Investors
Announcements
2024
Interim Results - for the six months ended 30 September 2022
03 January 2023
CHIEF EXECUTIVE'S REPORT
Download These results are available to view and download in PDF format |
Despite the challenges presented by Covid-19 globally, TruSpine has managed to overcome many of the obstacles presented, and we believe the Company will be in a position in 2023 to submit the FDA 510k application for the Cervi-LOK.
Post period end, the Company has secured a £200,000 bridge debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a £2.4m staged equity funding over three tranches ("Investment Agreement"), a separate announcement will be made in due course setting out further details. The Investment Agreement is subject to various closing conditions and milestones. The directors believe that the Bridge Loan and Investment Agreement will provide the required funding to advance the Cervi-LOK through FDA clearance and onto commercialisation.
As announced 31 October 2022, the Company's annual general meeting was adjourned until further notice. Following completion of the Investment Agreement, the Company will seek to hold its annual general meeting. The Company continues to carefully manage its working capital position.
The delays in finalisation of the FDA 510k submission have centred around compression testing, a main test required by the FDA, however it was eventually determined that the issue was with the testing block rather than the Cervi-LOK product itself. Following adjustments to the testing block all tests were successfully completed and are ready for submission to the FDA by the independent testing facility.
Additionally, the Company had to overcome supply chain issues, including difficulties in sourcing medical grade stainless steel for instruments, as announced 1 August 2022. We have now completed this process, and the instrument set has commenced final sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised £700,000 through the issue of 14,000,000 new ordinary shares at a price of 5p per share comprising a placing and a subscription. In addition, 1,550,000 shares were issued at a price of 5p per share to third party creditors of £77,500 in lieu of services rendered and accrued directors fees of £97,200 were settled through the issue of 648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2022 was £545k (2021: £483k) after administrative expenses of £543k (2021: £481k). Development spend for the six months to 30 September 2022 was £216k (2021: £463k). Consolidated net assets as at 30 September 2022 amounted to £2.93 million (2021: £3.00 million) including cash and cash equivalents of £42,000 (2021: £324,000).
Whilst we are disappointed by the delays and challenges encountered, the Board would like to thank shareholders for their support, and TruSpine's staff and commercial partners for their hard work during the year.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)207 118 0852 | |
Ian Roberts, CEO |
| |
|
| |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti |
| |
|
| |
Oberon Capital (Joint Broker) | Tel: +44 (0)20 3179 5300 | |
Mike Seabrook / Chris Crawford |
| |
Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey
| Tel: +44 (0)20 7469 0930 | |
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | |
Anna Dunphy |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reßect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
Note | ||||
£ | £ | £ | ||
Administrative expenses | (543,369) | (480,834) | (937,641) | |
Operating loss | (543,369) | (480,834) | (937,641) | |
Finance expense | (2,030) | (1,771) | (3,165) | |
Loss before tax | (545,399) | (482,605) | (940,806) | |
Tax credit | 3 | - | - | 87,613 |
(Loss)/Profit | (545,399) | (482,605) | (853,193) | |
Loss attributable to: | ||||
Owners of the parent | (545,399) | (482,605) | (853,193) | |
Other comprehensive income: | ||||
Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 14,253 | 462 | 1,456 | |
Total comprehensive loss | (531,146) | (482,143) | (851,737) | |
Total comprehensive loss attributable to equity shareholders | (531,146) | (482,143) | (851,737) | |
Earnings per share basic and diluted (pence) | 4 | (0.48)p | (0.51)p | (0.87)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2022 (Unaudited) | 30 September 2021 (Unaudited) | 29 March 2022 (Audited) | ||
Note | £ | £ | £ | |
Non-current assets | ||||
Tangible fixed assets | 3,444 | 3,683 | 4,183 | |
Intangible assets | 3,376,331 | 2,534,010 | 3,098,155 | |
Right of use assets | 112,181 | - | 120,538 | |
3,491,956 | 2,537,693 | 3,222,876 | ||
Current assets | ||||
Trade and other receivables | 167,217 | 356,189 | 73,523 | |
Digital assets | - | 225,229 | 82,474 | |
Cash and cash equivalents | 41,821 | 324,044 | 3,471 | |
209,038 | 905,462 | 159,468 | ||
Total assets | 3,700,994 | 3,443,155 | 3,382,344 | |
Current liabilities | ||||
Trade and other payables | 613,929 | 386,184 | 574,579 | |
Borrowings | 42,891 | 47,500 | 42,500 | |
Lease liabilities | 14,261 | - | 14,261 | |
671,081 | 433,684 | 631,340 | ||
Non-current liabilities | ||||
Lease liabilities | 101,600 | 108,730 | ||
101,600 | 108,730 | |||
Total liabilities | 772,681 | 433,684 | 740,070 | |
Net Assets | 2,928,313 | 3,009,471 | 2,642,274 | |
Equity attributable to owners of the parent | ||||
Share capital | 5 | 11,795 | 10,139 | 10,175 |
Share premium | 4,584,176 | 3,779,855 | 3,782,215 | |
Share based payment reserve | 57,823 | 44,218 | 44,219 | |
Other reserves | 5 | (205,000) | (205,000) | (205,000) |
Translation reserve | (9,770) | (25,017) | (24,023) | |
