Quarterly Report (10-q)

Datum : 09/12/2019 @ 23h25
Quelle : Edgar (US Regulatory)
Name : Elastic NV (ESTC)
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Quarterly Report (10-q)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-38675

 

Elastic N.V.

 

The Netherlands

Not Applicable

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

800 West El Camino Real, Suite 350

Mountain View, California 94040

(Address of principal executive offices)

(650) 458-2620

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Ordinary shares, Par Value €0.01 Per Share

 

ESTC

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 30, 2019, the registrant had 80,621,016 ordinary shares, €0.01 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

Note Regarding Forward-Looking Statements

3

 

PART I.

FINANCIAL INFORMATION

5

 

 

 

Item 1.

Financial Statements (Unaudited)

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Operations

6

 

Condensed Consolidated Statements of Comprehensive Loss

7

 

Condensed Consolidated Statements of Convertible Redeemable Preference Shares and Shareholders’ Equity (Deficit)

8

 

Condensed Consolidated Statements of Cash Flows

10

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

44

 

 

 

PART II.

OTHER INFORMATION

46

 

 

 

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

Signatures

72

 

2


 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

 

 

 

our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability;

 

our ability to continue to deliver and improve our offerings and successfully develop new offerings, including security-related product offerings;

 

customer acceptance and purchase of our existing offerings and new offerings;

 

our service performance and security, including the resources and costs required to prevent, detect and remediate potential security breaches;

 

our ability to maintain and expand our user and customer base;

 

the market for our products not continuing to develop;

 

competition from other products;

 

the impact of foreign currency exchange rate and interest rate fluctuations on our results;

 

the pace of change and innovation in the markets in which we participate and the competitive nature of those markets;

 

our business strategy and our plan to build our business;

 

our ability to effectively manage our growth;

 

our international expansion strategy;

 

our operating results and cash flows;

 

our strategy of acquiring complementary businesses and our ability to successfully integrate acquired businesses and technologies, including the successful integration of Endgame, Inc. (“Endgame”);

 

the potential impact on our operating margin from the acquisition of Endgame;

 

the impact of acquisitions, including the acquisition of Endgame, on our future product offerings;

 

our beliefs and objectives for future operations;

 

our relationships with third parties, including partners;

 

our ability to protect our intellectual property rights;

 

our ability to develop our brands;

 

the impact of expensing stock options and other equity awards;

 

the sufficiency of our capital resources;

 

our ability to successfully defend litigation brought against us;

 

our ability to successfully expand in our existing markets and into new markets;

 

sufficiency of cash to meet cash needs for at least the next 12 months;

 

our ability to comply with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

 

our ability to attract and retain qualified employees and key personnel; and

 

the future trading prices of our ordinary shares.

 

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

 

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing

3


 

environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

4


 

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Elastic N.V.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

 

 

 

October 31, 2019

 

 

April 30, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

305,246

 

 

$

298,000

 

Restricted cash

 

 

2,302

 

 

 

2,280

 

Accounts receivable, net of allowance for doubtful accounts of $1,495

   and $1,411 as of October 31, 2019 and April 30, 2019, respectively

 

 

78,920

 

 

 

81,274

 

Deferred contract acquisition costs

 

 

14,778

 

 

 

17,215

 

Prepaid expenses and other current assets

 

 

31,859

 

 

 

30,872

 

Total current assets

 

 

433,105

 

 

 

429,641

 

Property and equipment, net

 

 

8,002

 

 

 

5,448

 

Goodwill

 

 

198,797

 

 

 

19,846

 

Operating lease right-of-use assets

 

 

40,177

 

 

 

-

 

Intangible assets, net

 

 

58,463

 

 

 

6,723

 

Deferred contract acquisition costs, non-current

 

 

14,456

 

 

 

8,935

 

Deferred tax assets

 

 

2,255

 

 

 

1,748

 

Other assets

 

 

11,534

 

 

 

13,397

 

Total assets

 

$

766,789

 

 

$

485,738

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,064

 

 

$

4,450

 

Accrued expenses and other liabilities

 

 

21,818

 

 

 

18,740

 

Accrued compensation and benefits

 

 

44,978

 

 

 

22,147

 

Operating lease liabilities

 

 

7,733

 

 

 

-

 

Deferred revenue

 

 

180,156

 

 

 

158,243

 

Total current liabilities

 

 

264,749

 

 

 

203,580

 

Deferred revenue, non-current

 

 

21,175

 

 

 

12,423

 

Operating lease liabilities, non-current

 

 

34,137

 

 

 

-

 

Other liabilities, non-current

 

 

13,572

 

 

 

6,723

 

Total liabilities

 

