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MelodyVR Group PLC Half-year Report

30/10/2020 7:00am

UK Regulatory (RNS & others)


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TIDMMVR

RNS Number : 6936D

MelodyVR Group PLC

30 October 2020

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 
For Immediate Release  30 October 2020 
 

MelodyVR Group PLC

('MVR' or the 'Company')

Half-yearly Results

MelodyVR Group PLC (AIM: MVR), a creator of virtual reality ('VR') content, is pleased to announce its Half-yearly Results for the six months to 30 June 2020.

Highlights

-- On 8 January 2020, J Gore (Bahamas) Limited partially exercised an option raising proceeds of $1 million;

-- On 1 May 2020, the Company completed a successful fundraise for approximately $12 million before costs;

-- On 15 May 2020, the Company announced its Live in LA Series and its program of live unattended performances to provide engagement between artists and fans;

-- On 21 May 2020, the Company announced its partnership with Live Nation to stream the "Wireless Connect" virtual music festival;

   --    On 22 May 2020, the Company announced its intention to change its name to MelodyVR Group PLC; 

-- Post period end on 8 July 2020, the Company announced its partnership with Live Nation and Ticket Master to host a series of virtual concerts at the Brixton Academy;

-- Post period end on 25 August 2020, the Company completed a successful fundraise for approximately GBP15.4 million and the conditional acquisition of Rhapsody International Inc. trading as Napster.

- Ends -

 
MelodyVR Group PLC 
Anthony Matchett , Executive Chairman &         info@melodyVR.group 
 CEO 
 
  Arden Partners plc: Nominated Adviser and    Tel: +44 (0) 20 7614 
  Broker                                                       5900 
  Corporate Finance: Ciaran Walsh / Ruari 
  McGirr / Ben Cryer 
  Corporate Broking: Simon Johnson 
 

Chairman's Statement

On 25 August 2020, we announced that the Company had entered into an agreement and plan of merger, that subject to certain closing conditions would result in the acquisition of Rhapsody International Inc. (trading as "Napster"). Napster is known as the original music industry disruptor and has subsequently developed a successful business in music streaming, whose music library extends to more than 80 million tracks and serves more than 1 million subscribers across 34 countries, delivering over 1 billion music streams per month. We are hugely excited by the proposed acquisition which provides us with the opportunity to accelerate the scale of our business and to create a compelling and differentiated offering for music fans around the world. We believe that combining music streaming with immersive music performances, virtual reality and augmented reality content, live streamed events amongst further content, will provide a particularly appealing proposition for engaged music fans.

Our acquisition of one of the most iconic brands in music history will not only provide the Company with immediate global scale but also allow us to access a robust technological platform together with an experienced team. The acquisition will enable us to combine immersive visual content with music streaming, but also incorporate greater artist repertoire including video content, and live streams into a single premium subscription product. Our intention is to create the world's foremost music experience, available seamlessly across audio and visual and in turn create a truly next generation music service.

Given the nature of the transaction, our acquisition of Napster is classified as a reverse takeover and as such our shares were suspended on 25 August 2020 pending publication of an Admission Document. We are currently in the process of finalising the Admission Document process and expect this to be posted to shareholders within a short period of time.

Once live, our new application will be made available across multiple devices including smartphones, tablets, smart TV's, consoles and VR devices, in addition to audio only offerings for in-car and connected home devices such as Sonos and Amazon Echo.

The combination of the two businesses provides the Company with opportunities to secure significant operating efficiencies. Our intention is to centralise the duplicated functions into Napster's business in Seattle, USA, thereby leveraging the combined benefits of proven and established operating practices, securing material cost synergies and relocating functions where practical, to a location with closer proximity to many of our key music partners. Once the deal has completed, we will continue to focus on Napster's direct-to-consumer proposition and extend its business-to-business partnerships via existing and new partners, targeting telecommunications providers as partners with whom the benefits of our new product will showcase the speed and bandwidth of their new 5G networks.

As a stand-alone business MelodyVR has defined itself as a leading immersive content creator within the music industry, based on an integrated end-to-end approach spanning live event production expertise, proprietary hardware such as camera equipment and a unique post-production workflow including compression and delivery mechanisms to enable the fast and efficient transmission of high-resolution content over average internet connections. Moving forward we will continue to leverage MelodyVR's content production expertise to create further exclusive content including; Live audio recordings, Immersive 360/VR content and both short and long form 2D content, such as music videos and documentaries. Following a similar business model to other successful subscription platforms, we believe that exclusive original content provides a unique and compelling driver for subscriber growth and that it will be a key area of focus going forward.

