Bragg Gaming Group Inc 6-K, filed Nov 14, 2024

Bragg Gaming Group Inc. (BRAG)

6-K 2024-11-14 For: 2024-11-14

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Added on April 06, 2026

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Bragg Gaming Group Inc filed this 6-K on November 14, 2024.

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Exhibit		Description

99.1		Bragg Gaming Group Inc. - Interim unaudited condensed consolidated Financial Statements – Three and Nine months period ended September 30, 2024
99.2		Management discussion & analysis for the three and nine months period ended September 30, 2024
99.3		Certification of Interim Filings - CEO
99.4		Certification of Interim Filings - CFO
99.5		News release, dated November 14, 2024


	BRAGG GAMING GROUP INC.

Date: November 14, 2024
	By:	/s/ Robbie Bressler
	Name:	Robbie Bressler
	Title:	Chief Financial Officer


INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS		1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION		2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY		3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS		4

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	GENERAL INFORMATION		5
2	MATERIAL ACCOUNTING POLICIES		5
3	LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE		6
4	ACQUISITION OF WILD STREAK LLC		7
5	ACQUISITION OF SPIN GAMES LLC		8
6	CONVERTIBLE DEBT		10
7	SHARE CAPITAL		11
8	WARRANTS		12
9	SHARE BASED COMPENSATION		13
10	GOODWILL		16
11	DEFERRED CONSIDERATION		16
12	RIGHT OF USE ASSETS		17
13	INTANGIBLE ASSETS		18
14	CASH AND CASH EQUIVALENTS		18
15	TRADE AND OTHER RECEIVABLES		19
16	PREPAID EXPENSES AND OTHER ASSETS		19
17	TRADE PAYABLES AND OTHER LIABILITIES		20
18	LEASE LIABILITIES		20
19	LOANS PAYABLE	`	21
20	RELATED PARTY TRANSACTIONS		22
21	FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT		24
22	SUPPLEMENTARY CASHFLOW INFORMATION		27
23	SEGMENT INFORMATION		29
24	INCOME TAXES		30
25	CONTINGENT LIABILITIES		31


		Three Months Ended September 30,		Nine Months Ended September 30,
	Note	2024	2023	2024	2023
Revenue	3, 23	26,169	22,574	74,841	70,162
Cost of revenue	3	(12,167)	(10,718)	(36,558)	(32,260)
Gross Profit		14,002	11,856	38,283	37,902

Selling, general and administrative expenses	3	(14,829)	(13,047)	(40,918)	(38,035)
Gain (Loss) on remeasurement of derivative liability	3, 6	46	(82)	(94)	(261)
Gain on settlement of convertible debt	3, 6	104	231	169	435
Gain (Loss) on remeasurement of deferred consideration	3, 5, 11	271	(1,095)	(329)	(387)
Operating Loss		(406)	(2,137)	(2,889)	(346)

Net interest expense and other financing charges	3	(848)	(450)	(2,370)	(1,414)
Loss Before Income Taxes		(1,254)	(2,587)	(5,259)	(1,760)

Income taxes	24	1,089	(364)	790	(1,290)
Net Loss		(165)	(2,951)	(4,469)	(3,050)

Items to be reclassified to net loss:
Cumulative translation adjustment		(1,002)	(611)	(998)	(1,754)

Net Comprehensive Loss		(1,167)	(3,562)	(5,467)	(4,804)

Basic Loss Per Share		(0.01)	(0.13)	(0.19)	(0.14)
Diluted Loss Per Share		(0.01)	(0.13)	(0.19)	(0.14)

		Millions	Millions	Millions	Millions
Weighted average number of shares - basic		25.0	23.3	24.0	22.3
Weighted average number of shares - diluted		25.0	23.3	24.0	22.3


		As at	As at
		September 30,	December 31,
	Note	2024	2023
Cash and cash equivalents	14	11,569	8,796
Trade and other receivables	15, 21	18,650	18,641
Prepaid expenses and other assets	16	2,743	1,655
Total Current Assets		32,962	29,092
Property and equipment		1,057	640
Right-of-use assets	12	2,781	3,233
Intangible assets	13	34,769	38,133
Goodwill	10	31,764	31,921
Other assets		314	348
Total Assets		103,647	103,367

