FT8 Plc (formerly Ezybonds (UK) Plc)
(FT8 or the Company)
Interim Results
for the six months ended 30 June 2015
CHAIRMAN'S STATEMENT
The Directors of FT8 present the accounts for the six months ended 30 June 2015. In accordance with Appendix 5 of the ISDX Rules, the Directors advise that these accounts are unaudited.
On the 18 March 2015 notice was given to Ezybonds Inc terminating the Marketing and Promotions Agreement between Ezybonds Inc and EzyPromotions Limited (a wholly owned subsidiary of FT8 Plc) no later than 28 April 2015.
On the 29 May 2015 the Company changed its name to FT8 Plc to reflect the termination of its Marketing and Promotions Agreement with Ezybonds Inc.
The directors are progressing a strategy of executing partnership agreements that are aligned with the Company’s experience and expertise.
Subsequent to the 30 June 2015, the Company on 10 September 2015 entered into an agreement with USA based i2c to develop a new transaction processing product known as SplitPay which will be 100% owned by FT8 and will be ready for market on or around 1 November 2015.
On the 18 September 2015 the Company entered into a legally binding Memorandum of Understanding (MOU) with the shareholders of Pay My Provider LLC (PMP) to acquire up to 15% of the equity of PMP, which will market innovative products to the USA healthcare industry. It is anticipated that operations will commence during the first quarter of 2016.
Financially the company announces an unaudited EBIT loss of ?186,899 for the six months ended 30 June 2015 (2014: loss of £323,140). During this period the Company incurred significant expenditure on consultancy fees, legal and professional fees, and travel as a result of a number of corporate opportunities.
Your Directors are looking forward to the commencement of operations arising from the above agreement and MOU and anticipate a continued progression of the strategy of executing partnership agreements that are aligned with the Company’s experience and expertise during the next twelve months.
The Directors again thank you for your patience and continued support.
Sean McShane
Chairman
For further details please contact:
Sean McShane, FT8 Plc |
+18 172 718 169 |
Katy Mitchell, WH Ireland Limited |
+44 161 832 2174 |
FT8 plc |
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CONSOLIDATED PROFIT AND LOSS ACCOUNT |
30 June 15 |
30 June 14 |
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GBP |
GBP |
GBP |
GBP |
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TURNOVER |
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Licence Revenue received |
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- |
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916 |
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Cost of Sales |
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Direct Costs |
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- |
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- |
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Gross Profits |
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- |
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916 |
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OVERHEADS |
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Office Costs |
3,116 |
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2,832 |
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Travel & Subsistence |
48,049 |
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48,375 |
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Communications |
3,433 |
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1,213 |
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Advertising, marketing consultancy |
- |
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5,703 |
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Legal & professional fees |
61,072 |
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87,060 |
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Consultancy Fees & other |
71,062 |
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177,104 |
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Bank Charges |
167 |
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1,769 |
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186,899 |
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324,056 |
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(186,899) |
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(323,140) |
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OTHER OPERATING INCOME |
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- |
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- |
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OPERATING PROFIT/(LOSS) |
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(186,899) |
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(323,140) |
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Bank Interest receivable |
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2 |
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- |
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PROFIT/(LOSS) ON ORDINARY ACTIVITIES |
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(186,897) |
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(323,140) |
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FT8 plc |
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BALANCE SHEET |
30 June 15 |
30 June 14 |
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GBP |
GBP |
GBP |
GBP |
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FIXED ASSETS |
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Intangible Assets |
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- |
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47,060,572 |
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Tangible Assets |
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13,428 |
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13,428 |
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47,060,572 |
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CURRENT ASSETS |
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Debtors and Prepayment |
97,940 |
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58,389 |
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Cash at Bank |
17,001 |
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516,650 |
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CREDITORS: AMOUNTS FALLING DUE |
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WITHIN ONE YEAR |
- |
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- |
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NET CURRENT ASSETS |
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114,941 |
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575,039 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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128,369 |
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47,635,611 |
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CAPITAL AND RESERVES |
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Called up equity share capital |
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39,351,061 |
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37,991,178 |
Share premium reserve |
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2,762,214 |
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2,160,467 |
Other reserve |
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17,400 |
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17,400 |
Non distributable reserve |
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Merger Reserve |
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- |
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1,114,329 |
Profit and loss reserve |
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(42,002,306) |
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6,352,237 |
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SHAREHOLDERS FUNDS |
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128,369 |
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47,635,611 |
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