be entitled in exchange for making the games available for end-users.
\nFurther, based on the publishing contracts signed, when selling the mobile game applications of third-party developers, the
\nGroup is obliged to pay the fees to the external developers mostly determined as variable payments dependent on the level of
\nturnover and cumulative gains generated from selling the game. Although the publishing contracts provide the Group with an
\nexclusive right to use the games, the usage of these games is contingent on the future services which need to be provided by
\nthe external developers and which are the subject of the Group\u2019s authorization and consent. In accordance with the publishing
\ncontracts, the external developers are obliged to perform the on-going development of the game and improvements to increase
\nits functionalities as well as the maintenance services. As a result, the contracts with external developers are partially executory
\narrangement as the future developments do not exist at the contract inception and no liability to the contractor arises until the
\ncontractor performs work under the contract, i.e. the services speci\ufb01ed in the contracts with external developers are performed.
\nHowever, the fees agreed by the Group and developers in these arrangements are set usually in relation to the whole bunch of
\nthe promises included in a contract, i.e. there is no relevant split of the consideration between the purchase price paid for the
\nright to use a game and the future additional services (development operations and maintenance services). The Group is not
\nable to reliably distinguish the expenditures incurred in relation to the right to the game (i.e. the license) from the payment for
\nthe development operations and maintenance services, therefore, the expenditures incurred by the Group in relation to the
\npublishing arrangements are charged to the pro\ufb01t and loss as incurred with no liability recognized at the date of signing the
\ncontract. Accordingly, developers\u2019 fees related to publishing contracts are presented in the Consolidated Statement of
\nComprehensive income in the line \u201cResearch and development expenses\u201d.
\nThe conclusion that the Group acts as a principal is consistent with the general industry practice.
\nMoney market mutual funds
\nAs part of its liquidity management, the Group makes overnight deposits of its daily cash surpluses in money market mutual
\nfunds. The money market fund is an open-ended mutual fund that invests in short-term debt instruments (typically one day to
\none year) such as treasury bills, certi\ufb01cates of deposit, bonds, government gilts and commercial paper with high ratings (mainly
\nA3 based on Moody\u2019s rating). The main goals are the preservation of principal, high liquidity and a modest incremental return
\nover short-term interest rates or a benchmark rate.
\nKey judgement in applying accounting policies refers to the classi\ufb01cation of investments in money market mutual funds as
\n\u201cCash and cash equivalents\u201d and not as \u201cOther \ufb01nancial assets\u201d. The units of the funds held by the Group are short-term, highly
\nliquid, readily convertible to known amounts of cash and are subject to an insigni\ufb01cant risk of future changes in value, thus they
\nmeet the critical criteria indicated in IAS 7 Statement of Cash Flows and have been considered in substance as cash
\nequivalents.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n13
Investments in money market funds have a determinable market value and they are puttable, with a short notice period. The
\nGroup can dispose the investments in funds at its discretion any time (same-day access), funds are not closed for a selected
\ngroup of participants. They are convertible into a cash and the cash amount to be received on redemption is known at the time
\nof the investment because at the time of the initial investment, the risk of changes in value is insigni\ufb01cant. The volatility of
\nchanges in fair value, in particular the credit and liquidity risk, is limited taking into account the level of diversi\ufb01cation of the
\nportfolio and its weighted average life of the underlying assets of the funds. The exposure to benchmark interest rate risk is also
\nassessed to be low because of short period of time until the next repricing of the assets held by the fund to current benchmark
\ninterest rates. These facts support the view that the investment is liquid.
\nIn addition, the Group considered the assets held by the fund to establish whether substantially all of its investments qualify
\nindividually as cash and cash equivalents. The consideration referred to all potential investments allowed by the investment
\nrules set for the fund, and not only the assets that the fund holds as of the evaluation date. It was assessed that in general the
\ninvestments\u2019 maturity is less than three months and thus, investments qualify individually as cash and cash equivalents.
\nDue to the above, in the management\u2019s opinion, the Group\u2019s investments in money market funds have the attributes to be
\nconsidered a cash equivalent. This analysis is performed at each reporting period. For details on the funds and their credit
\nratings please refer to Note 12
Financial risk management
, point (b)
Credit risk
. For carrying amounts as at December 31, 2022
\nand December 31, 2021 please refer to Note 14
Cash and cash equivalents
.
\nImpairment of intangible assets
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand to the amount of USD 6,330 thousand being its value in use. The game will remain live and
\navailable in the app stores and will continue to generate revenue. However, there are no plans to incur any further material user
\nacquisition and development expenses on the title as of December 31, 2022. The actual performance of the title, revised
\napproach to the marketing strategy and the decision regarding the sunset of Tra\ufb03c Puzzle studio triggered the test for
\nimpairment of the game\u2019s value, which resulted in recognition of the impairment loss. Some of the studio's employees will form
\na new pod focused on building new game titles.
\nThe income approach was used to derive value by estimating reasonable future cash \ufb02ows to the entity and/or equity holders
\nand discounting them to present value using a risk-adjusted discount rate or capitalization rate consistent with the riskiness of
\nthe forecasts. In assessing value in use, the estimated future cash \ufb02ows were discounted to their present value at a rate of
\nreturn that incorporates the risk associated with the particular asset. The discount rate used equals 13% re\ufb02ecting the
\nCompany\u2019s weighted average cost of capital which provides an expected rate of return based on the Company\u2019s capital
\nstructure, the required yield on the Company\u2019s equity, and the required yield on the interest-bearing debt. For the purposes of the
\nanalysis discounted cash \ufb02ows method was utilized based on the weighted probability of the three forecast scenarios: a base,
\nan upside, and a downside case.
\nEstimation uncertainty
\nThe assumptions made about the future and the major sources of estimation uncertainty refer to the following areas:
\nDeferred tax assets and liabilities, in particular the realizability of deferred tax assets
\nIn order to determine deferred tax assets and deferred tax liabilities the management needs to make estimates and judgments,
\nespecially in the valuation of deferred tax assets and liabilities. Signi\ufb01cant management estimate is required to determine the
\namount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts,
\ntogether with future tax planning strategies. The process includes evaluation of the tax results of every Group entity, under
\nconsideration of local tax laws and regulations, assessment of the actual tax exposure and of temporary differences as well as
\nassessment of the likelihood that deferred tax assets can be utilized in future periods through generation of taxable pro\ufb01ts.
\nThe recognition of a deferred tax asset is based on the assumption that it will be recoverable against future taxable income. The
\ndeterioration of tax results in the future could cause that this assumption could not be justi\ufb01ed. When accounting for
\ntransactions the Group takes into account uncertainties as to whether its treatment will be accepted by the tax authorities.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n14
Estimates used for the recognition of deferred tax assets are updated annually with factors such as expected tax rates and
\nexpected future tax results of the Group.
\nDeferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of
\ninvestments in subsidiaries as the Parent is able to control the timing of the reversal of the temporary differences and in the
\nmanagement\u2019s assessment it is probable that the differences will not reverse in the foreseeable future.
\nFor more details on deferred tax assets and liabilities please refer to Note 4
Signi\ufb01cant accounting policies
, point (d)
Income tax
\nand to Note 10
Income tax
.
\nProvisions and contingent liabilities
\nDetermination of provisions and contingent liabilities is based on management\u2019s assessment of the probability of the out\ufb02ow of
\nresources embodying economic bene\ufb01ts, according to guidelines included in IAS 37
Provisions, Contingent Liabilities and
\nContingent Assets.
Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation
\nat the end of the reporting period and are discounted to present value where the effect is material.
\nPreference shares
\nIn September 2017, the Company issued series C preference shares to several investors. The series C preference shares were
\nconverted into ordinary shares on February 5, 2021. For further detail please refer to Note 17
Conversion of series C preference
\nshares
and Note 5
Determination of fair values
, point (a)
Preference shares liability measured at fair value through pro\ufb01t or loss
.
\nPrior to conversion, the management concluded that the series C preference shares met the de\ufb01nition of a \ufb01nancial liability
\nbecause they were effectively convertible into a variable number of ordinary shares upon occurrence of an uncertain future
\nevents, such as share split, combination or issuance of shares which are genuine and outside of the Company's control (IAS 32
\nparagraph 16(b) and 25). Accordingly, the series C preference shares were classi\ufb01ed as a \ufb01nancial liability and measured initially
\nand subsequently at fair value through pro\ufb01t or loss. As of December 31, 2022 and as of December 31, 2021, after the
\nconversion, there was no such liability, however the \ufb01nance expenses for the year 2021 include the valuation of preference
\nshares series C prior to conversion into common shares. For further details please refer to Note 9
Finance income and \ufb01nance
\nexpense.
\nExecution of stabilization option
\nIn relation to the initial public offering, on February 5, 2021 the Company and IPOPEMA Securities S.A. (\u201cStabilization Manager\u201d)
\nsigned Stabilization Agreement. The purpose of the Stabilization Agreement was to stabilize the price of the Huuuge Inc. shares
\nat a level higher than the level which would otherwise have prevailed. For the purpose of accounting for the stabilisation
\ntransaction, the Company treated the entire stabilisation agreement as a \ufb01nancing transaction, i.e. repurchase of own shares
\nfrom the market in the scope of IAS 32 and IFRS 9. The remuneration of the Stabilization Manager was treated as a share-based
\npayment in accordance with IFRS 2 because the amount of the remuneration was based on the value of the shares. For more
\ndetails, please refer to Note 15
Share capital
.
\n (e)
Changes in the presentation of amortization of acquired titles
\nDuring the year ended December 31, 2022, the Company management analyzed the presentation of the operating expenses and
\ndecided on a change in the presentation of the amortization of acquired titles (games). In 2021, the amortization of the acquired
\ngame was allocated to the \u201cGeneral and administrative expenses\u201d in the statement of comprehensive income.
Starting from
\nJanuary 1, 2022, management decided to present the amortization of the acquired game that amounted to USD 3,890 thousand
\nin the line \u201cCost of sales\u201d (please, refer to the Note 7
Operating expenses
).
\nSuch a presentation is relevant to an understanding of the Group's operating expenses structure. In the management\u2019s view, the
\namended presentation enhances the presentation of the statement of the comprehensive income, and as a result the \ufb01nancial
\nstatements are more comparable to the industry. The change was implemented retrospectively, i.e. the comparative \ufb01gures
\nconform to the new presentation: in a result of this change, the amount transferred from the \u201cGeneral and administrative
\nexpenses\u201d to the line \u201cCost of Sales\u201d was USD 2,594 thousand for the year ended December 31, 2021. This change did not have
\nan impact on total operating expenses for the year ended December 31, 2021.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n15
3.
Adoption of new and revised Standards
\nThe IFRS include all International Accounting Standards, International Financial Reporting Standards and Interpretations as
\napproved by the European Union. As at the date of approving these consolidated \ufb01nancial statements for issue, considering the
\npending process of introducing IFRSs in the EU and the operations conducted by the Group, the IFRS applicable to these
\nconsolidated \ufb01nancial statements might differ from IFRS adopted by International Accounting Standards Board.
\nIn preparing these consolidated \ufb01nancial statements the Group did not early adopt any new Standards which have already been
\npublished and adopted by the European Union and which should be applied for periods beginning on or after January 1, 2023.
\nNew International Financial Reporting Standards and Interpretations published but not yet effective:
\n\u25cf
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture
\n(issued on September 11, 2014): the endorsement process of these Amendments has been postponed by the EU \u2013 the
\neffective date was deferred inde\ufb01nitely by the International Accounting Standards Board;
\n\u25cf
IFRS 17 Insurance Contracts (issued on May 18, 2017) including Amendments to IFRS 17 (issued on June 25, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 1: Presentation of Financial Statements: Classi\ufb01cation of Liabilities as Current or Non-current \u2013
\nDeferral of Effective Date and Non-current Liabilities with Covenants (issued on January 23, 2020 and July 15, 2020 and 31
\nOctober 2022, respectively): not yet endorsed by the EU at the date of approval of these consolidated \ufb01nancial statements
\nfor issue \u2013 effective for \ufb01nancial years beginning on or after January 1, 2024;
\n\u25cf
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022): not yet endorsed
\nby the EU at the date of approval of these consolidated \ufb01nancial statements for issue \u2013 effective for \ufb01nancial years
\nbeginning on or after January 1, 2024;
\n\u25cf
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on February 12, 2021):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 8: De\ufb01nition of Accounting Estimates (issued on February 12, 2021): effective for \ufb01nancial years
\nbeginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on May 7,
\n2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\n\u25cf
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (issued
\non 9 December 2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\nThese standards and amendments are not expected to have a material impact on the Group in the current or future reporting
\nperiods and on foreseeable future transactions.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n16
New International Financial Reporting Standards and Interpretations effective for the \ufb01rst time for \ufb01nancial year 2022
\nDuring the year 2022, the following IFRS and amendments to IFRS or interpretations entered into force:
\n\u25cf
Amendments to IFRS 3: Reference to the Conceptual Framework (issued on May 14, 2020): effective for \ufb01nancial years
\nbeginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use (issued on May 14, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 37: Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (issued on May 14, 2020): effective for \ufb01nancial
\nyears beginning on or after January 1, 2022;
\n\u25cf
Annual Improvements to IFRS Standards 2018\u20132020 (issued on May 14, 2020): effective for \ufb01nancial years beginning on
\nor after January 1, 2022.
\nThe amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to
\nsigni\ufb01cantly affect the current or future periods.
\n 4.
Signi\ufb01cant accounting policies
\nThe accounting policies applied by the Group in these consolidated \ufb01nancial statements have been consistently applied by the
\nGroup and are consistent across the reported periods, unless indicated otherwise (see Note 3
Adoption of new and revised
\nStandards
).
\n(a) Basis for consolidation
\n (i)
Subsidiaries
\nSubsidiaries are entities controlled by the Parent Company because the Group (i) has power to direct the relevant activities of
\nthe investees that signi\ufb01cantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the
\ninvestees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. Financial
\nstatements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences (date of
\nacquisition or establishment) until the date that control ceases. The accounting policies of subsidiaries have been changed
\nwhen necessary to align them with the policies adopted by the Group.
\n (ii)
Business combinations
\nThe acquisition method of accounting is used to account for all business combinations. In order to assess whether the acquired
\nset of assets comprises a business, the Company analyzes the requirements of IFRS 3
Business Combinations
, including
\nAmendments to IFRS 3 De\ufb01nition of a Business
.
\nIf the transaction is concluded to be an acquisition of the assets which is not a business, the total consideration will be
\nallocated to acquired assets based on their relative fair values; no goodwill is recognized in such case. The transaction costs
\nwill be added to the cost of the assets acquired.
\nIf the transaction is concluded to be a business combination, all identi\ufb01able assets acquired and the liabilities assumed are
\nrecognized at the fair value; deferred tax is recognized on the temporary difference between the fair value and the tax value; the
\ndifference between the total consideration transferred is recognized as goodwill.
\nThe consideration transferred for the acquisition of a subsidiary comprises the: fair values of the assets transferred, liabilities
\nincurred to the former owners of the acquired business, equity interests issued by the group, fair value of any asset or liability
\nresulting from a contingent consideration arrangement.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
\nexceptions, measured initially at their fair values at the acquisition date.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n17
The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value
\nor at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets.
\nAcquisition-related costs are expensed as incurred.
\nThe excess of
\n\u25cf
consideration transferred,
\n\u25cf
amount of any non-controlling interest in the acquired entity,
\n\u25cf
acquisition-date fair value of any previous equity interest in the acquired entity
\nover the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. If those amounts are less than the fair value of
\nthe net identi\ufb01able assets of the business acquired, the difference is recognized directly in pro\ufb01t or loss as a bargain purchase.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
\npresent value as at the date of exchange.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability, depending on \ufb01nancial instruments in which it is
\npayable. Amounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to fair value with changes in fair value
\nrecognized in pro\ufb01t or loss.
\n(iii)
Transactions eliminated on consolidation
\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are
\neliminated in preparing these consolidated \ufb01nancial statements. Unrealized losses are eliminated unless the transaction
\nprovides evidence of an impairment of the transferred asset.
\n(iv)
Foreign operations
\nThe results and \ufb01nancial position of foreign operations (none of which has the currency of a hyperin\ufb02ationary economy) that
\nhave a functional currency different from the presentation currency are translated into the presentation currency as follows:
\n\u25cf
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance
\nsheet,
\n\u25cf
income and expenses for each statement of comprehensive income are translated at exchange rates at the dates of
\nthe transactions (or at average exchange rates if they are reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates), and
\n\u25cf
all resulting exchange differences are recognized in other comprehensive income.
\n (b)
Foreign currency transactions \u2013 transactions and balances
\nTransactions in foreign currencies are translated to functional currency of the respective entity (USD is the functional currency
\nof the Parent entity and the presentation currency of the Group) at exchange rates effective on the days of the transactions.
\nMonetary assets and liabilities denominated in foreign currencies are translated into functional currency at the applicable
\nclosing exchange rates as of the balance sheet date. The foreign exchange rate differences arising on translation of
\ntransactions denominated in foreign currencies are recognized in the pro\ufb01t or loss in the statement of comprehensive income.
\nNon-monetary assets and liabilities that are measured at historical cost in foreign currency are translated using the exchange
\nrate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated at the exchange rates at the date the fair value was determined. Translation differences on assets and
\nliabilities carried at fair value are reported as part of the fair value gain or loss.
\n (c)
Revenue
\nThe Group is a game developer who operates free-to-play multi-player games. The main source of revenue recognized by the
\nGroup is in-app purchases in gaming applications made by the players who wish to buy additional packages of virtual coins that
\ncan be further used in the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n18
The Group operates in the most popular business model in this industry where the Group initially provides the hosted underlying
\nlicense arrangement to all mobile players for free (the player initially obtains a predetermined quantity of the virtual coins for
\nfree and may play for free until such coins are redeemed) and generates its revenue from subsequent selling a large volume of
\nvirtual items (i.e. coins) to the players. By entering into the free of charge play, the player does not have any commitment to
\npurchase any virtual coins thus free of charge use of the game does not result in recognition of revenue.
\nAfter agreeing with the terms and conditions of the hosted underlying license arrangement with the Group, players can
\ndownload the game application to their mobile devices and enjoy playing the game for free in the non-charged and the
\nstand-alone environment (without purchasing the virtual items) until all free of charge virtual coins held by the player are
\nredeemed through the play. Players can purchase the non-refundable virtual coins for a \ufb01xed fee (included in an application) in
\nthe game environment to continue playing with a game. Coins are not returnable. The virtual coins do not allow the players to
\nobtain access to additional functions or enhanced environments. They are consumable items which might be immediately
\nconsumed by a player or can be multiplied throughout the game when the player is winning. The virtual items do not have an
\nexpiry date.
\nIn most cases, the Group is the owner of the application and is fully responsible for future upgrades and future developments of
\nthis game application. In some cases, the Group publishes mobile game applications of third-party developers and in such a
\nsituation the Group also acts as a principal in its relation to the players (as described below).
\nThe Group makes the mobile game application available on players\u2019 mobile devices such as smart phones, iPhones, iPad, etc.
\nmostly by using the recognized distribution channels provided by the distributors, as well as direct channels (webshop) which
\nfor the year ended December 31, 2022 did not constitute a signi\ufb01cant portion of in-app purchases. The distributors act as the
\nintermediary parties which provides IT infrastructure/ distribution channels and marketing activities as well as collecting and
\ndisbursing cash from the players on behalf of the Group.
\nIn addition, the Group generates revenue on in-app advertising which are generated by broadcasting advertisements during
\ngameplay.
\nThe Group recognizes revenues from contracts with clients as described below.
\nRevenue from in-app purchases in gaming applications
\nVast majority of in-app purchases are sold through Application Marketplaces (\u201cPlatform Providers\u201d) such as Apple App Store,
\nGoogle Play, Facebook and Amazon App Store, as well as directly through webshop for VIP players.
\nPlayers are determined to be the Group\u2019s customers, and the Group acts as a principal in its relation to the players (further
\ninformation on the judgement in this respect is presented in Note 2
Basis for preparation of the consolidated
\ufb01nancial
\nstatements
,
point (d)
Key judgements and estimates \u2013 Model of revenue recognition
.
\nThe Group presents in-app revenue on a gross basis. Platform Providers charge usually 30% commission on the prices paid by
\nthe users. The commission covers all services performed by the \u201cPlatform Providers\u201d such as granting access to the sales
\nplatform, ensuring the relevant IT environment (an ongoing service provided by the Platform Provider) and collecting sales
\nproceeds from the users. These costs meet the de\ufb01nition of the costs to ful\ufb01l the contract and are recognized as an asset.
\nContract cost assets are presented in the \u201cTrade and other receivables\u201d line item in the statement of \ufb01nancial position and are
\namortized on a systematic basis consistent with the expected pattern of transfer of the related goods or services under the
\ncontract (as described below). The relevant charge is presented in the consolidated statement of comprehensive income in the
\n\u201cCost of sales\u201d line.
\nThe game application can be used only with the virtual coins, which are either obtained by the players free of charge (at the
\ninitial downloads of application and at regular periodical grants of free coins) or subsequently purchased. The coins do not have
\nany alternative use other than the use in the Huuuge\u2019s games and also cannot be exchanged for cash.
\nDue to the fact that the player cannot bene\ufb01t from gaming application on its own but only with the virtual coins (either obtained
\nfree of charge or purchased) therefore there is only one performance obligation being providing the players with a right to play
\nthe game. As long as the player uses only free of charge coins, the contract under IFRS 15 does not exist.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n19
The customer in the in-app purchases downloads the application for free and purchases virtual coins. Management concluded
\nthat the purchased virtual coins represent a prepayment for the use of the games thus the hosted underlying license to use an
\napplication is the only performance obligation.
\nThe Group provides the players with a right to use virtual coins in the gaming environment. The consideration obtained from the
\nplayer for the sales of the virtual coins represents a prepayment for the use of the gaming service. Through selling the virtual
\nitems, the Group provides access to the game functionalities in exchange for virtual coins consumed by the players. In gaming
\napplication published by the Group in-app purchases concern mostly virtual coins, which players of Group\u2019s games can use to
\nplay slot games and other casino-like games, as well as casual games. The Group\u2019s management concluded that the Group
\nmeets requirements of IFRS 15.35(a) for over time recognition that players simultaneously receive and consume the bene\ufb01ts of
\nthe service being access to gaming environments and a possibility to play, as the entity makes them available.
\nAccording to management\u2019s assessment, based on data gathered, the virtual coins acquired by the customers are consumed in
\nmost instances in several hours from the purchase moment. Revenues from in-app purchases in gaming applications are
\nrecognized as revenue over the period of expected consumption. The Group recognizes a contract liability for any consideration
\nreceived that is attributable to the player\u2019s estimated unused coins (i.e. player\u2019s unexercised rights), taking into account
\nestimated rate of breakage. Such contract liability is presented as \u201cDeferred income\u201d in the statement of \ufb01nancial position.
\nFurther information regarding the estimate of the revenue recognized from the contract liability is provided in Note 2
Basis for
\npreparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates
\u2013
model of revenue recognition
.
\nRevenue is recognized at the amount that re\ufb02ects the price expected by the Group in exchange for the transfer of the services,
\nwhich is available in the gaming application and depends on the amount of coins being purchased.
\nGiven the fact that the Group grants players the option to acquire additional virtual items at a price that would re\ufb02ect the
\nstand-alone selling price for those items, the option does not provide a material right to players. For this reason, the Group
\naccounts for future purchases of virtual items only when players exercise the option to purchase virtual items (the contract
\nliability is recognized at the date of the purchase which is subsequently accounted for as explained above). When the virtual
\nitems are granted for players for free (e.g. for promoting purposes), the Group does not recognize neither revenues, nor costs.
\nRevenue from the advertising activities
\nRevenues from advertising are generated by broadcasting advertisements during gameplay. The Group\u2019s management identi\ufb01ed
\none performance obligation which is displaying advertisements in gaming applications. Revenue is recognized over time, in the
\nperiod in which the advertisements are broadcast. The transaction price is variable and is based on the sales of products by
\nadvertisers. The Group recognizes the variable consideration in the month in which the sales transaction which triggers the
\npayment of the fee to the Group has occurred. The consideration is determined based on revenue reports from the ad network
\nindicating the number of products sold and the amount of the consideration due to the Group.
\nFor both revenue streams, i.e. revenue from in-app purchases in gaming applications and revenue from the advertising activities,
\nmanagement assesses that the Group does not have any contracts where the period between the transfer of the promised
\ngoods or services to the customer and payment by the customer exceeds one year. In a result, the Group does not adjust any of
\nthe transaction prices for the time value of money. A receivable is recognized when the consideration is unconditional because
\nonly the passage of time is required before the payment is due. Revenue is collected not directly from end-users but via
\ndistribution platforms that charge their commission for the service. The payment terms with major distribution platforms are
\ndescribed in Note 13
Trade and other receivables
.
\n (d)
Income tax
\nIncome tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in pro\ufb01t or loss except to
\nthe extent that it relates to a business combination, or items are recognized directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
\nsubstantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n20
Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their
\ncarrying amounts in the consolidated \ufb01nancial statements. Deferred tax is not recognized for temporary differences arising on
\nthe initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither
\naccounting nor taxable pro\ufb01t or loss. Deferred tax liabilities and assets are not recognized for temporary differences between
\nthe carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal
\nof the temporary differences and it is probable that the differences will not reverse in the foreseeable future. In addition, deferred
\ntax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at
\nthe tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been
\nenacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
\nenforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or
\ntheir tax assets and liabilities will be realized simultaneously.
\nA deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilized.
\nDeferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax
\nbene\ufb01t will be realized.
\nPayments received from distributors for sale of virtual items are subject to the withholding taxes paid by the distributors to the
\ntax authorities on behalf of the Group entities as a recipient. As a result, the Group receives the consideration net of taxes
\ndeducted at source. The Group\u2019s management determined that this withholding tax is an income tax in nature, and it is
\nrecognized, measured and disclosed under the requirements of IAS 12 due to the fact that the gross amount of income received
\nis included in the calculation of taxable pro\ufb01t in the entity\u2019s tax computation.
\nThus, the revenue is recognized at the amount that includes withholding taxes paid to the tax authorities on behalf of the Group,
\ni.e. gross including the amount of the withholding tax. The withholding tax paid is credited against income tax due in the
\nparticular jurisdiction in accordance with local regulations.
\n (e)
Property, plant and equipment
\n(i)
Recognition and measurement
\nItems of property, plant and equipment, except for land, are measured in the consolidated statement of \ufb01nancial position at cost,
\nincreased by subsequently incurred costs, when it is expected that future economic bene\ufb01ts associated with the item will \ufb02ow
\nto the Group and the cost of the item can be measured reliable, less accumulated depreciation and any accumulated
\nimpairment losses. Land is measured at cost less any accumulated impairment losses.
\nCost includes expenditure that is directly attributable to the acquisition of the asset.
\n (ii)
Depreciation
\nDepreciation of property, plant and equipment is calculated over the depreciable amount, which is the cost of an asset, less its
\nresidual value, commences when an asset is available for its intended use. All items of property, plant and equipment, other
\nthan land and property under construction, are depreciated on a straight-line basis over the assets\u2019 estimated useful lives as
\nfollows:
\nComputers and other electronic devices
3 \u2013 10 years
\nFurniture
5 years
\nLeasehold improvements (adaptation works in o\ufb03ces) are depreciated over their useful lives, which are equal to the lease
\nperiods which usually vary from 1 to 5 years.
\nDepreciation methods, useful lives and residual values are reviewed at each \ufb01nancial year end and adjusted prospectively if
\nappropriate.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n21
(f)
Leases
\nManagement assesses at the time of entering into a contract whether the contract is a lease or contains a lease. A contract is a
\nlease or contains a lease if it conveys the right to control the usage of an identi\ufb01able asset for a given period in exchange for
\nconsideration.
\nThe Group applies a uniform approach to the recognition and measurement of all lease agreements except for short-term leases
\nand low value asset leases. On the commencement date of a lease, the Group recognizes a right-of-use asset and a lease
\nliability.
\nRight-of-use assets
\nThe Group recognizes right-of-use assets on the date of commencing a lease i.e. at the date at which the leased assets are
\navailable for use by the Group entities. The right-of-use assets are presented in a separate line in the consolidated statement of
\n\ufb01nancial position. The Group does not have any right-of-use assets that meet the de\ufb01nition of investment property which would
\nbe presented in statement of \ufb01nancial position in a separate line as \u201cinvestment property\u201d.
\nRight-of-use assets are measured initially at cost comprising the following:
\n\u25cf
the amount of the initial measurement of the lease liability,
\n\u25cf
any lease payments made at or before the commencement date less any lease incentives received,
\n\u25cf
any initial direct costs,
\n\u25cf
restoration costs.
\nSubsequently, the right-of-use assets are measured at cost less accumulated depreciation and any accumulated impairment
\nlosses and adjusted for remeasurement of the lease liability due to reassessment or lease modi\ufb01cations.
\nThe right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The
\namortization periods for the right-of-use assets are as follows:
\nRight of use for vehicles
3 years
\nRight of use for o\ufb03ces
1 \u2013 5 years
\nLease liabilities
\nAt the commencement date lease liabilities are measured at an amount equal to the present value of the following lease
\npayments for the underlying right-of-use assets during the lease term:
\n\u25cf
\ufb01xed payments (including in substance \ufb01xed payments), less any lease incentives receivable,
\n\u25cf
variable lease payments that are based on an index or a rate,
\n\u25cf
amounts expected to be payable by the Group entities under residual value guarantees,
\n\u25cf
the exercise price of a purchase option if the Group\u2019s management is reasonably certain to exercise that option,
\n\u25cf
payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group would exercise that option.
\nThe lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the
\nGroup\u2019s incremental borrowing rate.
\nEach lease payment is allocated between the liability and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the
\nlease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The
\ncarrying amount of liability is remeasured to re\ufb02ect any reassessment, lease modi\ufb01cation or revised in-substance \ufb01xed
\npayments.
\nThe lease term includes the non-cancellable period of a lease plus periods covered by options to extend and/or terminate the
\nlease if it is reasonably certain that the lease will be extended or terminated.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n22
The Group applies the exemptions for short-term leases and leases of low-value assets. Payments associated with all
\nshort-term leases, i.e. with lease terms of 12 months or less, and certain leases of low-value assets, for which the underlying
\nvalue is settled at USD 5 thousand or less, are recognized on a straight-line basis over the lease term as an expense in pro\ufb01t or
\n loss.
\n (g)
Intangible assets
\nInternally generated intangible assets
\nDevelopment expenditures are recognized as an intangible asset when the Group can demonstrate all of the following:
\n\u25cf
the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\n\u25cf
its intention to complete and its ability and intention to use or sell the asset,
\n\u25cf
how the asset will generate probable future economic bene\ufb01ts,
\n\u25cf
the availability of resources to complete the asset,
\n\u25cf
its ability to measure reliably the expenditure during development.
\nThe costs of internally generated intangible assets are capitalized once the technological feasibility of a product is established
\nby the management and such costs are determined to be recoverable. Technological feasibility of a product encompasses both
\ntechnical design documentation and game design documentation or the completed and tested product design and working
\nmodel.
\nFor products with existing proven technology, the establishment of the technological feasibility may arise early in the product
\ndevelopment cycle. Technological feasibility is evaluated individually for each product.
\nIf the criteria for capitalization are met, the development costs are recorded as intangible assets and amortized from the point at
\nwhich the asset is available for use.
\nThe Group capitalizes software development costs which are direct costs incurred for internal software development.
\nCapitalized software development costs are amortized on a straight line basis over useful life which generally is from 1 to 3
\nyears.
\nResearch expenditure and development expenditure that do not meet the criteria described above are recognized as an expense
\nas incurred.
\nThe Group does not capitalize the expenditure incurred in relation to internally generated games as the criteria for capitalization
\nare not met. As a consequence of focusing on mobile phone games, the life cycle of the products developed internally cannot be
\ndetermined unequivocally and the division between increase in the carrying value associated with increase of incremental
\nbene\ufb01ts and the maintenance expenditure is at times vague. The Group\u2019s management \ufb01nd it questionable to demonstrate that
\nthe technical feasibility of completing the intangible asset and the Group\u2019s ability to measure reliably the expenditure attributable
\nto the intangible asset during its development due to the fact that the development phase of an internal project cannot be
\nreliably separated from the maintenance phase.
\nThe nature of the Group\u2019s operations, i.e. providing the users with multi-player games, requires from the Group the continuous
\nexpenditure on developments and upgrades of the existing games, driven by the fast-paced changes of the software
\nenvironment. Such upgrades are necessary for the further game continuity, and the Group is not able to reliably determine if it is
\nprobable that future economic bene\ufb01ts associated with the developments and upgrades will \ufb02ow to the Group.
\nFor these reasons, the Group expenses the costs borne on the maintenance of the existing games and development of the new
\ngames and do not capitalize them. Such expenditures are charged to pro\ufb01t or loss in the statement of comprehensive income
\nwhen incurred and presented in a separate line \u201cResearch and development expenses\u201d.
\nDevelopment costs previously recognized as an expense are not recognized as an asset in a subsequent period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n23
Software acquired externally and other intangible assets
\nSoftware licenses for software acquired externally and other intangible assets are measured in the consolidated statement of
\n\ufb01nancial position at cost less accumulated amortization and any accumulated impairment losses. Amortization commences
\nwhen the assets are available for their intended use. Software acquired externally and other intangible assets are amortized on a
\nstraight line basis over their expected economic useful lives which generally are from 1 to 3 years. Economic useful life for
\nintangible asset acquired during the year 2021, Tra\ufb03c Puzzle Game, was estimated for 10 years.
\nThe gain or loss arising on disposal or retirement of an item of intangible assets is determined as the difference between the
\nproceeds and the carrying amount of the asset on disposal/retirement date and is recognized in the consolidated statement of
\ncomprehensive income in operating pro\ufb01t.
\nIntangible assets recognized as part of the business combination
\nIntangible assets acquired in a business combination are recognized at its fair value at the acquisition date. In the subsequent
\nperiods, intangible assets recognized as part of the business combination are amortized on a straight line basis over expected
\neconomic useful lives which are predominantly up to 5 years.
\n (h)
Financial instruments
\nThe Group recognizes the non-derivative \ufb01nancial instruments such as other long-term \ufb01nancial assets (mostly long-term
\ndeposits), trade and other receivables, cash and cash equivalents (including investments in mutual funds) and trade and other
\npayables.
\nAt initial recognition, the group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
\nthrough pro\ufb01t or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset.
\nTransaction costs of \ufb01nancial assets carried at FVPL are expensed in pro\ufb01t or loss.
\nThe group classi\ufb01es its \ufb01nancial assets to the measurement category: debt instruments to be measured at amortized cost. The
\nclassi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash
\n\ufb02ows. Assets that are held for collection of contractual cash \ufb02ows, where those cash \ufb02ows represent solely payments of
\nprincipal and interest (\u201cSPPI test\u201d), are measured at amortized cost. Interest income from these \ufb01nancial assets is included in
\n\ufb01nance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in pro\ufb01t
\nor loss.
\nManagement assesses the Group\u2019s expected credit losses (\u201cECLs\u201d) associated with debt instruments measured at amortized
\ncost, regardless of whether or not there has been any indication of impairment. Please refer to Note 4
Signi\ufb01cant accounting
\npolicies
, point (i)
Impairment,
(i)
Financial assets
below.
\n (i)
Impairment
\n (i)
Financial assets
\nManagement assesses the Group\u2019s ECLs associated with debt instruments measured at amortized cost, regardless of whether
\nor not there has been any indication of impairment.
\nFor trade receivables, the Group applies a simpli\ufb01ed approach and measures a loss allowance for expected credit losses at the
\namount equal to the expected credit losses over the instrument's lifetime. The Group uses its historical data on credit losses,
\nadjusted on an as-needed basis for the impact of forward-looking statements.
\nFor other \ufb01nancial assets the Group applies a three-stage model for impairment, based on changes in credit quality since initial
\nrecognition. A \ufb01nancial instrument that is not credit-impaired on initial recognition is classi\ufb01ed in Stage 1. Financial assets in
\nStage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible
\nwithin the next 12 months or until contractual maturity, if shorter (\u201c12 Months ECL\u201d). If the Group identi\ufb01es a signi\ufb01cant increase
\nin credit risk (\u201cSICR\u201d) since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a
\nlifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (\u201cLifetime ECL\u201d). The \ufb01nancial
\nassets with objective evidence of impairment are classi\ufb01ed to Stage 3; for such assets lifetime ECL is recognized.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n24
(ii)
Non-\ufb01nancial assets (other than goodwill)
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each
\nreporting date to determine whether there is any indication of impairment. If any such indication exists, or annual impairment
\ntesting for an asset is required, then the asset\u2019s recoverable amount is estimated.
\nThe recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For the purpose of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows of other assets or groups of assets (the \u201ccash-generating unit\u201d).
\nAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
\nImpairment losses are recognized in pro\ufb01t or loss.
\nFor other assets excluding goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any
\nindications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\nAt the end of each reporting period, management assesses whether there is any indication that any Group\u2019s assets may be
\nimpaired. Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at December 31 at the
\ncash-generating unit level, irrespective of whether there is any indication of impairment.
\nAs at December 31, 2022 and December 31, 2021 the Group had no intangible assets with an inde\ufb01nite useful life.
\n (iii)
Goodwill
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
\ntesting,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\ncash-generating units that are expected to bene\ufb01t from the combination in which the goodwill arose, irrespective of whether
\nother assets or liabilities of the acquiree are assigned to those units. At current, the entire operations of the Group are
\nconsidered to be one cash generating unit.
\nGoodwill is tested for impairment annually as at December 31 or more frequently if events or changes in circumstances indicate
\nthat the carrying value may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of
\ncash-generating units) to which the goodwill relates. When the recoverable amount of the cash-generating unit is less than its
\ncarrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
\nGains and losses on the disposal of the business operations include the carrying amount of goodwill relating to the business
\nsold.
\n (iv)
Cash and cash equivalents
\nCash and cash equivalents comprise cash balances, call deposits and highly liquid investments (including money market funds)
\nwith maturities at initial recognition of three months or less.
\nThe judgement relating to the classi\ufb01cation of the investments in money market funds as \u201ccash and cash equivalents\u2019 is
\ndisclosed in Note 2
Basis for preparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates \u2013
\nMoney market mutual funds.
\nCash on bank accounts and investments in money market mutual funds meets the SPPI test and the business model test \u201cheld
\nto collect\u201d, therefore they are measured at amortized cost including an impairment loss determined in accordance with the
\nexpected loss model described in Note 4
Signi\ufb01cant accounting policies
, point (i)
Impairment,
(i)
Financial assets.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n25
(v)
Trade and other receivables
\nTrade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain signi\ufb01cant
\n\ufb01nancing components when they are recognised at fair value. Subsequently, they are carried at amortized cost using the
\neffective interest method, less loss allowance. The loss allowance is determined according with the accounting policy
\npresented in Note 4
Signi\ufb01cant accounting policies,
point (i)
Impairment
(i)
Financial assets
.
\nAccrued revenues included in trade and other receivables are recognized initially at the amount of consideration based on the
\nsales reports provided by platforms.
\nOther receivables include deposits made to purchase property, plant and equipment, receivables from employees and
\nreceivables from the state budget. Other receivables that are not \ufb01nancial assets as at the end of the reporting period are
\nmeasured at the amount due.
\n (j)
Trade and other payables and deferred income
\nThese amounts represent liabilities for goods and services provided to the Group prior to the end of the \ufb01nancial year which are
\nunpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
\nreporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the
\neffective interest method.
\nThe other payables comprise employees related liabilities, tax other than income tax liabilities and accrued expenses. The
\ndeferred income represents a contract liability; it is recognized and measured according to the accounting policy presented in
\nNote 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
. Other payables are measured at the amount due.
\n(k)
Share capital and other components of the equity
\nShare capital is presented at the total nominal value of the registered shares of the Parent Company.
\nAs of December 31, 2022 and December 31, 2021 all ordinary shares and preference shares (series A and B) are classi\ufb01ed as
\nequity. Preferences attributable to series A and B of preference shares are described in Note 15
Share capital
.
\nIncremental costs directly attributable to the issue of new shares are presented as the deduction of equity, i.e. supplementary
\ncapital. Qualifying transaction costs incurred in anticipation of an issuance of equity instruments are also deducted from the
\nequity, i.e. supplementary capital. If the equity instruments are not subsequently issued, the transaction costs are recognized as
\nan expense.
\nAny excess of the fair value of consideration received over the nominal value of shares issued is recorded as share premium in
\nequity, i.e. supplementary capital.
\nIn the line \u201cTreasury shares\u201d, the Group presents the own shares repurchased, which are recognized at cost and are deducted
\nfrom equity. No gain or loss is recognized in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Group shares. Any
\ndifference between the carrying amount and the consideration, if reissued, is recognized in the supplementary capital.
\nIncremental costs directly attributable to the repurchase of own shares are presented as the deduction of equity, i.e. in the line
\n\u201cTreasury shares\u201d.
\nIn accordance with Delaware General Corporation Law, the Company may declare and pay dividends upon the shares of its
\ncapital stock either:
\n1.
Out of its surplus, being the excess of its net assets over its capital (all or part of the consideration received by the
\ncorporation in exchange for its capital stock, as determined by the Board of Directors); or
\n2.
In case there shall be no such surplus, out of its net pro\ufb01ts for the \ufb01scal year in which the dividend is declared and/or
\nthe preceding \ufb01scal year.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n26
If the capital, as de\ufb01ned above, shall have been diminished by depreciation in the value of its property, or by losses, or otherwise,
\nto an amount less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes
\nhaving a preference upon the distribution of assets, the directors of such company shall not declare and pay out of such net
\npro\ufb01ts any dividends upon any shares of any classes of its capital stock until the de\ufb01ciency in the amount of capital represented
\nby the issued and outstanding stock of all classes having a preference upon the distribution of assets shall have been repaired.
\nEmployee bene\ufb01ts reserve results from the share-based payment arrangements and is described in details in Note 4
Signi\ufb01cant
\naccounting
policies
,
(m)
Employee
bene\ufb01ts
, (i)
Share-based payment arrangements
and Note 16
Share-based payment
\narrangements
.
\nForeign exchange reserve results from exchange differences resulting from translating of foreign entities which functional
\ncurrency is different than USD.
\n (l)
Earnings per share
\nBasic earnings per share is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the Huuuge Inc. by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted earnings per share is calculated by dividing the Group\u2019s adjusted pro\ufb01t or loss by the after\u2011tax effect of:
\na.
any dividends or other items related to dilutive potential ordinary shares deducted in arriving at pro\ufb01t or loss
\nattributable to ordinary equity holders of Huuuge Inc.;
\nb.
any interest recognized in the period related to dilutive potential ordinary shares; and
\nc.
any other changes in income or expense that would result from the conversion of the dilutive potential ordinary
\nshares
\nby the weighted average number of ordinary shares adjusted for the effect of all dilutive potential ordinary shares.
\nThe treasury shares are excluded from the weighted average number of ordinary shares for the purpose of calculating earnings
\nper share (\u201cEPS\u201d) as they are not outstanding.
\n (m)
Employee bene\ufb01ts
\n (i)
Share-based payment arrangements
\nThe Group runs an award program where the employees and contractors are receiving free options which entitle them to
\npurchase the shares in the Company. Such a program is a share-based payment program which is classi\ufb01ed as equity settled
\ndue to the fact that the Company does not have an obligation to settle the obligation arising under the program by delivering
\ncash to the employees or contractors.
\nEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the
\nequity instruments at the grant date. The grant date fair value of the awards is determined using a share option pricing model.
\nDetails regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 16
\nShare-based payment arrangements
.
\nOptions with the same grant date but with different periods during which all the speci\ufb01ed vesting conditions of a share-based
\npayment arrangement are to be satis\ufb01ed are treated as separate awards with a different vesting period (graded vesting).
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period,
\nbased on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end
\nof each period the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of
\nthe original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a
\ncorresponding adjustment to the equity-settled employee bene\ufb01t reserve.
\nThe grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as
\nan expense (employee bene\ufb01t expense), with a corresponding increase in equity, over the vesting period of the awards.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n27
IFRS 2
Share-based Payment
does not address whether an increase in equity recognized in connection with a share-based
\npayment transaction should be presented in a separate component within equity or within retained earnings. Such an increase is
\npresented in the line \u201cEmployee bene\ufb01t reserve\u201d.
\nThe amount recognized as an expense is adjusted to re\ufb02ect the number of awards for which the related service and non-market
\nperformance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards
\nthat meet the related service and non-market performance conditions at the vesting date.
\nShare - based payment transactions with non-employees
\nShare-based payment transactions with non-employees include the
transactions in which non-employees provide services to
\nthe Group in exchange for free options which entitle them to purchase the shares in the Company.
\nIn accordance with IFRS 2, the Group measures the services received, and the corresponding increase in equity, directly, at the
\nfair value of the goods or services received, unless that fair value cannot be estimated reliably. If the fair value of the services
\nreceived cannot be estimated reliably, the Group measures their value, and the corresponding increase in equity, indirectly, by
\nreference to the fair value of the equity instruments granted.
\nThe Group recognizes the expense charge in the consolidated statement of comprehensive income over the vesting period for
\nwhich the related services are provided with the corresponding increase in equity in the line \u201cEmployee bene\ufb01t reserve\u201d.
\n (ii)
De\ufb01ned contribution plans \u2013 retirement bene\ufb01ts
\nThe Group has under local laws obligations to pay retirement bene\ufb01ts, however, as the average age of employees is low, no
\nprovision has been recorded due to its immaterial amount.
\n(iii)
Other employee bene\ufb01ts
\nShort-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the related service is
\nprovided. A liability is recognized for the amount expected to be paid under short-term cash bonus or pro\ufb01t-sharing plans if the
\nGroup has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee,
\nand the obligation can be estimated reliably.
\n (n)
Provisions
\nA provision is recognized when the Group, as a result of a past event, has a present obligation (legal or constructive) that can be
\nestimated reliably, and it is probable that the Group will be required to settle that obligation (an out\ufb02ow of economic bene\ufb01ts will
\nbe required). Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the
\nend of the reporting period and are discounted to present value where the effect is material.
\n(o)
Cost of sales
\nIn the line \u201cCost of sales\u201d, the Group recognizes platform fees to distributors, which are related to revenues from in-app
\npurchases and costs of using servers of external suppliers. Platform fees to distributors are recognized over time in line with the
\nrecognition of revenues from in-app purchases. Server costs are recognized when incurred.
\nIn addition, this line includes amortization of the acquired titles, i.e. amortization of Tra\ufb03c Puzzle game for the year ended
\nDecember 31, 2022 and December 31, 2021 which is recognized on a straight-line basis over the estimated period of the
\neconomic useful life of the title.
\n(p)
Research and development expenses
\nIn the line \u201cResearch and development expenses\u201d, the Group recognizes costs of the maintenance of the existing games and
\ndevelopment of the new games and fees paid to external developers related to the publishing contracts. In addition, this line
\nincludes costs of salaries and share-based payment arrangements of the technology department, as well as the research and
\ndevelopment expenses that do not meet the criteria for capitalization.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n28
Fees paid to external developers include expenditures incurred in relation to the right to the game (i.e. the license), the payment
\nfor the development operations and maintenance services. Due to the fact that the Group is not able to allocate the fees
\nbetween particular components, total fees are recognized when incurred.
\nThese costs are recognized when incurred. Details regarding lack of capitalization of these costs are presented, respectively, in
\nNote 4
Signi\ufb01cant accounting policies,
point (g)
Intangible assets
and in Note 2
Basis for preparation of the consolidated \ufb01nancial
\nstatements,
point (d)
Key judgements and estimates \u2013 Agent vs principal considerations in publishing contracts.
\n (q)
Sales and marketing expenses
\nThe line \u201cSales and marketing expenses\u201d includes two main types of sales and marketing expenses:
\na)
\u201cUser acquisition marketing campaigns\u201d which mainly include variable costs of external marketing campaigns directly
\nattributable to acquisition of new players, and conversion of non-paying players into paying players, and
\nb)
\u201cGeneral
Sales
and
marketing
expenses\u201d
which
mainly
include costs of salaries and share-based payment
\narrangements of the sales and marketing departments as well as external marketing and sales services.
\nThese costs are recognized when incurred.
\n (r)
Finance income and expense
\nFinance income comprises mainly interest income on funds invested, i.e, bank deposits, money market mutual fund
\ninvestments and money market interest-bearing accounts. Interest income is recognized as it accrues in pro\ufb01t or loss, using the
\neffective interest method.
\nFinance expenses comprise mainly foreign exchange differences on currency translation and interest expense on leases
\nliabilities.
\nForeign currency gains and losses are reported on a net basis as either \ufb01nance income or \ufb01nance expenses depending on
\nwhether foreign currency movements are in a net gain or net loss position unless material, where separate presentation is
\nrequired.
\n 5.
Determination of fair values
\nA number of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both \ufb01nancial and
\nnon-\ufb01nancial assets and liabilities.
\nFor assets and liabilities that are recognized in the consolidated \ufb01nancial statements at fair value on a recurring basis,
\nmanagement determines whether in the Group transfers have occurred between levels in the hierarchy by re-assessing
\ncategorization (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each
\nreporting period.
\nThe Group\u2019s management determines the policies and procedures for fair value measurement. External valuers are involved for
\nvaluation of signi\ufb01cant assets and signi\ufb01cant liabilities. Selection criteria include market knowledge, reputation, independence
\nand whether professional standards are maintained. The management decides, after discussions with the Group\u2019s external
\nvaluers, which valuation techniques and inputs to use for each case.
\nAt each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be
\nremeasured or re-assessed as per the Group\u2019s accounting policies. For this analysis, the management veri\ufb01es the major inputs
\napplied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
\ndocuments.
\nFair values have been determined for measurement and for disclosure purposes as explained below.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n29
(a)
Preference shares liability measured at fair value through pro\ufb01t or loss
\nOn February 5, 2021 series C preference shares were converted into common shares. At the date of the conversion series C
\npreference shares liability was measured to fair value based on the value of shares established for the Company's initial public
\noffering, with the loss recognized in pro\ufb01t or loss. For more information, please refer to Note 15
Share capital
.
\nPrior to conversion, series C preference shares liability was measured at fair value initially and after initial recognition with the
\ngains/loss on subsequent remeasurements being recognized in pro\ufb01t or loss.
\n(b)
Trade and other receivables measured at amortized cost
\nFor trade and other receivables and deposits, the Group\u2019s management considers their carrying amounts to be the best
\nestimates of fair values, due to the short-term nature and high liquidity of these instruments. This fair value is determined for
\ndisclosure purposes.
\n(c)
Non-derivative \ufb01nancial liabilities measured at amortized cost
\nFor trade accounts payable, the Group\u2019s management considers their carrying amounts to be the best estimation of their
\nrespective fair values, determined for disclosure purposes, due to the short-term nature of these instruments. Fair value of
\nnon-derivative \ufb01nancial liabilities other than trade accounts payable, is calculated based on the present value of future principal
\nand interest cash \ufb02ows, discounted at the market rate of interest at the reporting date. For lease liabilities an interest rate
\nimplicit in the lease is used, if that rate can be readily determined; if that rate cannot be readily determined, the lessee's
\nincremental borrowing rate is used.
\nAs of December 31, 2022 and December 31, 2021 the Group does not classify any assets or liabilities to be subsequently
\nmeasured at fair value.
\n 6.
Revenue and segment information
\nHuuuge\u2019s business, development and sales of casual games for mobile platforms is global, and both games and sales channels
\nare the same, regardless of where the players (customers) are located. Management measures and monitors the Group\u2019s
\nrevenue in respect of each game, but does not allocate all costs, assets and liabilities by game and does not measure the
\noperating results by game. In management\u2019s view, the operations and the Group\u2019s \ufb01nancial performance and position cannot be
\ndivided into different segments in such a way that it improves the ability to analyze and manage the Group. As of December 31,
\n2022 the co-CEOs were the Chief operating decision-makers and for this reason, the co-CEOs analyze the consolidated \ufb01nancial
\nposition and operating results of the Group as a whole; therefore, it has been determined that the Group has only one operating
\nsegment (\u201conline mobile games\u201d).
\nThe Group\u2019s management monitors operating results on a group-wide basis for the purpose of making decisions about resource
\nallocation and performance assessment.
\nThe Group's revenue from contracts with clients is comprised of revenue generated by in-app purchases (gaming applications)
\nand in-app ads (advertising), as shown below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nGaming applications
308,852
358,638
\nAdvertising
9,770
15,101
\nTotal revenue
318,622
373,739
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n30
The Group\u2019s revenue is recognized over time, irrespective of the product and the geographical region \u2013 for more details on
\nrevenue recognition please refer to Note 4
Signi\ufb01cant accounting policies
, point (c)
Revenue
.