Trade payables and other liabilities	17, 21	19,683	21,846
Income taxes payable	24	1,260	917
Lease obligations on right of use assets	18	722	709
Deferred consideration	5, 11	1,549	1,513
Derivative liability	6	—	471
Convertible debt	6	—	2,445
Loans payable	19	6,495	—
Total Current Liabilities		29,709	27,901
Deferred income tax liabilities	24	723	852
Lease obligations on right of use assets	18	2,193	2,568
Deferred consideration	5, 11	-	1,426
Other non-current liabilities		373	373
Total Liabilities		32,998	33,120

Share capital	7	131,706	120,015
Shares to be issued		-	3,491
Contributed surplus		17,556	19,887
Accumulated deficit		(80,532)	(76,063)
Accumulated other comprehensive income		1,919	2,917
Total Equity		70,649	70,247
Total Liabilities and Equity		103,647	103,367


Matevž Mazij	Holly Gagnon
Chief Executive Officer	Independent Lead Director


												Accumulated
												other
		Share		Shares to		Broker		Contributed		Accumulated		comprehensive		Total
	Note	capital		be issued		warrants		surplus		Deficit		income (loss)		Equity
Balance as at January 1, 2023			109,902		6,982		38		20,745		(72,227)		4,094		69,534
Shares issued upon exercise of convertible debt	6		2,127		—		—		—		—		—		2,127
Shares issued as deferred consideration	4,5,11		4,595		(3,491)		—		—		—		—		1,104
Exercise of restricted share units	9		1,353		—		—		(1,353)		—		—		—
Exercise of deferred share units	9		217		—		—		(217)		—		—		—
Exercise of stock options	9		476		—		—		(212)		—		—		264
Share-based compensation	9		—		—		—		2,283		—		—		2,283
Net loss for the period			—		—		—		—		(3,050)		—		(3,050)
Other comprehensive loss			—		—		—		—		—		(1,754)		(1,754)
Balance as at September 30, 2023			118,670		3,491		38		21,246		(75,277)		2,340		70,508

Balance as at January 1, 2024			120,015		3,491		—		19,887		(76,063)		2,917		70,247
Shares issued upon exercise of convertible debt	6		2,704		—		—		—		—		—		2,704
Shares issued as deferred consideration	4,5,11		5,630		(3,491)		—		—		—		—		2,139
Exercise of restricted share units	9		1,799		—		—		(1,799)		—		—		—
Exercise of deferred share units	9		1,041		—		—		(1,041)		—		—		—
Exercise of stock options	9		517		—		—		(201)		—		—		316
Share-based compensation	9		—		—		—		710		—		—		710
Net loss for the period			—		—		—		—		(4,469)		—		(4,469)
Other comprehensive loss			—		—		—		—		—		(998)		(998)
Balance as at September 30, 2024			131,706		—		—		17,556		(80,532)		1,919		70,649


		Balances
Purchase price:
Cash		8,206
Shares to be issued		13,746
Deferred consideration		62
Total purchase price		22,014

Fair value of assets acquired, and liabilities assumed:
Cash and cash equivalents		124
Accounts receivable		408
Trade payables and other liabilities		(87)
Net assets acquired and liabilities assumed		445

Fair value of intangible assets:
Brands		311
Customer relationships		10,857
Intellectual property		5,611
Goodwill		4,790


		Balances
Purchase price:
Prepaid consideration		2,138
Cash paid upon business combination		8,488
Shares		1,426
Deferred consideration		4,003
Total purchase price		16,055

Fair value of assets acquired, and liabilities assumed:
Cash and cash equivalents		266
Trade and other receivables		405
Prepaid expenses and other assets		105
Property and equipment		107
Right-of-use assets		177
Trade payables and other liabilities		(923)
Deferred revenue		(364)
Lease obligations on right of use assets - current		(88)
Loans payable		(773)
Lease obligations on right of use assets - noncurrent		(89)
Net assets acquired and liabilities assumed		(1,177)

Fair value of intangible assets:
Intellectual property		1,471
Customer relationships		8,131
Gaming licenses		164
Brand		462
Trademarks		70
Goodwill		6,934


	Convertible debt	Derivative liability	Total
Balance as at December 31, 2022	6,648	1,320	7,968
Accretion expense	1,536	—	1,536
Loss on remeasurement of derivative liability	—	47	47
Gain on settlement of convertible debt	—	(595)	(595)
Shares issued upon exercise of convertible debt	(1,841)	(286)	(2,127)
Repayment of convertible debt	(3,693)	—	(3,693)
Effect of movement in exchange rates	(205)	(15)	(220)
Balance as at December 31, 2023	2,445	471	2,916

