TIDMQBT 
 
22 September 2021 
 
                      Quantum Blockchain Technologies plc 
 
       ("Quantum Blockchain Technologies", "the Group" or "the Company") 
 
                                INTERIM RESULTS 
 
                      For the 6 Months Ended 30 June 2021 
 
Quantum Blockchain Technologies plc (AIM: QBT) announces its unaudited Interim 
Results for the 6 months ended 30 June 2021. 
 
HIGHLIGHTS 
 
  * Raised £1.7million through two equity placings 
 
  * Received shareholder approval to commence new blockchain & cryptocurrencies 
    strategy 
 
  * Appointed sector expert to create new optimisations for mining Bitcoin 
 
POST PERIOD HIGHLIGHTS 
 
  * Created several specialist working groups to investigate multiple approach 
    solutions 
 
  * Commenced work on D-Wave Systems quantum cloud service 
 
  * Achieved first speed improvement in mining Bitcoin 
 
For further information please contact: 
 
Quantum Blockchain Technologies Plc 
Francesco Gardin, CEO and Executive Chairman          +39 335 296573 
 
 
SP Angel Corporate Finance 
(Nominated Adviser & Broker)                          +44 (0)20 3470 0470 
Jeff Keating 
 
 
Leander (Financial PR)                                +44 (0) 7795 168 157 
Christian Taylor-Wilkinson 
 
 
About Quantum Blockchain Technologies Plc 
 
QBT (AIM: QBT) is an AIM listed investment company which has recently realigned 
its strategic focus to technology related investments, with special regard to 
Quantum computing, Blockchain, Cryptocurrencies and AI sectors.  The Company 
has commenced an aggressive R&D and investment programme in the dynamic world 
of Blockchain Technology, which includes cryptocurrency mining and other 
advanced blockchain applications. 
 
For further information, please visit, www.quantumblockchaintechnologies.co.uk 
 
Chairman's Statement 
 
 
Overview 
 
The early months of 2021 marked a distinct change of direction for our company, 
reflected in a change of name from Clear Leisure to Quantum Blockchain 
Technologies Plc (QBT) and more practically, a new foundation on which the 
Company's future will be built. 
 
In February 2021, the Company raised £680,000 and £1,000,000 (both amounts 
before expenses) via two equity placings, respectively at 0.6p and 1p per new 
ordinary share of 0.25 pence each in the Company ("Ordinary Shares"). These new 
funds facilitated the launch of the new Investment Strategy focused on the 
development of an innovative and disruptive technology for Blockchain, 
Cryptocurrency and Quantum Computing. 
 
The new strategy was approved by shareholders on 6 May 2021, at a General 
Meeting where the Company received approval for the following: 
 
  * To amend the Company's Investing Policy with a focus on Blockchain, 
    Cryptocurrency, Quantum Computing and Artificial Intelligence. 
 
  * To change the Company's name from Clear Leisure Plc to Quantum Blockchain 
    Technologies plc. 
 
  * To authorise the granting of options to the CEO and current and future 
    management team of the Company. 
 
  * To grant authorities to the directors to issue shares in the Company. 
 
In June 2021, the Company formally announced the launch and current progress 
status of its new in-house Research & Development ("R&D") programme in respect 
of advanced proprietary techniques for Bitcoin mining. The Company further 
announced the appointment of a UK based, international cryptography expert, 
whose specialism is cryptocurrency mining blockchain optimisations. As part of 
the appointment, the consultant was awarded share options over 10,000,000 new 
Ordinary Shares at an exercise price of 5p each, which can be exercised between 
15 February 2022 and 15 August 2022. 
 
The aim of the R&D programme is to develop Bitcoin mining tools and techniques 
which will significantly outperform existing mining equipment, both in speed 
and energy consumption. While the Board is aware this is an ambitious project, 
given the radically advanced technologies and methodologies being used, it 
believes that the goal is achievable. 
 