Retained earnings | (1,510,711) | (594,724) | (965,312) | |
Total equity attributable to owners of the parent | 2,928,313 | 3,009,471 | 2,642,274 | |
Total Equity | 2,928,313 | 3,009,471 | 2,642,274 |
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Balance as at 29 March 2021 | 9,398 | 3,062,103 | 17,007 | (205,000) | (25,479) | (112,119) | 2.745,910 |
Profit for the six months | - | - | - | - | - | (482,605) | (482,605) |
Other comprehensive loss | - | - | - | - | 462 | - | 462 |
Total comprehensive loss for the period | - | - | - | - | 462 | (482,605) | (482,143) |
Issue of shares, net of issue costs | 741 | 744,963 | - | - | - | - | 745,704 |
Reduction in share capital | - | (27,211) | 27,211 | - | - | - | - |
Transactions with owners, recognised directly in equity | 741 | 717,752 | 27,211 | - | - | - | 745,704 |
Balance as at 30 September 2021 | 10,139 | 3,779,855 | 44,218 | (205,000) | (25,017) | (594,724) | 3,009,471 |
Balance as at 29 March 2022 | 10,175 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 |
Loss for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | 14,253 | - | 14,253 | |
Total comprehensive loss for the period | - | - | - | - | 14,253- | (545,399) | (531,146) |
Issue of shares, net of issue costs | 1,620 | 815,565 | - | - | - | - | 817,185 |
Share based payment charge | - | (13,604) | 13,604 | - | - | - | - |
Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 817,185 |
Balance as at 30 September 2022 | 11,795 | 4,584,176 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,928,313 |
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
£ | £ | £ | ||
Cash flow from operating activities | ||||
Loss before tax | (545,399) | (482,605) | (940,806) | |
Depreciation and amortisation | 9,095 | 615 | 21,146 | |
Increase in Fair Value of digital asset | 82,474 | (4,627) | (7,872) | |
(Increase) in other receivables | (93,694) | (169,499) | 113,167 | |
Increase in other payables | 39,351 | 156,207 | 337,102 | |
Cash used in operations | (508,173) | (499,909) | (477,263) | |
Income tax credit | - | - | 87,613 | |
Net cash flows from operating activities | (508,173) | (499,909) | (389,650) | |
Investing activities | ||||
Purchase of tangible assets | - | - | (1,239) | |
Purchase of intangible assets | (278,176) | (463,233) | (1,027,378) | |
Net cash used in investing activities | (278,176) | (463,233) | (1,028,378) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 817,185 | 745,704 | 894,101 | |
Lease payments | (7,130) | - | (17,339) | |
Increase/(Decrease) in borrowings | 391 | (2,500) | - | |
Net cash flow from financing | 810,446 | 743,204 | 876,762 | |
(Decrease)/Increase in cash and cash equivalents in the period | 24,097 | (219,938) | (541,505) | |
Cash and cash equivalents at the beginning of the year | 3,471 | 543,520 | 543,520 | |
Exchange rate differences on cash and cash equivalents | 14,253 | 462 | 1,456 | |
Cash and cash equivalents at the end of the period | 41,821 | 324,044 | 3,471 |
2023
Interim Results - for the six months ended 30 September 2022
03 January 2023
CHIEF EXECUTIVE'S REPORT
Download These results are available to view and download in PDF format |
Despite the challenges presented by Covid-19 globally, TruSpine has managed to overcome many of the obstacles presented, and we believe the Company will be in a position in 2023 to submit the FDA 510k application for the Cervi-LOK.
Post period end, the Company has secured a £200,000 bridge debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a £2.4m staged equity funding over three tranches ("Investment Agreement"), a separate announcement will be made in due course setting out further details. The Investment Agreement is subject to various closing conditions and milestones. The directors believe that the Bridge Loan and Investment Agreement will provide the required funding to advance the Cervi-LOK through FDA clearance and onto commercialisation.
As announced 31 October 2022, the Company's annual general meeting was adjourned until further notice. Following completion of the Investment Agreement, the Company will seek to hold its annual general meeting. The Company continues to carefully manage its working capital position.
The delays in finalisation of the FDA 510k submission have centred around compression testing, a main test required by the FDA, however it was eventually determined that the issue was with the testing block rather than the Cervi-LOK product itself. Following adjustments to the testing block all tests were successfully completed and are ready for submission to the FDA by the independent testing facility.
Additionally, the Company had to overcome supply chain issues, including difficulties in sourcing medical grade stainless steel for instruments, as announced 1 August 2022. We have now completed this process, and the instrument set has commenced final sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised £700,000 through the issue of 14,000,000 new ordinary shares at a price of 5p per share comprising a placing and a subscription. In addition, 1,550,000 shares were issued at a price of 5p per share to third party creditors of £77,500 in lieu of services rendered and accrued directors fees of £97,200 were settled through the issue of 648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2022 was £545k (2021: £483k) after administrative expenses of £543k (2021: £481k). Development spend for the six months to 30 September 2022 was £216k (2021: £463k). Consolidated net assets as at 30 September 2022 amounted to £2.93 million (2021: £3.00 million) including cash and cash equivalents of £42,000 (2021: £324,000).
