JAYRIDE GROUP LIMITED — Annual Report 2020

Aug 26, 2020

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FY20 RESULTS AND APPENDIX 4E

Preliminary Final Report for the financial year ended 30 June 2020 Lodged with the ASX under Listing Rule 4.3A. Jayride Group Limited (ASX:JAY) ABN 49 155 285 528

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Jayride Group Limited Appendix 4E Preliminary final report

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1. Company details

Name of entity: Jayride Group Limited ABN: 49 155 285 528 Reporting period: For the year ended 30 June 2020 Previous period: For the year ended 30 June 2019

2. Results for announcement to the market

The Company has adopted Accounting Standard AASB 16 'Leases' for the year ended 30 June 2020 using the modified retrospective approach and as such the comparatives have not been restated.

				$
Total revenue from ordinary activities	up	1.0%	to	3,861,578
Revenue from net commissions and fees booked	down	1.3%	to	3,236,264
Loss from ordinary activities after tax attributable to the owners of	down	16.4%	to	(6,858,570)
Jayride Group Limited
Loss for the year attributable to the owners of Jayride Group Limited	down	16.4%	to	(6,858,570)

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The loss for the Company after providing for income tax amounted to $6,858,570 (30 June 2019: $8,201,109).

Commentary on the results for the period, including the impact of COVID-19 pandemic, is included in the Investor Presentation.

3. Net tangible assets

Net tangible assets per ordinary security	Reporting period Cents (1.38)	Previous period Cents (0.81)

4. Control gained over entities

Not applicable.

5. Loss of control over entities

Not applicable.

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

Jayride Group Limited Appendix 4E Preliminary final report

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7. Dividend reinvestment plans

Not applicable.

8. Details of associates and joint venture entities

Not applicable.

9. Foreign entities

Details of origin of accounting standards used in compiling the report:

Not applicable.

10. Audit qualification or review

Details of audit/review dispute or qualification (if any):

The financial statements are in the process of being audited and an unqualified opinion, modified to include an emphasis of matter with respect to going concern, is expected to be issued.

11. Attachments

Details of attachments (if any):

The Preliminary Financial Report of Jayride Group Limited for the year ended 30 June 2020 is attached.

12. Signed

As authorised by the Board of Directors

Signed _________

Date: 27 August 2020

Rod Bishop Managing Director Sydney

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Jayride Group Limited ABN 49 155 285 528

Preliminary Financial Report - 30 June 2020

Jayride Group Limited Contents 30 June 2020

Statement of profit or loss and other comprehensive income 2 Statement of financial position 3 Statement of changes in equity 4 Statement of cash flows 5 Notes to the financial statements 6

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1

Jayride Group Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2020

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Note Revenue Net commission and fees booked Interest revenue Other income Total revenue Variable and support costs Advertising and marketing costs Variable operating costs Total variable and support costs Non-variable costs Non-variable operating costs Corporate costs Growth costs Share-based payments expense Depreciation and amortisation Total non-variable costs Non-operating costs Currency movements Finance costs Total non-operating costs Loss before income tax expense Income tax expense Loss after income tax expense for the year attributable to the owners of Jayride Group Limited Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Jayride Group Limited Basic loss per share 8 Diluted loss per share 8	2020 $ 3,236,264 15,554 609,760	2019 $ 3,280,500 9,801 532,063 3,822,364 (2,241,473) (1,303,026) (3,544,499) (1,873,604) (811,763) (3,077,911) (1,901,417) (680,996) (8,345,691) (21,238) (112,045) (133,283) (8,201,109) - (8,201,109) - (8,201,109) Cents (10.48) (10.48)
	3,861,578
	(1,621,701) (1,580,789)
	(3,202,490)
	(1,885,824) (652,767) (1,617,013) (1,371,445) (1,411,481)
	(6,938,530)
	(80,611) (498,517)
	(579,128)
	(6,858,570) -
	(6,858,570) -
	(6,858,570)
	Cents (7.34) (7.34)