 

333,633

 

 

 

222,726

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0

    shares issued and outstanding as of October 31, 2019 and April 30, 2019

 

 

-

 

 

 

-

 

Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized;

   80,412,842 and 73,675,083 shares issued and outstanding as of October 31,

   2019 and April 30, 2019, respectively

 

 

829

 

 

 

754

 

Treasury stock

 

 

(369

)

 

 

(369

)

Additional paid-in capital

 

 

843,997

 

 

 

581,135

 

Accumulated other comprehensive loss

 

 

(2,482

)

 

 

(1,431

)

Accumulated deficit

 

 

(408,819

)

 

 

(317,077

)

Total shareholders’ equity

 

 

433,156

 

 

 

263,012

 

Total liabilities and shareholders’ equity

 

$

766,789

 

 

$

485,738

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

Elastic N.V.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended October 31,

 

 

Six Months Ended October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

12,272

 

 

$

10,204

 

 

$

22,179

 

 

$

17,444

 

Subscription - self-managed and SaaS

 

 

79,407

 

 

 

48,232

 

 

 

151,890

 

 

 

92,601

 

Total subscription revenue

 

 

91,679

 

 

 

58,436

 

 

 

174,069

 

 

 

110,045

 

Professional services

 

 

9,427

 

 

 

5,139

 

 

 

16,747

 

 

 

10,174

 

Total revenue

 

 

101,106

 

 

 

63,575

 

 

 

190,816

 

 

 

120,219

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

158

 

 

 

97

 

 

 

255

 

 

 

194

 

Cost of subscription - self-managed and SaaS

 

 

19,741

 

 

 

12,870

 

 

 

37,636

 

 

 

23,071

 

Total cost of revenue - subscription

 

 

19,899

 

 

 

12,967

 

 

 

37,891

 

 

 

23,265

 

Cost of professional services

 

 

8,862

 

 

 

5,620

 

 

 

17,121

 

 

 

10,879

 

Total cost of revenue

 

 

28,761

 

 

 

18,587

 

 

 

55,012

 

 

 

34,144

 

Gross profit

 

 

72,345

 

 

 

44,988

 

 

 

135,804

 

 

 

86,075

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

38,478

 

 

 

25,332

 

 

 

73,660

 

 

 

44,313

 

Sales and marketing

 

 

54,020

 

 

 

34,634

 

 

 

106,031

 

 

 

65,056

 

General and administrative

 

 

31,808

 

 

 

12,092

 

 

 

50,376

 

 

 

22,191

 

Total operating expenses

 

 

124,306

 

 

 

72,058

 

 

 

230,067

 

 

 

131,560

 

Operating loss

 

 

(51,961

)

 

 

(27,070

)

 

 

(94,263

)

 

 

(45,485

)

Other income, net

 

 

1,684

 

 

 

264

 

 

 

2,615

 

 

 

860

 

Loss before income taxes

 

 

(50,277

)

 

 

(26,806

)

 

 

(91,648

)

 

 

(44,625

)

Provision for (benefit from) income taxes

 

 

(304

)

 

 

733

 

 

 

94

 

 

 

1,492

 

Net loss

 

$

(49,973

)

 

$

(27,539

)

 

$

(91,742

)

 

$

(46,117

)

Net loss per share attributable to ordinary shareholders, basic

   and diluted

 

$

(0.64

)

 

$

(0.63

)

 

$

(1.20

)

 

$

(1.20

)

Weighted-average shares used to compute net loss per share

   attributable to ordinary shareholders, basic and diluted

 

 

77,772,406

 

 

 

43,978,770

 

 

 

76,202,865

 

 

 

38,471,641

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

6


 

Elastic N.V.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended October 31,

 

 

Six Months Ended October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(49,973

)

 

$

(27,539

)

 

$

(91,742

)

 

$

(46,117

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,433

)

 

 

(96

)

 

 

(1,051

)

 

 

(834

)

Other comprehensive loss

 

 

(1,433

)

 

 

(96

)

 

 

(1,051

)

 

 

(834

)

Total comprehensive loss

 

$

(51,406

)

 

$

(27,635

)

 

$

(92,793

)

 

$

(46,951

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

7


 

Elastic N.V.

