UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December
Commission File Number:
(Exact name of registrant as specified in its charter)
16th Floor, Al-Khatem Tower, WeWork Hub71
Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
Exhibit | Description | |
99.1 | Condensed Consolidated Unaudited Interim Financial Statements as of and for the six-month periods ended June 30, 2023 and 2022. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: December 26, 2023 | ANGHAMI INC. | |
By: | /s/ Edgard Maroun | |
Name: | Edgard Maroun | |
Title: | Chief Executive Officer |
2
Exhibit 99.1
ANGHAMI INC.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023 and 2022
ANGHAMI INC.
Condensed interim consolidated statement of comprehensive income
For the six-month period ended June 30 | ||||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Note | 2023 | 2022 | ||||||||||
USD | USD | |||||||||||
Revenue | 4 | |||||||||||
Cost of revenue | ( | ) | ( | ) | ||||||||
Gross profit | ||||||||||||
Selling and marketing expenses | ( | ) | ( | ) | ||||||||
General and administrative expenses | 6 | ( | ) | ( | ) | |||||||
Consultancy and professional fees | ( | ) | ( | ) | ||||||||
Government grants | ||||||||||||
Operating loss | ( | ) | ( | ) | ||||||||
Finance costs | ( | ) | ( | ) | ||||||||
Finance income | ||||||||||||
Other income | ||||||||||||
Share of loss of a joint venture | ( | ) | ( | ) | ||||||||
Fair value change of warrant liabilities | 17 | ( | ) | |||||||||
Recapitalization expense | ( | ) | ||||||||||
Foreign exchange loss, net | ( | ) | ( | ) | ||||||||
Loss before tax | ( | ) | ( | ) | ||||||||
Income tax expense | ( | ) | ( | ) | ||||||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | ( | ) | ( | ) | ||||||||
Attributable to: | ||||||||||||
Equity holders of the Parent | ( | ) | ( | ) | ||||||||
Non-controlling interests | ( | ) | ( | ) | ||||||||
( | ) | ( | ) | |||||||||
19 | ( | ) | ( | ) |
The attached notes 1 to 21 form part of these condensed interim consolidated financial statements.
1
ANGHAMI INC.
Condensed interim consolidated statement of financial position
(Unaudited) | (Audited) | |||||||||||
Note | June 30, 2023 | December 31, 2022 | ||||||||||
USD | USD | |||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property and equipment | 8 | |||||||||||
Intangible assets | 9 | |||||||||||
Goodwill | 14 | |||||||||||
Investment in a joint venture | ||||||||||||
Right-of-use assets | ||||||||||||
Deferred tax assets | ||||||||||||
Current assets | ||||||||||||
Trade and other receivables | 10 | |||||||||||
Government grants | 7 | |||||||||||
Contract assets | ||||||||||||
Amount due from related parties | 16 | |||||||||||
Cash and bank balances | 11 | |||||||||||
TOTAL ASSETS | ||||||||||||
EQUITY AND LIABILITIES | ||||||||||||
Equity | ||||||||||||
Share capital | 12 | |||||||||||
Share premium | 12 | |||||||||||
Share-based payment reserves | 13 | |||||||||||
Accumulated losses | ( | ) | ( | ) | ||||||||
Deficit attributed to equity holders of the Parent | ( | ) | ( | ) | ||||||||
Non-controlling interests | ( | ) | ( | ) | ||||||||
Total Deficit | ( | ) | ( | ) | ||||||||
Non-current liabilities | ||||||||||||
Trade and other payables | 15 | |||||||||||
Provision for employees’ end-of-service benefits | ||||||||||||
Lease liabilities | ||||||||||||
Government grants | 7 | |||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 15 | |||||||||||
Government grants | 7 | |||||||||||
Contract liabilities | ||||||||||||
Amount due to related parties | 16 | |||||||||||
Warrant liabilities | 17 | |||||||||||
Income tax payable | ||||||||||||
Bank overdrafts | 11 | |||||||||||
Lease liabilities | ||||||||||||
Total liabilities | ||||||||||||
TOTAL DEFICIT AND LIABILITIES |
The attached notes 1 to 21 form part of these condensed interim consolidated financial statements.
2
ANGHAMI INC.
Condensed interim consolidated statement of changes in equity
Share capital | Share premium | Share- based payment reserves | Other reserves | Accumulated losses | Deficit attributable to the equity holders of the Parent | Non- controlling interest | Total deficit | |||||||||||||||||||||||||
USD | USD | USD | USD | USD | USD | USD | USD | |||||||||||||||||||||||||
At January 1, 2022 (Audited) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Share-based payments (note 13) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Issuance of Shares upon reverse recapitalization, net of issuance costs | ||||||||||||||||||||||||||||||||
Share based payment for service providers | ||||||||||||||||||||||||||||||||
Loans converted to equity | ||||||||||||||||||||||||||||||||
Issuance of common shares upon exercise of warrants | ||||||||||||||||||||||||||||||||
Movement in other reserves | ( | ) | - | |||||||||||||||||||||||||||||
Total comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
At June 30, 2022 (Unaudited) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
At January 1, 2023 (Audited) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Share-based payments (note 13) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Total comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
At June 30, 2023 (Unaudited) | ( | ) | ( | ) | ( | ) | ( | ) |
The attached notes 1 to 21 form part of these condensed interim consolidated financial statements.
3
ANGHAMI INC.
Condensed interim consolidated statement of cash flows
For the six-month period ended June 30 | ||||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Note | 2023 | 2022 | ||||||||||
USD | USD | |||||||||||
OPERATING ACTIVITIES | ||||||||||||
Loss for the period | ( | ) | ( | ) | ||||||||
Adjustments for: | ||||||||||||
Depreciation of property and equipment | 8 | |||||||||||
Depreciation of right-of-use assets | ||||||||||||
Amortization of intangible assets | 9 | |||||||||||
Gain from the termination of contract | 9 | ( | ) | |||||||||
Finance costs | ||||||||||||
Finance income | ( | ) | ( | ) | ||||||||
Provision for employees’ end of service benefits | ||||||||||||
Revaluation of warrant liability | 17 | ( | ) | |||||||||
Recapitalization expense | ||||||||||||
(Reversal)/Provision for share-based payments | 13 | ( | ) | |||||||||
Reversal of accruals no longer required | 13 | ( | ) | |||||||||
(Reversal)/Allowance for estimated credit loss | ||||||||||||
Share of loss of a joint venture | ||||||||||||
Taxes | ||||||||||||
Government grants revenue | 7 | ( | ) | ( | ) | |||||||
( | ) | ( | ) | |||||||||
Working capital changes: | ||||||||||||
Trade and other receivables | ( | ) | ||||||||||
Amount due from related parties | ( | ) | ||||||||||
Contract assets | ( | ) | ||||||||||
Trade and other payables | ||||||||||||
Contract liabilities | ( | ) | ||||||||||
Amount due to related parties | ( | ) | ||||||||||
Cash flow from used in operations | ( | ) | ||||||||||
Income tax paid | ( | ) | ( | ) | ||||||||
End of service benefits paid | ( | ) | ( | ) | ||||||||
Net cash flows used in operating activities | ( | ) | ( | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||
Purchase of property and equipment | ( | ) | ( | ) | ||||||||
Additions of intangible assets | 9 | ( | ) | ( | ) | |||||||
Investment in a joint venture | ( | ) | ||||||||||
Payment for acquisition of subsidiary | ( | ) | ||||||||||
Net cash flows used in investing activities | ( | ) | ( | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||
Payments of lease liabilities | ( | ) | ( | ) | ||||||||
Repayment of loans and borrowings | ( | ) | ||||||||||
Receipt of government grants | 7 | |||||||||||
Proceeds from reverse recapitalization | ||||||||||||
Proceeds from PIPE Financing | ||||||||||||
Reverse recapitalization transaction costs | ( | ) | ||||||||||
Finance costs paid | ( | ) | ( | ) | ||||||||
Finance income received | ||||||||||||
Net cash flows from financing activities | ||||||||||||
(DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS | ( | ) | ||||||||||
Cash and cash equivalents at January 1 | ||||||||||||
CASH AND CASH EQUIVALENTS AT PERIOD END | 11 | |||||||||||
Supplementary cash flow information on non-cash investing and financing activities | ||||||||||||
Transaction cost settle net of proceeds | ||||||||||||
Termination of outstanding payable in relation to written-off intangible assets |
The attached notes 1 to 21 form part of these condensed interim consolidated financial statements.
