Industry News

Newgioco Reports Full Year 2018 Results

Published

6 years ago

March 8, 2019

George Miller

Newgioco Releases Update on Coronavirus Impact

Reading Time: 10 minutes

GGR Up 61%; 89% Increase in Handle;

Newgioco Group, Inc., a sports betting and gaming technology company providing regulated online and land-based gaming and wagering through licensed subsidiaries in Italy and Austria, and headquartered in Toronto, Canada, reported its financial and operating results for the 12 months ended December 31, 2018.

Full Year 2018 Financial and Business Highlights

Revenue of $34.6 million, up 51.2%
- Gross gaming revenue (GGR) of $37.7 million, up 60.8%
- Handle of $413.2 million, up 89.1%
Income from operations of $427,274, down 83.5% due to $3.1 million in non-recurring expenses including $1.0 million in investments for future growth, $1.6 million relating to legacy activities and items outside the normal course of business and $500,000 for executive compensation forgone in prior years
Net loss of $3.05 million compared to net income of $1.4 million in 2017
Adjusted EBITDA of $3.6 million compared to $2.6 million in 2017
Accelerated roll out in rapidly developing U.S. sports betting market
Significant progress made in strengthening management team and board of directors
Conference call scheduled for 4:30 p.m. ET on March 7, 2019

“Newgioco generated more than $413 million in total handle in 2018, an 89.1% improvement over 2017 volume, demonstrating our continued, strong growth,” commented Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. “Our web-based handle grew 120.9% to $235.9 million, becoming our largest revenue stream. In addition, regulated products like online poker and online casino, continue to grow rapidly, reducing the impact of volatility from our sports betting revenue. As this trend continues, the quarter-to-quarter impact of sports betting on our profitability should decrease, giving us greater visibility and predictability into our quarterly revenues.”

“On the sportsbook side, the fourth quarter, while favorable for bettors, was a challenging one for the industry operators, and December especially so, resulting in abnormally low conversion ratios,” added Mr. Ciavarella. “However, our industry leading risk management capabilities enabled Newgioco to maintain hold ratios which far exceeded industry averages. Looking into 2019, we are expecting our handle exclusively from Italian operations to exceed $500 million. Growth from other geographies, regulated web-based revenue streams and software service fees in the U.S. and other markets are expected to be incremental to this baseline, helping accelerate our overall growth rates as we harvest the investments of the last year.”

“In the second-half of 2018, and especially in the fourth quarter, we increased our investments in anticipation of accelerating near-term growth,” concluded Mr. Ciavarella. “This included investments in our U.S. operation, a more expansive trade show presence and schedule, our expanded sales office in Naples, Italy, and our expanded risk management facility in Teramo, Italy, as well as the addition of six new vice presidents that recently joined Newgioco along with our new Chief Financial Officer. We expect these growth-related investments, which totaled more than $2 million in expenses in 2018, to drive accelerating growth in 2019 and beyond. In addition, we incurred $2.1 million in non-recurring charges, including $1.1 million in non-cash expenses, related to our convertible debentures, $508,000 in non-recurring charges and $500,000 for executive compensation forgone in prior years, which impacted our 2018 profitability.”

“With most of the investments behind us and our ELYS platform now fully developed, we believe we are poised for accelerated growth in 2019,” added Mr. Ciavarella. “We expect to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, with a target of approximately 50,000 active U.S. domiciled players. With continued, steady growth in Italy, opportunities to expand in Europe, Africa, Asia and South America, and this greenfield opportunity in the U.S., we believe continued revenue growth is achievable and will lead to improved operating margins.”

Full Year 2018 Financial Summary

Revenue

For the full year 2018, revenue was $34.6 million, an increase of $11.7 million or 51.2%, compared to revenue of $22.9 million 2017. The revenue increase was mainly attributable to a significant increase in handle partially offset by a shift in gaming mix.

General and Administrative Expenses

General and administrative expenses for the year ended December 31, 2018 were $10.0 million compared to $5.6 million for the year ended December 31, 2017, an increase of 78.7%. The increase was primarily due to significant investments in growth of $1 million in technology development, marketing, legal and other professional fees in support of the company’s expansion to the U.S., $1 million related to legacy activities, $609,000 related to items outside the normal course of business and $500,000 for executive compensation that was forgone in prior years.

Direct Selling Costs

Direct selling costs represent the fees paid to the company’s network service provider, license fees and commissions for field agents and promoters and are based on percentage of handle (turnover). For the year ended December 31, 2018 direct selling costs were $24.1 million compared to $14.7 million for the year ended December 31, 2017, an increase of 64.5%. The increase was primarily due to the significant increase in handle.

