Inteliqo Ltd Interim Results

 
TIDMIQO 
 
18 October 2023 
 
Inteliqo Limited 
 
("Inteliqo", the "Company") 
 
Interim Results 
 
Inteliqo (AQSE: IQO), a start-up technology company that provides sales, 
marketing and distribution services to technology product owners under long-term 
distribution agreements, is pleased to announce its unaudited interim results 
for the 6-month period ended 30 September 2023. A full copy of the Interim 
Report will be obtainable from the Company's website at https://inteliqo.com/ . 
 
This announcement contains information which, prior to its disclosure, 
constituted inside information as stipulated under Regulation 11 of the Market 
Abuse (Amendment)(EU Exit) Regulations 2019/310 (as amended). 
 
This announcement may contain "forward-looking" statements and information 
relating to the Company. These statements are based on the belief of Company 
management, as well as assumptions made by and information currently available 
to Company management. The Company does not undertake to update forward-looking 
statements or forward-looking information, except as required by law. 
 
The directors of Inteliqo Limited accept responsibility for this announcement. 
 
For more information, please contact: 
 
Inteliqo Limited                          [e-mail] 
 
Joseph Hill 
First Sentinel Corporate Finance Limited  [phone] 
 
Brian Stockbridge 
 
Inteliqo Limited: Chairman's Report for the period ended 30 September 2023 
 
Introduction 
 
I am pleased to present the Chairman's statement, highlighting the progress and 
achievements of Inteliqo Limited (the "Company") and its subsidiary (together 
the "Group") for the 6 months to 30 September 2023.  Under the leadership of our 
CEO, Joseph Hill, our dedicated team has made significant strides in positioning 
the Company for success in the technology market. 
 
Business Overview and Objectives 
 
Inteliqo is a technology company focused on delivering sales, marketing and 
distribution services to two prominent technology brands through long-term 
agreements with Ipedia and Langaroo. 
 
Ipedia (https://ipedia.co) 
 
The Ipedia iQ product is a smart translation earphone (earbuds) system offering 
integrated real-time speech translation in 130 languages, built-in smart assist 
(Google and Siri), multiple built-in microphones, and high-definition sound. 
 
The Company's principal activity is to market, sell, and distribute Ipedia 
technology products by appointing resellers in defined territories globally. The 
Company generates income from the sales of these products; sharing a proportion 
of such income with the product owners under the terms of its distribution 
agreements. 
 
Last year, Inteliqo appointed an exclusive reseller for the promotion and sale 
of Ipedia products in nine territories. The agreements carry an initial five 
-year term, and we expect the first orders from these agreements to start during 
Q4 of 2023. 
 
The quantum and timing of these orders are not guaranteed. 
 
Langaroo (https://langaroo.co) 
 
Langaroo is a mobile application that enables users to understand, speak, 
message, and share information across over 130 languages. It serves as the 
ultimate translation buddy, facilitating seamless communication for users in 
various scenarios. 
 
Inteliqo secured an exclusive sales and marketing agreement for the Langaroo 
App, solidifying our commitment to driving its global adoption. This agreement 
enables us to distribute the Langaroo App effectively and leverage its 
impressive features across various industries and regions. 
 
The Company generates income from the sales of subscriptions or territory 
licence agreements, benefiting from a proportion of revenue as defined in a 
revenue share agreement. 
 
Financial Results 
 
The Group's financial results to 30 September 2023 reflect the commencement of 
sales leading to a profit of $185k, with basic earnings per share from 
continuing activities of $0.002.  These figures reflect the early stages of our 
operations and we remain focused on executing our strategic initiatives and 
achieving sustainable growth. 
 
Outlook and Future Prospects 
 
The Group is now operating profitably, with positive cash flows and this 
promising result aligns with our commitment to delivering value to our 
shareholders. 
 
Looking ahead, we are optimistic about the Group's prospects. The Langaroo App 
is now generating sales from its Beta launch and Full Application is scheduled 
for release early in Q1 2024. 
 
Coupled with the recent attainment of Exclusive Reseller Agreements for Ipedia, 
we are confident that the Company will operate profitably this year. 
 
Thank you for your continued support and trust in our vision. We are committed 
to driving Inteliqo's growth and creating value for all stakeholders. 
 
