EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

PRO FORMA COMBINED STATEMENT OF FINANCIAL POSITION AS OF JULY 31, 2020

(UNAUDITED)

 

   (A)   (B)   Reflecting Actual Redemptions on
September 11, 2020		 
   Diginex   JFK   Pro Forma Adjustments      Pro Forma
Balance Sheet		 
                    
ASSETS                        
Property, plant and equipment  $960,994   $-   $-       $960,994 
Right-of-use assets   1,922,737    -    -        1,922,737 
Software development   14,280,226    -    -        14,280,226 
Financial assets at fair value through profit or loss   100,276    -    -        100,276 
Financial assets at amortized cost   403,191    -    -        403,191 
Prepayment, deposits and other receivables   53,840    -    -        53,840 
Cash held in Trust Account   -    59,246,412    (59,246,412)   (1)   - 
Non-current assets   17,721,264    59,246,412    (59,246,412)       17,721,264 
                         
Trade receivables   4,545    -    -        4,545 
Prepayment, deposits and other receivables   4,257,057    72,879    (387,500)   (10)   3,942,436 
Client assets   2,705,371    -    -        2,705,371 
Amounts due from an associate   276,234    -    -        276,234 
Amounts due from shareholders   24,724    -    -        24,724 
Cash and cash equivalents   3,196,052    5,382    59,246,651    (1)   25,176,856 
              (1,852,403)   (2)     
              (472,597)   (3)     
              (35,276,229)   (4)     
              330,000    (8)     
                         
Current assets   10,463,983    78,261    21,587,922        32,130,166 
                         
TOTAL ASSETS  $28,185,247   $59,324,673   $(37,658,490)      $49,851,430 
                         
EQUITY                        
Ordinary shares, no par value; unlimited shares authorized; 2,442,594 shares (excluding 4,984,906 shares subject to possible redemption) issued and outstanding at July 31, 2020  $-   $6,237,441   $250,000,000    (5)  $283,169,991 
              18,500,000    (6)     
              5,990,000    (7)     
              2,442,550    (9)     
                         
Share capital   54,726,575    -    (54,726,575)   (5)   - 
Additional paid-in capital   -    -    14,572,831    (4)   (166,664,594)
              (196,510,850)   (5)     
              (5,990,000)   (7)     
              (222,050)   (9)     
              21,485,475    (11)     
Share-based payment reserve   26,327,185    -    -        26,327,185 
Exchange fluctuation reserve   (313,316)   -    -        (313,316)
Accumulated earnings (deficit)   (89,826,227)   (1,237,425)   239    (1)   (108,453,391)
              (127,403)   (2)     
              1,237,425    (5)     
              (18,500,000)   (6)     
Non-controlling interest   (343,776)   -    -        (343,776)
                         
Total equity   (9,429,559)   5,000,016    38,151,642        33,722,099 
                         
LIABILITIES                        
Lease liabilities   148,488    -    -        148,488 
Ordinary shares subject to possible redemption, 4,984,906 shares at redemption value at July 31, 2020   -    49,849,060    (49,849,060)   (4)   - 
                         
Deferred underwriters’ discount   -    1,725,000    (1,725,000)   (2)   - 
                         
Non-current liabilities   148,488    51,574,060    (51,574,060)       148,488 
                         
Other payables and accruals   11,693,996    471,681    (471,681)   (3)   11,329,870 
              (364,126)   (11)     
                         
Due to related party   -    1,891,416    (916)   (3)   - 
              330,000    (8)     
              (2,220,500)   (9)     
Convertible bond   21,121,349    -    (21,121,349)   (11)   - 
Client liabilities   2,705,371    -    -        2,705,371 
Due to Diginex   -    387,500    (387,500)   (10)   - 
Amounts due to directors   63,285    -    -        63,285 
Lease liabilities   1,882,317    -    -        1,882,317 
Current liabilities   37,466,318    2,750,597    (24,236,072)       15,980,843 
                         
Total liabilities   37,614,806    54,324,657    (75,810,132)       16,129,331 
                         
TOTAL EQUITY AND LIABILITIES  $28,185,247   $59,324,673   $(37,658,490)      $49,851,430 

 

   

 

 

Pro Forma Adjustments to the Unaudited Combined Statement of Financial Position

 

  (A) Derived from the unaudited consolidated statement of financial position of Diginex as of August 31, 2020.
     
  (B) Derived from the audited balance sheet of JFK as of July 31, 2020, as adjusted for the reclassification of JFK’s ordinary shares subject to redemption as non-current liabilities under IFRS due to the nature of the ordinary shares subject to redemption.
     
  (1) To reflect income earned from the trust account and the release of cash from investments held in the trust account.
     
  (2) To reflect payment of estimated other professional fees related to the Business Combination.
     
  (3) To record payment of payables.
     
  (4) To reflect actual redemption of 3,423,625 shares into cash by JFK stockholders on consummation of the Business Combination.
     
  (5) To reflect recapitalization of Diginex through the contribution of the share capital in Diginex to JFK, and the issuance of 25,000,000 ordinary shares and the elimination of the historical accumulated deficit of JFK, the accounting acquiree.
     
  (6) To reflect the issuance of 1,850,000 shares, valued at $10 per share, to service providers at Closing.
     
  (7) To reflect the issuance of 599,000 shares, valued at $10 per share, from the conversion of rights at Closing.
     
  (8) To reflect the issuance of unsecured promissory note to related parties.
     
  (9) To reflect the repayment of unsecured promissory note to related parties by issuing stock and rights that will automatically converted into stock at closing.
     
  (10) To reflect the elimination of the unsecured promissory note issued by JFK to Diginex upon closing.
     
  (11) To reflect the conversion of Diginex convertible bond and accrued interest at Closing.