\nFor the gaming services, the transaction price is prepaid by the customers when the virtual coins are purchased to allow
\ncontinuation of the game; the payments result in the recognition of the contract liability in the statement of \ufb01nancial position.
\nThe amounts recognized as deferred income are recognized as revenue on average within 2 days in the year 2022 (two days in
\nthe year 2021).
\nFor the gaming service, the amount recognized as deferred income as at the balance sheet date also represents the aggregate
\namount of the transaction price allocated to the performance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the
\nend of the reporting period.
\nFor the advertising services, the Group does not disclose the aggregate amount of the transaction price allocated to the
\nperformance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the end of the reporting period using the practical
\nexpedient allowed under IFRS 15, i.e. the Group has a right to consideration from a customer in an amount that corresponds
\ndirectly with the value to the customer of the entity\u2019s performance completed to date.
\nBelow is the split of the revenue per main product groups:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nHuuuge Casino
188,656
214,554
\nBillionaire Casino
99,418
113,515
\nTra\ufb03c Puzzle*
26,172
\n34,008
\nOther games
4,376
11,662
\n- including games developed by external developers based on
\npublishing contracts
\n939
578
\nTotal revenue
318,622
373,739
\n* In April 2021 the Group became the owner of the Tra\ufb03c Puzzle game; therefore, revenues for the year ended December 31,
\n2022 include revenues generated after the acquisition of the game. Tra\ufb03c Puzzle revenues for the year ended December 31,
\n2021 include revenues based on a publishing agreement and revenues after acquisition of the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n31
Revenue was generated in the following countries:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nUnited States
188,362
221,797
\nGermany
23,018
26,867
\nCanada
9,509
11,709
\nUnited Kingdom
9,493
11,357
\nJapan
8,114
10,054
\nFrance
8,114
10,105
\nNetherlands
7,713
8,908
\nAustralia
6,421
7,756
\nPoland
6,337
7,082
\nSwitzerland
5,257
4,978
\nTaiwan
3,642
3,795
\nItaly
3,188
3,615
\nRepublic of South Africa
2,399
2,981
\nAustria
2,351
2,555
\nSpain
2,254
2,526
\nOther
32,450
37,654
\nTotal revenue
318,622
373,739
\nThe above is the management\u2019s best estimate, as no geographical breakdown is available for some revenue sources. The
\nallocation to regions is driven by the location of individual end-user customer.
\nNo individual end-user customer with whom the Group concludes transactions had a share of 10% or more in the Group's total
\nrevenues in annual reporting periods ended December 31, 2022 and December 31, 2021. Vast majority of revenues is generated
\nin cooperation with the several platform providers, such as Apple App Store, Google Play, Facebook and Amazon App Store as
\ndescribed in Note 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
.
\nSplit of assets by geographical locations does not determine the Group\u2019s operations. Right-of-use assets and property, plant and
\nequipment are split based on the location of the o\ufb03ces of subsidiaries, IP rights are located in Cyprus.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n32
7.
Operating expenses
\nFor the year ended December 31, 2022 the operating expenses include:
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
91,721
91,721
-
-
-
-
\nExternal developers fees
1,285
-
-
-
1,285
-
\nGaming servers expenses
1,275
1,275
-
-
-
-
\nExternal marketing and sales services
77,778
-
73,725
4,053
-
-
\nSalaries and employee-related costs
8
49,470
-
-
10,393
23,840
15,237
\nEmployee stock option plan
8
3,082
-
-
587
1,605
890
\nDepreciation and amortization
11,080
3,890
-
-
-
7,190
\nFinance & legal services
6,917
-
-
-
-
6,917
\nBusiness travels expenses
1,316
-
-
-
-
1,316
\nProperty maintenance and external services
2,231
-
-
-
-
2,231
\nOther costs
8,733
-
-
56
2,847
5,830
\nTotal operating expenses
254,888
96,886
73,725
15,089
29,577
39,611
\nOther costs under research and development expenses include costs of gaming content. Other costs under general and administrative expenses include mainly IT services, car \ufb02eet and o\ufb03ce
\nmanagement service (including company events), and costs of recruitment and payment services.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n33
For the year ended December 31, 2021 the operating expenses include :
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
108,364
108,364
-
-
-
-
\nExternal developers fees
1,279
-
-
-
1,279
-
\nGaming servers expenses
1,237
1,237
-
-
-
-
\nExternal marketing and sales services
134,309
-
130,031
4,278
-
-
\nSalaries and employee-related costs
8
50,791
-
-
10,646
26,631
13,514
\nEmployee stock option plan
8
11,760
-
-
1,284
3,422
7,054
\nDepreciation and amortization
8,020
2,594
-
-
-
5,426
\nFinance & legal services
4,955
-
-
-
-
4,955
\nBusiness travels expenses
543
-
-
-
-
543
\nProperty maintenance and external services
1,689
-
-
-
-
1,689
\nOther costs
6,604
-
-
-
1,796
4,808
\nTotal operating expenses
329,551
112,195
130,031
16,208
33,128
37,989
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n34
As of December 31, 2022, the amortization of acquired titles (games) is presented within \u201cCost of sales\u201d. The comparative
\n\ufb01gures have been reclassi\ufb01ed accordingly, i.e. the amount of USD 2,594 thousand previously presented within \u201cGeneral and
\nadministrative expenses\u201d has been reclassi\ufb01ed to \u201cCosts of sales\u201d. Please, refer to Note 2
Basis for preparation of consolidated
\n\ufb01nancial statements,
point (e)
Changes in the presentation of amortization of acquired titles
.
\nWhen selling the mobile game applications of third-party developers, the Group is obliged to pay fees to external developers
\nmostly determined as variable payments dependent on the level of turnover and cumulative gains generated from selling the
\ngame. Although the publishing contracts provide the Group with an exclusive right to use the games, the usage of these games
\nis contingent on the future services that need to be provided by the external developers and that are the subject of the Group\u2019s
\nauthorization and consent. In accordance with the publishing contracts, the external developers are obliged to perform the
\non-going development of the game and improvements to increase its functionalities, as well as maintenance services. As a
\nresult, the contracts with external developers are a partially executory arrangement, as the future developments do not exist at
\nthe contract inception and no liability to the contractor arises until the contractor performs work under the contract, i.e. the
\nservices speci\ufb01ed in the contracts with external developers are performed. However, the fees agreed by the Group and
\ndevelopers in these arrangements are set usually in relation to the whole bunch of the promises included in a contract, i.e. there
\nis no relevant split of the consideration between the purchase price paid for the right to use a game and the future additional
\nservices (development operations and maintenance services). The Group is not able to reliably distinguish the expenditures
\nincurred in relation to the right to the game (i.e. the license) from the payment for the development operations and maintenance
\nservices. Therefore, the expenditures incurred by the Group in relation to the publishing arrangements are charged to the pro\ufb01t
\nand loss as incurred, with no liability recognized at the date of signing the contract. Accordingly, developers\u2019 fees related to
\npublishing contracts are presented in the Consolidated Statement of Comprehensive income in the line \u201cResearch and
\ndevelopment expenses\u201d.
\nThe future monthly expenditure related to the publishing contracts that were in force as at December 31, 2022 amounts to USD
\n120 thousand and as at December 31, 2021 USD 294 thousand. The above commitments comprise the \ufb01xed fees contracted in
\nthe publishing arrangements and do not include the variable payments which are based on the future cash \ufb02ows from selling the
\ngames, and the future development fees subject to the speci\ufb01c arrangements and agreements between parties on a scope of
\nservices.
\n 8.
Salaries and employee-related costs
\nThe
table
below
presents
the
amounts
of
salaries
and
employee-related costs, including remuneration of executive
\nmanagement, for the year ended December 31, 2022 and December 31, 2021.
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSalaries
41,963
41,866
\nSocial security contributions
5,786
6,235
\nShare-based payment expense
3,082
11,760
\nOther employee-related costs
1,721
2,690
\nTotal salaries and employee-related costs
52,552
62,551
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n35
The tables below present the headcount and the average headcount as of and for the year ended December 31, 2022 and
\nDecember 31, 2021 respectively.
\nHeadcount at year-end
\nAs of
As of
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
123
144
\nGame development
329
363
\nBack o\ufb03ce
121
122
\nExecutive management
9
9
\nTotal number of employees
582
638
\nAverage headcount
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
129
147
\nGame development
326
383
\nBack o\ufb03ce
129
109
\nExecutive management
9
11
\nTotal average number of employees
593
650
\nNumber of employees is calculated based on the actual persons employed, including self-employed, irrespective of full or
\npart-time equivalents. The table above also includes employees on long-term absences.
\n 9.
Finance income and \ufb01nance expense
\nFinance income
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nTotal \ufb01nance income - Interest income
2,172
20
\nIn the year ended December 31, 2022, \ufb01nance income amounted to USD 2,172 thousand, which comprises mainly interest
\nincome on deposits, money market mutual funds accounts, and money market interest bearing accounts, including interest
\naccrued in the amount of USD 763 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n36
Finance expense
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nForeign exchange losses, net
1,398
3,293
\nInterest expense
328
646
\nValuation of preferred shares series C classi\ufb01ed as non-current liabilities
-
38,997
\nLoss on foreign exchange forward contract
-
2,662
\nTotal \ufb01nance expense
1,726
45,598
\nIn the year ended December 31, 2022, \ufb01nance expense includes net foreign exchange losses in the amount of USD 1,398
\nthousand, and the interest expense in the amount of USD 328 thousand, which comprises interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.
\nIn addition to \ufb01nance income and expenses, the \u201cFinance (income)/cost, net\u201d line presented in the consolidated statements of
\ncash \ufb02ows includes the effect of exchange gains and losses on translation of foreign operations to the presentation currency,
\ni.e. USD.
\nIn the year ended December 31, 2021, \ufb01nance expenses included mainly valuation of preference shares from the series C
\npreviously (prior to conversion into common shares) classi\ufb01ed as a non-current liability in the amount of USD 38,997 thousand.
\nOn February 5, 2021 series C preference shares were converted into common shares. In addition, during the year ended
\nDecember 31, 2021, prior to the initial public offering, the Company entered into a foreign exchange forward contract contingent
\nupon the event of an initial public offering. Upon the occurrence of an initial public offering event, the Company received
\nproceeds from the newly issued shares converted to USD at a \ufb01xed PLN/USD exchange rate, as determined in the forward
\ncontract. The Group\u2019s policy choice is to present the pro\ufb01t or loss on forward contracts as a \ufb01nance income or expense
\naccordingly. Effectively, a loss of USD 2,662 thousand was incurred on the forward contract settlement date, presented in the
\nline \u201cFinance expense\u201d in the consolidated statement of comprehensive income for the year ended December 31, 2021.
\nIn the year ended December 31, 2021, \ufb01nance expenses additionally included net foreign exchange losses in the amount USD
\n3,293 thousand, and interest expense in the amount of USD 646 thousand, which includes interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.
\n 10.
Income tax
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nDeferred tax assets
4,489
989
\nDeferred tax liabilities
-
-
\nNet deferred tax assets/(liabilities)
4,489
989
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nCurrent income tax
10,546
8,901
\nChange in deferred income tax
(3,500)
(221)
\nIncome tax for the period
7,046
8,680
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n37
The tax on the Group\u2019s pro\ufb01t before tax differs from the theoretical amount that would arise using the statutory tax rate applied
\nto pro\ufb01t of the consolidated entities as follows:
\nEffective tax rate reconciliation
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nPro\ufb01t/(loss) before income tax
39,054
(1,001)
\nStatutory tax rate in the United States
21%
21%
\nTheoretical tax expense/(bene\ufb01t) according to current tax rate in the United
\nStates
\n8,201
(210)
\nTax impact of non-deductible costs \u2013 ESOP
656
2,463
\nTax impact of non-deductible costs \u2013
\nseries C shares valuation
\n-
8,189
\nTax impact of non-tax costs/(income) \u2013 other
311
198
\nGILTI* income net of FDII** deduction, net of foreign tax credit
2,128
1,234
\nAdjustment for tax rates in foreign subsidiaries
(3,635)
(3,503)
\nTemporary differences with no deferred tax recognized
(11)
268
\nPrevious years' income taxes
(568)
150
\nTax impact of other differences
(36)
(109)
\nTax charge
7,046
8,680
\nEffective tax rate
18%
(867%)
\n* GILTI \u2013 Global Intangible Low-Taxed Income ** FDII \u2013 Foreign-Derived Intangible Income. This is a reconciling item since the
\nCompany cannot recognize tax bene\ufb01t on the tax loss due to the foreign-derived intangible income.
\nThe subsidiary companies are subject to taxes for their respective businesses in the countries of their registration at the rates
\nprevailing in those jurisdictions. Income tax expense is recognized based on management\u2019s estimate of the weighted average
\neffective annual income tax rate expected for the full \ufb01nancial year.
\nThe average tax rate used for the year ended December 31, 2022 is 18%, compared to negative 867% for the year ended
\nDecember 31, 2021. The tax rate was higher in the year ended December 31, 2022 mainly due to the lower proportion of non-tax
\ndeductible costs in comparison to the prior period, i.e., the valuation of the series C preference shares and costs related to the
\nemployee stock option plan (\u201cESOP\u201d) to pro\ufb01t before tax.
\nIn addition, the higher current income tax in the year ended December 31, 2022 is due to the changes introduced to the US tax
\ntreatment of research and development costs. Starting from 2022, US taxpayers are required to capitalize and amortize costs
\nrelated to research and development activities for tax purposes. The changes resulted in lower tax-deductible costs in the year
\nended December 31, 2022 and consequently higher global intangible low-taxed income (\u201cGILTI\u201d).
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n38
Deferred tax reconciliation
\nDeferred tax assets
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
7
15
\nLease liabilities
2,516
3,744
\nAccrued expenses
1,220
1,585
\nTra\ufb03c Puzzle game Impairment
3,261
\n-
\nOther deductible temporary differences
145
\n150
\nTotal
7,149
5,494
\nTax losses
-
-
\nDeferred tax assets
7,149
5,494
\nCompensation with deferred tax liabilities
(2,660)
(4,505)
\nDeferred tax assets presented in the consolidated statement of
\n\ufb01nancial position
\n4,489
989
\nDeferred tax assets expected to be recovered within 12 months from the reporting date amounted to USD 2,918 thousand as of
\nDecember 31, 2022 and USD 2,677 thousand as of December 31, 2021.
\nDeferred tax liabilities
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
-
-
\nProperty, plant and equipment owned
15
16
\nRight-of-use assets
2,490
3,696
\nUninvoiced receivables
135
781
\nPrepaid expenses
-
-
\nOther differences
20
12
\nDeferred tax liabilities
2,660
4,505
\nCompensation with deferred tax assets
(2,660)
(4,505)
\nDeferred tax liabilities presented in the consolidated statement of
\n\ufb01nancial position
\n-
-
\nDeferred tax liabilities expected to be settled within 12 months from the reporting date amounted to USD 883 thousand as of
\nDecember 31, 2022 and USD 1,734 thousand as of December 31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nNet deferred tax assets/(liabilities) at the beginning of the period
\n989
768
\nNet deferred tax assets/(liabilities) at the end of the period
\n4,489
989
\nDeferred tax in the net pro\ufb01t for the period
\n(3,500)
(221)
\nAs of December 31, 2022 and December 31, 2021 there was no deferred tax asset recognized on unused tax losses in the
\nconsolidated statement of \ufb01nancial position.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n39
11.
Intangible assets
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2022
39,695
529
2,149
2,499
44,872
\nAdditions
-
-
1,332
2,485
3,817
\nTransfer from assets under construction
-
3,124
(51)
(3,073)
-
\nNet foreign exchange differences on
\ntranslation
\n-
-
(31)
(7)
(38)
\nGross book value as of December 31, 2022
39,695
3,653
3,399
1,904
48,651
\nAccumulated amortization
\nas of January 1, 2022
\n(2,965)
(529)
(1,161)
-
(4,655)
\nImpairment
(26,087)
-
-
-
(26,087)
\nAmortization charge for the period
(4,010)
(645)
(1,176)
-
(5,831)
\nDisposals
-
-
(22)
-
(22)
\nNet foreign exchange differences on
\ntranslation
\n(17)
-
18
-
1
\nAccumulated amortization and impairment
\nas of December 31, 2022
\n(33,079)
(1,174)
(2,341)
-
(36,594)
\nNet book value as of January 1, 2022
36,730
-
988
2,499
40,217
\nNet book value as of December 31, 2022
6,616
2,479
1,058
1,904
12,057
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2021
601
571
846
442
2,460
\nAdditions
38,930
-
1,355
2,505
42,790
\nTransfers and Disposals
190
-
(7)
(425)
(242)
\nNet foreign exchange differences on
\ntranslation
\n(26)
(42)
(45)
(23)
(136)
\nGross book value as of December 31, 2021
39,695
529
2,149
2,499
44,872
\nAccumulated amortization
\nas of January 1, 2021
\n(70)
(563)
(368)
-
(1,001)
\nAmortization charge for the period
(2,934)
(19)
(816)
-
(3,769)
\nDisposals
-
-
6
-
6
\nNet foreign exchange differences on
\ntranslation
\n39
53
17
-
109
\nAccumulated amortization as of December
\n31, 2021
\n(2,965)
(529)
(1,161)
-
(4,655)
\nNet book value as of January 1, 2021
531
8
478
442
1,459
\nNet book value as of December 31, 2021
36,730
-
988
2,499
40,217
\nPrepayments for intangible assets relate to the payments made on development of supporting tools (i.e., software).
\nDecember 31, 2022 and as at the date of approval these consolidated \ufb01nancial statements for issue there were no pledges or
\ncollaterals on the Group\u2019s intangible assets.
\nNo indications for impairment were identi\ufb01ed as of December 31, 2022 in relation to intangible assets other then IP rights as
\ndescribed below. No indications for impairment were identi\ufb01ed as of December 31, 2021.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n40
Acquisition of Tra\ufb03c Puzzle game
\nOn April 27, 2021, Huuuge Global Ltd. entered into the Asset Purchase Agreement (\u201cAPA\u201d) under which it acquired from
\nPICADILLA GAMES Adzi\u0144ski, Porzucek, Czerenkiewicz sp. K. with its registered o\ufb03ce in Wroc\u0142aw, Poland (\u201cPicadilla\u201d) the mobile
\ngame Tra\ufb03c Puzzle together with the related rights and assets for the amount of USD 38,900 thousand (\u201cPurchase Price\u201d). The
\ntransaction resulted in recognition of an intangible asset in the amount of USD 38,900 thousand that has been classi\ufb01ed as an
\nasset with de\ufb01nite useful life. Based on the analysis of all relevant factors, the useful life of the acquired asset has been
\nestimated as ten years.
\nIn accordance with the payment schedule, as of the date of these \ufb01nancial statements, all three tranches in the amount of USD
\n38,900 thousand have been already paid (the \ufb01rst tranche in the amount of USD 9,500 thousand was paid in 2021; the second
\nand third tranches in the amount of USD 25,000 thousand and USD 4,400 thousand, respectively, were paid during the year
\nended December 31, 2022, which resulted in the according decrease in \u201cTrade and other payables\u201d in the amount of USD 29,400
\nthousand during the period). For more details regarding the transaction, please refer to the Group\u2019s consolidated \ufb01nancial
\nstatements as of and for the year ended December 31, 2021.
\nThe change of trade and other payables presented in the consolidated statement of \ufb01nancial position as of December 31, 2022
\ndoes not equal the change in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022. The difference is
\ndue to the second and third tranches paid in the total amount of USD 29,400 thousand were presented in the cash \ufb02ows from
\ninvesting activities line in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022.
\nImpairment of Tra\ufb03c Puzzle Game
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand, as a result the net book value of the Tra\ufb03c Puzzle game as of December 31, 2022 amounted
\nto USD 6,330 thousand.
\nThe impairment loss was recognised in the line \u201cImpairment of intangible assets\u201d in the Group\u2019s consolidated statement of
\ncomprehensive income for the year ended December 31, 2022. The Tra\ufb03c Puzzle game will remain live and available to players
\nand is expected to continue generating revenue.
\n12.
Financial risk management
\n(a)
Introduction
\nRisk management performed by the Company and its subsidiaries is aimed at reducing the impact of adverse factors on the
\nconsolidated \ufb01nancial statements. This note presents information about the Group\u2019s exposure to speci\ufb01c risks arising from
\n\ufb01nancial instruments as well as the Group\u2019s objectives aimed at maintaining effective process for risk management.
\nThe Group is exposed in particular to the following risks arising from \ufb01nancial instruments:
\n\u25cf
credit risk,
\n\u25cf
liquidity risk,
\n\u25cf
market risk.
\nRisk management framework
\nThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management
\nframework. The Board of Directors continually identi\ufb01es, evaluates and manages the risks faced by the Group, sets appropriate
\nrisk limits and controls and monitors risks.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n41
(b)
Credit risk
\nCredit risk relating to cash and cash equivalents
\nThe Group is exposed to credit risks mainly with regard to cash and cash equivalents, that include bank deposits and
\ninvestments in money market funds, which could arise if a counterparty becomes insolvent and accordingly is unable to return
\nthe deposited funds or execute the obligations as a result of the insolvency. To mitigate this risk, wherever possible the Group\u2019s
\nmanagement conducts transactions and deposits funds with investment grade rated \ufb01nancial institutions, as well as monitors
\nand limits the concentration of transactions with any single party. The Group\u2019s management uses Moody\u2019s credit ratings.The
\ninformation about the credit risk rating grades is presented in the table below.
\nMoody\u2019s Rating
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAaa
-
105
\nAa3
48,581
16,032
\nA2
213
1,157
\nA3
173,129
186,623
\nBaa1
14
11
\nBa2
308
-
\nB1
-
487
\nTotal cash and cash equivalents
222,245
204,415
\nInvestments in money market mutual funds are kept in \ufb01nancial institutions with A3 rating only.
\nAccording to Moody\u2019s, the investment ratings are ratings from Aaa to Baa3. Activities in non-investment ratings are limited to the
\nminimum and are connected to the Group presence in the particular jurisdictions.
\nCash and cash equivalents are kept at a limited number of major \ufb01nancial institutions. The Group\u2019s management monitors the
\ncreditworthiness of the institutions and mitigates concentration risk by not limiting the exposure to a single counterparty,
\nnevertheless at each reporting date there is a signi\ufb01cant concentration of the credit risk.
\nAs at December 31, 2022, the largest concentration of funds in two \ufb01nancial institutions was respectively 66% and 22% with the
\nremaining funds not being concentrated more than 12% in a single \ufb01nancial institution. In comparison, as at December 31, 2021,
\nthe largest concentration in two \ufb01nancial institutions was respectively 84% and 8% with the remaining funds not being
\nconcentrated more than 8% in a single \ufb01nancial institution.
\nTotal gross carrying amounts of cash and cash equivalents as of December 31, 2022 and December 31, 2021 were included in
\nStage 1, based on assessment that credit risk has not increased signi\ufb01cantly since initial recognition. For \ufb01nancial assets in
\nStage 1, the Group recognizes 12 month ECL and recognizes interest income on a gross basis \u2013 interest will be calculated on
\nthe gross carrying amount of the \ufb01nancial asset before adjusting for ECL.
\nManagement has assessed that the Group\u2019s provision for expected credit losses related to cash and cash equivalents would not
\nbe material in any of the periods presented.
\nThe carrying amount of cash and cash equivalents balance represents the maximum credit exposure.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n42
Credit risk with respect to trade receivables and other receivables
\nThe carrying amount of trade receivables represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting dates was as follows:
\nCarrying amount
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables from third parties
20,970
23,848
\nTotal
20,970
23,848
\nThe speci\ufb01cs of the Group\u2019s activity (numerous end-users worldwide, collection of cash payments via major distribution
\nplatforms with high credit ratings) limits considerably the potential credit risk with regard to trade receivables; the credit risk is
\nconcentrated as the Group has trade receivables from the few major distribution platforms (cash collection agents).
\nBelow are disclosed the concentrations of main trade receivables as at the respective balance sheet dates and their share in
\ntrade receivables from third parties:
\nAs of
\nDecember 31, 2022
%
\nAs of
\nDecember 31,
\n2021
\n%
\nGoogle
9,020
43%
10,414
44%
\nApple
8,079
39%
9,553
40%
\nFacebook
955
5%
1,578
7%
\nAmazon
472
2%
505
2%
\nOther
2,444
11%
1,798
7%
\nTrade receivables from third parties
20,970
100%
23,848
100%
\nAllowance for expected credit losses
\nThe Group recognizes allowance for expected credit losses according to IFRS 9
Financial Instruments,
considering all
\nreasonable and supportive information (e.g. customer rating, historical recoverability).
\nAs there are only a few important business partners, each of them with high credit ratings (Aa1 to A1 for the years ended
\nDecember 31, 2022 and December 31, 2021) the Group does not apply the portfolio approach and performs the analysis on the
\nindividual basis instead. Taking into account that Group\u2019s trade receivables are from a few large Platform Providers andthere
\nwere no issues with historical recoverability, the related expected credit losses had been assessed as immaterial.
\nAll trade receivables are classi\ufb01ed to Stage 2 as those are receivables for which the ECL is calculated using the simpli\ufb01ed
\napproach allowed under IFRS 9; there are no trade receivables classi\ufb01ed to Stage 3 (based on the individual analysis, receivables
\nwhich are overdue more than 90 days are recoverable, and therefore not impaired).
\nFor movement in the allowance for expected credit losses please refer to Note 13
Trade and other receivables.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n43
The ageing of trade receivables at the reporting dates was as follows:
\nAs of December 31, 2022
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
20,970
19,075
1,283
212
4
396
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
20,970
19,075
1,283
212
4
396
\nAs of December 31, 2021
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
23,848
22,371
1,426
18
33
-
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
23,848
22,371
1,426
18
33
-
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n44
(c)
Liquidity risk
\nLiquidity risk means the risk that the Group may encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial
\nliabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s management approach to managing liquidity
\nis to ensure, as far as possible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and
\nstressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity risk is
\nassessed in conjunction with the Group\u2019s budgeted cash \ufb02ows and by managing a proper current liabilities structure. The
\nmethod of measuring the liquidity risk consists of the analysis of the cover of current liabilities with available cash resources.
\nThere are no bank loan balances and bank loan agreements in force as at December 31, 2022, December 31, 2021 and as at
\ndate of approval these consolidated \ufb01nancial statements for issue, thus also interest rate risk is remote from the Group\u2019s
\nperspective. Moreover, it is not expected that the cash \ufb02ows included in the maturity analysis could occur signi\ufb01cantly earlier, or
\nat signi\ufb01cantly different amounts.
\nThe Group\u2019s operations, and thus its liquidity, have not been adversely affected by the global COVID-19 pandemic.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n45
The following are the contractual maturities of \ufb01nancial liabilities including estimated interest payments as of respective balance sheet dates:
\nAs of December 31, 2022
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,297
\n3,297
\n3,297
-
-
-
-
\nAccrued expenses (except taxes)
\n17,975
17,975
17,975
\n-
-
-
-
\nLease liabilities
13,827
13,827
2,099
1,916
3,727
6,085
-
\nNon derivative \ufb01nancial liabilities
\n35,099
\n35,099
\n23,371
1,916
\n3,727
6,085
-
\nAs of December 31, 2021
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,204
2,717
2,460
255
2
-
-
\nDeferred payment for Tra\ufb03c Puzzle Game
29,400
29,400
29,400
-
-
-
-
\nAccrued expenses (except taxes)
17,226
17,226
17,226
-
-
-
-
\nLease liabilities
17,257
17,257
2,279
1,996
3,772
9,210
-
\nNon derivative \ufb01nancial liabilities
67,087
66,600
51,365
2,251
3,774
9,210
-
\nThere were no derivative \ufb01nancial instruments at the end of reported periods.
\nThe changes in liabilities arising from \ufb01nancing activities are presented in Note 20
Leases
and in Note 17
Conversion of series C preference shares
.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n46
(d)
Market risk
\nMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices may affect
\nthe Group\u2019s income or the value of the \ufb01nancial instruments held. The objective of market risk management is to manage and
\ncontrol market risk exposures within acceptable parameters, while optimizing the return. The Group does not apply hedge
\naccounting in order to manage volatility in pro\ufb01t or loss and so far neither has entered into derivatives nor incurred external
\n\ufb01nancial liabilities.
\n(i)
Currency risk
\nOne of the main risks to which the Group is exposed is the currency risk related to the exchange rate volatility between EUR and
\nUSD and functional currencies of respective Group entities. The Group is exposed to the currency risks resulting from the foreign
\ncurrency balances (cash and cash equivalents, trade receivables, trade payables except taxes and employee-related payables)
\nand from the business operations.
\nThe Group has not entered into derivative transactions with banks yet but is considering doing so in the future. For the time
\nbeing due to the mix of currencies for accounts receivable and accounts payable, as described above, the Group takes
\nadvantage of a reduced currency risk due to the fact that that currency differences resulting from accounts receivable and
\naccounts payable have the opposite effect, i.e. exposures are netted.
\nThe Group\u2019s exposure to foreign currency risk for the most signi\ufb01cant currencies is illustrated in the table below.
\nForeign currency denominated
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables
20,970
23,848
\nUSD \u2013 foreign
559
2,923
\nEUR \u2013 foreign
9,085
370
\nFunctional currencies
11,326
20,555
\nCash and cash equivalents
222,245
204,415
\nUSD \u2013 foreign
9,117
15,508
\nPLN \u2013 foreign
339
7,645
\nEUR \u2013 foreign
5,801
10,244
\nFunctional currencies
206,988
171,018
\nTrade payables and accrued expenses (except taxes and
\nemployee-related)
\n(21,272)
(49,830)
\nUSD \u2013 foreign
(851)
(340)
\nPLN \u2013 foreign
(558)
253
\nEUR \u2013 foreign
(1,295)
(1,022)
\nILS \u2013 foreign
(40)
(20)
\nJPY \u2013 foreign
(83)
(76)
\nGBP \u2013 foreign
(317)
(158)
\nFunctional currencies
(18,128)
(48,467)
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n47
Net balances in foreign currencies
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nUSD
\n8,825
\n18,091
\nPLN
(219)
7,898
\nEUR
13,591
9,593
\nILS
(40)
(20)
\nJPY
(83)
(76)
\nGBP
(317)
(158)
\nGross exposure
\n21,757
\n35,328
\nThe Group did not enter into hedging transactions.
\nSensitivity analysis
\nA strengthening or weakening of foreign currencies, as indicated below, against all functional currencies would have increased
\nor decreased, respectively, net pro\ufb01t or loss by the amounts shown below. This analysis is based on foreign currency exchange
\nrate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that
\nall other variables, in particular interest rates, remain constant.
\nAs of
\nDecember
\n31, 2022
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nILS/
\nEUR
\nILS/
\nPLN
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nILS/
\nGBP
\nTotal
\nexposure
\nUSD
-
\n4,981
\n-
3,977
(67)
-
-
(370)
-
-
(41)
-
\n8,480
\nEUR
\n12,683
\n-
-
-
-
-
-
-
(65)
-
-
-
\n12,618
\nPLN
-
-
771
-
-
(10)
-
-
-
(53)
-
-
708
\nILS
-
-
-
-
-
-
-
-
-
-
-
(4)
(4)
\nJPY
-
-
-
-
-
-
(45)
-
-
-
-
-
(45)
\nGross
\nexposure
\n12,683
4,981
\n771
3,977
(67)
(10)
(45)
(370)
(65)
(53)
(41)
(4)
\n21,757
\nReasonabl
\ne shift
\n+10%
\n1,268
498
77
398
(7)
(1)
(5)
(37)
(7)
(5)
(4)
0
\nReasonabl
\ne shift
\n-10%
\n(1,268)
(498)
(77)
(398)
7
1
5
37
7
5
4
0
\nAs of
\nDecember 31,
\n2021
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nTotal
\nexposure
\nUSD
-
18,783
-
7,232
-
(217)
-
-
(35)
25,763
\nEUR
7,165
-
-
-
-
-
(72)
-
-
7,093
\nPLN
-
-
2,527
-
-
-
-
(15)
-
2,512
\nILS
-
-
-
-
-
-
-
-
-
-
\nJPY
-
-
-
-
(40)
-
-
-
-
(40)
\nGross exposure
7,165
18,783
2,527
7,232
(40)
(217)
(72)
(15)
(35)
35,328
\nReasonable
\nshift +10%
\n717
1,878
253
723
(4)
(22)
(7)
(2)
(4)
\nReasonable
\nshift -10%
\n(717)
(1,878)
(253)
(723)
4
22
7
2
4
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n48
(ii)
Interest rate risk
\nAs the Group has not entered in bank loan agreements in all presented periods till December 31, 2022, the interest rate risk is
\nmarginal. The Group has recognized the lease liability; the lease liability bears \ufb01xed interest.
\nThe Group does not have any signi\ufb01cant interest bearing liabilities at variable rate which would expose the Group to the cash
\n\ufb02ow risk.
\nThe Group\u2019s interest bearing assets are cash and cash equivalents. The deposits, and the investments in money market funds
\nand money market accounts are at a variable interest rate. These are investments which are either readily available, or with a
\nshort-term maturity date. Since the expected reasonable shift of the interest rate is insigni\ufb01cant during the maturity period of the
\ninvestments, pro\ufb01t or loss is not sensitive to the changes of interest rates. Therefore the interest bearing assets at variable rate
\ndo not expose the Group to cash \ufb02ow risk.
\n (e)
Capital management
\nThe Board of Directors manages the Group\u2019s capital structure and makes adjustments in light of changes in economic
\nconditions.
\nThe Board\u2019s of Directors policy is to maintain a strong capital base so as to maintain investors\u2019 and market con\ufb01dence and to
\nsustain future development of the business. The Group\u2019s management seeks to maintain a su\ufb03cient capital base for meeting
\nthe Group\u2019s operational and strategic needs, with the objective to safeguard the ability to continue as a going concern and
\noptimize the capital structure in order to reduce the cost of capital and maximize the return on capital to the shareholders. The
\namount of capital maintained in each reporting period (see table below) met management\u2019s objectives.
\nThe capital managed by the Group\u2019s management includes equity. As such, managed capital consists of ordinary shares,
\npreference shares of series A and B, as well as repurchased own shares and options as of year-ended December 31, 2022. For
\nthe amounts please refer to respective Note 15
Share capital,
of these consolidated \ufb01nancial statements. There are no externally
\nimposed capital management requirements (such as covenants or similar).
\nThe Group\u2019s management monitors the return on capital on the basis of the basic and diluted earnings per share ratios. Further
\ninformation on calculation of EPS is presented in Note 12
Financial risk management
, point (f)
Earnings per share
. The objective
\nof the Management is to maximize the return on capital to the shareholders.
\nNo dividends were declared and paid by the Company to its shareholders in the years ending December 31, 2022 and December
\n31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nEquity
240,727
226,099
\nTotal capital
240,727
226,099
\n (f)
Earnings per share
\nBasic EPS is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the parent entity by the weighted
\naverage number of ordinary shares outstanding.
\nDiluted EPS is calculated by adjusting the earnings per share for the effects of dilutive employee share options,
preference
\nshares classi\ufb01ed as equity. Convertible preference shares classi\ufb01ed as equity are dilutive if the amount of dividend declared on
\nsuch share per ordinary share obtainable on conversion is below basic EPS. Convertible preference shares classi\ufb01ed as debt are
\ndilutive if the fair value measurement change recorded in pro\ufb01t and loss, net of tax per ordinary share obtainable on conversion,
\nis lower than basis EPS.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n49
Series A and B preference shares are non-cumulative equity instruments \u2013 a dividend on ordinary shares can only be declared if
\nthe dividend on preference shares is also declared in the amount that is at least the same but the Group otherwise does not
\nhave an obligation to declare preferred dividends. Thus series A and B shares are treated as participating equity instruments
\n(IAS 33 A13(a)). Therefore, in the calculation of basic EPS the amount of undistributed earnings is allocated to both ordinary
\nshareholders and participating preference shareholders irrespective of whether any dividends were declared during the period.
\nAlthough no dividends were declared in the presented periods, the numerator for basic EPS is adjusted for the effects of those
\ninstruments (i.e. the amount of dividend attributable to those shareholders).
\nOptions granted to employees under the ESOP are considered to be potential ordinary shares. They have been included in the
\ndetermination of diluted earnings per share. The options have not been included in the determination of basic earnings per
\nshare. Details relating to the options are set out in Note 16
Share-based payment arrangements.
\nTreasury shares represent the repurchased own shares and they are excluded from the calculation of earnings per share as they
\nare not outstanding.
\nBasic EPS
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nNet result attributable to the owners of the Parent
[A]
32,008
(9,681)
\nUndistributed pro\ufb01t (loss) attributable to holders of
\nseries A and B preference shares
\n[B]
-
(165)
\nPro\ufb01t (loss) attributable to holders of ordinary
\nshares
\n[C]=[A]-[B]
32,008
(9,516)
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of ordinary shares*
[D]
80,389,472
77,342,078
\nBasic EPS
[E] = [C] / [D]
0.40
(0.12)
\n* The weighted average number of shares in the year ended December 31, 2021 was adjusted for the event of the share split that
\ntook place on January 20, 2021. In accordance with IAS 33 Earnings per share, the weighted average number of shares has to be
\nadjusted retrospectively; therefore the additional shares are treated as having been in issue before January 20, 2021 to give a
\ncomparable result. As a result of the share split, each one common and preferred share was automatically reclassi\ufb01ed as \ufb01ve
\nshares of common or preferred shares accordingly, i.e., a share split on a one-for-\ufb01ve basis. For more information please refer to
\nNote 15
Share capital
.
\nDiluted EPS
\nThe effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS. Consequently, pro\ufb01t (loss)
\nattributable to ordinary equity holders of the parent adjusted for the effect of dilution is equal to pro\ufb01t (loss) attributable to
\nholders of ordinary shares.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n50
Pro\ufb01t (loss) attributable to holders of ordinary shares and pro\ufb01t (loss) attributable to ordinary equity holders of the parent
\nadjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nPro\ufb01t (loss) attributable to holders of ordinary shares
[C]
32,008
(9,516)
\nPro\ufb01t (loss) attributable to ordinary equity holders of
\nthe parent adjusted for the effect of dilution*
\n[H]
32,008
(9,516)
\nWeighted average number of ordinary shares adjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of issued ordinary shares
\nused in calculating basic earnings per share
\n[D]
80,389,472
77,342,078
\nEmployee Stock Option Plan
197,311
-
\nWeighted average number of issued ordinary shares
\nand potential ordinary shares used in calculating
\ndiluted earnings per share*
\n[I]
80,586,783
77,342,078
\nDiluted EPS
[J]=[H]/[I]
0.40
(0.12)
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n51
(g)
Accounting classi\ufb01cations of \ufb01nancial instruments and fair values
\nThe fair values of \ufb01nancial assets and liabilities, together with the carrying amounts presented in the statement of \ufb01nancial
\nposition are as follows:
\nAs of
\nDecember 31, 2022
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
243,215
-
243,215
243,215
\nTrade receivables
20,970
-
-
-
20,970
20,970
\nCash and cash
\nequivalents
\n222,245
-
-
-
222,245
222,245
\nLiabilities
-
-
3,297
13,827
17,124
17,124
\nLease liability
-
-
-
13,827
13,827
13,827
\nTrade payables
-
-
3,297
-
3,297
3,297
\nTotal \ufb01nancial
\nassets
\n243,215
-
3,297
13,827
260,339
260,339
\nAs of
\nDecember 31, 2021
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
228,263
-
-
-
228,263
228,263
\nTrade receivables
23,848
-
-
-
23,848
23,848
\nCash and cash
\nequivalents
\n204,415
-
-
-
204,415
204,415
\nLiabilities
-
-
32,604
17,257
49,861
49,861
\nLease liability
-
-
-
17,257
17,257
17,257
\nTrade payables
-
-
32,604
-
32,604
32,604
\nTotal \ufb01nancial
\nliabilities
\n228,263
-
32,604
17,257
278,124
278,124
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n52
As at December 31, 2022 and December 31, 2021 the Group\u2019s management did not identify any \ufb01nancial assets measured at fair
\nvalue \u2013 neither through pro\ufb01t or loss nor through other comprehensive income.
\nThe Group\u2019s management believes that the fair values of \ufb01nancial instruments do not differ signi\ufb01cantly from their carrying
\namounts.
\nSeries C preference shares
\nPrior to conversion on February 5, 2021, series C preference shares liability was measured at fair value initially with gains/losses
\non subsequent remeasurements being recognized in pro\ufb01t or loss at each reporting period. The fair value measurements of
\nseries C preference shares was classi\ufb01ed as Level 3 of the fair value hierarchy. Further information regarding the gain/loss
\nrecognized on the remeasurement of the preference shares liability in the prior periods is presented in the Group\u2019s consolidated
\n\ufb01nancial statements as of and for the year ended December 31, 2021.
\n 13.
Trade and other receivables
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts receivable and accrued revenues from third parties
20,970
23,848
\nContract cost
804
938
\nTax receivables other than from corporate income taxes
\n2,779
\n1,952
\nOther receivables
566
\n363
\nPrepaid expenses
932
782
\nAllowance for expected credit losses
(196)
\n(212)
\nTotal trade and other receivables
\n25,855
\n27,671
\nAllowance for expected credit losses
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nOpening balance
(212)
\n(244)
\n- increase
-
\n-
\n- decrease \u2013 valuation
16
32
\nTotal allowance for expected credit losses
\n(196)
\n(212)
\nThe majority of trade accounts receivable from main customers (platform distributors) are due within 30 days.
\nPrepaid expenses include advance payments for services that will be received in the future. Main types of prepayments are:
\nsubscription of Internet services, expenses from cloud computing arrangements which do not include an intangible asset
\n(software as a service contracts) and domain costs.
\nAllowance for expected credit losses is recognized in other operating expenses or \ufb01nance costs (accrued interest) in the
\nconsolidated statement of comprehensive income, based on the nature of the underlying balance. The allowance for expected
\ncredit losses referred solely to \u201cOther receivables\u201d in the amount of USD 196 thousand as at December 31, 2022 and USD 212
\nthousand as at December 31, 2021.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n53
14.
Cash and cash equivalents
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nDeposits
177,661
-
\nCash at banks (current accounts)
17,921
189,163
\nMoney market interest-bearing accounts
16,695
15,006
\nMoney market mutual fund investments
9,968
245
\nCash in hand
-
1
\nTotal cash and cash equivalents
222,245
204,415
\nAs of December 31, 2022, there were short-term cash deposits amounting to USD 177,661 thousand. Maturity of these
\ninvestments is three months, they are repayable on demand, thus the investments are highly liquid, readily convertible to known
\namounts of cash, and are subject to an insigni\ufb01cant risk of changes in value, and meet the criteria indicated in IAS 7 Statement
\nof Cash Flows, and have been considered in substance as cash equivalents.
\nMoney market interest bearing accounts are savings accounts which offer a competitive interest rate. Balances on these
\naccounts are readily available, i.e. amount of cash is known, and they are subject to an insigni\ufb01cant risk of changes in value, and
\nmeet the criteria indicated in IAS 7 Statement of Cash Flows, and have been considered in substance as cash equivalents.
\nMoney market mutual fund investments are classi\ufb01ed as cash equivalents. For the details, please refer to Note 2
Basis for
\npreparation of the consolidated \ufb01nancial statements
, point (d)
Key judgements and estimates
.
\nDuring the year ended December 31, 2022, deposits, money market mutual fund investments and money market interest-bearing
\naccounts generated interest income in the total amount of USD 2,089 thousand. This includes the accrued interest from bank
\ndeposits in the amount of USD 763 thousand (received before the date of these \ufb01nancial statements). For the details, please
\nrefer to Note 9
Finance income and \ufb01nance expense
.
\nAs of December 31, 2022, there was restricted cash in the amount of USD 249 thousand mostly related to the cash balances of
\nHuuuge Mobile Games Ltd and Coffee Break Games United Ltd, which are under liquidation process (USD 19 thousand as of
\nDecember 31, 2021).
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n54
15.
Share capital
\nAs of December 31, 2022 and December 31, 2021, the Group's share capital comprised of common shares and preference shares series A and B. Below are presented movements on different
\ncomponents of equity divided in the categories of shares (nominal values presented in USD, not thousand USD):
\nShares classi\ufb01ed as equity instruments as of December 31, 2022:
\nCommon shares
\nPreference shares
\n(series A and B)
\nTreasury shares
\nTreasury shares
\nallocated for the existing
\nshare-based payment
\nprograms
\nSub-total (issued)
\nShares allocated for
\nthe existing
\nshare-based payment
\nprograms (not issued)
\nGrand total
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nAs of January 1, 2022
82,690,347
1,655
2
0
1,556,348
31
-
-
84,246,697
1,686
12,467,461
249
96,714,158
1,935
\nReduction of shares allocated
\nfor the existing share-based
\npayment programs (not issued)
\n-
-
-
-
-
-
-
-
-
(1,459,728)
(29)
(1,459,728)
(29)
\nAllocation of shares to
\nShare-based payment program
\n-
-
-
-
(1,459,728)
(29)
1,459,728
29
-
-
-
-
-
-
\nExercise of stock options
\n1,459,728
29
-
-
-
-
(1,459,728)
(29)
-
-
-
-
-
-
\nDelivery of shares to former
\nowners of Double Star Oy
\n23,046
0
-
-
(23,046)
0
-
-
-
-
-
-
-
-
\nRepurchase of common shares
\nunder Share Buyback Scheme
\n(\"SBB\")
\n(4,989,608)
(100)
-
-
4,989,608
100
-
-
-
-
-
-
-
-
\nAs of December 31, 2022
79,183,513
1,584
2
0
5,063,182
102
-
-
84,246,697
1,686
11,007,733
220
95,254,430
1,906
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n55
Shares classi\ufb01ed as equity instruments as of December 31, 2021, i.e. including preference shares series C after conversion.
\nCommon shares
\nPreference shares (incl.
\nseries C)
\nTreasury shares
\nTreasury shares allocated
\nfor the existing share-based
\npayment programs
\nSub-total (issued)
\nShares allocated for the
\nexisting share-based
\npayment programs (not
\nissued)
\nGrand total
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nAs of January 1, 2021
8,618,959
863
5,963,949
596
1,390,019
139
794,442
80
16,767,369
1,678
881,071
88
17,648,440
1,766
\nRedemption of treasury shares
-
-
-
-
(1,390,019)
(139)
(794,442)
(80)
(2,184,461)
(219)
-
-
(2,184,461)
(219)
\nExercise of stock options
6,411
1
-
-
-
-
-
-
6,411
1
(6,411)
(1)
-
\nAllocation of shares to
\nShare-based payment program
\n-
-
-
-
-
-
-
-
-
-
794,442
80
794,442
80
\nAll shares before share split
8,625,370
864
5,963,949
596
-
-
-
-
14,589,319
1,460
1,669,102
167
16,258,421
1,627
\nAll shares after share split
43,126,850
864
29,819,745
596
-
-
-
-
72,946,595
1,460
8,345,510
167
81,292,105
1,627
\nConversion of preference shares
29,819,745
596
(29,819,745)
(596)
-
-
-
-
-
-
-
-
-
-
\nShares issued
11,300,100
226
-
-
-
-
-
-
11,300,100
226
-
-
11,300,100
226
\nStabilization option
(3,331,668)
(67)
-
-
3,331,668
67
-
-
-
-
-
-
-
-
\nPreference shares issued
-
-
2
0
-
-
-
-
2
0
-
-
2
0
\nReduction of shares allocated
\nfor the existing share-based
\npayment programs (not issued)
\n-
-
-
-
-
-
-
-
-
-
(1,775,320)
(36)
(1,775,320)
(36)
\nAllocation of treasury shares to
\nshare-based payment program
\n-
-
-
-
(1,775,320)
(36)
1,775,320
36
-
-
5,897,271
118
5,897,271
118
\nExercise of stock options
1,775,320
36
-
-
-
-
(1,775,320)
(36)
-
-
-
-
-
-
\nAs of
December
31, 2021
82,690,347
1,655
2
0
1,556,348
31
-
-
84,246,697
1,686
12,467,461
249
96,714,158
1,935
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n56
The Company is authorized to issue up to 113,881,420 shares with a par value of USD 0.00002 (113,881,418 of common shares
\nand 1 share of series A preferred share and 1 share of series B preferred share).
\nAs of December 31, 2022, 3,258,094 shares were allocated to a reserve which could be issued only with majority shareholders
\napproval (1,775,320 as of December 31, 2021). This is a consequence of using the treasury shares for: the Group\u2019s ESOP
\nobligations in the amount of 1,459,728 shares during the year 2022 and 1,775,320 shares during the year 2021, as well as the
\ndelivery of 23,046 treasury shares to the former owners of Double Star Oy (as presented in the tables above), which otherwise
\nwould need to be satis\ufb01ed via issuance of new shares.
\nAs of December 31, 2022, the share capital of the Company comprised 84,246,697 shares (fully paid) with a par value of USD
\n0.00002 per share and the total value of USD 1,686 (not thousand), including 79,183,513 common shares held by shareholders,
\ntwo preference shares (one preference share of series A and one preference share of series B), and 5,063,182 common shares
\nreacquired by the Company and not redeemed (treasury shares and treasury shares allocated to the existing share-based
\npayment programs).
\nAs of December 31, 2021, the share capital of the Company comprised 84,246,697 shares (fully paid) with a par value of USD
\n0.00002 per share and the total value of USD 1,686 (not thousand), including 82,690,347 common shares held by shareholders, 2
\npreference shares (one preference share of series A and one preference share of series B), and 1,556,348 of common shares
\nreacquired by the Company and not redeemed (treasury shares and treasury shares allocated for the existing share-based
\npayment programs).
\nDuring the year 2022, the number of shares (not issued) allocated to the existing share-based payment programs was reduced
\nby 1,459,728 shares. This is because 1,459,728 treasury shares were delivered to employees for the options exercised during the
\nyear ended December 31, 2022. As of December 31, 2022, 11,007,733 shares with a par value of USD 0.00002 per share were
\nreserved for two stock option programs established in 2015 and 2019.
\nDuring the year 2021, the number of shares (not issued) allocated for the existing share-based payment programs was reduced
\nby 1,775,320
shares. This is because the treasury shares were delivered to employees for the part of options exercised during
\nthe year ended December 31, 2021. On August 9, 2021 the number of shares allocated (not issued) for employee stock option
\nplan was extended by additional 5,897,271 shares. After the changes, as of December 31, 2021 12,467,461 shares with a par
\nvalue of USD 0.00002 per share were reserved for two stock option programs established in 2015 and 2019 years.
\nHolders of the two series A and series B preference shares, which may be converted for a \ufb01xed number of common shares, have
\nseveral rights additional to the ones of the common shareholders, which may vary for series A and B). These rights are
\nstipulated in the corporate documents of Huuuge Inc., in particular in the Fifth Amended and Restated Certi\ufb01cate of
\nIncorporation. Essentially, the rights refer to:
\n\u25cf
protective provisions in case of liquidation, dissolution, winding up, certain mergers, consolidations and sale of assets
\nof Huuuge Inc. or conversion to common shares \u2013 the holders of series A or B preference shares shall be entitled to
\nbe paid out of the assets of the Company available for distribution to its shareholders before the holders of common
\nshares,
\n\u25cf
election of a director for every separate class of preference shares, one per each series of preference shares (series A,
\nB); two by the holders of common shares.
\nAs at December 31, 2022 and December 31, 2021, no shareholder owned over 50% of the Company\u2019s equity or had more than
\n50% of voting rights. The Company's major shareholder is Mr. Anton Gau\ufb03n, CEO and President, who participates in the
\nCompany\u2019s ordinary shares indirectly (through shares of Big Bets OU).
\nAs of December 31, 2022, the share capital of the Company amounted to USD 1,686 (USD 1,686 as of December 31, 2021).
\nThe supplementary capital derives mainly from the difference between nominal value and the market price on issuance of
\nshares, or the difference between the book value and purchase price on re-issue of treasury shares.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n57
In the year ended December 31, 2022 the following transactions in common and preference shares took place:
\n\u25cf
Share Buyback Scheme (\"SBB\")
\nOn February 15, 2022, the Group decided to repurchase its common shares listed for trading on the Warsaw Stock Exchange.