Over the course of the coming months we intend to develop a new application which will enable us to drive revenues by providing users with a premium, recurring, monthly subscription service. For a monthly fee, music fans will receive access to Napster's recorded music library of 80m+ tracks, together with new live audio recordings, long and short form video content and MelodyVR's library of immersive VR experiences. We will continue to produce live-streamed digital events, monetized directly via the platform, as well as sold via 3(rd) party providers such as Live Nation and Ticketmaster. Live-streamed events are anticipated to serve as both a driver for subscriber growth and provide a significant source of additional revenue, incremental to the monthly subscription fee. The intention to retail merchandise alongside digital event tickets, such as clothing products, vinyl records and other show/artist related paraphernalia is expected to provide new monetisation and engagement opportunities.

Principal Risks and Uncertainties

Whilst completion of the acquisition is subject to a number of closing conditions including the publication of an admission document and the passing of resolutions at general meeting approving the transaction, we are pleased to report that the key rights holders have now approved the transaction which ensures that the business will be fully licenced with the three major record labels going forward. The ultimate success of our combined offering will depend on the successful integration of our two business both from a technical and operational perspective and the creation of a new user journey which excites and appeals to users. We continue to see live streaming as a core offering and as such depend on uninterrupted high-speed internet connection through which to upload our content. The limitations associated with outdoor venues or music festivals will impact our ability to provide audience-attended recorded content. It is anticipated the recordings or audience attended shows will resume in 2021 or 2022. Immersive content remains an emerging market despite the heightened engagement that we have seen following the release of our mobile applications and the accessibly now afforded on the billions of smartphones world-wide. We continue to believe that MelodyVR is peerless in terms of our entertainment offering, technical capabilities and licencing and distribution network and that of vision for of the combined MelodyVR/Napster business will provide for an exciting and compelling proposition for shareholders and music fans alike.

Results

The results for the Group reflect the stand-alone performance of MelodyVR Group PLC for the six months ended 30 June 2020. Moving forward our results, subject to the successful completion of the acquisition, will consolidate the activities of the Napster business.

During the six months ended 30 June 2020 the Group reported revenues of GBP0.2m (2019 : GBP0.1m which principally comprised subscription revenues derived from its partnership with O2, together with content consumed from its VR music platform via Apple's App Store, Google's Playstore and Oculus Store.

After cost of sales comprising payments to rights holders and content capture costs which included the creation and operation of our Live in LA studio the Group reported a gross loss of GBP(1.1)m (2019 : GBP(0.2)m). After administrative expenses, finance income and foreign exchange gains, the Group reported a consolidated accumulated loss of GBP(10.7)m (2019 : GBP(7.1)m) for the 6 months under review.

At 30 June 2020 the total of the consolidated balance sheet totalled GBP12.2m (2019 : GBP19.9m).

Outlook

Delivering on the vision for our new music offering will be core to our success going forward. Whilst completion of the transaction is dependent upon securing additional funds associated to secure the working capital requirements going forward, we believe the marriage of these two businesses, and the combination of existing services with new content offerings, delivered in a way which truly engages the music fan will ensure success over the course of the next few years.

With scale and global presence, we will have the opportunity to further extend awareness of our immersive offerings and attract partners who see real value in a differentiated offering. We believe our relationships with Live Nation, Ticketmaster, Good Morning America amongst others will provide significant opportunities for content capture which in turn will fuel the benefits of our differentiation.

New devices and enhanced connectivity will allow more fans from more territories to engage with our platform with the resultant scale delivering growth and a drive towards profitability as an enlarged group. We are confident that our vision for the future will meet the expectations of our fans and shareholders alike.

