35680667 2022-01-01 2022-12-31 35680667 2022-01-01 2022-12-31 auditor_1 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_2 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_3 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_2 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_3 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_4 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_5 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_6 35680667 2022-01-01 2022-12-31 memberOfBoardIdentifier_7 35680667 2021-01-01 2021-12-31 35680667 2022-01-01 2022-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 35680667 2021-01-01 2021-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 35680667 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 35680667 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 35680667 2022-12-31 35680667 2021-12-31 35680667 2021-12-31 fsa:ContributedCapitalMember 35680667 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 35680667 2021-12-31 fsa:RetainedEarningsMember 35680667 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 35680667 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 35680667 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 35680667 2022-12-31 fsa:ContributedCapitalMember 35680667 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 35680667 2022-12-31 fsa:RetainedEarningsMember 35680667 2021-12-31 fsa:CompletedDevelopmentProjectsMember 35680667 2021-12-31 fsa:AcquiredIntangibleAssetsMember 35680667 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35680667 2022-01-01 2022-12-31 fsa:CompletedDevelopmentProjectsMember 35680667 2022-01-01 2022-12-31 fsa:AcquiredIntangibleAssetsMember 35680667 2022-01-01 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35680667 2022-12-31 fsa:CompletedDevelopmentProjectsMember 35680667 2022-12-31 fsa:AcquiredIntangibleAssetsMember 35680667 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35680667 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35680667 2021-12-31 fsa:LeaseholdImprovementsMember 35680667 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35680667 2022-01-01 2022-12-31 fsa:LeaseholdImprovementsMember 35680667 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35680667 2022-12-31 fsa:LeaseholdImprovementsMember 35680667 2022-12-31 fsa:LongtermDebtToBanksMember 35680667 2021-12-31 fsa:LongtermDebtToBanksMember 35680667 2022-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 35680667 2021-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 35680667 2022-12-31 fsa:OtherLongtermPayablesMember 35680667 2021-12-31 fsa:OtherLongtermPayablesMember iso4217:DKK pure Årsrapport 2022-01-01 2021-01-01 2022-12-31 2021-12-31 2023-04-28 35680667 2023-04-28 2014-03-06 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2023-04-28 KPMG 25578198 Mikkel Lucas Overby The Board of Directors and the Executive Board have today discussed and approved the annual report for ROKOKO ELECTRONICS APS for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Jakob Balslev Matias Søndergaard Mikkel Lucas Overby Jess Ørgaard Libak Tropp Chairman Jakob Balslev Jesper Lilledal Holmgaard Alexandar Korsgaard Bruun Brett Arthur Bibby Stefano Koenig Corazza Silas Kondrup Petersen Independent auditor's report To the shareholders of ROKOKO ELECTRONICS APS Opinion We have audited the financial statements of ROKOKO ELECTRONICS APS for the financial year 1 January - 31 December 2022, comprising income statement, balance sheet and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Simon Vinberg Andersen mne35458 ROKOKO ELECTRONICS APS Sankt Gertruds Stræde 10 DK-1129 København K København Principal activities The Company's activities include development and sales of products and services within motion capture and motion streaming as well as other related activities. Events after the balance sheet dateThe Company have entered into convertible loan agreements in January 2023. No other events have occurred after the balance sheet date of material importance to the annual report for 2022. Development in activities and financial position The Company's income statement for 2022 shows a profit of DKK 4,437,495 as against a loss of DKK 15,025,996 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 57,127,693 as against DKK 30,904,747 at 31 December 2021. 32523660 5113529 26005520 17498157 3200676 2901155 3317464 -15285783 1832449 28949 829390 1537570 4320523 -16794404 -116972 -1768408 4437495 -15025996 10524584 4990724 -6087089 -20016720 15489929 14895671 3340 20204 21935132 9036334 37428401 23952209 421257 669274 46156 62389 467413 731663 10058633 0 646122 644302 10704755 644302 48600569 25328174 30289899 6679207 0 2735926 30289899 9415133 30455 1065366 2315988 10201242 0 1850910 209728 877047 442180 9621642 2998351 23616207 2689936 17542933 35978186 50574273 84578755 75902447 131537 126556 29191548 18666964 27804608 12111227 57127693 30904747 12135151 11991540 736369 736396 12871520 12727936 304960 0 2950285 22510210 5642092 5559208 1087745 1932776 4594460 2267570 14579542 32269764 84578755 75902447 126556 18666964 12111227 4981 21780470 0 10524584 -6087089 131537 29191548 27804608 The annual report of ROKOKO ELECTRONICS APS for 2022 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. However, reclassifications in comparative figures for 2021 between 'Staff cost' and 'other external costs' have been done. Omission of consolidated financial statementsPursuant to section 110(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Upon recognition of foreign subsidiaries and associates that are independent entities, the income statements are translated into Danish kroner at average exchange rates for the month, and balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of the total investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments taken out for the purpose of hedging investments in foreign subsidiaries are recognised directly in equity. Upon recognition of foreign subsidiaries that are integrated entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates at the date of acquisition or the date of subsequent revaluations of the asset. Income statement items are translated at the exchange rates at the transaction date, whereas items derived from non-monetary items are translated at historical exchange rates for the non-monetary item. Revenue Income from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Revenue from the sale of services is recognised on a straight-line basis in the income statement as the services are provided. Services based on time spent are recognised in revnue as the work is performed. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments in subsidiaries measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividend exceeds profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary. Tax on loss for the year Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Intangible assets Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period, however, not exceeding 7 years. Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Completed development projects are amortised over 10 years. Property, plant and equipmentFixtures and fittings, tools and equipment and Leasehold improvements are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment3 yearsLeasehold improve­ments3-5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Investments Equity investments in group entities are measured at cost. If cost exceeds the net realisable value, whitedown is made to this lower value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. Deferred income Deferred income comprises payments received regarding income in subsequent years. 24393440 16433372 1202612 761257 409468 303528 46 37 Current tax for the year0-1,967,608Deferred tax adjustment for the year0116,699Adjustment of tax concerning previous years-116,97282,501-116,972 -1,768,408 25453097 89987 9036334 0 0 16333930 3435132 0 -3435132 28888229 89987 21935132 -10557426 -69783 0 -2840874 -16864 0 -13398300 -86647 0 15489929 3340 21935132 Completed development projectsCompleted development projects relate to development and test of Smartsuit Pro, Smartsuit Pro II and Smartgloves. The project was completed in 2017 and is amortised over 10 years.Development projects in progressDevelopment projects in progress comprise, Smartsuit Pro II Glove-Ready, Rokoko Studio, Coil Pro and Rokoko Care. The projects are expected to be completed in 2023-2024 whereafter considerable economic benefits are expected. 1666071 780383 78688 0 1744759 780383 -996797 -717994 -326705 -16233 -1323502 -734227 421257 46156 304960 0 12135151 11991540 1087745 1932776 736369 736396 14264225 14660712 12871520 12727936 1392705 1932776 Contingent liabilitiesThe Company has made pledged of DKK 97 thousand to Danske Bank.Operating lease obligations Remaining operating lease obligations at the balance sheet date fall due at DKK 1,461 thousand within 2 years (2021: DKK 2,360 thousand). The Company’s has made collateral (virksomhedspant), for an amount of DKK 9.5 million towards Vækstfonden as of 31 December 2022 (2021: DKK 5 million).