4
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
1 CORPORATE INFORMATION
Anghami Inc. (the “Group” or the “Parent”), was incorporated as a Cayman Islands exempted Group on March 1, 2021 with its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The mailing address of our principal executive office is 16th Floor, Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
The principal activity of the group is digital entertainment and online streaming including music, podcasts, music videos, and live events. The Group has a freemium business model whereby premium (paying) users get unlimited access to online streaming content, ads free streaming experience, and unlimited downloads. The ad-supported users do not pay subscription fees and are provided with limited access to on-demand online streaming content without the ability to download content. The Group secures its content via licenses with labels and independent artists to provide its service.
2 GOING CONCERN
For the period ended June 30, 2023 and 2022
the Group incurred a loss of USD
Based on management’s forecasts, the day-to-day operations and expenditure requirements are anticipated to be funded primarily by both cash generated through the ongoing operations and ability to access additional funding.
The condensed interim consolidated financial statements have been prepared assuming that the Group will continue as a going concern which is contingent upon the Group’s ability to access additional funding. Accordingly, the condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Group is unable to continue as a going concern.
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
3.1 Basis of preparation
These condensed interim consolidated financial statements are for the six-month periods ended June 30, 2023 and 2022 and are presented in United States Dollars (“USD”), which is the functional currency of the Group. They have been prepared in accordance with IAS 34‘Interim Financial Reporting’.
These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
5
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.2 Basis of consolidation
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as the parent Group, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
Ø | Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), |
Ø | Exposure, or rights, to variable returns from its involvement with the investee, and |
Ø | The ability to use its power over the investee to affect its returns. |
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
Ø | The contractual arrangement with the other vote holders of the investee |
Ø | Rights arising from other contractual arrangements |
Ø | The Group’s voting rights and potential voting rights |
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the condensed interim consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.
Subsidiaries | % of legal ownership June 30, 2023 |
% of legal ownership December 31, 2022 |
Country of Incorporation |
Principal business activities | ||||||
Anghami Cayman | % | % | ||||||||
Anghami Technologies Ltd | % | % | ||||||||
Spotlight Recreational Services LLC | % | % | ||||||||
Anghami FZ LLC | % | % | ||||||||
Digimusic SAL Offshore | % | % | ||||||||
Anghami KSA | % | % | ||||||||
Anghami for Digital Content | % | % |
The carrying amount of the Group’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation.
6
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.2 New and amended standards and interpretations
A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.
3.3 Accounting policies
The accounting policies used for the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2022.
3.4 Critical accounting judgements, estimates and assumptions
When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 and 2022, including the key sources of estimation uncertainty, were the same as those applied in the Group’s annual consolidated financial statements for the year ended December 31, 2022.
4 REVENUE
For the
six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Revenue from subscriptions | ||||||||
Revenue from advertisement (1) | ||||||||
Revenue from live events | ||||||||
Goods and services transferred at a point in time | ||||||||
Goods and services transferred over time | ||||||||
(1) |
7
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
5 SEGMENT INFORMATION
The Group has three reportable segments: Revenue from subscriptions, Revenue from advertisement, and Revenue from live events. Segments were identified based on the Group’s internal reporting and how the chief operating decision maker (“CODM”) assesses the performance of the business. The Premium service is a paid service in which customers can listen on demand and offline. Revenue for the Premium segment is generated through subscription fees. The Ad-Supported service is free to the user. Revenue for the Ad-Supported segment is primarily generated through the sale of advertising across the Group's content. Revenues from live events are generated from the sale of tickets, food and beverage & sponsorships. Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed with the rights holders. The remaining cost of revenue items that are not specifically associated to either of the segments are allocated based on user activity in each segment. No operating segments have been aggregated to form the reportable segments.
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Revenue from subscription segment | ||||||||
Revenue | ||||||||
Cost of revenue | ( | ) | ( | ) | ||||
Gross profit | ( | ) | ||||||
Revenue from advertisement segment | ||||||||
Revenue | ||||||||
Cost of revenue | ( | ) | ( | ) | ||||
Gross profit | ||||||||
Revenue from live events segment | ||||||||
Revenue | ||||||||
Cost of revenue | ( | ) | ( | ) | ||||
Gross profit | ( | ) | ( | ) | ||||
Consolidated | ||||||||
Revenue | ||||||||
Cost of revenue | ( | ) | ( | ) | ||||
Gross profit |
8
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
5 SEGMENT INFORMATION (continued)
Reconciliation of gross profits
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Segment gross profit | ||||||||
Selling and marketing expenses | ( | ) | ( | ) | ||||
General and administrative expenses (note 6) | ( | ) | ( | ) | ||||
Consultancy and professional fees | ( | ) | ( | ) | ||||
Government grants | ||||||||
Finance costs | ( | ) | ( | ) | ||||
Finance income | ||||||||
Other income | ||||||||
Share of loss of a joint venture | ( | ) | ( | ) | ||||
Fair value change of warrant liabilities (note 17) | ( | ) | ||||||
Recapitalization expense | - | ( | ) | |||||
Foreign exchange loss, net | ( | ) | ( | ) | ||||
Loss before tax | ( | ) | ( | ) |
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Egypt | ||||||||
UAE | ||||||||
KSA | ||||||||
Lebanon | ||||||||
Jordan | ||||||||
Morocco | ||||||||
Others* | ||||||||
Premium revenue is attributed to a country based on where the membership originates. Ad-Supported revenue is attributed to a country based on where the advertising campaign is viewed. Live events revenue is attributed to a country based on where the events occurred.
* |
9
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
6 GENERAL AND ADMINISTRATIVE EXPENSES
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Salaries and other related benefits | ||||||||
Settlement fees* | ||||||||
Insurance expense | ||||||||
Provision for employees’ end of service benefit | ||||||||
Depreciation of property and equipment (note 8) | ||||||||
Rent and related charges | ||||||||
Travel expenses | ||||||||
Utilities | ||||||||
Depreciation of rights-of-use assets | ||||||||
License fees | ||||||||
Taxes | ||||||||
Write-off receivables | ||||||||
Amortization of intangible assets (note 9) | ||||||||
Provision for expected credit losses | ||||||||
Employees’ share-based compensation (note 13) | ||||||||
Other expenses | ||||||||
* |
(Unaudited) | ||||
June 30,
2023 | ||||
USD | ||||
Current | ||||
Non-current | ||||
7 GOVERNMENT GRANTS
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
At 1 January | ||||||||
Received during the year | ( | ) | ( | ) | ||||
Amount recognized in the statement of profit or loss | ||||||||
10
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
7 GOVERNMENT GRANTS (continued)
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
Current assets | ||||||||
Non-current liabilities | ( | ) | ( | ) | ||||
Current liabilities | ( | ) | ( | ) | ||||
As of June 30,
2023 and December 31, 2022 the Group had a Accrued Government grants of USD
8 PROPERTY AND EQUIPMENT
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
General installations | ||||||||
Office and computer equipment | ||||||||
Furniture & fixtures | ||||||||
Total expense arising from depreciation on property
and equipment recognised in the condensed interim consolidated statement of comprehensive income as part of general and administrative
expense for the six-month period ended June 30, 2023 was USD
11
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
9 INTANGIBLE ASSETS
Application development | Originals and Sessions | Other intangibles | Work in progress | Total | ||||||||||||||||
USD | USD | USD | USD | USD | ||||||||||||||||
2022 | ||||||||||||||||||||
Cost: | ||||||||||||||||||||
At January 1, 2022 | ||||||||||||||||||||
Additions | ||||||||||||||||||||
Additions – internally developed | ||||||||||||||||||||
Write-off | ( | ) | ( | ) | ||||||||||||||||
( | ) | ( | ) | |||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Amortization: | ||||||||||||||||||||
At January 1, 2022 | ||||||||||||||||||||
Charge for the year | ||||||||||||||||||||
Transfers | ( | ) | ||||||||||||||||||
Write-off | ( | ) | ( | ) | ||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||
Net carrying amount: | ||||||||||||||||||||
At December 31, 2022 (Audited) | ||||||||||||||||||||
2023 | ||||||||||||||||||||
Cost: | ||||||||||||||||||||
At January 1, 2023 | ||||||||||||||||||||
Additions | ||||||||||||||||||||
Additions – internally developed | ||||||||||||||||||||
Transfers | ( | ) | ||||||||||||||||||
Contract termination* | ( | ) | ( | ) | ||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||
Amortization: | ||||||||||||||||||||
At January 1, 2023 | ||||||||||||||||||||
Charge for the period | ||||||||||||||||||||
Contract termination * | ( | ) | ( | ) | ||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||
Net carrying amount: | ||||||||||||||||||||
At June 30, 2023 (Unaudited) |
Work in progress represents costs incurred in relation to internally produced originals and sessions which are not yet released as well as software being developed by a third party.