Legacy Assets 
 
In May 2021, the Company reported in respect of the Sipiem S.p.A. ("Sipiem") 
legal claim, that the Court of Venice appointed independent expert had filed 
his report on the economic merit of the damages suffered by Sipiem and valued 
up to an amount of ?7.8 million, subject to the Judge ruling that the conduct 
of Sipiem's former board and internal audit committee was unlawful. However, at 
the hearing, the Company was informed that as one of the defendants had sadly 
passed away, it was required to take a few additional mandatory procedural 
steps, and this inevitably delayed the proceedings. The Court of Venice has 
re-scheduled the hearing for 10 November 2021 at which time the Judge will 
receive the parties' comments on the report of the independent expert. 
 
At the beginning of the year, the Company was notified that the Bologna Court 
elected to continue the ?1.03 million legal claim against the previous 
management of Sosushi Srl, through an arbitration process (formally started on 
18 January 2021), which will provide a legally binding decision on the matter. 
 
On 20 January 2021, the Company (at the conclusion of the mandatory public 
bidding process), was assigned a legal claim against the former management of 
Mediapolis S.A. and its internal audit committee, for a consideration of ? 
50,000, which will be deducted from the amount still receivable from the 
Mediapolis Bankruptcy procedure. 
 
As announced in June, the Company increased its stake in Forcrowd Srl 
("ForCrowd") from 20% to 41.17% for a consideration of ?34,000; having taken 
advantage of a special situation that had arisen amongst previous minority 
shareholders. ForCrowd also launched a new crowdfunding campaign in 2021 that 
has already received pre-launch investment commitments, enhancing the 
probability of a successful conclusion. 
 
PBV Monitor srl ("PBV"), is focusing on the efficient marketing of its data 
intelligence service to law firms and in-house legal counsels, whilst 
consolidating its editorial partnerships in Italy (to print and sell sectorial 
printed directories) and establish new relationships, especially in the USA. 
PBV also expects that, in the light of the general improvement of the Covid-19 
pandemic in Europe, it will re-launch its industry award events for the legal 
sector later in 2021. The next step in the roadmap for PBV is the soft launch 
of its new legal networking platform. 
 
Geosim Systems Ltd ("Geosim") is also moving forward, and it is currently 
completing the first Phase in the development of a 3D Reality Model for a major 
North American airport 
 
Financial Review 
 
The Group reported a total comprehensive loss for the period to 30 June 2021 of 
?1.1 million (30 June 2020: loss ?363,000). The operating loss for the period 
was ?714,000 (30 June 2020: operating loss ?228,000). At 30 June 2021, the 
Group improved the net liabilities to ?1.4 million, compared to negative ?1.9 
million at 30 June 2020. The Net Current Assets of the Group also improved 
during the period under review, to ?6.1 million, compared to ?2.1 million at 30 
June 2020. 
 
Post 30 June 2021 Events 
 
In July, the Company announced the agreement to use the LeapT quantum cloud 
service from D-Wave Systems Inc ("D-Wave"); marking an important step forward 
in the R&D programme. 
 
Subsequently, in August, the Company provided an update on the status and 
findings of its R&D project as follows: 
 
  * Creation of the R&D team, comprising 13 sector experts 
 
  * Formation of working groups for: 
 
  * Quantum Computing 
 
  * Cryptographic Optimisation 
 
  * Deep Learning and Artificial Intelligence ("AI") 
 
  * FPGA / ASIC Design 
 
  * Algebraic and Boolean Equation Reduction 
 
  * BTC Large Big Data 
 
  * High performance computing architectures 
 
The initial findings of the new R&D work have been very encouraging, with a 
9.56% speed improvement already achieved as compared to the standard Bitcoin 
mining algorithm on the same type of machine. The Company is currently 
investigating other optimisations for Bitcoin mining, based on its innovative 
approach (people and technology), which it believes will deliver further and 
radical speed improvements which the Company is planning to file under an 
international patent. 
 
In the early stages of the AI Deep-Learning tests to optimise the Bitcoin 
mining algorithm, QBT's AI system autonomously generated one of the already 
existing optimisation provided to the Company by its expert. This first result 
strongly supports the AI Deep Learning strategy adopted by the Company. 
 