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

2

Jayride Group Limited Statement of financial position As at 30 June 2020

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Note Assets Current assets Cash and cash equivalents Trade and other receivables 1 Goods and services tax receivable Research and development receivable Prepayments Total current assets Non-current assets Deposits and bank guarantees Plant and equipment 2 Right-of-use assets 3 Capitalised technology costs 4 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 5 Contract liabilities Borrowings Lease liabilities Employee benefits Provisions Future transport payments Total current liabilities Non-current liabilities Borrowings Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital 6 Reserves 7 Accumulated losses Total equity	2020 $ 963,459 824,102 25,894 619,153 68,623	2019 $ 1,433,354 877,842 46,775 958,871 46,934 3,363,776 323,890 203,356 - 2,415,348 2,942,594 6,306,370 1,861,507 38,143 - - 175,623 - 849,852 2,925,125 1,572,914 52,890 1,625,804 4,550,929 1,755,441 18,360,858 3,146,680 (19,752,097) 1,755,441
	2,501,231
	- 175,014 229,888 2,489,154
	2,894,056
	5,395,287
	1,641,132 19,333 115,958 338,216 139,693 98,776 188,033
	2,541,141
	1,744,652 38,245
	1,782,897
	4,324,038
	1,071,249
	24,316,515 3,365,401 (26,610,667)
	1,071,249

The above statement of financial position should be read in conjunction with the accompanying notes

3

Jayride Group Limited Statement of changes in equity For the year ended 30 June 2020

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Balance at 1 July 2018 Adjustment for change in accounting policy Balance at 1 July 2018 - restated Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 6) Share-based payments (shares) Share-based payments (options) Share-based payments (warrants) Balance at 30 June 2019 Balance at 1 July 2019 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 6) Share-based payments (shares) Share-based payments (options) Exercise of options Transfer on issue of shares to employees Balance at 30 June 2020	Issued capital $ 15,902,025 -	Reserves $ 1,724,634 -	Accumulated losses $ (11,516,361) (34,627)	Total equity $ 6,110,298 (34,627)
	15,902,025 - -	1,724,634 - -	(11,550,988) (8,201,109) -	6,075,671 (8,201,109) -
	- 1,612,375 846,458 - -	- - 281,887 773,073 367,086	(8,201,109) - - - -	(8,201,109) 1,612,375 1,128,345 773,073 367,086
	18,360,858	3,146,680	(19,752,097)	1,755,441
	Issued capital $ 18,360,858 - -	Reserves $ 3,146,680 - -	Accumulated losses $ (19,752,097) (6,858,570) -	Total equity $ 1,755,441 (6,858,570) -
	- 4,764,672 902,664 - 38,261 250,060	- - 49,421 419,360 - (250,060)	(6,858,570) - - - - -	(6,858,570) 4,764,672 952,085 419,360 38,261 -
	24,316,515	3,365,401	(26,610,667)	1,071,249

The above statement of changes in equity should be read in conjunction with the accompanying notes

4

Jayride Group Limited Statement of cash flows For the year ended 30 June 2020

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Note Cash flows from operating activities Net receipts from bookings (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Grants funding for operating activities Interest received Interest and other finance costs paid Net cash used in operating activities Cash flows from investing activities Payments for plant and equipment Payments for intangibles Proceeds from deposits Grants funding for investing activities Proceeds from disposal of plant and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs (Repayment)/proceeds from borrowings Transaction costs related to borrowings Repayment of lease liabilities Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year	2020 $ 1,894,600 (6,789,516) 865,846 15,554 (383,007)	2019 $ 3,324,265 (8,474,067) 428,467 10,654 (18,101) (4,728,782) (59,629) (1,321,021) - 485,336 6,541 (888,773) 1,707,975 (95,600) 2,000,000 (95,440) - 3,516,935 (2,100,620) 3,560,216 (26,242) 1,433,354
	(4,396,523)
	(16,275) (1,265,901) 323,890 489,024 -
	(469,262)
	5,041,118 (238,185) (38,907) - (337,909)
	4,426,117
	(439,668) 1,433,354 (30,227)
	963,459

The above statement of cash flows should be read in conjunction with the accompanying notes

5

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note	1. Trade and other receivables	7
Note	2. Plant and equipment	7
Note	3. Right-of-use assets	8
Note	4. Capitalised technology costs	8
Note	5. Trade and other payables	8
Note	6. Issued capital	9
Note	7. Reserves	10
Note	8. Loss per share	11

6

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note 1. Trade and other receivables