Joseph Truelove 
 
Chairman of the Board 
 
Inteliqo Limited 
 
17 October 2023 
 
Inteliqo Limited: Statement of comprehensive income and retained earnings for 
the period ended 30 September 2023 
 
                              Period to 30    Period to 30 September 2022 
                                 September 
                                      2023 
                                       USD                            USD 
 
Revenue                       558,029         - 
Other income                  88              42 
Administrative expenses       (370,447)       (452,216) 
Realised foreign currency     223             20,123 
gains 
Unrealised foreign            (2,504)         4,412 
currency gains 
Operating profit and          185,389         (427,639) 
profit before tax 
Tax expense                   -               - 
Profit for the period from    185,389         (427,639) 
continuing operations 
 
Earnings per share 
Basic earnings per share      0.002           (0.007) 
from continuing operations 
 
Diluted earnings per share    0.002           (0.007) 
from continuing operations 
 
Inteliqo Limited: Statement of financial position as at 30 September 2023 
 
                              Notes  30 September 2023    30 September 2022 
                                                   USD                  USD 
ASSETS 
Non-current assets 
Office equipment                     2,958                1,259 
 
Current assets 
Trade and other receivables          44,928               15,611 
Cash and cash equivalents            384,221              475,246 
                                     429,149              490,857 
 
Total assets                         432,107              492,116 
 
LIABILITIES AND EQUITY 
Current liabilities 
Trade and other payables             116,908              105,678 
 
Equity 
Share capital                   6    14,188               14,188 
Share premium                        799,889              799,889 
Retained earnings                    (498,878)            (427,639) 
                                     315,199              386,438 
 
Total liabilities and equity         432,107              492,116 
 
The accompanying notes on pages 6 and 7 form an integral part of these interim 
condensed consolidated financial statements. 
 
These interim condensed consolidated financial statements were approved and 
authorised for issue by the directors on 17 October 2023 and are signed on their 
behalf by: 
 
Ray Smart 
 
Finance Director 
 
Inteliqo Limited: Statement of changes in equity for the period ended 30 
September 2023 
 
                               Share    Share  Retained earnings      Total 
                             capital  premium 
                                 USD      USD                USD        USD 
Issue of share capital       13,900   738,621  -                  752,521 
prior to admission to 
Aquis 
Issue of share capital on    288      61,268   -                  61,556 
admission to Aquis 
Profit for the period        -        -        (427,639)          (427,639) 
Balance at 30 September      14,188   799,889  (427,639)          386,438 
2022 
 
Balance at 1 April 2023      14,188   799,889  (684,267)          129,810 
Profit for the period        -        -        185,389            185,389 
Balance at 30 September      14,188   799,889  (498,878)          386,438 
2023 
 
Inteliqo Limited Statement of cash flows for the period ended 30 September 2023 
 
                                Period to 30    Period to 30 September 2022 
                                   September 
                                        2023 
                                         USD                            USD 
 
Operating activities 
Profit before tax               185,389         (427,639) 
Adjustments for non-cash 
income and expenses: 
Depreciation of office          534             36 
equipment 
Changes in operating assets 
and liabilities: 
Trade and other receivables     (12,058)        (15,611) 
Trade and other payables        22,320          105,678 
Net cash from operating         196,185         (337,536) 
activities 
 
Cash flows from investing 
activities 
Purchases of equipment          (1,126)         (1,295) 
 
Cash flows from financing 
activities 
Proceeds from issue of share    -               814,077 
capital 
 
Net change in cash and cash          195,059    475,246 
equivalents 
 
Cash and cash equivalents at         189,162    - 
the beginning of the period 
 
Cash and cash equivalents at         384,221    475,246 
the end of the period 
 
Inteliqo Limited accounting policies and explanatory notes to the financial 
statements for the period ended 30 September 2023 
 
 1. General information 
 
Inteliqo Limited (the "Company") is a company limited by shares under The 
Companies (Guernsey) Law 2008 (as amended) and was incorporated in Guernsey on 3 
May 2022 and listed on the Access Segment of Aquis Stock Exchange ("AQSE") on 
5th August 2022  The address of its registered office and principal place of 
business is Dixcart House, Sir William Place, St Peter Port Guernsey, GY1 1GX. 
The Group's principal activity is the provision of sales, marketing and 
distribution services. 
 