The Company has also started to implement the first set of optimisations on 
FPGA, expecting early completed versions of the FPGA to be ready by the end of 
October 2021, while the optimisations covered by the above-mentioned patent are 
due by December 2021. ASIC development work is expected to start in parallel in 
October 2021. 
 
Based on the performance achieved by the FPGA chip, it may be decided to use it 
as the Company's first mining engine. 
 
QBT's Quantum Computing team has now started working on the D-wave Quantum 
computer, programming the quantum processor, whilst the Company completed the 
design of the new IT infrastructure. This new infrastructure includes a 128 
core Machine Learning workstation and an initial one Petabyte memory expandable 
unit, in order to host the proprietary enriched Bitcoin mining "BTC Large Big 
Data". 
 
Outlook 
 
The Board remains committed to return value to its stakeholders, over the next 
24 months, by: 
 
  * Positioning the Company in the Quantum Computing, Blockchain and 
    Cryptocurrency sectors, both via new investment activity and its in-house R 
    &D projects. 
 
  * Realisation of its legacy assets, for which positive outcomes are expected 
    from the legal claims being pursued by the Company. 
 
  * Further reduction of the debt position (if and when the conditions are 
    deemed appropriate). 
 
The Board maintains a positive outlook with regards to the Company's new 
investment strategy focused on Quantum Computing, Blockchain and Cryptocurrency 
in combination with its existing technology investments and remaining legal 
claims which, the Company believes, are drawing towards a positive conclusion. 
 
Francesco Gardin 
 
Quantum Blockchain Technologies PLC 
 
CEO and Chairman 
 
GROUP STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE PERIODED 30 JUNE 2021 
 
                                             Six months   Six months Year ended 
                                     Note    to 30 June   to 30 June  31 December 
                                                   2021         2020         2020 
                                              Unaudited    Unaudited      Audited 
 
Continuing operations                             ?'000        ?'000        ?'000 
 
Revenue                                               6           32           12 
 
Cost of sales                                         -            -            - 
 
                                                      6           32           12 
 
Administrative expenses                           (720)        (260)      (1,123) 
 
Other operating income                                -            -           24 
 
Operating loss                                    (714)        (228)      (1,087) 
 
Other gains and losses                                -            6            - 
 
Finance charges                                   (392)        (141)        (121) 
 
Loss before tax                                 (1,106)        (363)      (1,208) 
 
Taxation                                              -            -            - 
 
Loss for the period attributable to             (1,106)        (363)      (1,208) 
owners of the parent 
 
 
Other comprehensive loss: 
 
Loss on translation of overseas                       -            -            - 
subsidiaries 
 
TOTAL COMPREHENSIVE LOSS FOR THE                (1,106)        (363)      (1,208) 
PERIOD ATTRIBUTABLE TO OWNERS OF THE 
PARENT 
 
 
Earnings per share: 
 
Basic and diluted loss per share       3        (?0.13)     (?0.001)     (?0.182) 
 
 
GROUP STATEMENTS OF FINANCIAL POSITION 
 
AT 30 JUNE 2021 
 
                               Note              As at                                       As at          As at 
                                               30 June                                     30 June    31 December 
                                                  2021                                        2020           2020 
                                                 ?'000                                       ?'000          ?'000 
                                           (Unaudited)                                 (Unaudited)      (Audited) 
                                                                                        (Restated) 
 
Non-current assets 
 
Investments                                                                                  1,114            980 
                                                 1,014 
 
Total non-current assets                         1,014                                       1,114            980 
 
Current assets 
 
Trade and other receivables                      5,315                                       6,627          5,191 
 
Cash and cash equivalents                        1,083                                           1              - 
 
Total current assets                             6,398                                       6,628          5,191 
 
Current liabilities 
 
Trade and other payables                         (265)                                       (490)          (334) 
 
Borrowings                                           -                                     (3,910)              - 
 
Derivative financial                                 -                                       (121)              - 
instruments 
 