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR MELODYVR GROUP PLC

for the six months ended 30th June 2020

 
                                                                                                    Unaudited            Unaudited               Audited 
                                                                                                   Six months           Six months               Year to 
                                                                                                           to                   to 
                                                                                                    30th June            30th June         31st December 
                                                                                                         2020                 2019                  2019 
                                                                                  Notes                   GBP           GBP                          GBP 
 Revenue                                                                                              189,932              128,432               194,971 
 Cost of Sales                                                                                    (1,283,116)            (352,372)           (1,832,042) 
 Gross Profit/(Loss)                                                                              (1,093,184)            (223,940)           (1,637,071) 
 
 Administrative expenses                                                                          (9,391,361)          (6,974,796)          (14,227,561) 
                                                                                                        _____                _____                 _____ 
 
 OPERATING LOSS                                                                                  (10,484,545)          (7,198,736)          (15,864,632) 
----------------------------------------------------------------------------------------  -------------------  -------------------  -------------------- 
 Operating loss before non-recurring 
  and non-cash items                                                                              (9,353,223)          (6,146,383)          (13,794,485) 
 
 Depreciation, Amortisation and 
  Impairment                                                                                      (1,002,638)            (864,120)           (1,626,671) 
 Share based payments                                                                               (128,684)            (188,233)             (443,476) 
                                                                                           ------------------   ------------------    ------------------ 
 OPERATING LOSS                                                                                  (10,484,545)          (7,198,736)          (15,864,632) 
----------------------------------------------------------------------------------------  -------------------  -------------------  -------------------- 
 
 Finance income                                                                                        21,204               62,404               106,891 
 Finance costs                                                                                       (15,726)             (15,115)              (14,229) 
  Foreign exchange gain                                                                             (262,333)               12,450             (381,101) 
                                                                                                        _____                _____                 _____ 
 LOSS FOR THE PERIOD BEFORE TAXATION                                                             (10,741,400)          (7,138,997)          (16,153,071) 
 
 Taxation                                                                                                   -                    -             1,184,287 
                                                                                                        _____                _____                 _____ 
 
 NET LOSS AND TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD                                                                          (10,741,400)          (7,138,997)          (14,968,784) 
 
 Attributable to: 
 Owners of the parent company                                                                    (10,741,400)          (7,138,997)          (14,968,784) 
 Non - controlling interest                                                                                 -                    -                     - 
                                                                                                        _____                _____                 _____ 
 Loss per share 
 Basic and Diluted from Continuing 
  Operations 3                                                                                        (0.68)p              (0.54)p                (1.1)p 
 
 
 

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR MELODYVR GROUP PLC

for the six months ended 30th June 2020

(unaudited)

 
                                                    Share    Merger       Share                       Reverse          Non-      Currency 
                                       Share      Premium    Relief      Option       Retained       Takeover   Controlling   Translation 
                                     Capital      Reserve   Reserve     Reserve         Losses        Reserve      Interest       Reserve          Total 
                                         GBP          GBP       GBP         GBP            GBP            GBP           GBP           GBP            GBP 
 
 Balance at 1st July 2019         14,804,875   39,950,079   486,611   2,162,498   (27,412,803)   (10,002,543)      (44,990)      (77,733)     19,865,994 
 
 Total comprehensive loss for 
  the period                               -            -         -           -    (7,829,787)              -             -             -    (7,829,787) 
 Grant of share 
  options/warrants                         -            -         -     255,243              -              -             -             -        255,243 
 Issue of new shares                 139,975      581,150         -           -              -              -             -             -        721,125 
  Currency Translation Reserve             -            -         -           -              -              -             -       125,674        125,674 
  Non-Controlling Interest                 -            -         -           -              -              -             -             -              - 
                                         ___        _____     _____       _____          _____          _____         _____         _____          _____ 
 
 Balance at 31st December 2019    14,944,850   40,531,229   486,611   2,417,741   (35,242,590)   (10,002,543)      (44,990)        47,941     13,138,249 
 
 Total comprehensive loss for 
  the period                               -            -         -           -   (10,741,400)              -             -             -   (10,741,400) 
 Grant of share 
  options/warrants                         -            -         -     128,686              -              -             -             -        128,686 
 Issue of new shares               2,861,269    7,068,214         -           -              -              -             -             -      9,929,483 
  Currency Translation Reserve             -            -         -           -              -              -             -     (217,064)      (217,064) 
  Non-Controlling Interest                 -            -         -           -              -              -             -             -              - 
                                       _____        _____     _____       _____          _____          _____         _____         _____          _____ 
 Balance at 30th June 2020        17,806,119   47,599,443   486,611   2,546,427   (45,983,990)   (10,002,543)      (44,990)     (169,123)     12,237,954 
 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSISITON FOR MELODYVR GROUP PLC