* |
Based on the new contract, a total amount of USD
12
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
9 INTANGIBLE ASSETS (continued)
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Selling and marketing expenses | ||||||||
Cost of revenue | ||||||||
General and administrative expenses (note 6) | ||||||||
10 TRADE AND OTHER RECEIVABLES
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
Trade receivables | ||||||||
Prepayments | ||||||||
Advances paid for content and service providers | ||||||||
Other receivables | ||||||||
Other financial assets | ||||||||
Allowance for estimated credit losses | ( | ) | ( | ) | ||||
Trade receivables are non-interest bearing and
are generally on terms of
An analysis of expected credit losses is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.
Neither past | Past due but not impaired | |||||||||||||||||||||||
Total | due nor impaired | 30-60 days | 60-90 days | 90-120 days | >120 days | |||||||||||||||||||
USD | USD | USD | USD | USD | USD | |||||||||||||||||||
June 30, 2023 (Unaudited) | ||||||||||||||||||||||||
December 31, 2022 (Audited) |
13
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
11 CASH AND BANK BALANCES
(Unaudited) | (Audited) | (Unaudited) | ||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||
USD | USD | USD | ||||||||||
Cash on hand | ||||||||||||
Bank balances | ||||||||||||
Less: bank overdrafts | ( | ) | ( | ) | ( | ) | ||||||
Cash and cash equivalents |
Bank overdrafts carry an interest rate between
12 ISSUED CAPITAL AND RESERVES
As of June 30, 2023 and December 31, 2022, the
Group has authorised
As of June 30, 2023 and December 31, 2022, the
Group has
13 SHARE-BASED PAYMENTS
At June 30, 2023, the employee share scheme reserve
balance is USD
USD
The Group has implemented a long term incentive
plan whereby the shares of Anghami have been converted into shares in Anghami Inc. the value of those share has dropped significantly
due to the share price drop of Anghami Inc. resulting in a reversal of the provisions taken in previous years amounting to USD
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
Shares options | Shares options | |||||||
Opening balance as of January 1, | ||||||||
Issued during the period/year (i) | ||||||||
Ending shares option |
(i) |
14
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
13 SHARE-BASED PAYMENTS (continued)
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
Expected weighted average volatility (%) | % | % |
14 GOODWILL
On 3 June 2022, the Group acquired
Management believes there are no material provisional assets and liabilities to be recorded at the date of the acquisition, further Management is of the opinion that there is no identifiable intangible assets at the date of acquisition, hence all the purchase consideration were recorded as goodwill in these condensed interim consolidated financial statements. The purchase consideration were as follows:
● | USD 250,000, to be paid in shares |
At June 30, 2023, the share payment mentioned above was still due for issuance.
The acquired business contributed a loss of USD
15 TRADE AND OTHER PAYABLES
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
Trade payables (content and service providers) | ||||||||
Accrued content acquisition and royalty costs | ||||||||
Social security and taxes payable | ||||||||
Withholding taxes payable | ||||||||
Other accrued expenses | ||||||||
Deferred purchase price (note 14) | ||||||||
Other payables | ||||||||
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
Current | ||||||||
Non-current | ||||||||
15
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
16 AMOUNT DUE FROM/TO RELATED PARTIES
Related parties represent associated companies, shareholders, directors and key management personnel of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group’s management.
16.1 Related party balances
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
(a) Affiliated companies: | ||||||||
Du – UAE | ||||||||
Mobily – KSA | ||||||||
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
(a) Due to shareholders | ||||||||
Edgard Maroun | ||||||||
Elias Habib | ||||||||
Maher Khawkhaji | ||||||||
(b) Due to a related party | ||||||||
MBC FZ LLC | ||||||||
The above balances are interest free and have no fixed repayment terms.
16.2 Related party transactions
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Interest on convertible loans | ( | ) | ||||||
Interest on working capital loans | ( | ) | ||||||
Revenues from Du and Mobily | ||||||||
Fees paid to Du and Mobily (cost of revenue) | ( | ) | ( | ) |
Du and Mobily utilize their network to facilitate subscription payments for the Group’s users.
16
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
16 AMOUNT DUE FROM/TO RELATED PARTIES (continued)
16.3
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Short term employee benefits | ||||||||
Post-employment pension and medical benefits | ||||||||
Termination benefits | ||||||||
Share-based payment transactions | ||||||||
Total compensation of key management personnel of the Group |
17 WARRANT LIABILITIES
The warrants are initially recognised at fair value, and in subsequent periods measured at fair value through profit or loss with any changes in fair value recognised in profit or loss until the warrants are exercised, redeemed, or expire. The public warrants are listed on NASDAQ under the symbol “ANGHW”.
As of June 30, 2023, and December 31, 2022, the
Group has outstanding
The fair value change of the warrant liabilities
recognized in the condensed interim consolidated statement of comprehensive income has an increase of USD
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
Volatility | % | % | ||||||
Risk-free rate | % | % |
18 CONTINGENCIES AND COMMITEMENTS
18.1 Contingencies
There exist a few pending legal actions, proceedings, and claims or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships. As a general matter, the music and other content made available on the Group’s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group’s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred. The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group’s operations or its financial position, liquidity, or results of operations.
17
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
18 CONTINGENCIES AND COMMITEMENTS (continued)
18.1 Contingencies (continued)
Based on management assessment, currently there are no material cases, claims or proceedings of such quantum which require provision or disclosure as contingent liabilities.
18.2 Commitments
(Unaudited) | (Audited) | |||||||
June 30, 2023 | December 31, 2022 | |||||||
USD | USD | |||||||
Less than one year | ||||||||
Later than one year but not more than 5 years |
In addition to the minimum guarantees listed above, the Group is subject to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud as at June 30, 2023.
19 LOSS PER SHARE
For the six-month period ended June 30 | ||||||||
(Unaudited) | (Unaudited) | |||||||
2023 | 2022 | |||||||
USD | USD | |||||||
Basic loss per share | ||||||||
Net loss attributable to the equity holders of the Parent | ( | ) | ( | ) | ||||
Shares used in computation: | ||||||||
Weighted-average shares outstanding | ||||||||
Basic net loss per share attributable to equity holders of the Parent | ( | ) | ( | ) | ||||
Diluted loss per share | ||||||||
Net loss attributable to the equity holders of the Parent | ( | ) | ( | ) | ||||
Shares used in computation: | ||||||||
Weighted-average shares outstanding | ||||||||
Diluted net loss per share attributable to equity holders of the Parent | ( | ) | ( | ) |
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these condensed interim consolidated financial statements.
As the Group was loss-making in all periods presented in these condensed interim consolidated financial statements, potentially dilutive instruments all have an anti-dilutive impact and therefore have been excluded in the calculation of diluted weighted average number of ordinary shares outstanding. These instruments include certain outstanding warrants and share options and could potentially dilute earnings per share in the future.
18
ANGHAMI INC.
Notes to the condensed interim consolidated financial statements
20 FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial instruments comprise financial assets and financial liabilities.
Financial assets consist of cash and cash equivalents, trade receivables, contract assets and amount due from related party. Financial liabilities consist of trade payables, lease liability, overdrafts, convertibles notes, working capital loans and amount due to related party.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: | quoted (unadjusted) prices in active markets for identical assets or liabilities. | |
Level 2: | other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. | |
Level 3: | techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. |
The Private Warrants were valued using Black Scholes Model and the Shared-Based Payments were valued using Montecarlo Simulation, which are both considered to be a Level 3 fair value measurement. The primary unobservable inputs utilized in determining the fair value of the derivatives warrant liabilities and Shared-Based Payments are the expected volatility of our ordinary shares and risk-free rate.
