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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tap Global Group Plc | AQSE:TAP | Aquis Stock Exchange | Ordinary Share | GB00BMVSDN09 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.05 | 0.90 | 1.20 | 1.05 | 1.05 | 1.05 | 0.00 | 07:01:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMTAP
22 March 2023
Tap Global Group Plc
("Tap" or the "Company")
Interim Results
&
Trading Update
Tap reports significant growth in user numbers and revenue following successful
fundraise and listing on AQSE
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap
between traditional finance and blockchain technology, presents its unaudited
half-year results for the six-month period ended 31 December 2022. Given that
the reverse takeover acquisition ("RTO") of Tap Global Limited ("TGL") by
Quetzal Capital Plc ("Quetzal") did not complete until 10 January 2023, the
Business Review contained in this announcement extends only to the activities
of Quetzal prior to the RTO.
Accordingly, Tap is pleased to provide an update on its performance since the
RTO in the below trading update with the Company benefitting from a material
increase in registered users and revenue ahead of internal forecasts.
Tap Trading Update - Post Period End
Since listing, Tap has seen material increases in both registered users and
revenue delivered through the Company's platform. Registered users as at 28
February 2023 stood at just under 140,000 compared with 100,000 announced at
the end of September 2022.
Revenue in each of January and February 2023 was over three times that
delivered in December 2022, with this positive momentum carried through into
March. The Company intends to commission analyst research in the near future
which will set forward looking revenue targets.
On 24 January 2023, the Company announced a contract-win with Bitfinex, one of
the world's leading crypto exchanges. The contract involves the provision of
'Cards as a Service' ("CaaS") to users of Bitfinex who can opt in for a
Mastercard managed by Tap. Tap will receive a per card/per month revenue stream
from this contract, which forms part of the Company's growing
business-to-business offering. Tap is actively seeking further clients for its
CaaS solution to expand this potentially significant revenue stream.
The Company is focused on the organic growth of its userbase coupled with
geographical expansion to territories and jurisdictions beyond Europe.
John Taylor, Chairman of Tap Global:
"We are delighted with Tap's progress following the successful RTO earlier this
year. To see both revenue and user numbers ahead of expectations in a
challenging economic environment shows why we initially invested in Tap back in
December 2021 and is a testament to the business its founders are building.
The regulated status of Tap, under the Gibraltar Financial Services Commission
licence, is providing considerable assurance to users joining from
non-regulated platforms in what has been a very unsettling period in the crypto
sector. The enhanced levels of user security that our platform offers presents
an opportunity for Tap to continue its impressive growth trajectory this year
and beyond."
Business Review - Pre-RTO
In the six months to 31 December 2022, the entire activity of Quetzal was the
work involved in completing the relevant due diligence, and legal and
administrative work in relation to the RTO. On 1 November 2022, Quetzal entered
into a Sale and Purchase Agreement with TGL to acquire its entire issued share
capital. The decision to exercise its right to acquire TGL was based on the
considerable progress TGL had made in terms of growing user numbers and revenue
following Quetzal's initial £1.5 million investment made on 3 December 2021 by
way of a convertible loan.
The financial results for the six months ended 31 December 2022 show a loss of
£298,992 compared to a £104,689 loss for the same period in 2021. The increase
in loss is primarily attributable to fees incurred in relation to the RTO. The
Company's net assets at 31 December 2022 were £2,559,858 (2021: £3,055,345).
Reverse Takeover
Post period-end, on 9 January 2023, Quetzal's shareholders approved the RTO of
TGL amongst other resolutions that included the name change from Quetzal
Capital Plc to Tap Global Group Plc. As a result of the RTO, the Board welcomed
David Carr as Chief Executive Officer, Arsen Torosian as Chief Strategy Officer
and Des Hellicar-Bowman as a Non-Executive Director. As announced following
admission, John Taylor remained on the Board as Non-Executive Chairman and Tony
Quirke, previously Finance Director of Quetzal became Chief Financial Officer
of the Company. Fungai Ndoro stepped down from the Board on the completion of
the RTO. The Board thanks Fungai for her unstinting work towards the completion
of the RTO.
The Company raised £3.1m in gross proceeds as part of the RTO primarily from
strategic investors already active in cryptocurrency projects and businesses.
With the RTO costs substantially paid in prior periods, the Company held net
cash of approximately £4.0 million at the time of completion. This should
provide substantial runway to profitability based on current projections and
the significant levels of revenue already coming into the business.
