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Valereum Blockchain (VLRM)

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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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