Interim Report to 30 June 2024

TechFinancials Inc.
27 September 2024
 

27 September 2024

 

TechFinancials, Inc.

("TechFinancials" or the "Company")

Unaudited Interim Report for the Six Months Ended 30 June 2024

TechFinancials Inc. (AQUIS: TECH), today announces its unaudited interim results for the six-month period ended 30 June 2024 ("H1 2024").

Financial Overview

·         

Company Revenues of US$ nil (H1 2023: US$ nil)


·         

Loss for the period attributable to shareholders of US$0.090m (H1 2023: loss of US$0.073m)


·         

Cash position at the period end of H1 2024 US$0.318m (31 December 2023: US$0.371m)


·         

Basic loss per share ("EPS") of (US$0.001) (H1 2023 (US$0.001))


 

Asaf Lahav, Chief Executive Board Member of TechFinancials, commented:

"We continue to look for investment opportunities to maximise 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 Market Advisor and  Broker)

Tel: +44 (0) 20 7469 0930



 



 

Chairman's Statement

 The Company will continue to look for new ways to increase its value exploring investment opportunities.

 

 

Outlook

 

We will continue to look for opportunities to materialise 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

27 September 2024

 

Executive's Board Member Statement

Financial Results

 

 

The operating loss for the period was US$0.090m (H1 2023: loss of US$ 0.073m); the operating expenses for the period were attributed to general and administrative costs associated with being a publicly quoted Company.

 

Financial gain for the period was US$ nil.

 

No taxes on income were recorded in the period (H1 2023: US$ nil).

 

The loss after taxation for the period attributable to shareholders of the Company was US$ 0.090m (H1 2023: loss of US$ 0.073m).

 

 

The Company's cash position for the period ended 30 June 2024 was US$0.318m (31 December 2023: US$0.371m).

 

The unaudited interim financial results have not been reviewed by the Company's auditor.

 

 

Eitan Yanuv

Chairman

27  September 2024

 

 

 

 



 

Statement of Comprehensive Income

For the six months period ended 30 June 2024


Note


Unaudited
6 Months Period

Ended
30 June 2024

US$'000

 

Unaudited
6 Months Period Ended
30 June 2023

US$'000

 

Audited
12 Months Period Ended
31 December 2023

US$'000

 

Revenue


 

-


-


-

 

Cost of sales



-


-


-  


Gross profit

 

 

-

 

-

 

-

 









 









 

Selling and marketing



-


-


-


Administrative



(90)


(94)


(192)




















Operating Income (Loss)

 

 

(94)

 

(94)

 

(192)

 









 









 

Bank fees



(1)


(2)


(3)

 

Foreign exchange gain (loss)



-


(1)


8

 

Gain (loss) from tradable securities



1


24


21

 

Financing Income (expenses)

 

 

-

 

21

 

26

 

 

 

 

 

 

 

 

 

 


 

 








 

 







Other Income  (expenses)

 

 







Other income (expenses), net


 

-


-


-



 

 








 

 








 

 







Loss before taxation

 

 

(90)

 

(73)

 

(166)

 

Taxation



-


-


-

 

Loss from continuing operations

 

 

 

(90)

 

(73)

 

(166)

 

Other comprehensive income

 

 

-


-


-

 

Total comprehensive Loss

 

 

 

(90)

 

(73)

 

(166)

 

 








 

Profit  (Loss) attributable to:








 

Owners of the Company



 (90)


 (73)


(166)

 

Non-controlling interests



-


-


-

 

Loss for the period

 



(90)


(73)


(166)

 

 








 

 

 

 

 

 

 

 

 

Earnings per share attributable to owners of the parent during the year (Note 3):

 




Unaudited
6 Months Period Ended
30 June 2023

(Cents USD)


Audited
12 Months Period Ended
31 December 2023

(Cents USD)

 

Basic



(0.11)


(0.09)


(0.19)

 

Diluted



N/A


N/A


N/A

 

From continuing operations - Basic



(0.11)


(0.09)


(0.19)

 

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 2024

 

 

 

 

Note

 

Unaudited
30 June

2024

US$'000

 

Unaudited
30 June 2023

US$'000

 

Audited
31 December 2023
US$'000

 

Current assets

 

 

 

 

 

 