Current assets Trade receivables Less: Allowance for expected credit losses Note 2. Plant and equipment Non-current assets Fixtures and fittings - at cost Less: Accumulated depreciation Computer equipment - at cost Less: Accumulated depreciation Office equipment - at cost Less: Accumulated depreciation	2020 $ 856,591 (32,489)	2019 $ 897,800 (19,958)
	824,102	877,842
	2020 $ 173,161 (52,666)	2019 $ 173,161 (33,435)
	120,495	139,726
	166,755 (112,966)	146,818 (84,358)
	53,789	62,460
	3,896 (3,166)	2,631 (1,461)
	730	1,170
	175,014	203,356

Note 2. Plant and equipment

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Balance at 1 July 2018 Additions Disposals Depreciation expense Balance at 30 June 2019 Additions Disposals Depreciation expense Balance at 30 June 2020	Fixtures and fittings $ 117,833 44,125 - (22,232)	Computer equipment $ 92,016 15,504 (5,422) (39,638)	Office equipment $ 1,936 - (15) (751)	Total $ 211,785 59,629 (5,437) (62,621)
	139,726 - - (19,231)	62,460 20,900 (5,929) (23,642)	1,170 1,265 - (1,705)	203,356 22,165 (5,929) (44,578)
	120,495	53,789	730	175,014

7

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note 3. Right-of-use assets

Non-current assets Office building - right-of-use Less: Accumulated depreciation	2020 $ 810,049 (580,161)	2019 $ - -
	229,888	-

No additions to the right-of-use assets were made during the year. The Company leased office space under an agreement that was surrendered on 31 July 2020.

Note 4. Capitalised technology costs

Non-current assets Capitalised technology costs Less: Accumulated amortisation	2020 $ 4,363,982 (1,874,828)	2019 $ 3,503,434 (1,088,086)
	2,489,154	2,415,348

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Balance at 1 July 2018 Additions Research and development tax offset Amortisation expense Balance at 30 June 2019 Additions Research and development tax offset Amortisation expense Balance at 30 June 2020	Capitalised technology costs $ 2,201,726 1,321,021 (489,024) (618,375)
	2,415,348 1,265,901 (405,353) (786,742)
	2,489,154

Note 5. Trade and other payables

Current liabilities Trade payables Other payables	2020 $ 1,123,287 517,845	2019 $ 1,289,951 571,556
	1,641,132	1,861,507

8

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note 6. Issued capital

2020 Shares Ordinary shares - fully paid 102,887,024 Ordinary shares - held in Employees' Trust 2,355,803 Ordinary shares - held in Employees' Trust (allocated not converted) (140,563) 105,102,264 Movements in ordinary share capital Details Date Balance 1 July 2018 Issue of shares to employees 31 August 2018 Issue of shares to employees under Employee Share Scheme ('ESS') 29 November 2018 Issue of shares 3 January 2019 Issue of shares to employees 24 January 2019 Issue of shares to employees under ESS 1 March 2019 Issue of shares to employees under ESS 17 June 2019 Issue of shares to employees under ESS 20 June 2019 Share issue costs Balance 30 June 2019 Issue of shares to employees under ESS 15 July 2019 Issue of shares to employees under ESS 15 August 2019 Issue of shares to employees under ESS 16 September 2019 Non-recourse loan repayment 11 October 2019 Issue of shares to employees under ESS 16 October 2019 Issue of shares to employees under ESS 15 November 2019 Issue of shares 20 November 2019 Issue of shares to employees under ESS 16 December 2019 Issue of shares to employees under ESS 18 December 2019 Issue of shares - share purchase plan 18 December 2019 Issue of shares 23 December 2019 Issue of shares to employees under ESS 15 January 2020 Non-recourse loan repayment 4 February 2020 Issue of shares to employees under ESS 17 February 2020 Issue of shares to employees under ESS 20 April 2020 Issue of shares to employees under ESS 15 May 2020 Issue of shares to employees under ESS 16 Jun 2020 Share issue costs Balance 30 June 2020	2020 Shares 102,887,024 2,355,803 (140,563)	2019 Shares 81,682,411 2,645,960 -	2020 $ 24,316,515 - -	2019 $ 18,360,858 - - 18,360,858 $ 15,902,025 38,549 229,769 1,707,975 94,926 330,159 80,644 72,411 (95,600) 18,360,858 106,632 180,456 160,708 30,000 38,556 131,344 3,201,770 121,520 29,304 802,500 998,588 57,371 8,260 75,672 52,524 126,708 71,929 (238,185) 24,316,515
	105,102,264	84,328,371	24,316,515
		Shares 75,575,283 86,628 478,683 3,972,035 215,742 767,851 301,551 284,638 - 81,682,411 328,100 456,103 401,763 - 98,147 398,025 10,672,567 405,063 97,680 2,675,021 3,328,625 161,364 - 250,671 663,387 808,728 459,369 - 102,887,024	Issue price $0.4450 $0.4800 $0.4300 $0.4400 $0.4300 $0.2700 $0.2500 $0.0000 $0.3250 $0.3960 $0.4000 $0.0000 $0.3930 $0.3300 $0.3000 $0.3000 $0.3000 $0.3000 $0.3000 $0.3520 $0.0000 $0.3019 $0.0792 $0.1567 $0.1566 $0.0000