Whilst we are disappointed by the delays and challenges encountered, the Board would like to thank shareholders for their support, and TruSpine's staff and commercial partners for their hard work during the year.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)207 118 0852 | |
Ian Roberts, CEO |
| |
|
| |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti |
| |
|
| |
Oberon Capital (Joint Broker) | Tel: +44 (0)20 3179 5300 | |
Mike Seabrook / Chris Crawford |
| |
Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey
| Tel: +44 (0)20 7469 0930 | |
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | |
Anna Dunphy |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reßect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
Note | ||||
£ | £ | £ | ||
Administrative expenses | (543,369) | (480,834) | (937,641) | |
Operating loss | (543,369) | (480,834) | (937,641) | |
Finance expense | (2,030) | (1,771) | (3,165) | |
Loss before tax | (545,399) | (482,605) | (940,806) | |
Tax credit | 3 | - | - | 87,613 |
(Loss)/Profit | (545,399) | (482,605) | (853,193) | |
Loss attributable to: | ||||
Owners of the parent | (545,399) | (482,605) | (853,193) | |
Other comprehensive income: | ||||
Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 14,253 | 462 | 1,456 | |
Total comprehensive loss | (531,146) | (482,143) | (851,737) | |
Total comprehensive loss attributable to equity shareholders | (531,146) | (482,143) | (851,737) | |
Earnings per share basic and diluted (pence) | 4 | (0.48)p | (0.51)p | (0.87)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2022 (Unaudited) | 30 September 2021 (Unaudited) | 29 March 2022 (Audited) | ||
Note | £ | £ | £ | |
Non-current assets | ||||
Tangible fixed assets | 3,444 | 3,683 | 4,183 | |
Intangible assets | 3,376,331 | 2,534,010 | 3,098,155 | |
Right of use assets | 112,181 | - | 120,538 | |
3,491,956 | 2,537,693 | 3,222,876 | ||
Current assets | ||||
Trade and other receivables | 167,217 | 356,189 | 73,523 | |
Digital assets | - | 225,229 | 82,474 | |
Cash and cash equivalents | 41,821 | 324,044 | 3,471 | |
209,038 | 905,462 | 159,468 | ||
Total assets | 3,700,994 | 3,443,155 | 3,382,344 | |
Current liabilities | ||||
Trade and other payables | 613,929 | 386,184 | 574,579 | |
Borrowings | 42,891 | 47,500 | 42,500 | |
Lease liabilities | 14,261 | - | 14,261 | |
671,081 | 433,684 | 631,340 | ||
Non-current liabilities | ||||
Lease liabilities | 101,600 | 108,730 | ||
101,600 | 108,730 | |||
Total liabilities | 772,681 | 433,684 | 740,070 | |
Net Assets | 2,928,313 | 3,009,471 | 2,642,274 | |
Equity attributable to owners of the parent | ||||
Share capital | 5 | 11,795 | 10,139 | 10,175 |
Share premium | 4,584,176 | 3,779,855 | 3,782,215 | |
Share based payment reserve | 57,823 | 44,218 | 44,219 | |
Other reserves | 5 | (205,000) | (205,000) | (205,000) |
Translation reserve | (9,770) | (25,017) | (24,023) | |
Retained earnings | (1,510,711) | (594,724) | (965,312) | |
Total equity attributable to owners of the parent | 2,928,313 | 3,009,471 | 2,642,274 | |
Total Equity | 2,928,313 | 3,009,471 | 2,642,274 |
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Balance as at 29 March 2021 | 9,398 | 3,062,103 | 17,007 | (205,000) | (25,479) | (112,119) | 2.745,910 |
Profit for the six months | - | - | - | - | - | (482,605) | (482,605) |
Other comprehensive loss | - | - | - | - | 462 | - | 462 |
Total comprehensive loss for the period | - | - | - | - | 462 | (482,605) | (482,143) |
Issue of shares, net of issue costs | 741 | 744,963 | - | - | - | - | 745,704 |
Reduction in share capital | - | (27,211) | 27,211 | - | - | - | - |
Transactions with owners, recognised directly in equity | 741 | 717,752 | 27,211 | - | - | - | 745,704 |
Balance as at 30 September 2021 | 10,139 | 3,779,855 | 44,218 | (205,000) | (25,017) | (594,724) | 3,009,471 |
Balance as at 29 March 2022 | 10,175 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 |
Loss for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | 14,253 | - | 14,253 | |
Total comprehensive loss for the period | - | - | - | - | 14,253- | (545,399) | (531,146) |
Issue of shares, net of issue costs | 1,620 | 815,565 | - | - | - | - | 817,185 |
Share based payment charge | - | (13,604) | 13,604 | - | - | - | - |
Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 817,185 |
Balance as at 30 September 2022 | 11,795 | 4,584,176 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,928,313 |
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
£ | £ | £ | ||
Cash flow from operating activities | ||||
Loss before tax | (545,399) | (482,605) | (940,806) | |
Depreciation and amortisation | 9,095 | 615 | 21,146 | |
Increase in Fair Value of digital asset | 82,474 | (4,627) | (7,872) | |
(Increase) in other receivables | (93,694) | (169,499) | 113,167 | |
Increase in other payables | 39,351 | 156,207 | 337,102 | |
Cash used in operations | (508,173) | (499,909) | (477,263) | |
Income tax credit | - | - | 87,613 | |
Net cash flows from operating activities | (508,173) | (499,909) | (389,650) | |
Investing activities | ||||
Purchase of tangible assets | - | - | (1,239) | |
Purchase of intangible assets | (278,176) | (463,233) | (1,027,378) | |
Net cash used in investing activities | (278,176) | (463,233) | (1,028,378) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 817,185 | 745,704 | 894,101 | |
Lease payments | (7,130) | - | (17,339) | |
Increase/(Decrease) in borrowings | 391 | (2,500) | - | |
Net cash flow from financing | 810,446 | 743,204 | 876,762 | |
(Decrease)/Increase in cash and cash equivalents in the period | 24,097 | (219,938) | (541,505) | |
Cash and cash equivalents at the beginning of the year | 3,471 | 543,520 | 543,520 | |
Exchange rate differences on cash and cash equivalents | 14,253 | 462 | 1,456 | |
Cash and cash equivalents at the end of the period | 41,821 | 324,044 | 3,471 |
2022
Interim Results - for the six months ended 30 September 2022
03 January 2023
CHIEF EXECUTIVE'S REPORT
Download These results are available to view and download in PDF format |
Despite the challenges presented by Covid-19 globally, TruSpine has managed to overcome many of the obstacles presented, and we believe the Company will be in a position in 2023 to submit the FDA 510k application for the Cervi-LOK.