\nThe share buy-back started on March 29, 2022. The purpose of the Share Buyback Scheme is to satisfy the Group's needs
\nrelated to the exercise of options under its Employee Stock Option Plans in the foreseeable future. On May 22, 2022, the Board
\nof Directors adopted a resolution according to which the number of Company\u2019s shares capable of being repurchased by the
\nCompany under the SBB has been set to the 6,500,000 shares. On August 2, 2022, the Company inde\ufb01nitely suspended the
\npurchase of its own shares.
\nThe common shares repurchased were presented in the treasury shares line in the statement of \ufb01nancial position.
\nDuring the year ended December 31, 2022, 4,989,608 common shares were repurchased under the SBB program and were
\nregistered at Central Securities Depository as of the date of these consolidated \ufb01nancial statements. Payments made for the
\npurchase of own shares in the amount of USD 20,090 thousand were recognized in Equity (Treasury shares).
\n\u25cf
Delivery of the treasury shares for options exercised
\nIn the year ended December 31, 2022, 2,072,355 share options held by employees under the share-based payment program were
\nexercised, out of which for 1,459,728 options exercised treasury shares were delivered to employees before December 31, 2022
\n(the difference is due to cashless exercises).
\nThe delivery of treasury shares was presented as a movement from treasury shares to common shares. The movement resulted
\nin an increase in share capital in the amount of the nominal value of the shares delivered, and the difference between the value
\nof treasury shares and the cash consideration received in the amount of USD 16,251 thousand was recognized in supplementary
\ncapital. At the same time, the movement decreased the number of shares (not issued) allocated to the existing share-based
\npayment programs.
\n\u25cf
Delivery of treasury shares to the former owners of Double Star Oy
\nIn the year ended December 31, 2022, 23,046 shares were delivered to the former owners of Double Star Oy based on the Share
\nSale and Purchase Agreement, corrected by the First Amendment dated October 19, 2021. For details of the earn-out
\nconsideration, please see Note 16
Share-based payment arrangements
. The movement resulted in an increase in share capital in
\nthe amount of the nominal value of the shares delivered, and a decrease in supplementary capital in the amount of USD 311
\nthousand (amount re\ufb02ects the value of treasury shares, since the shares were delivered with no cash consideration).
\nIn the year ended December 31, 2021 the following transactions in preference shares took place:
\n \u25cf
Redemption of treasury shares
\nOn January 15, 2021 the Board of Directors of the Company approved to retire all of the Company\u2019s common and preferred
\nshares that were held as treasury shares, which were as follows:
\n\u25cf
common shares \u2013 1,402,293 shares
\n\u25cf
series A preference shares \u2013 257,103 shares
\n\u25cf
series B preference shares \u2013 397,645 shares
\n\u25cf
series C preference shares \u2013 127,420 shares.
\nCommon shares were reverted to the status of authorized but unissued shares, preferred shares were eliminated to no longer be
\nissued or outstanding shares.
\nRedemption of treasury shares has been recognized as a decrease in supplementary capital in the consolidated statement of
\nchanges in equity in the amount of USD 33,994 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n58
\u25cf
Share split
\nOn January 18, 2021 the Board of Directors approved the split of all of the Company\u2019s existing common and preferred shares.
\nThe Certi\ufb01cate of Incorporation of Huuuge Inc. was amended as following:
\nThe total number of shares of all classes of stock which Huuuge Inc. has authority to issue is 118,063,540 shares, which shall
\nbe divided into:
\n(i) 88,243,795 common shares, with a par value of USD 0.00002 per share, and
\n(ii) 29,819,745 preferred shares series consisting of:
\na)
8,714,485 series A preferred shares, with a par value of USD 0.00002 per share,
\nb)
4,911,775 series B preferred shares, with a par value of USD 0.00002 per share, and
\nc)
16,193,485 series C preferred shares, with a par value of USD 0.00002 per share.
\nAfter this amendment each one common and each one preferred share, with a par value of USD 0.0001 per share, issued and
\noutstanding or held by Huuuge Inc. as treasury shares was automatically reclassi\ufb01ed as \ufb01ve shares of common or preferred
\nshares accordingly, with a par value of USD 0.00002 per share.
\nSplit of shares required weighted average number of shares presented in Note 12
Financial risk management
, point (f)
Earnings
\nper share
to be adjusted in the calculation of both basic and diluted earnings per share for the period ended December 31, 2021
\npresented in accordance with IAS 33 Earnings per share.
\n\u25cf
Conversion of preference shares series A, B and C
\nOn February 5, 2021 all preference shares series A, B and C were converted into common shares, as shown in the table below:
\nBefore the conversion
After conversion
\nSeries A preference
\nshares
\nSeries B preference
\nshares
\nSeries C preference
\nshares
\nCommon shares
\nNumber of shares
8,714,485
4,911,775
16,193,485
29,819,745
\nConversion of preference shares A,B and C has been recognized as an increase in supplementary capital in the consolidated
\nstatement of changes in equity in the amount of USD 215,603 thousand.
\n\u25cf
Issuance of series A and series B preference shares
\nOn February 5, 2021 the Board of Directors, issued one series A preference share to RPII HGE LLC (Raine Group), with a par value
\nof USD 0.00002 per share for cash consideration of USD 50 and one series B preference share to Big Bets OU, with a par value of
\nUSD 0.00002 per share, for cash consideration of USD 50, for which total cash consideration amounting to USD 100 was
\nreceived in February 2021. The difference between the nominal amount and the consideration received was recognized in the
\nsupplementary capital in the consolidated statement of changes in equity.
\n\u25cf
Initial public offering
\nOn January 27, 2021 Huuuge Inc. published its prospectus and launched its initial public offering. The offering comprised a
\npublic subscription for 11,300,100 newly issued shares. The \ufb01nal share price for offering shares was determined as PLN 50 per
\nshare (approx. USD 13.53 per share). The difference between the nominal amount of newly issued shares and the cash
\nconsideration received was recognized in the supplementary capital in the consolidated statement of changes in equity.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n59
\u25cf
Execution of stabilization option
\nIn relation to the initial public offering, on February 5, 2021 the Company and IPOPEMA Securities S.A. (\u201cStabilization Manager\u201d)
\nsigned Stabilization Agreement. The purpose of the Stabilization Agreement was to stabilize the price of the Huuuge Inc. shares
\nat a level higher than the level which would otherwise have prevailed. When the Company entered the contract, the liability was
\nrecognized in correspondence with equity. At the same time, the Company recognized a prepayment (\ufb01nancial asset) in the
\nsame amount to re\ufb02ect the fact that the stabilization activities were funded from the proceeds from the offering. The liability
\nand the assets were measured at fair value through pro\ufb01t or loss until the stabilization transactions were completed. As such,
\nthese transactions had no net impact on pro\ufb01t or loss.
\nOn February 26, 2021 the Company ended the stabilization process, which started upon the initial public offering on February 19,
\n2021, and the above-mentioned liability and asset have been derecognized. The Company repurchased, via Stabilization
\nManager, its own shares in the total number of 3,331,668 in the price range PLN 38.4000\u201349.9850 (USD 10.35\u201313.51). The
\nrepurchased shares were recognized as a decrease in equity (treasury shares) in the total amount of USD 43,976 thousand,
\ncalculated as the number of shares repurchased, multiplied by the price per share plus the remuneration paid to Stabilization
\nManager representing the transaction cost of this capital transaction.
\n\u25cf
The issuance of common shares for options exercised
\nIn the year ended December 31, 2021, before share split 6,411 share options (equivalent of 32,055 options after share split) held
\nby the employees under the share-based payment program were exercised, resulting in the issuance of common shares with the
\ndifference between the exercise price paid by the employee and the nominal amount of shares recognized as share premium
\n(presented within \u201cSupplementary capital\u201d). The exercise price was paid by the employees in cash.
\n\u25cf
Delivery of the treasury shares for options exercised
\nIn the year ended December 31, 2021, after the share split 1,851,622 share options held by the employees under the share-based
\npayment program were exercised, out of which for 1,775,320 options exercised treasury shares were delivered to employees
\nbefore December 31, 2021 (the difference is due to cashless exercises). The delivery of treasury shares was presented as a
\nmovement from treasury shares to common shares. The movement resulted in an increase in share capital in the amount of
\nnominal value of the shares delivered, and difference between the value of treasury shares and the cash consideration received
\nin the amount of USD 22,672 thousand was recognized in supplementary capital. At the same time, the movement decreased
\nthe number of shares (not issued) allocated to the existing share-based payment programs.
\n 16.
Share-based payment arrangements
\nAs at December 31, 2022 and as at December 31, 2021 the Group had an equity incentive plan, i.e. ESOP. The \ufb01rst stock option
\nprogram (the employee stock option plan or \u201cESOP 2015\u201d) was established by the Company\u2019s Board of Directors on April 3, 2015,
\nthe second one on October 19, 2019 (\u201cESOP 2019\u201d), the grant dates were determined at the dates when the contracts with
\neligible employees were signed. Additionally, during the period ended December 31, 2021 stock option plan was granted to Mr.
\nAnton Gau\ufb03n as described below in this note. The program entitles employees and some consultants to purchase shares in the
\nCompany. Each option stands for one common or treasury share of the Company.
\nThe vesting condition of both ESOP 2015 and 2019 programs is to provide the service continuously for at least 4 years from the
\ngrant date and the following vesting schedule is applicable depending on the particular grant:
\n\u25cf
about
25%
of
the
shares
options vest and become exercisable on a 12-month anniversary of the vesting
\ncommencement date and then after end of each consecutive month 1/36 of the remaining shares options vest and
\nbecome exercisable; or
\n\u25cf
the options vest and become exercisable with respect to 1/48th of the total option shares when the optionee
\ncompletes each full month of continuous service after the grant date.
\nFor such share-based payments staged vesting applies i.e. each instalment with different vesting period is treated as a separate
\naward with a different vesting period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n60
As of December 31, 2022 there were 11,007,733 shares reserved for the ESOP that were not yet allocated to speci\ufb01c employees
\n(12,467,461 as of December 31, 2021). This is at the Group discretion whether the unallocated shares will be allocated within
\nthe share-based program to the employees or unused or withdrawn from the program.
\nIn 2022 the Company\u2019s Board of Directors granted 656,971 options to its employees and consultants (4,111,765 in 2021).
\nShares option expense for year 2022 amounts to USD 3,082 thousand (USD 11,830 thousand in 2021) and was booked against
\nequity (employee bene\ufb01t reserve) which amounted to USD 22,894 thousand as of December 31, 2022 (USD 19,812 thousand as
\nof December 31, 2021).
\nDetails of the grants are presented in the table below:
\nGrant date
Number of instruments granted
Expiry date
\nGranted in 2015
293,292
June 1, 2025
\nGranted in 2016
175,058
\nJune 1, 2026 \u2013
\nDecember 1, 2026
\nGranted in 2017
386,310
\nFebruary 1, 2027 \u2013
\nDecember 1, 2027
\nGranted in 2018
131,000
December 1, 2024
\nGranted in 2019
243,525
\nDecember 1, 2024 \u2013
\nNovember 6, 2025
\nGranted in 2020
738,024
\nApril 1, 2027\u2013
\nNovember 11, 2027
\nGranted in 2021
4,111,765
\nFebruary 2,2028 -
\nSeptember 10, 2028
\nJanuary 3, 2022
322,945
January 3, 2029
\nFebruary 7, 2022
28,665
February 7, 2029
\nAugust 5, 2022
305,361
August 5, 2029
\nSubtotal granted in 2022
656,971
\nTotal
6,735,945
\nMovements in share options since the \ufb01rst grant date were as follows:
\nYear ended December 31, 2022
\nNumber of options
Weighted average exercise price
\nBalance as at January 1
8,839,097
5.80
\nGranted during the period
656,971
3.99
\nForfeited during the period
(2,345,282)
5.46
\nExercised during the period
(2,072,355)
2.70
\nExpired during the period
(300,331)
5.56
\nBalance as at December 31
4,778,100
4.46*
\n* The weighted average exercise price of the balance outstanding as at December 31, 2022 includes the effect of modi\ufb01cation
\nof the share-based payment program as described further below in this note. The weighted average exercise price of the
\nbalance outstanding as at January 1, 2022 is presented in the amount prior to the modi\ufb01cation.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n61
Year ended December 31, 2021
\nNumber of options
Weighted average exercise price
\nBalance as at January 1
1,435,584
12.01
\nExercised during the period
(6,411)
0.45
\nForfeited during the period
(2,056)
4.15
\nAll options before share split
1,427,117
\nAll options after share split
7,135,585
\nGranted during the period
4,111,765
9.70
\nForfeited during the period
(518,371)
7.44
\nExercised during the period
(1,851,622)
1.02
\nExpired during the period
(38,260)
2.03
\nBalance as at December 31
8,839,097
5.80
\nThe weighted average exercise prices are presented in USD, not in thousand USD.
\nAs at December 31, 2022 1,585,019 share options were exercisable, with weighted average exercise price of USD 3.1 per share.
\nAs at December 31, 2021 2,836,827 share options (after share split) were exercisable, with weighted average exercise price of
\nUSD 2.89 per share.
\nThe below table presents a summary of share prices at the exercise dates:
\nExercise date
Grant date
Exercise price
\nFair Market Value on
\nexercise date
\nNumber of stock
\noptions exercised
\nExercised in 2020
\nMay 29, 2015
\u2013
\nNovember 6, 2019
\n$0.0002 \u2013 $13.500
$15.0300 \u2013 $18.6200
176,009
\nExercised in 2021
\n(before share split)
\nMay 29, 2015 \u2013
\nDecember 1, 2016
\n$0.0002 \u2013 $0.79
$54.53
6,411
\nExercised in 2021
\n(after share split)
\nMay 29, 2015 \u2013
\nNovember 20, 2020
\n$0.00004 \u2013 $3.72402
$6.2348 \u2013 $12.0319
1,851,622
\nExercised in 2022
\nMay 29, 2015 \u2013
\nJanuary 3, 2022
\n$0.11 \u2013 $4.13
$3.5835 \u2013 $5.6779
2,072,355
\nFor share options outstanding at the end of the reporting periods, the range of exercise prices and weighted-average remaining
\ncontractual life was as follows:
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n62
As at December 31, 2022:
\nExercise price in USD
Number of outstanding stock options
Weighted average remaining contractual life
\n(in years)
\n0.00004 - 0.83
268,694
4.21
\n2.7 - 3.92
3,448,626
5.58
\n4.13 - 13.51
1,060,780
6.15
\nTotal:
4,778,100
5.63
\nAs at December 31, 2021:
\nExercise price in USD
Number of outstanding stock options
Weighted average remaining contractual life
\n(in years)
\n0.00004 - 0.83
495,579
4.18
\n2.7 - 3.72
4,776,838
2.85
\n9.55 - 13.51
3,566,680
6.18
\nTotal:
8,839,097
4.27
\nThe fair value of the employee share options has been measured using the Black-Scholes formula by an independent appraiser,
\nassuming no dividends and using the valuation assumptions summarized below. The underlying price of the common stock was
\ndetermined using the fair value as of the option grant dates. The exercise prices of the options were determined by the Board of
\nDirectors of the Company in the contract with the employee. The risk-free rate is based on the U.S. Treasury yield curve in effect
\nat the time of each grant date and corresponding to expiration. In assessing the appropriate time to expiration, the appraiser
\nexamined the expiration period, the vesting period and the option grant dates.
\nExpected volatility was based on historical volatility of a similar industry sector. Based on the analysis and the factors speci\ufb01c to
\nthe Company, an equity volatility of 54.2% - 80.0% (55.4% - 80.0% for the year ended 31 December, 2021) was used in option
\npricing model.
\nThe inputs used in the measurement of the fair values at the grant dates of the equity-settled share-based payment plan for the
\noptions outstanding as of December 31, 2022 and as of December 31, 2021, were as follows:
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nFair value at grant date
0.00002 \u2013 8.66
0.00002 \u2013 8.66
\nShare price at grant date
2.5 \u2013 10.91
0.00004 \u2013 10.91
\nExercise price
0.00004 \u2013 13.5146
0.00004 \u2013 13.5146
\nExpected volatility (weighted average)
54.2% \u2013 80%
55.4% \u2013 80%
\nExpected life (weighted average)
2.42 \u2013 6.60
3.00 \u2013 7.30
\nRisk-free interest rate
0.21% \u2013 3.27%
0.21% \u2013 2.80%
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n63
The effect of the fair value measurement is re\ufb02ected in the pro\ufb01t and loss against equity (USD 3,082 thousand was expensed in
\n2022 and USD 11,830 thousand in 2021) \u2013 for details on the related employee bene\ufb01t expenses please refer to Note 8
Salaries
\nand employee-related costs
and to the consolidated statement of changes in shareholders\u2019 equity.
\nDuring the year ended December 31, 2022, 2,072,355 options were exercised in total under the share-based payment program,
\nout of which 1,459,728 treasury shares were delivered for all options exercised (the difference of 612,627 options is due to
\ncashless exercises). Cash payments received for the shares delivered to employees before December 31, 2022 amounted to
\nUSD 2,540 thousand.
\nDuring the year ended December 31, 2021, before share split, 6,411 common shares were issued (equivalent of 32,055 common
\nshares after share split) and 1,775,320 treasury shares were delivered from the share-based payment program as described in
\nNote 15
Share capital
. During the year ended December 31, 2021, the Group received cash payments for the shares that were
\ndelivered to employees as of December 31, 2021.
\nOther than the share-based payment arrangements described above, in a result of the acquisition that took place on July 16,
\n2020, the Group accounted for the earn-out consideration payable in shares dependent on a performance condition and a
\ncontinuing employment condition as a share-based payment for the sellers of Double Star Oy.
On February 21, 2022, 23,046
\ntreasury shares were delivered to the former owners of Double Star Oy as presented in Note 15
Share capital
. As at December
\n31, 2022, it is not expected that additional shares, except for those delivered, would vest under earn-out consideration.
\nTotal expense related to share-based payment arrangements for the year ended December 31, 2022 amounted to USD 3,082
\nthousand. This expense includes Mr. Anton Gau\ufb03n\u2019s options and the options payable to a consultant under the advisory
\nagreement in the total amount of USD 557 thousand, which are both explained in detail further below.
\nTotal expense related to share-based payment arrangements for the year ended December 31, 2021 comprises ESOP in the
\namount of USD 11,830 thousand (this expense includes USD 381 thousand related to Mr Anton\u2019s Gau\ufb03n options which are
\nexplained in detail further below) and earn-out consideration expense reversal in the amount of USD 70 thousand.
\nThese costs were allocated to Sales and marketing expenses, Research and development expenses and General and
\nadministrative expenses lines in the consolidated statement of comprehensive income.
\nModi\ufb01cation of the share-based payment program
\nOn July 25, 2022, the Company\u2019s Board of Directors adopted a resolution on the voluntary modi\ufb01cation of the terms of the
\ngrants that took place between August 2021 and February 2022.
\nEffectively, for 1,633,702 options under the Company\u2019s employee stock option plan, i.e., \u201cESOP 2019,\u201d the vesting schedule was
\nextended and the exercise price was decreased. For 713,713
options under the Company\u2019s employee stock option plan, i.e.
\n\u201cESOP 2019,\u201d the exercise price was decreased without changes to the vesting schedule.
\nAs of the date of approval of these consolidated \ufb01nancial statements, the process of the voluntary choice by the employees was
\n\ufb01nalized and resulted in the modi\ufb01cation for 2,347,415 options in total. Total expense related to modi\ufb01cation of options for the
\nyear ended December 31, 2022 amounted to USD 552 thousand.
\nCEO options
\nThe remuneration of Mr. Anton Gau\ufb03n, holding the positions of the President and Chief Executive O\ufb03cer of the Company , for
\nthe period ending at the 2022 Annual General Meeting of the Company, consisted solely of share options. All options can be
\nexercised at a price of PLN 50, i.e., the price of the Company\u2019s shares in the initial public offering.
\nThe vesting conditions for the options is the following:
\n\u25cf
50,000 options with a vesting condition to provide the service continuously for about four years from the service
\ncommencement date. The Group\u2019s management expects Mr. Anton Gau\ufb03n to ful\ufb01ll the service condition.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n64
\u25cf
75,000 options with a vesting condition to provide the service continuously for about four years from the service
\ncommencement date and to meet 2021 EBITDA target. These options were forfeited since the performance condition
\nwas not met.
\n\u25cf
375,000 options with a variable vesting period due to the market condition, i.e., condition to meet the Company\u2019s
\nmarket capitalization milestones. The Group\u2019s management estimated that a total of six years of continuous service
\nfrom the service commencement date will be required for options to vest.
\nSimilar to other share-based payments in the Group, for this program, staged vesting applies, i.e., each instalment has a different
\nvesting period and is treated as a separate award with a different vesting period.
\nAdvisory agreement
\nBased on the contract executed on September 27, 2021, beginning from January 3, 2022 until October 31, 2024, the advisor shall
\nprovide to the Company\u2019s CEO consulting services for the consideration payable in options, i.e., options to purchase 206,250
\nshares in total vesting on a straight-line basis during the period of the agreement. This is a transaction with a non-employee, and
\nthe Group measures the fair value of the services received and the corresponding increase in equity indirectly, by reference to
\nthe fair value of the equity instruments granted when the services are performed.
\n17.
Conversion of series C preference shares
\nOn February 5, 2021, all preference shares series C were converted into common shares. For more information, please refer to
\nNote 15
Share capital.
As a result of the conversion, \ufb01nancial liability arising from preference shares was decreased with the
\ncorresponding increase in supplementary capital as presented in the consolidated statement of changes in equity as of
\nDecember 31, 2021.
\n 18.
Goodwill
\nFor the purpose of impairment testing, the whole Group is determined to be one cash-generating unit, to which goodwill resulting
\nfrom business combinations is allocated in full. Reconciliation of the carrying amount of goodwill in each of the reporting
\nperiods was as follows:
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAmount as the beginning of the period
2,693
2,838
\nGoodwill arising from the acquisition of Playable Platform B.V.
1,098
1,098
\nGoodwill arising from the acquisition of Double Star Oy
1,508
1,508
\nForeign exchange differences
(144)
87
\nImpairment
-
-
\nAmount as the end of the period
2,462
2,693
\nThe recoverable amount of the net assets of the Group has been determined based on their fair value (Level 1) as at December
\n31, 2022. The test results show no goodwill impairment as at December 31, 2022.
\nWhen performing the test for impairment, the recoverable amount of a cash-generating unit is determined based on the fair
\nvalue less costs of disposal, and then compared to the cash-generating unit\u2019s carrying amount. Once the fair value of the
\ncash-generating unit falls below its carrying amount an additional value in use calculation is performed.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n65
19.
Trade, other payables and deferred income
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts payable to third parties
3,297
3,204
\nDeferred payment for Tra\ufb03c Puzzle Game
-
29,400
\nTax payables other than from corporate income taxes
\n2,463
\n2,339
\nOther accounts payable
\n567
\n518
\nAccrued expenses
\n17,975
\n17,226
\nTrade and other payables
\n24,302
\n52,687
\nAs of December 31, 2022 and December 31, 2021 accrued expenses mainly include marketing and advertising expenses,
\nexpenses related to bonuses for employees and consultants, unused vacation and the audit.
\nDeferred income, presented in a separate line of the statement of the \ufb01nancial position, amounting to USD 2,680 thousand as at
\nDecember 31, 2022 (USD 3,126 thousand as at December 31, 2021), is a contract liability related to players' unused coins at the
\nend of the reporting period as described in Note 2
Basis for preparation of the consolidated \ufb01nancial statements
, point (d)
Key
\njudgement and estimates \u2013 estimate of the progress towards complete satisfaction of the performance obligation.
\n 20.
Leases
\nThe Group is committed to make payments for leases based on car \ufb02eet agreements, o\ufb03ce space rental agreements and
\nshort-term apartment rental agreements. The Group entities have also concluded contracts regarding low value o\ufb03ce
\nequipment, such as coffee machines.
\nLease agreements are usually concluded for de\ufb01nite periods of time, varying according to the class of the underlying asset and
\nspeci\ufb01c needs. Some of the contracts include extension or termination options \u2013 the Group\u2019s management exercises judgement
\nin determining whether these options are reasonably certain to be exercised.
\nThe table below presents the carrying amounts of recognized right-of-use assets and the movements over the year 2022 and
\n2021:
\nO\ufb03ces
Cars
Total
\nas at January 1, 2022
17,229
250
17,479
\nadditions (new leases)
663
-
663
\ntransfer to lease receivables *
(749)
-
(749)
\nlease modi\ufb01cations
1,266
(12)
1,254
\nforeign exchange differences on translation
(1,619)
(29)
(1,648)
\nDepreciation
(3,931)
(103)
(4,034)
\nas at December 31, 2022
12,859
106
12,965
\n* Transfer to the lease receivables line re\ufb02ects the derecognition of the remaining right-of-use balance of the original lease
\nagreement, for which the Group has entered into the sublease agreement classi\ufb01ed as \ufb01nance leases in accordance with IFRS
\n16. Group\u2019s sublease arrangements are described further below.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n66
O\ufb03ces
Cars
Total
\nas at January 1, 2021
8,501
145
8,646
\nRemeasurement due to indexation and other
833
-
833
\nadditions (new leases)
11,462
233
11,695
\nlease modi\ufb01cations
(660)
3
(657)
\nforeign exchange differences on translation
17
(21)
(4)
\nDepreciation
(2,924)
(110)
(3,034)
\nas at December 31, 2021
17,229
250
17,479
\nDuring the year ended December 31, 2022, lease agreement for new o\ufb03ce building in London was signed, where lease payments
\ndenominated in British pound sterling and lease term is 2 years.
\nThere were two signi\ufb01cant lease agreements signed during the year ended December 31, 2021, new o\ufb03ce building in Tel Aviv
\nand additional \ufb02oor space in Warsaw. Lease payments for the Tel Aviv o\ufb03ce are denominated in Israeli Shekel. Lease payments
\nfor additional \ufb02oor space in Warsaw are denominated in euro, subject to indexation. The minimum lease terms are 5 years each,
\nand as of today the Group does not intend to extend them. The contracts do not contain variable payments and no material
\nlease improvements have been made to December 31, 2021.
\nThe table below presents the book values of lease liabilities and movements over the year 2022 and 2021.
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nas at January 1
17,257
9,061
\nadditions (new leases)
663
11,110
\nlease modi\ufb01cations
1,268
(853)
\nRemeasurement due to indexation and other
-
894
\ninterest expense on lease liabilities
288
162
\nlease payments
(4,185)
(2,952)
\nforeign exchange differences on translation to local currency
218
\n63
\nforeign exchange differences on translation to USD
(1,682)
\n(228)
\nas at December 31
13,827
17,257
\nlong-term
9,812
12,982
\nshort-term
4,015
4,275
\nIn the consolidated statements of cash \ufb02ows, the Group classi\ufb01es:
\n\u25cf
cash payments of the capital component of lease liabilities in the year 2022 amounting to USD 3,897 thousand (USD
\n2,790 thousand in the year 2021) \u2013 as part of \ufb01nancing activities (lease repayment),
\n\u25cf
cash interest payments on leases in the year 2022 amounting to USD 288 thousand (USD 162 thousand in the year
\n2021) \u2013 as part of \ufb01nancing activities (interest paid),
\n\u25cf
leases of low-value assets and short-term leases not included in the measurement of lease liabilities in the year 2022
\namounting to USD 492 thousand (USD 402 thousand in the year 2021) as part of operating activities.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n67
The table below presents the amounts of income, costs, gains and losses resulting from leases which are recognized in the
\nconsolidated statement of comprehensive income for year 2022 and 2021.
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nDepreciation expense of right-of-use
\nassets
\n4,034
3,034
\nInterest expense on lease liabilities
288
162
\nForeign exchange differences
218
63
\nTotal amount recognized in the consolidated statement of
\ncomprehensive income
\n4,540
3,259
\nSublease agreements
\nThe Group entities have entered several arrangements to sublease leased o\ufb03ce spaces to a third party while the original lease
\ncontract is in effect. In these arrangements, the Group entities act as both lessee and lessor of the same underlying asset. For
\nthe sublease arrangements classi\ufb01ed as an operating lease in accordance with the criteria of IFRS 16, the Group continues to
\naccount for the lease liability and right-of-use asset on the head lease like any other lease. For the sublease arrangements
\nquali\ufb01ed as a \ufb01nance lease in accordance with the criteria of IFRS 16, the Group derecognizes the right-of-use asset on the head
\nlease at the sublease commencement date, recognises lease receivable from sublease, and continues to account for the
\noriginal lease liability in accordance with the lessee accounting model.
\nThe
income
from
the
operating
lease
amounted
to
USD
1,679
thousand
is
presented in the line \u201cOther operating
\nincome/(expense), net\u201d in the consolidated statement of comprehensive income during the year ended December 31, 2022. The
\nlease receivable from the \ufb01nance lease amounted to USD 749 thousand as at December 31, 2022.
\n 21.
Contingencies
\nTax contingent liabilities
\nTax settlements are subject to review and investigation by tax authorities, which are entitled to impose severe \ufb01nes, penalties
\nand interest charges. Tax regulations in the United States, Poland and Israel, which apart from Cyprus constitute the main
\noperating environments of the Group, have been changing recently, which may lead to lack of their clarity and integrity.
\nFurthermore, frequent contradictions in tax interpretations in Poland, both within government bodies and between companies
\nand government bodies, create uncertainties and con\ufb02icts. These facts create tax risks that are substantially more signi\ufb01cant
\nthan those typically found in countries with more developed tax systems.
\nTax authorities may examine accounting records retrospectively: for three years in the United States (and up to six years in case
\nof substantial errors), \ufb01ve years in Poland, seven years in Cyprus (and up to 12 years in case of substantial errors) and seven
\nyears in Israel. Consequently, the Parent Company and subsidiaries may be subject to additional tax liabilities, which may arise
\nas a result of tax audits. The Board of Directors of the Parent Company believes that there was no need to record any provisions
\nfor known and quanti\ufb01able risks in this regard as, in their assessment, there are no such uncertain tax positions for which it
\nwould be probable that the taxation authority will not accept the tax treatment applied by the Group.
\n 22.
Pledges and collaterals
\nDuring the reporting periods and till the date of issuing these consolidated \ufb01nancial statements neither the Group nor individual
\nsubsidiaries entered in a pledge or collateral agreement on the Group\u2019s assets.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n68
23.
Related party transactions
\nOn March 7, 2023 the loan agreements were signed between subsidiaries wholly owned by Huuuge Inc. and the two members of
\nthe Group Executive Management team. Based on the agreements, the two members of the Group Executive Management team
\nreceived the loans in the total amount equivalent to USD 213 thousand, both for a six-month period at a market interest rate.
\nOn February 5, 2021, one series A preference share was issued to RP II HE LLC - the Group\u2019s shareholder holding 12.96 % of the
\nCompany\u2019s shares and exercising the signi\ufb01cant in\ufb02uence as at the date of approval of these consolidated \ufb01nancial statements
\nfor issue, with a par value of USD 0.00002 per share for cash consideration of USD 50, and one series B preference share was
\nissued to Anton Gau\ufb03n (through Big Bets OU) \u2013 the Group\u2019s shareholder holding 30.68% of the Company\u2019s shares, with a par
\nvalue of USD 0.00002 per share, for cash consideration of USD 50.
\nThere is no ultimate controlling party.
\n 24.
Transactions with management of the Parent Company and their
\nclose family members
\nCompensation of key management personnel of the Group is comprised of the compensation of key management personnel of
\nthe Parent Company and its subsidiaries.
\nBoard of Directors of Huuuge Inc. and Executive Management
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nBase salaries
3,215
3,283
\nBonuses and compensation based on the Group\u2019s \ufb01nancial result
\nfor the previous year
\n1,706
988
\nShare-based payments
438
6,871
\nTotal
5,359
11,142
\nThe amounts presented for the year ended December 31, 2022 and December 31, 2021 re\ufb02ect the change in composition of the
\nexecutive management team during the year.
\nShare-based payment remuneration includes cost recognized during the period in accordance with the vesting schedule, as well
\nas cost derecognition when the member of the executive management team ends the tenure with the Company, i.e., when the
\nservice condition is not met. During the year ended December 31, 2022, the cost recognized amounted to USD 1,627 thousand
\nand the cost reversal amounted to USD 1,189 thousand.
\nDuring the year ended 31 December 2022, members of the Board of Directors and Executive Management team exercised 8,360
\noptions (395,877 options during the year ended 31 December 2021).
\nThe non-executive directors are remunerated with a \ufb01xed annual salary and an additional salary for holding a position of
\npresident of the Audit Committee or the Remuneration and Nomination Committee or being a member of the Audit Committee
\nor
the
Remuneration
and
Nomination.
For
additional
information
about
recommendation
from
the
Nomination
and
\nRemuneration Committee on executive and non-executive compensation, please refer to Note 16
Share-based payment
\narrangements.
\nOn March 7, 2023 the agreement was concluded between the Company and Mr. Rod Cousens, governing his board service and
\nexecutive service as co-Chief Executive O\ufb03cer of the Company during the current board term, providing for a 12-month early
\nnotice period for termination. This agreement terminated Mr. Rod Cousens\u2019s executive service by mutual agreement, the
\nCompany con\ufb01rmed Mr. Cousens\u2019s entitlement to payment in lieu of advance notice.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n69
25.
Audit fees
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nAudit of \ufb01nancial statements
311
255
\nVoluntary audit of \ufb01nancial statements
-
130
\nRemuneration for additional services performed
-
-
\nTotal
311
385
\nAudit of \ufb01nancial statements relates to the audit of standalone \ufb01nancial statements of Huuuge Inc., and the audit of the Group\u2019s
\nconsolidated \ufb01nancial statements prepared in accordance with IFRS, as well as the audit of separate \ufb01nancial statements of the
\nGroup\u2019s subsidiaries prepared in accordance with local generally accepted accounting principles, to the extent performed by the
\nGroup Auditor.
\nFor the year ended December 31, 2021 the voluntary audit of \ufb01nancial statements relates to the audit of the Group\u2019s
\nconsolidated \ufb01nancial statements prepared in accordance with Generally Accepted Accounting Principles in the United States.
\n26.
Unusual events
\nWar in Ukraine
\nOn February 24, 2022, Russian troops crossed the eastern, southern and northern borders of Ukraine, attacking Ukraine. In
\nconnection with the hostilities by Russia, the representatives of the European Union imposed sanctions on Russia. The
\nCompany also made the decision to stop distribution of new games in Russia and Belarus. The Russian and Belarusian markets
\nwere responsible for less than 1% of total revenue generated by Huuuge in 2022, which means that the ongoing war in Ukraine
\nshould not have a material impact on Huuuge's performance and operations. Huuuge has analyzed and is continuously
\nmonitoring the impact of the political and economic situation in Ukraine on its and the Group's operations and \ufb01nancial results.
\nThe Company is not able to reliably determine the impact that the situation in Ukraine will have on the state of the European
\neconomy and, consequently, on the activity of the Group.
\nAs of March 10th, 2022, due to payment system disruption, Google Play informed about a pause in Google Play's billing system
\nfor users in Russia. This means users will not be able to purchase apps and games, make subscription payments or conduct any
\nin-app purchases of digital goods using Google Play in Russia.
\n27.
Impact of COVID-19
\nOn March 11, 2020, the WHO declared a global COVID-19 coronavirus pandemic and recommended preventive measures such
\nas physical social distancing. Consequently, governments worldwide implemented unprecedented restrictions. The impacts of
\nthe COVID-19 outbreak have evolved from mid-March 2020 up to the day of issuing these consolidated \ufb01nancial statements. The
\nGroup\u2019s management constantly monitors speci\ufb01c facts and circumstances and the \ufb01nancial results. Neither the video game
\nindustry as a whole, nor the Group\u2019s operations in particular, have been adversely affected by the pandemic, and there is no
\ngoing concern issue. The Group proved to be resilient to the lockdown; operations have been maintained with employees
\nworking remotely, and online gaming\u2019s popularity is on the rise, with many people globally adhering to social distancing
\nguidelines.
\nThe positive operating result for the year ended December 31, 2022 and for the year ended December 31, 2021 indicates that the
\nCOVID-19 pandemic had no negative impact on the Group\u2019s business. Based on the analysis performed by the Group\u2019s
\nmanagement as of December 31, 2022 and December 31, 2021, the COVID-19 pandemic has had no negative impact on the
\nGroup\u2019s liquidity.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n70
Due to the fact that the Group\u2019s receivables are settled by large platform providers, such as Apple App Store, Google Play,
\nFacebook and Amazon App Store, the Group\u2019s management assessed the risk of receivables irrecoverability as minimal. The
\nGroup\u2019s management has not identi\ufb01ed any evidence to modify the assumptions used to assess expected credit losses.
\n 28.
Subsequent events
\nAfter December 31, 2022 and up to the date of approval of these consolidated \ufb01nancial statements for issue no signi\ufb01cant
\nevents except the following have occurred.
\nDelivery of treasury shares for the options exercised
\nAfter December 31, 2022 and up to the date of approval of these consolidated \ufb01nancial statements for issue the Company
\ndelivered to its employees 439,835 treasury shares for 839,748 options exercised after December 31, 2022.
\nAny difference between shares delivered and options exercised is due to the cashless exercises. The delivery took place under
\nthe stock option plan presented in Note 16
Share-based payment arrangements
.
\nThe delivery of shares will be presented as a movement from treasury shares to common shares. The movement will result in an
\nincrease in share capital in the amount of nominal value of the shares delivered, and any difference between the value of
\ntreasury shares delivered and the cash consideration received will be recognized in supplementary capital. At the same time, the
\nmovement will decrease the number of shares (not issued) allocated for the existing share-based payment programs.
\nCompletion of review of strategic options
\nOn February 15,
2023,
the Board of Directors decided to conclude the previously announced review of strategic options for the
\nfuture of the Company. The Board has concluded that a portion of the Company\u2019s cash reserves should be distributed to its
\nstockholders while leaving adequate cash reserves for the Company\u2019s ongoing and anticipated operational needs and to support
\npublishing projects and future growth plans.The Company\u2019s Board has resolved to allocate a maximum amount of USD 150
\nmillion from the Company\u2019s reserves for the purpose of purchasing the Company\u2019s common shares listed for trade on the
\nWarsaw Stock Exchange (the \u201cSBB\u201d), subject to the Board\u2019s discretion to increase or decrease the aforementioned amount.
\nExposure to Silicon Valley Bank and cash balance of the Group
\nOn March 10, 2023, the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) announced that the Silicon Valley Bank (\u201cSVB\u201d) was
\nclosed by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. To protect
\ninsured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC
\nas receiver immediately transferred to the DINB all the insured deposits of Silicon Valley Bank.
\nOn March 12, 2023, a joint statement was released by the US Secretary of the Treasury, Federal Reserve Board Chair and the
\nFDIC Chairman informing that the US Secretary of the Treasury approved actions enabling the FDIC to complete its resolution of
\nSilicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors.
\nOn March 13, 2023, The FDIC transferred all deposits, both insured and uninsured, and substantially all the assets of the former
\nSilicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated \u2018bridge bank\u2019 in an action designed to
\nprotect all depositors of Silicon Valley Bank. Depositors and borrowers automatically became customers of Silicon Valley Bridge
\nBank, N.A.
\nThis event does not have any impact on the cash and cash equivalents balance of the Group as of December 31, 2022. This
\nevent after the reporting period is only indicative of a condition that arose after the end of the reporting period and is considered
\nas a non-adjusting event after the reporting period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n71
As of December 31, 2022, USD 26,764 thousands of cash and securities were held at SVB, out of which USD 16,796 thousand
\nwere held in operating and money market accounts and USD 9,968 thousand were held in money market funds. Please, refer to
\nNote 14
Cash and cash equivalents
.
\nAs of the date of signing of these consolidated \ufb01nancial statements for issue USD 556 thousand is still held in SVB, out of which
\nUSD 226 thousand is held in operating accounts and USD 330 thousand is held in money market funds.
\nDecision on the intention to carry out collective redundancies
\nOn March 20 2023, in accordance with the provisions of the Act on speci\ufb01c rules for terminating employment relationships with
\nemployees for reasons not related to employees dated March 13, 2003 (i.e. Journal of Laws of 2003 no 90 item 844), the
\nManagement Board of Huuuge Games sp. z o.o. (the \"Subsidiary\") adopted a resolution on the intention to carry out collective
\nredundancies and to start the consultation procedure regarding the collective redundancies.
\nThe collective redundancies in the Subsidiary are intended to be completed by the end of April 2023 and to cover approximately
\n10% of the Issuer\u2019s Group headcount in total (as of December 31, 2022). In accordance with the requirements under law,
\nfollowing the adoption of a resolution on the intention to carry out collective redundancies and the commencement of the
\nconsultation procedure by the Management Board of the Subsidiary, the Subsidiary will notify the employee representative. In
\naddition, the Subsidiary will notify the relevant labour o\ufb03ces about the intention to carry out the collective redundancies.
\nFiled complaint
\nOn March 8, 2023, a plaintiff \ufb01led a complaint in the Circuit Court of Franklin County Alabama as a private attorney general to
\nrecover money for Alabama residents who made purchases in the Company\u2019s \u201cslot machine, other casino-style games, card
\ngames and other games of chance.\u201d The complaint alleges that those games violate Alabama state laws.
\nThe Company intends to defend itself in this matter vigorously and believes that there are meritorious legal and factual defenses
\nagainst the plaintiff's allegations and requests for relief. As the case is in preliminary stages, the Company is unable to
\nreasonably estimate the loss or range of loss, if any, arising from this litigation. As of the date of signing of these consolidated
\n\ufb01nancial statements, to the best of the Company's knowledge, this litigation is not expected to have a material impact on the
\nCompany's operations, \ufb01nancial condition or cash\ufb02ows.
\nElectronically signed
\nAnton Gau\ufb03n
\nPresident of Huuuge Inc., CEO
\nMarch 27, 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1546": {
"value": "1.General information
\nHuuuge Inc. (hereinafter the \u201cCompany\u201d, the \u201cParent Company\u201d) is a company registered in the United States of America. The
\nCompany\u2019s registered o\ufb03ce is located in Dover, Delaware, 850 Burton Road, Suite 201, DE 19904 and the operating o\ufb03ce is
\nlocated in Las Vegas, Nevada, 2300 W. Sahara Ave., Suite 800, NV 89102.
\nThe Company was established with a notary deed on February 11, 2015.
\nAs of December 31, 2022 and December 31, 2021 the Huuuge Inc. Group (the Company and its subsidiaries collectively referred
\nto as the \u201cGroup\u201d) comprised the Parent Company and its subsidiaries, as listed below.
\nName of entity
Registered seat
Activities
\nParent Company's share in capital
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nHuuuge Games Sp. z o.o.
Szczecin, Poland
\ngames development and
\noperations
\n100%
100%
\nHuuuge Global Ltd
Limassol, Cyprus
\ngames distribution, user
\nacquisition
\n100%
100%
\nHuuuge Publishing Ltd
\n(formerly Fun Monkey Ltd)
\nLimassol, Cyprus
games distribution
100%
100%
\nHuuuge Block Ltd (formerly
\nCoffee Break Games Ltd)
\nLimassol, Cyprus
games distribution
100%
100%
\nBillionaire Games Limited
Limassol, Cyprus
games distribution
100%
-
\nHuuuge Digital Ltd
Tel Aviv, Israel
games development, R&D
100%
100%
\nPlayable Platform B.V.
\nAmsterdam,
\nNetherlands
\ngames advertisement
100%
100%
\nDouble Star Oy
Helsinki, Finland
games development
100%
100%
\nHuuuge UK Ltd
\nLondon, United
\nKingdom
\ncorporate development
100%
100%
\nHuuuge Mobile Games Ltd
Dublin, Ireland
\ngames distribution, user
\nacquisition, in liquidation
\n100%
100%
\nCoffee Break Games United
\nLtd
\nDublin, Ireland
\ngames distribution, user
\nacquisition, in liquidation
\n100%
100%
\nMDOK GmbH (formerly
\nHuuuge Pop GmbH)
\nBerlin, Germany
\ngames development, in
\nliquidation
\n100%
100%
\nHuuuge Labs GmbH
Berlin, Germany
\ngames development, R&D, in
\nliquidation
\n100%
100%
\nHuuuge Tap Tap Games Ltd
Hong Kong
\ngames development, user
\nacquisition
\n-
100%
\nOn April 8, 2022, Coffee Break Ltd., a subsidiary wholly owned by Huuuge Global Ltd changed its name to Huuuge Block Ltd.
\nOn April 29, 2022, Huuuge Tap Tap Games Ltd was successfully deregistered and dissolved.
\nOn May 4, 2022, a new subsidiary wholly owned by Huuuge Global Ltd was registered under the name Billionaire Games Limited.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n9
The core business activities of the Group include:
\n \u25cf
development of mobile games in the free-to-play model,
\n\u25cf
distribution and user acquisition of own mobile games.
\nThe Group\u2019s business activities are not subject to signi\ufb01cant seasonal or cyclical trends.
\nComposition of the Company\u2019s Board of Directors as of December 31, 2022 and as of the date of signing of these consolidated
\n\ufb01nancial statements
\nDirectors have annual terms of duty and serve until the successors are duly elected. The preference shareholders have the right
\nto appoint certain directors.
\nAs of December 31, 2021, the Company\u2019s Board of Directors consisted of the Chief Executive O\ufb03cer, who was also an executive
\ndirector,
and
non-executive
directors.
The
Chief Executive O\ufb03cer and executive director was Mr. Anton Gau\ufb03n, and
\nnon-executive directors were:
\n\u25cf
Henric Suuronen, director,
\n\u25cf
Krzysztof Kaczmarczyk, director,
\n\u25cf
John Salter, director,
\n\u25cf
Rod Cousens, director.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1551": {
"value": "Huuuge Inc.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1552": {
"value": "United States of America",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1553": {
"value": "United States of America",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1555": {
"value": "Dover, Delaware, 850 Burton Road, Suite 201, DE 19904",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1557": {
"value": "Las Vegas, Nevada",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1675": {
"value": "\u25cfdevelopment of mobile games in the free-to-play model,
\n\u25cf
distribution and user acquisition of own mobile games.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1734": {
"value": "2.Basis for preparation of the consolidated \ufb01nancial statements
\n (a)
Statement of compliance
\nThese consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards
\nas adopted by the European Union (\u201cIFRS\u201d) and were approved on March 24, 2023 by the Board of Directors.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n10
(b) Historical cost convention
\nThese consolidated \ufb01nancial statements are prepared on the historical cost basis, except for the series C preference shares
\nwhich were measured at fair value with the gains/losses recognized in pro\ufb01t or loss until their redemption in February 2021, and
\nderivatives, which were measured at fair value with the gains/losses recognized in pro\ufb01t or loss prior to its execution during the
\nyear 2021.
\n(c) Functional and presentation currency
\nThe functional currencies of the Parent Company and its subsidiaries are presented below:
\nName of entity
Functional currency
\nHuuuge Inc.
US dollar (\u201cUSD\u201d)
\nHuuuge Games Sp. z o.o.
Polish zloty (\u201cPLN\u201d)
\nHuuuge Global Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Publishing Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Block Ltd
US dollar (\u201cUSD\u201d)
\nBillionaire Games Limited
US dollar (\u201cUSD\u201d)
\nHuuuge Digital Ltd
Israeli shekel (\u201cILS\u201d)
\nHuuuge Labs GmbH
Euro (\u201cEUR\u201d)
\nHuuuge Mobile Games Ltd
Euro (\u201cEUR\u201d)
\nCoffee Break Games United Ltd
Euro (\u201cEUR\u201d)
\nPlayable Platform B.V.
Euro (\u201cEUR\u201d)
\nDouble Star Oy
Euro (\u201cEUR\u201d)
\nMDOK GmbH
\nEuro (\u201cEUR\u201d)
\nHuuuge UK Ltd
Pound sterling (\u201cGBP\u201d)
\nThe presentation currency of the consolidated \ufb01nancial statements is USD.
\n(d) Key judgements and estimates
\nThe preparation of consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements,
\nestimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
\nincome and expenses. Actual results may differ from those estimated. Estimates and underlying assumptions are reviewed on
\nan ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any
\nfuture periods affected.
\nIn preparing these consolidated \ufb01nancial statements, the signi\ufb01cant judgements and estimates made by management in
\napplying the Group\u2019s accounting policies have been consistently applied by the Group and are consistent across the reported
\nperiods.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n11
Model of revenue recognition
\nEstimate of the progress towards complete satisfaction of the performance obligation
\nManagement evaluates what is the most adequate model of accounting for revenue from micro-payments from customers. In
\ngaming applications, in-app purchases concern mostly immediate purchase of virtual coins (consumable goods), which can be
\nused by the players in the future. Purchase of the virtual coins by the player represents a prepayment for the gaming service.
\nThe coins do not have expiry date and the players decide when to use them in the game. In principle, providing access to game
\nfunctionalities in exchange for the redeemed coins is a performance obligation that the Group ful\ufb01ls over time. The output
\nmethod is used to measure the progress of satisfaction by the Group of its performance obligation. At the moment when the
\nplayer purchases the virtual coins, the Group recognizes the contract liability. The amounts recognized as contract liability are
\ntransferred to revenue in line with the pattern of usage of the coins in the game by the customers. Analysis of consumption of
\ncoins is not tracked on an individual player basis but is estimated using cumulative method to determine the average days of
\nusage. According to management\u2019s assessment, supported by historical data analysis, coins are generally used within 2 days
\nafter purchase (consistently over the years 2022 and 2021).
\nThe Group recognizes a contract liability for any consideration received that is attributable to player\u2019s unused coins (i.e. player\u2019s
\nunexercised rights), taking into account estimated breakage rate (i.e., percentage of coins not expected to be redeemed) at the
\nend of the reporting period. In management\u2019s estimate all coins will be used, therefore the breakage rate is zero. The amount of
\nthe contract liability is presented in Note 19
Trade, other payables and deferred income
as deferred income and amounted to USD
\n2,680 thousand as at December 31, 2022 and USD 3,126 thousand as at December 31, 2021.
\nDue to the fact that the timing of the use of the coins is at the discretion of the customer the contract does not contain a
\n\ufb01nancing component.
\nAccordingly, the Group defers the related portion of the platform fees paid or payable to distributors costs to ful\ufb01l the contract
\nand recognizes \u201cContract cost\u201d asset. For further information on the accounting for the fees paid/payable to the distributors see
\nbelow \u201cAgent vs principal considerations in selling the virtual coins and providing access to the games\u201d.
\nAgent vs principal considerations in selling the virtual coins and providing access to the games
\nVest majority of in-app purchases are sold through Application Marketplaces (\u201cPlatform Providers\u201d) such as Apple App Store,
\nGoogle Play, Facebook and Amazon App Store. Management determines that players are the Group\u2019s customers, and the Group
\nacts as a principal in its relation to the players. The conclusion that the Group acts as a principal selling virtual coins is
\nconsistent with general industry practices and is supported mainly by the following factors:
\n\u25cf
The Group has the ultimate responsibility for providing the game to a customer.
\n\u25cf
The players sign off the Group\u2019s terms & conditions statement.
\n\u25cf
All updates and modi\ufb01cations with respect to the game are also prepared by the Group.
\n\u25cf
The Group set prices for virtual coins charged to the end-user. The Group has a right to change these prices at any
\ntime at its discretion.
\n\u25cf
The Group, being a game developer, takes the risk of recovering the expenditures it has incurred developing the game.
\nThe distributors do not pay to the Group any upfront fee independently of the actual sales of the games thus do not
\ntake any risk similar to inventory risk.
\n\u25cf
The Platforms provide IT infrastructure (hosting service), distribution channels and marketing activities as well as
\ncollecting and disbursing cash on behalf of Huuuge. None of the distributors have an exclusive right to operate a
\ngame as the game is available in multiple channels. The distributors do not provide a signi\ufb01cant service of integrating
\nthe license with other products (features)
and do not create the combined output as the installation is a very simple
\nprocess and it is performed by the end-user (player).
\nBeing a principal, the Group presents in-app revenue on a gross basis.
\nPlatform Providers charge usually 30% fees on the prices paid by the users only when the virtual items are purchased. If there
\nare no purchases of the virtual items, the distributors are not entitled to any commissions. The fees cover all services performed
\nby the Platform Providers, such as granting access to the sales platform, ensuring the relevant IT environment (an ongoing
\nservice provided by the Platform Provider) and collecting sales proceeds from the users.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n12
Those fees are treated as the costs to ful\ufb01ll the contract and are recognized as an asset. Contract cost asset is presented in
\n\u201cTrade and other receivables\u201d line item in the statement of \ufb01nancial position. Those costs are charged to pro\ufb01t/loss over time
\nmatching the pattern of revenue recognition and the charge is presented in the consolidated statement of comprehensive
\nincome in the \u201cCost of sales\u201d line. Further accounting policy applied by the Group when recognizing revenue are described in
\nNote 4
Signi\ufb01cant accounting policies
, point (c)
Revenue
.