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Tap Global Group Plc Via Vigo Consulting
David Carr, Chief Executive Officer
Peterhouse Capital Limited (AQSE Growth Market +44 (0)20 220 9795
Corporate Advisor)
Guy Miller/Narisha Ragoonanthun
+44 (0)20 7390 0230
Vigo Consulting (Investor Relations) tapglobal@vigoconsulting.com
Ben Simons / Charlie Neish
About Tap Global
Tap is a fully regulated DLT Provider and provides fully integrated crypto-fiat
exchange services with an associated neo banking payments platform.
Through a single regulated App, Tap's over 100,000 users can access several
major crypto exchanges and, utilising Tap's proprietary Artificial Intelligence
middleware, customers benefit from best-execution and pricing in real time.
Through the Tap card, users can also convert their crypto to spend at more than
37 million merchant locations worldwide.
Founded in 2018, Tap is one of only a handful of unified solutions operators
fully regulated to provide distributed ledger technology services and was the
first crypto FinTech company approved by Mastercard in Europe.
Interim Statement of Comprehensive Income
6 months to Year ended 30 6 months to
31 Dec 2022 June 2022 31 Dec 2021
Unaudited Audited Unaudited
Note £ £ £
Turnover 40,000 50,000 -
Administrative expenses 1 (338,992) (371,792) (104,689)
Operating profit / (loss) (298,992) (321,792) (104,689)
Interest payable and similar expenses - - -
Profit / (loss) before taxation (298,992) (321,792) (104,689)
Tax on profit / (loss) - 15,629 -
Profit / (loss) for the financial (298,992) (306,163) (104,689)
period and total comprehensive income
Earnings per share
Diluted earnings per share 2 (0.034)p (0.018)p (0.10)p
All the activities of the Company are from continuing operations and
investments.
The notes form part of these interim financial statements.
Interim Statement of Financial Position
6 months to Year ended 30 6 months to
31 Dec 2022 June 2022 31 Dec 2021
Unaudited Audited Unaudited
Note £ £ £
Fixed assets
Investments 3 1,987 1,987 2,279
1,987 1,987 2,279
Current assets
Debtors 4 51,486 102,078 152,200
Financial assets 5 1,780,950 1,815,320 1,935,371
Cash and cash equivalents 970,055 1,066,912 987,981
Total current assets 2,802,491 2,984,310 3,075,552
Creditors: amounts falling due 6 257,137 139,964 19,374
within one year
2,545,354 2,844,346 3,056,178
Net current assets
Total assets less current 2,547,341 2,846,333 3,058,457
liabilities
Provisions 12,517 12,517 (3,112)
Net assets 2,559,858 2,858,850 3,055,345
Capital and reserves
Called up share capital 1,701,243 1,701,243 1,701,243
Share premium 4,687,681 4,687,681 4,687,681
Option & warrant reserve 14,099 14,099 9,120
Profit & loss account (3,843,165) (3,544,173) (3,342,699)
Shareholders' funds / (deficit) 2,559,858 2,858,850 3,055,345
The interim financial statements were approved and authorised for issue by the
Board and were signed on its behalf by:
Anthony Quirke
Director
21 March 2023
The notes form part of these interim financial statements.
Interim Statement of Changes in Equity
Called up Share Other Profit & Total
Share Premium Reserves Loss
Capital Account
£ £ £ £ £
As at 1 July 2022 1,701,243 4,687,681 14,099 (3,544,173) 2,858,850
Total comprehensive profit for - - - (298,992) (298,992)
the period
Issue of shares - - - - -
Balance at 31 December 2022 1,701,243 4,687,681 14,099 (3,843,165) 2,559,858
Called up Share Other Profit & Total
Share Premium Reserves Loss
Capital Account
£ £ £ £ £
As at 1 July 2021 1,701,243 4,687,681 9,120 (3,238,010) 3,160,034
Total comprehensive profit for - - - (306,163) (306,163)
the year
Option & warrant reserve - - 4,979 - 4,979
Balance at 30 June 2022 1,701,243 4,687,681 14,099 (3,544,173) 2,858,850
Called up Share Other Profit & Total
Share Premium Reserves Loss
Capital Account
£ £ £ £ £
As at 1 July 2021 1,701,243 4,687,681 9,120 (3,238,010) 3,160,034
Total comprehensive profit for - - - (104,689) (104,689)
the period
Issue of shares - - - - -
Balance at 31 December 2021 1,701,243 4,687,681 9,120 (3,342,699) 3,055,345
The following describes the nature and purpose of each reserve within owners'
equity:
Reserve Description and purpose
Called Up Share This represents the nominal value of shares issued.
Capital
Share Premium Amount subscribed for share capital in excess of nominal
value.
