iso4217:DKK262602992020-01-012020-12-31262602992020-01-012020-12-311262602992020-01-012020-12-311262602992020-01-012020-12-312262602992020-01-012020-12-31262602992019-01-012019-12-31262602992020-01-012020-12-31fsa:RetainedEarningsMember262602992019-01-012019-12-31fsa:RetainedEarningsMember262602992020-01-012020-12-31fsa:RetainedEarningsMember262602992020-12-31262602992019-12-31262602992020-01-01fsa:ContributedCapitalMember262602992020-01-01fsa:RetainedEarningsMember262602992020-01-01262602992020-12-31fsa:ContributedCapitalMember262602992020-12-31fsa:RetainedEarningsMembertrue2019-01-012019-12-3133963556København C09006Weidekampsgade, Postboks 1600Deloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn K1058Regnskabsklasse BRevisionspåtegning2020-12-312020-01-01 27HavnegadeSYNTONETIC ApS26260299339635560900 København CWeidekampsgade 6, Postboks 1600Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board have today considered and approved the annual report of SYNTONETIC ApS for the financial year 01.01.2020 - 31.12.2020.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Copenhagen2021-07-15Peter Berg SteffensenMickey LunddirektørTo the shareholder of SYNTONETIC ApSWe have audited the financial statements of SYNTONETIC ApS for the financial year 01.01.2020 - 31.12.2020, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 Entity’s financial position at 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management 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 as 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about 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 applicable in Denmark will always detect a material misstatement when it exists. Misstatements can 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 users taken 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 also: Identify and assess the risks of material misstatement of the 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 Entity’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 Entity’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 Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.Copenhagen2021-07-15Kim Takata Mückemne10944State Authorised Public AccountantPrimary activitiesThe Entity's primary activity is to own patents.Description of material changes in activities and financesThe financial result of the Entity's fiscal year is a profit of DKK 0 thousands. The result is in line with expectations. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.68000216323274001535940600200964388682163231732-15359160312425129-27784129-277841291774532163221774532163221774532163222843242163232843242163233111914284635218237462088434559203084203084-56726-56855146358146229203084-56855146229203084-5672626093126093154799273993157302883303157302883304620884345591 Other external expensesThe Entity does not have any employees. 2 Other financial expenses2020 DKK2019 DKKFinancial expenses from group enterprises012,425Other financial expenses1,60301,60312,425 2020 DKK2019 DKKFinancial expenses from group enterprises012,425Other financial expenses1,60301,60312,425Acquired intangible assets DKKCost beginning of year777,350Cost end of year777,350Amortisation and impairment losses beginning of year(561,028)Amortisation for the year(38,869)Amortisation and impairment losses end of year(599,897)Carrying amount end of year177,4534 Contingent liabilitiesThe Entity participates in a joint taxation arrangement in which Songco ApS as of 1 January 2018 serves as the administration company (Moodagent A/S until 31 December 2017). According to the joint taxation provisions of the Danish Corporation Tax Act, the entity is therefore liable for income taxes etc. for the jointly taxed entities, and obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. 5 Assets charged and collateralFor all balances between the bank and the parent company, Moodagent A/S, the Entity has pledged acquired intangible assets as security with an amount up to DKK 2,000 thousand. At 31 December 2020 acquired intangible assets had a carrying amount of DKK 177k (2019: DKK 216k). This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRevenueLicense income from use of patents is recognised in the income statement, when the license is transferred to the customer and is ready to use by the customer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration. Other external expensesOther external expenses include expenses relating to the Entity's ordinary activities.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amor-tisation and impairment losses for the financial year, as well as gains and losses from the sale of intangible assets.Other financial expensesOther financial expenses comprise interest expenses and exchange losses on transactions in foreign curren- cies. Intellectual property rights etcIIntellectual property rights etc comprise patentsIntellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over 20 years equal to the patent period. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2021-07-15Mickey Lund