TIDMTECH
RNS Number : 2223N
TechFinancials Inc.
28 September 2021
28 September 2021
TechFinancials, Inc.
("TechFinancials" or the "Company" or the "Group")
Unaudited Interim Report for the Six Months Ended 30 June
2021
TechFinancials Inc. (AQSE: TECH), today announces its unaudited
interim results for the six month period ended 30 June 2021 ("H1
2021").
Financial Overview
-- Group Revenues of US$nil (H1 2020: US$0.61m)
-- Loss for the period attributable to shareholders of US$0.1m
(H1 2020: loss of US$0.55m)
-- Cash position at the period end of US$1.33m (31 December
2020: US$1.42m)
-- Basic earnings per share ("EPS") of (US$0.001) (H1 2020
(US$0.006))
-- Footies Ltd. was struck off on 08 June 2021
Asaf Lahav, Group Chief Executive Board Member of
TechFinancials, commented:
"In the first half of the year the Company continued to focus on
administrative cost reductions, completed the strike off of Footies
Ltd. and started the process to strike off its subsidiaries;
TechFinancials (Israel) 2014 Ltd., Softbox Technologies Ltd. and
Cedex Trading UK."
"The Company plans to continue its attempts to sell all or part
of its interest in Cedex to a third party."
The directors of the Company accept responsibility for the
contents of this announcement.
For further information:
TechFinancials, Inc. Tel: +972 54 5233
943
Asaf Lahav, Executive Board Member
Peterhouse Capital Limited (AQSE Growth Tel: +44 (0) 20
Market Advisor and Broker) 7469 0930
Guy Miller and Mark Anwyl
Chairman's Statement
In H1 2021, the Company completed the strike off of Footies Ltd.
and continued to oversee its investments and look for short term
investment opportunities.
Outlook
We will continue to look for opportunities to materialise our
assets and to increase value for our shareholders. We will also
continue to strike off subsidiaries in order to clean the group
structure.
I would like to thank our shareholders for their continued
support in what has been a difficult period globally as well as to
the Group.
We look forward to updating the market on our progress in due
course.
Eitan Yanuv
Independent Non-Executive Chairman
28 September 2021
Executive's Board Member Statement
Financial Results
In 2020, The Group closed all its operating historical
businesses and for the first time since the Company became public
it didn't record any turnover in the six months ended 30 June
2021.
The operating loss for the period was US$0.13m (H1 2020: loss of
US$ 0.54m); the operating expenses for the period were attributed
mainly to general and administrative costs associated with being a
listed Company.
Financial income for the period was US$0.04m, attributed
predominantly to a US$0.06m gain from realisation of a short term
investment in tradable securities and other financial expenses of
US$0.02m.
Taxes for the period were US$0.01m (H1 2020: US$ 0.01m).
The loss after taxation for the period attributable to
shareholders of the Company was US$0.10m (H1 2020: loss of
US$0.55m).
The Group's cash position for the period ended 30 June 2021 was
US$1.33m (31 December 2020: US$1.42m).
The unaudited interim financial results have not been reviewed
by the Company's auditor.
Asaf Lahav
Executive Board Member
28 September 2021
Statement of Comprehensive Income
For the six month period ended 30 June 2021
Unaudited
6 Month Period Unaudited Audited
Ended 6 Month Period Ended 12 Month Period Ended
30 June 2021 30 June 2020 31 December 2020
Note US$'000 US$'000 US$'000
Revenue - 614 1,309
Cost of sales - (79) (87)
---------------- ---------------------- -----------------------
Gross profit - 535 1,222
Research and development - (464) ( 512 )
Selling and marketing - (41) (53)
Administrative (133) (565) ( 654 )
Operating Income (Loss) (133) (535) 3
---------------- ---------------------- -----------------------
Bank fees (18) (32) (50)
Foreign exchange gain (loss) (5) (5) 70
Gain from realization of tradable
securities 63 (2) (1)
---------------- ---------------------- -----------------------
Financing Income (expenses) 41 (39) 19
Other Income (expenses)
Other income (expenses), net - 82 875
Profit (Loss) before taxation (92) (492) 897
---------------- ---------------------- -----------------------
Taxation (8) (13) 70
---------------- ---------------------- -----------------------
Profit (Loss) from continuing operations (100) (505) 967
---------------- ---------------------- -----------------------
Gain (Loss) from discontinued operations - - 50
Gain / (Loss) from discontinued
operations, net - - 50
---------------- ---------------------- -----------------------
Other comprehensive income - - -
Total comprehensive Profit (Loss) (100) (505) 1,017
---------------- ---------------------- -----------------------
Profit (Loss) attributable to:
Owners of the Company (100) (545) 997
Non-controlling interests - 40 20
---------------- ---------------------- -----------------------
Profit (Loss) for the period (100) (505) 1,017
Earnings per share attributable to owners of the parent during the year (Note 3) :
Unaudited
6 Month Period Unaudited Audited
Ended 6 Month Period Ended 12 Month Period Ended
30 June 2021 30 June 2020 31 December 2020
(Cents USD) (Cents USD) (Cents USD)
Basic (0.12) (0.64) 1.16
Diluted (0.12) (0.64) 1.16
From continuing operations - Basic - (0.64) 1.10
From continuing operations - Diluted - (0.64) 1.10
From discontinued operations - Basic - - 0.06
From discontinued operations - Diluted - - 0.06
================ ====================== =======================