21 SUBSEQUENT EVENTS
On August 21, 2023, Anghami Inc. sold and issued to SRMG ventures (“SRMG”), the corporate venture capital arm of Saudi Research
and & Media group, (“SRMG”) a senior unsecured convertible note in the principal amount of USD
On October 10, 2023, Anghami Inc. issued in a private placement
On November 21, 2023, Anghami Inc. entered into a transaction with OrionPlus2 (“OSN”), an affiliate of Panther Media Group
Limited, pursuant to which among other things , 1) OSN agreed to subscribe for up to USD
19
Document And Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | Anghami Inc. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001871983 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-41263 |
Condensed Interim Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Profit or loss [abstract] | ||
Revenue | $ 18,903,711 | $ 21,038,725 |
Cost of revenue | (15,854,798) | (18,097,740) |
Gross profit | 3,048,913 | 2,940,985 |
Selling and marketing expenses | (4,673,130) | (6,667,198) |
General and administrative expenses | (9,090,300) | (10,739,304) |
Consultancy and professional fees | (530,275) | (1,341,978) |
Government grants | 1,431,490 | 2,123,055 |
Operating loss | (9,813,302) | (13,684,440) |
Finance costs | (139,255) | (479,148) |
Finance income | 5,234 | 721 |
Other income | 840,100 | 2,811,288 |
Share of loss of a joint venture | (126,844) | (127,209) |
Fair value change of warrant liabilities | (208,383) | 3,597,835 |
Recapitalization expense | (48,521,756) | |
Foreign exchange loss, net | (2,409,540) | (1,199,639) |
Loss before tax | (11,851,990) | (57,602,348) |
Income tax expense | (295,018) | (207,428) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (12,147,008) | (57,809,776) |
Attributable to: | ||
Equity holders of the Parent | (11,954,113) | (57,690,759) |
Non-controlling interests | (192,895) | (119,017) |
Attributable to Total | $ (12,147,008) | $ (57,809,776) |
Basic loss per share attributable to equity holders of the Parent (in Dollars per share) | $ (0.46) | $ (2.37) |
Condensed Interim Consolidated Statement of Comprehensive Income (Unaudited) (Parentheticals) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Profit or loss [abstract] | ||
Diluted loss per share attributable to equity holders of the Parent | $ (0.46) | $ (2.37) |
Condensed Interim Consolidated Statement of Changes in Equity - USD ($) |
Share capital |
Share premium |
Share-based payment reserves |
Other reserves |
Accumulated losses |
Deficit attributable to the equity holders of the Parent |
Non-controlling interest |
Total |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 1,721 | $ 32,109,245 | $ 3,162,544 | $ (100,774) | $ (62,015,211) | $ (26,842,475) | $ (1,120,946) | $ (27,963,421) |
Share-based payments (note 13) | (559,266) | (559,266) | (559,266) | |||||
Issuance of Shares upon reverse recapitalization, net of issuance costs | 748 | 73,392,243 | 73,392,991 | 73,392,991 | ||||
Share based payment for service providers | 29 | 2,899,971 | 2,900,000 | 2,900,000 | ||||
Loans converted to equity | 79 | 7,738,105 | 7,738,184 | 7,738,184 | ||||
Issuance of common shares upon exercise of warrants | 24 | 365,676 | 365,700 | 365,700 | ||||
Movement in other reserves | 100,774 | (100,774) | ||||||
Total comprehensive loss | (57,690,759) | (57,690,759) | (119,017) | (57,809,776) | ||||
Balance at Jun. 30, 2022 | 2,601 | 116,505,240 | 2,603,278 | (119,806,744) | (695,625) | (1,239,963) | (1,935,588) | |
Balance at Dec. 31, 2022 | 2,601 | 116,505,240 | 1,512,490 | (123,135,335) | (5,115,004) | (1,322,628) | (6,437,632) | |
Share-based payments (note 13) | (148,495) | (148,495) | (148,495) | |||||
Total comprehensive loss | (11,954,113) | (11,954,113) | (192,895) | (12,147,008) | ||||
Balance at Jun. 30, 2023 | $ 2,601 | $ 116,505,240 | $ 1,363,995 | $ (135,089,448) | $ (17,217,612) | $ (1,515,523) | $ (18,733,135) |
Corporate Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Corporate Information [Abstract] | |
CORPORATE INFORMATION | 1 CORPORATE INFORMATION
Anghami Inc. (the “Group” or the “Parent”), was incorporated as a Cayman Islands exempted Group on March 1, 2021 with its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The mailing address of our principal executive office is 16th Floor, Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
The principal activity of the group is digital entertainment and online streaming including music, podcasts, music videos, and live events. The Group has a freemium business model whereby premium (paying) users get unlimited access to online streaming content, ads free streaming experience, and unlimited downloads. The ad-supported users do not pay subscription fees and are provided with limited access to on-demand online streaming content without the ability to download content. The Group secures its content via licenses with labels and independent artists to provide its service. |
Going Concern |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN | 2 GOING CONCERN
For the period ended June 30, 2023 and 2022 the Group incurred a loss of USD 12,147,008 and USD 57,809,776 respectively; and as at June 30, 2023 and December 31, 2022 the Group has accumulated losses of USD 135,089,448, USD 123,135,335 respectively; and negative working capital (i.e. excess of current liabilities over current assets) of USD 22,568,712 and USD 16,604,967 respectively. In addition to the cash flows to be generated from the Group’s operations, the continuation of the Group’s operations is dependent primarily on the ability to raise funding, and accessibility and availability thereof. The Group’s management acknowledge that there is a risk that the quantum and timing of cash flows may not be achievable in line with the twelve months forecasts from the date of approval of the Group’s condensed interim consolidated financial statements. A review of the strategic plan and budget, including expected developments in liquidity and capital were considered.
Based on management’s forecasts, the day-to-day operations and expenditure requirements are anticipated to be funded primarily by both cash generated through the ongoing operations and ability to access additional funding.
The condensed interim consolidated financial statements have been prepared assuming that the Group will continue as a going concern which is contingent upon the Group’s ability to access additional funding. Accordingly, the condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Group is unable to continue as a going concern. |
Basis of Preparation and Significant Accounting Policies |
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Disclosure of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
3.1 Basis of preparation
These condensed interim consolidated financial statements are for the six-month periods ended June 30, 2023 and 2022 and are presented in United States Dollars (“USD”), which is the functional currency of the Group. They have been prepared in accordance with IAS 34‘Interim Financial Reporting’.
These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
Notes to the condensed interim consolidated financial statements
3.2 Basis of consolidation
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as the parent Group, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the condensed interim consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.
Details of subsidiaries as at June 30, 2023 and December 31, 2022 were as follows:
The carrying amount of the Group’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation.
3.2 New and amended standards and interpretations
A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.
3.3 Accounting policies
The accounting policies used for the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2022.
3.4 Critical accounting judgements, estimates and assumptions
When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 and 2022, including the key sources of estimation uncertainty, were the same as those applied in the Group’s annual consolidated financial statements for the year ended December 31, 2022. |
Revenue |
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REVENUE | 4 REVENUE
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Segment Information |
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SEGMENT INFORMATION | 5 SEGMENT INFORMATION
The Group has three reportable segments: Revenue from subscriptions, Revenue from advertisement, and Revenue from live events. Segments were identified based on the Group’s internal reporting and how the chief operating decision maker (“CODM”) assesses the performance of the business. The Premium service is a paid service in which customers can listen on demand and offline. Revenue for the Premium segment is generated through subscription fees. The Ad-Supported service is free to the user. Revenue for the Ad-Supported segment is primarily generated through the sale of advertising across the Group's content. Revenues from live events are generated from the sale of tickets, food and beverage & sponsorships. Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed with the rights holders. The remaining cost of revenue items that are not specifically associated to either of the segments are allocated based on user activity in each segment. No operating segments have been aggregated to form the reportable segments.
Key financial performance measures of the segments including revenue, cost of revenue, and gross profit are as follows:
Reconciliation of gross profits
Selling and marketing, operating expenses, finance income, and finance costs are not allocated to individual segments as these are managed on an overall group basis. The reconciliation between reportable segment gross profit to the Group’s loss before tax is as follows:
Revenue by market
Premium revenue is attributed to a country based on where the membership originates. Ad-Supported revenue is attributed to a country based on where the advertising campaign is viewed. Live events revenue is attributed to a country based on where the events occurred.
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General and Administrative Expenses |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | 6 GENERAL AND ADMINISTRATIVE EXPENSES
The total settlement amount to USD 2,000,000 presented in trade and other payables in the statements of condensed interim consolidated financial position as:
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Government Grants |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government Grants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOVERNMENT GRANTS | 7 GOVERNMENT GRANTS
As of June 30, 2023 and December 31, 2022 the Group had a Accrued Government grants of USD 805,563 and USD 2,055,978 respectively. The accrued government grants are due from governmental entities not yet claimed. The government grants revenue recognized in the condensed interim consolidated statement of comprehensive income for the six-month period ended June 30, 2023 was USD 1,431,490 (USD 2,123,055 for the six-month period ended June 30, 2022). |
Property and Equipment |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | 8 PROPERTY AND EQUIPMENT
The property and equipment net book value consists of the following:
Total expense arising from depreciation on property and equipment recognised in the condensed interim consolidated statement of comprehensive income as part of general and administrative expense for the six-month period ended June 30, 2023 was USD 241,107 (USD 67,720 for the six-month period ended June 30, 2022). |
Intangible Assets |
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Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | 9 INTANGIBLE ASSETS
The movement of intangible assets during the period is as follows:
Work in progress represents costs incurred in relation to internally produced originals and sessions which are not yet released as well as software being developed by a third party.