Post period end, the Company has secured a £200,000 bridge debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a £2.4m staged equity funding over three tranches ("Investment Agreement"), a separate announcement will be made in due course setting out further details. The Investment Agreement is subject to various closing conditions and milestones. The directors believe that the Bridge Loan and Investment Agreement will provide the required funding to advance the Cervi-LOK through FDA clearance and onto commercialisation.
As announced 31 October 2022, the Company's annual general meeting was adjourned until further notice. Following completion of the Investment Agreement, the Company will seek to hold its annual general meeting. The Company continues to carefully manage its working capital position.
The delays in finalisation of the FDA 510k submission have centred around compression testing, a main test required by the FDA, however it was eventually determined that the issue was with the testing block rather than the Cervi-LOK product itself. Following adjustments to the testing block all tests were successfully completed and are ready for submission to the FDA by the independent testing facility.
Additionally, the Company had to overcome supply chain issues, including difficulties in sourcing medical grade stainless steel for instruments, as announced 1 August 2022. We have now completed this process, and the instrument set has commenced final sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised £700,000 through the issue of 14,000,000 new ordinary shares at a price of 5p per share comprising a placing and a subscription. In addition, 1,550,000 shares were issued at a price of 5p per share to third party creditors of £77,500 in lieu of services rendered and accrued directors fees of £97,200 were settled through the issue of 648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2022 was £545k (2021: £483k) after administrative expenses of £543k (2021: £481k). Development spend for the six months to 30 September 2022 was £216k (2021: £463k). Consolidated net assets as at 30 September 2022 amounted to £2.93 million (2021: £3.00 million) including cash and cash equivalents of £42,000 (2021: £324,000).
Whilst we are disappointed by the delays and challenges encountered, the Board would like to thank shareholders for their support, and TruSpine's staff and commercial partners for their hard work during the year.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)207 118 0852 | |
Ian Roberts, CEO |
| |
|
| |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti |
| |
|
| |
Oberon Capital (Joint Broker) | Tel: +44 (0)20 3179 5300 | |
Mike Seabrook / Chris Crawford |
| |
Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey
| Tel: +44 (0)20 7469 0930 | |
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | |
Anna Dunphy |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reßect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
Note | ||||
£ | £ | £ | ||
Administrative expenses | (543,369) | (480,834) | (937,641) | |
Operating loss | (543,369) | (480,834) | (937,641) | |
Finance expense | (2,030) | (1,771) | (3,165) | |
Loss before tax | (545,399) | (482,605) | (940,806) | |
Tax credit | 3 | - | - | 87,613 |
(Loss)/Profit | (545,399) | (482,605) | (853,193) | |
Loss attributable to: | ||||
Owners of the parent | (545,399) | (482,605) | (853,193) | |
Other comprehensive income: | ||||
Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 14,253 | 462 | 1,456 | |
Total comprehensive loss | (531,146) | (482,143) | (851,737) | |
Total comprehensive loss attributable to equity shareholders | (531,146) | (482,143) | (851,737) | |
Earnings per share basic and diluted (pence) | 4 | (0.48)p | (0.51)p | (0.87)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2022 (Unaudited) | 30 September 2021 (Unaudited) | 29 March 2022 (Audited) | ||
Note | £ | £ | £ | |
Non-current assets | ||||
Tangible fixed assets | 3,444 | 3,683 | 4,183 | |
Intangible assets | 3,376,331 | 2,534,010 | 3,098,155 | |
Right of use assets | 112,181 | - | 120,538 | |
3,491,956 | 2,537,693 | 3,222,876 | ||
Current assets | ||||
Trade and other receivables | 167,217 | 356,189 | 73,523 | |
Digital assets | - | 225,229 | 82,474 | |
Cash and cash equivalents | 41,821 | 324,044 | 3,471 | |
209,038 | 905,462 | 159,468 | ||
Total assets | 3,700,994 | 3,443,155 | 3,382,344 | |
Current liabilities | ||||
Trade and other payables | 613,929 | 386,184 | 574,579 | |
Borrowings | 42,891 | 47,500 | 42,500 | |
Lease liabilities | 14,261 | - | 14,261 | |
671,081 | 433,684 | 631,340 | ||
Non-current liabilities | ||||
Lease liabilities | 101,600 | 108,730 | ||
101,600 | 108,730 | |||
Total liabilities | 772,681 | 433,684 | 740,070 | |
Net Assets | 2,928,313 | 3,009,471 | 2,642,274 | |
Equity attributable to owners of the parent | ||||