Accretion expense	1,298	—	1,298
Loss on remeasurement of derivative liability	—	94	94
Gain on settlement of convertible debt	—	(169)	(169)
Shares issued upon exercise of convertible debt	(2,314)	(390)	(2,704)
Repayment of convertible debt	(1,377)	—	(1,377)
Effect of movement in exchange rates	(52)	(6)	(58)
Balance as at September 30, 2024	-	-	-


		Note	Number	Value
January 1, 2023	Balance		21,107,968	109,902
January 10, 2023 to September 25, 2023	Issuance of share capital upon exercise of FSOs	9	68,000	476
April 6, 2023	Issuance of share capital upon exercise of DSUs	9	38,334	217
June 28, 2023 to August 23, 2023	Issuance of share capital upon exercise of RSUs	9	115,000	1,353
January 13, 2023 to May 4, 2023	Shares issued upon exercise of Convertible Debt	6	617,357	2,127
June 1, 2023	Shares issued upon settlement of deferred consideration for Spin acquisition	5	357,739	1,104
June 8, 2023	Shares issued upon settlement of deferred consideration for Wild Streak acquisition	4	393,111	3,491
September 30, 2023	Balance		22,697,509	118,670

January 1, 2024	Balance		23,003,552	120,015
February 5, 2024 to June 5, 2024	Shares issued upon exercise of Convertible Debt	6	504,215	2,704
June 1, 2024	Shares issued upon settlement of deferred consideration for Spin acquisition	5	369,516	2,139
June 2, 2024	Shares issued upon settlement of deferred consideration for Wild Streak acquisition	4	393,111	3,491
April 1, 2024 to September 9, 2024	Issuance of share capital upon exercise of FSOs	9	120,807	517
May 1, 2024 to September 18, 2024	Issuance of share capital upon exercise of DSU	9	198,481	1,041
May 1, 2024 to May 14,2024	Issuance of share capital upon exercise of RSU	9	418,000	1,799
September 30, 2024	Balance		25,007,682	131,706


		Warrants
		issued as part of	Broker
Number of Warrants		convertible debt	warrants

January 1, 2023	Balance	979,048	16,886
September 30, 2023	Balance	979,048	16,886

January 1, 2024	Balance	979,048	—
September 30, 2024	Balance	979,048	—


	DSU	RSU	FSO
				Weighted
	Outstanding	Outstanding	Outstanding	Average
	DSU Units	RSU Units	FSO Options	Exercise
	(Number of	(Number of	(Number	Price / Share
	of shares)	of shares)	of shares)	CAD
Balance as at January 1, 2023	274,900	738,000	2,118,395	8.23
Granted	24,000	187,500	108,477	7.54
Exercised	(38,334)	(115,000)	(68,000)	5.45
Forfeited / Cancelled	—	—	(135,867)	10.10
Balance as at September 30, 2023	260,566	810,500	2,023,005	8.15

Balance as at January 1, 2024	225,154	498,000	1,777,438	8.43
Granted	—	—	165,000	6.69
Exercised	(198,481)	(418,000)	(120,807)	3.80
Expired	—	—	(50,000)	5.00
Forfeited / Cancelled	(7)	—	(125,363)	6.81
Balance as at September 30, 2024	26,666	80,000	1,646,268	8.61


	Outstanding			Exercisable
		Weighted	Weighted		Weighted
		Average	Average		Average
	Options	Remaining	Exercise	Options	Exercise
Range of exercise	(Number	Contractual	Price / Share	(Number	Price / Share
prices (CAD)	of shares)	Life (Years)	CAD	of shares)	CAD
2.30 - 5.00	83,700	1	2.30	83,700	2.30
5.01 - 8.62	1,131,081	4	7.72	909,354	7.80
8.63 - 33.30	431,487	6	12.17	425,533	12.19
	1,646,268	4	8.61	1,418,587	8.80