\nAgent vs principal considerations in publishing contracts
\nThe Group distributes in-house games as well as the games developed by other companies. In most cases, the Group is the
\nowner of the application and is fully responsible for future upgrades and future developments of this game application.
\nNevertheless, in some cases, the Group publishes mobile game applications of third-party developers based on the publishing
\ncontracts. The publishing contracts provide the Group with an exclusive right for distribution, marketing and operation of the
\ngames developed by external developers and to bene\ufb01t from selling the virtual coins to the end-users. The Group has the
\nultimate responsibility for providing the game to a customer, including undertaking marketing activities and it is entitled to set
\nprices for virtual coins charged to the end-user as well as to authorize upgrades and modi\ufb01cations of games. These arguments
\nsupport the Management conclusion that in the publishing arrangements, the control over the games developed by the
\nthird-party developers has been transferred over the Group. Therefore, in such a situation, the Group, being the customer of the
\ndevelopers, acts as a principal in its relation to the players and presents in-app revenue on a gross basis, i.e. in the amount of
\nconsideration to which it expects to be entitled in exchange for making the games available for end-users.
\nFurther, based on the publishing contracts signed, when selling the mobile game applications of third-party developers, the
\nGroup is obliged to pay the fees to the external developers mostly determined as variable payments dependent on the level of
\nturnover and cumulative gains generated from selling the game. Although the publishing contracts provide the Group with an
\nexclusive right to use the games, the usage of these games is contingent on the future services which need to be provided by
\nthe external developers and which are the subject of the Group\u2019s authorization and consent. In accordance with the publishing
\ncontracts, the external developers are obliged to perform the on-going development of the game and improvements to increase
\nits functionalities as well as the maintenance services. As a result, the contracts with external developers are partially executory
\narrangement as the future developments do not exist at the contract inception and no liability to the contractor arises until the
\ncontractor performs work under the contract, i.e. the services speci\ufb01ed in the contracts with external developers are performed.
\nHowever, the fees agreed by the Group and developers in these arrangements are set usually in relation to the whole bunch of
\nthe promises included in a contract, i.e. there is no relevant split of the consideration between the purchase price paid for the
\nright to use a game and the future additional services (development operations and maintenance services). The Group is not
\nable to reliably distinguish the expenditures incurred in relation to the right to the game (i.e. the license) from the payment for
\nthe development operations and maintenance services, therefore, the expenditures incurred by the Group in relation to the
\npublishing arrangements are charged to the pro\ufb01t and loss as incurred with no liability recognized at the date of signing the
\ncontract. Accordingly, developers\u2019 fees related to publishing contracts are presented in the Consolidated Statement of
\nComprehensive income in the line \u201cResearch and development expenses\u201d.
\nThe conclusion that the Group acts as a principal is consistent with the general industry practice.
\nMoney market mutual funds
\nAs part of its liquidity management, the Group makes overnight deposits of its daily cash surpluses in money market mutual
\nfunds. The money market fund is an open-ended mutual fund that invests in short-term debt instruments (typically one day to
\none year) such as treasury bills, certi\ufb01cates of deposit, bonds, government gilts and commercial paper with high ratings (mainly
\nA3 based on Moody\u2019s rating). The main goals are the preservation of principal, high liquidity and a modest incremental return
\nover short-term interest rates or a benchmark rate.
\nKey judgement in applying accounting policies refers to the classi\ufb01cation of investments in money market mutual funds as
\n\u201cCash and cash equivalents\u201d and not as \u201cOther \ufb01nancial assets\u201d. The units of the funds held by the Group are short-term, highly
\nliquid, readily convertible to known amounts of cash and are subject to an insigni\ufb01cant risk of future changes in value, thus they
\nmeet the critical criteria indicated in IAS 7 Statement of Cash Flows and have been considered in substance as cash
\nequivalents.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n13
Investments in money market funds have a determinable market value and they are puttable, with a short notice period. The
\nGroup can dispose the investments in funds at its discretion any time (same-day access), funds are not closed for a selected
\ngroup of participants. They are convertible into a cash and the cash amount to be received on redemption is known at the time
\nof the investment because at the time of the initial investment, the risk of changes in value is insigni\ufb01cant. The volatility of
\nchanges in fair value, in particular the credit and liquidity risk, is limited taking into account the level of diversi\ufb01cation of the
\nportfolio and its weighted average life of the underlying assets of the funds. The exposure to benchmark interest rate risk is also
\nassessed to be low because of short period of time until the next repricing of the assets held by the fund to current benchmark
\ninterest rates. These facts support the view that the investment is liquid.
\nIn addition, the Group considered the assets held by the fund to establish whether substantially all of its investments qualify
\nindividually as cash and cash equivalents. The consideration referred to all potential investments allowed by the investment
\nrules set for the fund, and not only the assets that the fund holds as of the evaluation date. It was assessed that in general the
\ninvestments\u2019 maturity is less than three months and thus, investments qualify individually as cash and cash equivalents.
\nDue to the above, in the management\u2019s opinion, the Group\u2019s investments in money market funds have the attributes to be
\nconsidered a cash equivalent. This analysis is performed at each reporting period. For details on the funds and their credit
\nratings please refer to Note 12
Financial risk management
, point (b)
Credit risk
. For carrying amounts as at December 31, 2022
\nand December 31, 2021 please refer to Note 14
Cash and cash equivalents
.
\nImpairment of intangible assets
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand to the amount of USD 6,330 thousand being its value in use. The game will remain live and
\navailable in the app stores and will continue to generate revenue. However, there are no plans to incur any further material user
\nacquisition and development expenses on the title as of December 31, 2022. The actual performance of the title, revised
\napproach to the marketing strategy and the decision regarding the sunset of Tra\ufb03c Puzzle studio triggered the test for
\nimpairment of the game\u2019s value, which resulted in recognition of the impairment loss. Some of the studio's employees will form
\na new pod focused on building new game titles.
\nThe income approach was used to derive value by estimating reasonable future cash \ufb02ows to the entity and/or equity holders
\nand discounting them to present value using a risk-adjusted discount rate or capitalization rate consistent with the riskiness of
\nthe forecasts. In assessing value in use, the estimated future cash \ufb02ows were discounted to their present value at a rate of
\nreturn that incorporates the risk associated with the particular asset. The discount rate used equals 13% re\ufb02ecting the
\nCompany\u2019s weighted average cost of capital which provides an expected rate of return based on the Company\u2019s capital
\nstructure, the required yield on the Company\u2019s equity, and the required yield on the interest-bearing debt. For the purposes of the
\nanalysis discounted cash \ufb02ows method was utilized based on the weighted probability of the three forecast scenarios: a base,
\nan upside, and a downside case.
\nEstimation uncertainty
\nThe assumptions made about the future and the major sources of estimation uncertainty refer to the following areas:
\nDeferred tax assets and liabilities, in particular the realizability of deferred tax assets
\nIn order to determine deferred tax assets and deferred tax liabilities the management needs to make estimates and judgments,
\nespecially in the valuation of deferred tax assets and liabilities. Signi\ufb01cant management estimate is required to determine the
\namount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts,
\ntogether with future tax planning strategies. The process includes evaluation of the tax results of every Group entity, under
\nconsideration of local tax laws and regulations, assessment of the actual tax exposure and of temporary differences as well as
\nassessment of the likelihood that deferred tax assets can be utilized in future periods through generation of taxable pro\ufb01ts.
\nThe recognition of a deferred tax asset is based on the assumption that it will be recoverable against future taxable income. The
\ndeterioration of tax results in the future could cause that this assumption could not be justi\ufb01ed. When accounting for
\ntransactions the Group takes into account uncertainties as to whether its treatment will be accepted by the tax authorities.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n14
Estimates used for the recognition of deferred tax assets are updated annually with factors such as expected tax rates and
\nexpected future tax results of the Group.
\nDeferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of
\ninvestments in subsidiaries as the Parent is able to control the timing of the reversal of the temporary differences and in the
\nmanagement\u2019s assessment it is probable that the differences will not reverse in the foreseeable future.
\nFor more details on deferred tax assets and liabilities please refer to Note 4
Signi\ufb01cant accounting policies
, point (d)
Income tax
\nand to Note 10
Income tax
.
\nProvisions and contingent liabilities
\nDetermination of provisions and contingent liabilities is based on management\u2019s assessment of the probability of the out\ufb02ow of
\nresources embodying economic bene\ufb01ts, according to guidelines included in IAS 37
Provisions, Contingent Liabilities and
\nContingent Assets.
Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation
\nat the end of the reporting period and are discounted to present value where the effect is material.
\nPreference shares
\nIn September 2017, the Company issued series C preference shares to several investors. The series C preference shares were
\nconverted into ordinary shares on February 5, 2021. For further detail please refer to Note 17
Conversion of series C preference
\nshares
and Note 5
Determination of fair values
, point (a)
Preference shares liability measured at fair value through pro\ufb01t or loss
.
\nPrior to conversion, the management concluded that the series C preference shares met the de\ufb01nition of a \ufb01nancial liability
\nbecause they were effectively convertible into a variable number of ordinary shares upon occurrence of an uncertain future
\nevents, such as share split, combination or issuance of shares which are genuine and outside of the Company's control (IAS 32
\nparagraph 16(b) and 25). Accordingly, the series C preference shares were classi\ufb01ed as a \ufb01nancial liability and measured initially
\nand subsequently at fair value through pro\ufb01t or loss. As of December 31, 2022 and as of December 31, 2021, after the
\nconversion, there was no such liability, however the \ufb01nance expenses for the year 2021 include the valuation of preference
\nshares series C prior to conversion into common shares. For further details please refer to Note 9
Finance income and \ufb01nance
\nexpense.
\nExecution of stabilization option
\nIn relation to the initial public offering, on February 5, 2021 the Company and IPOPEMA Securities S.A. (\u201cStabilization Manager\u201d)
\nsigned Stabilization Agreement. The purpose of the Stabilization Agreement was to stabilize the price of the Huuuge Inc. shares
\nat a level higher than the level which would otherwise have prevailed. For the purpose of accounting for the stabilisation
\ntransaction, the Company treated the entire stabilisation agreement as a \ufb01nancing transaction, i.e. repurchase of own shares
\nfrom the market in the scope of IAS 32 and IFRS 9. The remuneration of the Stabilization Manager was treated as a share-based
\npayment in accordance with IFRS 2 because the amount of the remuneration was based on the value of the shares. For more
\ndetails, please refer to Note 15
Share capital
.
\n (e)
Changes in the presentation of amortization of acquired titles
\nDuring the year ended December 31, 2022, the Company management analyzed the presentation of the operating expenses and
\ndecided on a change in the presentation of the amortization of acquired titles (games). In 2021, the amortization of the acquired
\ngame was allocated to the \u201cGeneral and administrative expenses\u201d in the statement of comprehensive income.
Starting from
\nJanuary 1, 2022, management decided to present the amortization of the acquired game that amounted to USD 3,890 thousand
\nin the line \u201cCost of sales\u201d (please, refer to the Note 7
Operating expenses
).
\nSuch a presentation is relevant to an understanding of the Group's operating expenses structure. In the management\u2019s view, the
\namended presentation enhances the presentation of the statement of the comprehensive income, and as a result the \ufb01nancial
\nstatements are more comparable to the industry. The change was implemented retrospectively, i.e. the comparative \ufb01gures
\nconform to the new presentation: in a result of this change, the amount transferred from the \u201cGeneral and administrative
\nexpenses\u201d to the line \u201cCost of Sales\u201d was USD 2,594 thousand for the year ended December 31, 2021. This change did not have
\nan impact on total operating expenses for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1738": {
"value": "(a)Statement of compliance
\nThese consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards
\nas adopted by the European Union (\u201cIFRS\u201d) and were approved on March 24, 2023 by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1744": {
"value": "and were approved on March 24, 2023 by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1767": {
"value": "(c) Functional and presentation currency The functional currencies of the Parent Company and its subsidiaries are presented below:
\nName of entity
Functional currency
\nHuuuge Inc.
US dollar (\u201cUSD\u201d)
\nHuuuge Games Sp. z o.o.
Polish zloty (\u201cPLN\u201d)
\nHuuuge Global Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Publishing Ltd
US dollar (\u201cUSD\u201d)
\nHuuuge Block Ltd
US dollar (\u201cUSD\u201d)
\nBillionaire Games Limited
US dollar (\u201cUSD\u201d)
\nHuuuge Digital Ltd
Israeli shekel (\u201cILS\u201d)
\nHuuuge Labs GmbH
Euro (\u201cEUR\u201d)
\nHuuuge Mobile Games Ltd
Euro (\u201cEUR\u201d)
\nCoffee Break Games United Ltd
Euro (\u201cEUR\u201d)
\nPlayable Platform B.V.
Euro (\u201cEUR\u201d)
\nDouble Star Oy
Euro (\u201cEUR\u201d)
\nMDOK GmbH
\nEuro (\u201cEUR\u201d)
\nHuuuge UK Ltd
Pound sterling (\u201cGBP\u201d)
\nThe presentation currency of the consolidated \ufb01nancial statements is USD.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1803": {
"value": "(d) Key judgements and estimates The preparation of consolidated \ufb01nancial statements in accordance with IFRS requires management to make judgements,
\nestimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
\nincome and expenses. Actual results may differ from those estimated. Estimates and underlying assumptions are reviewed on
\nan ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any
\nfuture periods affected.
\nIn preparing these consolidated \ufb01nancial statements, the signi\ufb01cant judgements and estimates made by management in
\napplying the Group\u2019s accounting policies have been consistently applied by the Group and are consistent across the reported
\nperiods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1989": {
"value": "Impairment of intangible assets
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand to the amount of USD 6,330 thousand being its value in use. The game will remain live and
\navailable in the app stores and will continue to generate revenue. However, there are no plans to incur any further material user
\nacquisition and development expenses on the title as of December 31, 2022. The actual performance of the title, revised
\napproach to the marketing strategy and the decision regarding the sunset of Tra\ufb03c Puzzle studio triggered the test for
\nimpairment of the game\u2019s value, which resulted in recognition of the impairment loss. Some of the studio's employees will form
\na new pod focused on building new game titles.
\nThe income approach was used to derive value by estimating reasonable future cash \ufb02ows to the entity and/or equity holders
\nand discounting them to present value using a risk-adjusted discount rate or capitalization rate consistent with the riskiness of
\nthe forecasts. In assessing value in use, the estimated future cash \ufb02ows were discounted to their present value at a rate of
\nreturn that incorporates the risk associated with the particular asset. The discount rate used equals 13% re\ufb02ecting the
\nCompany\u2019s weighted average cost of capital which provides an expected rate of return based on the Company\u2019s capital
\nstructure, the required yield on the Company\u2019s equity, and the required yield on the interest-bearing debt. For the purposes of the
\nanalysis discounted cash \ufb02ows method was utilized based on the weighted probability of the three forecast scenarios: a base,
\nan upside, and a downside case.
Impairment of Tra\ufb03c Puzzle Game
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand, as a result the net book value of the Tra\ufb03c Puzzle game as of December 31, 2022 amounted
\nto USD 6,330 thousand.
\nThe impairment loss was recognised in the line \u201cImpairment of intangible assets\u201d in the Group\u2019s consolidated statement of
\ncomprehensive income for the year ended December 31, 2022. The Tra\ufb03c Puzzle game will remain live and available to players
\nand is expected to continue generating revenue.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2048": {
"value": "Provisions and contingent liabilities Determination of provisions and contingent liabilities is based on management\u2019s assessment of the probability of the out\ufb02ow of
\nresources embodying economic bene\ufb01ts, according to guidelines included in IAS 37
Provisions, Contingent Liabilities and
\nContingent Assets.
Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation
\nat the end of the reporting period and are discounted to present value where the effect is material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2087": {
"value": "(e)Changes in the presentation of amortization of acquired titles
\nDuring the year ended December 31, 2022, the Company management analyzed the presentation of the operating expenses and
\ndecided on a change in the presentation of the amortization of acquired titles (games). In 2021, the amortization of the acquired
\ngame was allocated to the \u201cGeneral and administrative expenses\u201d in the statement of comprehensive income.
Starting from
\nJanuary 1, 2022, management decided to present the amortization of the acquired game that amounted to USD 3,890 thousand
\nin the line \u201cCost of sales\u201d (please, refer to the Note 7
Operating expenses
).
\nSuch a presentation is relevant to an understanding of the Group's operating expenses structure. In the management\u2019s view, the
\namended presentation enhances the presentation of the statement of the comprehensive income, and as a result the \ufb01nancial
\nstatements are more comparable to the industry. The change was implemented retrospectively, i.e. the comparative \ufb01gures
\nconform to the new presentation: in a result of this change, the amount transferred from the \u201cGeneral and administrative
\nexpenses\u201d to the line \u201cCost of Sales\u201d was USD 2,594 thousand for the year ended December 31, 2021. This change did not have
an impact on total operating expenses for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2123": {
"value": "3.Adoption of new and revised Standards
\nThe IFRS include all International Accounting Standards, International Financial Reporting Standards and Interpretations as
\napproved by the European Union. As at the date of approving these consolidated \ufb01nancial statements for issue, considering the
\npending process of introducing IFRSs in the EU and the operations conducted by the Group, the IFRS applicable to these
\nconsolidated \ufb01nancial statements might differ from IFRS adopted by International Accounting Standards Board.
\nIn preparing these consolidated \ufb01nancial statements the Group did not early adopt any new Standards which have already been
\npublished and adopted by the European Union and which should be applied for periods beginning on or after January 1, 2023.
\nNew International Financial Reporting Standards and Interpretations published but not yet effective:
\n\u25cf
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture
\n(issued on September 11, 2014): the endorsement process of these Amendments has been postponed by the EU \u2013 the
\neffective date was deferred inde\ufb01nitely by the International Accounting Standards Board;
\n\u25cf
IFRS 17 Insurance Contracts (issued on May 18, 2017) including Amendments to IFRS 17 (issued on June 25, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 1: Presentation of Financial Statements: Classi\ufb01cation of Liabilities as Current or Non-current \u2013
\nDeferral of Effective Date and Non-current Liabilities with Covenants (issued on January 23, 2020 and July 15, 2020 and 31
\nOctober 2022, respectively): not yet endorsed by the EU at the date of approval of these consolidated \ufb01nancial statements
\nfor issue \u2013 effective for \ufb01nancial years beginning on or after January 1, 2024;
\n\u25cf
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022): not yet endorsed
\nby the EU at the date of approval of these consolidated \ufb01nancial statements for issue \u2013 effective for \ufb01nancial years
\nbeginning on or after January 1, 2024;
\n\u25cf
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on February 12, 2021):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 8: De\ufb01nition of Accounting Estimates (issued on February 12, 2021): effective for \ufb01nancial years
\nbeginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on May 7,
\n2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\n\u25cf
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (issued
\non 9 December 2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\nThese standards and amendments are not expected to have a material impact on the Group in the current or future reporting
\nperiods and on foreseeable future transactions.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n16
New International Financial Reporting Standards and Interpretations effective for the \ufb01rst time for \ufb01nancial year 2022
\nDuring the year 2022, the following IFRS and amendments to IFRS or interpretations entered into force:
\n\u25cf
Amendments to IFRS 3: Reference to the Conceptual Framework (issued on May 14, 2020): effective for \ufb01nancial years
\nbeginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use (issued on May 14, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 37: Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (issued on May 14, 2020): effective for \ufb01nancial
\nyears beginning on or after January 1, 2022;
\n\u25cf
Annual Improvements to IFRS Standards 2018\u20132020 (issued on May 14, 2020): effective for \ufb01nancial years beginning on
\nor after January 1, 2022.
\nThe amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to
\nsigni\ufb01cantly affect the current or future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2133": {
"value": "New International Financial Reporting Standards and Interpretations published but not yet effective: \u25cf
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture
\n(issued on September 11, 2014): the endorsement process of these Amendments has been postponed by the EU \u2013 the
\neffective date was deferred inde\ufb01nitely by the International Accounting Standards Board;
\n\u25cf
IFRS 17 Insurance Contracts (issued on May 18, 2017) including Amendments to IFRS 17 (issued on June 25, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 1: Presentation of Financial Statements: Classi\ufb01cation of Liabilities as Current or Non-current \u2013
\nDeferral of Effective Date and Non-current Liabilities with Covenants (issued on January 23, 2020 and July 15, 2020 and 31
\nOctober 2022, respectively): not yet endorsed by the EU at the date of approval of these consolidated \ufb01nancial statements
\nfor issue \u2013 effective for \ufb01nancial years beginning on or after January 1, 2024;
\n\u25cf
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022): not yet endorsed
\nby the EU at the date of approval of these consolidated \ufb01nancial statements for issue \u2013 effective for \ufb01nancial years
\nbeginning on or after January 1, 2024;
\n\u25cf
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on February 12, 2021):
\neffective for \ufb01nancial years beginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 8: De\ufb01nition of Accounting Estimates (issued on February 12, 2021): effective for \ufb01nancial years
\nbeginning on or after January 1, 2023;
\n\u25cf
Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on May 7,
\n2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\n\u25cf
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (issued
\non 9 December 2021): effective for \ufb01nancial years beginning on or after 1 January 2023;
\nThese standards and amendments are not expected to have a material impact on the Group in the current or future reporting
\nperiods and on foreseeable future transactions.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n16
New International Financial Reporting Standards and Interpretations effective for the \ufb01rst time for \ufb01nancial year 2022
\nDuring the year 2022, the following IFRS and amendments to IFRS or interpretations entered into force:
\n\u25cf
Amendments to IFRS 3: Reference to the Conceptual Framework (issued on May 14, 2020): effective for \ufb01nancial years
\nbeginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use (issued on May 14, 2020):
\neffective for \ufb01nancial years beginning on or after January 1, 2022;
\n\u25cf
Amendments to IAS 37: Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (issued on May 14, 2020): effective for \ufb01nancial
\nyears beginning on or after January 1, 2022;
\n\u25cf
Annual Improvements to IFRS Standards 2018\u20132020 (issued on May 14, 2020): effective for \ufb01nancial years beginning on
\nor after January 1, 2022.
\nThe amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to
\nsigni\ufb01cantly affect the current or future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2204": {
"value": "4.Signi\ufb01cant accounting policies
\nThe accounting policies applied by the Group in these consolidated \ufb01nancial statements have been consistently applied by the
\nGroup and are consistent across the reported periods, unless indicated otherwise (see Note 3
Adoption of new and revised
\nStandards
).
\n(a) Basis for consolidation
\n (i)
Subsidiaries
\nSubsidiaries are entities controlled by the Parent Company because the Group (i) has power to direct the relevant activities of
\nthe investees that signi\ufb01cantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the
\ninvestees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. Financial
\nstatements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences (date of
\nacquisition or establishment) until the date that control ceases. The accounting policies of subsidiaries have been changed
\nwhen necessary to align them with the policies adopted by the Group.
\n (ii)
Business combinations
\nThe acquisition method of accounting is used to account for all business combinations. In order to assess whether the acquired
\nset of assets comprises a business, the Company analyzes the requirements of IFRS 3
Business Combinations
, including
\nAmendments to IFRS 3 De\ufb01nition of a Business
.
\nIf the transaction is concluded to be an acquisition of the assets which is not a business, the total consideration will be
\nallocated to acquired assets based on their relative fair values; no goodwill is recognized in such case. The transaction costs
\nwill be added to the cost of the assets acquired.
\nIf the transaction is concluded to be a business combination, all identi\ufb01able assets acquired and the liabilities assumed are
\nrecognized at the fair value; deferred tax is recognized on the temporary difference between the fair value and the tax value; the
\ndifference between the total consideration transferred is recognized as goodwill.
\nThe consideration transferred for the acquisition of a subsidiary comprises the: fair values of the assets transferred, liabilities
\nincurred to the former owners of the acquired business, equity interests issued by the group, fair value of any asset or liability
\nresulting from a contingent consideration arrangement.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
\nexceptions, measured initially at their fair values at the acquisition date.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n17
The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value
\nor at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets.
\nAcquisition-related costs are expensed as incurred.
\nThe excess of
\n\u25cf
consideration transferred,
\n\u25cf
amount of any non-controlling interest in the acquired entity,
\n\u25cf
acquisition-date fair value of any previous equity interest in the acquired entity
\nover the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. If those amounts are less than the fair value of
\nthe net identi\ufb01able assets of the business acquired, the difference is recognized directly in pro\ufb01t or loss as a bargain purchase.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
\npresent value as at the date of exchange.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability, depending on \ufb01nancial instruments in which it is
\npayable. Amounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to fair value with changes in fair value
\nrecognized in pro\ufb01t or loss.
\n(iii)
Transactions eliminated on consolidation
\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are
\neliminated in preparing these consolidated \ufb01nancial statements. Unrealized losses are eliminated unless the transaction
\nprovides evidence of an impairment of the transferred asset.
\n(iv)
Foreign operations
\nThe results and \ufb01nancial position of foreign operations (none of which has the currency of a hyperin\ufb02ationary economy) that
\nhave a functional currency different from the presentation currency are translated into the presentation currency as follows:
\n\u25cf
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance
\nsheet,
\n\u25cf
income and expenses for each statement of comprehensive income are translated at exchange rates at the dates of
\nthe transactions (or at average exchange rates if they are reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates), and
\n\u25cf
all resulting exchange differences are recognized in other comprehensive income.
\n (b)
Foreign currency transactions \u2013 transactions and balances
\nTransactions in foreign currencies are translated to functional currency of the respective entity (USD is the functional currency
\nof the Parent entity and the presentation currency of the Group) at exchange rates effective on the days of the transactions.
\nMonetary assets and liabilities denominated in foreign currencies are translated into functional currency at the applicable
\nclosing exchange rates as of the balance sheet date. The foreign exchange rate differences arising on translation of
\ntransactions denominated in foreign currencies are recognized in the pro\ufb01t or loss in the statement of comprehensive income.
\nNon-monetary assets and liabilities that are measured at historical cost in foreign currency are translated using the exchange
\nrate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated at the exchange rates at the date the fair value was determined. Translation differences on assets and
\nliabilities carried at fair value are reported as part of the fair value gain or loss.
\n (c)
Revenue
\nThe Group is a game developer who operates free-to-play multi-player games. The main source of revenue recognized by the
\nGroup is in-app purchases in gaming applications made by the players who wish to buy additional packages of virtual coins that
\ncan be further used in the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n18
The Group operates in the most popular business model in this industry where the Group initially provides the hosted underlying
\nlicense arrangement to all mobile players for free (the player initially obtains a predetermined quantity of the virtual coins for
\nfree and may play for free until such coins are redeemed) and generates its revenue from subsequent selling a large volume of
\nvirtual items (i.e. coins) to the players. By entering into the free of charge play, the player does not have any commitment to
\npurchase any virtual coins thus free of charge use of the game does not result in recognition of revenue.
\nAfter agreeing with the terms and conditions of the hosted underlying license arrangement with the Group, players can
\ndownload the game application to their mobile devices and enjoy playing the game for free in the non-charged and the
\nstand-alone environment (without purchasing the virtual items) until all free of charge virtual coins held by the player are
\nredeemed through the play. Players can purchase the non-refundable virtual coins for a \ufb01xed fee (included in an application) in
\nthe game environment to continue playing with a game. Coins are not returnable. The virtual coins do not allow the players to
\nobtain access to additional functions or enhanced environments. They are consumable items which might be immediately
\nconsumed by a player or can be multiplied throughout the game when the player is winning. The virtual items do not have an
\nexpiry date.
\nIn most cases, the Group is the owner of the application and is fully responsible for future upgrades and future developments of
\nthis game application. In some cases, the Group publishes mobile game applications of third-party developers and in such a
\nsituation the Group also acts as a principal in its relation to the players (as described below).
\nThe Group makes the mobile game application available on players\u2019 mobile devices such as smart phones, iPhones, iPad, etc.
\nmostly by using the recognized distribution channels provided by the distributors, as well as direct channels (webshop) which
\nfor the year ended December 31, 2022 did not constitute a signi\ufb01cant portion of in-app purchases. The distributors act as the
\nintermediary parties which provides IT infrastructure/ distribution channels and marketing activities as well as collecting and
\ndisbursing cash from the players on behalf of the Group.
\nIn addition, the Group generates revenue on in-app advertising which are generated by broadcasting advertisements during
\ngameplay.
\nThe Group recognizes revenues from contracts with clients as described below.
\nRevenue from in-app purchases in gaming applications
\nVast majority of in-app purchases are sold through Application Marketplaces (\u201cPlatform Providers\u201d) such as Apple App Store,
\nGoogle Play, Facebook and Amazon App Store, as well as directly through webshop for VIP players.
\nPlayers are determined to be the Group\u2019s customers, and the Group acts as a principal in its relation to the players (further
\ninformation on the judgement in this respect is presented in Note 2
Basis for preparation of the consolidated
\ufb01nancial
\nstatements
,
point (d)
Key judgements and estimates \u2013 Model of revenue recognition
.
\nThe Group presents in-app revenue on a gross basis. Platform Providers charge usually 30% commission on the prices paid by
\nthe users. The commission covers all services performed by the \u201cPlatform Providers\u201d such as granting access to the sales
\nplatform, ensuring the relevant IT environment (an ongoing service provided by the Platform Provider) and collecting sales
\nproceeds from the users. These costs meet the de\ufb01nition of the costs to ful\ufb01l the contract and are recognized as an asset.
\nContract cost assets are presented in the \u201cTrade and other receivables\u201d line item in the statement of \ufb01nancial position and are
\namortized on a systematic basis consistent with the expected pattern of transfer of the related goods or services under the
\ncontract (as described below). The relevant charge is presented in the consolidated statement of comprehensive income in the
\n\u201cCost of sales\u201d line.
\nThe game application can be used only with the virtual coins, which are either obtained by the players free of charge (at the
\ninitial downloads of application and at regular periodical grants of free coins) or subsequently purchased. The coins do not have
\nany alternative use other than the use in the Huuuge\u2019s games and also cannot be exchanged for cash.
\nDue to the fact that the player cannot bene\ufb01t from gaming application on its own but only with the virtual coins (either obtained
\nfree of charge or purchased) therefore there is only one performance obligation being providing the players with a right to play
\nthe game. As long as the player uses only free of charge coins, the contract under IFRS 15 does not exist.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n19
The customer in the in-app purchases downloads the application for free and purchases virtual coins. Management concluded
\nthat the purchased virtual coins represent a prepayment for the use of the games thus the hosted underlying license to use an
\napplication is the only performance obligation.
\nThe Group provides the players with a right to use virtual coins in the gaming environment. The consideration obtained from the
\nplayer for the sales of the virtual coins represents a prepayment for the use of the gaming service. Through selling the virtual
\nitems, the Group provides access to the game functionalities in exchange for virtual coins consumed by the players. In gaming
\napplication published by the Group in-app purchases concern mostly virtual coins, which players of Group\u2019s games can use to
\nplay slot games and other casino-like games, as well as casual games. The Group\u2019s management concluded that the Group
\nmeets requirements of IFRS 15.35(a) for over time recognition that players simultaneously receive and consume the bene\ufb01ts of
\nthe service being access to gaming environments and a possibility to play, as the entity makes them available.
\nAccording to management\u2019s assessment, based on data gathered, the virtual coins acquired by the customers are consumed in
\nmost instances in several hours from the purchase moment. Revenues from in-app purchases in gaming applications are
\nrecognized as revenue over the period of expected consumption. The Group recognizes a contract liability for any consideration
\nreceived that is attributable to the player\u2019s estimated unused coins (i.e. player\u2019s unexercised rights), taking into account
\nestimated rate of breakage. Such contract liability is presented as \u201cDeferred income\u201d in the statement of \ufb01nancial position.
\nFurther information regarding the estimate of the revenue recognized from the contract liability is provided in Note 2
Basis for
\npreparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates
\u2013
model of revenue recognition
.
\nRevenue is recognized at the amount that re\ufb02ects the price expected by the Group in exchange for the transfer of the services,
\nwhich is available in the gaming application and depends on the amount of coins being purchased.
\nGiven the fact that the Group grants players the option to acquire additional virtual items at a price that would re\ufb02ect the
\nstand-alone selling price for those items, the option does not provide a material right to players. For this reason, the Group
\naccounts for future purchases of virtual items only when players exercise the option to purchase virtual items (the contract
\nliability is recognized at the date of the purchase which is subsequently accounted for as explained above). When the virtual
\nitems are granted for players for free (e.g. for promoting purposes), the Group does not recognize neither revenues, nor costs.
\nRevenue from the advertising activities
\nRevenues from advertising are generated by broadcasting advertisements during gameplay. The Group\u2019s management identi\ufb01ed
\none performance obligation which is displaying advertisements in gaming applications. Revenue is recognized over time, in the
\nperiod in which the advertisements are broadcast. The transaction price is variable and is based on the sales of products by
\nadvertisers. The Group recognizes the variable consideration in the month in which the sales transaction which triggers the
\npayment of the fee to the Group has occurred. The consideration is determined based on revenue reports from the ad network
\nindicating the number of products sold and the amount of the consideration due to the Group.
\nFor both revenue streams, i.e. revenue from in-app purchases in gaming applications and revenue from the advertising activities,
\nmanagement assesses that the Group does not have any contracts where the period between the transfer of the promised
\ngoods or services to the customer and payment by the customer exceeds one year. In a result, the Group does not adjust any of
\nthe transaction prices for the time value of money. A receivable is recognized when the consideration is unconditional because
\nonly the passage of time is required before the payment is due. Revenue is collected not directly from end-users but via
\ndistribution platforms that charge their commission for the service. The payment terms with major distribution platforms are
\ndescribed in Note 13
Trade and other receivables
.
\n (d)
Income tax
\nIncome tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in pro\ufb01t or loss except to
\nthe extent that it relates to a business combination, or items are recognized directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
\nsubstantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n20
Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their
\ncarrying amounts in the consolidated \ufb01nancial statements. Deferred tax is not recognized for temporary differences arising on
\nthe initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither
\naccounting nor taxable pro\ufb01t or loss. Deferred tax liabilities and assets are not recognized for temporary differences between
\nthe carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal
\nof the temporary differences and it is probable that the differences will not reverse in the foreseeable future. In addition, deferred
\ntax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at
\nthe tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been
\nenacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
\nenforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or
\ntheir tax assets and liabilities will be realized simultaneously.
\nA deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilized.
\nDeferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax
\nbene\ufb01t will be realized.
\nPayments received from distributors for sale of virtual items are subject to the withholding taxes paid by the distributors to the
\ntax authorities on behalf of the Group entities as a recipient. As a result, the Group receives the consideration net of taxes
\ndeducted at source. The Group\u2019s management determined that this withholding tax is an income tax in nature, and it is
\nrecognized, measured and disclosed under the requirements of IAS 12 due to the fact that the gross amount of income received
\nis included in the calculation of taxable pro\ufb01t in the entity\u2019s tax computation.
\nThus, the revenue is recognized at the amount that includes withholding taxes paid to the tax authorities on behalf of the Group,
\ni.e. gross including the amount of the withholding tax. The withholding tax paid is credited against income tax due in the
\nparticular jurisdiction in accordance with local regulations.
\n (e)
Property, plant and equipment
\n(i)
Recognition and measurement
\nItems of property, plant and equipment, except for land, are measured in the consolidated statement of \ufb01nancial position at cost,
\nincreased by subsequently incurred costs, when it is expected that future economic bene\ufb01ts associated with the item will \ufb02ow
\nto the Group and the cost of the item can be measured reliable, less accumulated depreciation and any accumulated
\nimpairment losses. Land is measured at cost less any accumulated impairment losses.
\nCost includes expenditure that is directly attributable to the acquisition of the asset.
\n (ii)
Depreciation
\nDepreciation of property, plant and equipment is calculated over the depreciable amount, which is the cost of an asset, less its
\nresidual value, commences when an asset is available for its intended use. All items of property, plant and equipment, other
\nthan land and property under construction, are depreciated on a straight-line basis over the assets\u2019 estimated useful lives as
\nfollows:
\nComputers and other electronic devices
3 \u2013 10 years
\nFurniture
5 years
\nLeasehold improvements (adaptation works in o\ufb03ces) are depreciated over their useful lives, which are equal to the lease
\nperiods which usually vary from 1 to 5 years.
\nDepreciation methods, useful lives and residual values are reviewed at each \ufb01nancial year end and adjusted prospectively if
\nappropriate.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n21
(f)
Leases
\nManagement assesses at the time of entering into a contract whether the contract is a lease or contains a lease. A contract is a
\nlease or contains a lease if it conveys the right to control the usage of an identi\ufb01able asset for a given period in exchange for
\nconsideration.
\nThe Group applies a uniform approach to the recognition and measurement of all lease agreements except for short-term leases
\nand low value asset leases. On the commencement date of a lease, the Group recognizes a right-of-use asset and a lease
\nliability.
\nRight-of-use assets
\nThe Group recognizes right-of-use assets on the date of commencing a lease i.e. at the date at which the leased assets are
\navailable for use by the Group entities. The right-of-use assets are presented in a separate line in the consolidated statement of
\n\ufb01nancial position. The Group does not have any right-of-use assets that meet the de\ufb01nition of investment property which would
\nbe presented in statement of \ufb01nancial position in a separate line as \u201cinvestment property\u201d.
\nRight-of-use assets are measured initially at cost comprising the following:
\n\u25cf
the amount of the initial measurement of the lease liability,
\n\u25cf
any lease payments made at or before the commencement date less any lease incentives received,
\n\u25cf
any initial direct costs,
\n\u25cf
restoration costs.
\nSubsequently, the right-of-use assets are measured at cost less accumulated depreciation and any accumulated impairment
\nlosses and adjusted for remeasurement of the lease liability due to reassessment or lease modi\ufb01cations.
\nThe right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The
\namortization periods for the right-of-use assets are as follows:
\nRight of use for vehicles
3 years
\nRight of use for o\ufb03ces
1 \u2013 5 years
\nLease liabilities
\nAt the commencement date lease liabilities are measured at an amount equal to the present value of the following lease
\npayments for the underlying right-of-use assets during the lease term:
\n\u25cf
\ufb01xed payments (including in substance \ufb01xed payments), less any lease incentives receivable,
\n\u25cf
variable lease payments that are based on an index or a rate,
\n\u25cf
amounts expected to be payable by the Group entities under residual value guarantees,
\n\u25cf
the exercise price of a purchase option if the Group\u2019s management is reasonably certain to exercise that option,
\n\u25cf
payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group would exercise that option.
\nThe lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the
\nGroup\u2019s incremental borrowing rate.
\nEach lease payment is allocated between the liability and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the
\nlease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The
\ncarrying amount of liability is remeasured to re\ufb02ect any reassessment, lease modi\ufb01cation or revised in-substance \ufb01xed
\npayments.
\nThe lease term includes the non-cancellable period of a lease plus periods covered by options to extend and/or terminate the
\nlease if it is reasonably certain that the lease will be extended or terminated.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n22
The Group applies the exemptions for short-term leases and leases of low-value assets. Payments associated with all
\nshort-term leases, i.e. with lease terms of 12 months or less, and certain leases of low-value assets, for which the underlying
\nvalue is settled at USD 5 thousand or less, are recognized on a straight-line basis over the lease term as an expense in pro\ufb01t or
\n loss.
\n (g)
Intangible assets
\nInternally generated intangible assets
\nDevelopment expenditures are recognized as an intangible asset when the Group can demonstrate all of the following:
\n\u25cf
the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\n\u25cf
its intention to complete and its ability and intention to use or sell the asset,
\n\u25cf
how the asset will generate probable future economic bene\ufb01ts,
\n\u25cf
the availability of resources to complete the asset,
\n\u25cf
its ability to measure reliably the expenditure during development.
\nThe costs of internally generated intangible assets are capitalized once the technological feasibility of a product is established
\nby the management and such costs are determined to be recoverable. Technological feasibility of a product encompasses both
\ntechnical design documentation and game design documentation or the completed and tested product design and working
\nmodel.
\nFor products with existing proven technology, the establishment of the technological feasibility may arise early in the product
\ndevelopment cycle. Technological feasibility is evaluated individually for each product.
\nIf the criteria for capitalization are met, the development costs are recorded as intangible assets and amortized from the point at
\nwhich the asset is available for use.
\nThe Group capitalizes software development costs which are direct costs incurred for internal software development.
\nCapitalized software development costs are amortized on a straight line basis over useful life which generally is from 1 to 3
\nyears.
\nResearch expenditure and development expenditure that do not meet the criteria described above are recognized as an expense
\nas incurred.
\nThe Group does not capitalize the expenditure incurred in relation to internally generated games as the criteria for capitalization
\nare not met. As a consequence of focusing on mobile phone games, the life cycle of the products developed internally cannot be
\ndetermined unequivocally and the division between increase in the carrying value associated with increase of incremental
\nbene\ufb01ts and the maintenance expenditure is at times vague. The Group\u2019s management \ufb01nd it questionable to demonstrate that
\nthe technical feasibility of completing the intangible asset and the Group\u2019s ability to measure reliably the expenditure attributable
\nto the intangible asset during its development due to the fact that the development phase of an internal project cannot be
\nreliably separated from the maintenance phase.
\nThe nature of the Group\u2019s operations, i.e. providing the users with multi-player games, requires from the Group the continuous
\nexpenditure on developments and upgrades of the existing games, driven by the fast-paced changes of the software
\nenvironment. Such upgrades are necessary for the further game continuity, and the Group is not able to reliably determine if it is
\nprobable that future economic bene\ufb01ts associated with the developments and upgrades will \ufb02ow to the Group.
\nFor these reasons, the Group expenses the costs borne on the maintenance of the existing games and development of the new
\ngames and do not capitalize them. Such expenditures are charged to pro\ufb01t or loss in the statement of comprehensive income
\nwhen incurred and presented in a separate line \u201cResearch and development expenses\u201d.
\nDevelopment costs previously recognized as an expense are not recognized as an asset in a subsequent period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n23
Software acquired externally and other intangible assets
\nSoftware licenses for software acquired externally and other intangible assets are measured in the consolidated statement of
\n\ufb01nancial position at cost less accumulated amortization and any accumulated impairment losses. Amortization commences
\nwhen the assets are available for their intended use. Software acquired externally and other intangible assets are amortized on a
\nstraight line basis over their expected economic useful lives which generally are from 1 to 3 years. Economic useful life for
\nintangible asset acquired during the year 2021, Tra\ufb03c Puzzle Game, was estimated for 10 years.
\nThe gain or loss arising on disposal or retirement of an item of intangible assets is determined as the difference between the
\nproceeds and the carrying amount of the asset on disposal/retirement date and is recognized in the consolidated statement of
\ncomprehensive income in operating pro\ufb01t.
\nIntangible assets recognized as part of the business combination
\nIntangible assets acquired in a business combination are recognized at its fair value at the acquisition date. In the subsequent
\nperiods, intangible assets recognized as part of the business combination are amortized on a straight line basis over expected
\neconomic useful lives which are predominantly up to 5 years.
\n (h)
Financial instruments
\nThe Group recognizes the non-derivative \ufb01nancial instruments such as other long-term \ufb01nancial assets (mostly long-term
\ndeposits), trade and other receivables, cash and cash equivalents (including investments in mutual funds) and trade and other
\npayables.
\nAt initial recognition, the group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
\nthrough pro\ufb01t or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset.
\nTransaction costs of \ufb01nancial assets carried at FVPL are expensed in pro\ufb01t or loss.
\nThe group classi\ufb01es its \ufb01nancial assets to the measurement category: debt instruments to be measured at amortized cost. The
\nclassi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash
\n\ufb02ows. Assets that are held for collection of contractual cash \ufb02ows, where those cash \ufb02ows represent solely payments of
\nprincipal and interest (\u201cSPPI test\u201d), are measured at amortized cost. Interest income from these \ufb01nancial assets is included in
\n\ufb01nance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in pro\ufb01t
\nor loss.
\nManagement assesses the Group\u2019s expected credit losses (\u201cECLs\u201d) associated with debt instruments measured at amortized
\ncost, regardless of whether or not there has been any indication of impairment. Please refer to Note 4
Signi\ufb01cant accounting
\npolicies
, point (i)
Impairment,
(i)
Financial assets
below.
\n (i)
Impairment
\n (i)
Financial assets
\nManagement assesses the Group\u2019s ECLs associated with debt instruments measured at amortized cost, regardless of whether
\nor not there has been any indication of impairment.
\nFor trade receivables, the Group applies a simpli\ufb01ed approach and measures a loss allowance for expected credit losses at the
\namount equal to the expected credit losses over the instrument's lifetime. The Group uses its historical data on credit losses,
\nadjusted on an as-needed basis for the impact of forward-looking statements.
\nFor other \ufb01nancial assets the Group applies a three-stage model for impairment, based on changes in credit quality since initial
\nrecognition. A \ufb01nancial instrument that is not credit-impaired on initial recognition is classi\ufb01ed in Stage 1. Financial assets in
\nStage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible
\nwithin the next 12 months or until contractual maturity, if shorter (\u201c12 Months ECL\u201d). If the Group identi\ufb01es a signi\ufb01cant increase
\nin credit risk (\u201cSICR\u201d) since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a
\nlifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (\u201cLifetime ECL\u201d). The \ufb01nancial
\nassets with objective evidence of impairment are classi\ufb01ed to Stage 3; for such assets lifetime ECL is recognized.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n24
(ii)
Non-\ufb01nancial assets (other than goodwill)
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each
\nreporting date to determine whether there is any indication of impairment. If any such indication exists, or annual impairment
\ntesting for an asset is required, then the asset\u2019s recoverable amount is estimated.
\nThe recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For the purpose of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows of other assets or groups of assets (the \u201ccash-generating unit\u201d).
\nAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
\nImpairment losses are recognized in pro\ufb01t or loss.
\nFor other assets excluding goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any
\nindications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\nAt the end of each reporting period, management assesses whether there is any indication that any Group\u2019s assets may be
\nimpaired. Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at December 31 at the
\ncash-generating unit level, irrespective of whether there is any indication of impairment.
\nAs at December 31, 2022 and December 31, 2021 the Group had no intangible assets with an inde\ufb01nite useful life.
\n (iii)
Goodwill
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
\ntesting,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\ncash-generating units that are expected to bene\ufb01t from the combination in which the goodwill arose, irrespective of whether
\nother assets or liabilities of the acquiree are assigned to those units. At current, the entire operations of the Group are
\nconsidered to be one cash generating unit.
\nGoodwill is tested for impairment annually as at December 31 or more frequently if events or changes in circumstances indicate
\nthat the carrying value may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of
\ncash-generating units) to which the goodwill relates. When the recoverable amount of the cash-generating unit is less than its
\ncarrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
\nGains and losses on the disposal of the business operations include the carrying amount of goodwill relating to the business
\nsold.
\n (iv)
Cash and cash equivalents
\nCash and cash equivalents comprise cash balances, call deposits and highly liquid investments (including money market funds)
\nwith maturities at initial recognition of three months or less.
\nThe judgement relating to the classi\ufb01cation of the investments in money market funds as \u201ccash and cash equivalents\u2019 is
\ndisclosed in Note 2
Basis for preparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates \u2013
\nMoney market mutual funds.
\nCash on bank accounts and investments in money market mutual funds meets the SPPI test and the business model test \u201cheld
\nto collect\u201d, therefore they are measured at amortized cost including an impairment loss determined in accordance with the
\nexpected loss model described in Note 4
Signi\ufb01cant accounting policies
, point (i)
Impairment,
(i)
Financial assets.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n25
(v)
Trade and other receivables
\nTrade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain signi\ufb01cant
\n\ufb01nancing components when they are recognised at fair value. Subsequently, they are carried at amortized cost using the
\neffective interest method, less loss allowance. The loss allowance is determined according with the accounting policy
\npresented in Note 4
Signi\ufb01cant accounting policies,
point (i)
Impairment
(i)
Financial assets
.
\nAccrued revenues included in trade and other receivables are recognized initially at the amount of consideration based on the
\nsales reports provided by platforms.
\nOther receivables include deposits made to purchase property, plant and equipment, receivables from employees and
\nreceivables from the state budget. Other receivables that are not \ufb01nancial assets as at the end of the reporting period are
\nmeasured at the amount due.
\n (j)
Trade and other payables and deferred income
\nThese amounts represent liabilities for goods and services provided to the Group prior to the end of the \ufb01nancial year which are
\nunpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
\nreporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the
\neffective interest method.
\nThe other payables comprise employees related liabilities, tax other than income tax liabilities and accrued expenses. The
\ndeferred income represents a contract liability; it is recognized and measured according to the accounting policy presented in
\nNote 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
. Other payables are measured at the amount due.
\n(k)
Share capital and other components of the equity
\nShare capital is presented at the total nominal value of the registered shares of the Parent Company.
\nAs of December 31, 2022 and December 31, 2021 all ordinary shares and preference shares (series A and B) are classi\ufb01ed as
\nequity. Preferences attributable to series A and B of preference shares are described in Note 15
Share capital
.
\nIncremental costs directly attributable to the issue of new shares are presented as the deduction of equity, i.e. supplementary
\ncapital. Qualifying transaction costs incurred in anticipation of an issuance of equity instruments are also deducted from the
\nequity, i.e. supplementary capital. If the equity instruments are not subsequently issued, the transaction costs are recognized as
\nan expense.
\nAny excess of the fair value of consideration received over the nominal value of shares issued is recorded as share premium in
\nequity, i.e. supplementary capital.
\nIn the line \u201cTreasury shares\u201d, the Group presents the own shares repurchased, which are recognized at cost and are deducted
\nfrom equity. No gain or loss is recognized in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Group shares. Any
\ndifference between the carrying amount and the consideration, if reissued, is recognized in the supplementary capital.
\nIncremental costs directly attributable to the repurchase of own shares are presented as the deduction of equity, i.e. in the line
\n\u201cTreasury shares\u201d.
\nIn accordance with Delaware General Corporation Law, the Company may declare and pay dividends upon the shares of its
\ncapital stock either:
\n1.
Out of its surplus, being the excess of its net assets over its capital (all or part of the consideration received by the
\ncorporation in exchange for its capital stock, as determined by the Board of Directors); or
\n2.
In case there shall be no such surplus, out of its net pro\ufb01ts for the \ufb01scal year in which the dividend is declared and/or
\nthe preceding \ufb01scal year.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n26
If the capital, as de\ufb01ned above, shall have been diminished by depreciation in the value of its property, or by losses, or otherwise,
\nto an amount less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes
\nhaving a preference upon the distribution of assets, the directors of such company shall not declare and pay out of such net
\npro\ufb01ts any dividends upon any shares of any classes of its capital stock until the de\ufb01ciency in the amount of capital represented
\nby the issued and outstanding stock of all classes having a preference upon the distribution of assets shall have been repaired.
\nEmployee bene\ufb01ts reserve results from the share-based payment arrangements and is described in details in Note 4
Signi\ufb01cant
\naccounting
policies
,
(m)
Employee
bene\ufb01ts
, (i)
Share-based payment arrangements
and Note 16
Share-based payment
\narrangements
.
\nForeign exchange reserve results from exchange differences resulting from translating of foreign entities which functional
\ncurrency is different than USD.
\n (l)
Earnings per share
\nBasic earnings per share is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the Huuuge Inc. by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted earnings per share is calculated by dividing the Group\u2019s adjusted pro\ufb01t or loss by the after\u2011tax effect of:
\na.
any dividends or other items related to dilutive potential ordinary shares deducted in arriving at pro\ufb01t or loss
\nattributable to ordinary equity holders of Huuuge Inc.;
\nb.
any interest recognized in the period related to dilutive potential ordinary shares; and
\nc.
any other changes in income or expense that would result from the conversion of the dilutive potential ordinary
\nshares
\nby the weighted average number of ordinary shares adjusted for the effect of all dilutive potential ordinary shares.
\nThe treasury shares are excluded from the weighted average number of ordinary shares for the purpose of calculating earnings
\nper share (\u201cEPS\u201d) as they are not outstanding.
\n (m)
Employee bene\ufb01ts
\n (i)
Share-based payment arrangements
\nThe Group runs an award program where the employees and contractors are receiving free options which entitle them to
\npurchase the shares in the Company. Such a program is a share-based payment program which is classi\ufb01ed as equity settled
\ndue to the fact that the Company does not have an obligation to settle the obligation arising under the program by delivering
\ncash to the employees or contractors.
\nEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the
\nequity instruments at the grant date. The grant date fair value of the awards is determined using a share option pricing model.
\nDetails regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 16
\nShare-based payment arrangements
.
\nOptions with the same grant date but with different periods during which all the speci\ufb01ed vesting conditions of a share-based
\npayment arrangement are to be satis\ufb01ed are treated as separate awards with a different vesting period (graded vesting).