Interest Expense

Net interest expense was $2.6 million for the year ended December 31, 2018, including $2.0 million of Non-cash interest associated with debentures issued in 2018. The increase from $482,000 in 2017 was the result of interest expense incurred on debentures issued in 2018.

Net Income (Loss)

As a result of all of the above, for the year ended December 31, 2018, net loss was $3.0 million, or ($0.04) per diluted share based on a weighted average of 75,887,946 shares outstanding. In comparison, for the year ended December 31, 2017 the company reported net income of $1.4 million, or $0.02 per diluted share based on a fully-diluted weighted average shares outstanding of 75,344,948. Net loss for the period included $1.1 million in costs related to the repayment of convertible notes, and $1 million in investments related to the U.S. launch and product readiness efforts. In addition, the 2018 net loss included $300,000 in reimbursement for the CEO’s relocation to the United States to support the U.S. launch, $308,000 in costs directly related to product readiness and the expansion of offices to support future growth, and $500,000 in compensation catch-up related to executive salary forgone in prior years.

Other Comprehensive Income / (Loss)

For the year ended December 31, 2018 the Company recorded an expense of approximately $831,000 for foreign currency translation adjustment, compared to income of approximately $166,000 for foreign currency translation adjustment for the year ended December 31, 2017.

Adjusted EBITDA

Excluding the $3.1 million in charges described above, adjusted EBITDA for the year ended December 31, 2018 was $3.6 million compared to $2.6 million for the full year 2017. A reconciliation from Comprehensive Income (Loss), as shown in the company’s Consolidated Statements of Operations and Comprehensive Income (Loss), to Adjusted EBITDA is included in the tables of this press release.

Balance Sheet Summary

The Company had $6.3 million in unrestricted cash and cash equivalents as of December 31, 2018 compared to $6.5 million as of December 31, 2017. The Company also increased its Restricted Cash by approximately $1 million from $588,000 to $1.6 million.

Total debt outstanding was $5.4 million as of December 31, 2018 compared to $2.2 million as of December 31, 2017.

Non-GAAP Financial Measure – Adjusted EBITDA

This news release includes information on Adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G.

Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period growth. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our Company and our management team.

Adjusted EBITDA is a non-GAAP financial measure. We calculate adjusted EBITDA by taking comprehensive income (loss) and adding back the expenses related to foreign currency translation adjustment, total other expenses(loss), income taxes, product readiness and U.S market launch and adjustment for salary figures in prior years. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. Adjusted EBITDA should not be construed as a substitute for comprehensive income (loss) (as determined in accordance with GAAP) for the purpose of analyzing our operating performance or financial position, as Adjusted EBITDA is not defined by GAAP. A reconciliation of Adjusted EBITDA to comprehensive income (loss) is provided in the tables at the end of this press release.

Conference Call Information

The Company will host a conference call with investors and interested parties to review the results today at 4:30 p.m. ET. To access the conference call dial:

• United States:	1-877-407-0792
• Toll-free:	1-201-689-8263

Reference confirmation code: 13688357

A replay will be available until March 21, 2019 which can be accessed by dialing 1-844-512-2921 if calling within the United States or 1-412-317-6671 if calling internationally. Please use passcode 13688357 to access the replay.

The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=133543.

About Newgioco Group, Inc.

Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.

The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information including information about EBITDA presentation is available on our corporate website at www.newgiocogroup.com and will remain on our website indefinitely as we will continue to present values for EBITDA.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as the quarter-to-quarter impact of sports betting on our profitability decreasing, our handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, growth-related investments driving accelerating growth in 2019 and beyond, being poised for accelerated growth in 2019, adding two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, and achieving revenue growth of 25% to 35%, with operating margins in the 10 to 15% range . These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to decrease the quarter-to-quarter impact of sports betting on our profitability, our ability to generate a handle exclusively from Italian operations exceeding $500 million with industry leading conversion ratios, our ability to implement growth-related investments to drive accelerating growth in 2019 and beyond, our ability to achieve accelerated growth in 2019, our ability to add two to three U.S. tribal and/or non-tribal casinos as SaaS customers by the end of 2019, our ability to achieve revenue growth of 25% to 35%, with operating margins in the 10 to 15% range, and the risk factors described in Newgioco’s Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