Total current liabilities                        (265)                                     (4,521)          (334) 
 
Net current assets                               6,133                                       2,107          4,857 
 
Total assets less current                        7,147 3,221                                                5,837 
liabilities 
 
Non-current liabilities 
 
Borrowings                                     (8,606)                                     (5,213)        (8,212) 
 
Total non-current liabilities                  (8,606)                                     (5,213)        (8,212) 
 
Total liabilities                              (8,871)                                     (9,734)        (8,545) 
 
Net liabilities                                (1,459)                                     (1,992)        (2,375) 
 
Equity 
 
Share capital                                    8,080                                       7,397          7,397 
 
Share premium account                           48,463                                      47,124         47,124 
 
Other reserves                                   8,787                                       8,376          8,787 
 
Retained losses                               (66,789)                                    (64,889)       (65,683) 
 
Equity attributable to owners                  (1,459)                                     (1,992)        (2,375) 
of the Company 
 
Total equity                                   (1,459)                                     (1,992)        (2,375) 
 
GROUP AUDITED STATEMENT OF CHANGES IN EQUITY 
 
FOR THE YEARED 31 DECEMBER 2020 
 
                                        Share      Share      Other   Retained      Total 
Group                                 capital    premium   reserves     losses     equity 
                                                 account 
                                        ?'000      ?'000      ?'000      ?'000      ?'000 
 
At 1 January 2020                       7,397     47,124      8,376   (64,526)    (1,629) 
 
Total comprehensive loss for the            -          -          -    (1,208)    (1,208) 
year 
 
Lapsed share options                        -          -       (51)         51          - 
 
Equity portion of convertible loan          -          -        462          -        462 
notes 
 
At 31 December 2020                     7,397     47,124      8,787   (65,683)    (2,375) 
 
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY 
 
FOR THE SIX MONTHS TO 30 JUNE 2020 
 
                                        Share      Share      Other   Retained      Total 
Group                                 capital    premium   reserves     losses     equity 
                                                 account            (restated) (restated) 
                                        ?'000      ?'000      ?'000      ?'000      ?'000 
 
At 1 January 2020                       7,397     47,124      8,376   (64,526)    (1,629) 
 
Total comprehensive loss for the            -          -          -      (363)      (363) 
period 
 
At 30 June 2020                         7,397     47,124      8,376   (64,889)    (1,992) 
 
 
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY 
 
FOR THE SIX MONTHS TO 30 JUNE 2021 
 
                                        Share      Share      Other   Retained      Total 
Group                                 capital    premium   reserves     losses     equity 
                                                 account 
                                        ?'000      ?'000      ?'000      ?'000      ?'000 
 
At 1 January 2021                       7,397     47,124      8,787   (65,683)    (2,375) 
 
Issue of share capital                    683      1,339          -          -      2,022 
 
Total comprehensive loss for the            -          -          -    (1,106)    (1,106) 
period 
 
At 30 June 2021                         8,080     48,463      8,787   (66,789)    (1,459) 
 
 
GROUP UNAUDITED STATEMENT OF CASH FLOWS 
 
FOR THE SIX MONTHSED 30 JUNE 2021 
 
                                              Six months  Six months Year ended 
                                              to 30 June  to 30 June         31 
                                                    2021        2020   December 
                                                                           2020 
                                               Unaudited   Unaudited    Audited 
                                                   ?'000       ?'000      ?'000 
 
Cash used in operations 
 
Loss before tax                                  (1,106)       (363)    (1,208) 
 
Fair value changes                                   248           6          - 
 
Impairment of investments                              -           -         89 
 
Other gains                                            -           -         50 
 
Finance charges                                      146         141        247 
 
Decrease/(increase) in receivables                 (124)        (23)      1,417 
 
(Decrease)/increase in payables                     (69)          93       (61) 
 
Decrease in derivatives                                -           -      (121) 
 
Net cash (outflow)/inflow from                     (905)       (146)        413 
operating activities 
 
Cash flows from investing activities 
 
Purchase of investments                             (34)           -        (2) 
 