Share capital | 5 | 11,795 | 10,139 | 10,175 |
Share premium | 4,584,176 | 3,779,855 | 3,782,215 | |
Share based payment reserve | 57,823 | 44,218 | 44,219 | |
Other reserves | 5 | (205,000) | (205,000) | (205,000) |
Translation reserve | (9,770) | (25,017) | (24,023) | |
Retained earnings | (1,510,711) | (594,724) | (965,312) | |
Total equity attributable to owners of the parent | 2,928,313 | 3,009,471 | 2,642,274 | |
Total Equity | 2,928,313 | 3,009,471 | 2,642,274 |
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Balance as at 29 March 2021 | 9,398 | 3,062,103 | 17,007 | (205,000) | (25,479) | (112,119) | 2.745,910 |
Profit for the six months | - | - | - | - | - | (482,605) | (482,605) |
Other comprehensive loss | - | - | - | - | 462 | - | 462 |
Total comprehensive loss for the period | - | - | - | - | 462 | (482,605) | (482,143) |
Issue of shares, net of issue costs | 741 | 744,963 | - | - | - | - | 745,704 |
Reduction in share capital | - | (27,211) | 27,211 | - | - | - | - |
Transactions with owners, recognised directly in equity | 741 | 717,752 | 27,211 | - | - | - | 745,704 |
Balance as at 30 September 2021 | 10,139 | 3,779,855 | 44,218 | (205,000) | (25,017) | (594,724) | 3,009,471 |
Balance as at 29 March 2022 | 10,175 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 |
Loss for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | 14,253 | - | 14,253 | |
Total comprehensive loss for the period | - | - | - | - | 14,253- | (545,399) | (531,146) |
Issue of shares, net of issue costs | 1,620 | 815,565 | - | - | - | - | 817,185 |
Share based payment charge | - | (13,604) | 13,604 | - | - | - | - |
Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 817,185 |
Balance as at 30 September 2022 | 11,795 | 4,584,176 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,928,313 |
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
£ | £ | £ | ||
Cash flow from operating activities | ||||
Loss before tax | (545,399) | (482,605) | (940,806) | |
Depreciation and amortisation | 9,095 | 615 | 21,146 | |
Increase in Fair Value of digital asset | 82,474 | (4,627) | (7,872) | |
(Increase) in other receivables | (93,694) | (169,499) | 113,167 | |
Increase in other payables | 39,351 | 156,207 | 337,102 | |
Cash used in operations | (508,173) | (499,909) | (477,263) | |
Income tax credit | - | - | 87,613 | |
Net cash flows from operating activities | (508,173) | (499,909) | (389,650) | |
Investing activities | ||||
Purchase of tangible assets | - | - | (1,239) | |
Purchase of intangible assets | (278,176) | (463,233) | (1,027,378) | |
Net cash used in investing activities | (278,176) | (463,233) | (1,028,378) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 817,185 | 745,704 | 894,101 | |
Lease payments | (7,130) | - | (17,339) | |
Increase/(Decrease) in borrowings | 391 | (2,500) | - | |
Net cash flow from financing | 810,446 | 743,204 | 876,762 | |
(Decrease)/Increase in cash and cash equivalents in the period | 24,097 | (219,938) | (541,505) | |
Cash and cash equivalents at the beginning of the year | 3,471 | 543,520 | 543,520 | |
Exchange rate differences on cash and cash equivalents | 14,253 | 462 | 1,456 | |
Cash and cash equivalents at the end of the period | 41,821 | 324,044 | 3,471 |
2021
Interim Results - for the six months ended 30 September 2022
03 January 2023
CHIEF EXECUTIVE'S REPORT
Download These results are available to view and download in PDF format |
Despite the challenges presented by Covid-19 globally, TruSpine has managed to overcome many of the obstacles presented, and we believe the Company will be in a position in 2023 to submit the FDA 510k application for the Cervi-LOK.
Post period end, the Company has secured a £200,000 bridge debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a £2.4m staged equity funding over three tranches ("Investment Agreement"), a separate announcement will be made in due course setting out further details. The Investment Agreement is subject to various closing conditions and milestones. The directors believe that the Bridge Loan and Investment Agreement will provide the required funding to advance the Cervi-LOK through FDA clearance and onto commercialisation.
As announced 31 October 2022, the Company's annual general meeting was adjourned until further notice. Following completion of the Investment Agreement, the Company will seek to hold its annual general meeting. The Company continues to carefully manage its working capital position.
The delays in finalisation of the FDA 510k submission have centred around compression testing, a main test required by the FDA, however it was eventually determined that the issue was with the testing block rather than the Cervi-LOK product itself. Following adjustments to the testing block all tests were successfully completed and are ready for submission to the FDA by the independent testing facility.