 2. Basis of preparation and accounting policies 
 

These unaudited interim condensed consolidated financial statements (the 
"Financial Statements") are for the six months ended 30 September 2023 and 
comprise the Company and its subsidiary (together the "Group") and have been 
prepared on an accruals basis and under the historical cost convention in 
accordance with IAS 34 "Interim Financial Reporting" and  applicable legal and 
regulatory requirements. They are presented in US Dollars, the functional 
currency of the Group and they do not include all disclosures that would 
otherwise be required in annual financial statements in accordance with IFRS, 
and should be read in conjunction with the Company's audited consolidated 
financial statements for the period ended 31 March 2023. 
 
The Company has applied the same accounting policies and methods of computation 
in these Financial Statements as applied in its first full audited consolidated 
financial statements to 31 March 2023 which were prepared in accordance with the 
International Financial Reporting Standards ("IFRS"), as issued by the 
International Accounting Standards Board ("IASB"). 
 
There are no accounting pronouncements which have become effective from 1 April 
2023 that have a significant impact on the Financial Statements. 
 
 3. Significant management judgement in applying accounting policies and 
estimation uncertainty 
 
When preparing the Financial Statements, management undertakes a number of 
judgements, estimates and assumptions about recognition and measurement of 
assets, liabilities, income and expenses. The actual results may differ from the 
judgements, estimates and assumptions made by management, and will seldom equal 
the estimated results. 
 
The judgements, estimates and assumptions applied in the Financial Statements, 
including the key sources of estimation uncertainty, were the same as those 
applied in the Group's last audited annual financial statements for the period 
ended 31 March 2023. 
 
 4. Earnings per share and dividends 
 
Earnings per share, both the basic and diluted earnings per share, have been 
calculated using the profit attributable to shareholders of the Company as the 
numerator, ie no adjustments to profit were necessary. The reconciliation of the 
weighted average number of shares for the purposes of diluted earnings per share 
to the weighted average number of ordinary shares used in the calculation of 
basic earnings per share is as follows: 
 
                                           2023          2022 
                                            USD           USD 
 
Weighted average number of shares   112,500,000    58,991,589 
used in basic earnings per share 
 
Weighted average number of shares   117,472,500    61,560.166 
used in diluted earnings per share 
 
 5. Interests in subsidiaries 
 
On 22 March 2023, the Company acquired the entire share capital of Inteliqo 
Marketing Limited which is registered in England and Wales.  The acquisition was 
made to support the Company's treasury function and the principal activity of 
Inteliqo Marketing Limited is to hold bank accounts and collect and pay out the 
proceeds of transactions on behalf of the Company and it does not operate in its 
own right.  As the company does not meet the criteria as set out in IFRS 3 to be 
defined as a business the purchase has been recognised in these accounts as an 
asset acquisition and the acquisition cost of $1,209 has been allocated to the 
assets categories of the subsidiary as at 30 September 2023. 
 
 6. Share capital 
 
The share capital of the Company comprises 112,500,000 ordinary shares with par 
value GBP0.0001.  An additional 15,027,500 ordinary shares with par value 
GBP0.0001 are authorised but unissued.  The Company has issued warrants over 
4,972,500 ordinary shares with par value GBP0.0001. 
 
 7. Commitments under operating leases 
 
The Group rents an office under an operating lease on a three month rolling 
basis with a one month notice period.  The minimum lease commitment at the 
period end is GBP1,950. 
 
 8. Related party transactions 
 
Key management of the Company are the executive and non-executive directors. Key 
management personnel remuneration includes the following expenses: 
 
                Period to 30 September 2023    Period to 30 September 2022 
                                        USD                            USD 
 
Short-term      23,945                         31,755 
employee 
benefits 
Director fees   16,569                         5,245 
Salaries        149,935                        70,342 
including 
bonuses 
Social          11,056                         4,399 
security costs 
Total           201,505                        111,741 
remuneration 
 
The Company has paid a deposit to a 3[rd] party for a property rented by the 
Company which forms part of the short term employee benefits noted above.  At 30 
September 2023 the balance of the deposit was £8,850. 
 
HKML Limited, a company owned by a director, Michael Hill, holds 7,312,500 
ordinary shares in the Company and holds warrants over a further 1,399,500 
ordinary shares.  HKML Limited also entered into a revenue share agreement with 
the Company on 1 June 2023. 
 
Ray Smart, a director of the Company, holds 135,872 ordinary shares in the 
Company. 
 
 9. Approval of Interim Report 
 
This Interim Report was approved by the board of directors and authorised for 
issue on 17 October 2023. 
 
 
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END 
 
 

(END) Dow Jones Newswires

October 18, 2023 02:00 ET (06:00 GMT)