Profit & Loss Account Cumulative net gains and losses recognised in the
statement of comprehensive income.
The notes form part of these interim financial statements.
Interim Statement of Cash Flows
Note 31 Dec 2022 30 June 2022 31 Dec 2021
£ £ £
Cash flows from operating
activities
Profit / (loss) for the financial (298,992) (306,163) (104,689)
period
Adjustments for:
Tax on profit / (loss) - (15,629) -
Share option charge - 4,979 -
Fair value adjustment of listed 34,370 82,552 4,361
shares
Profit on disposal of investments - (162,769) -
Changes in:
Trade and other debtors 4 50,592 (27,338) (80,572)
Trade and other creditors 6 117,173 119,594 (996)
Cash generated from operations (96,857) (304,774) (181,896)
Interest paid - - -
Net cash used in operating (96,857) (304,774) (181,896)
activities
Cash flows from investing
activities
Purchase of Convertible Loan Note - (1,500,000)
Purchase of listed investments - (612,875) (1,671,802)
Sale of investments - 645,994 -
Net cash used in investing - (1,466,881) (1,671,802)
activities
Cash flows from financing
activities
Shares to be issued - - -
Tax paid - (3,112) -
Net cash used in financing - (3,112) -
activities
Increase / (Decrease) in cash and (96,857) (1,774,767) (1,853,698)
cash equivalents
Cash and cash equivalents at 1,066,912 2,841,679 2,841,679
beginning of the period
Cash and cash equivalents at the 970,055 1,066,912 987,981
end of the period
The notes form part of these interim financial statements.
Notes to the Interim Financial Statements
Financial information
The financial information set out in these interim financial statements does
not constitute statutory accounts as defined in Section 434 of the Companies
Act 2006. The Company's statutory financial statements for the year ended 30
June 2022 have been filed with the Registrar of Companies. The auditor's report
on those financial statements was unqualified and did not contain a statement
under Section 498(2) of the Companies Act 2006.
These interim results have not been audited nor have they been reviewed by the
Company's auditors under ISRE 2410 of the Auditing Practices Board.
These interim financial statements are for the six month period ended 31
December 2022. They have been prepared following the recognition and
measurement principles of FRS 102. They do not include all of the information
required for full annual financial statements and should be read in conjunction
with the financial statements for the period ended 30 June 2022.
Going concern
The directors, having made appropriate enquiries, consider that adequate
resources exist and continued support of the directors is forthcoming for the
Company to continue in operational existence for the foreseeable future,
therefore, it is appropriate to adopt the going concern basis in preparing
these interim financial statements for the period ended 31 December 2022.
1. Administrative expenses
31 Dec 2022 30 June 2022 31 Dec 2021
£ £ £
Directors' remuneration 83,875 102,438 25,167
RTO fees 146,104 183,866 -
Legal & professional fees 39,252 114,532 59,901
Fair revaluation on investments 34,370 (80,217) -
Oher costs 35,391 51,173 19,621
338,992 371,792 104,689
2. Earnings per share
The calculation of earnings per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of ordinary shares
in issue being 877,141,001 during the period. This results in a loss per share
of 0.034p (2021: 0.10p).
3. Investments
Shares in Other Total
group investments
undertakings other than
loans
£ £ £
Cost
As at 1 July 2022 - 1,987 1,987
Additions - - -
Revaluations - - -
Balance at 31 December 2022 - 1,987 1,987
3. Investments continued.
Shares in Other Total
group investments
undertakings other than
loans
Carrying amount £ £ £
As at 1 July 2022 - 1,987 1,987
Balance at 31 December 2022 - 1,987 1,987
4. Debtors
31 Dec 2022 30 June 2022 31 Dec 2021
£ £ £
Trade debtors - 30,000 -
Brokerage account 23,546 24,817 126,927
Prepayments 11,239 23,092 15,562
VAT / PAYE Debtor 16,701 24,169 9,711
51,486 102,078 152,200
5. Financial assets
31 Dec 2022 30 June 2022 31 Dec 2021
£ £ £
At fair value
TAP Global Limited 1,500,000 1,500,000 1,500,000
Other listed and unlisted investments 280,950 315,320 435,371
1,780,950 1,815,320 1,935,371
6. Creditors falling due within one year
31 Dec 2022 30 June 2022 31 Dec 2021
£ £ £
Trade creditors 24,254 41,739 12,999
Accruals 132,883 98,225 6,375
Unissued share capital 100,000 - -
257,137 139,964 19,374
END
(END) Dow Jones Newswires
March 22, 2023 03:00 ET (07:00 GMT)
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