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period,
\nbased on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end
\nof each period the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of
\nthe original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a
\ncorresponding adjustment to the equity-settled employee bene\ufb01t reserve.
\nThe grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as
\nan expense (employee bene\ufb01t expense), with a corresponding increase in equity, over the vesting period of the awards.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n27
IFRS 2
Share-based Payment
does not address whether an increase in equity recognized in connection with a share-based
\npayment transaction should be presented in a separate component within equity or within retained earnings. Such an increase is
\npresented in the line \u201cEmployee bene\ufb01t reserve\u201d.
\nThe amount recognized as an expense is adjusted to re\ufb02ect the number of awards for which the related service and non-market
\nperformance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards
\nthat meet the related service and non-market performance conditions at the vesting date.
\nShare - based payment transactions with non-employees
\nShare-based payment transactions with non-employees include the
transactions in which non-employees provide services to
\nthe Group in exchange for free options which entitle them to purchase the shares in the Company.
\nIn accordance with IFRS 2, the Group measures the services received, and the corresponding increase in equity, directly, at the
\nfair value of the goods or services received, unless that fair value cannot be estimated reliably. If the fair value of the services
\nreceived cannot be estimated reliably, the Group measures their value, and the corresponding increase in equity, indirectly, by
\nreference to the fair value of the equity instruments granted.
\nThe Group recognizes the expense charge in the consolidated statement of comprehensive income over the vesting period for
\nwhich the related services are provided with the corresponding increase in equity in the line \u201cEmployee bene\ufb01t reserve\u201d.
\n (ii)
De\ufb01ned contribution plans \u2013 retirement bene\ufb01ts
\nThe Group has under local laws obligations to pay retirement bene\ufb01ts, however, as the average age of employees is low, no
\nprovision has been recorded due to its immaterial amount.
\n(iii)
Other employee bene\ufb01ts
\nShort-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the related service is
\nprovided. A liability is recognized for the amount expected to be paid under short-term cash bonus or pro\ufb01t-sharing plans if the
\nGroup has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee,
\nand the obligation can be estimated reliably.
\n (n)
Provisions
\nA provision is recognized when the Group, as a result of a past event, has a present obligation (legal or constructive) that can be
\nestimated reliably, and it is probable that the Group will be required to settle that obligation (an out\ufb02ow of economic bene\ufb01ts will
\nbe required). Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the
\nend of the reporting period and are discounted to present value where the effect is material.
\n(o)
Cost of sales
\nIn the line \u201cCost of sales\u201d, the Group recognizes platform fees to distributors, which are related to revenues from in-app
\npurchases and costs of using servers of external suppliers. Platform fees to distributors are recognized over time in line with the
\nrecognition of revenues from in-app purchases. Server costs are recognized when incurred.
\nIn addition, this line includes amortization of the acquired titles, i.e. amortization of Tra\ufb03c Puzzle game for the year ended
\nDecember 31, 2022 and December 31, 2021 which is recognized on a straight-line basis over the estimated period of the
\neconomic useful life of the title.
\n(p)
Research and development expenses
\nIn the line \u201cResearch and development expenses\u201d, the Group recognizes costs of the maintenance of the existing games and
\ndevelopment of the new games and fees paid to external developers related to the publishing contracts. In addition, this line
\nincludes costs of salaries and share-based payment arrangements of the technology department, as well as the research and
\ndevelopment expenses that do not meet the criteria for capitalization.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n28
Fees paid to external developers include expenditures incurred in relation to the right to the game (i.e. the license), the payment
\nfor the development operations and maintenance services. Due to the fact that the Group is not able to allocate the fees
\nbetween particular components, total fees are recognized when incurred.
\nThese costs are recognized when incurred. Details regarding lack of capitalization of these costs are presented, respectively, in
\nNote 4
Signi\ufb01cant accounting policies,
point (g)
Intangible assets
and in Note 2
Basis for preparation of the consolidated \ufb01nancial
\nstatements,
point (d)
Key judgements and estimates \u2013 Agent vs principal considerations in publishing contracts.
\n (q)
Sales and marketing expenses
\nThe line \u201cSales and marketing expenses\u201d includes two main types of sales and marketing expenses:
\na)
\u201cUser acquisition marketing campaigns\u201d which mainly include variable costs of external marketing campaigns directly
\nattributable to acquisition of new players, and conversion of non-paying players into paying players, and
\nb)
\u201cGeneral
Sales
and
marketing
expenses\u201d
which
mainly
include costs of salaries and share-based payment
\narrangements of the sales and marketing departments as well as external marketing and sales services.
\nThese costs are recognized when incurred.
\n (r)
Finance income and expense
\nFinance income comprises mainly interest income on funds invested, i.e, bank deposits, money market mutual fund
\ninvestments and money market interest-bearing accounts. Interest income is recognized as it accrues in pro\ufb01t or loss, using the
\neffective interest method.
\nFinance expenses comprise mainly foreign exchange differences on currency translation and interest expense on leases
\nliabilities.
\nForeign currency gains and losses are reported on a net basis as either \ufb01nance income or \ufb01nance expenses depending on
\nwhether foreign currency movements are in a net gain or net loss position unless material, where separate presentation is
\nrequired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2213": {
"value": "(a) Basis for consolidation (i)
Subsidiaries
\nSubsidiaries are entities controlled by the Parent Company because the Group (i) has power to direct the relevant activities of
\nthe investees that signi\ufb01cantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the
\ninvestees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. Financial
\nstatements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences (date of
\nacquisition or establishment) until the date that control ceases. The accounting policies of subsidiaries have been changed
\nwhen necessary to align them with the policies adopted by the Group.
\n (ii)
Business combinations
\nThe acquisition method of accounting is used to account for all business combinations. In order to assess whether the acquired
\nset of assets comprises a business, the Company analyzes the requirements of IFRS 3
Business Combinations
, including
\nAmendments to IFRS 3 De\ufb01nition of a Business
.
\nIf the transaction is concluded to be an acquisition of the assets which is not a business, the total consideration will be
\nallocated to acquired assets based on their relative fair values; no goodwill is recognized in such case. The transaction costs
\nwill be added to the cost of the assets acquired.
\nIf the transaction is concluded to be a business combination, all identi\ufb01able assets acquired and the liabilities assumed are
\nrecognized at the fair value; deferred tax is recognized on the temporary difference between the fair value and the tax value; the
\ndifference between the total consideration transferred is recognized as goodwill.
\nThe consideration transferred for the acquisition of a subsidiary comprises the: fair values of the assets transferred, liabilities
\nincurred to the former owners of the acquired business, equity interests issued by the group, fair value of any asset or liability
\nresulting from a contingent consideration arrangement.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
\nexceptions, measured initially at their fair values at the acquisition date.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n17
The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value
\nor at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets.
\nAcquisition-related costs are expensed as incurred.
\nThe excess of
\n\u25cf
consideration transferred,
\n\u25cf
amount of any non-controlling interest in the acquired entity,
\n\u25cf
acquisition-date fair value of any previous equity interest in the acquired entity
\nover the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. If those amounts are less than the fair value of
\nthe net identi\ufb01able assets of the business acquired, the difference is recognized directly in pro\ufb01t or loss as a bargain purchase.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
\npresent value as at the date of exchange.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability, depending on \ufb01nancial instruments in which it is
\npayable. Amounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to fair value with changes in fair value
\nrecognized in pro\ufb01t or loss.
\n(iii)
Transactions eliminated on consolidation
\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are
\neliminated in preparing these consolidated \ufb01nancial statements. Unrealized losses are eliminated unless the transaction
\nprovides evidence of an impairment of the transferred asset.
\n(iv)
Foreign operations
\nThe results and \ufb01nancial position of foreign operations (none of which has the currency of a hyperin\ufb02ationary economy) that
\nhave a functional currency different from the presentation currency are translated into the presentation currency as follows:
\n\u25cf
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance
\nsheet,
\n\u25cf
income and expenses for each statement of comprehensive income are translated at exchange rates at the dates of
\nthe transactions (or at average exchange rates if they are reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates), and
\n\u25cf
all resulting exchange differences are recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2216": {
"value": "(i)Subsidiaries
\nSubsidiaries are entities controlled by the Parent Company because the Group (i) has power to direct the relevant activities of
\nthe investees that signi\ufb01cantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the
\ninvestees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. Financial
\nstatements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences (date of
\nacquisition or establishment) until the date that control ceases. The accounting policies of subsidiaries have been changed
\nwhen necessary to align them with the policies adopted by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2227": {
"value": "(ii)Business combinations
\nThe acquisition method of accounting is used to account for all business combinations. In order to assess whether the acquired
\nset of assets comprises a business, the Company analyzes the requirements of IFRS 3
Business Combinations
, including
\nAmendments to IFRS 3 De\ufb01nition of a Business
.
\nIf the transaction is concluded to be an acquisition of the assets which is not a business, the total consideration will be
\nallocated to acquired assets based on their relative fair values; no goodwill is recognized in such case. The transaction costs
\nwill be added to the cost of the assets acquired.
\nIf the transaction is concluded to be a business combination, all identi\ufb01able assets acquired and the liabilities assumed are
\nrecognized at the fair value; deferred tax is recognized on the temporary difference between the fair value and the tax value; the
\ndifference between the total consideration transferred is recognized as goodwill.
\nThe consideration transferred for the acquisition of a subsidiary comprises the: fair values of the assets transferred, liabilities
\nincurred to the former owners of the acquired business, equity interests issued by the group, fair value of any asset or liability
\nresulting from a contingent consideration arrangement.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
\nexceptions, measured initially at their fair values at the acquisition date.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n17
The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value
\nor at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets.
\nAcquisition-related costs are expensed as incurred.
\nThe excess of
\n\u25cf
consideration transferred,
\n\u25cf
amount of any non-controlling interest in the acquired entity,
\n\u25cf
acquisition-date fair value of any previous equity interest in the acquired entity
\nover the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. If those amounts are less than the fair value of
\nthe net identi\ufb01able assets of the business acquired, the difference is recognized directly in pro\ufb01t or loss as a bargain purchase.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
\npresent value as at the date of exchange.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability, depending on \ufb01nancial instruments in which it is
\npayable. Amounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to fair value with changes in fair value
\nrecognized in pro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2228": {
"value": "(ii)Business combinations
\nThe acquisition method of accounting is used to account for all business combinations. In order to assess whether the acquired
\nset of assets comprises a business, the Company analyzes the requirements of IFRS 3
Business Combinations
, including
\nAmendments to IFRS 3 De\ufb01nition of a Business
.
\nIf the transaction is concluded to be an acquisition of the assets which is not a business, the total consideration will be
\nallocated to acquired assets based on their relative fair values; no goodwill is recognized in such case. The transaction costs
\nwill be added to the cost of the assets acquired.
\nIf the transaction is concluded to be a business combination, all identi\ufb01able assets acquired and the liabilities assumed are
\nrecognized at the fair value; deferred tax is recognized on the temporary difference between the fair value and the tax value; the
\ndifference between the total consideration transferred is recognized as goodwill.
\nThe consideration transferred for the acquisition of a subsidiary comprises the: fair values of the assets transferred, liabilities
\nincurred to the former owners of the acquired business, equity interests issued by the group, fair value of any asset or liability
\nresulting from a contingent consideration arrangement.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
\nexceptions, measured initially at their fair values at the acquisition date.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n17
The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value
\nor at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets.
\nAcquisition-related costs are expensed as incurred.
\nThe excess of
\n\u25cf
consideration transferred,
\n\u25cf
amount of any non-controlling interest in the acquired entity,
\n\u25cf
acquisition-date fair value of any previous equity interest in the acquired entity
\nover the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. If those amounts are less than the fair value of
\nthe net identi\ufb01able assets of the business acquired, the difference is recognized directly in pro\ufb01t or loss as a bargain purchase.
\nWhere settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
\npresent value as at the date of exchange.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability, depending on \ufb01nancial instruments in which it is
\npayable. Amounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to fair value with changes in fair value
\nrecognized in pro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2310": {
"value": "(b)Foreign currency transactions \u2013 transactions and balances
\nTransactions in foreign currencies are translated to functional currency of the respective entity (USD is the functional currency
\nof the Parent entity and the presentation currency of the Group) at exchange rates effective on the days of the transactions.
\nMonetary assets and liabilities denominated in foreign currencies are translated into functional currency at the applicable
\nclosing exchange rates as of the balance sheet date. The foreign exchange rate differences arising on translation of
\ntransactions denominated in foreign currencies are recognized in the pro\ufb01t or loss in the statement of comprehensive income.
\nNon-monetary assets and liabilities that are measured at historical cost in foreign currency are translated using the exchange
\nrate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated at the exchange rates at the date the fair value was determined. Translation differences on assets and
\nliabilities carried at fair value are reported as part of the fair value gain or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2319": {
"value": "Non-monetary assets and liabilities that are measured at historical cost in foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated at the exchange rates at the date the fair value was determined. Translation differences on assets and
liabilities carried at fair value are reported as part of the fair value gain or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2327": {
"value": "(c)Revenue
\nThe Group is a game developer who operates free-to-play multi-player games. The main source of revenue recognized by the
\nGroup is in-app purchases in gaming applications made by the players who wish to buy additional packages of virtual coins that
\ncan be further used in the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n18
The Group operates in the most popular business model in this industry where the Group initially provides the hosted underlying
\nlicense arrangement to all mobile players for free (the player initially obtains a predetermined quantity of the virtual coins for
\nfree and may play for free until such coins are redeemed) and generates its revenue from subsequent selling a large volume of
\nvirtual items (i.e. coins) to the players. By entering into the free of charge play, the player does not have any commitment to
\npurchase any virtual coins thus free of charge use of the game does not result in recognition of revenue.
\nAfter agreeing with the terms and conditions of the hosted underlying license arrangement with the Group, players can
\ndownload the game application to their mobile devices and enjoy playing the game for free in the non-charged and the
\nstand-alone environment (without purchasing the virtual items) until all free of charge virtual coins held by the player are
\nredeemed through the play. Players can purchase the non-refundable virtual coins for a \ufb01xed fee (included in an application) in
\nthe game environment to continue playing with a game. Coins are not returnable. The virtual coins do not allow the players to
\nobtain access to additional functions or enhanced environments. They are consumable items which might be immediately
\nconsumed by a player or can be multiplied throughout the game when the player is winning. The virtual items do not have an
\nexpiry date.
\nIn most cases, the Group is the owner of the application and is fully responsible for future upgrades and future developments of
\nthis game application. In some cases, the Group publishes mobile game applications of third-party developers and in such a
\nsituation the Group also acts as a principal in its relation to the players (as described below).
\nThe Group makes the mobile game application available on players\u2019 mobile devices such as smart phones, iPhones, iPad, etc.
\nmostly by using the recognized distribution channels provided by the distributors, as well as direct channels (webshop) which
\nfor the year ended December 31, 2022 did not constitute a signi\ufb01cant portion of in-app purchases. The distributors act as the
\nintermediary parties which provides IT infrastructure/ distribution channels and marketing activities as well as collecting and
\ndisbursing cash from the players on behalf of the Group.
\nIn addition, the Group generates revenue on in-app advertising which are generated by broadcasting advertisements during
\ngameplay.
\nThe Group recognizes revenues from contracts with clients as described below.
\nRevenue from in-app purchases in gaming applications
\nVast majority of in-app purchases are sold through Application Marketplaces (\u201cPlatform Providers\u201d) such as Apple App Store,
\nGoogle Play, Facebook and Amazon App Store, as well as directly through webshop for VIP players.
\nPlayers are determined to be the Group\u2019s customers, and the Group acts as a principal in its relation to the players (further
\ninformation on the judgement in this respect is presented in Note 2
Basis for preparation of the consolidated
\ufb01nancial
\nstatements
,
point (d)
Key judgements and estimates \u2013 Model of revenue recognition
.
\nThe Group presents in-app revenue on a gross basis. Platform Providers charge usually 30% commission on the prices paid by
\nthe users. The commission covers all services performed by the \u201cPlatform Providers\u201d such as granting access to the sales
\nplatform, ensuring the relevant IT environment (an ongoing service provided by the Platform Provider) and collecting sales
\nproceeds from the users. These costs meet the de\ufb01nition of the costs to ful\ufb01l the contract and are recognized as an asset.
\nContract cost assets are presented in the \u201cTrade and other receivables\u201d line item in the statement of \ufb01nancial position and are
\namortized on a systematic basis consistent with the expected pattern of transfer of the related goods or services under the
\ncontract (as described below). The relevant charge is presented in the consolidated statement of comprehensive income in the
\n\u201cCost of sales\u201d line.
\nThe game application can be used only with the virtual coins, which are either obtained by the players free of charge (at the
\ninitial downloads of application and at regular periodical grants of free coins) or subsequently purchased. The coins do not have
\nany alternative use other than the use in the Huuuge\u2019s games and also cannot be exchanged for cash.
\nDue to the fact that the player cannot bene\ufb01t from gaming application on its own but only with the virtual coins (either obtained
\nfree of charge or purchased) therefore there is only one performance obligation being providing the players with a right to play
\nthe game. As long as the player uses only free of charge coins, the contract under IFRS 15 does not exist.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n19
The customer in the in-app purchases downloads the application for free and purchases virtual coins. Management concluded
\nthat the purchased virtual coins represent a prepayment for the use of the games thus the hosted underlying license to use an
\napplication is the only performance obligation.
\nThe Group provides the players with a right to use virtual coins in the gaming environment. The consideration obtained from the
\nplayer for the sales of the virtual coins represents a prepayment for the use of the gaming service. Through selling the virtual
\nitems, the Group provides access to the game functionalities in exchange for virtual coins consumed by the players. In gaming
\napplication published by the Group in-app purchases concern mostly virtual coins, which players of Group\u2019s games can use to
\nplay slot games and other casino-like games, as well as casual games. The Group\u2019s management concluded that the Group
\nmeets requirements of IFRS 15.35(a) for over time recognition that players simultaneously receive and consume the bene\ufb01ts of
\nthe service being access to gaming environments and a possibility to play, as the entity makes them available.
\nAccording to management\u2019s assessment, based on data gathered, the virtual coins acquired by the customers are consumed in
\nmost instances in several hours from the purchase moment. Revenues from in-app purchases in gaming applications are
\nrecognized as revenue over the period of expected consumption. The Group recognizes a contract liability for any consideration
\nreceived that is attributable to the player\u2019s estimated unused coins (i.e. player\u2019s unexercised rights), taking into account
\nestimated rate of breakage. Such contract liability is presented as \u201cDeferred income\u201d in the statement of \ufb01nancial position.
\nFurther information regarding the estimate of the revenue recognized from the contract liability is provided in Note 2
Basis for
\npreparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates
\u2013
model of revenue recognition
.
\nRevenue is recognized at the amount that re\ufb02ects the price expected by the Group in exchange for the transfer of the services,
\nwhich is available in the gaming application and depends on the amount of coins being purchased.
\nGiven the fact that the Group grants players the option to acquire additional virtual items at a price that would re\ufb02ect the
\nstand-alone selling price for those items, the option does not provide a material right to players. For this reason, the Group
\naccounts for future purchases of virtual items only when players exercise the option to purchase virtual items (the contract
\nliability is recognized at the date of the purchase which is subsequently accounted for as explained above). When the virtual
\nitems are granted for players for free (e.g. for promoting purposes), the Group does not recognize neither revenues, nor costs.
\nRevenue from the advertising activities
\nRevenues from advertising are generated by broadcasting advertisements during gameplay. The Group\u2019s management identi\ufb01ed
\none performance obligation which is displaying advertisements in gaming applications. Revenue is recognized over time, in the
\nperiod in which the advertisements are broadcast. The transaction price is variable and is based on the sales of products by
\nadvertisers. The Group recognizes the variable consideration in the month in which the sales transaction which triggers the
\npayment of the fee to the Group has occurred. The consideration is determined based on revenue reports from the ad network
\nindicating the number of products sold and the amount of the consideration due to the Group.
\nFor both revenue streams, i.e. revenue from in-app purchases in gaming applications and revenue from the advertising activities,
\nmanagement assesses that the Group does not have any contracts where the period between the transfer of the promised
\ngoods or services to the customer and payment by the customer exceeds one year. In a result, the Group does not adjust any of
\nthe transaction prices for the time value of money. A receivable is recognized when the consideration is unconditional because
\nonly the passage of time is required before the payment is due. Revenue is collected not directly from end-users but via
\ndistribution platforms that charge their commission for the service. The payment terms with major distribution platforms are
\ndescribed in Note 13
Trade and other receivables
. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2467": {
"value": "(d)Income tax
\nIncome tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in pro\ufb01t or loss except to
\nthe extent that it relates to a business combination, or items are recognized directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
\nsubstantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n20
Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their
\ncarrying amounts in the consolidated \ufb01nancial statements. Deferred tax is not recognized for temporary differences arising on
\nthe initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither
\naccounting nor taxable pro\ufb01t or loss. Deferred tax liabilities and assets are not recognized for temporary differences between
\nthe carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal
\nof the temporary differences and it is probable that the differences will not reverse in the foreseeable future. In addition, deferred
\ntax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at
\nthe tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been
\nenacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
\nenforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or
\ntheir tax assets and liabilities will be realized simultaneously.
\nA deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilized.
\nDeferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax
\nbene\ufb01t will be realized.
\nPayments received from distributors for sale of virtual items are subject to the withholding taxes paid by the distributors to the
\ntax authorities on behalf of the Group entities as a recipient. As a result, the Group receives the consideration net of taxes
\ndeducted at source. The Group\u2019s management determined that this withholding tax is an income tax in nature, and it is
\nrecognized, measured and disclosed under the requirements of IAS 12 due to the fact that the gross amount of income received
\nis included in the calculation of taxable pro\ufb01t in the entity\u2019s tax computation.
\nThus, the revenue is recognized at the amount that includes withholding taxes paid to the tax authorities on behalf of the Group,
\ni.e. gross including the amount of the withholding tax. The withholding tax paid is credited against income tax due in the
\nparticular jurisdiction in accordance with local regulations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2493": {
"value": "Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. Deferred tax is not recognized for temporary differences arising on
\nthe initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither
\naccounting nor taxable pro\ufb01t or loss. Deferred tax liabilities and assets are not recognized for temporary differences between
\nthe carrying amount and tax bases of investments in subsidiaries where the company is able to control the timing of the reversal
\nof the temporary differences and it is probable that the differences will not reverse in the foreseeable future. In addition, deferred
\ntax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at
\nthe tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been
\nenacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally
\nenforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or
\ntheir tax assets and liabilities will be realized simultaneously.
\nA deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilized.
\nDeferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax
\nbene\ufb01t will be realized.
\nPayments received from distributors for sale of virtual items are subject to the withholding taxes paid by the distributors to the
\ntax authorities on behalf of the Group entities as a recipient. As a result, the Group receives the consideration net of taxes
\ndeducted at source. The Group\u2019s management determined that this withholding tax is an income tax in nature, and it is
\nrecognized, measured and disclosed under the requirements of IAS 12 due to the fact that the gross amount of income received
\nis included in the calculation of taxable pro\ufb01t in the entity\u2019s tax computation.
\nThus, the revenue is recognized at the amount that includes withholding taxes paid to the tax authorities on behalf of the Group,
\ni.e. gross including the amount of the withholding tax. The withholding tax paid is credited against income tax due in the
particular jurisdiction in accordance with local regulations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2521": {
"value": "(e)Property, plant and equipment
\n(i)
Recognition and measurement
\nItems of property, plant and equipment, except for land, are measured in the consolidated statement of \ufb01nancial position at cost,
\nincreased by subsequently incurred costs, when it is expected that future economic bene\ufb01ts associated with the item will \ufb02ow
\nto the Group and the cost of the item can be measured reliable, less accumulated depreciation and any accumulated
\nimpairment losses. Land is measured at cost less any accumulated impairment losses.
\nCost includes expenditure that is directly attributable to the acquisition of the asset.
\n (ii)
Depreciation
\nDepreciation of property, plant and equipment is calculated over the depreciable amount, which is the cost of an asset, less its
\nresidual value, commences when an asset is available for its intended use. All items of property, plant and equipment, other
\nthan land and property under construction, are depreciated on a straight-line basis over the assets\u2019 estimated useful lives as
\nfollows:
\nComputers and other electronic devices
3 \u2013 10 years
\nFurniture
5 years
\nLeasehold improvements (adaptation works in o\ufb03ces) are depreciated over their useful lives, which are equal to the lease
\nperiods which usually vary from 1 to 5 years.
\nDepreciation methods, useful lives and residual values are reviewed at each \ufb01nancial year end and adjusted prospectively if
\nappropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2532": {
"value": "(ii)Depreciation
\nDepreciation of property, plant and equipment is calculated over the depreciable amount, which is the cost of an asset, less its
\nresidual value, commences when an asset is available for its intended use. All items of property, plant and equipment, other
\nthan land and property under construction, are depreciated on a straight-line basis over the assets\u2019 estimated useful lives as
\nfollows:
\nComputers and other electronic devices
3 \u2013 10 years
\nFurniture
5 years
\nLeasehold improvements (adaptation works in o\ufb03ces) are depreciated over their useful lives, which are equal to the lease
\nperiods which usually vary from 1 to 5 years.
\nDepreciation methods, useful lives and residual values are reviewed at each \ufb01nancial year end and adjusted prospectively if
appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2566": {
"value": "(f)Leases
\nManagement assesses at the time of entering into a contract whether the contract is a lease or contains a lease. A contract is a
\nlease or contains a lease if it conveys the right to control the usage of an identi\ufb01able asset for a given period in exchange for
\nconsideration.
\nThe Group applies a uniform approach to the recognition and measurement of all lease agreements except for short-term leases
\nand low value asset leases. On the commencement date of a lease, the Group recognizes a right-of-use asset and a lease
\nliability.
\nRight-of-use assets
\nThe Group recognizes right-of-use assets on the date of commencing a lease i.e. at the date at which the leased assets are
\navailable for use by the Group entities. The right-of-use assets are presented in a separate line in the consolidated statement of
\n\ufb01nancial position. The Group does not have any right-of-use assets that meet the de\ufb01nition of investment property which would
\nbe presented in statement of \ufb01nancial position in a separate line as \u201cinvestment property\u201d.
\nRight-of-use assets are measured initially at cost comprising the following:
\n\u25cf
the amount of the initial measurement of the lease liability,
\n\u25cf
any lease payments made at or before the commencement date less any lease incentives received,
\n\u25cf
any initial direct costs,
\n\u25cf
restoration costs.
\nSubsequently, the right-of-use assets are measured at cost less accumulated depreciation and any accumulated impairment
\nlosses and adjusted for remeasurement of the lease liability due to reassessment or lease modi\ufb01cations.
\nThe right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The
\namortization periods for the right-of-use assets are as follows:
\nRight of use for vehicles
3 years
\nRight of use for o\ufb03ces
1 \u2013 5 years
\nLease liabilities
\nAt the commencement date lease liabilities are measured at an amount equal to the present value of the following lease
\npayments for the underlying right-of-use assets during the lease term:
\n\u25cf
\ufb01xed payments (including in substance \ufb01xed payments), less any lease incentives receivable,
\n\u25cf
variable lease payments that are based on an index or a rate,
\n\u25cf
amounts expected to be payable by the Group entities under residual value guarantees,
\n\u25cf
the exercise price of a purchase option if the Group\u2019s management is reasonably certain to exercise that option,
\n\u25cf
payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group would exercise that option.
\nThe lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the
\nGroup\u2019s incremental borrowing rate.
\nEach lease payment is allocated between the liability and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the
\nlease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The
\ncarrying amount of liability is remeasured to re\ufb02ect any reassessment, lease modi\ufb01cation or revised in-substance \ufb01xed
\npayments.
\nThe lease term includes the non-cancellable period of a lease plus periods covered by options to extend and/or terminate the
\nlease if it is reasonably certain that the lease will be extended or terminated.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n22
The Group applies the exemptions for short-term leases and leases of low-value assets. Payments associated with all
\nshort-term leases, i.e. with lease terms of 12 months or less, and certain leases of low-value assets, for which the underlying
\nvalue is settled at USD 5 thousand or less, are recognized on a straight-line basis over the lease term as an expense in pro\ufb01t or
\n loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2576": {
"value": "Right-of-use assets The Group recognizes right-of-use assets on the date of commencing a lease i.e. at the date at which the leased assets are
\navailable for use by the Group entities. The right-of-use assets are presented in a separate line in the consolidated statement of
\n\ufb01nancial position. The Group does not have any right-of-use assets that meet the de\ufb01nition of investment property which would
\nbe presented in statement of \ufb01nancial position in a separate line as \u201cinvestment property\u201d.
\nRight-of-use assets are measured initially at cost comprising the following:
\n\u25cf
the amount of the initial measurement of the lease liability,
\n\u25cf
any lease payments made at or before the commencement date less any lease incentives received,
\n\u25cf
any initial direct costs,
\n\u25cf
restoration costs.
\nSubsequently, the right-of-use assets are measured at cost less accumulated depreciation and any accumulated impairment
\nlosses and adjusted for remeasurement of the lease liability due to reassessment or lease modi\ufb01cations.
\nThe right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The
\namortization periods for the right-of-use assets are as follows:
\nRight of use for vehicles
3 years
\nRight of use for o\ufb03ces
1 \u2013 5 years",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2645": {
"value": " (g)Intangible assets
\nInternally generated intangible assets
\nDevelopment expenditures are recognized as an intangible asset when the Group can demonstrate all of the following:
\n\u25cf
the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\n\u25cf
its intention to complete and its ability and intention to use or sell the asset,
\n\u25cf
how the asset will generate probable future economic bene\ufb01ts,
\n\u25cf
the availability of resources to complete the asset,
\n\u25cf
its ability to measure reliably the expenditure during development.
\nThe costs of internally generated intangible assets are capitalized once the technological feasibility of a product is established
\nby the management and such costs are determined to be recoverable. Technological feasibility of a product encompasses both
\ntechnical design documentation and game design documentation or the completed and tested product design and working
\nmodel.
\nFor products with existing proven technology, the establishment of the technological feasibility may arise early in the product
\ndevelopment cycle. Technological feasibility is evaluated individually for each product.
\nIf the criteria for capitalization are met, the development costs are recorded as intangible assets and amortized from the point at
\nwhich the asset is available for use.
\nThe Group capitalizes software development costs which are direct costs incurred for internal software development.
\nCapitalized software development costs are amortized on a straight line basis over useful life which generally is from 1 to 3
\nyears.
\nResearch expenditure and development expenditure that do not meet the criteria described above are recognized as an expense
\nas incurred.
\nThe Group does not capitalize the expenditure incurred in relation to internally generated games as the criteria for capitalization
\nare not met. As a consequence of focusing on mobile phone games, the life cycle of the products developed internally cannot be
\ndetermined unequivocally and the division between increase in the carrying value associated with increase of incremental
\nbene\ufb01ts and the maintenance expenditure is at times vague. The Group\u2019s management \ufb01nd it questionable to demonstrate that
\nthe technical feasibility of completing the intangible asset and the Group\u2019s ability to measure reliably the expenditure attributable
\nto the intangible asset during its development due to the fact that the development phase of an internal project cannot be
\nreliably separated from the maintenance phase.
\nThe nature of the Group\u2019s operations, i.e. providing the users with multi-player games, requires from the Group the continuous
\nexpenditure on developments and upgrades of the existing games, driven by the fast-paced changes of the software
\nenvironment. Such upgrades are necessary for the further game continuity, and the Group is not able to reliably determine if it is
\nprobable that future economic bene\ufb01ts associated with the developments and upgrades will \ufb02ow to the Group.
\nFor these reasons, the Group expenses the costs borne on the maintenance of the existing games and development of the new
\ngames and do not capitalize them. Such expenditures are charged to pro\ufb01t or loss in the statement of comprehensive income
\nwhen incurred and presented in a separate line \u201cResearch and development expenses\u201d.
\nDevelopment costs previously recognized as an expense are not recognized as an asset in a subsequent period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n23
Software acquired externally and other intangible assets
\nSoftware licenses for software acquired externally and other intangible assets are measured in the consolidated statement of
\n\ufb01nancial position at cost less accumulated amortization and any accumulated impairment losses. Amortization commences
\nwhen the assets are available for their intended use. Software acquired externally and other intangible assets are amortized on a
\nstraight line basis over their expected economic useful lives which generally are from 1 to 3 years. Economic useful life for
\nintangible asset acquired during the year 2021, Tra\ufb03c Puzzle Game, was estimated for 10 years.
\nThe gain or loss arising on disposal or retirement of an item of intangible assets is determined as the difference between the
\nproceeds and the carrying amount of the asset on disposal/retirement date and is recognized in the consolidated statement of
\ncomprehensive income in operating pro\ufb01t.
\nIntangible assets recognized as part of the business combination
\nIntangible assets acquired in a business combination are recognized at its fair value at the acquisition date. In the subsequent
\nperiods, intangible assets recognized as part of the business combination are amortized on a straight line basis over expected
\neconomic useful lives which are predominantly up to 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2646": {
"value": "(g)Intangible assets
\nInternally generated intangible assets
\nDevelopment expenditures are recognized as an intangible asset when the Group can demonstrate all of the following:
\n\u25cf
the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\n\u25cf
its intention to complete and its ability and intention to use or sell the asset,
\n\u25cf
how the asset will generate probable future economic bene\ufb01ts,
\n\u25cf
the availability of resources to complete the asset,
\n\u25cf
its ability to measure reliably the expenditure during development.
\nThe costs of internally generated intangible assets are capitalized once the technological feasibility of a product is established
\nby the management and such costs are determined to be recoverable. Technological feasibility of a product encompasses both
\ntechnical design documentation and game design documentation or the completed and tested product design and working
\nmodel.
\nFor products with existing proven technology, the establishment of the technological feasibility may arise early in the product
\ndevelopment cycle. Technological feasibility is evaluated individually for each product.
\nIf the criteria for capitalization are met, the development costs are recorded as intangible assets and amortized from the point at
\nwhich the asset is available for use.
\nThe Group capitalizes software development costs which are direct costs incurred for internal software development.
\nCapitalized software development costs are amortized on a straight line basis over useful life which generally is from 1 to 3
\nyears.
\nResearch expenditure and development expenditure that do not meet the criteria described above are recognized as an expense
\nas incurred.
\nThe Group does not capitalize the expenditure incurred in relation to internally generated games as the criteria for capitalization
\nare not met. As a consequence of focusing on mobile phone games, the life cycle of the products developed internally cannot be
\ndetermined unequivocally and the division between increase in the carrying value associated with increase of incremental
\nbene\ufb01ts and the maintenance expenditure is at times vague. The Group\u2019s management \ufb01nd it questionable to demonstrate that
\nthe technical feasibility of completing the intangible asset and the Group\u2019s ability to measure reliably the expenditure attributable
\nto the intangible asset during its development due to the fact that the development phase of an internal project cannot be
\nreliably separated from the maintenance phase.
\nThe nature of the Group\u2019s operations, i.e. providing the users with multi-player games, requires from the Group the continuous
\nexpenditure on developments and upgrades of the existing games, driven by the fast-paced changes of the software
\nenvironment. Such upgrades are necessary for the further game continuity, and the Group is not able to reliably determine if it is
\nprobable that future economic bene\ufb01ts associated with the developments and upgrades will \ufb02ow to the Group.
\nFor these reasons, the Group expenses the costs borne on the maintenance of the existing games and development of the new
\ngames and do not capitalize them. Such expenditures are charged to pro\ufb01t or loss in the statement of comprehensive income
\nwhen incurred and presented in a separate line \u201cResearch and development expenses\u201d.
\nDevelopment costs previously recognized as an expense are not recognized as an asset in a subsequent period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n23
Software acquired externally and other intangible assets
\nSoftware licenses for software acquired externally and other intangible assets are measured in the consolidated statement of
\n\ufb01nancial position at cost less accumulated amortization and any accumulated impairment losses. Amortization commences
\nwhen the assets are available for their intended use. Software acquired externally and other intangible assets are amortized on a
\nstraight line basis over their expected economic useful lives which generally are from 1 to 3 years. Economic useful life for
\nintangible asset acquired during the year 2021, Tra\ufb03c Puzzle Game, was estimated for 10 years.
\nThe gain or loss arising on disposal or retirement of an item of intangible assets is determined as the difference between the
\nproceeds and the carrying amount of the asset on disposal/retirement date and is recognized in the consolidated statement of
\ncomprehensive income in operating pro\ufb01t.
\nIntangible assets recognized as part of the business combination
\nIntangible assets acquired in a business combination are recognized at its fair value at the acquisition date. In the subsequent
\nperiods, intangible assets recognized as part of the business combination are amortized on a straight line basis over expected
\neconomic useful lives which are predominantly up to 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2726": {
"value": " (h)Financial instruments
\nThe Group recognizes the non-derivative \ufb01nancial instruments such as other long-term \ufb01nancial assets (mostly long-term
\ndeposits), trade and other receivables, cash and cash equivalents (including investments in mutual funds) and trade and other
\npayables.
\nAt initial recognition, the group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
\nthrough pro\ufb01t or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset.
\nTransaction costs of \ufb01nancial assets carried at FVPL are expensed in pro\ufb01t or loss.
\nThe group classi\ufb01es its \ufb01nancial assets to the measurement category: debt instruments to be measured at amortized cost. The
\nclassi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash
\n\ufb02ows. Assets that are held for collection of contractual cash \ufb02ows, where those cash \ufb02ows represent solely payments of
\nprincipal and interest (\u201cSPPI test\u201d), are measured at amortized cost. Interest income from these \ufb01nancial assets is included in
\n\ufb01nance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in pro\ufb01t
\nor loss.
\nManagement assesses the Group\u2019s expected credit losses (\u201cECLs\u201d) associated with debt instruments measured at amortized
\ncost, regardless of whether or not there has been any indication of impairment. Please refer to Note 4
Signi\ufb01cant accounting
\npolicies
, point (i)
Impairment,
(i)
Financial assets
below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2727": {
"value": "(h)Financial instruments
\nThe Group recognizes the non-derivative \ufb01nancial instruments such as other long-term \ufb01nancial assets (mostly long-term
\ndeposits), trade and other receivables, cash and cash equivalents (including investments in mutual funds) and trade and other
\npayables.
\nAt initial recognition, the group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value
\nthrough pro\ufb01t or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset.
\nTransaction costs of \ufb01nancial assets carried at FVPL are expensed in pro\ufb01t or loss.
\nThe group classi\ufb01es its \ufb01nancial assets to the measurement category: debt instruments to be measured at amortized cost. The
\nclassi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash
\n\ufb02ows. Assets that are held for collection of contractual cash \ufb02ows, where those cash \ufb02ows represent solely payments of
\nprincipal and interest (\u201cSPPI test\u201d), are measured at amortized cost. Interest income from these \ufb01nancial assets is included in
\n\ufb01nance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in pro\ufb01t
\nor loss.
\nManagement assesses the Group\u2019s expected credit losses (\u201cECLs\u201d) associated with debt instruments measured at amortized
\ncost, regardless of whether or not there has been any indication of impairment. Please refer to Note 4
Signi\ufb01cant accounting
\npolicies
, point (i)
Impairment,
(i)
Financial assets
below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2755": {
"value": "(i)Impairment
\n (i)
Financial assets
\nManagement assesses the Group\u2019s ECLs associated with debt instruments measured at amortized cost, regardless of whether
\nor not there has been any indication of impairment.
\nFor trade receivables, the Group applies a simpli\ufb01ed approach and measures a loss allowance for expected credit losses at the
\namount equal to the expected credit losses over the instrument's lifetime. The Group uses its historical data on credit losses,
\nadjusted on an as-needed basis for the impact of forward-looking statements.
\nFor other \ufb01nancial assets the Group applies a three-stage model for impairment, based on changes in credit quality since initial
\nrecognition. A \ufb01nancial instrument that is not credit-impaired on initial recognition is classi\ufb01ed in Stage 1. Financial assets in
\nStage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible
\nwithin the next 12 months or until contractual maturity, if shorter (\u201c12 Months ECL\u201d). If the Group identi\ufb01es a signi\ufb01cant increase
\nin credit risk (\u201cSICR\u201d) since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a
\nlifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (\u201cLifetime ECL\u201d). The \ufb01nancial
\nassets with objective evidence of impairment are classi\ufb01ed to Stage 3; for such assets lifetime ECL is recognized.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n24
(ii)
Non-\ufb01nancial assets (other than goodwill)
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each
\nreporting date to determine whether there is any indication of impairment. If any such indication exists, or annual impairment
\ntesting for an asset is required, then the asset\u2019s recoverable amount is estimated.
\nThe recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For the purpose of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows of other assets or groups of assets (the \u201ccash-generating unit\u201d).
\nAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
\nImpairment losses are recognized in pro\ufb01t or loss.
\nFor other assets excluding goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any
\nindications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\nAt the end of each reporting period, management assesses whether there is any indication that any Group\u2019s assets may be
\nimpaired. Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at December 31 at the
\ncash-generating unit level, irrespective of whether there is any indication of impairment.
\nAs at December 31, 2022 and December 31, 2021 the Group had no intangible assets with an inde\ufb01nite useful life.
\n (iii)
Goodwill
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
\ntesting,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\ncash-generating units that are expected to bene\ufb01t from the combination in which the goodwill arose, irrespective of whether
\nother assets or liabilities of the acquiree are assigned to those units. At current, the entire operations of the Group are
\nconsidered to be one cash generating unit.
\nGoodwill is tested for impairment annually as at December 31 or more frequently if events or changes in circumstances indicate
\nthat the carrying value may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of
\ncash-generating units) to which the goodwill relates. When the recoverable amount of the cash-generating unit is less than its
\ncarrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
\nGains and losses on the disposal of the business operations include the carrying amount of goodwill relating to the business
\nsold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2759": {
"value": "(i)Financial assets
\nManagement assesses the Group\u2019s ECLs associated with debt instruments measured at amortized cost, regardless of whether
\nor not there has been any indication of impairment.
\nFor trade receivables, the Group applies a simpli\ufb01ed approach and measures a loss allowance for expected credit losses at the
\namount equal to the expected credit losses over the instrument's lifetime. The Group uses its historical data on credit losses,
\nadjusted on an as-needed basis for the impact of forward-looking statements.
\nFor other \ufb01nancial assets the Group applies a three-stage model for impairment, based on changes in credit quality since initial
\nrecognition. A \ufb01nancial instrument that is not credit-impaired on initial recognition is classi\ufb01ed in Stage 1. Financial assets in
\nStage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible
\nwithin the next 12 months or until contractual maturity, if shorter (\u201c12 Months ECL\u201d). If the Group identi\ufb01es a signi\ufb01cant increase
\nin credit risk (\u201cSICR\u201d) since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a
\nlifetime basis, that is, up until contractual maturity but considering expected prepayments, if any (\u201cLifetime ECL\u201d). The \ufb01nancial
\nassets with objective evidence of impairment are classi\ufb01ed to Stage 3; for such assets lifetime ECL is recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2794": {
"value": "(ii)Non-\ufb01nancial assets (other than goodwill)
\nThe carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each
\nreporting date to determine whether there is any indication of impairment. If any such indication exists, or annual impairment
\ntesting for an asset is required, then the asset\u2019s recoverable amount is estimated.
\nThe recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that
\nre\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. For the purpose of
\nimpairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows of other assets or groups of assets (the \u201ccash-generating unit\u201d).
\nAn impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
\nImpairment losses are recognized in pro\ufb01t or loss.
\nFor other assets excluding goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any
\nindications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\nAt the end of each reporting period, management assesses whether there is any indication that any Group\u2019s assets may be
\nimpaired. Intangible assets with inde\ufb01nite useful lives are tested for impairment annually as at December 31 at the
\ncash-generating unit level, irrespective of whether there is any indication of impairment.
\nAs at December 31, 2022 and December 31, 2021 the Group had no intangible assets with an inde\ufb01nite useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2817": {
"value": "(iii)Goodwill
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
\ntesting,
goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s
\ncash-generating units that are expected to bene\ufb01t from the combination in which the goodwill arose, irrespective of whether
\nother assets or liabilities of the acquiree are assigned to those units. At current, the entire operations of the Group are
\nconsidered to be one cash generating unit.
\nGoodwill is tested for impairment annually as at December 31 or more frequently if events or changes in circumstances indicate
\nthat the carrying value may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of
\ncash-generating units) to which the goodwill relates. When the recoverable amount of the cash-generating unit is less than its
\ncarrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
\nGains and losses on the disposal of the business operations include the carrying amount of goodwill relating to the business
sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2836": {
"value": "(iv)Cash and cash equivalents
\nCash and cash equivalents comprise cash balances, call deposits and highly liquid investments (including money market funds)
\nwith maturities at initial recognition of three months or less.
\nThe judgement relating to the classi\ufb01cation of the investments in money market funds as \u201ccash and cash equivalents\u2019 is
\ndisclosed in Note 2
Basis for preparation of the consolidated \ufb01nancial statements,
point (d)
Key judgements and estimates \u2013
\nMoney market mutual funds.
\nCash on bank accounts and investments in money market mutual funds meets the SPPI test and the business model test \u201cheld
\nto collect\u201d, therefore they are measured at amortized cost including an impairment loss determined in accordance with the
\nexpected loss model described in Note 4
Signi\ufb01cant accounting policies
, point (i)
Impairment,
(i)
Financial assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2873": {
"value": "(v)Trade and other receivables
\nTrade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain signi\ufb01cant
\n\ufb01nancing components when they are recognised at fair value. Subsequently, they are carried at amortized cost using the
\neffective interest method, less loss allowance. The loss allowance is determined according with the accounting policy
\npresented in Note 4
Signi\ufb01cant accounting policies,
point (i)
Impairment
(i)
Financial assets
.
\nAccrued revenues included in trade and other receivables are recognized initially at the amount of consideration based on the
\nsales reports provided by platforms.
\nOther receivables include deposits made to purchase property, plant and equipment, receivables from employees and
\nreceivables from the state budget. Other receivables that are not \ufb01nancial assets as at the end of the reporting period are
\nmeasured at the amount due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2893": {
"value": "(j)Trade and other payables and deferred income
\nThese amounts represent liabilities for goods and services provided to the Group prior to the end of the \ufb01nancial year which are
\nunpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the
\nreporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the
\neffective interest method.
\nThe other payables comprise employees related liabilities, tax other than income tax liabilities and accrued expenses. The
\ndeferred income represents a contract liability; it is recognized and measured according to the accounting policy presented in
\nNote 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
. Other payables are measured at the amount due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2909": {
"value": "(k) Share capital and other components of the equity
\nShare capital is presented at the total nominal value of the registered shares of the Parent Company.
\nAs of December 31, 2022 and December 31, 2021 all ordinary shares and preference shares (series A and B) are classi\ufb01ed as
\nequity. Preferences attributable to series A and B of preference shares are described in Note 15
Share capital
.
\nIncremental costs directly attributable to the issue of new shares are presented as the deduction of equity, i.e. supplementary
\ncapital. Qualifying transaction costs incurred in anticipation of an issuance of equity instruments are also deducted from the
\nequity, i.e. supplementary capital. If the equity instruments are not subsequently issued, the transaction costs are recognized as
\nan expense.
\nAny excess of the fair value of consideration received over the nominal value of shares issued is recorded as share premium in
\nequity, i.e. supplementary capital.
\nIn the line \u201cTreasury shares\u201d, the Group presents the own shares repurchased, which are recognized at cost and are deducted
\nfrom equity. No gain or loss is recognized in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Group shares. Any
\ndifference between the carrying amount and the consideration, if reissued, is recognized in the supplementary capital.
\nIncremental costs directly attributable to the repurchase of own shares are presented as the deduction of equity, i.e. in the line
\n\u201cTreasury shares\u201d.
\nIn accordance with Delaware General Corporation Law, the Company may declare and pay dividends upon the shares of its
\ncapital stock either:
\n1.
Out of its surplus, being the excess of its net assets over its capital (all or part of the consideration received by the
\ncorporation in exchange for its capital stock, as determined by the Board of Directors); or
\n2.
In case there shall be no such surplus, out of its net pro\ufb01ts for the \ufb01scal year in which the dividend is declared and/or
\nthe preceding \ufb01scal year.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n26
If the capital, as de\ufb01ned above, shall have been diminished by depreciation in the value of its property, or by losses, or otherwise,
\nto an amount less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes
\nhaving a preference upon the distribution of assets, the directors of such company shall not declare and pay out of such net
\npro\ufb01ts any dividends upon any shares of any classes of its capital stock until the de\ufb01ciency in the amount of capital represented
\nby the issued and outstanding stock of all classes having a preference upon the distribution of assets shall have been repaired.
\nEmployee bene\ufb01ts reserve results from the share-based payment arrangements and is described in details in Note 4
Signi\ufb01cant
\naccounting
policies
,
(m)
Employee
bene\ufb01ts
, (i)
Share-based payment arrangements
and Note 16
Share-based payment
\narrangements
.
\nForeign exchange reserve results from exchange differences resulting from translating of foreign entities which functional
\ncurrency is different than USD. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2913": {
"value": "Share capital is presented at the total nominal value of the registered shares of the Parent Company. As of December 31, 2022 and December 31, 2021 all ordinary shares and preference shares (series A and B) are classi\ufb01ed as
\nequity. Preferences attributable to series A and B of preference shares are described in Note 15
Share capital
.
\nIncremental costs directly attributable to the issue of new shares are presented as the deduction of equity, i.e. supplementary
\ncapital. Qualifying transaction costs incurred in anticipation of an issuance of equity instruments are also deducted from the
\nequity, i.e. supplementary capital. If the equity instruments are not subsequently issued, the transaction costs are recognized as
\nan expense.
\nAny excess of the fair value of consideration received over the nominal value of shares issued is recorded as share premium in
\nequity, i.e. supplementary capital.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2927": {
"value": "In the line \u201cTreasury shares\u201d, the Group presents the own shares repurchased, which are recognized at cost and are deducted from equity. No gain or loss is recognized in pro\ufb01t or loss on the purchase, sale, issue or cancellation of the Group shares. Any
\ndifference between the carrying amount and the consideration, if reissued, is recognized in the supplementary capital.
\nIncremental costs directly attributable to the repurchase of own shares are presented as the deduction of equity, i.e. in the line
\n\u201cTreasury shares\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2935": {
"value": "Corporation",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f2984": {
"value": "(l)Earnings per share
\nBasic earnings per share is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the Huuuge Inc. by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted earnings per share is calculated by dividing the Group\u2019s adjusted pro\ufb01t or loss by the after\u2011tax effect of:
\na.
any dividends or other items related to dilutive potential ordinary shares deducted in arriving at pro\ufb01t or loss
\nattributable to ordinary equity holders of Huuuge Inc.;
\nb.
any interest recognized in the period related to dilutive potential ordinary shares; and
\nc.
any other changes in income or expense that would result from the conversion of the dilutive potential ordinary
\nshares
\nby the weighted average number of ordinary shares adjusted for the effect of all dilutive potential ordinary shares.
\nThe treasury shares are excluded from the weighted average number of ordinary shares for the purpose of calculating earnings
\nper share (\u201cEPS\u201d) as they are not outstanding.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3003": {
"value": "(m)Employee bene\ufb01ts
\n (i)
Share-based payment arrangements
\nThe Group runs an award program where the employees and contractors are receiving free options which entitle them to
\npurchase the shares in the Company. Such a program is a share-based payment program which is classi\ufb01ed as equity settled
\ndue to the fact that the Company does not have an obligation to settle the obligation arising under the program by delivering
\ncash to the employees or contractors.
\nEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the
\nequity instruments at the grant date. The grant date fair value of the awards is determined using a share option pricing model.
\nDetails regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 16
\nShare-based payment arrangements
.
\nOptions with the same grant date but with different periods during which all the speci\ufb01ed vesting conditions of a share-based
\npayment arrangement are to be satis\ufb01ed are treated as separate awards with a different vesting period (graded vesting).
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period,
\nbased on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end
\nof each period the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of
\nthe original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a
\ncorresponding adjustment to the equity-settled employee bene\ufb01t reserve.
\nThe grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as
\nan expense (employee bene\ufb01t expense), with a corresponding increase in equity, over the vesting period of the awards.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n27
IFRS 2
Share-based Payment
does not address whether an increase in equity recognized in connection with a share-based
\npayment transaction should be presented in a separate component within equity or within retained earnings. Such an increase is
\npresented in the line \u201cEmployee bene\ufb01t reserve\u201d.
\nThe amount recognized as an expense is adjusted to re\ufb02ect the number of awards for which the related service and non-market
\nperformance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards
\nthat meet the related service and non-market performance conditions at the vesting date.
