TyraTech, Inc. Interim Results -4-

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   3.   Revenue 
 
                               (Unaudited)     (Unaudited)      (Audited) 
                                six months      six months     year ended 
                                     ended           ended    31 December 
                              30 June 2014    30 June 2013           2013 
                                     $'000           $'000          $'000 
 
 Opening deferred revenue            1,862           2,363          2,363 
 
 Closing deferred revenue            1,612           2,113          1,863 
                            --------------  --------------  ------------- 
 Movement in deferred 
  revenue                              250             250            500 
                            --------------  --------------  ------------- 
 Invoices raised                     1,030             515            866 
 Total revenue                      $1,280            $765         $1,366 
                            --------------  --------------  ------------- 
 
   4.   Loss per Common Stock 

The calculation of the basic and diluted earnings per ordinary share is based on the Company's loss, excluding the effect of losses attributable to non-controlling interests, of $3,106,000 for the six months ended 30 June 2014 (six months ended 30 June 2013: loss of $2,823,000; year ended 31 December 2013: loss of $4,902,000), and on 194,341,270, (30 June 2013: 136,289,682; 31 December 2013: 152,417,371) common shares, the weighted average number in issue and ranking for dividend during the period. There is no impact considered on the conversion of stock options or warrants as the effect would be anti-dilutive.

   5.   Movement in Shareholders' Equity during the six months ended 31 December 2013 and 30 June 2014 
 
                              Common   Additional     Accum-ulated        Treasury     Non-con-        Total 
                               Stock     Paid-in         deficit            Stock       trolling 
                                         Capital                                        Interest 
                              $'000      $'000            $'000            $'000         $'000         $'000 
 Shareholders' Equity, 
  as of 30 June 2013 
                                $168      $78,377           $(77,747)         $(108)        $(5)            $685 
  Stock based compensation 
                                   -           44                   -              -           -              44 
  Net loss                         -            -             (2,079)              -                     (2,079) 
                                                                                               - 
  Shareholders' Deficit, 
   as of 31 December 
   2013                                                                                                  (1,350) 
                                 168       78,421            (79,826)          (108) 
                                                                                             (5) 
  Issuance of common 
   stock, net of expenses                                                          - 
                                  37        2,837                                                          2,874 
                                                                    - 
                                                                                               - 
 Stock based compensation          -           71                   -              -           -              71 
 Net loss                          -            -             (3,106)              -           -         (3,106) 
 
 Shareholders' Deficit, 
  as of 
  30 June 2014                  $205      $81,329           $(82,932)         $(108)        $(5)        $(1,511) 
                             -------  -----------  ------------------  -------------  ----------  -------------- 
 
   6.   Shareholder's Equity 

On 21 February 2014 the Company issued 37,391,763 of new common shares of $0.001 each for a gross cash consideration of GBP1.9 million (approximately $3.1 million) representing GBP1.7 million (approximately $2.9 million) net of cash expenses. A further 1,152,700 shares of $0.001 each were subject to issue as stock warrants in settlement of other expenses. The value of the warrants at date of issue was US$60,000 and were valued using the Black-Scholes option pricing model. Legal and General Investment Management Limited (UK), a substantial shareholder of the Company subscribed for 4,500,000 shares as party of the fund raise and this was considered to be a related party transaction for the purposes of the AIM Rules for Companies published by the London Stock Exchange. In conjunction with this transaction and pursuant to the Amended AMVAC Warrant Agreement, the strike price of AMVAC's 10,000,000 stock warrants was reduced from 6 pence per share to 5 pence per share.

   7.   Envance Technologies, LLC 

Envance Technologies, LLC accounts for its investment in Envance using the equity method of accounting. In 2013, TyraTech's investment in Envance was reduced from $0.4 million to zero and the equity method was suspended. No additional losses will be recorded until either TyraTech contributes additional capital or Envance records net income equal to the share of net losses not recognized during the period in which the equity method was suspended. As of 30 June 2014, TyraTech's inception to date investment loss in Envance is ($886,000), $400,000 of which is reflected in the Company's 2012 and 2013 Consolidated Statements of Operations. If Envance subsequently reports net income, the Company will resume applying the equity method only after its share of that net income equals the share of net losses not recognised during the period the equity method was suspended. For the period ended June 30, 2014, the Company's share of Envance net losses not recognized was $327,795.

8. Subsequent Events

On 31 July 2014 the Company issued 50,000,000 of new common shares of $0.001 each for a cash consideration of GBP3.5 million ($6.0 million) representing GBP3.3 million (approximately $5.7 million) net of cash expenses. An additional 1,918,825 shares of $0.001 each were subject to issue as stock warrants in settlement of other share issuance expenses. Legal and General Investment Management Limited (UK), a related party under the AIM Rules by virtue of its existing shareholding in the Company, subscribed for 1,428,571 new common shares.

We have evaluated all events and transactions through 29 September 2014, the date the consolidated financial statements were available to be issued. Based on such evaluation, no further events have occurred that in the opinion of management warrant disclosure in or adjustment to the consolidated financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

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