as at 30th June 2020

 
                                                                             Unaudited       Unaudited         Audited 
                                                                                 as at           as at           as at 
                                                                             30th June       30th June   31st December 
                                                                                  2020            2019            2019 
                                                                 Notes             GBP             GBP             GBP 
 ASSETS 
 NON-CURRENT ASSETS 
 Property, plant and equipment 4                                             1,082,766         963,404         813,728 
 Right of Use Assets 5                                                         620,369               -         515,706 
 Financial Assets 7                                                            258,107               -         235,446 
 Intangible assets 6                                                         3,800,128       2,327,574       2,647,050 
                                                                                 _____           _____           _____ 
 TOTAL NON-CURRENT ASSETS                                                    5,761,370       3,290,978       4,211,930 
                                                                                 _____           _____           _____ 
 
 CURRENT ASSETS 
 Inventories                                                                   368,025               -         371,877 
 Trade and other receivables                                                 5,101,554       1,235,569       3,382,819 
 Cash and cash equivalents                                                   5,320,925      17,506,396       6,795,341 
                                                                                 _____           _____           _____ 
 TOTAL CURRENT ASSETS                                                       10,790,504      18,741,965      10,550,037 
                                                                                ______          ______           _____ 
 TOTAL ASSETS                                                               16,551,874      22,032,943      14,761,967 
                                                                                ______          ______          ______ 
 LIABILITIES 
 CURRENT LIABILITIES 
 Trade and other payables                                                  (3,682,997)     (2,166,949)     (1,143,311) 
 Lease liabilities                                                           (368,928)               -       (156,964) 
                                                                                ______          ______          ______ 
 TOTAL CURRENT LIABILITIES                                                 (4,051,925)     (2,166,949)     (1,300,275) 
 
 NON-CURRENT LIABILITIES 
 Lease liabilities                                                           (261,995)               -       (323,443) 
                                                                                ______          ______           _____ 
 TOTAL LIABILITIES                                                         (4,313,920)     (2,166,949)     (1,623,718) 
                                                                                ______          ______           _____ 
 TOTAL NET ASSETS                                                           12,237,954      19,865,994      13,138,249 
                                                                                ______          ______           _____ 
 
 EQUITY 
 Share capital 8                                                            17,806,119      14,804,875      14,944,850 
 Share premium reserve                                                      47,599,443      39,950,079      40,531,229 
 Retained losses                                                          (45,983,990)    (27,412,803)    (35,242,590) 
 Share Option Reserve                                                        2,546,427       2,162,498       2,417,741 
 Merger Relief Reserve                                                         486,611         486,611         486,611 
 Non-controlling interests                                                    (44,990)        (44,990)        (44,990) 
  Currency Translation Reserve                                               (169,123)        (77,733)        (47,941) 
 Reverse takeover reserve                                                 (10,002,543)    (10,002,543)    (10,002,543) 
                                                                                 _____           _____           _____ 
 TOTAL EQUITY                                                               12,237,954      19,865,994      13,138,249 
                                                                                 _____           _____           _____ 
 

CONSOLIDATED CASH FLOW STATEMENT FOR MELODYVR GROUP PLC

for the six months ended 30th June 2020

 
                                            Unaudited     Unaudited         Audited 
                                           Six months    Six months         Year to 
                                                   to            to 
                                            30th June     30th June   31st December 
                                                 2020          2019            2019 
                                                  GBP           GBP             GBP 
 
 Loss from continuing operations         (10,741,400)   (7,138,997)    (16,153,071) 
 
 Adjustments for: 
 Amortisation of intangible assets            522,036       419,316       1,001,809 
 Depreciation of fixed assets                 359,411       275,209         610,128 
  Impairment of intangible asset                    -       169,595               - 
 Depreciation of right-of-use 
  assets                                      121,192             -          14,734 
 Loss on disposal of intangible 
  assets                                            -             -         169,596 
 Share based payment expense                  128,684       188,233         443,476 
 (Increase) / decrease in inventories           3,851             -       (371,877) 
 (Increase)/decrease in trade 
  and other receivables                   (1,718,735)     (286,866)       (596,636) 
 Increase/(decrease) in trade 
  and other payables                        2,539,686       869,081       (790,126) 
                                                _____         _____          ______ 
 