\nShare - based payment transactions with non-employees
\nShare-based payment transactions with non-employees include the
transactions in which non-employees provide services to
\nthe Group in exchange for free options which entitle them to purchase the shares in the Company.
\nIn accordance with IFRS 2, the Group measures the services received, and the corresponding increase in equity, directly, at the
\nfair value of the goods or services received, unless that fair value cannot be estimated reliably. If the fair value of the services
\nreceived cannot be estimated reliably, the Group measures their value, and the corresponding increase in equity, indirectly, by
\nreference to the fair value of the equity instruments granted.
\nThe Group recognizes the expense charge in the consolidated statement of comprehensive income over the vesting period for
\nwhich the related services are provided with the corresponding increase in equity in the line \u201cEmployee bene\ufb01t reserve\u201d.
\n (ii)
De\ufb01ned contribution plans \u2013 retirement bene\ufb01ts
\nThe Group has under local laws obligations to pay retirement bene\ufb01ts, however, as the average age of employees is low, no
\nprovision has been recorded due to its immaterial amount.
\n(iii)
Other employee bene\ufb01ts
\nShort-term employee bene\ufb01t obligations are measured on an undiscounted basis and are expensed as the related service is
\nprovided. A liability is recognized for the amount expected to be paid under short-term cash bonus or pro\ufb01t-sharing plans if the
\nGroup has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee,
\nand the obligation can be estimated reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3007": {
"value": "(i)Share-based payment arrangements
\nThe Group runs an award program where the employees and contractors are receiving free options which entitle them to
\npurchase the shares in the Company. Such a program is a share-based payment program which is classi\ufb01ed as equity settled
\ndue to the fact that the Company does not have an obligation to settle the obligation arising under the program by delivering
\ncash to the employees or contractors.
\nEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the
\nequity instruments at the grant date. The grant date fair value of the awards is determined using a share option pricing model.
\nDetails regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 16
\nShare-based payment arrangements
.
\nOptions with the same grant date but with different periods during which all the speci\ufb01ed vesting conditions of a share-based
\npayment arrangement are to be satis\ufb01ed are treated as separate awards with a different vesting period (graded vesting).
\nThe fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period,
\nbased on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end
\nof each period the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of
\nthe original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a
\ncorresponding adjustment to the equity-settled employee bene\ufb01t reserve.
\nThe grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as
\nan expense (employee bene\ufb01t expense), with a corresponding increase in equity, over the vesting period of the awards.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n27
IFRS 2
Share-based Payment
does not address whether an increase in equity recognized in connection with a share-based
\npayment transaction should be presented in a separate component within equity or within retained earnings. Such an increase is
\npresented in the line \u201cEmployee bene\ufb01t reserve\u201d.
\nThe amount recognized as an expense is adjusted to re\ufb02ect the number of awards for which the related service and non-market
\nperformance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards
\nthat meet the related service and non-market performance conditions at the vesting date.
\nShare - based payment transactions with non-employees
\nShare-based payment transactions with non-employees include the
transactions in which non-employees provide services to
\nthe Group in exchange for free options which entitle them to purchase the shares in the Company.
\nIn accordance with IFRS 2, the Group measures the services received, and the corresponding increase in equity, directly, at the
\nfair value of the goods or services received, unless that fair value cannot be estimated reliably. If the fair value of the services
\nreceived cannot be estimated reliably, the Group measures their value, and the corresponding increase in equity, indirectly, by
\nreference to the fair value of the equity instruments granted.
\nThe Group recognizes the expense charge in the consolidated statement of comprehensive income over the vesting period for
\nwhich the related services are provided with the corresponding increase in equity in the line \u201cEmployee bene\ufb01t reserve\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3068": {
"value": "(ii)De\ufb01ned contribution plans \u2013 retirement bene\ufb01ts
\nThe Group has under local laws obligations to pay retirement bene\ufb01ts, however, as the average age of employees is low, no
\nprovision has been recorded due to its immaterial amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3082": {
"value": "(n)Provisions
\nA provision is recognized when the Group, as a result of a past event, has a present obligation (legal or constructive) that can be
\nestimated reliably, and it is probable that the Group will be required to settle that obligation (an out\ufb02ow of economic bene\ufb01ts will
\nbe required). Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the
\nend of the reporting period and are discounted to present value where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3091": {
"value": "(o) Cost of sales
\nIn the line \u201cCost of sales\u201d, the Group recognizes platform fees to distributors, which are related to revenues from in-app
\npurchases and costs of using servers of external suppliers. Platform fees to distributors are recognized over time in line with the
\nrecognition of revenues from in-app purchases. Server costs are recognized when incurred.
\nIn addition, this line includes amortization of the acquired titles, i.e. amortization of Tra\ufb03c Puzzle game for the year ended
\nDecember 31, 2022 and December 31, 2021 which is recognized on a straight-line basis over the estimated period of the
\neconomic useful life of the title.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3102": {
"value": "(p) Research and development expenses
\nIn the line \u201cResearch and development expenses\u201d, the Group recognizes costs of the maintenance of the existing games and
\ndevelopment of the new games and fees paid to external developers related to the publishing contracts. In addition, this line
\nincludes costs of salaries and share-based payment arrangements of the technology department, as well as the research and
\ndevelopment expenses that do not meet the criteria for capitalization.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n28
Fees paid to external developers include expenditures incurred in relation to the right to the game (i.e. the license), the payment
\nfor the development operations and maintenance services. Due to the fact that the Group is not able to allocate the fees
\nbetween particular components, total fees are recognized when incurred.
\nThese costs are recognized when incurred. Details regarding lack of capitalization of these costs are presented, respectively, in
\nNote 4
Signi\ufb01cant accounting policies,
point (g)
Intangible assets
and in Note 2
Basis for preparation of the consolidated \ufb01nancial
\nstatements,
point (d)
Key judgements and estimates \u2013 Agent vs principal considerations in publishing contracts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3144": {
"value": "(q)Sales and marketing expenses
\nThe line \u201cSales and marketing expenses\u201d includes two main types of sales and marketing expenses:
\na)
\u201cUser acquisition marketing campaigns\u201d which mainly include variable costs of external marketing campaigns directly
\nattributable to acquisition of new players, and conversion of non-paying players into paying players, and
\nb)
\u201cGeneral
Sales
and
marketing
expenses\u201d
which
mainly
include costs of salaries and share-based payment
\narrangements of the sales and marketing departments as well as external marketing and sales services.
\nThese costs are recognized when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3164": {
"value": " (r)Finance income and expense
\nFinance income comprises mainly interest income on funds invested, i.e, bank deposits, money market mutual fund
\ninvestments and money market interest-bearing accounts. Interest income is recognized as it accrues in pro\ufb01t or loss, using the
\neffective interest method.
\nFinance expenses comprise mainly foreign exchange differences on currency translation and interest expense on leases
\nliabilities.
\nForeign currency gains and losses are reported on a net basis as either \ufb01nance income or \ufb01nance expenses depending on
\nwhether foreign currency movements are in a net gain or net loss position unless material, where separate presentation is
required.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3165": {
"value": "(r)Finance income and expense
\nFinance income comprises mainly interest income on funds invested, i.e, bank deposits, money market mutual fund
\ninvestments and money market interest-bearing accounts. Interest income is recognized as it accrues in pro\ufb01t or loss, using the
\neffective interest method.
\nFinance expenses comprise mainly foreign exchange differences on currency translation and interest expense on leases
\nliabilities.
\nForeign currency gains and losses are reported on a net basis as either \ufb01nance income or \ufb01nance expenses depending on
\nwhether foreign currency movements are in a net gain or net loss position unless material, where separate presentation is
required.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3169": {
"value": "Finance income and expense Finance income comprises mainly interest income on funds invested, i.e, bank deposits, money market mutual fund
\ninvestments and money market interest-bearing accounts. Interest income is recognized as it accrues in pro\ufb01t or loss, using the
\neffective interest method.
\nFinance expenses comprise mainly foreign exchange differences on currency translation and interest expense on leases
\nliabilities.
\nForeign currency gains and losses are reported on a net basis as either \ufb01nance income or \ufb01nance expenses depending on
\nwhether foreign currency movements are in a net gain or net loss position unless material, where separate presentation is
required.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3184": {
"value": "5.Determination of fair values
\nA number of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both \ufb01nancial and
\nnon-\ufb01nancial assets and liabilities.
\nFor assets and liabilities that are recognized in the consolidated \ufb01nancial statements at fair value on a recurring basis,
\nmanagement determines whether in the Group transfers have occurred between levels in the hierarchy by re-assessing
\ncategorization (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each
\nreporting period.
\nThe Group\u2019s management determines the policies and procedures for fair value measurement. External valuers are involved for
\nvaluation of signi\ufb01cant assets and signi\ufb01cant liabilities. Selection criteria include market knowledge, reputation, independence
\nand whether professional standards are maintained. The management decides, after discussions with the Group\u2019s external
\nvaluers, which valuation techniques and inputs to use for each case.
\nAt each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be
\nremeasured or re-assessed as per the Group\u2019s accounting policies. For this analysis, the management veri\ufb01es the major inputs
\napplied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
\ndocuments.
\nFair values have been determined for measurement and for disclosure purposes as explained below.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n29
(a)
Preference shares liability measured at fair value through pro\ufb01t or loss
\nOn February 5, 2021 series C preference shares were converted into common shares. At the date of the conversion series C
\npreference shares liability was measured to fair value based on the value of shares established for the Company's initial public
\noffering, with the loss recognized in pro\ufb01t or loss. For more information, please refer to Note 15
Share capital
.
\nPrior to conversion, series C preference shares liability was measured at fair value initially and after initial recognition with the
\ngains/loss on subsequent remeasurements being recognized in pro\ufb01t or loss.
\n(b)
Trade and other receivables measured at amortized cost
\nFor trade and other receivables and deposits, the Group\u2019s management considers their carrying amounts to be the best
\nestimates of fair values, due to the short-term nature and high liquidity of these instruments. This fair value is determined for
\ndisclosure purposes.
\n(c)
Non-derivative \ufb01nancial liabilities measured at amortized cost
\nFor trade accounts payable, the Group\u2019s management considers their carrying amounts to be the best estimation of their
\nrespective fair values, determined for disclosure purposes, due to the short-term nature of these instruments. Fair value of
\nnon-derivative \ufb01nancial liabilities other than trade accounts payable, is calculated based on the present value of future principal
\nand interest cash \ufb02ows, discounted at the market rate of interest at the reporting date. For lease liabilities an interest rate
\nimplicit in the lease is used, if that rate can be readily determined; if that rate cannot be readily determined, the lessee's
\nincremental borrowing rate is used.
\nAs of December 31, 2022 and December 31, 2021 the Group does not classify any assets or liabilities to be subsequently
\nmeasured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3185": {
"value": "5.Determination of fair values
\nA number of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both \ufb01nancial and
\nnon-\ufb01nancial assets and liabilities.
\nFor assets and liabilities that are recognized in the consolidated \ufb01nancial statements at fair value on a recurring basis,
\nmanagement determines whether in the Group transfers have occurred between levels in the hierarchy by re-assessing
\ncategorization (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each
\nreporting period.
\nThe Group\u2019s management determines the policies and procedures for fair value measurement. External valuers are involved for
\nvaluation of signi\ufb01cant assets and signi\ufb01cant liabilities. Selection criteria include market knowledge, reputation, independence
\nand whether professional standards are maintained. The management decides, after discussions with the Group\u2019s external
\nvaluers, which valuation techniques and inputs to use for each case.
\nAt each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be
\nremeasured or re-assessed as per the Group\u2019s accounting policies. For this analysis, the management veri\ufb01es the major inputs
\napplied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant
\ndocuments.
\nFair values have been determined for measurement and for disclosure purposes as explained below.
(a)
Preference shares liability measured at fair value through pro\ufb01t or loss
\nOn February 5, 2021 series C preference shares were converted into common shares. At the date of the conversion series C
\npreference shares liability was measured to fair value based on the value of shares established for the Company's initial public
\noffering, with the loss recognized in pro\ufb01t or loss. For more information, please refer to Note 15
Share capital
.
\nPrior to conversion, series C preference shares liability was measured at fair value initially and after initial recognition with the
\ngains/loss on subsequent remeasurements being recognized in pro\ufb01t or loss.
\n(b)
Trade and other receivables measured at amortized cost
\nFor trade and other receivables and deposits, the Group\u2019s management considers their carrying amounts to be the best
\nestimates of fair values, due to the short-term nature and high liquidity of these instruments. This fair value is determined for
\ndisclosure purposes.
\n(c)
Non-derivative \ufb01nancial liabilities measured at amortized cost
\nFor trade accounts payable, the Group\u2019s management considers their carrying amounts to be the best estimation of their
\nrespective fair values, determined for disclosure purposes, due to the short-term nature of these instruments. Fair value of
\nnon-derivative \ufb01nancial liabilities other than trade accounts payable, is calculated based on the present value of future principal
\nand interest cash \ufb02ows, discounted at the market rate of interest at the reporting date. For lease liabilities an interest rate
\nimplicit in the lease is used, if that rate can be readily determined; if that rate cannot be readily determined, the lessee's
\nincremental borrowing rate is used.
\nAs of December 31, 2022 and December 31, 2021 the Group does not classify any assets or liabilities to be subsequently
\nmeasured at fair value.
(g)Accounting classi\ufb01cations of \ufb01nancial instruments and fair values
\nThe fair values of \ufb01nancial assets and liabilities, together with the carrying amounts presented in the statement of \ufb01nancial
\nposition are as follows:
\nAs of
\nDecember 31, 2022
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
243,215
-
243,215
243,215
\nTrade receivables
20,970
-
-
-
20,970
20,970
\nCash and cash
\nequivalents
\n222,245
-
-
-
222,245
222,245
\nLiabilities
-
-
3,297
13,827
17,124
17,124
\nLease liability
-
-
-
13,827
13,827
13,827
\nTrade payables
-
-
3,297
-
3,297
3,297
\nTotal \ufb01nancial
\nassets
\n243,215
-
3,297
13,827
260,339
260,339
\nAs of
\nDecember 31, 2021
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
228,263
-
-
-
228,263
228,263
\nTrade receivables
23,848
-
-
-
23,848
23,848
\nCash and cash
\nequivalents
\n204,415
-
-
-
204,415
204,415
\nLiabilities
-
-
32,604
17,257
49,861
49,861
\nLease liability
-
-
-
17,257
17,257
17,257
\nTrade payables
-
-
32,604
-
32,604
32,604
\nTotal \ufb01nancial
\nliabilities
\n228,263
-
32,604
17,257
278,124
278,124
As at December 31, 2022 and December 31, 2021 the Group\u2019s management did not identify any \ufb01nancial assets measured at fair
\nvalue \u2013 neither through pro\ufb01t or loss nor through other comprehensive income.
\nThe Group\u2019s management believes that the fair values of \ufb01nancial instruments do not differ signi\ufb01cantly from their carrying
\namounts.
\nSeries C preference shares
\nPrior to conversion on February 5, 2021, series C preference shares liability was measured at fair value initially with gains/losses
\non subsequent remeasurements being recognized in pro\ufb01t or loss at each reporting period. The fair value measurements of
\nseries C preference shares was classi\ufb01ed as Level 3 of the fair value hierarchy. Further information regarding the gain/loss
\nrecognized on the remeasurement of the preference shares liability in the prior periods is presented in the Group\u2019s consolidated
\n\ufb01nancial statements as of and for the year ended December 31, 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3249": {
"value": " 6.Revenue and segment information
\nHuuuge\u2019s business, development and sales of casual games for mobile platforms is global, and both games and sales channels
\nare the same, regardless of where the players (customers) are located. Management measures and monitors the Group\u2019s
\nrevenue in respect of each game, but does not allocate all costs, assets and liabilities by game and does not measure the
\noperating results by game. In management\u2019s view, the operations and the Group\u2019s \ufb01nancial performance and position cannot be
\ndivided into different segments in such a way that it improves the ability to analyze and manage the Group. As of December 31,
\n2022 the co-CEOs were the Chief operating decision-makers and for this reason, the co-CEOs analyze the consolidated \ufb01nancial
\nposition and operating results of the Group as a whole; therefore, it has been determined that the Group has only one operating
\nsegment (\u201conline mobile games\u201d).
\nThe Group\u2019s management monitors operating results on a group-wide basis for the purpose of making decisions about resource
\nallocation and performance assessment.
\nThe Group's revenue from contracts with clients is comprised of revenue generated by in-app purchases (gaming applications)
\nand in-app ads (advertising), as shown below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nGaming applications
308,852
358,638
\nAdvertising
9,770
15,101
\nTotal revenue
318,622
373,739
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n30
The Group\u2019s revenue is recognized over time, irrespective of the product and the geographical region \u2013 for more details on
\nrevenue recognition please refer to Note 4
Signi\ufb01cant accounting policies
, point (c)
Revenue
.
\nFor the gaming services, the transaction price is prepaid by the customers when the virtual coins are purchased to allow
\ncontinuation of the game; the payments result in the recognition of the contract liability in the statement of \ufb01nancial position.
\nThe amounts recognized as deferred income are recognized as revenue on average within 2 days in the year 2022 (two days in
\nthe year 2021).
\nFor the gaming service, the amount recognized as deferred income as at the balance sheet date also represents the aggregate
\namount of the transaction price allocated to the performance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the
\nend of the reporting period.
\nFor the advertising services, the Group does not disclose the aggregate amount of the transaction price allocated to the
\nperformance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the end of the reporting period using the practical
\nexpedient allowed under IFRS 15, i.e. the Group has a right to consideration from a customer in an amount that corresponds
\ndirectly with the value to the customer of the entity\u2019s performance completed to date.
\nBelow is the split of the revenue per main product groups:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nHuuuge Casino
188,656
214,554
\nBillionaire Casino
99,418
113,515
\nTra\ufb03c Puzzle*
26,172
\n34,008
\nOther games
4,376
11,662
\n- including games developed by external developers based on
\npublishing contracts
\n939
578
\nTotal revenue
318,622
373,739
\n* In April 2021 the Group became the owner of the Tra\ufb03c Puzzle game; therefore, revenues for the year ended December 31,
\n2022 include revenues generated after the acquisition of the game. Tra\ufb03c Puzzle revenues for the year ended December 31,
\n2021 include revenues based on a publishing agreement and revenues after acquisition of the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n31
Revenue was generated in the following countries:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nUnited States
188,362
221,797
\nGermany
23,018
26,867
\nCanada
9,509
11,709
\nUnited Kingdom
9,493
11,357
\nJapan
8,114
10,054
\nFrance
8,114
10,105
\nNetherlands
7,713
8,908
\nAustralia
6,421
7,756
\nPoland
6,337
7,082
\nSwitzerland
5,257
4,978
\nTaiwan
3,642
3,795
\nItaly
3,188
3,615
\nRepublic of South Africa
2,399
2,981
\nAustria
2,351
2,555
\nSpain
2,254
2,526
\nOther
32,450
37,654
\nTotal revenue
318,622
373,739
\nThe above is the management\u2019s best estimate, as no geographical breakdown is available for some revenue sources. The
\nallocation to regions is driven by the location of individual end-user customer.
\nNo individual end-user customer with whom the Group concludes transactions had a share of 10% or more in the Group's total
\nrevenues in annual reporting periods ended December 31, 2022 and December 31, 2021. Vast majority of revenues is generated
\nin cooperation with the several platform providers, such as Apple App Store, Google Play, Facebook and Amazon App Store as
\ndescribed in Note 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
.
\nSplit of assets by geographical locations does not determine the Group\u2019s operations. Right-of-use assets and property, plant and
\nequipment are split based on the location of the o\ufb03ces of subsidiaries, IP rights are located in Cyprus.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3250": {
"value": "6.Revenue and segment information
\nHuuuge\u2019s business, development and sales of casual games for mobile platforms is global, and both games and sales channels
\nare the same, regardless of where the players (customers) are located. Management measures and monitors the Group\u2019s
\nrevenue in respect of each game, but does not allocate all costs, assets and liabilities by game and does not measure the
\noperating results by game. In management\u2019s view, the operations and the Group\u2019s \ufb01nancial performance and position cannot be
\ndivided into different segments in such a way that it improves the ability to analyze and manage the Group. As of December 31,
\n2022 the co-CEOs were the Chief operating decision-makers and for this reason, the co-CEOs analyze the consolidated \ufb01nancial
\nposition and operating results of the Group as a whole; therefore, it has been determined that the Group has only one operating
\nsegment (\u201conline mobile games\u201d).
\nThe Group\u2019s management monitors operating results on a group-wide basis for the purpose of making decisions about resource
\nallocation and performance assessment.
\nThe Group's revenue from contracts with clients is comprised of revenue generated by in-app purchases (gaming applications)
\nand in-app ads (advertising), as shown below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nGaming applications
308,852
358,638
\nAdvertising
9,770
15,101
\nTotal revenue
318,622
373,739
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n30
The Group\u2019s revenue is recognized over time, irrespective of the product and the geographical region \u2013 for more details on
\nrevenue recognition please refer to Note 4
Signi\ufb01cant accounting policies
, point (c)
Revenue
.
\nFor the gaming services, the transaction price is prepaid by the customers when the virtual coins are purchased to allow
\ncontinuation of the game; the payments result in the recognition of the contract liability in the statement of \ufb01nancial position.
\nThe amounts recognized as deferred income are recognized as revenue on average within 2 days in the year 2022 (two days in
\nthe year 2021).
\nFor the gaming service, the amount recognized as deferred income as at the balance sheet date also represents the aggregate
\namount of the transaction price allocated to the performance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the
\nend of the reporting period.
\nFor the advertising services, the Group does not disclose the aggregate amount of the transaction price allocated to the
\nperformance obligations that are unsatis\ufb01ed (or partially unsatis\ufb01ed) as of the end of the reporting period using the practical
\nexpedient allowed under IFRS 15, i.e. the Group has a right to consideration from a customer in an amount that corresponds
\ndirectly with the value to the customer of the entity\u2019s performance completed to date.
\nBelow is the split of the revenue per main product groups:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nHuuuge Casino
188,656
214,554
\nBillionaire Casino
99,418
113,515
\nTra\ufb03c Puzzle*
26,172
\n34,008
\nOther games
4,376
11,662
\n- including games developed by external developers based on
\npublishing contracts
\n939
578
\nTotal revenue
318,622
373,739
\n* In April 2021 the Group became the owner of the Tra\ufb03c Puzzle game; therefore, revenues for the year ended December 31,
\n2022 include revenues generated after the acquisition of the game. Tra\ufb03c Puzzle revenues for the year ended December 31,
\n2021 include revenues based on a publishing agreement and revenues after acquisition of the game.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n31
Revenue was generated in the following countries:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nUnited States
188,362
221,797
\nGermany
23,018
26,867
\nCanada
9,509
11,709
\nUnited Kingdom
9,493
11,357
\nJapan
8,114
10,054
\nFrance
8,114
10,105
\nNetherlands
7,713
8,908
\nAustralia
6,421
7,756
\nPoland
6,337
7,082
\nSwitzerland
5,257
4,978
\nTaiwan
3,642
3,795
\nItaly
3,188
3,615
\nRepublic of South Africa
2,399
2,981
\nAustria
2,351
2,555
\nSpain
2,254
2,526
\nOther
32,450
37,654
\nTotal revenue
318,622
373,739
\nThe above is the management\u2019s best estimate, as no geographical breakdown is available for some revenue sources. The
\nallocation to regions is driven by the location of individual end-user customer.
\nNo individual end-user customer with whom the Group concludes transactions had a share of 10% or more in the Group's total
\nrevenues in annual reporting periods ended December 31, 2022 and December 31, 2021. Vast majority of revenues is generated
\nin cooperation with the several platform providers, such as Apple App Store, Google Play, Facebook and Amazon App Store as
\ndescribed in Note 4
Signi\ufb01cant accounting policies,
point (c)
Revenue
.
\nSplit of assets by geographical locations does not determine the Group\u2019s operations. Right-of-use assets and property, plant and
\nequipment are split based on the location of the o\ufb03ces of subsidiaries, IP rights are located in Cyprus.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3446": {
"value": "7.Operating expenses
\nFor the year ended December 31, 2022 the operating expenses include:
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
91,721
91,721
-
-
-
-
\nExternal developers fees
1,285
-
-
-
1,285
-
\nGaming servers expenses
1,275
1,275
-
-
-
-
\nExternal marketing and sales services
77,778
-
73,725
4,053
-
-
\nSalaries and employee-related costs
8
49,470
-
-
10,393
23,840
15,237
\nEmployee stock option plan
8
3,082
-
-
587
1,605
890
\nDepreciation and amortization
11,080
3,890
-
-
-
7,190
\nFinance & legal services
6,917
-
-
-
-
6,917
\nBusiness travels expenses
1,316
-
-
-
-
1,316
\nProperty maintenance and external services
2,231
-
-
-
-
2,231
\nOther costs
8,733
-
-
56
2,847
5,830
\nTotal operating expenses
254,888
96,886
73,725
15,089
29,577
39,611
\nOther costs under research and development expenses include costs of gaming content. Other costs under general and administrative expenses include mainly IT services, car \ufb02eet and o\ufb03ce
\nmanagement service (including company events), and costs of recruitment and payment services.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n33
For the year ended December 31, 2021 the operating expenses include :
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
108,364
108,364
-
-
-
-
\nExternal developers fees
1,279
-
-
-
1,279
-
\nGaming servers expenses
1,237
1,237
-
-
-
-
\nExternal marketing and sales services
134,309
-
130,031
4,278
-
-
\nSalaries and employee-related costs
8
50,791
-
-
10,646
26,631
13,514
\nEmployee stock option plan
8
11,760
-
-
1,284
3,422
7,054
\nDepreciation and amortization
8,020
2,594
-
-
-
5,426
\nFinance & legal services
4,955
-
-
-
-
4,955
\nBusiness travels expenses
543
-
-
-
-
543
\nProperty maintenance and external services
1,689
-
-
-
-
1,689
\nOther costs
6,604
-
-
-
1,796
4,808
\nTotal operating expenses
329,551
112,195
130,031
16,208
33,128
37,989
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n34
As of December 31, 2022, the amortization of acquired titles (games) is presented within \u201cCost of sales\u201d. The comparative
\n\ufb01gures have been reclassi\ufb01ed accordingly, i.e. the amount of USD 2,594 thousand previously presented within \u201cGeneral and
\nadministrative expenses\u201d has been reclassi\ufb01ed to \u201cCosts of sales\u201d. Please, refer to Note 2
Basis for preparation of consolidated
\n\ufb01nancial statements,
point (e)
Changes in the presentation of amortization of acquired titles
.
\nWhen selling the mobile game applications of third-party developers, the Group is obliged to pay fees to external developers
\nmostly determined as variable payments dependent on the level of turnover and cumulative gains generated from selling the
\ngame. Although the publishing contracts provide the Group with an exclusive right to use the games, the usage of these games
\nis contingent on the future services that need to be provided by the external developers and that are the subject of the Group\u2019s
\nauthorization and consent. In accordance with the publishing contracts, the external developers are obliged to perform the
\non-going development of the game and improvements to increase its functionalities, as well as maintenance services. As a
\nresult, the contracts with external developers are a partially executory arrangement, as the future developments do not exist at
\nthe contract inception and no liability to the contractor arises until the contractor performs work under the contract, i.e. the
\nservices speci\ufb01ed in the contracts with external developers are performed. However, the fees agreed by the Group and
\ndevelopers in these arrangements are set usually in relation to the whole bunch of the promises included in a contract, i.e. there
\nis no relevant split of the consideration between the purchase price paid for the right to use a game and the future additional
\nservices (development operations and maintenance services). The Group is not able to reliably distinguish the expenditures
\nincurred in relation to the right to the game (i.e. the license) from the payment for the development operations and maintenance
\nservices. Therefore, the expenditures incurred by the Group in relation to the publishing arrangements are charged to the pro\ufb01t
\nand loss as incurred, with no liability recognized at the date of signing the contract. Accordingly, developers\u2019 fees related to
\npublishing contracts are presented in the Consolidated Statement of Comprehensive income in the line \u201cResearch and
\ndevelopment expenses\u201d.
\nThe future monthly expenditure related to the publishing contracts that were in force as at December 31, 2022 amounts to USD
\n120 thousand and as at December 31, 2021 USD 294 thousand. The above commitments comprise the \ufb01xed fees contracted in
\nthe publishing arrangements and do not include the variable payments which are based on the future cash \ufb02ows from selling the
\ngames, and the future development fees subject to the speci\ufb01c arrangements and agreements between parties on a scope of
\nservices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3447": {
"value": "7.Operating expenses
\nFor the year ended December 31, 2022 the operating expenses include:
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
91,721
91,721
-
-
-
-
\nExternal developers fees
1,285
-
-
-
1,285
-
\nGaming servers expenses
1,275
1,275
-
-
-
-
\nExternal marketing and sales services
77,778
-
73,725
4,053
-
-
\nSalaries and employee-related costs
8
49,470
-
-
10,393
23,840
15,237
\nEmployee stock option plan
8
3,082
-
-
587
1,605
890
\nDepreciation and amortization
11,080
3,890
-
-
-
7,190
\nFinance & legal services
6,917
-
-
-
-
6,917
\nBusiness travels expenses
1,316
-
-
-
-
1,316
\nProperty maintenance and external services
2,231
-
-
-
-
2,231
\nOther costs
8,733
-
-
56
2,847
5,830
\nTotal operating expenses
254,888
96,886
73,725
15,089
29,577
39,611
\nOther costs under research and development expenses include costs of gaming content. Other costs under general and administrative expenses include mainly IT services, car \ufb02eet and o\ufb03ce
\nmanagement service (including company events), and costs of recruitment and payment services.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n33
For the year ended December 31, 2021 the operating expenses include :
\nExpenses by nature
\nNote
Total
Cost of sales
\nSales and marketing expenses:
\nResearch and
\ndevelopment
\nexpenses
\nGeneral and
\nadministrative
\nexpenses
\nthereof
User acquisition
\nmarketing campaigns
\nthereof
General sales
\nand marketing
\nexpenses
\nPlatform fees to distributors
108,364
108,364
-
-
-
-
\nExternal developers fees
1,279
-
-
-
1,279
-
\nGaming servers expenses
1,237
1,237
-
-
-
-
\nExternal marketing and sales services
134,309
-
130,031
4,278
-
-
\nSalaries and employee-related costs
8
50,791
-
-
10,646
26,631
13,514
\nEmployee stock option plan
8
11,760
-
-
1,284
3,422
7,054
\nDepreciation and amortization
8,020
2,594
-
-
-
5,426
\nFinance & legal services
4,955
-
-
-
-
4,955
\nBusiness travels expenses
543
-
-
-
-
543
\nProperty maintenance and external services
1,689
-
-
-
-
1,689
\nOther costs
6,604
-
-
-
1,796
4,808
\nTotal operating expenses
329,551
112,195
130,031
16,208
33,128
37,989
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n34
As of December 31, 2022, the amortization of acquired titles (games) is presented within \u201cCost of sales\u201d. The comparative
\n\ufb01gures have been reclassi\ufb01ed accordingly, i.e. the amount of USD 2,594 thousand previously presented within \u201cGeneral and
\nadministrative expenses\u201d has been reclassi\ufb01ed to \u201cCosts of sales\u201d. Please, refer to Note 2
Basis for preparation of consolidated
\n\ufb01nancial statements,
point (e)
Changes in the presentation of amortization of acquired titles
.
\nWhen selling the mobile game applications of third-party developers, the Group is obliged to pay fees to external developers
\nmostly determined as variable payments dependent on the level of turnover and cumulative gains generated from selling the
\ngame. Although the publishing contracts provide the Group with an exclusive right to use the games, the usage of these games
\nis contingent on the future services that need to be provided by the external developers and that are the subject of the Group\u2019s
\nauthorization and consent. In accordance with the publishing contracts, the external developers are obliged to perform the
\non-going development of the game and improvements to increase its functionalities, as well as maintenance services. As a
\nresult, the contracts with external developers are a partially executory arrangement, as the future developments do not exist at
\nthe contract inception and no liability to the contractor arises until the contractor performs work under the contract, i.e. the
\nservices speci\ufb01ed in the contracts with external developers are performed. However, the fees agreed by the Group and
\ndevelopers in these arrangements are set usually in relation to the whole bunch of the promises included in a contract, i.e. there
\nis no relevant split of the consideration between the purchase price paid for the right to use a game and the future additional
\nservices (development operations and maintenance services). The Group is not able to reliably distinguish the expenditures
\nincurred in relation to the right to the game (i.e. the license) from the payment for the development operations and maintenance
\nservices. Therefore, the expenditures incurred by the Group in relation to the publishing arrangements are charged to the pro\ufb01t
\nand loss as incurred, with no liability recognized at the date of signing the contract. Accordingly, developers\u2019 fees related to
\npublishing contracts are presented in the Consolidated Statement of Comprehensive income in the line \u201cResearch and
\ndevelopment expenses\u201d.
\nThe future monthly expenditure related to the publishing contracts that were in force as at December 31, 2022 amounts to USD
\n120 thousand and as at December 31, 2021 USD 294 thousand. The above commitments comprise the \ufb01xed fees contracted in
\nthe publishing arrangements and do not include the variable payments which are based on the future cash \ufb02ows from selling the
\ngames, and the future development fees subject to the speci\ufb01c arrangements and agreements between parties on a scope of
\nservices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3734": {
"value": "8.Salaries and employee-related costs
\nThe
table
below
presents
the
amounts
of
salaries
and
employee-related costs, including remuneration of executive
\nmanagement, for the year ended December 31, 2022 and December 31, 2021.
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSalaries
41,963
41,866
\nSocial security contributions
5,786
6,235
\nShare-based payment expense
3,082
11,760
\nOther employee-related costs
1,721
2,690
\nTotal salaries and employee-related costs
52,552
62,551
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n35
The tables below present the headcount and the average headcount as of and for the year ended December 31, 2022 and
\nDecember 31, 2021 respectively.
\nHeadcount at year-end
\nAs of
As of
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
123
144
\nGame development
329
363
\nBack o\ufb03ce
121
122
\nExecutive management
9
9
\nTotal number of employees
582
638
\nAverage headcount
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
129
147
\nGame development
326
383
\nBack o\ufb03ce
129
109
\nExecutive management
9
11
\nTotal average number of employees
593
650
\nNumber of employees is calculated based on the actual persons employed, including self-employed, irrespective of full or
\npart-time equivalents. The table above also includes employees on long-term absences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3735": {
"value": "8.Salaries and employee-related costs
\nThe
table
below
presents
the
amounts
of
salaries
and
employee-related costs, including remuneration of executive
\nmanagement, for the year ended December 31, 2022 and December 31, 2021.
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSalaries
41,963
41,866
\nSocial security contributions
5,786
6,235
\nShare-based payment expense
3,082
11,760
\nOther employee-related costs
1,721
2,690
\nTotal salaries and employee-related costs
52,552
62,551
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n35
The tables below present the headcount and the average headcount as of and for the year ended December 31, 2022 and
\nDecember 31, 2021 respectively.
\nHeadcount at year-end
\nAs of
As of
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
123
144
\nGame development
329
363
\nBack o\ufb03ce
121
122
\nExecutive management
9
9
\nTotal number of employees
582
638
\nAverage headcount
\nYear ended
Year ended
\nDecember 31, 2022
December 31, 2021
\nSales and marketing
129
147
\nGame development
326
383
\nBack o\ufb03ce
129
109
\nExecutive management
9
11
\nTotal average number of employees
593
650
\nNumber of employees is calculated based on the actual persons employed, including self-employed, irrespective of full or
\npart-time equivalents. The table above also includes employees on long-term absences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3836": {
"value": "9.Finance income and \ufb01nance expense
\nFinance income
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nTotal \ufb01nance income - Interest income
2,172
20
\nIn the year ended December 31, 2022, \ufb01nance income amounted to USD 2,172 thousand, which comprises mainly interest
\nincome on deposits, money market mutual funds accounts, and money market interest bearing accounts, including interest
\naccrued in the amount of USD 763 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n36
Finance expense
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nForeign exchange losses, net
1,398
3,293
\nInterest expense
328
646
\nValuation of preferred shares series C classi\ufb01ed as non-current liabilities
-
38,997
\nLoss on foreign exchange forward contract
-
2,662
\nTotal \ufb01nance expense
1,726
45,598
\nIn the year ended December 31, 2022, \ufb01nance expense includes net foreign exchange losses in the amount of USD 1,398
\nthousand, and the interest expense in the amount of USD 328 thousand, which comprises interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.
\nIn addition to \ufb01nance income and expenses, the \u201cFinance (income)/cost, net\u201d line presented in the consolidated statements of
\ncash \ufb02ows includes the effect of exchange gains and losses on translation of foreign operations to the presentation currency,
\ni.e. USD.
\nIn the year ended December 31, 2021, \ufb01nance expenses included mainly valuation of preference shares from the series C
\npreviously (prior to conversion into common shares) classi\ufb01ed as a non-current liability in the amount of USD 38,997 thousand.
\nOn February 5, 2021 series C preference shares were converted into common shares. In addition, during the year ended
\nDecember 31, 2021, prior to the initial public offering, the Company entered into a foreign exchange forward contract contingent
\nupon the event of an initial public offering. Upon the occurrence of an initial public offering event, the Company received
\nproceeds from the newly issued shares converted to USD at a \ufb01xed PLN/USD exchange rate, as determined in the forward
\ncontract. The Group\u2019s policy choice is to present the pro\ufb01t or loss on forward contracts as a \ufb01nance income or expense
\naccordingly. Effectively, a loss of USD 2,662 thousand was incurred on the forward contract settlement date, presented in the
\nline \u201cFinance expense\u201d in the consolidated statement of comprehensive income for the year ended December 31, 2021.
\nIn the year ended December 31, 2021, \ufb01nance expenses additionally included net foreign exchange losses in the amount USD
\n3,293 thousand, and interest expense in the amount of USD 646 thousand, which includes interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3837": {
"value": "9.Finance income and \ufb01nance expense
\nFinance income
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nTotal \ufb01nance income - Interest income
2,172
20
\nIn the year ended December 31, 2022, \ufb01nance income amounted to USD 2,172 thousand, which comprises mainly interest
\nincome on deposits, money market mutual funds accounts, and money market interest bearing accounts, including interest
\naccrued in the amount of USD 763 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3838": {
"value": "9.Finance income and \ufb01nance expense
\nFinance income
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nTotal \ufb01nance income - Interest income
2,172
20
\nIn the year ended December 31, 2022, \ufb01nance income amounted to USD 2,172 thousand, which comprises mainly interest
\nincome on deposits, money market mutual funds accounts, and money market interest bearing accounts, including interest
\naccrued in the amount of USD 763 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n36
Finance expense
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nForeign exchange losses, net
1,398
3,293
\nInterest expense
328
646
\nValuation of preferred shares series C classi\ufb01ed as non-current liabilities
-
38,997
\nLoss on foreign exchange forward contract
-
2,662
\nTotal \ufb01nance expense
1,726
45,598
\nIn the year ended December 31, 2022, \ufb01nance expense includes net foreign exchange losses in the amount of USD 1,398
\nthousand, and the interest expense in the amount of USD 328 thousand, which comprises interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.
\nIn addition to \ufb01nance income and expenses, the \u201cFinance (income)/cost, net\u201d line presented in the consolidated statements of
\ncash \ufb02ows includes the effect of exchange gains and losses on translation of foreign operations to the presentation currency,
\ni.e. USD.
\nIn the year ended December 31, 2021, \ufb01nance expenses included mainly valuation of preference shares from the series C
\npreviously (prior to conversion into common shares) classi\ufb01ed as a non-current liability in the amount of USD 38,997 thousand.
\nOn February 5, 2021 series C preference shares were converted into common shares. In addition, during the year ended
\nDecember 31, 2021, prior to the initial public offering, the Company entered into a foreign exchange forward contract contingent
\nupon the event of an initial public offering. Upon the occurrence of an initial public offering event, the Company received
\nproceeds from the newly issued shares converted to USD at a \ufb01xed PLN/USD exchange rate, as determined in the forward
\ncontract. The Group\u2019s policy choice is to present the pro\ufb01t or loss on forward contracts as a \ufb01nance income or expense
\naccordingly. Effectively, a loss of USD 2,662 thousand was incurred on the forward contract settlement date, presented in the
\nline \u201cFinance expense\u201d in the consolidated statement of comprehensive income for the year ended December 31, 2021.
\nIn the year ended December 31, 2021, \ufb01nance expenses additionally included net foreign exchange losses in the amount USD
\n3,293 thousand, and interest expense in the amount of USD 646 thousand, which includes interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3839": {
"value": "9.Finance income and \ufb01nance expense
\nFinance income
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nTotal \ufb01nance income - Interest income
2,172
20
\nIn the year ended December 31, 2022, \ufb01nance income amounted to USD 2,172 thousand, which comprises mainly interest
\nincome on deposits, money market mutual funds accounts, and money market interest bearing accounts, including interest
\naccrued in the amount of USD 763 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n36
Finance expense
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nForeign exchange losses, net
1,398
3,293
\nInterest expense
328
646
\nValuation of preferred shares series C classi\ufb01ed as non-current liabilities
-
38,997
\nLoss on foreign exchange forward contract
-
2,662
\nTotal \ufb01nance expense
1,726
45,598
\nIn the year ended December 31, 2022, \ufb01nance expense includes net foreign exchange losses in the amount of USD 1,398
\nthousand, and the interest expense in the amount of USD 328 thousand, which comprises interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.
\nIn addition to \ufb01nance income and expenses, the \u201cFinance (income)/cost, net\u201d line presented in the consolidated statements of
\ncash \ufb02ows includes the effect of exchange gains and losses on translation of foreign operations to the presentation currency,
\ni.e. USD.
\nIn the year ended December 31, 2021, \ufb01nance expenses included mainly valuation of preference shares from the series C
\npreviously (prior to conversion into common shares) classi\ufb01ed as a non-current liability in the amount of USD 38,997 thousand.
\nOn February 5, 2021 series C preference shares were converted into common shares. In addition, during the year ended
\nDecember 31, 2021, prior to the initial public offering, the Company entered into a foreign exchange forward contract contingent
\nupon the event of an initial public offering. Upon the occurrence of an initial public offering event, the Company received
\nproceeds from the newly issued shares converted to USD at a \ufb01xed PLN/USD exchange rate, as determined in the forward
\ncontract. The Group\u2019s policy choice is to present the pro\ufb01t or loss on forward contracts as a \ufb01nance income or expense
\naccordingly. Effectively, a loss of USD 2,662 thousand was incurred on the forward contract settlement date, presented in the
\nline \u201cFinance expense\u201d in the consolidated statement of comprehensive income for the year ended December 31, 2021.
\nIn the year ended December 31, 2021, \ufb01nance expenses additionally included net foreign exchange losses in the amount USD
\n3,293 thousand, and interest expense in the amount of USD 646 thousand, which includes interest expense recognized under
\nIFRS 16 on lease liabilities, as well as interest expense from banks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3921": {
"value": "10.Income tax
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nDeferred tax assets
4,489
989
\nDeferred tax liabilities
-
-
\nNet deferred tax assets/(liabilities)
4,489
989
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nCurrent income tax
10,546
8,901
\nChange in deferred income tax
(3,500)
(221)
\nIncome tax for the period
7,046
8,680
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n37
The tax on the Group\u2019s pro\ufb01t before tax differs from the theoretical amount that would arise using the statutory tax rate applied
\nto pro\ufb01t of the consolidated entities as follows:
\nEffective tax rate reconciliation
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nPro\ufb01t/(loss) before income tax
39,054
(1,001)
\nStatutory tax rate in the United States
21%
21%
\nTheoretical tax expense/(bene\ufb01t) according to current tax rate in the United
\nStates
\n8,201
(210)
\nTax impact of non-deductible costs \u2013 ESOP
656
2,463
\nTax impact of non-deductible costs \u2013
\nseries C shares valuation
\n-
8,189
\nTax impact of non-tax costs/(income) \u2013 other
311
198
\nGILTI* income net of FDII** deduction, net of foreign tax credit
2,128
1,234
\nAdjustment for tax rates in foreign subsidiaries
(3,635)
(3,503)
\nTemporary differences with no deferred tax recognized
(11)
268
\nPrevious years' income taxes
(568)
150
\nTax impact of other differences
(36)
(109)
\nTax charge
7,046
8,680
\nEffective tax rate
18%
(867%)
\n* GILTI \u2013 Global Intangible Low-Taxed Income ** FDII \u2013 Foreign-Derived Intangible Income. This is a reconciling item since the
\nCompany cannot recognize tax bene\ufb01t on the tax loss due to the foreign-derived intangible income.
\nThe subsidiary companies are subject to taxes for their respective businesses in the countries of their registration at the rates
\nprevailing in those jurisdictions. Income tax expense is recognized based on management\u2019s estimate of the weighted average
\neffective annual income tax rate expected for the full \ufb01nancial year.
\nThe average tax rate used for the year ended December 31, 2022 is 18%, compared to negative 867% for the year ended
\nDecember 31, 2021. The tax rate was higher in the year ended December 31, 2022 mainly due to the lower proportion of non-tax
\ndeductible costs in comparison to the prior period, i.e., the valuation of the series C preference shares and costs related to the
\nemployee stock option plan (\u201cESOP\u201d) to pro\ufb01t before tax.
\nIn addition, the higher current income tax in the year ended December 31, 2022 is due to the changes introduced to the US tax
\ntreatment of research and development costs. Starting from 2022, US taxpayers are required to capitalize and amortize costs
\nrelated to research and development activities for tax purposes. The changes resulted in lower tax-deductible costs in the year
\nended December 31, 2022 and consequently higher global intangible low-taxed income (\u201cGILTI\u201d).
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n38
Deferred tax reconciliation
\nDeferred tax assets
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
7
15
\nLease liabilities
2,516
3,744
\nAccrued expenses
1,220
1,585
\nTra\ufb03c Puzzle game Impairment
3,261
\n-
\nOther deductible temporary differences
145
\n150
\nTotal
7,149
5,494
\nTax losses
-
-
\nDeferred tax assets
7,149
5,494
\nCompensation with deferred tax liabilities
(2,660)
(4,505)
\nDeferred tax assets presented in the consolidated statement of
\n\ufb01nancial position
\n4,489
989
\nDeferred tax assets expected to be recovered within 12 months from the reporting date amounted to USD 2,918 thousand as of
\nDecember 31, 2022 and USD 2,677 thousand as of December 31, 2021.
\nDeferred tax liabilities
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
-
-
\nProperty, plant and equipment owned
15
16
\nRight-of-use assets
2,490
3,696
\nUninvoiced receivables
135
781
\nPrepaid expenses
-
-
\nOther differences
20
12
\nDeferred tax liabilities
2,660
4,505
\nCompensation with deferred tax assets
(2,660)
(4,505)
\nDeferred tax liabilities presented in the consolidated statement of
\n\ufb01nancial position
\n-
-
\nDeferred tax liabilities expected to be settled within 12 months from the reporting date amounted to USD 883 thousand as of
\nDecember 31, 2022 and USD 1,734 thousand as of December 31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nNet deferred tax assets/(liabilities) at the beginning of the period
\n989
768
\nNet deferred tax assets/(liabilities) at the end of the period
\n4,489
989
\nDeferred tax in the net pro\ufb01t for the period
\n(3,500)
(221)
\nAs of December 31, 2022 and December 31, 2021 there was no deferred tax asset recognized on unused tax losses in the
\nconsolidated statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f3924": {
"value": "As of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nDeferred tax assets
4,489
989
\nDeferred tax liabilities
-
-
\nNet deferred tax assets/(liabilities)
4,489
989
Deferred tax reconciliation
\nDeferred tax assets
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
7
15
\nLease liabilities
2,516
3,744
\nAccrued expenses
1,220
1,585
\nTra\ufb03c Puzzle game Impairment
3,261
\n-
\nOther deductible temporary differences
145
\n150
\nTotal
7,149
5,494
\nTax losses
-
-
\nDeferred tax assets
7,149
5,494
\nCompensation with deferred tax liabilities
(2,660)
(4,505)
\nDeferred tax assets presented in the consolidated statement of
\n\ufb01nancial position
\n4,489
989
\nDeferred tax assets expected to be recovered within 12 months from the reporting date amounted to USD 2,918 thousand as of
\nDecember 31, 2022 and USD 2,677 thousand as of December 31, 2021.
\nDeferred tax liabilities
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nIntangible assets
-
-
\nProperty, plant and equipment owned
15
16
\nRight-of-use assets
2,490
3,696
\nUninvoiced receivables
135
781
\nPrepaid expenses
-
-
\nOther differences
20
12
\nDeferred tax liabilities
2,660
4,505
\nCompensation with deferred tax assets
(2,660)
(4,505)
\nDeferred tax liabilities presented in the consolidated statement of
\n\ufb01nancial position
\n-
-
\nDeferred tax liabilities expected to be settled within 12 months from the reporting date amounted to USD 883 thousand as of
\nDecember 31, 2022 and USD 1,734 thousand as of December 31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nNet deferred tax assets/(liabilities) at the beginning of the period
\n989
768
\nNet deferred tax assets/(liabilities) at the end of the period
\n4,489
989
\nDeferred tax in the net pro\ufb01t for the period
\n(3,500)
(221)
\nAs of December 31, 2022 and December 31, 2021 there was no deferred tax asset recognized on unused tax losses in the
\nconsolidated statement of \ufb01nancial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4152": {
"value": "11.Intangible assets
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2022
39,695
529
2,149
2,499
44,872
\nAdditions
-
-
1,332
2,485
3,817
\nTransfer from assets under construction
-
3,124
(51)
(3,073)
-
\nNet foreign exchange differences on
\ntranslation
\n-
-
(31)
(7)
(38)
\nGross book value as of December 31, 2022
39,695
3,653
3,399
1,904
48,651
\nAccumulated amortization
\nas of January 1, 2022
\n(2,965)
(529)
(1,161)
-
(4,655)
\nImpairment
(26,087)
-
-
-
(26,087)
\nAmortization charge for the period
(4,010)
(645)
(1,176)
-
(5,831)
\nDisposals
-
-
(22)
-
(22)
\nNet foreign exchange differences on
\ntranslation
\n(17)
-
18
-
1
\nAccumulated amortization and impairment
\nas of December 31, 2022
\n(33,079)
(1,174)
(2,341)
-
(36,594)
\nNet book value as of January 1, 2022
36,730
-
988
2,499
40,217
\nNet book value as of December 31, 2022
6,616
2,479
1,058
1,904
12,057
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2021
601
571
846
442
2,460
\nAdditions
38,930
-
1,355
2,505
42,790
\nTransfers and Disposals
190
-
(7)
(425)
(242)
\nNet foreign exchange differences on
\ntranslation
\n(26)
(42)
(45)
(23)
(136)
\nGross book value as of December 31, 2021
39,695
529
2,149
2,499
44,872
\nAccumulated amortization
\nas of January 1, 2021
\n(70)
(563)
(368)
-
(1,001)
\nAmortization charge for the period
(2,934)
(19)
(816)
-
(3,769)
\nDisposals
-
-
6
-
6
\nNet foreign exchange differences on
\ntranslation
\n39
53
17
-
109
\nAccumulated amortization as of December
\n31, 2021
\n(2,965)
(529)
(1,161)
-
(4,655)
\nNet book value as of January 1, 2021
531
8
478
442
1,459
\nNet book value as of December 31, 2021
36,730
-
988
2,499
40,217
\nPrepayments for intangible assets relate to the payments made on development of supporting tools (i.e., software).
\nDecember 31, 2022 and as at the date of approval these consolidated \ufb01nancial statements for issue there were no pledges or
\ncollaterals on the Group\u2019s intangible assets.
\nNo indications for impairment were identi\ufb01ed as of December 31, 2022 in relation to intangible assets other then IP rights as
\ndescribed below. No indications for impairment were identi\ufb01ed as of December 31, 2021.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n40
Acquisition of Tra\ufb03c Puzzle game
\nOn April 27, 2021, Huuuge Global Ltd. entered into the Asset Purchase Agreement (\u201cAPA\u201d) under which it acquired from
\nPICADILLA GAMES Adzi\u0144ski, Porzucek, Czerenkiewicz sp. K. with its registered o\ufb03ce in Wroc\u0142aw, Poland (\u201cPicadilla\u201d) the mobile
\ngame Tra\ufb03c Puzzle together with the related rights and assets for the amount of USD 38,900 thousand (\u201cPurchase Price\u201d). The
\ntransaction resulted in recognition of an intangible asset in the amount of USD 38,900 thousand that has been classi\ufb01ed as an
\nasset with de\ufb01nite useful life. Based on the analysis of all relevant factors, the useful life of the acquired asset has been
\nestimated as ten years.