Consolidated Statement of financial position
As of 30 June 2021
Unaudited
30 June Unaudited Audited
2021 30 June 2020 31 December 2020
Note US$'000 US$'000 US$'000
Non-current assets
Intangible assets, net - 707 -
Property and equipment - 3 -
Short term investment - - -
Financial asset held at FVTPL 152 - 152
152 710 152
---------- -------------- ------------------
Current assets
Trade receivables, net and other receivables 4 10 87 13
Short term investment 6 53 - -
Restricted bank deposits - 63 -
Cash 1,329 716 1,419
---------- --------------
1,392 866 1,432
---------- -------------- ------------------
Total Assets 1,544 1,576 1,584
========== ============== ==================
Non-Current liabilities
Shareholders loan 84 92 84
Current Liabilities
Trade and other payables 5 145 334 88
Deferred income liability - 631 -
Income tax payable 90 9 86
---------- -------------- ------------------
235 974 174
---------- -------------- ------------------
Total Liabilities 319 1,066 258
---------- -------------- ------------------
Unaudited Audited
30 June Unaudited 31 December 2020
2021 30 June 2020 US$'000
US$'000 US$'000
Equity
Share Capital 61 61 61
Share premium account 12,022 12,022 12,022
Share-based payment reserve 799 798 798
Accumulated profits / (losses) (11,656) (12,392) (11,555)
---------- -------------- ------------------
Equity attributable to owners of the Company 1,225 489 1,326
---------- -------------- ------------------
Non-controlling interests - 21 -
---------- -------------- ------------------
Total equity 1,225 510 1,326
Total Equity and Liabilities 1,544 1,576 1,584
========== ============== ==================
Consolidated Statement of changes in equity
For the six month period ended 30 June 2021
Share-based Accumulated Non-
Share Share payment Revaluation profits/ controlling
capital premium reserve reserve (losses) Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31
December 2019 61 12,022 934 - (12,459) 558 (249) 309
======= ======= =========== ============ =========== ======== =========== ========
Total
comprehensive
income (loss)
for the period - - - - 997 997 20 1,017
Gain on
revaluation of
cryptocurrency
digital assets
in the year - - - 577 - 577 - 577
Disposal of
cryptocurrency
digital assets
in the year - - - (577) - (577) - (577)
Purchase of NCI
in Footies
during the
year - - - - (229) (229) 229 -
Share-based
payment - - 6 - (6) - - -
Transfer of
Shared based
payment
reserve on
lapsed options - - (142) - 142 - - -
Balance at 31
December 2020 61 12,022 798 - (11,555) 1,326 - 1,326
======= ======= =========== ============ =========== ======== =========== ========
Total
comprehensive
loss for the
period - - - - (100) (100) - (100)
Share-based
payment - - 1 - - (1) - (1)
Balance at 30
June 202 1 61 12,022 799 - (11,656) 1,225 - 1,225
======= ======= =========== ============ =========== ======== =========== ========
Consolidated statement of cash flows
For the six month period ended 30 June 2021
Note Unaudited Audited Year
6 months ended ended 31 December
30 June 2021 2020
US$'000 US$'000
Cash Flow from operating
Activities
Profit (Loss) before tax
for the period ( 92 ) 946
Adjustment for:
Depreciation of property
and equipment - 4
Amortization of intangible
assets - - 75
Impairment of intangible
assets - 37
Share Option Charge 1 6
Gain on bargain purchases - (309)
Forgiveness of loan due
to NCI - (51)
Gain from short term investment (63) -
Capital loss on disposal
of property and equipment - 12
Capital gain from realization
and revaluation of intangibles
assets - (577)
Income tax expenses 92
Capital loss on write
off investments in subsidiaries - -
Operating cash flows before movements
in working capital:
Decrease (increase) in
trade and other receivables 4 (3) 589
Increase (Decrease) in
trade and other payables 5 23 (1,453)
Increase in other current
liabilities 5 34 -
Income tax received - -
R&D tax credit received - 163
---------------- -------------------
Income tax paid - (109)
---------------- -------------------
Net cash (used in) / generated
from operating activities ( 100 ) (575)
Cash Flow from investing
Activities:
Consideration from sale
of intangible assets - 974
Net cash acquired on acquisition - 649
Decrease/(Increase) of
restricted bank deposits - 71
Funds advanced under SAFE
agreement - (152)
Loans eliminated from
obtaining control of a
subsidiary - (296)
Investment eliminated
on consolidation from -
obtaining control of a
subsidiary - -
Purchase of tradable securities (82)
Sale of tradable securities 92 -
---------------- -------------------
Net cash generated from/
(used in) investing activities 10 1,246
Cash Flow from financing
Activities:
Interest payments - -
Net cash generated from/
(used in) financing activities - -
---------------- -------------------
Net decrease in cash and
cash equivalents (90) 671
Cash and equivalents at
beginning of period 1,419 672
Effect of changes in exchange
rates on Cash - 76
---------------- -------------------
Cash and equivalents at
end of period 1,329 1,419
================ ===================
Notes to the financial statements
1. General Information
TechFinancials, Inc, (the "Company") and its subsidiaries
(together, the "Group") were engaged until the end of 2020 in the
development of blockchain-based digital assets solutions and
licensing of financials trading platforms to businesses. The
financial statements present the consolidated results of the Group
for each of the periods ending 30 June 2021, 30 June 2020 and 31
December 2020.
