Quarterly Report (10-q)

Datum : 09/03/2020 @ 11h01
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 January 31, 2020

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 February 29, 2020, the registrant had 81,720,602 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

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

43

Item 4.

Controls and Procedures

43

 

 

 

PART II.

OTHER INFORMATION

45

 

 

 

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

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 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;

 

the effect of the loss of key personnel, including Aaron Katz, who has transitioned from the position of Chief Revenue Officer and is expected to serve in an advisory role until August 2020;

 

our expectations about the impact of natural disasters and public health epidemics, such as the coronavirus (COVID-19), on our business, results of operations and financial condition;

 

the future trading prices of our ordinary shares; and

 

general market, political, economic and business conditions.

 

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.

 

3


 

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 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)

 

 

 

January 31, 2020

 

 

April 30, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

294,076

 

 

$

298,000

 

Restricted cash

 

 

2,291

 

 

 

2,280

 

Accounts receivable, net of allowance for doubtful accounts of $1,583

   and $1,411 as of January 31, 2020 and April 30, 2019, respectively

 

 

72,557

 

 

 

81,274

 

Deferred contract acquisition costs

 

 

14,885

 

 

 

17,215

 

Prepaid expenses and other current assets

 

 

34,697

 

 

 

30,872

 

Total current assets

 

 

418,506

 

 

 

429,641

 

Property and equipment, net

 

 

7,958

 

 

 

5,448

 

Goodwill

 

 

198,774

 

 

 

19,846

 

Operating lease right-of-use assets

 

 

33,814

 

 

 

-

 

Intangible assets, net

 

 

54,005

 

 

 

6,723

 

Deferred contract acquisition costs, non-current

 

 

17,015

 

 

 

8,935

 

Deferred tax assets

 

 

2,205

 

 

 

1,748

 

Other assets

 

 

9,572

 

 

 

13,397

 

Total assets

 

$

741,849

 

 

$

485,738

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

13,098

 

 

$

4,450

 

Accrued expenses and other liabilities

 

 

19,351

 

 

 

18,740

 

Accrued compensation and benefits

 

 

31,607

 

 

 

22,147

 

Operating lease liabilities

 

 

7,292

 

 

 

-

 

Deferred revenue

 

 

189,208

 

 

 

158,243

 

Total current liabilities

 

 

260,556

 

 

 

203,580

 

Deferred revenue, non-current

 

 

20,586

 

 

 

12,423

 

Operating lease liabilities, non-current

 

 

29,034

 

 

 

-

 

Other liabilities, non-current

 

 

13,231

 

 

 

6,723

 

Total liabilities

 

 

323,407

 

 

 

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 January 31, 2020 and April 30, 2019

 

 

-

 

 

 

-

 

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

    81,574,811 and 73,675,083 shares issued and outstanding as of January 31,

    2020 and April 30, 2019, respectively

 

 

842

 

 

 

754

 

Treasury stock

 

 

(369

)

 

 

(369

)

Additional paid-in capital

 

 

871,675

 

 

 

581,135

 

Accumulated other comprehensive loss

 

 

(606

)

 

 

(1,431

)

Accumulated deficit

 

 

(453,100

)

 

 

(317,077

)

Total shareholders’ equity

 

 

418,442

 

 

 

263,012

 

Total liabilities and shareholders’ equity

 

$

741,849

 

 

$

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 January 31,

 

 

Nine months ended January 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

14,495

 

 

$

9,406

 

 

$

36,674

 

 

$

26,850

 

Subscription - self-managed and SaaS

 

 

89,703

 

 

 

55,180

 

 

 

241,593

 

 

 

147,781

 

Total subscription revenue

 

 

104,198

 

 

 

64,586

 

 

 

278,267

 

 

 

174,631

 

Professional services

 

 

8,983

 

 

 

6,249

 

 

 

25,730

 

 

 

16,423

 

Total revenue

 

 

113,181

 

 

 

70,835

 

 

 

303,997

 

 

 

191,054

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

347

 

 

 

96

 

 

 

602

 

 

 

290

 

Cost of subscription - self-managed and SaaS

 

 

23,196

 

 

 

13,941

 

 

 

60,832

 

 

 

37,012

 

Total cost of revenue - subscription

 

 

23,543

 

 

 

14,037

 

 

 

61,434

 

 

 

37,302

 

Cost of professional services

 

 

9,862

 

 

 

6,387

 

 

 

26,983

 

 

 

17,266

 

Total cost of revenue

 

 

33,405

 

 

 

20,424

 

 

 

88,417

 

 

 

54,568

 

Gross profit

 

 

79,776

 

 

 

50,411

 

 

 

215,580

 

 

 

136,486

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

46,119

 

 

 

25,850

 

 

 

119,779

 

 

 

70,163

 

Sales and marketing

 

 

54,829

 

 

 