Additionally, the Company had to overcome supply chain issues, including difficulties in sourcing medical grade stainless steel for instruments, as announced 1 August 2022. We have now completed this process, and the instrument set has commenced final sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised £700,000 through the issue of 14,000,000 new ordinary shares at a price of 5p per share comprising a placing and a subscription. In addition, 1,550,000 shares were issued at a price of 5p per share to third party creditors of £77,500 in lieu of services rendered and accrued directors fees of £97,200 were settled through the issue of 648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2022 was £545k (2021: £483k) after administrative expenses of £543k (2021: £481k). Development spend for the six months to 30 September 2022 was £216k (2021: £463k). Consolidated net assets as at 30 September 2022 amounted to £2.93 million (2021: £3.00 million) including cash and cash equivalents of £42,000 (2021: £324,000).
Whilst we are disappointed by the delays and challenges encountered, the Board would like to thank shareholders for their support, and TruSpine's staff and commercial partners for their hard work during the year.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)207 118 0852 | |
Ian Roberts, CEO |
| |
|
| |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti |
| |
|
| |
Oberon Capital (Joint Broker) | Tel: +44 (0)20 3179 5300 | |
Mike Seabrook / Chris Crawford |
| |
Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey
| Tel: +44 (0)20 7469 0930 | |
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | |
Anna Dunphy |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reßect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
Note | ||||
£ | £ | £ | ||
Administrative expenses | (543,369) | (480,834) | (937,641) | |
Operating loss | (543,369) | (480,834) | (937,641) | |
Finance expense | (2,030) | (1,771) | (3,165) | |
Loss before tax | (545,399) | (482,605) | (940,806) | |
Tax credit | 3 | - | - | 87,613 |
(Loss)/Profit | (545,399) | (482,605) | (853,193) | |
Loss attributable to: | ||||
Owners of the parent | (545,399) | (482,605) | (853,193) | |
Other comprehensive income: | ||||
Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 14,253 | 462 | 1,456 | |
Total comprehensive loss | (531,146) | (482,143) | (851,737) | |
Total comprehensive loss attributable to equity shareholders | (531,146) | (482,143) | (851,737) | |
Earnings per share basic and diluted (pence) | 4 | (0.48)p | (0.51)p | (0.87)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2022 (Unaudited) | 30 September 2021 (Unaudited) | 29 March 2022 (Audited) | ||
Note | £ | £ | £ | |
Non-current assets | ||||
Tangible fixed assets | 3,444 | 3,683 | 4,183 | |
Intangible assets | 3,376,331 | 2,534,010 | 3,098,155 | |
Right of use assets | 112,181 | - | 120,538 | |
3,491,956 | 2,537,693 | 3,222,876 | ||
Current assets | ||||
Trade and other receivables | 167,217 | 356,189 | 73,523 | |
Digital assets | - | 225,229 | 82,474 | |
Cash and cash equivalents | 41,821 | 324,044 | 3,471 | |
209,038 | 905,462 | 159,468 | ||
Total assets | 3,700,994 | 3,443,155 | 3,382,344 | |
Current liabilities | ||||
Trade and other payables | 613,929 | 386,184 | 574,579 | |
Borrowings | 42,891 | 47,500 | 42,500 | |
Lease liabilities | 14,261 | - | 14,261 | |
671,081 | 433,684 | 631,340 | ||
Non-current liabilities | ||||
Lease liabilities | 101,600 | 108,730 | ||
101,600 | 108,730 | |||
Total liabilities | 772,681 | 433,684 | 740,070 | |
Net Assets | 2,928,313 | 3,009,471 | 2,642,274 | |
Equity attributable to owners of the parent | ||||
Share capital | 5 | 11,795 | 10,139 | 10,175 |
Share premium | 4,584,176 | 3,779,855 | 3,782,215 | |
Share based payment reserve | 57,823 | 44,218 | 44,219 | |
Other reserves | 5 | (205,000) | (205,000) | (205,000) |
Translation reserve | (9,770) | (25,017) | (24,023) | |
Retained earnings | (1,510,711) | (594,724) | (965,312) | |
Total equity attributable to owners of the parent | 2,928,313 | 3,009,471 | 2,642,274 | |
Total Equity | 2,928,313 | 3,009,471 | 2,642,274 |
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Balance as at 29 March 2021 | 9,398 | 3,062,103 | 17,007 | (205,000) | (25,479) | (112,119) | 2.745,910 |
Profit for the six months | - | - | - | - | - | (482,605) | (482,605) |
Other comprehensive loss | - | - | - | - | 462 | - | 462 |
Total comprehensive loss for the period | - | - | - | - | 462 | (482,605) | (482,143) |
Issue of shares, net of issue costs | 741 | 744,963 | - | - | - | - | 745,704 |
Reduction in share capital | - | (27,211) | 27,211 | - | - | - | - |
Transactions with owners, recognised directly in equity | 741 | 717,752 | 27,211 | - | - | - | 745,704 |