— Tables Follow –

NEWGIOCO GROUP, INC. Consolidated Balance Sheets

	December 31, 2018		December 31, 2017
Current Assets
Cash and cash equivalents	$	6,289,903	$	6,469,858
Accounts receivable		10,082		116,489
Gaming accounts receivable		1,021,052		1,163,831
Prepaid expenses		124,712		87,692
Related party receivable		49,914		—
Other current assets		55,700		12,543
Total Current Assets		7,551,363		7,850,413

Noncurrent Assets
Restricted cash		1,560,539		587,905
Property, plant and equipment		354,799		280,111
Intangible assets		12,583,457		3,245,748
Goodwill		262,552		260,318
Investment in non-consolidated entities		275,000		1
Total Noncurrent Assets		15,036,347		4,374,083
Total Assets	$	22,587,710	$	12,224,496


Current Liabilities
Line of credit – bank	$	750,000	$	177,060
Accounts payable and accrued liabilities		4,603,608		1,606,560
Gaming accounts balances		1,049,423		1,274,856
Taxes payable		1,056,430		1,555,371
Advances from stockholders		39,237		547,809
Liability in connection with acquisition		—		142,245
Debentures, net of discount		3,942,523		1,148,107
Derivative liability		—		222,915
Promissory notes payable – other		—		100,749
Promissory notes payable – related party		318,078		318,078
Bank loan payable – current portion		120,920		121,208
Total Current Liabilities		11,880,219		7,214,958

Bank loan payable		225,131		362,808
Other long-term liabilities		608,728		532,680
Total Liabilities		12,714,078		8,110,446

Stockholders’ Equity
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued		—		—
Common Stock, $0.0001 par value, 160,000,000 shares authorized; 75,540,298 and 74,143,590 shares issued and outstanding as of December 31, 2018 and 2017		7,555		7,415
Additional paid-in capital		23,956,309		14,254,582
Accumulated other comprehensive income		(1,081,338)		(250,327)
Accumulated deficit		(13,008,894)		(9,897,620)
Total Stockholders’ Equity		9,873,632		4,114,050
Total Liabilities and Stockholders’ Equity	$	22,587,710	$	12,224,496

NEWGIOCO GROUP, INC. Consolidated Statements of Operations and Comprehensive Income (Loss)

	For the year ended December 31,
	2018		2017
Revenue	$	34,575,097	$	22,865,146

Costs and Expenses
Selling expenses		24,142,110		14,672,099
General and administrative expenses		10,005,713		5,597,881
Total Costs and Expenses		34,147,823		20,269,980

Income (Loss) from Operations		427,274		2,595,166

Other Expenses (Income)
Interest expense, net of interest income		2,614,837		482,367
Changes in fair value of derivative liabilities		—		(257,231)
Imputed interest on related party advances		761		24,365
Gain on litigation settlement		(516,120)		—
Loss on issuance of debt		196,403		—
Impairment on investment		—		6,855
Other Expense		75,000		—
Total Other Expenses (Income)		2,370,881		256,356

Income (Loss) Before Income Taxes		(1,943,607)		2,338,810
Income tax provision		1,102,701		972,924
Net Income (Loss)	$	(3,046,308)	$	1,365,886

Other Comprehensive Income (Loss)
Foreign currency translation adjustment		(831,011)		166,304

Comprehensive Income (Loss)	$	(3,877,319)	$	1,532,190

Income (loss) per common share – basic		(0.04)		0.02
Income (loss) per common share – diluted		(0.04)		0.02
Weighted average number of common shares outstanding – basic		75,887,946		74,032,631
Weighted average number of common shares outstanding – diluted		75,887,946		75,344,948

NEWGIOCO GROUP, INC. Consolidated Statements of Cash Flows
	For the years ended December 31,
Cash Flows from Operating Activities	2018		2017
Net income (loss)	$	(3,046,308)	$	1,365,886

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization		488,464		601,266
Amortization of deferred costs		58,188		100,329
Non-cash interest		1,995,128		205,216
Loss on issuance of debt		196,403		—
Imputed interest on advances from stockholders		1,514		24,365
Changes in fair value of derivative liabilities		—		(257,231)
Unrealized loss on trading securities		75,000		—
Impairment (recovery) of assets		(518,354)		6,855
Stock issued for services		—		23,250
Bad debt expense		6,354		135,953

Changes in Operating Assets and Liabilities
Prepaid expenses		(95,209)		(85,301)
Accounts payable and accrued liabilities		3,062,422		482,904
Accounts receivable		100,053		(91,603)
Gaming accounts receivable		142,779		(654,287)
Gaming accounts liabilities		(225,433)		435,771
Taxes payable		(498,941)		903,187
Other current assets		(43,157)		(2,304)
Customer deposits		—		138,359
Long term liability		76,048		26,059
Net Cash Provided by (Used in) Operating Activities		1,774,952		3,358,674

