Thursday 30 September, 2021
Valereum Blockchain
Interim Results for the six months to 30 June 2021
RNS Number : 5477N
Valereum Blockchain PLC
30 September 2021
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")
30 September 2021
Valereum Blockchain Plc
AQSE: VLRM
("Valereum" or the "Company")
Interim results for the six months to 30 June 2021
Valereum Blockchain Plc (AQSE: VLRM),
the strategically positioned Gibraltar based blockchain technology builder, announces its financial results for the six months ending 30th June 2021.
Chairman's Summary
This period covers a hugely active period in your Company's development. During the first quarter we announced a new strategy based on digital finance and also changed the name of the Company to Valereum Blockchain Plc to reflect this new focus.
We have refined this strategy to focus on a fully regulated structure creating a bridge between the worlds of fiat and digital currencies and assets. We call this strategy "The Bridge", which ensures that if conventional securities are traded in crypto currency through Valereum's systems then the crypto purchaser will have verifiable title to the underlying fiat securities or assets. We will make further announcements on this as soon as regulations permit.
Our initial investment in Bitcoin mining in May produced revenues of £11,210 in the first six weeks of operation during the period. Though small, this nevertheless represents an annualised return on investment of just over 80%, taking Bitcoin at its current price, and the profits are continuing at this level.
None of this would have been possible without adding experts in various fields. Vinay Gupta, a doyen of the crypto world, joined as an advisor in February and Patrick L Young, the renowned world expert on exchanges, joined as a director in July. We will continue to build the team in future and The Bridge moves further towards its launch.
A further part of this team are the shareholders who have joined us on the journey and all of us are immensely grateful for your loyalty and support. We look forward to updating you and the markets as soon as possible.
Interim Financial highlights
1. Company cash balances at 30 June 2021 of £
1,051,702
(31 December 2020: £Nil)
2. The operational loss for the Company for the six months to 30 June 2021 was £
501,478
(31 December 2020: £
61,968
)
END
Enquiries:
The website address of the Company is
www.valereumblockchain.com
.
Valereum Blockchain Plc
Richard Poulden, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl
Tel: +44 (0) 207 469 0930
Valereum Blockchain Plc | | | Statement of Total Comprehensive Income | | | for the six months ended 30 June 2021 | | | | | | | | | | | | | Six Months Ended | Nine Months Ended | | 30 June 2021 | 31 December 2020 | | | | | | | Revenue | 11,210 | - | | | | Cost of sales | - | - | | | | Gross profit | 11,210 | - | | | | Administration expenses | (519,532) | (59,555) | | | | Operating loss | (508,322) | (59,555) | | | | Foreign exchange gain/(loss) | 6,844 | (2,413) | | | | Loss on ordinary activities before taxation | (501,478) | (61,968) | | | | Tax on loss on ordinary activities | - | - | | | | Loss for the financial period | (501,478) | (61,968) | | | | Loss for the year from discontinued operations | - | - | | | | Retained loss for the financial period | (501,478) | (61,968) | | | | Change in foreign currency | - | - | | | | Total comprehensive loss for the financial period | (501,478) | (61,968) |
Valereum Blockchain Plc | | | Statement of Financial Position | | | as at 30 June 2021 | | | | | | | Six Months Ended | Nine Months Ended | | 30 June 2021 | 31 December 2020 | | £ | £ | | | | Current assets | | | Trade and other receivables | 20,000 | 16,701 | Cash and cash equivalents | 1,051,702 | - | | 1,071,702 | 16,701 | | | | Non-current assets | | | Property, plant and equipment | 137,278 | - | | 137,278 | - | | | | Total assets | 1,208,980 | 16,701 | | | | Current liabilities | 21,131 | 78,373 | | | | Capital and reserves | | | Share capital | 4,118,394 | 4,064,441 | Share premium | 19,876,633 | 18,179,587 | Foreign exchange reserve | - | - | Share based payment reserve | - | - | Retained earnings | (22,807,178) | (22,305,700) | | 1,187,849 | (61,672) | | | | Total equity and liabilities | 1,208,980 | 16,701 |
Statement of Cash Flows | | | for the six months ended 30 June 2021 | | | | | | | | | | Six Months Ended | Nine Months Ended | | 30 June 2021 | 31 December 2020 | | £ | £ | Cash flows from operating activities | | | Loss before tax | (501,478) | (61,968) | Reconciliation to cash generated from operations: | | | Foreign exchange (gain)/loss | (6,844) | 2,413 | Purchase of Equipment | (137,278) | - | Operating cash flow before changes in working capital | (645,600) | (59,555) | Decrease/(increase) in receivables | (3,299) | 19,489 | Increase/(decrease) in payables | (57,242) | 36,815 | Cash outflow from operations | (1,017,351) | (3,251) | | | | Cash flows from financing activities | | | Issue of shares for cash | 1,751,000 | - | | | | Net cash flow from financing activities | 1,751,000 | - | | | | Net increase/(decrease) in cash | 1,044,859 | (3,251) | Effects of exchange rates on cash and cash equivalents | 6,843 | - | | 1,051,702 | (3,251) | Cash at bank at beginning of period | - | 3,251 | Cash at bank at period end | 1,051,702 | - |
These results have not been reviewed by the Company's auditors.
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