Balance as at 30 September 2021 | 10,139 | 3,779,855 | 44,218 | (205,000) | (25,017) | (594,724) | 3,009,471 |
Balance as at 29 March 2022 | 10,175 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 |
Loss for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | 14,253 | - | 14,253 | |
Total comprehensive loss for the period | - | - | - | - | 14,253- | (545,399) | (531,146) |
Issue of shares, net of issue costs | 1,620 | 815,565 | - | - | - | - | 817,185 |
Share based payment charge | - | (13,604) | 13,604 | - | - | - | - |
Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 817,185 |
Balance as at 30 September 2022 | 11,795 | 4,584,176 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,928,313 |
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
£ | £ | £ | ||
Cash flow from operating activities | ||||
Loss before tax | (545,399) | (482,605) | (940,806) | |
Depreciation and amortisation | 9,095 | 615 | 21,146 | |
Increase in Fair Value of digital asset | 82,474 | (4,627) | (7,872) | |
(Increase) in other receivables | (93,694) | (169,499) | 113,167 | |
Increase in other payables | 39,351 | 156,207 | 337,102 | |
Cash used in operations | (508,173) | (499,909) | (477,263) | |
Income tax credit | - | - | 87,613 | |
Net cash flows from operating activities | (508,173) | (499,909) | (389,650) | |
Investing activities | ||||
Purchase of tangible assets | - | - | (1,239) | |
Purchase of intangible assets | (278,176) | (463,233) | (1,027,378) | |
Net cash used in investing activities | (278,176) | (463,233) | (1,028,378) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 817,185 | 745,704 | 894,101 | |
Lease payments | (7,130) | - | (17,339) | |
Increase/(Decrease) in borrowings | 391 | (2,500) | - | |
Net cash flow from financing | 810,446 | 743,204 | 876,762 | |
(Decrease)/Increase in cash and cash equivalents in the period | 24,097 | (219,938) | (541,505) | |
Cash and cash equivalents at the beginning of the year | 3,471 | 543,520 | 543,520 | |
Exchange rate differences on cash and cash equivalents | 14,253 | 462 | 1,456 | |
Cash and cash equivalents at the end of the period | 41,821 | 324,044 | 3,471 |
2020
Interim Results - for the six months ended 30 September 2022
03 January 2023
CHIEF EXECUTIVE'S REPORT
Download These results are available to view and download in PDF format |
Despite the challenges presented by Covid-19 globally, TruSpine has managed to overcome many of the obstacles presented, and we believe the Company will be in a position in 2023 to submit the FDA 510k application for the Cervi-LOK.
Post period end, the Company has secured a £200,000 bridge debt facility ("Bridge Loan") and a Letter of Intent ("LOI") for a £2.4m staged equity funding over three tranches ("Investment Agreement"), a separate announcement will be made in due course setting out further details. The Investment Agreement is subject to various closing conditions and milestones. The directors believe that the Bridge Loan and Investment Agreement will provide the required funding to advance the Cervi-LOK through FDA clearance and onto commercialisation.
As announced 31 October 2022, the Company's annual general meeting was adjourned until further notice. Following completion of the Investment Agreement, the Company will seek to hold its annual general meeting. The Company continues to carefully manage its working capital position.
The delays in finalisation of the FDA 510k submission have centred around compression testing, a main test required by the FDA, however it was eventually determined that the issue was with the testing block rather than the Cervi-LOK product itself. Following adjustments to the testing block all tests were successfully completed and are ready for submission to the FDA by the independent testing facility.
Additionally, the Company had to overcome supply chain issues, including difficulties in sourcing medical grade stainless steel for instruments, as announced 1 August 2022. We have now completed this process, and the instrument set has commenced final sterilisation testing with Puracon GmbH in Germany.
On 31 May 2022 the Company raised £700,000 through the issue of 14,000,000 new ordinary shares at a price of 5p per share comprising a placing and a subscription. In addition, 1,550,000 shares were issued at a price of 5p per share to third party creditors of £77,500 in lieu of services rendered and accrued directors fees of £97,200 were settled through the issue of 648,000 shares at a price of 15p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2022 was £545k (2021: £483k) after administrative expenses of £543k (2021: £481k). Development spend for the six months to 30 September 2022 was £216k (2021: £463k). Consolidated net assets as at 30 September 2022 amounted to £2.93 million (2021: £3.00 million) including cash and cash equivalents of £42,000 (2021: £324,000).