		Nine Months Ended September 30,
	Note	2024	2023
Operating Activities
Net loss		(4,469)	(3,050)
Add:
Net interest expense and other financing charges	3	2,370	1,414
Depreciation and amortization	3	12,201	9,309
Share based compensation	3, 9	710	2,283
Loss on remeasurement of derivative liability	3, 6	94	261
Gain on settlement of convertible debt	3, 6	(169)	(435)
Loss on remeasurement of deferred consideration	3, 5, 11	329	387
Unrealized foreign exchange loss (gain)		40	(47)
Income tax expense (recovery)	24	(790)	1,290
		10,316	11,412
Change in working capital	22	(2,899)	(4,220)
Income tax paid		1,004	(998)
Cash Flows generated from Operating Activities		8,421	6,194

Investing Activities
Purchases of property and equipment		(677)	(259)
Additions of intangible assets	13	(8,183)	(6,358)
Cash Flows Used In Investing Activities		(8,860)	(6,617)

Financing Activities
Proceeds from exercise of stock options	9	316	264
Repayment of convertible debt	6	(1,377)	(2,329)
Repayment of lease liability	18	(512)	(240)
Proceeds from (repayment of) loans net of interest paid	19	6,332	(110)
Interest and financing fees	22	(703)	17
Cash Flows Generated from (Used In) Financing Activities		4,056	(2,398)

Effect of foreign currency exchange rate changes on cash and cash equivalents		(844)	(590)
Change in Cash and Cash Equivalents		2,773	(3,411)
Cash and cash equivalents at beginning of period		8,796	11,287
Cash and Cash Equivalents at end of period		11,569	7,876


		Three Months Ended September 30,		Nine Months Ended September 30,
	Note	2024	2023	2024	2023
Revenue	23	26,169	22,574	74,841	70,162
Cost of revenue		(12,167)	(10,718)	(36,558)	(32,260)
Gross Profit		14,002	11,856	38,283	37,902

Salaries and subcontractors		(5,230)	(5,644)	(15,470)	(17,360)
Share based compensation	9	(106)	(999)	(710)	(2,283)
Total employee costs		(5,336)	(6,643)	(16,180)	(19,643)
Depreciation and amortization		(4,330)	(3,346)	(12,201)	(9,309)
IT and hosting		(1,359)	(987)	(3,619)	(3,024)
Professional fees		(1,559)	(777)	(3,952)	(2,063)
Corporate costs		(135)	(131)	(411)	(407)
Sales and marketing		(708)	(639)	(1,800)	(1,520)
Bad debt recovery (expense)	15	(539)	245	(642)	333
Travel and entertainment		(238)	(111)	(670)	(503)
Transaction and acquisition costs		(72)	32	(72)	-
Other operational costs		(553)	(690)	(1,371)	(1,899)
Selling, General and Administrative Expenses		(14,829)	(13,047)	(40,918)	(38,035)

Gain (Loss) on remeasurement of derivative liability	6	46	(82)	(94)	(261)
Gain on settlement of convertible debt	6	104	231	169	435
Gain (Loss) on remeasurement of deferred consideration	5, 11	271	(1,095)	(329)	(387)
Operating Loss		(406)	(2,137)	(2,889)	(346)

Accretion on liabilities	6, 11	(557)	(469)	(1,667)	(1,431)
Foreign exchange gain (loss)		51	74	7	205
Interest and financing fees		(342)	(55)	(710)	(188)
Net Interest Expense and Other Financing Charges		(848)	(450)	(2,370)	(1,414)
Loss Before Income Taxes		(1,254)	(2,587)	(5,259)	(1,760)



Expected dividend yield (%)		0.0
Expected share price volatility (%)		64.3
Risk-free interest rate (%)		4.3
Expected life of options (years)		5.0
Share price (CAD)		7.93
Forfeiture rate (%)		0.0



Expected dividend yield (%)		0.0
Expected share price volatility (%)		64.3-64.5
Risk-free interest rate (%)		2.91-4.36
Expected life of options (years)		5.0
Share price (CAD)		7.55-7.56
Forfeiture rate (%)		0.0


As at January 1, 2023		31,662
Effect of Movement in exchange rates		259
As at December 31, 2023		31,921

Effect of movements in exchange rates		(157)
As at September 30, 2024		31,764


Balance as at January 1, 2023		3,297
Accretion expense		403
Shares issued as deferred consideration		(1,104)
Loss on remeasurement of deferred consideration		440
Effect of movement in exchange rates		(97)
Balance as at December 31, 2023		2,939

Accretion expense		369
Loss on remeasurement of deferred consideration		329
Shares issued as deferred consideration		(2,139)
Effect of movement in exchange rates		51
Balance as at September 30, 2024		1,549