9

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note 6. Issued capital (continued)

Movements in shares held in Employees Trust

Details Date Balance 1 July 2018 Shares issued to Royal Exchange Nominees Pty Ltd ('REN') 1 March 2019 Issue of shares to employees 17 June 2019 Issue of shares to employees 20 June 2019 Balance 30 June 2019 Issue of shares to employees 15 July 2019 Issue of shares to employees 15 August 2019 Issue of shares to employees 16 September 2019 Issue of shares to employees 16 October 2019 Issue of shares to employees 15 November 2019 Issue of shares to employees 16 December 2019 Issue of shares to employees 15 January 2020 Issue of shares to employees 17 February 2020 Shares issued to REN 17 April 2020 Issue of shares to employees 20 April 2020 Issue of shares to employees 15 May 2020 Issue of shares to employees 16 Jun 2020 Balance 30 June 2020

Shares Issue price $ - - 3,232,149 $0.0000 - (301,551) $0.2700 80,644 (284,638) $0.2500 72,411 2,645,960 (328,100) $0.3250 106,632 (456,103) $0.9600 180,456 (401,763) $0.4000 160,708 (98,147) $0.3930 38,556 (398,025) $0.3300 131,344 (405,063) $0.3000 121,520 (161,364) $0.3520 57,371 (250,671) $0.3019 75,672 4,000,000 $0.0000 - (663,387) $0.0792 52,524 (808,728) $0.1567 126,708 (459,369) $0.1566 71,929 2,215,240

Note 7. Reserves

Share-based payments reserve

2020 $ 3,365,401	2019 $ 3,146,680

Share-based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services.

Movements in share-based payment reserve

Balance at 1 July 2018 Share-based payments (shares) Share-based payments (options) Share-based payments (warrants) Balance at 30 June 2019 Transfer between reserves Share-based payments (shares) Share-based payments (options) Balance at 30 June 2020	Share-based payments Equity Options Warrants $ $ $ - 1,724,634 - 281,887 - - - 773,073 - - - 367,086	Share-based payments Equity Options Warrants $ $ $ - 1,724,634 - 281,887 - - - 773,073 - - - 367,086	Share-based payments Equity Options Warrants $ $ $ - 1,724,634 - 281,887 - - - 773,073 - - - 367,086	Total $ 1,724,634 281,887 773,073 367,086
	281,887	2,497,707	367,086	3,146,680
	(31,827) (200,638) -	31,827 - 419,359	- - -	- (200,638) 419,359
	49,422	2,948,893	367,086	3,365,401

10

Jayride Group Limited Notes to the financial statements 30 June 2020

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Note 8. Loss per share

Loss after income tax attributable to the owners of Jayride Group Limited Weighted average number of ordinary shares used in calculating basic loss per share Weighted average number of ordinary shares used in calculating diluted loss per share Basic loss per share Diluted loss per share	2020 $ (6,858,570)	2019 $ (8,201,109)
	Number 93,426,307	Number 78,238,903
	93,426,307	78,238,903
	Cents (7.34) (7.34)	Cents (10.48) (10.48)

3,450,032 (30 June 2019: 18,712,936) options, 3,350,000 (30 June 2019: 3,300,000) performance options, 3,616,637 (30 June 2019: 3,616,637) warrants and 2,215,240 (30 June 2019: 2,645,960) shares held in Employees' Trust have been excluded from the above calculation as their inclusion would be anti-dilutive.

11

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Jayride Group Limited

ACN 155 285 528

Suite 1101, Level 11 55 Clarence Street Sydney NSW 2000 Australia corporate@jayride.com http://www.jayride.com