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I could not stand the suspense so I took off my shoes and socks and guessed a bit but 4. a,b & c add up to approximately $10 million and I multiplied that by two in my head so cannot show the working but it came to $20 million. To check my workings I went to the last Annual Report produced below showing in bold the total then was $21,234,175 which included all those extra expenses with Socionext and TSMC to make that little plastic & metal thing that everyone is so obsessed with here. Of course Brainchip has cut out this expense going forward as they are now IP only.I think you need to recheck your figures and post back more accurate figures based on the last half yearly statement
From the Annual Report:
REVIEW OF OPERATIONS
The financial results of the Group are presented in US dollars, unless otherwise referenced. Although the pandemic remains an ongoing global challenge, there has been minimal impact on our business other than certain restrictions when meeting and engaging with our customers face-to-face, and the supply of certain core components used in the construction of development kits.
Overview
The Group made a net loss after income tax for the year ended 31 December 2021 of $20,981,309 (2020: $26,822,049). The current year loss included non-cash losses of $1,375,950 resulting from the fair valuation of the LDA financial liabilities (derivatives) recognised due to the agreed pricing mechanism and the put option premium. Revenues for the year ended 31 December 2021 of $1,588,483 increased 1,215% from $120,829 in 2020. The Company executed a license contract in December 2021 as well as multiple Early Access Programme (“EAP”) product sales and engineering support services agreements during the year. Directors’ Report BrainChip Holdings Ltd 2021 Annual Report
5 REVIEW OF OPERATIONS (Continued)
Total operating expenses for the year ended 31 December 2021 of $21,234,175 increased 89% from $11,242,032 incurred in the year ended 31 December 2020.
This increase was attributable to:
1) Research & development (R&D) expenses of $9,133,213 for the current period increased 77%, or $3,980,974 from a year ago. R&D costs comprise employee expense, contractor and other research and development costs, and amortisation of capitalised R&D intangible assets. Movements in R&D costs are summarised as follows: a) 41% increase in employee expenses reflecting the expansion of headcount into both Australia (2 additional) and India (5 additional) plus merit increases to staff who supported the achievements of the Company throughout 2020 and 2021, offset by increased credits received or receivable from government authorities; and b) recognition of $4,067,000 of third-party pre-development services being the final progressive payments to Socionext related to the fabrication of the AkidaTM device (2020: $1,050,000);
2) Selling & marketing (S&M) expenses of $2,486,927 for the current period increased 74%, or $1,060,426 from a year ago. The increase reflects management’s focus on the promotion and marketing of product, and the targeting of potential customers through the engagement of external marketing consultants and expansion of the S&M headcount;
3) General & administrative (G&A) expenses of $5,251,834 for the current period increased 63% overall, or $2,024,187 from the same period a year ago as a result of: a) the appointment of a new CEO in November 2021 as well as the termination expense of the previous CEO effective from March 2021, plus additional headcount in the administrative team; b) an increase in directors fee expense as a result of a full year of fees in 2021 with an additional board member appointed; c) increased legal and professional costs supporting employment and selling functions, and d) increased listing related expenses as a result of increased shareholder activities during the current year; and
4) Share-based payment expense of $4,362,201 for the current period increased 204%, or $2,926,556 from the same period a year ago. Share-based payments expense is non-cash in nature, and represents the current period vesting expense for options, restricted stock units and performance rights issued to directors, employees and consultants, offset by the value of options that have been forfeited during the year.
From the recent Half Yearly Report
7. LOSS PER SHARE 30 June 2022 30 June 2021 US$ US$ Net loss attributable to ordinary shareholders for basic and diluted earnings per share (8,255,802) (9,298,244) US cents per share US cents per share Basic and diluted loss per share (0.46) [2022 ~v~ 2021] (0.55)
It is also interesting that the attributed net loss per share fell to 46 cents over the last half yearly report when it was 55 cents per share.
My opinion only DYOR
FF
AKIDA BALLISTA
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