Whilst we are disappointed by the delays and challenges encountered, the Board would like to thank shareholders for their support, and TruSpine's staff and commercial partners for their hard work during the year.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)207 118 0852 | |
Ian Roberts, CEO |
| |
|
| |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | |
Liam Murray / Ludovico Lazzaretti |
| |
|
| |
Oberon Capital (Joint Broker) | Tel: +44 (0)20 3179 5300 | |
Mike Seabrook / Chris Crawford |
| |
Peterhouse Capital Limited (Joint Broker & Financial Adviser) Lucy Williams / Duncan Vasey
| Tel: +44 (0)20 7469 0930 | |
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | |
Anna Dunphy |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reßect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
GROUP STATEMENT OF COMPREHENSIVE INCOME
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
Note | ||||
£ | £ | £ | ||
Administrative expenses | (543,369) | (480,834) | (937,641) | |
Operating loss | (543,369) | (480,834) | (937,641) | |
Finance expense | (2,030) | (1,771) | (3,165) | |
Loss before tax | (545,399) | (482,605) | (940,806) | |
Tax credit | 3 | - | - | 87,613 |
(Loss)/Profit | (545,399) | (482,605) | (853,193) | |
Loss attributable to: | ||||
Owners of the parent | (545,399) | (482,605) | (853,193) | |
Other comprehensive income: | ||||
Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 14,253 | 462 | 1,456 | |
Total comprehensive loss | (531,146) | (482,143) | (851,737) | |
Total comprehensive loss attributable to equity shareholders | (531,146) | (482,143) | (851,737) | |
Earnings per share basic and diluted (pence) | 4 | (0.48)p | (0.51)p | (0.87)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
30 September 2022 (Unaudited) | 30 September 2021 (Unaudited) | 29 March 2022 (Audited) | ||
Note | £ | £ | £ | |
Non-current assets | ||||
Tangible fixed assets | 3,444 | 3,683 | 4,183 | |
Intangible assets | 3,376,331 | 2,534,010 | 3,098,155 | |
Right of use assets | 112,181 | - | 120,538 | |
3,491,956 | 2,537,693 | 3,222,876 | ||
Current assets | ||||
Trade and other receivables | 167,217 | 356,189 | 73,523 | |
Digital assets | - | 225,229 | 82,474 | |
Cash and cash equivalents | 41,821 | 324,044 | 3,471 | |
209,038 | 905,462 | 159,468 | ||
Total assets | 3,700,994 | 3,443,155 | 3,382,344 | |
Current liabilities | ||||
Trade and other payables | 613,929 | 386,184 | 574,579 | |
Borrowings | 42,891 | 47,500 | 42,500 | |
Lease liabilities | 14,261 | - | 14,261 | |
671,081 | 433,684 | 631,340 | ||
Non-current liabilities | ||||
Lease liabilities | 101,600 | 108,730 | ||
101,600 | 108,730 | |||
Total liabilities | 772,681 | 433,684 | 740,070 | |
Net Assets | 2,928,313 | 3,009,471 | 2,642,274 | |
Equity attributable to owners of the parent | ||||
Share capital | 5 | 11,795 | 10,139 | 10,175 |
Share premium | 4,584,176 | 3,779,855 | 3,782,215 | |
Share based payment reserve | 57,823 | 44,218 | 44,219 | |
Other reserves | 5 | (205,000) | (205,000) | (205,000) |
Translation reserve | (9,770) | (25,017) | (24,023) | |
Retained earnings | (1,510,711) | (594,724) | (965,312) | |
Total equity attributable to owners of the parent | 2,928,313 | 3,009,471 | 2,642,274 | |
Total Equity | 2,928,313 | 3,009,471 | 2,642,274 |
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Balance as at 29 March 2021 | 9,398 | 3,062,103 | 17,007 | (205,000) | (25,479) | (112,119) | 2.745,910 |
Profit for the six months | - | - | - | - | - | (482,605) | (482,605) |
Other comprehensive loss | - | - | - | - | 462 | - | 462 |
Total comprehensive loss for the period | - | - | - | - | 462 | (482,605) | (482,143) |
Issue of shares, net of issue costs | 741 | 744,963 | - | - | - | - | 745,704 |
Reduction in share capital | - | (27,211) | 27,211 | - | - | - | - |
Transactions with owners, recognised directly in equity | 741 | 717,752 | 27,211 | - | - | - | 745,704 |
Balance as at 30 September 2021 | 10,139 | 3,779,855 | 44,218 | (205,000) | (25,017) | (594,724) | 3,009,471 |
Balance as at 29 March 2022 | 10,175 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 |
Loss for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | 14,253 | - | 14,253 | |
Total comprehensive loss for the period | - | - | - | - | 14,253- | (545,399) | (531,146) |
Issue of shares, net of issue costs | 1,620 | 815,565 | - | - | - | - | 817,185 |
Share based payment charge | - | (13,604) | 13,604 | - | - | - | - |
Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 817,185 |
Balance as at 30 September 2022 | 11,795 | 4,584,176 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,928,313 |
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month period ended 30 September 2022 (Unaudited) | 6 month period ended 30 September 2021 (Unaudited) | Year ended 29 March 2022 (Audited) | ||
£ | £ | £ | ||
Cash flow from operating activities | ||||
Loss before tax | (545,399) | (482,605) | (940,806) | |
Depreciation and amortisation | 9,095 | 615 | 21,146 | |
Increase in Fair Value of digital asset | 82,474 | (4,627) | (7,872) | |
(Increase) in other receivables | (93,694) | (169,499) | 113,167 | |
Increase in other payables | 39,351 | 156,207 | 337,102 | |
Cash used in operations | (508,173) | (499,909) | (477,263) | |
Income tax credit | - | - | 87,613 | |
Net cash flows from operating activities | (508,173) | (499,909) | (389,650) | |
Investing activities | ||||
Purchase of tangible assets | - | - | (1,239) | |
Purchase of intangible assets | (278,176) | (463,233) | (1,027,378) | |
Net cash used in investing activities | (278,176) | (463,233) | (1,028,378) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 817,185 | 745,704 | 894,101 | |
Lease payments | (7,130) | - | (17,339) | |
Increase/(Decrease) in borrowings | 391 | (2,500) | - | |
Net cash flow from financing | 810,446 | 743,204 | 876,762 | |
(Decrease)/Increase in cash and cash equivalents in the period | 24,097 | (219,938) | (541,505) | |
Cash and cash equivalents at the beginning of the year | 3,471 | 543,520 | 543,520 | |
Exchange rate differences on cash and cash equivalents | 14,253 | 462 | 1,456 | |
Cash and cash equivalents at the end of the period | 41,821 | 324,044 | 3,471 |