Proceeds from issues of new ordinary               2,022           -          - 
shares (net of expenses) 
 
Net cash inflow from investing                     1,988           -        (2) 
activities 
 
Cash flows from financing activities 
 
New borrowings                                         -         150        150 
 
Repayment from borrowings                              -         (3)      (561) 
 
Net cash inflow/(outflow) from                         -         147      (411) 
financing activities 
 
Net increase in cash for the period                1,083           1          - 
 
Cash and cash equivalents at beginning                 -           -          - 
of year 
 
Cash and cash equivalents at end of                1,083           1          - 
period 
 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
 1. General Information 
 
    Quantum Blockchain Technologies plc is a company incorporated and domiciled 
    in England and Wales. The Company's ordinary shares are traded on the AIM 
    market of the London Stock Exchange. The address of the registered office 
    is 22 Great James Street, London, WC1N 3ES. 
 
    The principal activity of the Group is that of an investment company 
    pursuing a strategy to create a portfolio of companies. 
 
2. Accounting policies 
 
The principal accounting policies are summarised below. They have all been 
applied consistently throughout the period covered by these consolidated 
financial statements. 
 
Basis of preparation 
 
The interim financial statements of Quantum Blockchain Technologies Plc are 
unaudited consolidated financial statements for the six months ended 30 June 
2021 which have been prepared in accordance with UK adopted International 
accounting standards. They include unaudited comparatives for the six months 
ended 30 June 2020 together with audited comparatives for the year ended 31 
December 2020. 
 
The interim financial statements do not constitute statutory accounts within 
the meaning of section 434 of the Companies Act 2006. The statutory accounts 
for the year ended 31 December 2020 have been reported on by the company's 
auditors and have been filed with the Registrar of Companies. The report of the 
auditors was qualified in respect of the valuation of the investment in Geosim 
Systems Ltd, and the omission of Mediapolis Investment S.A. from the 
consolidated accounts.  The report of the auditor also contained an emphasis of 
matter paragraph in respect of a material uncertainty regarding going concern. 
Aside from the limitation of scope relating to Geosim Systems Ltd and 
Mediapolis Investment S.A, the auditor's report did not contain any statement 
under section 498 of the Companies Act 2006. 
 
The interim financial statements for the period ended 30 June 2020 have been 
restated for the adjustment made in respect of Zero Coupon Bonds and Other 
Convertible Loans, further details of which can be found in the financial 
statements for the year ended 31 December 2020. 
 
The interim consolidated financial statements for the six months ended 30 June 
2021 have been prepared on the basis of accounting policies expected to be 
adopted for the year ended 31 December 2021, which are consistent with the year 
ended 31 December 2020 except as stated below: 
 
Going concern 
 
The Group's activities generated a loss of ?1,106,000 (June 2020: ?363,000) and 
had net current assets of ?6,133,000 as at 30 June 2021. The Group's 
operational existence is still dependent on the ability to raise further 
funding either through an equity placing on AIM, or through other external 
sources, to support the on-going working capital requirements. 
 
After making due enquiries, the Directors have formed a judgement that there is 
a reasonable expectation that the Group can secure further adequate resources 
to continue in operational existence for the foreseeable future and that 
adequate arrangements will be in place to enable the settlement of their 
financial commitments, as and when they fall due. 
 
For this reason, the Directors continue to adopt the going concern basis in 
preparing the interim accounts. Whilst there are inherent uncertainties in 
relation to future events, and therefore no certainty over the outcome of the 
matters described, the Directors consider that, based upon financial 
projections and dependant on the success of their efforts to complete these 
activities, the Group will be a going concern for the next twelve months. If it 
is not possible for the Directors to realise their plans, over which there is 
significant uncertainty, the carrying value of the assets of the Group is 
likely to be impaired. 
 
In relation to the impact of COVID-19 on the Company, the Company's employees 
can carry out their duties remotely, via the network infrastructure in place. 
As a result, there was no disruption to the operational activities of the 
Company during the COVID-19 social distancing and working from home 
restrictions. All key business functions continue to operate at normal 
capacity. 
 