Cash Flows from Investing Activities
Acquisition of property, plant, and equipment, and intangible assets		(4,455,099)		(180,722)
Increase in restricted cash		(972,634)		(45,142)
Net Cash Used in Investing Activities		(5,427,733)		(225,864)

Cash Flows from Financing Activities
Proceeds from (repayment of) bank credit line, net		750,000		165,925
Proceeds from (repayment of) bank loan		(137,965)		(109,104)
Repayment of bank credit line		(177,060)		—
Proceeds from debentures and convertible notes, net of repayment		6,883,906		591,202
Advance to related party		(49,914)
Purchase of treasury stock		(2,261,307)		—
Advances from stockholders, net of repayment		(508,572)		(77,398)
Net Cash Provided by (Used in) Financing Activities		4,499,088		570,625

Effect of change in exchange rate		(1,026,262)		536,001

Net increase (decrease) in cash		(179,955)		4,239,436
Cash – beginning of the period		6,469,858		2,230,422
Cash – end of the period	$	6,289,903	$	6,469,858

NEWGIOCO GROUP, INC. Calculation of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Non-GAAP)

(in thousands)	For the year ended December 31,
	2018		2017
Comprehensive Income (Loss)	$	(3,877,319)	$	1,532,190

Total Other Expenses (Income)		2,370,881		256,356
Foreign currency translation adjustment		831,011		(166,304)
Income tax provision		1,102,701		972,924
EBITDA		427,274		2,595,166

Product Readiness and U.S. Market Launch		1,019,500		—
Items Relating to Legacy Activities		1,000,000		—
Items Outside the Normal Course of Business		608,600		—
Adjustment for salary forgone in prior years		500,000		—

Adjusted EBITDA	$	3,555,374	$	2,595,166

SOURCE Newgioco Group, Inc.

Industry News

Maximising Your Cross-Market Appeal

Published

3 days ago

November 14, 2024

George Miller

Reading Time: 3 minutes

With Bitblox introducing an entirely new breed of crypto-based price prediction games to the iGaming industry, we talked to CEO, Brandt Page, to discover how combining elements of both chance and skill with lightning-fast betting rounds has helped improve their cross-market appeal.

When Bitblox was first established, our core concept was relatively simple; we didn’t just want to provide players with a new twist on an existing format like slots or casino games, but instead sought to create an entirely new vertical that combined elements of chance and elements of skill.

One of the main drivers behind this decision was the fact that we wanted our releases to appeal to as broad an audience as possible – and I think from the figures we’ve seen so far, we’ve already had some notable success on that front in terms of the players that are engaging with our games.

Funnily enough, I was recently talking to the Head of Marketing from one of the operators that we work with and they told me they were struggling to place our games optimally. Initially, they’d put them in with crash and instant win content, but they soon discovered a lot of their in-game traffic was coming from sports bettors. A move to the sports betting tab followed, but the exact same-thing happened with casino players, leading to the games eventually winding up on the front page.

As this was going on, our games were continuing to post solid numbers with the customers who bet on both sports and casino – and all of this engagement was coming without there being any additional promotion from us or the operator. So why was it that our games were performing so well across these different player segments? I believe there are a number of contributing factors.

First and foremost, having this hybrid model of games of chance and games of skill that I’ve already mentioned has placed us in a fairly unique position within the iGaming industry. On the one hand, the simple premise of our Bitcoin-based titles – coupled with their attractive designs and intuitive UI – makes them highly accessible to casino players who are just looking to have fun.

On the other, the fact that Bitblox games aren’t based on RNG and are instead pinned to the real-time movements of the Bitcoin market certainly resonates with a sports betting audience. As they have the ability to follow the charts and use this information to inform their decisions, they definitely feel they have more control over the outcome than if they were playing a traditional slot.

Another key aspect of our cross-market appeal is the fast-paced nature of all Bitblox releases. With casino players being accustomed to the quick wins and instant gratification of slots and crash games and sports bettors also showing a growing preference for in-play wagering, we’ve ensured each game round is resolved quickly and that there are multiple opportunities for betting.

When we first launched Up or Down?, which features one-minute betting rounds, we soon learned that even this timeframe is too long for some players. This resulted in us developing Up or Down? Turbo – a game which kept the same mechanics as its predecessor but reduced the betting window to 20 seconds – and this has gone on to become one of our most successful titles.

