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MindArk Interim Report Q2 2023

according to the report:
mindark has current live entropia now as main priority again with alot of work finsihed in prep for ue5 including a new compartmentalized weapon system (sounds like new generation of weapon with ue5)
they also they have finished a range of graphical updates that will be released during autumn (maybe already this vu ?)
and they have bought ownership of next island

thats quite some news
 
John B Knight said:
and they have bought ownership of next island
Click to expand...
7 ped warp from NI to caly just like Monria?

No more residue?


So many questions


" To facilitate future production processes and the quantity of items needed,
a modular weapon system has been created, which included a re-design of parameterization and its
properties. This work also lays the groundwork for a smoother production phase and more varied and
interesting items in the future. "

25 employees fired
 
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It does sound like significant progress is being made with unreal engine 5? So that's good to finally read something about it. Although I'd like to see them showing off some gameplay by the end of the year? Hmm
 
Looks good to me. (y)

ColonelBuckshot said:
It does sound like significant progress is being made with unreal engine 5? So that's good to finally read something about it. Although I'd like to see them showing off some gameplay by the end of the year? Hmm
Click to expand...

We might see something in the fall, within current game engine.

Throughout the entire second quarter, we have been working on upgrading Entropia Universe both
technically and visually. The goal is to complete and launch these improvements in the fall of 2023. These
upgrades are intended to enhance the gaming experience and build up to our game engine migration.
Click to expand...
 
Sounds like there is alot of UE5 goodness to show off and still.... the deadblog. 🤷‍♂️
 
John B Knight said:
they have bought ownership of next island
Click to expand...
Where does it say that?
Assuming it's true, just when a pp really gets going with improvements such as the weeklies counters starting when you take a mission, not when you finish it and other attentions to detail, along comes MA and takes it over? Pfft!!!
Bye bye to that creative channel moving forward then I guess ...
 
Key takeaways from page 7 - DEVELOPMENT OF ENTROPIA UNIVERSE Q2 2023

  1. The quarter within the development of Entropia Universe involved several upgrades, along with a shifted focus in different teams at MindArk due to the ongoing reorganization.
  2. The reorganization plan began in Q2 and was communicated to the market on May 30, 2023, affecting the development teams' focus.
  3. The reorganization followed the communicated plan with a focus on graphics and world-building for Entropia Universe in Unreal Engine 5.
  4. Pre-production work for the Character Customization system, armors, weapons, and related objects was completed during the quarter, forming the technical foundation for upcoming production in Unreal Engine 5.
  5. A modular weapon system was created to facilitate future production processes, including a re-design of parameterization and properties.
  6. The modular weapon system work also laid the groundwork for a smoother production phase and more diverse and interesting items in the game's future.
  7. Player systems like Hunting, Mining, and Crafting passed the Proof of Concept stage and are ready for implementation.
  8. Work continued to improve creature behaviors and integrate them with other parts of the game.
  9. A production environment was established during Q2, and teams began creating the game world, starting with developing the landscape and creating a "Greybox" of a planet in Entropia Universe (southern parts of planet Calypso's Eudoria) using Unreal Engine 5.
  10. The 20th-anniversary celebration with the TWEN event and player rewards persisted throughout the quarter.
  11. The annual summer event "Eomon Migration" was successfully activated on June 21.
  12. Upgrades for Entropia Universe were worked on during the quarter, intended to enhance the gaming experience and lead up to a game engine migration planned for the fall of 2023.
  13. Teams began exploring artificial intelligence (AI) as a tool to accelerate the development of Entropia Universe, aiming to integrate AI technology for further product and service enhancement in the future.
 
jetsina said:
Where does it say that?
Assuming it's true, just when a pp really gets going with improvements such as the weeklies counters starting when you take a mission, not when you finish it and other attentions to detail, along comes MA and takes it over? Pfft!!!
Bye bye to that creative channel moving forward then I guess ...
Click to expand...
Page 19

Page # 19
Earnings per share

MindArk Group's result after tax for the second quarter amounts to -15.6 million SEK. When divided by
31.5 million shares (the number of shares after reverse split), earnings per share amounts to -0.50 SEK
per share (-0.06 SEK per share, divided by the same number of shares).

For the first six months the result after tax amounts to -9.1 million SEK. When divided by 31.5 million
shares (the number of shares after reverse split), earnings per share amounts to -0.29 SEK per share
(0.03 SEK per share, divided by the same number of shares).

If adjustments are made for non-recurring amounts and the accounting tax expense, the result for the
first half of the year is 4.8 million SEK. Distributed over 31.5 million shares, the result amounts to 0.15
SEK per share.