Notwithstanding the above, the Directors note the material uncertainty in 
relation to the Group being unable to realise its assets and discharge its 
liabilities in the normal course of business. 
 
Risks and uncertainties 
 
The Board continuously assesses and monitors the key risks of the business. The 
key risks that could affect the Company's medium-term performance and the 
factors that mitigate those risks have not substantially changed from those set 
out in the Company's 2020 Annual Report and Financial Statements, a copy of 
which is available on the Company's website: 
 
www.quantumblockchaintechnologies.com. The key financial risks are liquidity 
and credit risk. 
 
Critical accounting estimates 
 
The preparation of interim financial statements requires management to make 
estimates and assumptions that affect the reported amounts of assets and 
liabilities at the end of the reporting period. Significant items subject to 
such estimates are set out in note 3 of the Company's 2020 Annual Report and 
Financial Statements. The nature and amounts of such estimates have not changed 
significantly during the interim period. 
 
3. Loss per share 
 
The basic earnings per share is calculated by dividing the earnings 
attributable to ordinary shareholders by the weighted average number of 
ordinary shares outstanding during the period. Diluted earnings per share is 
computed using the same weighted average number of shares during the period 
adjusted for the dilutive effect of share warrants and convertible loans 
outstanding during the period. 
 
The profit and weighted average number of shares used in the calculation are 
set out below: 
 
                                   Six months to Six months to Six months to 
                                    30 June 2021  30 June 2020   31 December 
                                                                        2020 
 
                                     (Unaudited)   (Unaudited)     (Audited) 
 
                                           ?'000         ?'000         ?'000 
 
Loss/profit attributable to owners 
of the parent company: 
 
Basic earnings                           (1,106)         (363)       (1,208) 
 
Diluted earnings                         (1,106)         (363)       (1,208) 
 
Basic weighted average number of         836,537       618,891       662,371 
ordinary shares (000's) 
 
Diluted weighted average number of       836,537       618,891       662,371 
ordinary shares (000's) 
 
Basic and fully diluted earnings 
per share: 
 
Basic earnings per share                 (?0.13)      (?0.001)      (?0.182) 
 
Diluted earnings per share               (?0.13)      (?0.001)      (?0.182) 
 
IAS 33 requires presentation of diluted earnings per share when a company could 
be called upon to issue shares that would decrease earnings per share or 
increase net loss per share. For a loss making company with outstanding share 
options and warrants, net loss per share would only be increased by the 
exercise of out-of-the money options and warrants, so no adjustment has been 
made to diluted earnings per share for out-of-the money options and warrants in 
the comparatives. 
 
4. Investment Policy 
 
The Company intends on identifying and investing in investment opportunities 
which it believes show excellent growth potential on a stand-alone basis and 
which would add value to the Company's portfolio of investments through the 
expertise of the Board or through the provision of ongoing funding. 
 
It is the intention of the Company that the majority of investments will be 
made in unlisted companies; however, pre-IPO and listed companies may, from 
time to time, be considered on a selective basis. 
 
The Company believes that the collective experience of the Board together with 
its extensive network of contacts will assist them in the identification, 
evaluation, and funding of investment targets. When necessary other external 
professionals will be engaged to assist in the due diligence of prospective 
targets. The Board will also consider, as it sees fit, appointing additional 
directors and/or key employees with relevant experience as part of any specific 
investment. 
 
The Company may offer shares as well as cash by way of consideration for 
prospective investments, thereby helping to preserve the Company's cash for 
working capital. The Company may, in appropriate circumstances, issue debt 
securities or borrow money to complete an investment. 
 
5. Copies of Interim Accounts 
 
Copies of the interim results are available at the Group's website at 
www.quantumblockchaintechnologies.co.uk. 
 
Copies may also be obtained from the Group´s registered office: Quantum 
Blockchain Technologies PLC, 22 Great James Street London WC1N 3ES. 
 
 
 
END 
 
 

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