Keeping all this in mind, one of the things I’m most excited about is the upcoming release of our latest game, 3 in a Row, as I think this is a title that really ties everything I’ve talked about so far together. Designed to look like a slot machine, 3 in a Row challenges players to correctly predict how the Bitcoin price will move over three separate 20-second windows for even bigger payouts.

Intended to appeal to casual users and serious sports bettors alike, players can elect to either spin the reels for fun and select a random price sequence or use the bet builder feature to put together their own custom prediction. With the latter essentially functioning like an accumulator bet, players can select up to three possible combinations – i.e. Up/Up/Up, Up/Up/Down etc – and only one result needs to land for them to win, ensuring they stay engaged until the final seconds.

I believe that 3 in a Row can help build on the strong foundations we’ve laid down with casino and sports bettors and provide operators with another popular option that offers significant cross-market appeal. Based on what we’ve seen from previous Bitblox releases, the audience for titles that combine elements of chance and elements of skill is definitely out there – and I’m looking forward to our unique brand of crypto-based games being enjoyed by even more players in future.

Industry News

Gaming Corps to launch with lotteries in the USA via EQL games deal

Published

5 days ago

November 12, 2024

Peter Tolan

Reading Time: 2 minutes

In-demand content provider extends reach into largest iGaming market in the world with its full suite of games made available via iLottery aggregation platform

Gaming Corps, a publicly-listed game studio based in Sweden renowned for creating industry-leading games, has made its debut in the US market through a breakthrough agreement with leading lottery provider, EQL Games.

The distribution agreement will see Gaming Corps’ full suite of games made available to EQL Games’ powerful iLottery Aggregation Platform, developed to provide lottery operators across America with direct access to a portfolio of proprietary and third-party games.

Following the integration, EQL Games’ lottery operator partners will be offered proven Slots, Table Games, Multiplier Games, Mine Games and Plinko Games, as well as titles under Gaming Corps’ innovative and trademarked Smash4Cash™ series.

The deal and integration come at a time of growing demand among online lottery operators in the US for non-traditional content, a format that Gaming Corps has excelled in, especially with its Smash4Cash™ games, which have been a hit with players in global markets.

EQL’s aggregation platform has been developed to allow online lottery operators to quickly and easily access content from multiple game studios simultaneously through one integration and one commercial agreement.

Its iLottery Aggregation platform simplifies the process of adding new games to an online lottery brand across regulated states. In addition to the third-party content provided via its aggregator platform, EQL Games has a portfolio of in-house titles.

This includes games produced under licence with Team USA which were rolled out by several state lotteries for the Olympic and Paralympic Games in Paris this year, with new titles being planned ahead of the Winter Games in Milan (2026) and the Olympic and Paralympic Games in Los Angeles (2028).

Juha Kauppinen, CEO of Gaming Corps, said: “The USA has always been somewhat of the holy grail for game developers like us, which has been further emphasised as markets in several states have become regulated. The potential in the American market is enormous, and the impact for us is a bit difficult to assess, but we have great hopes for the collaboration with EQL Games, which has an impressive platform towards U.S. lotteries.

“We believe it will have a significantly positive impact on our revenues. I would like to personally take the opportunity to thank EQL Games and Brad Cummings for the collaboration, and we are now working hard to complete the integration so that all our games will be offered to EQL’s customers via their platform.”

Brad Cummings, CEO of EQL Games, added: “Including Gaming Corps as a supplier to the EQL Games iLottery Aggregator is an exciting step forward in our mission to offer unique, high-quality content to state lotteries. Gaming Corps’ expertise in iGaming, along with their unique game portfolio, fits perfectly with our vision of enhancing the lottery experience through dynamic and engaging content.”

Industry News

Public Voting Starts for Ortak x B.F.T.H. Arena Awards 3.0

Published

5 days ago

November 12, 2024

Niji Narayan

Reading Time: < 1 minute

The highly anticipated Ortak x B.F.T.H. Arena Awards 3.0 has officially entered the public voting phase as submissions are closed.

More than 70 game providers have turned in over 160 submissions, including Tom Horn Gaming, Pragmatic Play and RubyPlay. Public voting involves enthusiasts casting their votes to pick the winner of the Game of Public Choice category.

The Public voting phase ends on December 1st 23:59 GMT+4.

Concurrent to public voting, the first phase of private voting also starts during which all participants who have submitted entries get the chance to vote for one favourite in each category. An international auditing company oversees this phase to eliminate duplicate votes and self-votes. This phase ends on November 19, 23:59 GMT+4.

The second phase of private voting will also take place with a jury of industry experts making their decisions based on the shortlist picked by participants during the first phase.