TIDMTECH
RNS Number : 0390O
TechFinancials Inc.
29 September 2023
29 September 2023
TechFinancials, Inc.
("TechFinancials" or the "Company")
Unaudited Interim Report for the Six Months Ended 30 June
2023
TechFinancials Inc. (AQUIS: TECH), today announces its unaudited
interim results for the six-month period ended 30 June 2023 ("H1
2023 ").
Financial Overview
-- Company Revenues of US$ nil (H1 2022: US$ nil)
-- Loss for the period attributable to shareholders of US$0.0
7 m (H1 2022: loss of US$0.1 6 m)
-- Cash position at the period end of H1 2023 US$0.45m (31
December 2022: US$0.55m)
-- Basic loss per share ("EPS") of (US$0.001) (H1 2022 (US$0.002))
Asaf Lahav, Chief Executive Board Member of TechFinancials,
commented:
"In the first half of the year the Company continued to focus on
administrative cost reductions and will continue to look for
investment opportunities to maximize the Company's value,
leveraging its available cash."
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 (Aquis Growth Tel: +44 (0) 20
Market Advisor and Broker) 7469 0930
Eran Zucker and Guy Miller
Chairman's Statement
In H1 2023 the Company continued to focus on reducing costs. The
Board decided to invest some amounts in listed companies. The
Company will continue to look for new ways to increase its
value.
Outlook
We will continue to look for opportunities to materialize our
assets or join forces with other companies in order to be able move
forward.
I would like to thank our shareholders for their continued
support in what has been a difficult period globally as well as for
the Company.
We look forward to updating the market on our progress in due
course.
Eitan Yanuv
Independent Non-Executive Chairman
29 September 2023
Executive's Board Member Statement
Financial Results
The operating loss for the period was US$0.074m (H1 2022: loss
of US$ 0.16m); the operating expenses for the period were
attributed mainly to general and administrative costs associated
with being a publicly quoted Company.
Financial gain for the period were US$ 0.021m, attributed
predominantly to US$0.024m gain from exchange rate differences.
No t axes on income were recorded in the period (H1 2022: US$
0.00m).
The loss after taxation for the period attributable to
shareholders of the Company was US$ 0.073m (H1 2022: loss of US$
0.16m).
The Company's cash position for the period ended 30 June 2023
was US$0.449m (31 December 2022: US$0.548m).
The unaudited interim financial results have not been reviewed
by the Company's auditor.
Eitan Yanuv
Chairman
29 September 2023
Statement of Comprehensive Income
For the six months period ended 30 June 2023
Unaudited
6 Months Period Unaudited Audited
Ended 6 Months Period Ended 12 Months Period Ended
30 June 2023 30 June 2022 31 December 2022
Note US$'000 US$'000 US$'000
Revenue - - -
Cost of sales - - -
----------------- ----------------------- ------------------------
Gross profit - - -
Selling and marketing - - -
Administrative ( 94 ) (74) ( 175 )
Operating Income (Loss) ( 94 ) (74) (175)
----------------- ----------------------- ------------------------
Bank fees ( 2 ) (3) (7)
Foreign exchange loss (1) (58) (44)
Gain (loss) from tradable securities 24 (28) (43)
----------------- ----------------------- ------------------------
Financing Income (expenses) 21 (89) (94)
Other Income (expenses)
Other income (expenses), net - - -
Loss before taxation ( 73 ) (163) (269)
----------------- ----------------------- ------------------------
Taxation - - -
----------------- ----------------------- ------------------------
Loss from continuing operations ( 73 ) (163) (269)
----------------- ----------------------- ------------------------
Other comprehensive income - - -
Total comprehensive Loss ( 73 ) (163) (269)
----------------- ----------------------- ------------------------
Profit (Loss) attributable to:
Owners of the Company ( 73 ) (163) (269)
Non-controlling interests - - -
----------------- ----------------------- ------------------------
Loss for the period ( 73 ) (163) (269)
Earnings per share attributable to owners of the parent during the year (Note 3) :
Unaudited
6 Months Period Unaudited Audited
Ended 6 Months Period Ended 12 Months Period Ended
30 June 2023 30 June 2022 31 December 2022
(Cents USD) (Cents USD) (Cents USD)
Basic (0.09) (0.19) (0.32)
Diluted N/A N/A N/A
From continuing operations - Basic (0.09) (0.19) (0.32)
From continuing operations - Diluted N/A N/A N/A
From discontinued operations - Basic - - -
From discontinued operations - Diluted N/A N/A N/A
================= ======================= ========================
Consolidated Statement of financial position
As of 30 June 2023
Unaudited
30 June Unaudited Audited
2023 30 June 2022 31 December 2022
Note US$'000 US$'000 US$'000
Current assets
Trade receivables, net and other receivables 4 - 11 3
Short term investment 95 74 59
Cash 449 687 548
---------- --------------
544 772 610
---------- -------------- ------------------
Total Assets 544 772 610
========== ============== ==================
Non-Current liabilities
Shareholders loan 82 89 83
Current Liabilities
Trade and other payables 5 31 73 23
Total Liabilities 113 162 106
---------- -------------- ------------------
Equity
Share Capital 61 61 61
Share premium account 12,022 12,022 12,022