Based on the new contract, a total amount of USD 1,000,000 is recorded as an intangible asset and the contract period will end on June 1, 2024
Amortization charged is allocated as follows:
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Trade and Other Receivables |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE AND OTHER RECEIVABLES | 10 TRADE AND OTHER RECEIVABLES
Trade receivables are non-interest bearing and are generally on terms of 30 to 120 days.
An analysis of expected credit losses is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.
At June 30, 2023 and December 31, 2022, the ageing analysis of unimpaired trade receivables is as follows:
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Cash and Bank Balances |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Bank Balances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH AND BANK BALANCES | 11 CASH AND BANK BALANCES
Cash and cash equivalents reflected in the condensed interim consolidated statement of cash flows comprise the following statement of financial position amounts:
Bank overdrafts carry an interest rate between 7% - 10%. |
Issued Capital and Reserves |
6 Months Ended |
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Jun. 30, 2023 | |
Issued Capital and Reserves [Abstract] | |
ISSUED CAPITAL AND RESERVES | 12 ISSUED CAPITAL AND RESERVES
As of June 30, 2023 and December 31, 2022, the Group has authorised 2,150,000,000 ordinary shares and 5,000,000 preference shares.
As of June 30, 2023 and December 31, 2022, the Group has 26,005,654 outstanding ordinary shares amounting to USD 2,601 and has related share premium of USD 116,505,240. |
Share-Based Payments |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED PAYMENTS | 13 SHARE-BASED PAYMENTS
At June 30, 2023, the employee share scheme reserve
balance is USD 1,363,995 (at December 31, 2022:
The Group has implemented a long term incentive plan whereby the shares of Anghami have been converted into shares in Anghami Inc. the value of those share has dropped significantly due to the share price drop of Anghami Inc. resulting in a reversal of the provisions taken in previous years amounting to USD 148,495 recognized in the condensed interim consolidated statement of comprehensive income as part of other income for the six-month period ended June 30, 2023 (USD 2,214,795 reversal of accruals no longer required netted off by USD 1,655,529 employees’ share-based compensation expense for the six-month period ended June 30, 2022).
Share options outstanding are the follows:
The options are fair valued using Monte Carlo simulation. The following assumptions are used in calculating the fair values of the options:
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Goodwill |
6 Months Ended | ||||||
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Jun. 30, 2023 | |||||||
Goodwill [Abstract] | |||||||
GOODWILL | 14 GOODWILL
On 3 June 2022, the Group acquired 100% of the shares of Spotlight Recreational Services LLC (“Spotlight”), a Company incorporated under the laws of the United Arab Emirates, pursuant to the signed sale and purchase agreement. Spotlight is engaged in operating live events. This acquisition has been accounted for in accordance with IFRS 3 Business Combinations.
Management believes there are no material provisional assets and liabilities to be recorded at the date of the acquisition, further Management is of the opinion that there is no identifiable intangible assets at the date of acquisition, hence all the purchase consideration were recorded as goodwill in these condensed interim consolidated financial statements. The purchase consideration were as follows:
At June 30, 2023, the share payment mentioned above was still due for issuance.
The acquired business contributed a loss of USD 64,929 and revenue of USD 1,734,679 for the six-month period ended June 30, 2023. |
Trade and Other Payables |
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Trade and Other Payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE AND OTHER PAYABLES | 15 TRADE AND OTHER PAYABLES
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Amount Due From/To Related Parties |
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Amount Due From/To Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AMOUNT DUE FROM/TO RELATED PARTIES | 16 AMOUNT DUE FROM/TO RELATED PARTIES
Related parties represent associated companies, shareholders, directors and key management personnel of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group’s management.
16.1 Related party balances
Due from related parties:
Due to shareholders and related parties:
The above balances are interest free and have no fixed repayment terms.
16.2 Related party transactions
Significant transactions with related parties included in the condensed interim consolidated statement of comprehensive income are as follows:
Du and Mobily utilize their network to facilitate subscription payments for the Group’s users.
16.3 Compensation of key management personnel of the Group
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Warrant Liabilities |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
WARRANT LIABILITIES | 17 WARRANT LIABILITIES
The warrants are initially recognised at fair value, and in subsequent periods measured at fair value through profit or loss with any changes in fair value recognised in profit or loss until the warrants are exercised, redeemed, or expire. The public warrants are listed on NASDAQ under the symbol “ANGHW”.
As of June 30, 2023, and December 31, 2022, the Group has outstanding 10,000,000 public warrants, 720,000 private placement warrants and 152,800 service warrants. The carrying value the warrants as of June 30, 2023 is USD 771,105 (December 31, 2022: USD 562,722).
The fair value change of the warrant liabilities recognized in the condensed interim consolidated statement of comprehensive income has an increase of USD 208,383 for the six-month period ended June 30, 2023 (decrease of USD 3,597,835 for the six-month period ended June 30, 2022).
The warrants are fair valued using Black-Scholes model. The following assumptions are used in calculating the fair values of the warrants:
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Contingencies and Commitements |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies and Commitements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTINGENCIES AND COMMITEMENTS | 18 CONTINGENCIES AND COMMITEMENTS
18.1 Contingencies
There exist a few pending legal actions, proceedings, and claims or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships. As a general matter, the music and other content made available on the Group’s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group’s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred. The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group’s operations or its financial position, liquidity, or results of operations.
Pop Arabia commenced a lawsuit against Anghami in December 2022 which is still ongoing as of June 30, 2023 with an accusation of “unlicensed exploitation of musical and lyrical works”. The estimated amount is immaterial should the action be successful as they are only claiming the rights for 12 songs.
Based on management assessment, currently there are no material cases, claims or proceedings of such quantum which require provision or disclosure as contingent liabilities.
18.2 Commitments
The Group is subject to the following minimum guarantee amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which relate to initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and publishing royalties, as at December 31:
In addition to the minimum guarantees listed above, the Group is subject to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud as at June 30, 2023. |
Loss Per Share |
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Loss Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Per Share | 19 LOSS PER SHARE
The following table reflects the loss and share data used in the basic and diluted loss per share calculations:
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these condensed interim consolidated financial statements.
As the Group was loss-making in all periods presented in these condensed interim consolidated financial statements, potentially dilutive instruments all have an anti-dilutive impact and therefore have been excluded in the calculation of diluted weighted average number of ordinary shares outstanding. These instruments include certain outstanding warrants and share options and could potentially dilute earnings per share in the future. |
Fair Values of Financial Instruments |
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Fair Values of Financial Instruments [Abstract] | ||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS | 20 FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial instruments comprise financial assets and financial liabilities.
Financial assets consist of cash and cash equivalents, trade receivables, contract assets and amount due from related party. Financial liabilities consist of trade payables, lease liability, overdrafts, convertibles notes, working capital loans and amount due to related party.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
The Private Warrants were valued using Black Scholes Model and the Shared-Based Payments were valued using Montecarlo Simulation, which are both considered to be a Level 3 fair value measurement. The primary unobservable inputs utilized in determining the fair value of the derivatives warrant liabilities and Shared-Based Payments are the expected volatility of our ordinary shares and risk-free rate. |
Subsequent Events |
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Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 21 SUBSEQUENT EVENTS
On August 21, 2023, Anghami Inc. sold and issued to SRMG ventures (“SRMG”), the corporate venture capital arm of Saudi Research and & Media group, (“SRMG”) a senior unsecured convertible note in the principal amount of USD 5,000,000, which was convertible into Anghami Inc.’s ordinary shares, par value USD 0.0001 per share, at an original conversion price of USD 2.50 per share, subject to certain conditions and limitations set forth in the Convertible Note, between the Company and SRMG. Anghami Inc. will use the net proceeds from the Convertible Note for working capital, growth and other general corporate purposes. The Convertible Note contains customary events of default, bore interest daily at a simple rate of 11.0% per annum, was due and payable in full three years following the date on which the Convertible Note was deemed issued. The Note Purchase Agreement also provides SRMG with the right to purchase up to an additional USD 5,000,000 additional principal amount of the Convertible Note within 12 months of the closing. On November 29, 2023, SRMG converted the entire outstanding principle amount of the convertible note and all accrued and unpaid interest into 2,055,000 ordinary shares of Anghami Inc.
On October 10, 2023, Anghami Inc. issued in a private placement 950,000 ordinary shares to MBC FZ LLC (“MBC”) for payment of USD 2,850,000 of marketing and branding services provided by MBC to the Company from 2021 to 2023.