 Net cash outflow from operating 
  activities                              (8,785,275)   (5,504,429)    (15,671,967) 
                                                  ___           ___         _______ 
 Investing activities 
 Purchase of property, plant and 
  equipment                                 (628,449)     (304,425)       (489,864) 
 Investment in intangible assets          (1,675,114)     (820,938)     (1,722,908) 
 Purchase of financial assets                       -             -       (235,446) 
                                                _____         _____           _____ 
 Net cash generated used in investing 
  activities                              (2,303,563)   (1,125,363)     (2,448,218) 
 
 Financing activities 
 Proceeds from issue of ordinary 
  share capital                             9,795,964     4,800,000       4,588,714 
 Proceeds from the exercise of 
  warrants                                    133,519         6,585         938,997 
                                                _____         _____           _____ 
 Net cash generated from financing 
  activities                                9,929,483     4,806,585       5,527,711 
                                                _____         _____           _____ 
 
 (Decrease)/increase in cash and 
  cash equivalents                        (1,159,355)   (1,823,207)    (12,592,474) 
  Effect of changes in foreign 
   exchange                                 (315,061)         1,655          59,867 
 Cash and cash equivalents brought 
  forward                                   6,795,341    19,327,948      19,327,948 
                                            _________    __________       _________ 
 Cash and cash equivalents carried 
  forward                                   5,320,925    17,506,396       6,795,341 
                                            _________    __________       _________ 
 
 
 

NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR MELODYVR GROUP PLC

for the six months ended 30th June 2020

   1.     Basis of preparation of interim financial information 

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year ended 31 December 2020.

The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2019, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified, did not include any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006.

The consolidated interim financial statements are for the 6 months to 30 June 2020.

The interim consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 31 December 2019, which were prepared in accordance with IFRSs as adopted by the European Union.

Going Concern

The directors have prepared detailed cash flow forecasts and are of the opinion that it is appropriate to prepare these financial statements on a going concern basis. In making this assessment management has considered:

   a)    The current working capital position and operational requirements 
   b)    The sensitivities associated with projected expenditure 
   c)     The timing and magnitude of planned capital expenditure 
   d)    The strategic exploitation of the company's significant resources 

The conclusion of this assessment and having regard to the existing working capital position the Directors are of the opinion that the Group will have adequate resources to enable it to undertake its planned activities for the next twelve months.

   2.     Statement of compliance 

The financial statements comply with IFRSs as adopted by the European Union.

The Group currently adopts all relevant accounting standards that have been endorsed by the EU. There are various standards that are expected to be endorsed in 2020. The Group believes these standards will have no material impact on the financial statements.

            3.    Loss per share 
 
 Loss attributable          Unaudited         Unaudited        Audited Year 
  to equity holders       30th June 2020    30th June 2019    to 31st December 
  of the Company:                                                   2019 
                               GBP               GBP                GBP 
 Continuing and 
  total operations          (10,741,400)       (7,138,997)        (14,968,784) 
 
                           No. of shares     No. of shares       No. of shares 
 
 Weighted average 
  number of ordinary 
  shares in issue 
  for basic and fully      1,590,872,778     1,314,643,091       1,368,304,682 
 diluted earnings 
 
 
                       Pence per   Pence per   Pence per 
                           Share       share       Share 
 
 Loss per share          (0.68)p     (0.54)p      (1.1)p 
 
 Basic and diluted:      (0.68)p     (0.54)p      (1.1)p 
 

4. Tangible fixed assets

 
                               Audio-visual    Fixtures      Computer      Leasehold       Total 
                                production     & Fittings    Equipment    Improvements 
                                Equipment 
                                   GBP            GBP          GBP            GBP           GBP 
  Cost 
  As at 31 December 2019            731,224        97,038    1,112,768          74,285   2,015,315 
 
  Additions                         242,218             -       69,698         316,533     628,449 
  Disposal                                -             -            -               -           - 
                                    _______       _______      _______         _______     _______ 
  As at 30 June 2020                973,442        97,038    1,182,466         390,818   2,643,764 
 
  Accumulated depreciation 
 
  As at 31 December 2019            393,832        42,082      691,388          74,285   1,201,587 
 