\nIn accordance with the payment schedule, as of the date of these \ufb01nancial statements, all three tranches in the amount of USD
\n38,900 thousand have been already paid (the \ufb01rst tranche in the amount of USD 9,500 thousand was paid in 2021; the second
\nand third tranches in the amount of USD 25,000 thousand and USD 4,400 thousand, respectively, were paid during the year
\nended December 31, 2022, which resulted in the according decrease in \u201cTrade and other payables\u201d in the amount of USD 29,400
\nthousand during the period). For more details regarding the transaction, please refer to the Group\u2019s consolidated \ufb01nancial
\nstatements as of and for the year ended December 31, 2021.
\nThe change of trade and other payables presented in the consolidated statement of \ufb01nancial position as of December 31, 2022
\ndoes not equal the change in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022. The difference is
\ndue to the second and third tranches paid in the total amount of USD 29,400 thousand were presented in the cash \ufb02ows from
\ninvesting activities line in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022.
\nImpairment of Tra\ufb03c Puzzle Game
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand, as a result the net book value of the Tra\ufb03c Puzzle game as of December 31, 2022 amounted
\nto USD 6,330 thousand.
\nThe impairment loss was recognised in the line \u201cImpairment of intangible assets\u201d in the Group\u2019s consolidated statement of
\ncomprehensive income for the year ended December 31, 2022. The Tra\ufb03c Puzzle game will remain live and available to players
\nand is expected to continue generating revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4153": {
"value": "11.Intangible assets
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2022
39,695
529
2,149
2,499
44,872
\nAdditions
-
-
1,332
2,485
3,817
\nTransfer from assets under construction
-
3,124
(51)
(3,073)
-
\nNet foreign exchange differences on
\ntranslation
\n-
-
(31)
(7)
(38)
\nGross book value as of December 31, 2022
39,695
3,653
3,399
1,904
48,651
\nAccumulated amortization
\nas of January 1, 2022
\n(2,965)
(529)
(1,161)
-
(4,655)
\nImpairment
(26,087)
-
-
-
(26,087)
\nAmortization charge for the period
(4,010)
(645)
(1,176)
-
(5,831)
\nDisposals
-
-
(22)
-
(22)
\nNet foreign exchange differences on
\ntranslation
\n(17)
-
18
-
1
\nAccumulated amortization and impairment
\nas of December 31, 2022
\n(33,079)
(1,174)
(2,341)
-
(36,594)
\nNet book value as of January 1, 2022
36,730
-
988
2,499
40,217
\nNet book value as of December 31, 2022
6,616
2,479
1,058
1,904
12,057
\nIP rights
\nSoftware
\ngenerated
\ninternally
\nSoftware
\nacquired
\nexternally
\nPrepayments
\nfor intangible
\nassets
\nTotal
\nGross book value as of January 1, 2021
601
571
846
442
2,460
\nAdditions
38,930
-
1,355
2,505
42,790
\nTransfers and Disposals
190
-
(7)
(425)
(242)
\nNet foreign exchange differences on
\ntranslation
\n(26)
(42)
(45)
(23)
(136)
\nGross book value as of December 31, 2021
39,695
529
2,149
2,499
44,872
\nAccumulated amortization
\nas of January 1, 2021
\n(70)
(563)
(368)
-
(1,001)
\nAmortization charge for the period
(2,934)
(19)
(816)
-
(3,769)
\nDisposals
-
-
6
-
6
\nNet foreign exchange differences on
\ntranslation
\n39
53
17
-
109
\nAccumulated amortization as of December
\n31, 2021
\n(2,965)
(529)
(1,161)
-
(4,655)
\nNet book value as of January 1, 2021
531
8
478
442
1,459
\nNet book value as of December 31, 2021
36,730
-
988
2,499
40,217
\nPrepayments for intangible assets relate to the payments made on development of supporting tools (i.e., software).
\nDecember 31, 2022 and as at the date of approval these consolidated \ufb01nancial statements for issue there were no pledges or
\ncollaterals on the Group\u2019s intangible assets.
\nNo indications for impairment were identi\ufb01ed as of December 31, 2022 in relation to intangible assets other then IP rights as
\ndescribed below. No indications for impairment were identi\ufb01ed as of December 31, 2021.
Acquisition of Tra\ufb03c Puzzle game
\nOn April 27, 2021, Huuuge Global Ltd. entered into the Asset Purchase Agreement (\u201cAPA\u201d) under which it acquired from
\nPICADILLA GAMES Adzi\u0144ski, Porzucek, Czerenkiewicz sp. K. with its registered o\ufb03ce in Wroc\u0142aw, Poland (\u201cPicadilla\u201d) the mobile
\ngame Tra\ufb03c Puzzle together with the related rights and assets for the amount of USD 38,900 thousand (\u201cPurchase Price\u201d). The
\ntransaction resulted in recognition of an intangible asset in the amount of USD 38,900 thousand that has been classi\ufb01ed as an
\nasset with de\ufb01nite useful life. Based on the analysis of all relevant factors, the useful life of the acquired asset has been
\nestimated as ten years.
\nIn accordance with the payment schedule, as of the date of these \ufb01nancial statements, all three tranches in the amount of USD
\n38,900 thousand have been already paid (the \ufb01rst tranche in the amount of USD 9,500 thousand was paid in 2021; the second
\nand third tranches in the amount of USD 25,000 thousand and USD 4,400 thousand, respectively, were paid during the year
\nended December 31, 2022, which resulted in the according decrease in \u201cTrade and other payables\u201d in the amount of USD 29,400
\nthousand during the period). For more details regarding the transaction, please refer to the Group\u2019s consolidated \ufb01nancial
\nstatements as of and for the year ended December 31, 2021.
\nThe change of trade and other payables presented in the consolidated statement of \ufb01nancial position as of December 31, 2022
\ndoes not equal the change in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022. The difference is
\ndue to the second and third tranches paid in the total amount of USD 29,400 thousand were presented in the cash \ufb02ows from
\ninvesting activities line in the consolidated statement of cash \ufb02ows for the year ended December 31, 2022.
Impairment of Tra\ufb03c Puzzle Game
\nAs of December 31, 2022, the value of the IP rights associated with the Tra\ufb03c Puzzle game was tested for impairment, where
\nthe results of this test indicated a loss to the asset\u2019s value. Accordingly, the book value of the Tra\ufb03c Puzzle game assetwas
\nreduced by USD 26,087 thousand, as a result the net book value of the Tra\ufb03c Puzzle game as of December 31, 2022 amounted
\nto USD 6,330 thousand.
\nThe impairment loss was recognised in the line \u201cImpairment of intangible assets\u201d in the Group\u2019s consolidated statement of
\ncomprehensive income for the year ended December 31, 2022. The Tra\ufb03c Puzzle game will remain live and available to players
and is expected to continue generating revenue. 18.Goodwill
\nFor the purpose of impairment testing, the whole Group is determined to be one cash-generating unit, to which goodwill resulting
\nfrom business combinations is allocated in full. Reconciliation of the carrying amount of goodwill in each of the reporting
\nperiods was as follows:
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAmount as the beginning of the period
2,693
2,838
\nGoodwill arising from the acquisition of Playable Platform B.V.
1,098
1,098
\nGoodwill arising from the acquisition of Double Star Oy
1,508
1,508
\nForeign exchange differences
(144)
87
\nImpairment
-
-
\nAmount as the end of the period
2,462
2,693
\nThe recoverable amount of the net assets of the Group has been determined based on their fair value (Level 1) as at December
\n31, 2022. The test results show no goodwill impairment as at December 31, 2022.
\nWhen performing the test for impairment, the recoverable amount of a cash-generating unit is determined based on the fair
\nvalue less costs of disposal, and then compared to the cash-generating unit\u2019s carrying amount. Once the fair value of the
\ncash-generating unit falls below its carrying amount an additional value in use calculation is performed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4392": {
"value": "12. Financial risk management
\n(a)
Introduction
\nRisk management performed by the Company and its subsidiaries is aimed at reducing the impact of adverse factors on the
\nconsolidated \ufb01nancial statements. This note presents information about the Group\u2019s exposure to speci\ufb01c risks arising from
\n\ufb01nancial instruments as well as the Group\u2019s objectives aimed at maintaining effective process for risk management.
\nThe Group is exposed in particular to the following risks arising from \ufb01nancial instruments:
\n\u25cf
credit risk,
\n\u25cf
liquidity risk,
\n\u25cf
market risk.
\nRisk management framework
\nThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management
\nframework. The Board of Directors continually identi\ufb01es, evaluates and manages the risks faced by the Group, sets appropriate
\nrisk limits and controls and monitors risks.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n41
(b)
Credit risk
\nCredit risk relating to cash and cash equivalents
\nThe Group is exposed to credit risks mainly with regard to cash and cash equivalents, that include bank deposits and
\ninvestments in money market funds, which could arise if a counterparty becomes insolvent and accordingly is unable to return
\nthe deposited funds or execute the obligations as a result of the insolvency. To mitigate this risk, wherever possible the Group\u2019s
\nmanagement conducts transactions and deposits funds with investment grade rated \ufb01nancial institutions, as well as monitors
\nand limits the concentration of transactions with any single party. The Group\u2019s management uses Moody\u2019s credit ratings.The
\ninformation about the credit risk rating grades is presented in the table below.
\nMoody\u2019s Rating
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAaa
-
105
\nAa3
48,581
16,032
\nA2
213
1,157
\nA3
173,129
186,623
\nBaa1
14
11
\nBa2
308
-
\nB1
-
487
\nTotal cash and cash equivalents
222,245
204,415
\nInvestments in money market mutual funds are kept in \ufb01nancial institutions with A3 rating only.
\nAccording to Moody\u2019s, the investment ratings are ratings from Aaa to Baa3. Activities in non-investment ratings are limited to the
\nminimum and are connected to the Group presence in the particular jurisdictions.
\nCash and cash equivalents are kept at a limited number of major \ufb01nancial institutions. The Group\u2019s management monitors the
\ncreditworthiness of the institutions and mitigates concentration risk by not limiting the exposure to a single counterparty,
\nnevertheless at each reporting date there is a signi\ufb01cant concentration of the credit risk.
\nAs at December 31, 2022, the largest concentration of funds in two \ufb01nancial institutions was respectively 66% and 22% with the
\nremaining funds not being concentrated more than 12% in a single \ufb01nancial institution. In comparison, as at December 31, 2021,
\nthe largest concentration in two \ufb01nancial institutions was respectively 84% and 8% with the remaining funds not being
\nconcentrated more than 8% in a single \ufb01nancial institution.
\nTotal gross carrying amounts of cash and cash equivalents as of December 31, 2022 and December 31, 2021 were included in
\nStage 1, based on assessment that credit risk has not increased signi\ufb01cantly since initial recognition. For \ufb01nancial assets in
\nStage 1, the Group recognizes 12 month ECL and recognizes interest income on a gross basis \u2013 interest will be calculated on
\nthe gross carrying amount of the \ufb01nancial asset before adjusting for ECL.
\nManagement has assessed that the Group\u2019s provision for expected credit losses related to cash and cash equivalents would not
\nbe material in any of the periods presented.
\nThe carrying amount of cash and cash equivalents balance represents the maximum credit exposure.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n42
Credit risk with respect to trade receivables and other receivables
\nThe carrying amount of trade receivables represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting dates was as follows:
\nCarrying amount
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables from third parties
20,970
23,848
\nTotal
20,970
23,848
\nThe speci\ufb01cs of the Group\u2019s activity (numerous end-users worldwide, collection of cash payments via major distribution
\nplatforms with high credit ratings) limits considerably the potential credit risk with regard to trade receivables; the credit risk is
\nconcentrated as the Group has trade receivables from the few major distribution platforms (cash collection agents).
\nBelow are disclosed the concentrations of main trade receivables as at the respective balance sheet dates and their share in
\ntrade receivables from third parties:
\nAs of
\nDecember 31, 2022
%
\nAs of
\nDecember 31,
\n2021
\n%
\nGoogle
9,020
43%
10,414
44%
\nApple
8,079
39%
9,553
40%
\nFacebook
955
5%
1,578
7%
\nAmazon
472
2%
505
2%
\nOther
2,444
11%
1,798
7%
\nTrade receivables from third parties
20,970
100%
23,848
100%
\nAllowance for expected credit losses
\nThe Group recognizes allowance for expected credit losses according to IFRS 9
Financial Instruments,
considering all
\nreasonable and supportive information (e.g. customer rating, historical recoverability).
\nAs there are only a few important business partners, each of them with high credit ratings (Aa1 to A1 for the years ended
\nDecember 31, 2022 and December 31, 2021) the Group does not apply the portfolio approach and performs the analysis on the
\nindividual basis instead. Taking into account that Group\u2019s trade receivables are from a few large Platform Providers andthere
\nwere no issues with historical recoverability, the related expected credit losses had been assessed as immaterial.
\nAll trade receivables are classi\ufb01ed to Stage 2 as those are receivables for which the ECL is calculated using the simpli\ufb01ed
\napproach allowed under IFRS 9; there are no trade receivables classi\ufb01ed to Stage 3 (based on the individual analysis, receivables
\nwhich are overdue more than 90 days are recoverable, and therefore not impaired).
\nFor movement in the allowance for expected credit losses please refer to Note 13
Trade and other receivables.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n43
The ageing of trade receivables at the reporting dates was as follows:
\nAs of December 31, 2022
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
20,970
19,075
1,283
212
4
396
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
20,970
19,075
1,283
212
4
396
\nAs of December 31, 2021
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
23,848
22,371
1,426
18
33
-
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
23,848
22,371
1,426
18
33
-
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n44
(c)
Liquidity risk
\nLiquidity risk means the risk that the Group may encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial
\nliabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s management approach to managing liquidity
\nis to ensure, as far as possible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and
\nstressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity risk is
\nassessed in conjunction with the Group\u2019s budgeted cash \ufb02ows and by managing a proper current liabilities structure. The
\nmethod of measuring the liquidity risk consists of the analysis of the cover of current liabilities with available cash resources.
\nThere are no bank loan balances and bank loan agreements in force as at December 31, 2022, December 31, 2021 and as at
\ndate of approval these consolidated \ufb01nancial statements for issue, thus also interest rate risk is remote from the Group\u2019s
\nperspective. Moreover, it is not expected that the cash \ufb02ows included in the maturity analysis could occur signi\ufb01cantly earlier, or
\nat signi\ufb01cantly different amounts.
\nThe Group\u2019s operations, and thus its liquidity, have not been adversely affected by the global COVID-19 pandemic.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n45
The following are the contractual maturities of \ufb01nancial liabilities including estimated interest payments as of respective balance sheet dates:
\nAs of December 31, 2022
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,297
\n3,297
\n3,297
-
-
-
-
\nAccrued expenses (except taxes)
\n17,975
17,975
17,975
\n-
-
-
-
\nLease liabilities
13,827
13,827
2,099
1,916
3,727
6,085
-
\nNon derivative \ufb01nancial liabilities
\n35,099
\n35,099
\n23,371
1,916
\n3,727
6,085
-
\nAs of December 31, 2021
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,204
2,717
2,460
255
2
-
-
\nDeferred payment for Tra\ufb03c Puzzle Game
29,400
29,400
29,400
-
-
-
-
\nAccrued expenses (except taxes)
17,226
17,226
17,226
-
-
-
-
\nLease liabilities
17,257
17,257
2,279
1,996
3,772
9,210
-
\nNon derivative \ufb01nancial liabilities
67,087
66,600
51,365
2,251
3,774
9,210
-
\nThere were no derivative \ufb01nancial instruments at the end of reported periods.
\nThe changes in liabilities arising from \ufb01nancing activities are presented in Note 20
Leases
and in Note 17
Conversion of series C preference shares
.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n46
(d)
Market risk
\nMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices may affect
\nthe Group\u2019s income or the value of the \ufb01nancial instruments held. The objective of market risk management is to manage and
\ncontrol market risk exposures within acceptable parameters, while optimizing the return. The Group does not apply hedge
\naccounting in order to manage volatility in pro\ufb01t or loss and so far neither has entered into derivatives nor incurred external
\n\ufb01nancial liabilities.
\n(i)
Currency risk
\nOne of the main risks to which the Group is exposed is the currency risk related to the exchange rate volatility between EUR and
\nUSD and functional currencies of respective Group entities. The Group is exposed to the currency risks resulting from the foreign
\ncurrency balances (cash and cash equivalents, trade receivables, trade payables except taxes and employee-related payables)
\nand from the business operations.
\nThe Group has not entered into derivative transactions with banks yet but is considering doing so in the future. For the time
\nbeing due to the mix of currencies for accounts receivable and accounts payable, as described above, the Group takes
\nadvantage of a reduced currency risk due to the fact that that currency differences resulting from accounts receivable and
\naccounts payable have the opposite effect, i.e. exposures are netted.
\nThe Group\u2019s exposure to foreign currency risk for the most signi\ufb01cant currencies is illustrated in the table below.
\nForeign currency denominated
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables
20,970
23,848
\nUSD \u2013 foreign
559
2,923
\nEUR \u2013 foreign
9,085
370
\nFunctional currencies
11,326
20,555
\nCash and cash equivalents
222,245
204,415
\nUSD \u2013 foreign
9,117
15,508
\nPLN \u2013 foreign
339
7,645
\nEUR \u2013 foreign
5,801
10,244
\nFunctional currencies
206,988
171,018
\nTrade payables and accrued expenses (except taxes and
\nemployee-related)
\n(21,272)
(49,830)
\nUSD \u2013 foreign
(851)
(340)
\nPLN \u2013 foreign
(558)
253
\nEUR \u2013 foreign
(1,295)
(1,022)
\nILS \u2013 foreign
(40)
(20)
\nJPY \u2013 foreign
(83)
(76)
\nGBP \u2013 foreign
(317)
(158)
\nFunctional currencies
(18,128)
(48,467)
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n47
Net balances in foreign currencies
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nUSD
\n8,825
\n18,091
\nPLN
(219)
7,898
\nEUR
13,591
9,593
\nILS
(40)
(20)
\nJPY
(83)
(76)
\nGBP
(317)
(158)
\nGross exposure
\n21,757
\n35,328
\nThe Group did not enter into hedging transactions.
\nSensitivity analysis
\nA strengthening or weakening of foreign currencies, as indicated below, against all functional currencies would have increased
\nor decreased, respectively, net pro\ufb01t or loss by the amounts shown below. This analysis is based on foreign currency exchange
\nrate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that
\nall other variables, in particular interest rates, remain constant.
\nAs of
\nDecember
\n31, 2022
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nILS/
\nEUR
\nILS/
\nPLN
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nILS/
\nGBP
\nTotal
\nexposure
\nUSD
-
\n4,981
\n-
3,977
(67)
-
-
(370)
-
-
(41)
-
\n8,480
\nEUR
\n12,683
\n-
-
-
-
-
-
-
(65)
-
-
-
\n12,618
\nPLN
-
-
771
-
-
(10)
-
-
-
(53)
-
-
708
\nILS
-
-
-
-
-
-
-
-
-
-
-
(4)
(4)
\nJPY
-
-
-
-
-
-
(45)
-
-
-
-
-
(45)
\nGross
\nexposure
\n12,683
4,981
\n771
3,977
(67)
(10)
(45)
(370)
(65)
(53)
(41)
(4)
\n21,757
\nReasonabl
\ne shift
\n+10%
\n1,268
498
77
398
(7)
(1)
(5)
(37)
(7)
(5)
(4)
0
\nReasonabl
\ne shift
\n-10%
\n(1,268)
(498)
(77)
(398)
7
1
5
37
7
5
4
0
\nAs of
\nDecember 31,
\n2021
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nTotal
\nexposure
\nUSD
-
18,783
-
7,232
-
(217)
-
-
(35)
25,763
\nEUR
7,165
-
-
-
-
-
(72)
-
-
7,093
\nPLN
-
-
2,527
-
-
-
-
(15)
-
2,512
\nILS
-
-
-
-
-
-
-
-
-
-
\nJPY
-
-
-
-
(40)
-
-
-
-
(40)
\nGross exposure
7,165
18,783
2,527
7,232
(40)
(217)
(72)
(15)
(35)
35,328
\nReasonable
\nshift +10%
\n717
1,878
253
723
(4)
(22)
(7)
(2)
(4)
\nReasonable
\nshift -10%
\n(717)
(1,878)
(253)
(723)
4
22
7
2
4
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n48
(ii)
Interest rate risk
\nAs the Group has not entered in bank loan agreements in all presented periods till December 31, 2022, the interest rate risk is
\nmarginal. The Group has recognized the lease liability; the lease liability bears \ufb01xed interest.
\nThe Group does not have any signi\ufb01cant interest bearing liabilities at variable rate which would expose the Group to the cash
\n\ufb02ow risk.
\nThe Group\u2019s interest bearing assets are cash and cash equivalents. The deposits, and the investments in money market funds
\nand money market accounts are at a variable interest rate. These are investments which are either readily available, or with a
\nshort-term maturity date. Since the expected reasonable shift of the interest rate is insigni\ufb01cant during the maturity period of the
\ninvestments, pro\ufb01t or loss is not sensitive to the changes of interest rates. Therefore the interest bearing assets at variable rate
\ndo not expose the Group to cash \ufb02ow risk.
\n (e)
Capital management
\nThe Board of Directors manages the Group\u2019s capital structure and makes adjustments in light of changes in economic
\nconditions.
\nThe Board\u2019s of Directors policy is to maintain a strong capital base so as to maintain investors\u2019 and market con\ufb01dence and to
\nsustain future development of the business. The Group\u2019s management seeks to maintain a su\ufb03cient capital base for meeting
\nthe Group\u2019s operational and strategic needs, with the objective to safeguard the ability to continue as a going concern and
\noptimize the capital structure in order to reduce the cost of capital and maximize the return on capital to the shareholders. The
\namount of capital maintained in each reporting period (see table below) met management\u2019s objectives.
\nThe capital managed by the Group\u2019s management includes equity. As such, managed capital consists of ordinary shares,
\npreference shares of series A and B, as well as repurchased own shares and options as of year-ended December 31, 2022. For
\nthe amounts please refer to respective Note 15
Share capital,
of these consolidated \ufb01nancial statements. There are no externally
\nimposed capital management requirements (such as covenants or similar).
\nThe Group\u2019s management monitors the return on capital on the basis of the basic and diluted earnings per share ratios. Further
\ninformation on calculation of EPS is presented in Note 12
Financial risk management
, point (f)
Earnings per share
. The objective
\nof the Management is to maximize the return on capital to the shareholders.
\nNo dividends were declared and paid by the Company to its shareholders in the years ending December 31, 2022 and December
\n31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nEquity
240,727
226,099
\nTotal capital
240,727
226,099
\n (f)
Earnings per share
\nBasic EPS is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the parent entity by the weighted
\naverage number of ordinary shares outstanding.
\nDiluted EPS is calculated by adjusting the earnings per share for the effects of dilutive employee share options,
preference
\nshares classi\ufb01ed as equity. Convertible preference shares classi\ufb01ed as equity are dilutive if the amount of dividend declared on
\nsuch share per ordinary share obtainable on conversion is below basic EPS. Convertible preference shares classi\ufb01ed as debt are
\ndilutive if the fair value measurement change recorded in pro\ufb01t and loss, net of tax per ordinary share obtainable on conversion,
\nis lower than basis EPS.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n49
Series A and B preference shares are non-cumulative equity instruments \u2013 a dividend on ordinary shares can only be declared if
\nthe dividend on preference shares is also declared in the amount that is at least the same but the Group otherwise does not
\nhave an obligation to declare preferred dividends. Thus series A and B shares are treated as participating equity instruments
\n(IAS 33 A13(a)). Therefore, in the calculation of basic EPS the amount of undistributed earnings is allocated to both ordinary
\nshareholders and participating preference shareholders irrespective of whether any dividends were declared during the period.
\nAlthough no dividends were declared in the presented periods, the numerator for basic EPS is adjusted for the effects of those
\ninstruments (i.e. the amount of dividend attributable to those shareholders).
\nOptions granted to employees under the ESOP are considered to be potential ordinary shares. They have been included in the
\ndetermination of diluted earnings per share. The options have not been included in the determination of basic earnings per
\nshare. Details relating to the options are set out in Note 16
Share-based payment arrangements.
\nTreasury shares represent the repurchased own shares and they are excluded from the calculation of earnings per share as they
\nare not outstanding.
\nBasic EPS
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nNet result attributable to the owners of the Parent
[A]
32,008
(9,681)
\nUndistributed pro\ufb01t (loss) attributable to holders of
\nseries A and B preference shares
\n[B]
-
(165)
\nPro\ufb01t (loss) attributable to holders of ordinary
\nshares
\n[C]=[A]-[B]
32,008
(9,516)
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of ordinary shares*
[D]
80,389,472
77,342,078
\nBasic EPS
[E] = [C] / [D]
0.40
(0.12)
\n* The weighted average number of shares in the year ended December 31, 2021 was adjusted for the event of the share split that
\ntook place on January 20, 2021. In accordance with IAS 33 Earnings per share, the weighted average number of shares has to be
\nadjusted retrospectively; therefore the additional shares are treated as having been in issue before January 20, 2021 to give a
\ncomparable result. As a result of the share split, each one common and preferred share was automatically reclassi\ufb01ed as \ufb01ve
\nshares of common or preferred shares accordingly, i.e., a share split on a one-for-\ufb01ve basis. For more information please refer to
\nNote 15
Share capital
.
\nDiluted EPS
\nThe effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS. Consequently, pro\ufb01t (loss)
\nattributable to ordinary equity holders of the parent adjusted for the effect of dilution is equal to pro\ufb01t (loss) attributable to
\nholders of ordinary shares.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n50
Pro\ufb01t (loss) attributable to holders of ordinary shares and pro\ufb01t (loss) attributable to ordinary equity holders of the parent
\nadjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nPro\ufb01t (loss) attributable to holders of ordinary shares
[C]
32,008
(9,516)
\nPro\ufb01t (loss) attributable to ordinary equity holders of
\nthe parent adjusted for the effect of dilution*
\n[H]
32,008
(9,516)
\nWeighted average number of ordinary shares adjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of issued ordinary shares
\nused in calculating basic earnings per share
\n[D]
80,389,472
77,342,078
\nEmployee Stock Option Plan
197,311
-
\nWeighted average number of issued ordinary shares
\nand potential ordinary shares used in calculating
\ndiluted earnings per share*
\n[I]
80,586,783
77,342,078
\nDiluted EPS
[J]=[H]/[I]
0.40
(0.12)
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n51
(g)
Accounting classi\ufb01cations of \ufb01nancial instruments and fair values
\nThe fair values of \ufb01nancial assets and liabilities, together with the carrying amounts presented in the statement of \ufb01nancial
\nposition are as follows:
\nAs of
\nDecember 31, 2022
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
243,215
-
243,215
243,215
\nTrade receivables
20,970
-
-
-
20,970
20,970
\nCash and cash
\nequivalents
\n222,245
-
-
-
222,245
222,245
\nLiabilities
-
-
3,297
13,827
17,124
17,124
\nLease liability
-
-
-
13,827
13,827
13,827
\nTrade payables
-
-
3,297
-
3,297
3,297
\nTotal \ufb01nancial
\nassets
\n243,215
-
3,297
13,827
260,339
260,339
\nAs of
\nDecember 31, 2021
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
228,263
-
-
-
228,263
228,263
\nTrade receivables
23,848
-
-
-
23,848
23,848
\nCash and cash
\nequivalents
\n204,415
-
-
-
204,415
204,415
\nLiabilities
-
-
32,604
17,257
49,861
49,861
\nLease liability
-
-
-
17,257
17,257
17,257
\nTrade payables
-
-
32,604
-
32,604
32,604
\nTotal \ufb01nancial
\nliabilities
\n228,263
-
32,604
17,257
278,124
278,124
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n52
As at December 31, 2022 and December 31, 2021 the Group\u2019s management did not identify any \ufb01nancial assets measured at fair
\nvalue \u2013 neither through pro\ufb01t or loss nor through other comprehensive income.
\nThe Group\u2019s management believes that the fair values of \ufb01nancial instruments do not differ signi\ufb01cantly from their carrying
\namounts.
\nSeries C preference shares
\nPrior to conversion on February 5, 2021, series C preference shares liability was measured at fair value initially with gains/losses
\non subsequent remeasurements being recognized in pro\ufb01t or loss at each reporting period. The fair value measurements of
\nseries C preference shares was classi\ufb01ed as Level 3 of the fair value hierarchy. Further information regarding the gain/loss
\nrecognized on the remeasurement of the preference shares liability in the prior periods is presented in the Group\u2019s consolidated
\n\ufb01nancial statements as of and for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4428": {
"value": "(b)Credit risk
\nCredit risk relating to cash and cash equivalents
\nThe Group is exposed to credit risks mainly with regard to cash and cash equivalents, that include bank deposits and
\ninvestments in money market funds, which could arise if a counterparty becomes insolvent and accordingly is unable to return
\nthe deposited funds or execute the obligations as a result of the insolvency. To mitigate this risk, wherever possible the Group\u2019s
\nmanagement conducts transactions and deposits funds with investment grade rated \ufb01nancial institutions, as well as monitors
\nand limits the concentration of transactions with any single party. The Group\u2019s management uses Moody\u2019s credit ratings.The
\ninformation about the credit risk rating grades is presented in the table below.
\nMoody\u2019s Rating
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAaa
-
105
\nAa3
48,581
16,032
\nA2
213
1,157
\nA3
173,129
186,623
\nBaa1
14
11
\nBa2
308
-
\nB1
-
487
\nTotal cash and cash equivalents
222,245
204,415
\nInvestments in money market mutual funds are kept in \ufb01nancial institutions with A3 rating only.
\nAccording to Moody\u2019s, the investment ratings are ratings from Aaa to Baa3. Activities in non-investment ratings are limited to the
\nminimum and are connected to the Group presence in the particular jurisdictions.
\nCash and cash equivalents are kept at a limited number of major \ufb01nancial institutions. The Group\u2019s management monitors the
\ncreditworthiness of the institutions and mitigates concentration risk by not limiting the exposure to a single counterparty,
\nnevertheless at each reporting date there is a signi\ufb01cant concentration of the credit risk.
\nAs at December 31, 2022, the largest concentration of funds in two \ufb01nancial institutions was respectively 66% and 22% with the
\nremaining funds not being concentrated more than 12% in a single \ufb01nancial institution. In comparison, as at December 31, 2021,
\nthe largest concentration in two \ufb01nancial institutions was respectively 84% and 8% with the remaining funds not being
\nconcentrated more than 8% in a single \ufb01nancial institution.
\nTotal gross carrying amounts of cash and cash equivalents as of December 31, 2022 and December 31, 2021 were included in
\nStage 1, based on assessment that credit risk has not increased signi\ufb01cantly since initial recognition. For \ufb01nancial assets in
\nStage 1, the Group recognizes 12 month ECL and recognizes interest income on a gross basis \u2013 interest will be calculated on
\nthe gross carrying amount of the \ufb01nancial asset before adjusting for ECL.
\nManagement has assessed that the Group\u2019s provision for expected credit losses related to cash and cash equivalents would not
\nbe material in any of the periods presented.
\nThe carrying amount of cash and cash equivalents balance represents the maximum credit exposure.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n42
Credit risk with respect to trade receivables and other receivables
\nThe carrying amount of trade receivables represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting dates was as follows:
\nCarrying amount
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables from third parties
20,970
23,848
\nTotal
20,970
23,848
\nThe speci\ufb01cs of the Group\u2019s activity (numerous end-users worldwide, collection of cash payments via major distribution
\nplatforms with high credit ratings) limits considerably the potential credit risk with regard to trade receivables; the credit risk is
\nconcentrated as the Group has trade receivables from the few major distribution platforms (cash collection agents).
\nBelow are disclosed the concentrations of main trade receivables as at the respective balance sheet dates and their share in
\ntrade receivables from third parties:
\nAs of
\nDecember 31, 2022
%
\nAs of
\nDecember 31,
\n2021
\n%
\nGoogle
9,020
43%
10,414
44%
\nApple
8,079
39%
9,553
40%
\nFacebook
955
5%
1,578
7%
\nAmazon
472
2%
505
2%
\nOther
2,444
11%
1,798
7%
\nTrade receivables from third parties
20,970
100%
23,848
100%
\nAllowance for expected credit losses
\nThe Group recognizes allowance for expected credit losses according to IFRS 9
Financial Instruments,
considering all
\nreasonable and supportive information (e.g. customer rating, historical recoverability).
\nAs there are only a few important business partners, each of them with high credit ratings (Aa1 to A1 for the years ended
\nDecember 31, 2022 and December 31, 2021) the Group does not apply the portfolio approach and performs the analysis on the
\nindividual basis instead. Taking into account that Group\u2019s trade receivables are from a few large Platform Providers andthere
\nwere no issues with historical recoverability, the related expected credit losses had been assessed as immaterial.
\nAll trade receivables are classi\ufb01ed to Stage 2 as those are receivables for which the ECL is calculated using the simpli\ufb01ed
\napproach allowed under IFRS 9; there are no trade receivables classi\ufb01ed to Stage 3 (based on the individual analysis, receivables
\nwhich are overdue more than 90 days are recoverable, and therefore not impaired).
\nFor movement in the allowance for expected credit losses please refer to Note 13
Trade and other receivables.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n43
The ageing of trade receivables at the reporting dates was as follows:
\nAs of December 31, 2022
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
20,970
19,075
1,283
212
4
396
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
20,970
19,075
1,283
212
4
396
\nAs of December 31, 2021
\nTotal
\nnot due and
\noverdue up to 1
\nmonth
\nover 1 month to 3
\nmonths
\nover 3 months to 6
\nmonths
\nover 6 months to 1
\nyear
\nover 1 year
\nTrade receivables
23,848
22,371
1,426
18
33
-
\nAllowance for expected credit losses
-
-
-
-
-
-
\nTrade receivables, net
23,848
22,371
1,426
18
33
-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4675": {
"value": "(c)Liquidity risk
\nLiquidity risk means the risk that the Group may encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial
\nliabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s management approach to managing liquidity
\nis to ensure, as far as possible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and
\nstressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity risk is
\nassessed in conjunction with the Group\u2019s budgeted cash \ufb02ows and by managing a proper current liabilities structure. The
\nmethod of measuring the liquidity risk consists of the analysis of the cover of current liabilities with available cash resources.
\nThere are no bank loan balances and bank loan agreements in force as at December 31, 2022, December 31, 2021 and as at
\ndate of approval these consolidated \ufb01nancial statements for issue, thus also interest rate risk is remote from the Group\u2019s
\nperspective. Moreover, it is not expected that the cash \ufb02ows included in the maturity analysis could occur signi\ufb01cantly earlier, or
\nat signi\ufb01cantly different amounts.
\nThe Group\u2019s operations, and thus its liquidity, have not been adversely affected by the global COVID-19 pandemic.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n45
The following are the contractual maturities of \ufb01nancial liabilities including estimated interest payments as of respective balance sheet dates:
\nAs of December 31, 2022
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,297
\n3,297
\n3,297
-
-
-
-
\nAccrued expenses (except taxes)
\n17,975
17,975
17,975
\n-
-
-
-
\nLease liabilities
13,827
13,827
2,099
1,916
3,727
6,085
-
\nNon derivative \ufb01nancial liabilities
\n35,099
\n35,099
\n23,371
1,916
\n3,727
6,085
-
\nAs of December 31, 2021
Carrying
\namount
\nContractual
\ncash \ufb02ows
\n6 months or
\nless
\n6
\u2013
12 months
1
\u2013
2 years
2
\u2013
5 years
over 5 years
\nTrade payables
3,204
2,717
2,460
255
2
-
-
\nDeferred payment for Tra\ufb03c Puzzle Game
29,400
29,400
29,400
-
-
-
-
\nAccrued expenses (except taxes)
17,226
17,226
17,226
-
-
-
-
\nLease liabilities
17,257
17,257
2,279
1,996
3,772
9,210
-
\nNon derivative \ufb01nancial liabilities
67,087
66,600
51,365
2,251
3,774
9,210
-
\nThere were no derivative \ufb01nancial instruments at the end of reported periods.
\nThe changes in liabilities arising from \ufb01nancing activities are presented in Note 20
Leases
and in Note 17
Conversion of series C preference shares
. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f4838": {
"value": "(d)Market risk
\nMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices may affect
\nthe Group\u2019s income or the value of the \ufb01nancial instruments held. The objective of market risk management is to manage and
\ncontrol market risk exposures within acceptable parameters, while optimizing the return. The Group does not apply hedge
\naccounting in order to manage volatility in pro\ufb01t or loss and so far neither has entered into derivatives nor incurred external
\n\ufb01nancial liabilities.
\n(i)
Currency risk
\nOne of the main risks to which the Group is exposed is the currency risk related to the exchange rate volatility between EUR and
\nUSD and functional currencies of respective Group entities. The Group is exposed to the currency risks resulting from the foreign
\ncurrency balances (cash and cash equivalents, trade receivables, trade payables except taxes and employee-related payables)
\nand from the business operations.
\nThe Group has not entered into derivative transactions with banks yet but is considering doing so in the future. For the time
\nbeing due to the mix of currencies for accounts receivable and accounts payable, as described above, the Group takes
\nadvantage of a reduced currency risk due to the fact that that currency differences resulting from accounts receivable and
\naccounts payable have the opposite effect, i.e. exposures are netted.
\nThe Group\u2019s exposure to foreign currency risk for the most signi\ufb01cant currencies is illustrated in the table below.
\nForeign currency denominated
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade receivables
20,970
23,848
\nUSD \u2013 foreign
559
2,923
\nEUR \u2013 foreign
9,085
370
\nFunctional currencies
11,326
20,555
\nCash and cash equivalents
222,245
204,415
\nUSD \u2013 foreign
9,117
15,508
\nPLN \u2013 foreign
339
7,645
\nEUR \u2013 foreign
5,801
10,244
\nFunctional currencies
206,988
171,018
\nTrade payables and accrued expenses (except taxes and
\nemployee-related)
\n(21,272)
(49,830)
\nUSD \u2013 foreign
(851)
(340)
\nPLN \u2013 foreign
(558)
253
\nEUR \u2013 foreign
(1,295)
(1,022)
\nILS \u2013 foreign
(40)
(20)
\nJPY \u2013 foreign
(83)
(76)
\nGBP \u2013 foreign
(317)
(158)
\nFunctional currencies
(18,128)
(48,467)
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n47
Net balances in foreign currencies
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nUSD
\n8,825
\n18,091
\nPLN
(219)
7,898
\nEUR
13,591
9,593
\nILS
(40)
(20)
\nJPY
(83)
(76)
\nGBP
(317)
(158)
\nGross exposure
\n21,757
\n35,328
\nThe Group did not enter into hedging transactions.
\nSensitivity analysis
\nA strengthening or weakening of foreign currencies, as indicated below, against all functional currencies would have increased
\nor decreased, respectively, net pro\ufb01t or loss by the amounts shown below. This analysis is based on foreign currency exchange
\nrate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that
\nall other variables, in particular interest rates, remain constant.
\nAs of
\nDecember
\n31, 2022
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nILS/
\nEUR
\nILS/
\nPLN
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nILS/
\nGBP
\nTotal
\nexposure
\nUSD
-
\n4,981
\n-
3,977
(67)
-
-
(370)
-
-
(41)
-
\n8,480
\nEUR
\n12,683
\n-
-
-
-
-
-
-
(65)
-
-
-
\n12,618
\nPLN
-
-
771
-
-
(10)
-
-
-
(53)
-
-
708
\nILS
-
-
-
-
-
-
-
-
-
-
-
(4)
(4)
\nJPY
-
-
-
-
-
-
(45)
-
-
-
-
-
(45)
\nGross
\nexposure
\n12,683
4,981
\n771
3,977
(67)
(10)
(45)
(370)
(65)
(53)
(41)
(4)
\n21,757
\nReasonabl
\ne shift
\n+10%
\n1,268
498
77
398
(7)
(1)
(5)
(37)
(7)
(5)
(4)
0
\nReasonabl
\ne shift
\n-10%
\n(1,268)
(498)
(77)
(398)
7
1
5
37
7
5
4
0
\nAs of
\nDecember 31,
\n2021
\nEUR/
\nUSD
\nUSD/
\nPLN
\nEUR/
\nPLN
\nUSD/
\nILS
\nPLN/
\nJPY
\nUSD/
\nGBP
\nEUR/
\nGBP
\nPLN/
\nGBP
\nUSD/
\nJPY
\nTotal
\nexposure
\nUSD
-
18,783
-
7,232
-
(217)
-
-
(35)
25,763
\nEUR
7,165
-
-
-
-
-
(72)
-
-
7,093
\nPLN
-
-
2,527
-
-
-
-
(15)
-
2,512
\nILS
-
-
-
-
-
-
-
-
-
-
\nJPY
-
-
-
-
(40)
-
-
-
-
(40)
\nGross exposure
7,165
18,783
2,527
7,232
(40)
(217)
(72)
(15)
(35)
35,328
\nReasonable
\nshift +10%
\n717
1,878
253
723
(4)
(22)
(7)
(2)
(4)
\nReasonable
\nshift -10%
\n(717)
(1,878)
(253)
(723)
4
22
7
2
4
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n48
(ii)
Interest rate risk
\nAs the Group has not entered in bank loan agreements in all presented periods till December 31, 2022, the interest rate risk is
\nmarginal. The Group has recognized the lease liability; the lease liability bears \ufb01xed interest.
\nThe Group does not have any signi\ufb01cant interest bearing liabilities at variable rate which would expose the Group to the cash
\n\ufb02ow risk.
\nThe Group\u2019s interest bearing assets are cash and cash equivalents. The deposits, and the investments in money market funds
\nand money market accounts are at a variable interest rate. These are investments which are either readily available, or with a
\nshort-term maturity date. Since the expected reasonable shift of the interest rate is insigni\ufb01cant during the maturity period of the
\ninvestments, pro\ufb01t or loss is not sensitive to the changes of interest rates. Therefore the interest bearing assets at variable rate
\ndo not expose the Group to cash \ufb02ow risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5250": {
"value": "(e)Capital management
\nThe Board of Directors manages the Group\u2019s capital structure and makes adjustments in light of changes in economic
\nconditions.
\nThe Board\u2019s of Directors policy is to maintain a strong capital base so as to maintain investors\u2019 and market con\ufb01dence and to
\nsustain future development of the business. The Group\u2019s management seeks to maintain a su\ufb03cient capital base for meeting
\nthe Group\u2019s operational and strategic needs, with the objective to safeguard the ability to continue as a going concern and
\noptimize the capital structure in order to reduce the cost of capital and maximize the return on capital to the shareholders. The
\namount of capital maintained in each reporting period (see table below) met management\u2019s objectives.
\nThe capital managed by the Group\u2019s management includes equity. As such, managed capital consists of ordinary shares,
\npreference shares of series A and B, as well as repurchased own shares and options as of year-ended December 31, 2022. For
\nthe amounts please refer to respective Note 15
Share capital,
of these consolidated \ufb01nancial statements. There are no externally
\nimposed capital management requirements (such as covenants or similar).
\nThe Group\u2019s management monitors the return on capital on the basis of the basic and diluted earnings per share ratios. Further
\ninformation on calculation of EPS is presented in Note 12
Financial risk management
, point (f)
Earnings per share
. The objective
\nof the Management is to maximize the return on capital to the shareholders.
\nNo dividends were declared and paid by the Company to its shareholders in the years ending December 31, 2022 and December
\n31, 2021.
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nEquity
240,727
226,099
\nTotal capital
240,727
226,099",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5287": {
"value": "(f)Earnings per share
\nBasic EPS is calculated by dividing pro\ufb01t or loss attributable to ordinary equity holders of the parent entity by the weighted
\naverage number of ordinary shares outstanding.
\nDiluted EPS is calculated by adjusting the earnings per share for the effects of dilutive employee share options,
preference
\nshares classi\ufb01ed as equity. Convertible preference shares classi\ufb01ed as equity are dilutive if the amount of dividend declared on
\nsuch share per ordinary share obtainable on conversion is below basic EPS. Convertible preference shares classi\ufb01ed as debt are
\ndilutive if the fair value measurement change recorded in pro\ufb01t and loss, net of tax per ordinary share obtainable on conversion,
\nis lower than basis EPS.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n49
Series A and B preference shares are non-cumulative equity instruments \u2013 a dividend on ordinary shares can only be declared if
\nthe dividend on preference shares is also declared in the amount that is at least the same but the Group otherwise does not
\nhave an obligation to declare preferred dividends. Thus series A and B shares are treated as participating equity instruments
\n(IAS 33 A13(a)). Therefore, in the calculation of basic EPS the amount of undistributed earnings is allocated to both ordinary
\nshareholders and participating preference shareholders irrespective of whether any dividends were declared during the period.
\nAlthough no dividends were declared in the presented periods, the numerator for basic EPS is adjusted for the effects of those
\ninstruments (i.e. the amount of dividend attributable to those shareholders).
\nOptions granted to employees under the ESOP are considered to be potential ordinary shares. They have been included in the
\ndetermination of diluted earnings per share. The options have not been included in the determination of basic earnings per
\nshare. Details relating to the options are set out in Note 16
Share-based payment arrangements.
\nTreasury shares represent the repurchased own shares and they are excluded from the calculation of earnings per share as they
\nare not outstanding.
\nBasic EPS
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nNet result attributable to the owners of the Parent
[A]
32,008
(9,681)
\nUndistributed pro\ufb01t (loss) attributable to holders of
\nseries A and B preference shares
\n[B]
-
(165)
\nPro\ufb01t (loss) attributable to holders of ordinary
\nshares
\n[C]=[A]-[B]
32,008
(9,516)
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of ordinary shares*
[D]
80,389,472
77,342,078
\nBasic EPS
[E] = [C] / [D]
0.40
(0.12)
\n* The weighted average number of shares in the year ended December 31, 2021 was adjusted for the event of the share split that
\ntook place on January 20, 2021. In accordance with IAS 33 Earnings per share, the weighted average number of shares has to be
\nadjusted retrospectively; therefore the additional shares are treated as having been in issue before January 20, 2021 to give a
\ncomparable result. As a result of the share split, each one common and preferred share was automatically reclassi\ufb01ed as \ufb01ve
\nshares of common or preferred shares accordingly, i.e., a share split on a one-for-\ufb01ve basis. For more information please refer to
\nNote 15
Share capital
.
\nDiluted EPS
\nThe effects of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS. Consequently, pro\ufb01t (loss)
\nattributable to ordinary equity holders of the parent adjusted for the effect of dilution is equal to pro\ufb01t (loss) attributable to
\nholders of ordinary shares.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n50
Pro\ufb01t (loss) attributable to holders of ordinary shares and pro\ufb01t (loss) attributable to ordinary equity holders of the parent
\nadjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nPro\ufb01t (loss) attributable to holders of ordinary shares
[C]
32,008
(9,516)
\nPro\ufb01t (loss) attributable to ordinary equity holders of
\nthe parent adjusted for the effect of dilution*
\n[H]
32,008
(9,516)
\nWeighted average number of ordinary shares adjusted for the effect of dilution is presented below:
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nWeighted average number of issued ordinary shares
\nused in calculating basic earnings per share
\n[D]
80,389,472
77,342,078
\nEmployee Stock Option Plan
197,311
-
\nWeighted average number of issued ordinary shares
\nand potential ordinary shares used in calculating
\ndiluted earnings per share*
\n[I]
80,586,783
77,342,078
\nDiluted EPS
[J]=[H]/[I]
0.40
(0.12)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5446": {
"value": "(g)Accounting classi\ufb01cations of \ufb01nancial instruments and fair values
\nThe fair values of \ufb01nancial assets and liabilities, together with the carrying amounts presented in the statement of \ufb01nancial
\nposition are as follows:
\nAs of
\nDecember 31, 2022
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
243,215
-
243,215
243,215
\nTrade receivables
20,970
-
-
-
20,970
20,970
\nCash and cash
\nequivalents
\n222,245
-
-
-
222,245
222,245
\nLiabilities
-
-
3,297
13,827
17,124
17,124
\nLease liability
-
-
-
13,827
13,827
13,827
\nTrade payables
-
-
3,297
-
3,297
3,297
\nTotal \ufb01nancial
\nassets
\n243,215
-
3,297
13,827
260,339
260,339
\nAs of
\nDecember 31, 2021
\nFinancial
\nassets
\nmeasured at
\namortized
\ncost
\nFinancial liabilities
\nmeasured at fair
\nvalue
\nFinancial
\nliabilities at
\namortized cost
\nFinancial
\nliabilities out
\nof scope of
\nIFRS 9
\nTotal carrying
\namount
\nFair value
\nAssets
228,263
-
-
-
228,263
228,263
\nTrade receivables
23,848
-
-
-
23,848
23,848
\nCash and cash
\nequivalents
\n204,415
-
-
-
204,415
204,415
\nLiabilities
-
-
32,604
17,257
49,861
49,861
\nLease liability
-
-
-
17,257
17,257
17,257
\nTrade payables
-
-
32,604
-
32,604
32,604
\nTotal \ufb01nancial
\nliabilities
\n228,263
-
32,604
17,257
278,124
278,124
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n52
As at December 31, 2022 and December 31, 2021 the Group\u2019s management did not identify any \ufb01nancial assets measured at fair
\nvalue \u2013 neither through pro\ufb01t or loss nor through other comprehensive income.
\nThe Group\u2019s management believes that the fair values of \ufb01nancial instruments do not differ signi\ufb01cantly from their carrying
\namounts.
\nSeries C preference shares
\nPrior to conversion on February 5, 2021, series C preference shares liability was measured at fair value initially with gains/losses
\non subsequent remeasurements being recognized in pro\ufb01t or loss at each reporting period. The fair value measurements of
\nseries C preference shares was classi\ufb01ed as Level 3 of the fair value hierarchy. Further information regarding the gain/loss
\nrecognized on the remeasurement of the preference shares liability in the prior periods is presented in the Group\u2019s consolidated
\n\ufb01nancial statements as of and for the year ended December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5627": {
"value": "13.Trade and other receivables
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts receivable and accrued revenues from third parties
20,970
23,848
\nContract cost
804
938
\nTax receivables other than from corporate income taxes
\n2,779
\n1,952
\nOther receivables
566
\n363
\nPrepaid expenses
932
782
\nAllowance for expected credit losses
(196)
\n(212)
\nTotal trade and other receivables
\n25,855
\n27,671
\nAllowance for expected credit losses
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nOpening balance
(212)
\n(244)
\n- increase
-
\n-
\n- decrease \u2013 valuation
16
32
\nTotal allowance for expected credit losses
\n(196)
\n(212)
\nThe majority of trade accounts receivable from main customers (platform distributors) are due within 30 days.
\nPrepaid expenses include advance payments for services that will be received in the future. Main types of prepayments are:
\nsubscription of Internet services, expenses from cloud computing arrangements which do not include an intangible asset
\n(software as a service contracts) and domain costs.
\nAllowance for expected credit losses is recognized in other operating expenses or \ufb01nance costs (accrued interest) in the
\nconsolidated statement of comprehensive income, based on the nature of the underlying balance. The allowance for expected
\ncredit losses referred solely to \u201cOther receivables\u201d in the amount of USD 196 thousand as at December 31, 2022 and USD 212
\nthousand as at December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5655": {
"value": "Allowance for expected credit losses
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nOpening balance
(212)
\n(244)
\n- increase
-
\n-
\n- decrease \u2013 valuation
16
32
\nTotal allowance for expected credit losses
\n(196)
\n(212)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5699": {
"value": "14.Cash and cash equivalents
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nDeposits
177,661
-
\nCash at banks (current accounts)
17,921
189,163
\nMoney market interest-bearing accounts
16,695
15,006
\nMoney market mutual fund investments
9,968
245
\nCash in hand
-
1
\nTotal cash and cash equivalents
222,245
204,415
\nAs of December 31, 2022, there were short-term cash deposits amounting to USD 177,661 thousand. Maturity of these
\ninvestments is three months, they are repayable on demand, thus the investments are highly liquid, readily convertible to known
\namounts of cash, and are subject to an insigni\ufb01cant risk of changes in value, and meet the criteria indicated in IAS 7 Statement
\nof Cash Flows, and have been considered in substance as cash equivalents.
\nMoney market interest bearing accounts are savings accounts which offer a competitive interest rate. Balances on these
\naccounts are readily available, i.e. amount of cash is known, and they are subject to an insigni\ufb01cant risk of changes in value, and
\nmeet the criteria indicated in IAS 7 Statement of Cash Flows, and have been considered in substance as cash equivalents.