On November 21, 2023, Anghami Inc. entered into a transaction with OrionPlus2 (“OSN”), an affiliate of Panther Media Group Limited, pursuant to which among other things , 1) OSN agreed to subscribe for up to USD 50,000,000 of ordinary shares of the Group in a private placement, and 2) Anghami Inc. agreed to acquire from OSN the OSN+ platform. The transaction is anticipated to close in the first quarter of 2024, subject to certain closing conditions including certain regulatory approvals. After closing, OSN will own a majority of the Anghami Inc’s outstanding ordinary shares. |
Accounting Policies, by Policy (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | 3.1 Basis of preparation These condensed interim consolidated financial statements are for the six-month periods ended June 30, 2023 and 2022 and are presented in United States Dollars (“USD”), which is the functional currency of the Group. They have been prepared in accordance with IAS 34‘Interim Financial Reporting’. These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
Notes to the condensed interim consolidated financial statements
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Basis of consolidation | 3.2 Basis of consolidation Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as the parent Group, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the condensed interim consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Details of subsidiaries as at June 30, 2023 and December 31, 2022 were as follows:
The carrying amount of the Group’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation.
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New and amended standards and interpretations | 3.2 New and amended standards and interpretations A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. |
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Accounting policies | 3.3 Accounting policies The accounting policies used for the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2022. |
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Critical accounting judgements, estimates and assumptions | 3.4 Critical accounting judgements, estimates and assumptions When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month period ended June 30, 2023 and 2022, including the key sources of estimation uncertainty, were the same as those applied in the Group’s annual consolidated financial statements for the year ended December 31, 2022. |
Basis of Preparation and Significant Accounting Policies (Tables) |
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Schedule of Subsidiaries | Details of subsidiaries as at June 30, 2023 and
December 31, 2022 were as follows:
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Revenue (Tables) |
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Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Contracts with Customers |
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Segment Information (Tables) |
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Schedule of Key Financial Performance Measures of the Segments | Key financial performance measures of the segments
including revenue, cost of revenue, and gross profit are as follows:
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Schedule of Reportable Segment Gross Profit to the Group’s Loss Before Tax | Selling and marketing, operating expenses, finance
income, and finance costs are not allocated to individual segments as these are managed on an overall group basis. The reconciliation
between reportable segment gross profit to the Group’s loss before tax is as follows:
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Schedule of Revenue by Market | Revenue by market
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General and Administrative Expenses (Tables) |
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General and Administrative Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of General and Administrative Expenses |
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Schedule of Statements of Condensed Interim Consolidated Financial Position | The total settlement
amount to USD 2,000,000 presented in trade and other payables in the statements of condensed interim consolidated financial position as:
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Government Grants (Tables) |
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Government Grants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Government Grants |
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Property and Equipment (Tables) |
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Schedule of Property and Equipment | The property and equipment net book value consists
of the following:
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Intangible Assets (Tables) |
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Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The movement of intangible assets during the period
is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization Charged | Amortization charged is allocated as follows:
|
Trade and Other Receivables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade and Other Receivables |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Ageing Analysis of Unimpaired Trade Receivables | At June 30, 2023 and December 31, 2022, the ageing
analysis of unimpaired trade receivables is as follows:
|
Cash and Bank Balances (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Bank Balances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents Reflected in the Consolidated Statement of Cash Flows | Cash and cash equivalents reflected in the condensed
interim consolidated statement of cash flows comprise the following statement of financial position amounts:
|
Share-Based Payments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Option Outstanding | Share options
outstanding are the follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Options are Fair Valued using Monte Carlo Simulation | The options
are fair valued using Monte Carlo simulation. The following assumptions are used in calculating the fair values of the options:
|
Trade and Other Payables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade and Other Payables |
|
Amount Due From/To Related Parties (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Due From/To Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Due From Related Parties | Due from related parties:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Due to Shareholders and Related Parties | Due to shareholders and related parties:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Statement of Comprehensive Income | Significant transactions with related parties
included in the condensed interim consolidated statement of comprehensive income are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation of Key Management Personnel of the Group | Compensation of key management personnel of the Group
|
Warrant Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warrants are Fair Valued Using Black-Scholes Model | The warrants are fair valued using Black-Scholes
model. The following assumptions are used in calculating the fair values of the warrants:
|
Contingencies and Commitements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies and Commitements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of License Agreements | The Group is subject to the following minimum
guarantee amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which
relate to initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and
publishing royalties, as at December 31:
|
Loss Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Loss Per Share | The following table reflects the loss and share
data used in the basic and diluted loss per share calculations:
|
Going Concern (Details) - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Going Concern [Abstract] | |||
Incurred loss | $ 12,147,008 | $ 57,809,776 | |
Accumulated losses | (135,089,448) | $ (123,135,335) | |
Current liabilities over current assets | $ 22,568,712 | $ 16,604,967 |
Revenue (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenue [Abstract] | ||
Revenue from advertisement | $ 111,996 | $ 3,678,569 |
Segment Information (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Total revenue percentage | 5.00% |
Segment Information (Details) - Schedule of Key Financial Performance Measures of the Segments - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenue from subscription segment [Member] | ||
Revenue from subscription segment | ||
Revenue | $ 11,392,072 | $ 12,395,929 |
Cost of revenue | (11,489,456) | (11,110,051) |
Gross profit | (97,384) | 1,285,878 |
Revenue from advertisement segment [Member] | ||
Revenue from subscription segment | ||
Revenue | 5,270,804 | 7,367,405 |
Cost of revenue | (1,974,887) | (5,709,685) |
Gross profit | 3,295,917 | 1,657,720 |
Revenue from live events segment [Member] | ||
Revenue from subscription segment | ||
Revenue | 2,240,835 | 1,275,391 |
Cost of revenue | (2,390,455) | (1,278,004) |
Gross profit | (149,620) | (2,613) |
Consolidated [Member] | ||
Revenue from subscription segment | ||
Revenue | 18,903,711 | 21,038,725 |
Cost of revenue | (15,854,798) | (18,097,740) |
Gross profit | $ 3,048,913 | $ 2,940,985 |
Segment Information (Details) - Schedule of Reportable Segment Gross Profit to the Group’s Loss Before Tax - Reportable segments [member] - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Information (Details) - Schedule of Reportable Segment Gross Profit to the Group’s Loss Before Tax [Line Items] | ||