Condensed Consolidated Statements of Redeemable Convertible Preference Shares

and Shareholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Treasury

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at July 31, 2019

 

-

 

 

$

-

 

 

 

 

76,259,361

 

 

$

782

 

 

$

(369

)

 

$

614,532

 

 

$

(1,049

)

 

$

(358,846

)

 

$

255,050

 

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

1,936,335

 

 

 

23

 

 

 

-

 

 

 

19,433

 

 

 

-

 

 

 

-

 

 

 

19,456

 

Issuance of ordinary shares upon

    release of restricted stock units

 

-

 

 

 

-

 

 

 

 

3,037

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

Ordinary shares issued in connection with

    the acquisition of Endgame

 

-

 

 

 

-

 

 

 

 

1,983,663

 

 

 

21

 

 

 

-

 

 

 

167,316

 

 

 

-

 

 

 

-

 

 

 

167,337

 

Ordinary shares issued in connection with

    the acquisition of Endgame held in escrow

 

-

 

 

 

-

 

 

 

 

235,031

 

 

 

2

 

 

 

-

 

 

 

19,824

 

 

 

-

 

 

 

-

 

 

 

19,826

 

Assumption of stock option plan as consideration

    for acquisition of Endgame

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,309

 

 

 

-

 

 

 

-

 

 

 

9,309

 

Repurchase of unvested RSAs

 

-

 

 

 

-

 

 

 

 

(4,585

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,583

 

 

 

-

 

 

 

-

 

 

 

13,583

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49,973

)

 

 

(49,973

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,433

)

 

 

-

 

 

 

(1,433

)

Balances at October 31, 2019

 

-

 

 

$

-

 

 

 

 

80,412,842

 

 

$

829

 

 

$

(369

)

 

$

843,997

 

 

$

(2,482

)

 

$

(408,819

)

 

$

433,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Treasury

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit) Equity

 

Balances at July 31, 2018

 

28,939,466

 

 

$

200,921

 

 

 

 

33,553,263

 

 

$

33

 

 

$

(369

)

 

$

69,068

 

 

$

(1,699

)

 

$

(233,352

)

 

$

(166,319

)

Change in par value upon conversion from

    B.V. to N.V.

 

-

 

 

 

-

 

 

 

 

-

 

 

 

303

 

 

 

-

 

 

 

(303

)

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of redeemable convertible

    preference shares to ordinary shares upon

    initial public offering

 

(28,939,466

)

 

 

(200,921

)

 

 

 

28,939,466

 

 

$

289

 

 

$

-

 

 

$

200,632

 

 

$

-

 

 

$

-

 

 

 

200,921

 

Issuance of ordinary shares upon initial

    public offering, net of underwriting

    discounts and issuance costs

 

-

 

 

 

-

 

 

 

 

8,050,000

 

 

 

93

 

 

 

-

 

 

 

263,749

 

 

 

-

 

 

 

-

 

 

 

263,842

 

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

406,258

 

 

 

4

 

 

 

-

 

 

 

2,130

 

 

 

-

 

 

 

-

 

 

 

2,134

 

Vesting of early exercised stock options

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,019

 

 

 

-

 

 

 

-

 

 

 

1,019

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,924

 

 

 

-

 

 

 

-

 

 

 

9,924

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27,539

)

 

 

(27,539

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(96

)

 

 

-

 

 

 

(96

)

Balances at October 31, 2018

 

-

 

 

$

-

 

 

 

 

70,948,987

 

 

$

722

 

 

$

(369

)

 

$

546,219

 

 

$

(1,795

)

 

$

(260,891

)

 

$

283,886

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


 

Elastic N.V.

Condensed Consolidated Statements of Redeemable Convertible Preference Shares

and Shareholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Preference Shares

 

 

 

Ordinary Shares

 

 

Treasury

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balances at April 30, 2019

 

-

 

 

$

-

 

 

 

 

73,675,083

 

 

$

754

 

 

$

(369

)

 

$

581,135

 

 

$

(1,431

)

 

$

(317,077

)

 

$

263,012

 

Issuance of ordinary shares upon exercise of

   stock options

 

-

 

 

 

-

 

 

 

 

4,470,226

 

 

 

51

 

 

 

-

 

 

 

39,517

 

 

 

-

 

 

 

-

 

 

 

39,568

 

Issuance of ordinary shares upon

    release of restricted stock units

 

-

 

 

 

-

 

 

 

 

53,424

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

Ordinary shares issued in connection with

    the acquisition of Endgame

 

-

 

 

 

-

 

 

 

 

1,983,663

 

 

 

21

 

 

 

-

 

 

 

167,316

 

 

 

-

 

 

 

 

 

 

 

167,337

 

Ordinary shares issued in connection with

    the acquisition of Endgame held in escrow

 

-

 

 

 

-

 

 

 

 

235,031

 

 

 

2

 

 

 

-

 

 

 

19,824

 

 

 

-

 

 

 

 

 

 

 

19,826

 

Assumption of stock option plan as consideration

    for acquisition of Endgame

 

-

 

 

 

-

 

 

 

 

-