Share-based payment reserve 798 798 798
Accumulated losses (12,450) (12,271) (12,377)
---------- -------------- ------------------
Equity attributable to owners of the Company 431 1,225 504
---------- -------------- ------------------
Non-controlling interests - - -
---------- -------------- ------------------
Total equity 413 610 504
Total Equity and Liabilities 544 772 610
========== ============== ==================
Consolidated Statement of changes in equity
For the six months period ended 30 June 2023
Share-based Accumulated Non-
payment profits/ controlling
Share capital Share premium reserve (losses) Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31
December 2021 61 12,022 798 (12,108) 773 - 773
============= ============= ============ ============ ======== ============ ========
Total
comprehensive
loss for the
year - - - (269) (269) - (269)
Balance at 31
December 2022 61 12,022 798 (12,377) 504 - 504
============= ============= ============ ============ ======== ============ ========
Total
comprehensive
loss for the
period - - - (73) (73) - (73)
Balance at 30
June 2023 61 12,022 798 (12,450) 431 - 431
============== ============= ============= ============ ============ ======== ============ ========
Consolidated statement of cash flows
For the six month s period ended 30 June 2023
Note Unaudited Audited Year
6 months ended ended 31 December
30 June 2023 2022
US$'000 US$'000
Cash Flow from operating
Activities
Loss before tax for the
period ( 73 ) (269)
Adjustment for:
Foreign exchange differences - 44
Loss (gain) from short
term investment (24) 43
Operating cash flows before movements
in working capital:
Decrease (increase) in
trade and other receivables 4 3 (3)
Increase (Decrease) in
trade and other payables 5 15 (64)
Decrease in other current (8)
liabilities -
Income tax paid - -
---------------- -------------------
Net cash used in operating
activities ( 87 ) (249)
Cash Flow from investing
Activities:
Purchase of tradable securities (68) (76)
Sale of tradable securities 56 -
---------------- -------------------
Net cash used in investing
activities (12) (76)
Net decrease in cash
and cash equivalents (99) (325)
Cash and equivalents at
beginning of period 548 920
Effect of changes in exchange
rates on Cash - (47)
---------------- -------------------
Cash and equivalents
at end of period 449 548
================ ===================
Notes to the financial statements
1. General Information
TechFinancials, Inc, (the "Company") was engaged until the end
of 2020 in the development of blockchain-based digital assets
solutions and licensing of financials trading platforms to
businesses. Having disposed predominantly of its businesses, the
Company has been an investing company since the year 2021.
Basis of preparation
As permitted, the Company 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 2022, 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 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 Company's 2022 audited financial
statements. Statutory financial statements for the year ended 31
December 2022 were approved by the Board of Directors on 29 June
2023.
The Directors approved these condensed interim financial
statements on 28 September 2023.
Risks and uncertainties
The key risks that could affect the Company's short and medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2022
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 financial information for the 6 months ended 30 June 2023
and the 6 months ended 30 June 2022 has not been audited.
No dividends have been paid in the period (2022: $nil).
Critical accounting estimates and judgements
The preparation of condensed consolidated interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period. Significant items subject to such estimates have
not changed during the interim period and are set out in note 3(v)
of the Company's 2022 Annual Report and Financial Statements.
3. Earnings per share
The calculation of earnings per share is based on the following
losses and number of shares:
Loss per share Unaudited Unaudited
6--month period ended 6--month period ended Audited
30 June 2023 30 June 2022 Year ended 31 December 2022
US$'000 US$'000 US$'000
Basic
Loss attributable to equity
holders (73) (163) (269)
Weighted average number of
shares basic 85,680,979 85,680,979 85,860,979
======================= ======================= =============================
US$ US$ US$
Loss per share - basic and
diluted: (0.0009) (0.0019) (0.0032)
Loss per share from continuing
operations - basic (0.0009) (0.0019) (0.0032)
Loss per share from discontinued
operations - basic - - -
4. Trade and other receivables
Unaudited Unaudited
Audited
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Prepayments - 11 3
- 11 3
============ ========== =============
The carrying amounts of trade and other receivables represent
approximately their fair values.
5. Trade and other payables
Unaudited Unaudited
Audited
30 June 30 June 31 December
2023 2022 2022
US$'000 US$'000 US$'000
Trade Payable 15 - -
Accrued liabilities 16 73 23
31 73 23
========== ========== =============
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END
NEXLPMTTMTJTBTJ
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September 29, 2023 02:00 ET (06:00 GMT)
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