Interim Results to 30 June 2023

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$0.07m (H1 2022: loss of US$0.16m)
·	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: [phone]
Asaf Lahav, Executive Board Member

Peterhouse Capital Limited (Aquis Growth Market Advisor and  Broker)	Tel: [phone]
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 taxes 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

	Note		Unaudited 6 Months Period Ended 30 June 2023 US$'000		Unaudited 6 Months Period Ended 30 June 2022 US$'000		Audited 12 Months Period Ended 31 December 2022 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 Ended 30 June 2023 (Cents USD)		Unaudited 6 Months Period Ended 30 June 2022 (Cents USD)		Audited 12 Months Period Ended 31 December 2022 (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

	Note		Unaudited 30 June 2023 US$'000		Unaudited 30 June 2022 US$'000		Audited 31 December 2022 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 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 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 months period ended 30 June 2023

	Note	Unaudited 6 months ended 30 June 2023			Audited Year ended 31 December 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 liabilities		(8)			-
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 6‑month period ended 30 June 2023		Unaudited 6‑month period ended 30 June 2022		Audited 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 30 June 2023		Unaudited 30 June 2022		Audited 31 December 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 30 June 2023		Unaudited 30 June 2022		Audited 31 December 2022
	US$'000		US$'000		US$'000
Trade Payable	15		-		-
Accrued liabilities	16		73		23
	31		73		23

 

END