 

 

Short term investment


 

95


95


94

 

Cash

 

 

318


449


371

 


 

 

413


544

 

465

 

 

 

 

 


 

 

 

 

Total Assets

 

 

413


544

 

465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Current liabilities

 

 

 

 

 

 

 

 

Shareholders loan

 

 

83


82


83

 

Current Liabilities

 

 






 

Trade and other payables

4

 

82


31


44

 

Total Liabilities

 

 

165

 

113

 

127


 


 






 

Equity


 






 

Share Capital


 

61


61


61

 

Share premium account


 

12,022


12,022


12,022

 

Share-based payment reserve


 

798


798


798

 

Accumulated losses

 

 

(12,633)


(12,450)


(12,543)

 

Equity attributable to owners of the Company

 

248


431

 

338

 

 

 

 






 

Non-controlling interests

 

 

-


-


-

 

Total equity

 

 

413


431

 

338

 


 

 






 

Total Equity and Liabilities

 

 

413


544

 

465

 

 

 


 

Consolidated Statement of changes in equity

For the six months period ended 30 June 2024

 

Share capital

US$'000

 

Share  premium

US$'000

Share-based payment reserve

US$'000

 

Accumulated profits/ (losses)

US$'000

 

Total

US$'000

 

Non- controlling interests

US$'000

 

Total

US$'000

 

Balance at 31 December 2022

61

 

12,022

798

 

(12,377)


 

504

 

-

 

504

 

Total comprehensive loss for the year

-


-

-


(166)


(166)


-

 

(166)

 

Balance at 31 December 2023

61

 

12,022

798

 

(12,543)

 

 

338

 

-

 

338

 







 

 

 

 

 

 

 

 

Total comprehensive loss for the period

-


-

-


(90)


 

(90)


 

(90)

 

Balance at 30 June 2024

61


12,022

798


(12,633)


 

248


-

 

248

 

 



 

Consolidated statement of cash flows

For the six months period ended 30 June 2024


Note

Unaudited 6 months ended 30 June 2024

 

 

Audited Year ended 31 December 2023


 

US$'000

 

 

US$'000

Cash Flow from operating Activities

 

 

 

 

 

Loss before tax for the period


(90)



(166)

Adjustment for:






Foreign exchange differences


-



(8)

Loss (gain) from short term investment


(1)



(21)







Operating cash flows before movements in working capital:




Decrease (increase) in trade and other receivables


-



3

Increase (Decrease) in trade and other payables

4

38



21

Net cash used in operating activities

 

(53)

 

 

(171)

 

 

 

 

 

 

Cash Flow from investing Activities:






Purchase of tradable securities


-



(76)

Sale of tradable securities


-



62

Net cash used in investing activities

 

-

 

 

(14)

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(53)

 

 

(185)

Cash and equivalents at beginning of period


371



548

Effect of changes in exchange rates on Cash


-



8

Cash and equivalents at end of period

 

318

 

 

371

 

 

 

 

                                                 

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 2023, 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 2023 audited financial statements. Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 27 June 2024.

The Directors approved these condensed interim financial statements on 27 September 2024.

 

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 2023 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 2024 and the 6 months ended 30 June 2023 has not been audited or reviewed by the Company's auditor.

 

No dividends have been paid in the period (2023: $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 2023 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
6‑month period ended
30 June 2024

 

Unaudited
6‑month period ended
30 June 2023

 

Audited
Year ended 31 December 2023

 

US$'000

 

US$'000

 

US$'000

Basic

 

 

 

 

 

Loss attributable to equity holders

(90)


(73)


(166)

Weighted average number of shares basic

85,680,979


85,680,979


85,860,979


US$


US$


US$

Loss per share - basic and diluted:

(0.0011)


(0.0008)


(0.0019)

Loss per share from continuing operations - basic

(0.0011)


(0.0008)


(0.0019)

Loss per share from discontinued operations - basic

-


-


-













 

 

4.    Trade and other payables

 

 

Unaudited

30 June 2024

 

Unaudited

30 June 2023

 

Audited
31 December 2023

 

US$'000

 

US$'000

 

US$'000

 






Trade Payable

 

-


15


-

Accrued liabilities

82


16


44

 

 

 

 

 

82

 

31

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                          

 

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