  Charge for the period             149,945        12,100      190,549           6,817     359,411 
                                    _______       _______      _______         _______     _______ 
  As at 30 June 2020                543,777        54,182      881,937          81,102   1,560,998 
 
  Net Book Value                    _______       _______      _______         _______     _______ 
  As at 31 December 2019            337,392        54,956      421,380               -     813,728 
 
  As at 30 June 2020                429,665        42,856      300,529         309,716   1,082,766 
                                    _______       _______      _______         _______     _______ 
 

5. Right of use assets

 
                                  Land and      Total 
                                  Buildings 
 
                                    GBP         GBP 
  Cost 
  As at 31 December 2019            530,440    530,440 
 
  Additions                         225,855    225,855 
  Disposal                                -          - 
                                    _______    _______ 
  As at 30 June 2020                756,295    756,295 
                                    _______    _______ 
  Accumulated depreciation 
 
  As at 31 December 2019             14,734     14,734 
 
  Charge for the period             121,192    121,192 
                                    _______    _______ 
  As at 30 June 2020                135,926    135,926 
 
  Net Book Value                    _______    _______ 
  As at 31 December 2019            515,706    515,706 
 
  As at 30 June 2020                620,369    620,369 
                                    _______    _______ 
 

6. Intangible assets

 
                                Goodwill   Development     Content         Content          Total 
                                                          - released    - in production 
                                  GBP          GBP           GBP             GBP             GBP 
  Cost 
  As at 31 December 2019         603,476     1,880,493     1,152,046            314,876   3,950,891 
 
  Additions                            -             -       150,000          1,525,114   1,675,114 
  Reclassification                     -             -             -                  -           - 
  Impairment                           -             -             -                  -           - 
                                 _______       _______       _______            _______     _______ 
  As at 30 June 2020             603,476     1,880,493     1,302,046          1,839,990   5,626,005 
 
  Accumulated amortisation 
 
  As at 31 December 2019               -       535,532       768,309                  -   1,303,841 
 
  Charge for the period                -       330,006       192,030                  -     522,036 
  Impairment                           -             -             - 
                                 _______       _______       _______            _______     _______ 
  As at 30 June 2020                   -       865,538       960,339                  -   1,825,877 
 
  Net Book Value                 _______       _______       _______            _______     _______ 
  As at 31 December 2019         603,476     1,344,961       383,737            314,876   2,647,050 
 
 
  As at 30 June 2020             603,476     1,014,955       341,707          1,839,990   3,800,128 
                                 _______       _______       _______            _______     _______ 
 

Goodwill has been calculated as the fair value of the MelodyVR Group PLC ordinary shares pre reverse takeover less the net asset value of the Company at the time of take over.

7. Financial Assets

 
                     Unaudited    Unaudited      Audited as 
                        as at        as at           at 
                      30th June    30th June    31st December 
                        2020         2019           2019 
                        GBP          GBP            GBP 
 
 Security deposit       258,107            -          235,446 
                       ________    _________         ________ 
 

8. Share Capital

 
                                       30th June 2020   30th June 2019 
                                          (unaudited)      (unaudited) 
                                               Number           Number 
 Ordinary shares of 1.1 pence each        499,725,635      495,095,455 
 Ordinary shares of 1.16 pence each       231,750,344      231,750,344 
 Ordinary shares of 1.2 pence each          4,615,090                - 
 Ordinary shares of 1.4 pence each         41,024,988       41,024,988 
 Ordinary shares of 1.7 pence each        205,232,810      205,232,810 
 Ordinary shares of 1.85 pence each        33,419,076       22,947,958 
 Ordinary shares of 3.75 pence each       275,410,966                - 
 Ordinary shares of 4.5 pence each        111,111,111      111,111,111 
 Ordinary shares of 8 pence each          187,500,000      187,500,000 
 Ordinary shares of 15.399 pence            4,997,041                - 
  each 
 Ordinary shares of 16 pence each         125,000,000      125,000,000 
 Deferred shares of 0.24p each            150,520,616      150,520,616 
 Deferred shares of 0.95p each             26,000,000       26,000,000 
                                      ---------------  --------------- 
 
 Total                                  1,896,307,667    1,596,183,282 
                                      ===============  =============== 
 

Further copies of this document are available both at the registered office of the Company. The statement will also be available to download on the Company's website: http://melodyvr.group

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END

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