37,196

 

 

 

160,860

 

 

 

102,252

 

General and administrative

 

 

21,096

 

 

 

11,151

 

 

 

71,472

 

 

 

33,342

 

Total operating expenses

 

 

122,044

 

 

 

74,197

 

 

 

352,111

 

 

 

205,757

 

Operating loss

 

 

(42,268

)

 

 

(23,786

)

 

 

(136,531

)

 

 

(69,271

)

Other income (expense), net

 

 

(1,339

)

 

 

1,877

 

 

 

1,276

 

 

 

2,737

 

Loss before income taxes

 

 

(43,607

)

 

 

(21,909

)

 

 

(135,255

)

 

 

(66,534

)

Provision for (benefit from) income taxes

 

 

674

 

 

 

(558

)

 

 

768

 

 

 

934

 

Net loss

 

$

(44,281

)

 

$

(21,351

)

 

$

(136,023

)

 

$

(67,468

)

Net loss per share attributable to ordinary shareholders, basic

   and diluted

 

$

(0.55

)

 

$

(0.30

)

 

$

(1.75

)

 

$

(1.37

)

Weighted-average shares used to compute net loss per share

   attributable to ordinary shareholders, basic and diluted

 

 

80,737,237

 

 

 

70,725,336

 

 

 

77,713,604

 

 

 

49,261,240

 

 

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 January 31,

 

 

Nine months ended January 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(44,281

)

 

$

(21,351

)

 

$

(136,023

)

 

$

(67,468

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

1,876

 

 

 

(365

)

 

 

825

 

 

 

(1,199

)

Other comprehensive income (loss)

 

 

1,876

 

 

 

(365

)

 

 

825

 

 

 

(1,199

)

Total comprehensive loss

 

$

(42,405

)

 

$

(21,716

)

 

$

(135,198

)

 

$

(68,667

)

 

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

(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 October 31, 2019

 

-

 

 

$

-

 

 

 

 

80,412,842

 

 

$

829

 

 

$

(369

)

 

$

843,997

 

 

$

(2,482

)

 

$

(408,819

)

 

$

433,156

 

Issuance of ordinary shares upon

    exercise of stock options

 

-

 

 

 

-

 

 

 

 

1,090,261

 

 

 

12

 

 

 

-

 

 

 

11,040

 

 

 

-

 

 

 

-

 

 

 

11,052

 

Issuance of ordinary shares upon

    release of restricted stock units

 

-

 

 

 

-

 

 

 

 

71,708

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

Vesting of ordinary shares subject to

    repurchase

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,118

 

 

 

-

 

 

 

-

 

 

 

1,118

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,520

 

 

 

-

 

 

 

-

 

 

 

15,520

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(44,281

)

 

 

(44,281

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,876

 

 

 

-

 

 

 

1,876

 

Balances at January 31, 2020

 

-

 

 

$

-

 

 

 

 

81,574,811

 

 

$

842

 

 

$

(369

)

 

$

871,675

 

 

$

(606

)

 

$

(453,100

)

 

$

418,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 October 31, 2018

 

-

 

 

$

-

 

 

 

 

70,948,987

 

 

$

722

 

 

$

(369

)

 

$

546,219

 

 

$

(1,795

)

 

$

(260,891

)

 

$

283,886

 

Issuance of ordinary shares upon

    exercise of stock options

 

-

 

 

 

-

 

 

 

 

140,620

 

 

 

2

 

 

 

-

 

 

 

753

 

 

 

-

 

 

 

-

 

 

 

755

 

Issuance of ordinary shares upon

    subscription of restricted stock

    awards

 

-

 

 

 

-

 

 

 

 

244,498

 

 

 

3

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,174

 

 

 

-

 

 

 

-

 

 

 

9,174

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,351

)

 

 

(21,351

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(365

)

 

 

-

 

 

 

(365

)

Balances at January 31, 2019

 

-

 

 

$

-

 

 

 

 

71,334,105

 

 

$

727

 

 

$

(369

)

 

$

556,143

 

 

$

(2,160

)

 

$

(282,242

)

 

$

272,099

 

 

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

(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

 

-

 

 

 

-

 

 

 

 

5,560,487

 

 

 

64

 

 

 

-

 

 

 

50,558

 

 

 

-

 

 

 

-

 

 

 

50,622

 

Issuance of ordinary shares upon release

    of restricted stock units

 

-

 

 

 

-

 

 

 

 

125,132

 

 

 

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

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

-

 

Vesting of ordinary shares subject to

    repurchase

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,730

 

 

 

-

 

 

 

-

 

 

 

2,730

 

Stock-based compensation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

40,803

 

 

 

-

 

 

 

-

 

 

 

40,803

 

Net loss

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(136,023

)

 

 

(136,023

)

Foreign currency translation

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

825

 

 

 

-

 

 

 

825