TIDMTECH
RNS Number : 2271B
TechFinancials Inc.
30 September 2022
30 September 2022
TechFinancials, Inc.
("TechFinancials" or the "Company")
Unaudited Interim Report for the Six Months Ended 30 June
2022
TechFinancials Inc. (AQSE: TECH), today announces its unaudited
interim results for the six-month period ended 30 June 2022 ("H1
2022 ").
Financial Overview
-- Company Revenues of US$ nil (H1 2021: US$ nil)
-- Loss for the period attributable to shareholders of US$0.1
6 m (H1 2021: loss of US$0.1 0 m)
-- Cash position at the period end of US$0.76m (31 December
2021: US$0.92m)
-- Basic loss per share ("EPS") of (US$0.002) (H1 2021 (US$0.001))
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 (AQSE Growth Tel: +44 (0) 20
Market Advisor and Broker) 7469 0930
Guy Miller and Mark Anwyl
Chairman's Statement
In H1 2022 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 2022
Executive's Board Member Statement
Financial Results
In 2020, the Company closed all of its operating historical
businesses and since then the Company has not recorded any
income.
The operating loss for the period was US$0.074m (H1 2021: loss
of US$ 0.13m); the operating expenses for the period were
attributed mainly to general and administrative costs associated
with being a listed Company.
Financial expenses for the period were US$ 0.089m, attributed
predominantly to US$0.06m loss from exchange rate differences.
No t axes on income were recorded in the period (H1 2021: US$
0.01m).
The loss after taxation for the period attributable to
shareholders of the Company was US$ 0.16m (H1 2021: loss of US$
0.10m).
The Company's cash position for the period ended 30 June 2022
was US$0.68m (31 December 2021: US$1.3m).
The unaudited interim financial results have not been reviewed
by the Company's auditor.
Eitan Yanuv
Chairman
29 September 2022
Statement of Comprehensive Income
For the six months period ended 30 June 2022
Unaudited
6 Months Period Unaudited Audited
Ended 6 Months Period Ended 12 Months Period Ended
30 June 2022 30 June 2021 31 December 2021
Note US$'000 US$'000 US$'000
Revenue - - -
Cost of sales - - -
----------------- ----------------------- ------------------------
Gross profit - - -
Research and development - - -
Selling and marketing - - -
Administrative (74) (133) ( 233 )
Operating Income (Loss) (74) (133) (233)
----------------- ----------------------- ------------------------
Bank fees (3) (18) (9)
Foreign exchange loss (58) (4) (30)
Gain (loss) from tradable securities (28) 63 86
----------------- ----------------------- ------------------------
Financing Income (expenses) (89) 41 47
Other Income (expenses)
Other income (expenses), net - - (152)
Profit (Loss) before taxation (163) (92) (338)
----------------- ----------------------- ------------------------
Taxation - (8) (4)
----------------- ----------------------- ------------------------
Profit (Loss) from continuing
operations (163) (100) (342)
----------------- ----------------------- ------------------------
Capital loss from sale of subsidiary - (30)
Gain (Loss) from discontinued
operations - - (181)
Gain / (Loss) from discontinued
operations, net - - (211)
----------------- ----------------------- ------------------------
Other comprehensive income - - -
Total comprehensive Profit (Loss) (163) (100) (553)
----------------- ----------------------- ------------------------
Profit (Loss) attributable to:
Owners of the Company (163) (100) (553)
Non-controlling interests - - -
----------------- ----------------------- ------------------------
Profit (Loss) for the period (163) (100) (553)
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 2022 30 June 2021 31 December 2021
(Cents USD) (Cents USD) (Cents USD)
Basic (0.19) (0.12) (0.64)
Diluted (0.19) (0.12) (0.64)
From continuing operations - Basic (0.19) (0.12) (0.40)
From continuing operations - Diluted (0.19) (0.12) (0.40)
From discontinued operations - Basic N/A N/A (0.24)
From discontinued operations - Diluted N/A N/A (0.24)
================= ======================= ========================
Consolidated Statement of financial position
As of 30 June 2022
Unaudited
30 June Unaudited Audited
2022 30 June 2021 31 December 2021
Note US$'000 US$'000 US$'000
Non-current assets
Financial asset held at FVTPL - 152 -
- 152 -
---------- -------------- ------------------
Current assets
Trade receivables, net and other receivables 4 11 10 -
Short term investment 74 53 26
Cash 687 1,329 920
---------- --------------
772 1,392 1,432
---------- -------------- ------------------
Total Assets 772 1,544 946
========== ============== ==================
Non-Current liabilities
Shareholders loan 89 89 84
Current Liabilities
Trade and other payables 5 73 140 89
Income tax payable - 90 -
---------- -------------- ------------------
73 230 89
---------- -------------- ------------------
Total Liabilities 162 319 173
---------- -------------- ------------------
Equity
Share Capital 61 61 61
Share premium account 12,022 12,022 12,022
Share-based payment reserve 798 798 798
Accumulated losses (12,271) (11,656) (12,108)
---------- -------------- ------------------
Equity attributable to owners of the Company 610 1,225 773
---------- -------------- ------------------
Non-controlling interests - - -
---------- -------------- ------------------
Total equity 610 1,225 773
Total Equity and Liabilities 772 1,544 946
========== ============== ==================