		Right of use
		Properties
Cost
Balance as at December 31, 2022		1,311
Additions		3,389
Modifications		(256)
Disposal		(74)
Effect of movement in exchange rates		65
Balance as at December 31, 2023		4,434
Additions		161
Modification		(7)
Effect of movement in exchange rates		(15)
Balance as at September 30, 2024		4,573

Accumulated Depreciation
Balance as at December 31, 2022		735
Depreciation		579
Disposal		(74)
Effect of movement in exchange rates		(39)
Balance as at December 31, 2023		1,201
Depreciation		602
Effect of movement in exchange rates		(10)
Balance as at September 30, 2024		1,793

Carrying Amount
Balance as at December 31, 2023		3,233
Balance as at September 30, 2024		2,781


		Deferred
	Intellectual	Development	Customer
	Property	Costs	Relationships	Brands	Other	Total
Cost
Balance as at December 31, 2022	17,722	12,881	25,473	2,177	309	58,562
Additions	649	8,742	—	—	—	9,391
Effect of movement in exchange rates	(275)	(28)	(715)	(29)	(10)	(1,057)
Balance as at December 31, 2023	18,096	21,595	24,758	2,148	299	66,896
Additions	373	7,810	—	—	—	8,183
Effect of movement in exchange rates	(80)	(30)	(259)	(10)	(32)	(411)
Balance as at September 30, 2024	18,389	29,375	24,499	2,138	267	74,668

Accumulated Amortization
Balance as at December 31, 2022	6,111	5,568	4,350	779	49	16,857
Amortization	2,484	5,667	3,238	663	95	12,147
Effect of movement in exchange rates	(150)	35	(136)	(12)	22	(241)
Balance as at December 31, 2023	8,445	11,270	7,452	1,430	166	28,763
Amortization	2,001	6,397	2,421	496	28	11,343
Effect of movement in exchange rates	3	(105)	(124)	(13)	32	(207)
Balance as at September 30, 2024	10,449	17,562	9,749	1,913	226	39,899

Carrying Amount
Balance as at December 31, 2023	9,651	10,325	17,306	718	133	38,133
Balance as at September 30, 2024	7,940	11,813	14,750	225	41	34,769


Balance as at December 31, 2022				2,435
Net reduction in provision for doubtful debts				(376)
Balance as at December 31, 2023				2,059
Net additional provision for doubtful debts				642
Balance as at September 30, 2024				2,701


	September 30, 2024
	Present value	Total
	of the minimum	minimum
	lease payments	lease payments
Within 1 year	722	754
After 1 year but within 2 years	668	738
After 2 years but within 5 years	1,444	1,718
After 5 years	81	104
	2,915	3,314
Less: Total future interest expenses		(399)
		2,915


	Nine Months Ended September 30,
	2024	2023
Balance as at beginning of the period	—	—
Promissory note issued	6,532	—
Interest on promissory note	387	—
Repayment of interest of promissory note	(200)	—
Repayment of promissory note	—	—
Effect of foreign currency exchange rate	(224)	—
Balance as at end of period	6,495	—


Consolidated statements of changes in equity	Nine Months Ended	Nine Months Ended
	September 30,	September 30,
	2024	2023
Shares issued as deferred consideration to Wild Streak Vendors
Shares to be issued	(3,491)	(3,491)
Share capital	3,491	3,491
Shares issued as consideration to Spin Vendors
Share capital	2,139	1,104
Net movement in equity	2,139	1,104


	Financial assets as subsequently
	measured at amortized cost
	September 30,	December 31,
	2024	2023
Trade receivables	17,928	18,641


	Financial liabilities as subsequently
	measured at amortized cost
	September 30,	December 31,
	2024	2023
Trade payables	5,380	7,504
Accrued liabilities	13,964	13,983
Convertible debt	-	2,445
Lease obligations on right of use assets	2,915	3,277
Other liabilities	339	347
Loans payable	6,495	—
	29,093	27,556


	September 30, 2024				December 31, 2023
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial assets
Fair value through profit and loss:
Cash and cash equivalents	11,569	—	—	11,569	8,796	—	—	8,796

Financial liabilities
Fair value through profit and loss:
Derivative liability	—	-	—	-	—	471	—	471
Deferred consideration	—	1,549	—	1,549	—	2,939	—	2,939
Other liabilities	—	—	269	269	—	—	269	269

Fair value through other comprehensive income:
Other liabilities	—	—	104	104	—	—	104	104


