Financial Performance - Revenue from contracts with customers for the six months ended September 30, 2023, was $9,660,331, a slight decrease of 1.14% from $9,771,496 for the same period in 2022[3] - Total income for the six months ended September 30, 2023, was $9,712,550, down from $10,132,338 in the prior year, representing a decline of about 4.15%[3] - The net loss after tax available to common shareholders for the six months ended September 30, 2023, was $1,281,940, compared to a loss of $906,006 in the prior year, reflecting an increase in loss of about 41.5%[3] - Basic income per share of common share for the six months ended September 30, 2023, was $(1.98), compared to $(1.55) for the same period in 2022[3] - Net income after tax available to common shareholders for the six months ended September 30, 2023, was $(1,281,940), compared to $(906,006) for the same period in 2022, indicating a decline in profitability[5] - Other income for the six months ended September 30, 2023, was $52,219, significantly lower than $360,842 in the same period of 2022[130] Assets and Liabilities - Total assets increased to $30,738,941 as of September 30, 2023, compared to $26,885,824 as of March 31, 2023, reflecting a growth of approximately 14%[2] - Total current liabilities increased to $19,014,035 as of September 30, 2023, from $15,258,547 as of March 31, 2023, marking an increase of approximately 24%[2] - Total equity as of September 30, 2023, was $10,972,590, up from $10,744,528 as of March 31, 2023, showing a growth of about 2.13%[2] - The company reported a negative working capital of $10,192,682 as of September 30, 2023, compared to $8,932,501 as of March 31, 2023[19] - As of September 30, 2023, total borrowings amounted to $4,759,545, an increase from $3,899,316 as of March 31, 2023, reflecting a growth of approximately 22%[143] - Trade payables increased to $8,651,307 as of September 30, 2023, compared to $6,802,780 as of March 31, 2023, representing a rise of about 27%[145] Cash Flow and Financing Activities - Cash flows from operating activities showed a net cash used of $372,260 for the six months ended September 30, 2023, a significant improvement from $(1,858,087) in the prior year[5] - Financing activities provided a net cash of $1,880,059 for the six months ended September 30, 2023, compared to $11,608,358 in the prior year[5] - Cash and cash equivalents decreased to $85,108 as of September 30, 2023, from $311,810 as of March 31, 2023, a decline of approximately 72.7%[2] Investments and Acquisitions - The company acquired 51% of Sri Sai for a consideration of $10 million, effective April 1, 2022[156] - The company has agreed to invest $7.5 million in Sri Sai for business expansion and IPTV development[172] - The acquisition is expected to increase the company's market share in the Media and Internet Services market in India[168] - The company plans to acquire nearly 1 million subscribers through the acquisition of Sri Sai, enhancing operational control[158] Changes in Financial Reporting - The Group does not expect significant impact from the amendments to IAS 1 regarding the classification of liabilities as current or non-current[28] - The Group anticipates no significant impact from the amendments to IAS 7 and IFRS 7 concerning supplier finance arrangements[29] - The Group does not foresee any significant impact from the amendments to IAS 21 related to exchange rates and lack of exchangeability[30] Shareholder Information - The total number of common shares issued increased from 37,576,449 as of March 31, 2023, to 41,668,554 as of September 30, 2023, representing an increase of approximately 11.4%[148] - The weighted average number of common shares increased from 613,479 as of March 31, 2023, to 646,012 as of September 30, 2023, indicating a rise in share issuance[149] - The company issued an additional 4,092,105 common shares during the six months ended September 30, 2023, contributing to the overall increase in shares[148] Depreciation and Amortization - The estimated useful lives of property and equipment range from 3 to 40 years, with depreciation methods reviewed at each reporting date[75] - Intangible assets with finite lives are amortized over their expected useful lives, typically 5 to 10 years[81] - Accumulated depreciation and impairment loss as of September 30, 2023, totaled $1,125,860, compared to $680,013 as of March 31, 2023, showing an increase of about 65%[10] Miscellaneous - The company reported a finance cost of $619,593 for the six months ended September 30, 2023, compared to $233,435 in the same period of 2022, indicating an increase of about 165%[3] - The company decided to deconsolidate GHSI as of March 1, 2023, due to loss of control over its business affairs[175] - The total loss on deconsolidation of GHSI amounted to $192,776, which includes a share capital disposal of $162,000 and retained earnings of $3,701[176]
Lytus Technologies PTV. .(LYT) - 2024 Q2 - Quarterly Report