Investments for parent company and group
The capitalization in the balance sheet of salary and consultancy costs for the development of Entropia
Universe for the second quarter amounts to 7.6 million SEK (6.5 m SEK). The capitalized amounts

are reported under the heading of fixed assets in the balance sheet and total revenue in the income
statement. During the last quarter, the company also took over ownership and operation of Planet Next
Island. The purchase was mainly financed through older accounts receivable and a long-term loan but
also a cash payment of 207 thousand SEK. Other investments of 188 thousand SEK (0 thousand SEK)
relate to investments in computers.

MindArk’s currency exposure
All financial transactions within Entropia Universe are denominated in the virtual in-game currency
PED. All exchange transactions to and from the PED are controlled by MindArk. Furthermore, MindArk
repurchases PED at a fixed exchange rate against the USD (10 PED = 1 USD). The exchange rate
between USD and MindArk’s accounting currency SEK has slightly fluctuated during second quarter of
2023, between 10.16 SEK per USD to a maximum of 10.91 SEK per USD.



Deposits to MindArk’s bank accounts (directly or through payment providers) in foreign currencies,
mainly USD, are exchanged into SEK at the current daily exchange rate. The company's income in

PED is converted via USD to SEK at the average monthly USD exchange rate. Assets and liabilities

in foreign currencies are converted at the exchange rate on June 30, 2023, which amounts to 10.85
SEK/USD. When large fluctuations in the exchange rate between SEK and USD occur, it results in large
fluctuations in MindArk’s reported income.

The company forward-hedges 50% of the USD foreign exchange inflow to be converted into SEK six
months in advance, i.e. when expenses and withdrawals in USD are paid. This policy gives MindArk

less currency exposure. This is due to the fact that when the USD rises the company gains from the
spot exchange rates and when the rate decreases, the futures contracts yield positive results. The
company’s other currencies, EUR and GBP do not need to be forward-hedged as most of the inflows are
used for payment of supplier invoices, OSS VAT (VAT within the EU) and withdrawals from users.
 
jetsina said:
Where does it say that?
Assuming it's true, just when a pp really gets going with improvements such as the weeklies counters starting when you take a mission, not when you finish it and other attentions to detail, along comes MA and takes it over? Pfft!!!
Bye bye to that creative channel moving forward then I guess ...
Click to expand...
Page 19, also this is nothing new, the NI owner passed away over a year ago. Pretty safe to assume Mindark was in the works of owning the planet for that long and the financials were finalized Q1 of 2023.

Reminder NI has had some of the best updates in that time as well.
 
Last edited:
DaisyColdFinger said:
Key takeaways from page 7 - DEVELOPMENT OF ENTROPIA UNIVERSE Q2 2023

  1. The quarter within the development of Entropia Universe involved several upgrades, along with a shifted focus in different teams at MindArk due to the ongoing reorganization.
  2. The reorganization plan began in Q2 and was communicated to the market on May 30, 2023, affecting the development teams' focus.
  3. The reorganization followed the communicated plan with a focus on graphics and world-building for Entropia Universe in Unreal Engine 5.
  4. Pre-production work for the Character Customization system, armors, weapons, and related objects was completed during the quarter, forming the technical foundation for upcoming production in Unreal Engine 5.
  5. A modular weapon system was created to facilitate future production processes, including a re-design of parameterization and properties.
  6. The modular weapon system work also laid the groundwork for a smoother production phase and more diverse and interesting items in the game's future.
  7. Player systems like Hunting, Mining, and Crafting passed the Proof of Concept stage and are ready for implementation.
  8. Work continued to improve creature behaviors and integrate them with other parts of the game.
  9. A production environment was established during Q2, and teams began creating the game world, starting with developing the landscape and creating a "Greybox" of a planet in Entropia Universe (southern parts of planet Calypso's Eudoria) using Unreal Engine 5.
  10. The 20th-anniversary celebration with the TWEN event and player rewards persisted throughout the quarter.
  11. The annual summer event "Eomon Migration" was successfully activated on June 21.
  12. Upgrades for Entropia Universe were worked on during the quarter, intended to enhance the gaming experience and lead up to a game engine migration planned for the fall of 2023.
  13. Teams began exploring artificial intelligence (AI) as a tool to accelerate the development of Entropia Universe, aiming to integrate AI technology for further product and service enhancement in the future.
Click to expand...
Just being careful on 12, I didn’t see anything about the UE5 migration happening in fall 2023. They just mention graphical updates at that time that should help with the transition.
 
I think point 12 was just bad chatgpt rewording, with it actually being an update the autumn 2023 in advance of the UE5 migration, yes.
 
Ja bad gpt rewording on that point kingofaces ... apologies

​

 
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