Segment gross profit | $ 3,048,913 | $ 2,940,985 |
Selling and marketing expenses | (4,673,130) | (6,667,198) |
General and administrative expenses (note 6) | (9,090,300) | (10,739,304) |
Consultancy and professional fees | (530,275) | (1,341,978) |
Government grants | 1,431,490 | 2,123,055 |
Finance costs | (139,255) | (479,148) |
Finance income | 5,234 | 721 |
Other income | 840,100 | 2,811,288 |
Share of loss of a joint venture | (126,844) | (127,209) |
Fair value change of warrant liabilities (note 17) | (208,383) | 3,597,835 |
Recapitalization expense | (48,521,756) | |
Foreign exchange loss, net | (2,409,540) | (1,199,639) |
Loss before tax | $ (11,851,990) | $ (57,602,348) |
Segment Information (Details) - Schedule of Revenue by Market - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | $ 18,903,711 | $ 21,038,725 | ||
Egypt [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 6,976,960 | 5,984,090 | ||
UAE [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 4,286,444 | 5,320,004 | ||
KSA [Member[ | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 2,930,379 | 4,253,911 | ||
Lebanon [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 1,588,373 | 1,939,228 | ||
Jordan [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 551,497 | 599,384 | ||
Morocco [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | 537,996 | 436,280 | ||
Others [Member] | ||||
Segment Information (Details) - Schedule of Revenue by Market [Line Items] | ||||
Total Revenue | [1] | $ 2,032,062 | $ 2,505,828 | |
|
General and Administrative Expenses (Details) |
Jun. 30, 2023
USD ($)
|
---|---|
General and Administrative Expenses [Abstract] | |
Trade and other payables | $ 2,000,000 |
General and Administrative Expenses (Details) - Schedule of General and Administrative Expenses - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Schedule Of General And Administrative Expenses Abstract | ||||
Salaries and other related benefits | $ 5,480,856 | $ 7,126,933 | ||
Settlement fees | [1] | 2,000,000 | ||
Insurance expense | 518,296 | 273,916 | ||
Provision for employees’ end of service benefit | 267,281 | 518,313 | ||
Depreciation of property and equipment (note 8) | 241,107 | 67,720 | ||
Rent and related charges | 224,424 | 258,833 | ||
Travel expenses | 87,745 | 279,890 | ||
Utilities | 35,906 | 216,575 | ||
Depreciation of rights-of-use assets | 73,416 | 60,510 | ||
License fees | 35,026 | 35,593 | ||
Taxes | 15,952 | |||
Write-off receivables | 4,644 | 15,148 | ||
Amortization of intangible assets (note 9) | 2,449 | 1,495 | ||
Provision for expected credit losses | 36,998 | |||
Employees’ share-based compensation (note 13) | 1,655,529 | |||
Other expenses | 103,198 | 191,851 | ||
Total | $ 9,090,300 | $ 10,739,304 | ||
|
General and Administrative Expenses (Details) - Schedule of Statements of Condensed Interim Consolidated Financial Position |
Jun. 30, 2023
USD ($)
|
---|---|
Schedule of Statements of Condensed Interim Consolidated Financial Position [Line Items] | |
Current | $ 1,600,000 |
Non-current | 400,000 |
Total | $ 2,000,000 |
Government Grants (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Government Grants [Abstract] | |||
Accrued government grants | $ 805,563 | $ 2,055,978 | |
Government grants revenue | $ 1,431,490 | $ 2,123,055 |
Government Grants (Details) - Schedule of Government Grants - Grants [Member] - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Schedule of Government Grants [Abstract] | ||
At 1 January | $ 1,535,229 | $ 209,843 |
Received during the year | (1,097,404) | (2,993,340) |
Amount recognized in the statement of profit or loss | 1,431,490 | 4,318,726 |
At June 30 | 1,869,315 | 1,535,229 |
Current assets | 2,441,735 | 2,055,978 |
Non-current liabilities | (547,590) | (498,460) |
Current liabilities | (24,830) | (22,289) |
Total | $ 1,869,315 | $ 1,535,229 |
Property and Equipment (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Property and Equipment [Abstract] | ||
Depreciation on property and equipment | $ 241,107 | $ 67,720 |
Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Property and Equipment [Abstract] | ||
General installations | $ 1,252,364 | $ 1,399,745 |
Office and computer equipment | 284,934 | 325,863 |
Furniture & fixtures | 426,682 | 475,367 |
Property and equipment net | $ 1,963,980 | $ 2,200,975 |
Intangible Assets (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Intangible Assets [Abstract] | ||
Outstanding amount | $ 5,053,604 | |
Forfeited amount | 5,250,000 | |
Gain from net transaction | 196,396 | |
Intangible asset | $ 1,000,000 |
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|||
Cost: | ||||
Cost beginning balance | $ 13,340,591 | $ 4,318,086 | ||
Additions | 1,011,679 | 8,865,767 | ||
Additions – internally developed | 94,496 | 164,305 | ||
Write-off | (7,567) | |||
Intangible Assets | ||||
Cost ending balance | 5,696,766 | 13,340,591 | ||
Amortization: | ||||
Amortization beginning balance | 5,737,436 | 2,275,240 | ||
Charge for the year | 1,653,584 | 3,469,763 | ||
Transfers | ||||
Write-off | (7,567) | |||
Amortization ending balance | 3,694,624 | 5,737,436 | ||
Net carrying amount: | ||||
Balance of net carrying amount | 2,002,142 | 7,603,155 | ||
Cost: | ||||
Transfers | ||||
Contract termination | [1] | (8,750,000) | ||
Amortization: | ||||
Contract termination | [1] | (3,696,396) | ||
Application development [Member] | ||||
Cost: | ||||
Cost beginning balance | 3,685,510 | 3,580,699 | ||
Additions | ||||
Additions – internally developed | 94,496 | 112,378 | ||
Write-off | (7,567) | |||
Intangible Assets | ||||
Cost ending balance | 3,780,006 | 3,685,510 | ||
Amortization: | ||||
Amortization beginning balance | 2,632,912 | 1,914,902 | ||
Charge for the year | 373,740 | 725,577 | ||
Transfers | ||||
Write-off | (7,567) | |||
Amortization ending balance | 3,006,652 | 2,632,912 | ||
Net carrying amount: | ||||
Balance of net carrying amount | 773,354 | 1,052,598 | ||
Cost: | ||||
Transfers | ||||
Contract termination | [1] | |||
Amortization: | ||||
Contract termination | [1] | |||
Originals and Sessions [Member] | ||||
Cost: | ||||
Cost beginning balance | 520,052 | 548,197 | ||
Additions | ||||
Additions – internally developed | 51,927 | |||
Write-off | ||||
Intangible Assets | (80,072) | |||
Cost ending balance | 525,260 | 520,052 | ||
Amortization: | ||||
Amortization beginning balance | 433,818 | 324,883 | ||
Charge for the year | 35,064 | 106,503 | ||
Transfers | 2,432 | |||
Write-off | ||||
Amortization ending balance | 468,882 | 433,818 | ||
Net carrying amount: | ||||
Balance of net carrying amount | 56,378 | 86,234 | ||
Cost: | ||||
Transfers | 5,208 | |||
Contract termination | [1] | |||
Amortization: | ||||
Contract termination | [1] | |||
Other intangibles [Member] | ||||
Cost: | ||||
Cost beginning balance | 9,014,531 | 78,314 | ||
Additions | 1,007,850 | 8,849,867 | ||
Additions – internally developed | ||||
Write-off | ||||
Intangible Assets | 86,350 | |||
Cost ending balance | 1,272,381 | 9,014,531 | ||
Amortization: | ||||
Amortization beginning balance | 2,670,706 | 35,455 | ||
Charge for the year | 1,244,780 | 2,637,683 | ||
Transfers | (2,432) | |||
Write-off | ||||
Amortization ending balance | 219,090 | 2,670,706 | ||
Net carrying amount: | ||||
Balance of net carrying amount | 1,053,291 | 6,343,825 | ||
Cost: | ||||
Transfers | ||||
Contract termination | [1] | (8,750,000) | ||
Amortization: | ||||
Contract termination | [1] | (3,696,396) | ||
Work in Progress [Member] | ||||
Cost: | ||||
Cost beginning balance | 120,498 | 110,876 | ||
Additions | 3,829 | 15,900 | ||
Additions – internally developed | ||||
Write-off | ||||
Intangible Assets | (6,278) | |||
Cost ending balance | 119,119 | 120,498 | ||
Amortization: | ||||
Amortization beginning balance | ||||
Charge for the year | ||||
Transfers | ||||
Write-off | ||||
Amortization ending balance | ||||
Net carrying amount: | ||||
Balance of net carrying amount | 119,119 | $ 120,498 | ||
Cost: | ||||
Transfers | (5,208) | |||
Contract termination | [1] | |||
Amortization: | ||||
Contract termination | [1] | |||
|
Intangible Assets (Details) - Schedule of Amortization Charged - Other intangible assets [member] - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Intangible Assets (Details) - Schedule of Amortization Charged [Line Items] | ||
Selling and marketing expenses | $ 944,343 | $ 964,872 |
Cost of revenue | 706,792 | 593,574 |
General and administrative expenses (note 6) | 2,449 | 1,495 |
Total | $ 1,653,584 | $ 1,559,941 |
Trade and Other Receivables (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Bottom of Range [Member] | |
Trade and Other Receivables [Line Items] | |
Trade receivables term | 30 days |
Top of Range [Member] | |
Trade and Other Receivables [Line Items] | |
Trade receivables term | 120 days |
Trade and Other Receivables (Details) - Schedule of Trade and Other Receivables - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Trade And Other Receivables [Abstract] | ||
Trade receivables | $ 4,904,201 | $ 8,279,582 |
Prepayments | 138,251 | 113,036 |
Advances paid for content and service providers | 2,799,254 | 1,745,561 |
Other receivables | 1,697,751 | 1,117,162 |
Other financial assets | 5,266 | 17,947 |
Allowance for estimated credit losses | (606,298) | (951,455) |
Trade and other receivables, net | $ 8,938,425 | $ 10,321,833 |
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | $ 4,297,903 | $ 7,328,127 |
Neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | 2,375,736 | 5,452,577 |
Past due but not impaired 30-60 days [Member] | ||
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | 1,257,379 | 612,213 |