	2024	2025	2026	2027	Thereafter	Total
Trade payables and other liabilities	19,683	—	—	—	—	19,683
Lease obligations on right of use assets	187	771	750	772	834	3,314
Loans payable	219	6,970	—	—	—	7,189
Other non-current liabilities	1	3	3	7	778	792
	20,090	7,744	753	779	1,612	30,978


		Aging (months)
	Note	<1	1 - 3	>3	Total
Gross trade receivable	15	15,972	1,673	2,984	20,629
Expected loss rate		2.56%	7.39%	72.64%	13.09%
Expected loss provision	15	409	124	2,168	2,701


	Nine Months Ended September 30,
Cash flows arising from movement in:	2024	2023
Trade and other receivables	195	(1,198)
Prepaid expenses and other assets	(1,088)	(805)
Deferred revenue	—	(182)
Trade payables and other liabilities	(2,006)	(2,035)
Changes in working capital	(2,899)	(4,220)


	Nine Months Ended September 30, 2024
	Cash	Non-cash	Total
Interest and financing fees	(626)	—	(626)
Foreign exchange gain (loss)	7	—	7
Lease interest expense	(84)	—	(84)
Accretion expense on deferred consideration	—	(369)	(369)
Accretion expense on convertible debt	—	(1,298)	(1,298)
	(703)	(1,667)	(2,370)


	Nine Months Ended September 30, 2023
	Cash	Non-cash	Total
Interest and financing fees	(158)	—	(158)
Foreign exchange gain (loss)	205	—	205
Lease interest expense	(30)	—	(30)
Accretion expense on deferred consideration	—	(309)	(309)
Accretion expense on convertible debt	—	(1,122)	(1,122)
	17	(1,431)	(1,414)


1.	MANAGEMENT DISCUSSION & ANALYSIS	2
2.	CAUTION REGARDING FORWARD-LOOKING STATEMENTS	3
3.	LIMITATIONS OF KEY METRICS AND OTHER DATA	3
4.	OVERVIEW OF 3Q24	4
5.	FINANCIAL RESULTS	11
5.1	Basis of financial discussion		11
5.2	Selected interim information		11
5.3	Other financial information		11
5.4	Selected financial information		13
5.5	Summary of quarterly results		14
5.6	Liquidity and capital resources		14
5.7	Cash flow summary		15
6	TRANSACTIONS BETWEEN RELATED PARTIES	16
7	DISCLOSURE OF OUTSTANDING SHARE DATA	18
8	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	18
9	CHANGES IN ACCOUNTING POLICY	20
10	MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING	20
11	RISK FACTORS AND UNCERTAINTIES	21
12	ADDITIONAL INFORMATION	28


	Three Months Ended	Three Months Ended	Nine Months Ended	Nine Months Ended
	September 30,	September 30,	September 30,	September 30,
EUR 000	2024	2023	2024	2023
Revenue	26,169	22,574	74,841	70,162
Net Loss	(165)	(2,951)	(4,469)	(3,050)
EBITDA	3,924	1,209	9,312	8,963
Adjusted EBITDA	4,083	3,814	11,109	12,450

Basic Loss Per Share	(0.01)	(0.13)	(0.19)	(0.14)
Diluted Loss Per Share	(0.01)	(0.13)	(0.19)	(0.14)


	2022	2023				2024
EUR 000	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24
Revenue	23,681	22,859	24,729	22,574	23,357	23,811	24,861	26,169
Operating income (loss)	162	520	1,271	(2,137)	(431)	(1,268)	(1,215)	(406)
EBITDA	2,682	3,229	4,525	1,209	3,327	2,609	2,779	3,924
Adjusted EBITDA	3,650	3,894	4,742	3,814	2,786	3,411	3,615	4,083
Income (Loss) per share - Basic	(0.04)	(0.02)	0.02	(0.13)	(0.03)	(0.08)	(0.10)	(0.01)
Income (Loss) per share - Diluted	(0.04)	(0.02)	0.02	(0.13)	(0.03)	(0.08)	(0.10)	(0.01)


	September 30,	November 14,
	2024	2024
Common Shares	25,007,682	25,008,032
Warrants	979,048	979,048
Fixed Stock Options	1,646,268	1,645,918
Restricted Share Units	80,000	80,000
Deferred Share Units	26,666	26,666
	27,739,664	27,739,664