Group changes in the period
In June 2021, Footies Ltd the Company's fully owned subsidiary
has been struck off.
Basis of preparation
As permitted, the Group has chosen not to adopt International
Accounting Standard 34 'Interim Financial Reporting' in preparing
these interim financial statements. The condensed consolidated
interim financial statements should be read in conjunction with the
annual financial statements for the year ended 31 December 2020,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts. The information has been prepared on
a going concern basis in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
(IFRS) as adopted by the European Union.
The accounting policies applied in preparing the interim
financial information are consistent with those that have been
adopted in the Group's 2020 audited financial statements. Statutory
financial statements for the year ended 31 December 2020 were
approved by the Board of Directors on 30 July 2021. The report of
the auditors on those financial statements were not modified in
respect of the matter mentioned, however, has drawn attention to
material uncertainty related to going concern.
The Directors approved these condensed interim financial
statements on 28 September 2021.
Risks and uncertainties
The key risks that could affect the Group's short and medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2020 Annual
Report and Financial Statements, a copy of which is available on
the Company's website: www.techfinancials.com.
2. Accounting policies
The condensed consolidated interim financial statements have
been prepared under the historical cost convention, as modified by
the revaluation of certain financials assets and liabilities at
fair value through the statement of profit and loss.
The business is not subject to seasonal variations.
The financial information for the 6 months ended 30 June 2021
and the 6 months ended 30 June 2020 has not been audited.
No dividends have been paid in the period (2020: $nil).
Critical accounting estimates and judgements
The preparation of condensed consolidated interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period. Significant items subject to such estimates and
have not changed during the interim period and are set out in note
3(v) of the Group's 2020 Annual Report and Financial
Statements.
3. Earnings per share
The calculation of earnings per share is based on the following
losses and number of shares:
Earnings per share Unaudited Unaudited
6--month period ended 6--month period ended Audited
30 June 2021 30 June 2020 Year ended 31 December 2020
US$'000 US$'000 US$'000
Basic
Loss attributable to equity
holders (100) (545) 948
Weighted average number of
shares basic 85,680,979 85,680,979 85,860,979
======================= ======================= =============================
US$ US$ US$
Earning (Loss) per share - basic (0.0012) (0.0064) 0.016
Earnings per share from
continuing operations - basic (0.0012) (0.0064) 0.011
Earnings per share from
discontinued operations - basic - - 0.0006
Earnings per share Unaudited Unaudited
6--month period ended 6--month period ended Audited
30 June 2021 30 June 2020 Year ended 31 December 2020
US$ US$ US$
Diluted
Weighted average number of
shares diluted 85,680,979 85,680,979 86,399,888
======================= ======================= =============================
Earnings/(loss) per share -
diluted - (0.0064) 0.016
Earnings per share from
continuing operations - diluted - (0.0064) 0.011
Earnings per share from
discontinued operations -
diluted - - 0.0006
4. Trade and other receivables
Unaudited
6--month Unaudited
period 6--month Audited
ended period ended Year ended
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Trade Receivables, net - 16 -
Other Receivables - 25 8
Prepayments 10 44 5
Short term deposit - 2 -
10 87 13
========== ============== =============
The carrying amounts of trade and other receivables approximate
their fair values.
5. Trade and other payables
Unaudited
6--month Unaudited
period 6--month Audited
ended period ended Year ended
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Trade Payable 27 76 4
Other Payable - - -
Employees' salaries related
balance - 93 -
Accrued liabilities 118 165 84
145 334 88
========== ============== =============
6. Subsequent events
In July 2021, the Company sold all its holdings recorded as of
30 June 2021, for a total consideration of 51k GBP.
On 18 August 2021, the Company participated in the placing of
HEMOGENYX PHARMACEUTICALS, a listed company in LSE, for a total
consideration of 14.6k GBP.
In July 2021, Cedex Trading UK a fully owned subsidiary of Cedex
Trading Ltd, the Company's fully owned subsidiary was struck
off.
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END
NEXEANNPAAXFEEA
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September 28, 2021 09:59 ET (13:59 GMT)
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