\nMoney market mutual fund investments are classi\ufb01ed as cash equivalents. For the details, please refer to Note 2
Basis for
\npreparation of the consolidated \ufb01nancial statements
, point (d)
Key judgements and estimates
.
\nDuring the year ended December 31, 2022, deposits, money market mutual fund investments and money market interest-bearing
\naccounts generated interest income in the total amount of USD 2,089 thousand. This includes the accrued interest from bank
\ndeposits in the amount of USD 763 thousand (received before the date of these \ufb01nancial statements). For the details, please
\nrefer to Note 9
Finance income and \ufb01nance expense
.
\nAs of December 31, 2022, there was restricted cash in the amount of USD 249 thousand mostly related to the cash balances of
\nHuuuge Mobile Games Ltd and Coffee Break Games United Ltd, which are under liquidation process (USD 19 thousand as of
\nDecember 31, 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5744": {
"value": "As of December 31, 2022, there was restricted cash in the amount of USD 249 thousand mostly related to the cash balances of Huuuge Mobile Games Ltd and Coffee Break Games United Ltd, which are under liquidation process (USD 19 thousand as of
December 31, 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5767": {
"value": "15.Share capital
\nAs of December 31, 2022 and December 31, 2021, the Group's share capital comprised of common shares and preference shares series A and B. Below are presented movements on different
\ncomponents of equity divided in the categories of shares (nominal values presented in USD, not thousand USD):
\nShares classi\ufb01ed as equity instruments as of December 31, 2022:
\nCommon shares
\nPreference shares
\n(series A and B)
\nTreasury shares
\nTreasury shares
\nallocated for the existing
\nshare-based payment
\nprograms
\nSub-total (issued)
\nShares allocated for
\nthe existing
\nshare-based payment
\nprograms (not issued)
\nGrand total
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nAs of January 1, 2022
82,690,347
1,655
2
0
1,556,348
31
-
-
84,246,697
1,686
12,467,461
249
96,714,158
1,935
\nReduction of shares allocated
\nfor the existing share-based
\npayment programs (not issued)
\n-
-
-
-
-
-
-
-
-
(1,459,728)
(29)
(1,459,728)
(29)
\nAllocation of shares to
\nShare-based payment program
\n-
-
-
-
(1,459,728)
(29)
1,459,728
29
-
-
-
-
-
-
\nExercise of stock options
\n1,459,728
29
-
-
-
-
(1,459,728)
(29)
-
-
-
-
-
-
\nDelivery of shares to former
\nowners of Double Star Oy
\n23,046
0
-
-
(23,046)
0
-
-
-
-
-
-
-
-
\nRepurchase of common shares
\nunder Share Buyback Scheme
\n(\"SBB\")
\n(4,989,608)
(100)
-
-
4,989,608
100
-
-
-
-
-
-
-
-
\nAs of December 31, 2022
79,183,513
1,584
2
0
5,063,182
102
-
-
84,246,697
1,686
11,007,733
220
95,254,430
1,906
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n55
Shares classi\ufb01ed as equity instruments as of December 31, 2021, i.e. including preference shares series C after conversion.
\nCommon shares
\nPreference shares (incl.
\nseries C)
\nTreasury shares
\nTreasury shares allocated
\nfor the existing share-based
\npayment programs
\nSub-total (issued)
\nShares allocated for the
\nexisting share-based
\npayment programs (not
\nissued)
\nGrand total
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nNumber of
\nshares
\nNominal
\nvalue
\nAs of January 1, 2021
8,618,959
863
5,963,949
596
1,390,019
139
794,442
80
16,767,369
1,678
881,071
88
17,648,440
1,766
\nRedemption of treasury shares
-
-
-
-
(1,390,019)
(139)
(794,442)
(80)
(2,184,461)
(219)
-
-
(2,184,461)
(219)
\nExercise of stock options
6,411
1
-
-
-
-
-
-
6,411
1
(6,411)
(1)
-
\nAllocation of shares to
\nShare-based payment program
\n-
-
-
-
-
-
-
-
-
-
794,442
80
794,442
80
\nAll shares before share split
8,625,370
864
5,963,949
596
-
-
-
-
14,589,319
1,460
1,669,102
167
16,258,421
1,627
\nAll shares after share split
43,126,850
864
29,819,745
596
-
-
-
-
72,946,595
1,460
8,345,510
167
81,292,105
1,627
\nConversion of preference shares
29,819,745
596
(29,819,745)
(596)
-
-
-
-
-
-
-
-
-
-
\nShares issued
11,300,100
226
-
-
-
-
-
-
11,300,100
226
-
-
11,300,100
226
\nStabilization option
(3,331,668)
(67)
-
-
3,331,668
67
-
-
-
-
-
-
-
-
\nPreference shares issued
-
-
2
0
-
-
-
-
2
0
-
-
2
0
\nReduction of shares allocated
\nfor the existing share-based
\npayment programs (not issued)
\n-
-
-
-
-
-
-
-
-
-
(1,775,320)
(36)
(1,775,320)
(36)
\nAllocation of treasury shares to
\nshare-based payment program
\n-
-
-
-
(1,775,320)
(36)
1,775,320
36
-
-
5,897,271
118
5,897,271
118
\nExercise of stock options
1,775,320
36
-
-
-
-
(1,775,320)
(36)
-
-
-
-
-
-
\nAs of
December
31, 2021
82,690,347
1,655
2
0
1,556,348
31
-
-
84,246,697
1,686
12,467,461
249
96,714,158
1,935
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n56
The Company is authorized to issue up to 113,881,420 shares with a par value of USD 0.00002 (113,881,418 of common shares
\nand 1 share of series A preferred share and 1 share of series B preferred share).
\nAs of December 31, 2022, 3,258,094 shares were allocated to a reserve which could be issued only with majority shareholders
\napproval (1,775,320 as of December 31, 2021). This is a consequence of using the treasury shares for: the Group\u2019s ESOP
\nobligations in the amount of 1,459,728 shares during the year 2022 and 1,775,320 shares during the year 2021, as well as the
\ndelivery of 23,046 treasury shares to the former owners of Double Star Oy (as presented in the tables above), which otherwise
\nwould need to be satis\ufb01ed via issuance of new shares.
\nAs of December 31, 2022, the share capital of the Company comprised 84,246,697 shares (fully paid) with a par value of USD
\n0.00002 per share and the total value of USD 1,686 (not thousand), including 79,183,513 common shares held by shareholders,
\ntwo preference shares (one preference share of series A and one preference share of series B), and 5,063,182 common shares
\nreacquired by the Company and not redeemed (treasury shares and treasury shares allocated to the existing share-based
\npayment programs).
\nAs of December 31, 2021, the share capital of the Company comprised 84,246,697 shares (fully paid) with a par value of USD
\n0.00002 per share and the total value of USD 1,686 (not thousand), including 82,690,347 common shares held by shareholders, 2
\npreference shares (one preference share of series A and one preference share of series B), and 1,556,348 of common shares
\nreacquired by the Company and not redeemed (treasury shares and treasury shares allocated for the existing share-based
\npayment programs).
\nDuring the year 2022, the number of shares (not issued) allocated to the existing share-based payment programs was reduced
\nby 1,459,728 shares. This is because 1,459,728 treasury shares were delivered to employees for the options exercised during the
\nyear ended December 31, 2022. As of December 31, 2022, 11,007,733 shares with a par value of USD 0.00002 per share were
\nreserved for two stock option programs established in 2015 and 2019.
\nDuring the year 2021, the number of shares (not issued) allocated for the existing share-based payment programs was reduced
\nby 1,775,320
shares. This is because the treasury shares were delivered to employees for the part of options exercised during
\nthe year ended December 31, 2021. On August 9, 2021 the number of shares allocated (not issued) for employee stock option
\nplan was extended by additional 5,897,271 shares. After the changes, as of December 31, 2021 12,467,461 shares with a par
\nvalue of USD 0.00002 per share were reserved for two stock option programs established in 2015 and 2019 years.
\nHolders of the two series A and series B preference shares, which may be converted for a \ufb01xed number of common shares, have
\nseveral rights additional to the ones of the common shareholders, which may vary for series A and B). These rights are
\nstipulated in the corporate documents of Huuuge Inc., in particular in the Fifth Amended and Restated Certi\ufb01cate of
\nIncorporation. Essentially, the rights refer to:
\n\u25cf
protective provisions in case of liquidation, dissolution, winding up, certain mergers, consolidations and sale of assets
\nof Huuuge Inc. or conversion to common shares \u2013 the holders of series A or B preference shares shall be entitled to
\nbe paid out of the assets of the Company available for distribution to its shareholders before the holders of common
\nshares,
\n\u25cf
election of a director for every separate class of preference shares, one per each series of preference shares (series A,
\nB); two by the holders of common shares.
\nAs at December 31, 2022 and December 31, 2021, no shareholder owned over 50% of the Company\u2019s equity or had more than
\n50% of voting rights. The Company's major shareholder is Mr. Anton Gau\ufb03n, CEO and President, who participates in the
\nCompany\u2019s ordinary shares indirectly (through shares of Big Bets OU).
\nAs of December 31, 2022, the share capital of the Company amounted to USD 1,686 (USD 1,686 as of December 31, 2021).
\nThe supplementary capital derives mainly from the difference between nominal value and the market price on issuance of
\nshares, or the difference between the book value and purchase price on re-issue of treasury shares.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n57
In the year ended December 31, 2022 the following transactions in common and preference shares took place:
\n\u25cf
Share Buyback Scheme (\"SBB\")
\nOn February 15, 2022, the Group decided to repurchase its common shares listed for trading on the Warsaw Stock Exchange.
\nThe share buy-back started on March 29, 2022. The purpose of the Share Buyback Scheme is to satisfy the Group's needs
\nrelated to the exercise of options under its Employee Stock Option Plans in the foreseeable future. On May 22, 2022, the Board
\nof Directors adopted a resolution according to which the number of Company\u2019s shares capable of being repurchased by the
\nCompany under the SBB has been set to the 6,500,000 shares. On August 2, 2022, the Company inde\ufb01nitely suspended the
\npurchase of its own shares.
\nThe common shares repurchased were presented in the treasury shares line in the statement of \ufb01nancial position.
\nDuring the year ended December 31, 2022, 4,989,608 common shares were repurchased under the SBB program and were
\nregistered at Central Securities Depository as of the date of these consolidated \ufb01nancial statements. Payments made for the
\npurchase of own shares in the amount of USD 20,090 thousand were recognized in Equity (Treasury shares).
\n\u25cf
Delivery of the treasury shares for options exercised
\nIn the year ended December 31, 2022, 2,072,355 share options held by employees under the share-based payment program were
\nexercised, out of which for 1,459,728 options exercised treasury shares were delivered to employees before December 31, 2022
\n(the difference is due to cashless exercises).
\nThe delivery of treasury shares was presented as a movement from treasury shares to common shares. The movement resulted
\nin an increase in share capital in the amount of the nominal value of the shares delivered, and the difference between the value
\nof treasury shares and the cash consideration received in the amount of USD 16,251 thousand was recognized in supplementary
\ncapital. At the same time, the movement decreased the number of shares (not issued) allocated to the existing share-based
\npayment programs.
\n\u25cf
Delivery of treasury shares to the former owners of Double Star Oy
\nIn the year ended December 31, 2022, 23,046 shares were delivered to the former owners of Double Star Oy based on the Share
\nSale and Purchase Agreement, corrected by the First Amendment dated October 19, 2021. For details of the earn-out
\nconsideration, please see Note 16
Share-based payment arrangements
. The movement resulted in an increase in share capital in
\nthe amount of the nominal value of the shares delivered, and a decrease in supplementary capital in the amount of USD 311
\nthousand (amount re\ufb02ects the value of treasury shares, since the shares were delivered with no cash consideration).
\nIn the year ended December 31, 2021 the following transactions in preference shares took place:
\n \u25cf
Redemption of treasury shares
\nOn January 15, 2021 the Board of Directors of the Company approved to retire all of the Company\u2019s common and preferred
\nshares that were held as treasury shares, which were as follows:
\n\u25cf
common shares \u2013 1,402,293 shares
\n\u25cf
series A preference shares \u2013 257,103 shares
\n\u25cf
series B preference shares \u2013 397,645 shares
\n\u25cf
series C preference shares \u2013 127,420 shares.
\nCommon shares were reverted to the status of authorized but unissued shares, preferred shares were eliminated to no longer be
\nissued or outstanding shares.
\nRedemption of treasury shares has been recognized as a decrease in supplementary capital in the consolidated statement of
\nchanges in equity in the amount of USD 33,994 thousand.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n58
\u25cf
Share split
\nOn January 18, 2021 the Board of Directors approved the split of all of the Company\u2019s existing common and preferred shares.
\nThe Certi\ufb01cate of Incorporation of Huuuge Inc. was amended as following:
\nThe total number of shares of all classes of stock which Huuuge Inc. has authority to issue is 118,063,540 shares, which shall
\nbe divided into:
\n(i) 88,243,795 common shares, with a par value of USD 0.00002 per share, and
\n(ii) 29,819,745 preferred shares series consisting of:
\na)
8,714,485 series A preferred shares, with a par value of USD 0.00002 per share,
\nb)
4,911,775 series B preferred shares, with a par value of USD 0.00002 per share, and
\nc)
16,193,485 series C preferred shares, with a par value of USD 0.00002 per share.
\nAfter this amendment each one common and each one preferred share, with a par value of USD 0.0001 per share, issued and
\noutstanding or held by Huuuge Inc. as treasury shares was automatically reclassi\ufb01ed as \ufb01ve shares of common or preferred
\nshares accordingly, with a par value of USD 0.00002 per share.
\nSplit of shares required weighted average number of shares presented in Note 12
Financial risk management
, point (f)
Earnings
\nper share
to be adjusted in the calculation of both basic and diluted earnings per share for the period ended December 31, 2021
\npresented in accordance with IAS 33 Earnings per share.
\n\u25cf
Conversion of preference shares series A, B and C
\nOn February 5, 2021 all preference shares series A, B and C were converted into common shares, as shown in the table below:
\nBefore the conversion
After conversion
\nSeries A preference
\nshares
\nSeries B preference
\nshares
\nSeries C preference
\nshares
\nCommon shares
\nNumber of shares
8,714,485
4,911,775
16,193,485
29,819,745
\nConversion of preference shares A,B and C has been recognized as an increase in supplementary capital in the consolidated
\nstatement of changes in equity in the amount of USD 215,603 thousand.
\n\u25cf
Issuance of series A and series B preference shares
\nOn February 5, 2021 the Board of Directors, issued one series A preference share to RPII HGE LLC (Raine Group), with a par value
\nof USD 0.00002 per share for cash consideration of USD 50 and one series B preference share to Big Bets OU, with a par value of
\nUSD 0.00002 per share, for cash consideration of USD 50, for which total cash consideration amounting to USD 100 was
\nreceived in February 2021. The difference between the nominal amount and the consideration received was recognized in the
\nsupplementary capital in the consolidated statement of changes in equity.
\n\u25cf
Initial public offering
\nOn January 27, 2021 Huuuge Inc. published its prospectus and launched its initial public offering. The offering comprised a
\npublic subscription for 11,300,100 newly issued shares. The \ufb01nal share price for offering shares was determined as PLN 50 per
\nshare (approx. USD 13.53 per share). The difference between the nominal amount of newly issued shares and the cash
\nconsideration received was recognized in the supplementary capital in the consolidated statement of changes in equity.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n59
\u25cf
Execution of stabilization option
\nIn relation to the initial public offering, on February 5, 2021 the Company and IPOPEMA Securities S.A. (\u201cStabilization Manager\u201d)
\nsigned Stabilization Agreement. The purpose of the Stabilization Agreement was to stabilize the price of the Huuuge Inc. shares
\nat a level higher than the level which would otherwise have prevailed. When the Company entered the contract, the liability was
\nrecognized in correspondence with equity. At the same time, the Company recognized a prepayment (\ufb01nancial asset) in the
\nsame amount to re\ufb02ect the fact that the stabilization activities were funded from the proceeds from the offering. The liability
\nand the assets were measured at fair value through pro\ufb01t or loss until the stabilization transactions were completed. As such,
\nthese transactions had no net impact on pro\ufb01t or loss.
\nOn February 26, 2021 the Company ended the stabilization process, which started upon the initial public offering on February 19,
\n2021, and the above-mentioned liability and asset have been derecognized. The Company repurchased, via Stabilization
\nManager, its own shares in the total number of 3,331,668 in the price range PLN 38.4000\u201349.9850 (USD 10.35\u201313.51). The
\nrepurchased shares were recognized as a decrease in equity (treasury shares) in the total amount of USD 43,976 thousand,
\ncalculated as the number of shares repurchased, multiplied by the price per share plus the remuneration paid to Stabilization
\nManager representing the transaction cost of this capital transaction.
\n\u25cf
The issuance of common shares for options exercised
\nIn the year ended December 31, 2021, before share split 6,411 share options (equivalent of 32,055 options after share split) held
\nby the employees under the share-based payment program were exercised, resulting in the issuance of common shares with the
\ndifference between the exercise price paid by the employee and the nominal amount of shares recognized as share premium
\n(presented within \u201cSupplementary capital\u201d). The exercise price was paid by the employees in cash.
\n\u25cf
Delivery of the treasury shares for options exercised
\nIn the year ended December 31, 2021, after the share split 1,851,622 share options held by the employees under the share-based
\npayment program were exercised, out of which for 1,775,320 options exercised treasury shares were delivered to employees
\nbefore December 31, 2021 (the difference is due to cashless exercises). The delivery of treasury shares was presented as a
\nmovement from treasury shares to common shares. The movement resulted in an increase in share capital in the amount of
\nnominal value of the shares delivered, and difference between the value of treasury shares and the cash consideration received
\nin the amount of USD 22,672 thousand was recognized in supplementary capital. At the same time, the movement decreased
\nthe number of shares (not issued) allocated to the existing share-based payment programs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6309": {
"value": "\u25cfRedemption of treasury shares
\nOn January 15, 2021 the Board of Directors of the Company approved to retire all of the Company\u2019s common and preferred
\nshares that were held as treasury shares, which were as follows:
\n\u25cf
common shares \u2013 1,402,293 shares
\n\u25cf
series A preference shares \u2013 257,103 shares
\n\u25cf
series B preference shares \u2013 397,645 shares
\n\u25cf
series C preference shares \u2013 127,420 shares.
\nCommon shares were reverted to the status of authorized but unissued shares, preferred shares were eliminated to no longer be
\nissued or outstanding shares.
\nRedemption of treasury shares has been recognized as a decrease in supplementary capital in the consolidated statement of
\nchanges in equity in the amount of USD 33,994 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6449": {
"value": "16.Share-based payment arrangements
\nAs at December 31, 2022 and as at December 31, 2021 the Group had an equity incentive plan, i.e. ESOP. The \ufb01rst stock option
\nprogram (the employee stock option plan or \u201cESOP 2015\u201d) was established by the Company\u2019s Board of Directors on April 3, 2015,
\nthe second one on October 19, 2019 (\u201cESOP 2019\u201d), the grant dates were determined at the dates when the contracts with
\neligible employees were signed. Additionally, during the period ended December 31, 2021 stock option plan was granted to Mr.
\nAnton Gau\ufb03n as described below in this note. The program entitles employees and some consultants to purchase shares in the
\nCompany. Each option stands for one common or treasury share of the Company.
\nThe vesting condition of both ESOP 2015 and 2019 programs is to provide the service continuously for at least 4 years from the
\ngrant date and the following vesting schedule is applicable depending on the particular grant:
\n\u25cf
about
25%
of
the
shares
options vest and become exercisable on a 12-month anniversary of the vesting
\ncommencement date and then after end of each consecutive month 1/36 of the remaining shares options vest and
\nbecome exercisable; or
\n\u25cf
the options vest and become exercisable with respect to 1/48th of the total option shares when the optionee
\ncompletes each full month of continuous service after the grant date.
\nFor such share-based payments staged vesting applies i.e. each instalment with different vesting period is treated as a separate
\naward with a different vesting period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n60
As of December 31, 2022 there were 11,007,733 shares reserved for the ESOP that were not yet allocated to speci\ufb01c employees
\n(12,467,461 as of December 31, 2021). This is at the Group discretion whether the unallocated shares will be allocated within
\nthe share-based program to the employees or unused or withdrawn from the program.
\nIn 2022 the Company\u2019s Board of Directors granted 656,971 options to its employees and consultants (4,111,765 in 2021).
\nShares option expense for year 2022 amounts to USD 3,082 thousand (USD 11,830 thousand in 2021) and was booked against
\nequity (employee bene\ufb01t reserve) which amounted to USD 22,894 thousand as of December 31, 2022 (USD 19,812 thousand as
\nof December 31, 2021).
\nDetails of the grants are presented in the table below:
\nGrant date
Number of instruments granted
Expiry date
\nGranted in 2015
293,292
June 1, 2025
\nGranted in 2016
175,058
\nJune 1, 2026 \u2013
\nDecember 1, 2026
\nGranted in 2017
386,310
\nFebruary 1, 2027 \u2013
\nDecember 1, 2027
\nGranted in 2018
131,000
December 1, 2024
\nGranted in 2019
243,525
\nDecember 1, 2024 \u2013
\nNovember 6, 2025
\nGranted in 2020
738,024
\nApril 1, 2027\u2013
\nNovember 11, 2027
\nGranted in 2021
4,111,765
\nFebruary 2,2028 -
\nSeptember 10, 2028
\nJanuary 3, 2022
322,945
January 3, 2029
\nFebruary 7, 2022
28,665
February 7, 2029
\nAugust 5, 2022
305,361
August 5, 2029
\nSubtotal granted in 2022
656,971
\nTotal
6,735,945
\nMovements in share options since the \ufb01rst grant date were as follows:
\nYear ended December 31, 2022
\nNumber of options
Weighted average exercise price
\nBalance as at January 1
8,839,097
5.80
\nGranted during the period
656,971
3.99
\nForfeited during the period
(2,345,282)
5.46
\nExercised during the period
(2,072,355)
2.70
\nExpired during the period
(300,331)
5.56
\nBalance as at December 31
4,778,100
4.46*
\n* The weighted average exercise price of the balance outstanding as at December 31, 2022 includes the effect of modi\ufb01cation
\nof the share-based payment program as described further below in this note. The weighted average exercise price of the
\nbalance outstanding as at January 1, 2022 is presented in the amount prior to the modi\ufb01cation.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n61
Year ended December 31, 2021
\nNumber of options
Weighted average exercise price
\nBalance as at January 1
1,435,584
12.01
\nExercised during the period
(6,411)
0.45
\nForfeited during the period
(2,056)
4.15
\nAll options before share split
1,427,117
\nAll options after share split
7,135,585
\nGranted during the period
4,111,765
9.70
\nForfeited during the period
(518,371)
7.44
\nExercised during the period
(1,851,622)
1.02
\nExpired during the period
(38,260)
2.03
\nBalance as at December 31
8,839,097
5.80
\nThe weighted average exercise prices are presented in USD, not in thousand USD.
\nAs at December 31, 2022 1,585,019 share options were exercisable, with weighted average exercise price of USD 3.1 per share.
\nAs at December 31, 2021 2,836,827 share options (after share split) were exercisable, with weighted average exercise price of
\nUSD 2.89 per share.
\nThe below table presents a summary of share prices at the exercise dates:
\nExercise date
Grant date
Exercise price
\nFair Market Value on
\nexercise date
\nNumber of stock
\noptions exercised
\nExercised in 2020
\nMay 29, 2015
\u2013
\nNovember 6, 2019
\n$0.0002 \u2013 $13.500
$15.0300 \u2013 $18.6200
176,009
\nExercised in 2021
\n(before share split)
\nMay 29, 2015 \u2013
\nDecember 1, 2016
\n$0.0002 \u2013 $0.79
$54.53
6,411
\nExercised in 2021
\n(after share split)
\nMay 29, 2015 \u2013
\nNovember 20, 2020
\n$0.00004 \u2013 $3.72402
$6.2348 \u2013 $12.0319
1,851,622
\nExercised in 2022
\nMay 29, 2015 \u2013
\nJanuary 3, 2022
\n$0.11 \u2013 $4.13
$3.5835 \u2013 $5.6779
2,072,355
\nFor share options outstanding at the end of the reporting periods, the range of exercise prices and weighted-average remaining
\ncontractual life was as follows:
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n62
As at December 31, 2022:
\nExercise price in USD
Number of outstanding stock options
Weighted average remaining contractual life
\n(in years)
\n0.00004 - 0.83
268,694
4.21
\n2.7 - 3.92
3,448,626
5.58
\n4.13 - 13.51
1,060,780
6.15
\nTotal:
4,778,100
5.63
\nAs at December 31, 2021:
\nExercise price in USD
Number of outstanding stock options
Weighted average remaining contractual life
\n(in years)
\n0.00004 - 0.83
495,579
4.18
\n2.7 - 3.72
4,776,838
2.85
\n9.55 - 13.51
3,566,680
6.18
\nTotal:
8,839,097
4.27
\nThe fair value of the employee share options has been measured using the Black-Scholes formula by an independent appraiser,
\nassuming no dividends and using the valuation assumptions summarized below. The underlying price of the common stock was
\ndetermined using the fair value as of the option grant dates. The exercise prices of the options were determined by the Board of
\nDirectors of the Company in the contract with the employee. The risk-free rate is based on the U.S. Treasury yield curve in effect
\nat the time of each grant date and corresponding to expiration. In assessing the appropriate time to expiration, the appraiser
\nexamined the expiration period, the vesting period and the option grant dates.
\nExpected volatility was based on historical volatility of a similar industry sector. Based on the analysis and the factors speci\ufb01c to
\nthe Company, an equity volatility of 54.2% - 80.0% (55.4% - 80.0% for the year ended 31 December, 2021) was used in option
\npricing model.
\nThe inputs used in the measurement of the fair values at the grant dates of the equity-settled share-based payment plan for the
\noptions outstanding as of December 31, 2022 and as of December 31, 2021, were as follows:
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nFair value at grant date
0.00002 \u2013 8.66
0.00002 \u2013 8.66
\nShare price at grant date
2.5 \u2013 10.91
0.00004 \u2013 10.91
\nExercise price
0.00004 \u2013 13.5146
0.00004 \u2013 13.5146
\nExpected volatility (weighted average)
54.2% \u2013 80%
55.4% \u2013 80%
\nExpected life (weighted average)
2.42 \u2013 6.60
3.00 \u2013 7.30
\nRisk-free interest rate
0.21% \u2013 3.27%
0.21% \u2013 2.80%
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n63
The effect of the fair value measurement is re\ufb02ected in the pro\ufb01t and loss against equity (USD 3,082 thousand was expensed in
\n2022 and USD 11,830 thousand in 2021) \u2013 for details on the related employee bene\ufb01t expenses please refer to Note 8
Salaries
\nand employee-related costs
and to the consolidated statement of changes in shareholders\u2019 equity.
\nDuring the year ended December 31, 2022, 2,072,355 options were exercised in total under the share-based payment program,
\nout of which 1,459,728 treasury shares were delivered for all options exercised (the difference of 612,627 options is due to
\ncashless exercises). Cash payments received for the shares delivered to employees before December 31, 2022 amounted to
\nUSD 2,540 thousand.
\nDuring the year ended December 31, 2021, before share split, 6,411 common shares were issued (equivalent of 32,055 common
\nshares after share split) and 1,775,320 treasury shares were delivered from the share-based payment program as described in
\nNote 15
Share capital
. During the year ended December 31, 2021, the Group received cash payments for the shares that were
\ndelivered to employees as of December 31, 2021.
\nOther than the share-based payment arrangements described above, in a result of the acquisition that took place on July 16,
\n2020, the Group accounted for the earn-out consideration payable in shares dependent on a performance condition and a
\ncontinuing employment condition as a share-based payment for the sellers of Double Star Oy.
On February 21, 2022, 23,046
\ntreasury shares were delivered to the former owners of Double Star Oy as presented in Note 15
Share capital
. As at December
\n31, 2022, it is not expected that additional shares, except for those delivered, would vest under earn-out consideration.
\nTotal expense related to share-based payment arrangements for the year ended December 31, 2022 amounted to USD 3,082
\nthousand. This expense includes Mr. Anton Gau\ufb03n\u2019s options and the options payable to a consultant under the advisory
\nagreement in the total amount of USD 557 thousand, which are both explained in detail further below.
\nTotal expense related to share-based payment arrangements for the year ended December 31, 2021 comprises ESOP in the
\namount of USD 11,830 thousand (this expense includes USD 381 thousand related to Mr Anton\u2019s Gau\ufb03n options which are
\nexplained in detail further below) and earn-out consideration expense reversal in the amount of USD 70 thousand.
\nThese costs were allocated to Sales and marketing expenses, Research and development expenses and General and
\nadministrative expenses lines in the consolidated statement of comprehensive income.
\nModi\ufb01cation of the share-based payment program
\nOn July 25, 2022, the Company\u2019s Board of Directors adopted a resolution on the voluntary modi\ufb01cation of the terms of the
\ngrants that took place between August 2021 and February 2022.
\nEffectively, for 1,633,702 options under the Company\u2019s employee stock option plan, i.e., \u201cESOP 2019,\u201d the vesting schedule was
\nextended and the exercise price was decreased. For 713,713
options under the Company\u2019s employee stock option plan, i.e.
\n\u201cESOP 2019,\u201d the exercise price was decreased without changes to the vesting schedule.
\nAs of the date of approval of these consolidated \ufb01nancial statements, the process of the voluntary choice by the employees was
\n\ufb01nalized and resulted in the modi\ufb01cation for 2,347,415 options in total. Total expense related to modi\ufb01cation of options for the
\nyear ended December 31, 2022 amounted to USD 552 thousand.
\nCEO options
\nThe remuneration of Mr. Anton Gau\ufb03n, holding the positions of the President and Chief Executive O\ufb03cer of the Company , for
\nthe period ending at the 2022 Annual General Meeting of the Company, consisted solely of share options. All options can be
\nexercised at a price of PLN 50, i.e., the price of the Company\u2019s shares in the initial public offering.
\nThe vesting conditions for the options is the following:
\n\u25cf
50,000 options with a vesting condition to provide the service continuously for about four years from the service
\ncommencement date. The Group\u2019s management expects Mr. Anton Gau\ufb03n to ful\ufb01ll the service condition.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n64
\u25cf
75,000 options with a vesting condition to provide the service continuously for about four years from the service
\ncommencement date and to meet 2021 EBITDA target. These options were forfeited since the performance condition
\nwas not met.
\n\u25cf
375,000 options with a variable vesting period due to the market condition, i.e., condition to meet the Company\u2019s
\nmarket capitalization milestones. The Group\u2019s management estimated that a total of six years of continuous service
\nfrom the service commencement date will be required for options to vest.
\nSimilar to other share-based payments in the Group, for this program, staged vesting applies, i.e., each instalment has a different
\nvesting period and is treated as a separate award with a different vesting period.
\nAdvisory agreement
\nBased on the contract executed on September 27, 2021, beginning from January 3, 2022 until October 31, 2024, the advisor shall
\nprovide to the Company\u2019s CEO consulting services for the consideration payable in options, i.e., options to purchase 206,250
\nshares in total vesting on a straight-line basis during the period of the agreement. This is a transaction with a non-employee, and
\nthe Group measures the fair value of the services received and the corresponding increase in equity indirectly, by reference to
\nthe fair value of the equity instruments granted when the services are performed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6845": {
"value": "18.Goodwill
\nFor the purpose of impairment testing, the whole Group is determined to be one cash-generating unit, to which goodwill resulting
\nfrom business combinations is allocated in full. Reconciliation of the carrying amount of goodwill in each of the reporting
\nperiods was as follows:
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nAmount as the beginning of the period
2,693
2,838
\nGoodwill arising from the acquisition of Playable Platform B.V.
1,098
1,098
\nGoodwill arising from the acquisition of Double Star Oy
1,508
1,508
\nForeign exchange differences
(144)
87
\nImpairment
-
-
\nAmount as the end of the period
2,462
2,693
\nThe recoverable amount of the net assets of the Group has been determined based on their fair value (Level 1) as at December
\n31, 2022. The test results show no goodwill impairment as at December 31, 2022.
\nWhen performing the test for impairment, the recoverable amount of a cash-generating unit is determined based on the fair
\nvalue less costs of disposal, and then compared to the cash-generating unit\u2019s carrying amount. Once the fair value of the
\ncash-generating unit falls below its carrying amount an additional value in use calculation is performed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6901": {
"value": "19.Trade, other payables and deferred income
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts payable to third parties
3,297
3,204
\nDeferred payment for Tra\ufb03c Puzzle Game
-
29,400
\nTax payables other than from corporate income taxes
\n2,463
\n2,339
\nOther accounts payable
\n567
\n518
\nAccrued expenses
\n17,975
\n17,226
\nTrade and other payables
\n24,302
\n52,687
\nAs of December 31, 2022 and December 31, 2021 accrued expenses mainly include marketing and advertising expenses,
\nexpenses related to bonuses for employees and consultants, unused vacation and the audit.
\nDeferred income, presented in a separate line of the statement of the \ufb01nancial position, amounting to USD 2,680 thousand as at
\nDecember 31, 2022 (USD 3,126 thousand as at December 31, 2021), is a contract liability related to players' unused coins at the
\nend of the reporting period as described in Note 2
Basis for preparation of the consolidated \ufb01nancial statements
, point (d)
Key
\njudgement and estimates \u2013 estimate of the progress towards complete satisfaction of the performance obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6902": {
"value": "19.Trade, other payables and deferred income
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts payable to third parties
3,297
3,204
\nDeferred payment for Tra\ufb03c Puzzle Game
-
29,400
\nTax payables other than from corporate income taxes
\n2,463
\n2,339
\nOther accounts payable
\n567
\n518
\nAccrued expenses
\n17,975
\n17,226
\nTrade and other payables
\n24,302
\n52,687
\nAs of December 31, 2022 and December 31, 2021 accrued expenses mainly include marketing and advertising expenses,
\nexpenses related to bonuses for employees and consultants, unused vacation and the audit.
\nDeferred income, presented in a separate line of the statement of the \ufb01nancial position, amounting to USD 2,680 thousand as at
\nDecember 31, 2022 (USD 3,126 thousand as at December 31, 2021), is a contract liability related to players' unused coins at the
\nend of the reporting period as described in Note 2
Basis for preparation of the consolidated \ufb01nancial statements
, point (d)
Key
\njudgement and estimates \u2013 estimate of the progress towards complete satisfaction of the performance obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6903": {
"value": "19.Trade, other payables and deferred income
\nAs of
\nDecember 31, 2022
\nAs of
\nDecember 31, 2021
\nTrade accounts payable to third parties
3,297
3,204
\nDeferred payment for Tra\ufb03c Puzzle Game
-
29,400
\nTax payables other than from corporate income taxes
\n2,463
\n2,339
\nOther accounts payable
\n567
\n518
\nAccrued expenses
\n17,975
\n17,226
\nTrade and other payables
\n24,302
\n52,687
\nAs of December 31, 2022 and December 31, 2021 accrued expenses mainly include marketing and advertising expenses,
\nexpenses related to bonuses for employees and consultants, unused vacation and the audit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6943": {
"value": "20.Leases
\nThe Group is committed to make payments for leases based on car \ufb02eet agreements, o\ufb03ce space rental agreements and
\nshort-term apartment rental agreements. The Group entities have also concluded contracts regarding low value o\ufb03ce
\nequipment, such as coffee machines.
\nLease agreements are usually concluded for de\ufb01nite periods of time, varying according to the class of the underlying asset and
\nspeci\ufb01c needs. Some of the contracts include extension or termination options \u2013 the Group\u2019s management exercises judgement
\nin determining whether these options are reasonably certain to be exercised.
\nThe table below presents the carrying amounts of recognized right-of-use assets and the movements over the year 2022 and
\n2021:
\nO\ufb03ces
Cars
Total
\nas at January 1, 2022
17,229
250
17,479
\nadditions (new leases)
663
-
663
\ntransfer to lease receivables *
(749)
-
(749)
\nlease modi\ufb01cations
1,266
(12)
1,254
\nforeign exchange differences on translation
(1,619)
(29)
(1,648)
\nDepreciation
(3,931)
(103)
(4,034)
\nas at December 31, 2022
12,859
106
12,965
\n* Transfer to the lease receivables line re\ufb02ects the derecognition of the remaining right-of-use balance of the original lease
\nagreement, for which the Group has entered into the sublease agreement classi\ufb01ed as \ufb01nance leases in accordance with IFRS
\n16. Group\u2019s sublease arrangements are described further below.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n66
O\ufb03ces
Cars
Total
\nas at January 1, 2021
8,501
145
8,646
\nRemeasurement due to indexation and other
833
-
833
\nadditions (new leases)
11,462
233
11,695
\nlease modi\ufb01cations
(660)
3
(657)
\nforeign exchange differences on translation
17
(21)
(4)
\nDepreciation
(2,924)
(110)
(3,034)
\nas at December 31, 2021
17,229
250
17,479
\nDuring the year ended December 31, 2022, lease agreement for new o\ufb03ce building in London was signed, where lease payments
\ndenominated in British pound sterling and lease term is 2 years.
\nThere were two signi\ufb01cant lease agreements signed during the year ended December 31, 2021, new o\ufb03ce building in Tel Aviv
\nand additional \ufb02oor space in Warsaw. Lease payments for the Tel Aviv o\ufb03ce are denominated in Israeli Shekel. Lease payments
\nfor additional \ufb02oor space in Warsaw are denominated in euro, subject to indexation. The minimum lease terms are 5 years each,
\nand as of today the Group does not intend to extend them. The contracts do not contain variable payments and no material
\nlease improvements have been made to December 31, 2021.
\nThe table below presents the book values of lease liabilities and movements over the year 2022 and 2021.
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nas at January 1
17,257
9,061
\nadditions (new leases)
663
11,110
\nlease modi\ufb01cations
1,268
(853)
\nRemeasurement due to indexation and other
-
894
\ninterest expense on lease liabilities
288
162
\nlease payments
(4,185)
(2,952)
\nforeign exchange differences on translation to local currency
218
\n63
\nforeign exchange differences on translation to USD
(1,682)
\n(228)
\nas at December 31
13,827
17,257
\nlong-term
9,812
12,982
\nshort-term
4,015
4,275
\nIn the consolidated statements of cash \ufb02ows, the Group classi\ufb01es:
\n\u25cf
cash payments of the capital component of lease liabilities in the year 2022 amounting to USD 3,897 thousand (USD
\n2,790 thousand in the year 2021) \u2013 as part of \ufb01nancing activities (lease repayment),
\n\u25cf
cash interest payments on leases in the year 2022 amounting to USD 288 thousand (USD 162 thousand in the year
\n2021) \u2013 as part of \ufb01nancing activities (interest paid),
\n\u25cf
leases of low-value assets and short-term leases not included in the measurement of lease liabilities in the year 2022
\namounting to USD 492 thousand (USD 402 thousand in the year 2021) as part of operating activities.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n67
The table below presents the amounts of income, costs, gains and losses resulting from leases which are recognized in the
\nconsolidated statement of comprehensive income for year 2022 and 2021.
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nDepreciation expense of right-of-use
\nassets
\n4,034
3,034
\nInterest expense on lease liabilities
288
162
\nForeign exchange differences
218
63
\nTotal amount recognized in the consolidated statement of
\ncomprehensive income
\n4,540
3,259
\nSublease agreements
\nThe Group entities have entered several arrangements to sublease leased o\ufb03ce spaces to a third party while the original lease
\ncontract is in effect. In these arrangements, the Group entities act as both lessee and lessor of the same underlying asset. For
\nthe sublease arrangements classi\ufb01ed as an operating lease in accordance with the criteria of IFRS 16, the Group continues to
\naccount for the lease liability and right-of-use asset on the head lease like any other lease. For the sublease arrangements
\nquali\ufb01ed as a \ufb01nance lease in accordance with the criteria of IFRS 16, the Group derecognizes the right-of-use asset on the head
\nlease at the sublease commencement date, recognises lease receivable from sublease, and continues to account for the
\noriginal lease liability in accordance with the lessee accounting model.
\nThe
income
from
the
operating
lease
amounted
to
USD
1,679
thousand
is
presented in the line \u201cOther operating
\nincome/(expense), net\u201d in the consolidated statement of comprehensive income during the year ended December 31, 2022. The
\nlease receivable from the \ufb01nance lease amounted to USD 749 thousand as at December 31, 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7157": {
"value": "21.Contingencies
\nTax contingent liabilities
\nTax settlements are subject to review and investigation by tax authorities, which are entitled to impose severe \ufb01nes, penalties
\nand interest charges. Tax regulations in the United States, Poland and Israel, which apart from Cyprus constitute the main
\noperating environments of the Group, have been changing recently, which may lead to lack of their clarity and integrity.
\nFurthermore, frequent contradictions in tax interpretations in Poland, both within government bodies and between companies
\nand government bodies, create uncertainties and con\ufb02icts. These facts create tax risks that are substantially more signi\ufb01cant
\nthan those typically found in countries with more developed tax systems.
\nTax authorities may examine accounting records retrospectively: for three years in the United States (and up to six years in case
\nof substantial errors), \ufb01ve years in Poland, seven years in Cyprus (and up to 12 years in case of substantial errors) and seven
\nyears in Israel. Consequently, the Parent Company and subsidiaries may be subject to additional tax liabilities, which may arise
\nas a result of tax audits. The Board of Directors of the Parent Company believes that there was no need to record any provisions
\nfor known and quanti\ufb01able risks in this regard as, in their assessment, there are no such uncertain tax positions for which it
\nwould be probable that the taxation authority will not accept the tax treatment applied by the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7158": {
"value": "21.Contingencies
\nTax contingent liabilities
\nTax settlements are subject to review and investigation by tax authorities, which are entitled to impose severe \ufb01nes, penalties
\nand interest charges. Tax regulations in the United States, Poland and Israel, which apart from Cyprus constitute the main
\noperating environments of the Group, have been changing recently, which may lead to lack of their clarity and integrity.
\nFurthermore, frequent contradictions in tax interpretations in Poland, both within government bodies and between companies
\nand government bodies, create uncertainties and con\ufb02icts. These facts create tax risks that are substantially more signi\ufb01cant
\nthan those typically found in countries with more developed tax systems.
\nTax authorities may examine accounting records retrospectively: for three years in the United States (and up to six years in case
\nof substantial errors), \ufb01ve years in Poland, seven years in Cyprus (and up to 12 years in case of substantial errors) and seven
\nyears in Israel. Consequently, the Parent Company and subsidiaries may be subject to additional tax liabilities, which may arise
\nas a result of tax audits. The Board of Directors of the Parent Company believes that there was no need to record any provisions
\nfor known and quanti\ufb01able risks in this regard as, in their assessment, there are no such uncertain tax positions for which it
\nwould be probable that the taxation authority will not accept the tax treatment applied by the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7178": {
"value": "22.Pledges and collaterals
\nDuring the reporting periods and till the date of issuing these consolidated \ufb01nancial statements neither the Group nor individual
\nsubsidiaries entered in a pledge or collateral agreement on the Group\u2019s assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7204": {
"value": "23.Related party transactions
\nOn March 7, 2023 the loan agreements were signed between subsidiaries wholly owned by Huuuge Inc. and the two members of
\nthe Group Executive Management team. Based on the agreements, the two members of the Group Executive Management team
\nreceived the loans in the total amount equivalent to USD 213 thousand, both for a six-month period at a market interest rate.
\nOn February 5, 2021, one series A preference share was issued to RP II HE LLC - the Group\u2019s shareholder holding 12.96 % of the
\nCompany\u2019s shares and exercising the signi\ufb01cant in\ufb02uence as at the date of approval of these consolidated \ufb01nancial statements
\nfor issue, with a par value of USD 0.00002 per share for cash consideration of USD 50, and one series B preference share was
\nissued to Anton Gau\ufb03n (through Big Bets OU) \u2013 the Group\u2019s shareholder holding 30.68% of the Company\u2019s shares, with a par
\nvalue of USD 0.00002 per share, for cash consideration of USD 50.
\nThere is no ultimate controlling party.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7218": {
"value": "24.Transactions with management of the Parent Company and their
\nclose family members
\nCompensation of key management personnel of the Group is comprised of the compensation of key management personnel of
\nthe Parent Company and its subsidiaries.
\nBoard of Directors of Huuuge Inc. and Executive Management
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nBase salaries
3,215
3,283
\nBonuses and compensation based on the Group\u2019s \ufb01nancial result
\nfor the previous year
\n1,706
988
\nShare-based payments
438
6,871
\nTotal
5,359
11,142
\nThe amounts presented for the year ended December 31, 2022 and December 31, 2021 re\ufb02ect the change in composition of the
\nexecutive management team during the year.
\nShare-based payment remuneration includes cost recognized during the period in accordance with the vesting schedule, as well
\nas cost derecognition when the member of the executive management team ends the tenure with the Company, i.e., when the
\nservice condition is not met. During the year ended December 31, 2022, the cost recognized amounted to USD 1,627 thousand
\nand the cost reversal amounted to USD 1,189 thousand.
\nDuring the year ended 31 December 2022, members of the Board of Directors and Executive Management team exercised 8,360
\noptions (395,877 options during the year ended 31 December 2021).
\nThe non-executive directors are remunerated with a \ufb01xed annual salary and an additional salary for holding a position of
\npresident of the Audit Committee or the Remuneration and Nomination Committee or being a member of the Audit Committee
\nor
the
Remuneration
and
Nomination.
For
additional
information
about
recommendation
from
the
Nomination
and
\nRemuneration Committee on executive and non-executive compensation, please refer to Note 16
Share-based payment
\narrangements.
\nOn March 7, 2023 the agreement was concluded between the Company and Mr. Rod Cousens, governing his board service and
\nexecutive service as co-Chief Executive O\ufb03cer of the Company during the current board term, providing for a 12-month early
\nnotice period for termination. This agreement terminated Mr. Rod Cousens\u2019s executive service by mutual agreement, the
\nCompany con\ufb01rmed Mr. Cousens\u2019s entitlement to payment in lieu of advance notice.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7294": {
"value": "25.Audit fees
\nYear ended
\nDecember 31, 2022
\nYear ended
\nDecember 31, 2021
\nAudit of \ufb01nancial statements
311
255
\nVoluntary audit of \ufb01nancial statements
-
130
\nRemuneration for additional services performed
-
-
\nTotal
311
385
\nAudit of \ufb01nancial statements relates to the audit of standalone \ufb01nancial statements of Huuuge Inc., and the audit of the Group\u2019s
\nconsolidated \ufb01nancial statements prepared in accordance with IFRS, as well as the audit of separate \ufb01nancial statements of the
\nGroup\u2019s subsidiaries prepared in accordance with local generally accepted accounting principles, to the extent performed by the
\nGroup Auditor.
\nFor the year ended December 31, 2021 the voluntary audit of \ufb01nancial statements relates to the audit of the Group\u2019s
\nconsolidated \ufb01nancial statements prepared in accordance with Generally Accepted Accounting Principles in the United States.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7373": {
"value": "28.Subsequent events
\nAfter December 31, 2022 and up to the date of approval of these consolidated \ufb01nancial statements for issue no signi\ufb01cant
\nevents except the following have occurred.
\nDelivery of treasury shares for the options exercised
\nAfter December 31, 2022 and up to the date of approval of these consolidated \ufb01nancial statements for issue the Company
\ndelivered to its employees 439,835 treasury shares for 839,748 options exercised after December 31, 2022.
\nAny difference between shares delivered and options exercised is due to the cashless exercises. The delivery took place under
\nthe stock option plan presented in Note 16
Share-based payment arrangements
.
\nThe delivery of shares will be presented as a movement from treasury shares to common shares. The movement will result in an
\nincrease in share capital in the amount of nominal value of the shares delivered, and any difference between the value of
\ntreasury shares delivered and the cash consideration received will be recognized in supplementary capital. At the same time, the
\nmovement will decrease the number of shares (not issued) allocated for the existing share-based payment programs.
\nCompletion of review of strategic options
\nOn February 15,
2023,
the Board of Directors decided to conclude the previously announced review of strategic options for the
\nfuture of the Company. The Board has concluded that a portion of the Company\u2019s cash reserves should be distributed to its
\nstockholders while leaving adequate cash reserves for the Company\u2019s ongoing and anticipated operational needs and to support
\npublishing projects and future growth plans.The Company\u2019s Board has resolved to allocate a maximum amount of USD 150
\nmillion from the Company\u2019s reserves for the purpose of purchasing the Company\u2019s common shares listed for trade on the
\nWarsaw Stock Exchange (the \u201cSBB\u201d), subject to the Board\u2019s discretion to increase or decrease the aforementioned amount.
\nExposure to Silicon Valley Bank and cash balance of the Group
\nOn March 10, 2023, the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) announced that the Silicon Valley Bank (\u201cSVB\u201d) was
\nclosed by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. To protect
\ninsured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC
\nas receiver immediately transferred to the DINB all the insured deposits of Silicon Valley Bank.
\nOn March 12, 2023, a joint statement was released by the US Secretary of the Treasury, Federal Reserve Board Chair and the
\nFDIC Chairman informing that the US Secretary of the Treasury approved actions enabling the FDIC to complete its resolution of
\nSilicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors.
\nOn March 13, 2023, The FDIC transferred all deposits, both insured and uninsured, and substantially all the assets of the former
\nSilicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated \u2018bridge bank\u2019 in an action designed to
\nprotect all depositors of Silicon Valley Bank. Depositors and borrowers automatically became customers of Silicon Valley Bridge
\nBank, N.A.
\nThis event does not have any impact on the cash and cash equivalents balance of the Group as of December 31, 2022. This
\nevent after the reporting period is only indicative of a condition that arose after the end of the reporting period and is considered
\nas a non-adjusting event after the reporting period.
\nHUUUGE INC. GROUP CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022
\nprepared in accordance with International Financial Reporting Standard as adopted by the European Union
\n(all amounts in tables presented in thousands USD, except where stated otherwise)
\nThis version is a pdf of executed xHTML Consolidated \ufb01nancial statements as of and for the year ended December 31, 2022. In case of any discrepancies xHTML version shall prevail.
\n71
As of December 31, 2022, USD 26,764 thousands of cash and securities were held at SVB, out of which USD 16,796 thousand
\nwere held in operating and money market accounts and USD 9,968 thousand were held in money market funds. Please, refer to
\nNote 14
Cash and cash equivalents
.
\nAs of the date of signing of these consolidated \ufb01nancial statements for issue USD 556 thousand is still held in SVB, out of which
\nUSD 226 thousand is held in operating accounts and USD 330 thousand is held in money market funds.
\nDecision on the intention to carry out collective redundancies
\nOn March 20 2023, in accordance with the provisions of the Act on speci\ufb01c rules for terminating employment relationships with
\nemployees for reasons not related to employees dated March 13, 2003 (i.e. Journal of Laws of 2003 no 90 item 844), the
\nManagement Board of Huuuge Games sp. z o.o. (the \"Subsidiary\") adopted a resolution on the intention to carry out collective
\nredundancies and to start the consultation procedure regarding the collective redundancies.
\nThe collective redundancies in the Subsidiary are intended to be completed by the end of April 2023 and to cover approximately
\n10% of the Issuer\u2019s Group headcount in total (as of December 31, 2022). In accordance with the requirements under law,
\nfollowing the adoption of a resolution on the intention to carry out collective redundancies and the commencement of the
\nconsultation procedure by the Management Board of the Subsidiary, the Subsidiary will notify the employee representative. In
\naddition, the Subsidiary will notify the relevant labour o\ufb03ces about the intention to carry out the collective redundancies.
\nFiled complaint
\nOn March 8, 2023, a plaintiff \ufb01led a complaint in the Circuit Court of Franklin County Alabama as a private attorney general to
\nrecover money for Alabama residents who made purchases in the Company\u2019s \u201cslot machine, other casino-style games, card
\ngames and other games of chance.\u201d The complaint alleges that those games violate Alabama state laws.
\nThe Company intends to defend itself in this matter vigorously and believes that there are meritorious legal and factual defenses
\nagainst the plaintiff's allegations and requests for relief. As the case is in preliminary stages, the Company is unable to
\nreasonably estimate the loss or range of loss, if any, arising from this litigation. As of the date of signing of these consolidated
\n\ufb01nancial statements, to the best of the Company's knowledge, this litigation is not expected to have a material impact on the
\nCompany's operations, \ufb01nancial condition or cash\ufb02ows.
\nElectronically signed
\nAnton Gau\ufb03n
\nPresident of Huuuge Inc., CEO
\nMarch 27, 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900U4ZTZOIOBB4181",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}