Consolidated Statement of changes in equity
For the six months period ended 30 June 2022
Share-based Accumulated Non-
Share Share payment Revaluation profits/ controlling
capital premium reserve reserve (losses) Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 31
December 2020 61 12,022 798 - (11,555) 1,326 - 1,326
======= ======== =========== ============ =========== ======== =========== ========
Total
comprehensive
loss for the
year - - - - (553) (553) - (553)
Balance at 31
December 2021 61 12,022 798 - (12,108) 773 - 773
======= ======== =========== ============ =========== ======== =========== ========
Total
comprehensive
loss for the
period - - - - (163) (163) - (163)
Balance at 30
June 2022 61 12,022 798 - (12,271) 610 - 610
============== ======= ======== =========== ============ =========== ======== =========== ========
Consolidated statement of cash flows
For the six month s period ended 30 June 2021
Note Unaudited Audited Year
6 months ended ended 31 December
30 June 2022 2021
US$'000 US$'000
Cash Flow from operating
Activities
Profit (Loss) before tax
for the period ( 163 ) (549)
Adjustment for:
Foreign exchange differences 78 82
Loss (gain) from short
term investment 28 (86)
Loss on disposal of subsidiary - 30
Impairment of investments
in subsidiaries - 152
Operating cash flows before movements
in working capital:
Decrease (increase) in
trade and other receivables 4 (11) 13
Increase (Decrease) in
trade and other payables 5 (11) 48
Increase in other current -
liabilities -
Income tax paid - (93)
---------------- -------------------
Net cash (used in) /
generated from operating
activities ( 79 ) (403)
Cash Flow from investing
Activities:
Net cash on disposal of
subsidiary - (75)
Purchase of tradable securities (77) (102)
Sale of tradable securities - 163
---------------- -------------------
Net cash generated from/
(used in) investing activities (77) (14)
Cash Flow from financing
Activities:
Interest payments - -
Net cash generated from/
(used in) financing activities - -
---------------- -------------------
Net decrease in cash
and cash equivalents (156) (417)
Cash and equivalents at
beginning of period 920 1,419
Effect of changes in exchange
rates on Cash (77) (82)
---------------- -------------------
Cash and equivalents
at end of period 687 920
================ ===================
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. The financial statements present the consolidated
results of the Company for each of the periods ending 30 June 2022,
30 June 2021 and 31 December 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 2021, 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 Company's 2021 audited financial
statements. Statutory financial statements for the year ended 31
December 2021 were approved by the Board of Directors on 30 July
2022.
The Directors approved these condensed interim financial
statements on 29 September 2022.
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 2021
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 2022
and the 6 months ended 30 June 2021 has not been audited.
No dividends have been paid in the period (2021: $nil).
Critical accounting estimates and judgements
The preparation of condensed consolidated interim financial
statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting period. Significant items subject to such estimates have
not changed during the interim period and are set out in note 3(v)
of the Company's 2021 Annual Report and Financial Statements.
3. Earnings per share
The calculation of earnings per share is based on the following
losses and number of shares:
Loss per share Unaudited Unaudited
6--month period ended 6--month period ended Audited
30 June 2022 30 June 2021 Year ended 31 December 2021
US$'000 US$'000 US$'000
Basic
Loss attributable to equity
holders (163) (100) (553)
Weighted average number of
shares basic 85,680,979 85,680,979 85,860,979
======================= ======================= =============================
US$ US$ US$
Loss per share - basic (0.0019) (0.0012) (0.0064)
Loss per share from continuing
operations - basic (0.0019) (0.0012) (0.0040)
Loss per share from discontinued
operations - basic - - (0.0024)
Loss per share Unaudited Unaudited
6--month period ended 6--month period ended Audited
30 June 2022 30 June 2021 Year ended 31 December 2021
US$ US$ US$
Diluted
Weighted average number of
shares diluted 85,680,979 85,680,979 85,680,979
======================= ======================= =============================
Loss per share - diluted (0.0019) (0.0012) (0.0064)
Loss per share from continuing
operations - diluted (0.0019) (0.0012) (0.0040)
Loss per share from discontinued
operations - diluted - - (0.0024)
4. Trade and other receivables
Unaudited Unaudited
Audited
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Trade Receivables, net - - -
Prepayments 11 10 -
Short term deposit - - -
11 10 -
========== ========== =============
The carrying amounts of trade and other receivables represent
approximately their fair values.
5. Trade and other payables
Unaudited Unaudited
Audited
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Trade Payable - 27 39
Accrued liabilities 73 118 50
73 145 89
========== ========== =============
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END
NEXPPUMWBUPPGAB
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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