Past due but not impaired 60-90 days [Member] | ||
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | 483,904 | 788,516 |
Past due but not impaired 90-120 days [Member] | ||
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | 180,884 | 77,116 |
Past due but not impaired >120 days [Member] | ||
Trade and Other Receivables (Details) - Schedule of Ageing Analysis of Unimpaired Trade Receivables [Line Items] | ||
Trade receivables | $ 397,705 |
Cash and Bank Balances (Details) |
Jun. 30, 2023 |
---|---|
Top of range [Member] | |
Cash and Bank Balances (Details) [Line Items] | |
Bank overdrafts interest | 7.00% |
Bottom of range [Member] | |
Cash and Bank Balances (Details) [Line Items] | |
Bank overdrafts interest | 10.00% |
Cash and Bank Balances (Details) - Schedule of Cash and Cash Equivalents Reflected in the Consolidated Statement of Cash Flows - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|---|
Schedule of Cash and Cash Equivalents Reflected in the Consolidated Statement of Cash Flows [Line Items] | |||
Cash on hand | $ 136,522 | $ 22,648 | $ 161,264 |
Bank balances | 1,133,132 | 3,094,439 | 2,493,687 |
Gross total of cash and cash equivalents | 1,269,654 | 3,117,087 | 2,654,951 |
Less: bank overdrafts | (5,231) | (3,756) | (4,327) |
Cash and cash equivalents | $ 1,264,423 | $ 3,113,331 | $ 2,650,624 |
Issued Capital and Reserves (Details) - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Issued Capital and Reserves [Line Items] | ||
Share outstanding | 26,005,654 | 26,005,654 |
Amount of outstanding shares (in Dollars) | $ 2,601 | $ 2,601 |
Share premium (in Dollars) | $ 116,505,240 | $ 116,505,240 |
Ordinary Shares [Member] | ||
Issued Capital and Reserves [Line Items] | ||
Shares, authorised | 2,150,000,000 | 2,150,000,000 |
Preference Shares [Member] | ||
Issued Capital and Reserves [Line Items] | ||
Shares, authorised | 5,000,000 | 5,000,000 |
Share-Based Payments (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 30, 2022 |
|
Share-Based Payment [Abstract] | |||
Share scheme reserve balance | $ 1,363,995 | $ 1,512,490 | |
Reversal amount | $ 148,495 | $ 2,214,795 | |
Share-based compensation expense | $ 1,655,529 |
Share-Based Payments (Details) - Schedule of Share Option Outstanding - shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Schedule of Shares Option Outstanding [Abstract] | ||||
Opening balance of shares option | 5,428 | 4,318 | ||
Issued during the period/year | [1] | 1,110 | ||
Ending balance of shares option | 5,428 | 5,428 | ||
|
Share-Based Payments (Details) - Schedule of Options are Fair Valued using Monte Carlo Simulation |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Schedule of Options are Fair Valued Using Monte Carlo Simulation [Abstract] | ||
Expected weighted average volatility (%) | 98.00% | 80.00% |
Goodwill (Details) - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 03, 2022 |
|
Goodwill [Abstract] | |||
Percentage of acquired | 100.00% | ||
Description of price allocation | ●USD 350,000 paid in cash at closing of acquisition which has been fully paid is at December 31, 2022 ●USD 250,000, to be paid in sharesAt June 30, 2023, the share payment mentioned above was still due for issuance. | ||
Business contributed a loss | $ 64,929 | ||
Revenue | $ 1,734,679 |
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Schedule of Trade and Other Payables [Abstract] | ||
Trade payables (content and service providers) | $ 11,617,074 | $ 12,311,919 |
Accrued content acquisition and royalty costs | 12,443,447 | 10,388,153 |
Social security and taxes payable | 730,508 | 259,345 |
Withholding taxes payable | 395,568 | 437,300 |
Other accrued expenses | 1,494,872 | 1,767,875 |
Deferred purchase price (note 14) | 250,000 | 250,000 |
Other payables | 1,589,785 | 1,107,647 |
Total | 28,521,254 | 26,522,239 |
Current | 28,121,254 | 26,522,239 |
Non-current | 400,000 | |
Trade and Other Payables | $ 28,521,254 | $ 26,522,239 |
Amount Due From/To Related Parties (Details) - Schedule of Due From Related Parties - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amount Due From/To Related Parties (Details) - Schedule of Due From Related Parties [Line Items] | ||
Due from related parties | $ 266,013 | $ 239,262 |
Du – UAE [Member] | ||
Amount Due From/To Related Parties (Details) - Schedule of Due From Related Parties [Line Items] | ||
Due from related parties | 79,482 | 32,234 |
Mobily – KSA [Member] | ||
Amount Due From/To Related Parties (Details) - Schedule of Due From Related Parties [Line Items] | ||
Due from related parties | $ 186,531 | $ 207,028 |
Amount Due From/To Related Parties (Details) - Schedule of Due to Shareholders and Related Parties - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
(a) Due to shareholders | ||
Due to shareholders | $ 951,696 | $ 495,019 |
(b) Due to a related party | ||
Due to a related party | 3,801,696 | 2,436,308 |
Edgard Maroun [Member] | ||
(a) Due to shareholders | ||
Due to shareholders | 587,274 | 232,429 |
MEVP Holding SAL [Member] | ||
(a) Due to shareholders | ||
Due to shareholders | 362,431 | 162,354 |
Maher Khawkhaji [Member] | ||
(a) Due to shareholders | ||
Due to shareholders | 1,991 | 100,236 |
MBC FZ LLC [Member] | ||
(b) Due to a related party | ||
Due to a related party | $ 2,850,000 | $ 1,941,289 |
Amount Due From/To Related Parties (Details) - Schedule of Statement of Comprehensive Income - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Schedule of Statement of Comprehensive Income [Abstract] | ||
Interest on convertible loans | $ (322,748) | |
Interest on working capital loans | (88,757) | |
Revenues from Du and Mobily | 538,509 | 660,506 |
Fees paid to Du and Mobily (cost of revenue) | $ (125,788) | $ (165,153) |
Amount Due From/To Related Parties (Details) - Schedule of Compensation of Key Management Personnel of the Group - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Schedule of Compensation of Key Management Personnel of the Group [Abstract] | ||
Short term employee benefits | $ 694,969 | $ 1,019,280 |
Post-employment pension and medical benefits | 29,287 | 17,268 |
Termination benefits | 6,513 | |
Share-based payment transactions | 105,069 | |
Total compensation of key management personnel of the Group | $ 730,769 | $ 1,141,617 |
Warrant Liabilities (Details) - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Warrant Liabilities (Details) [Line Items] | |||
Shares outstanding | 26,005,654 | 26,005,654 | |
Service warrants | 152,800 | 152,800 | |
Warrants (in Dollars) | $ 771,105 | $ 562,722 | |
Change of the warrant liabilities (in Dollars) | $ 208,383 | $ 3,597,835 | |
Public Warrants [Member] | |||
Warrant Liabilities (Details) [Line Items] | |||
Shares outstanding | 10,000,000 | 10,000,000 | |
Private Placement [Member] | |||
Warrant Liabilities (Details) [Line Items] | |||
Shares outstanding | 720,000 | 720,000 |
Warrant Liabilities (Details) - Schedule of Warrants are Fair Valued Using Black-Scholes Model |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Schedule of Warrants are Fair Valued Using Black-Scholes Model [Line Items] | ||
Volatility | 104.00% | 75.00% |
Risk-free rate | 3.794% | 3.794% |
Contingencies and Commitements (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Contingencies and Commitements [Abstract] | |
Description of claiming rights | Pop Arabia commenced a lawsuit against Anghami in December 2022 which is still ongoing as of June 30, 2023 with an accusation of “unlicensed exploitation of musical and lyrical works”. The estimated amount is immaterial should the action be successful as they are only claiming the rights for 12 songs. |
Contingencies and Commitements (Details) - Schedule of License Agreements - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of License Agreements [Abstract] | ||
Less than one year | $ 3,495,070 | $ 4,194,264 |
Later than one year but not more than 5 years | $ 1,250,000 |
Loss Per Share (Details) - Schedule of Basic and Diluted Loss Per Share - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Basic loss per share [Member] | ||
Schedule of basic and diluted loss per share [Abstract] | ||
Net loss attributable to the equity holders of the Parent | $ (11,954,113) | $ (57,690,759) |
Basic net loss per share attributable to equity holders of the Parent (in Dollars per share) | $ (0.46) | $ (2.37) |
Weighted-average shares outstanding | $ 26,005,564 | $ 24,379,671 |
Diluted loss per share [Member] | ||
Schedule of basic and diluted loss per share [Abstract] | ||
Net loss attributable to the equity holders of the Parent | $ (11,954,113) | $ (57,690,759) |
Diluted net loss per share attributable to equity holders of the Parent (in Dollars per share) | $ (0.46) | $ (2.37) |
Weighted-average shares outstanding | $ 26,005,564 | $ 24,379,671 |
Subsequent Events (Details) - USD ($) |
1 Months Ended | |||||
---|---|---|---|---|---|---|
Oct. 10, 2023 |
Aug. 21, 2023 |
Aug. 21, 2023 |
Nov. 29, 2023 |
Nov. 21, 2023 |
Jun. 30, 2023 |
|
Subsequent Events (Details) [Line Items] | ||||||
Conversion price per share (in Dollars per share) | $ 2.5 | |||||
Major ordinary share transactions [member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Principal amount | $ 5,000,000 | $ 5,000,000 | ||||
Ordinary shares, per share (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Interest on convertible rate | 11.00% | |||||
Ordinary shares issued | $ 950,000 | $ 2,055,000 | $ 50,000,000 | |||
Marketing and branding services expense | $ 2,850,000 | |||||
Purchase Agreement [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Principal amount | $ 5,000,000 |
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