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NFT Investments PLC Interim results

26/09/2022 7:01am

UK Regulatory (RNS & others)


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TIDMNFT

RNS Number : 5280A

NFT Investments PLC

26 September 2022

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Press Release

26 September 2022

NFT Investments PLC

("NFT Investments" or "The Company")

Interim results

NFT Investments PLC (AQSE: NFT), an incubator specialising in the market for non-fungible tokens ("NFTs"), announced its unaudited results for the six months ended 30 June 2022.

Executive Director's Statement

Introduction

I am delighted to report the Company's interim results for the six months ended 30 June 2022.

The Company had a net asset value of GBP30.1 million (3.01p per share), including GBP20.4 million in cash and cash equivalents. This strong balance sheet was maintained amidst growing global economic uncertainty and the ongoing turbulence in the NFT and cryptocurrency sectors which resulted in the collapse of the LUNA token and a 60% fall in the price of Bitcoin ("BTC") during the reporting period (Source: Markets Insider, 2022). The total value of assets deposited on transactions in decentralised finance ("DeFi") also decreased by 67% during the period (source: DeFi Llama, 2022), while the price of NFTs such as 'Crypto Punks' fell from over US$240,000 in January 2022 to under US$70,000 by June 2022 (Source: Nomics, 2022).

I am extremely proud of our investment discipline in this difficult period. Our team anticipated these adverse market trends and reacted in a timely manner to safeguard the Company's financial position by limiting new investments and exiting our position in DEFI ahead of its sharp decline, enabling us to achieve income of GBP449,000 on that position. As a result of this cautious and forward-thinking approach, NFT Investments currently has a strong balance sheet and is very well positioned to weather the challenging market environment, but also to take advantage of robust investment opportunities that we believe will deliver value for our shareholders as the market returns to a period of growth.

We remain very bullish on the long-term crypto market and the technology underlying it, but we have not yet seen signals from the market that we are at a bottom. We remain cautious and will use our conserved capital when we believe that the time is right.

Finally, we believe that the Company's strong position and the value of its assets are not fairly reflected in the share price. However, we remain focused on building a world-class incubator specialising in this exciting space.

I would like to take this opportunity to thank all our shareholders for their ongoing support.

Jonathan Bixby, Executive Director

Principal risks and uncertainties

The Directors have assessed the operational environment of the Company and concluded that the principal risks and uncertainties have not materially changed since the most recent annual reporting date.

Responsibility Statement

We confirm that to the best of our knowledge:

 
 --   the Interim Report has been prepared in accordance with 
       International Accounting Standards 34, Interim Financial 
       Reporting, as adopted by the EU; and 
 --   gives a true and fair view of the assets, liabilities, financial 
       position and profit/loss of the Company; and 
 --   the Interim Report includes a fair review of the information 
       required by DTR 4.2.7R of the Disclosure and Transparency 
       Rules, being an indication of important events that have 
       occurred during the first six months of the financial year 
       and their impact on the set of interim financial statements; 
       and a description of the principal risks and uncertainties 
       for the remaining six months of the year. 
 --   the Interim Report includes a fair review of the information 
       required by DTR 4.2.8R of the Disclosure and Transparency 
       Rules, being the information required on related party transactions. 
 

The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on 23(rd) September 2022.

For further information please contact:

 
 NFT Investments 
 Jonathan Bixby                        via Tancredi +44 207 887 7633 
  Executive Chairman 
                                      ------------------------------ 
 First Sentinel 
                                      ------------------------------ 
 Corporate Adviser 
  Brian Stockbridge                    +44 7876 888 011 
                                      ------------------------------ 
 Tennyson Securities 
                                      ------------------------------ 
 Corporate Broker 
  Peter Krens                          +44 207 186 9030 
                                      ------------------------------ 
 Novum Securities 
                                      ------------------------------ 
 Corporate Broker 
  Colin Rowbury 
  Jon Belliss                          +44 207 399 9427 
                                      ------------------------------ 
 Tancredi Intelligent Communication 
  Media Relations 
                                      ------------------------------ 
 Gabriela Amaya Garcia 
  Charlie Hobbs                        +44 7915 035 294 
  nftinvestments@tancredigroup.com      +44 7897 557 112 
                                      ------------------------------ 
 

About NFT Investments:

NFT Investments PLC is an incubator specialising in the market for non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol NFT. www.nftinvest.pro

Investment portfolio:

The Company has investments in eight companies:

 
 --   US$1m invested in AEON International Ltd., a leading developer 
       of cutting-edge technology for the luxury fashion industry. 
 --   US$0.7m invested into Blimp Technologies Inc., a first-of-its-kind, 
       decentralised real estate collaboration and search platform, 
       incorporated in Canada. 
 --   CAN$0.1m invested in Big Whale Labs, a start-up venture 
       which is using Web3.0 technologies to create a decentralised 
       social network platform. 
 --   US$1.4m invested into Sturdy Exchange, a marketplace to 
       display, collect and trade NFTs created by artists and performers, 
       via Hex Capital Ltd., a venture capital firm that invests 
       in early-stage crypto assets and blockchain companies. 
 --   US$0.25m invested into Afterparty Inc., a platform for creators 
       to engage with their fans and generate revenues by selling 
       "token-gated" virtual events and sell digital merchandise. 
 --   US$1m invested in NFT Studios Ltd., a film production company 
       run by Niels Juul, a well-known Hollywood producer, funding 
       movies through NFTs. 
 --   US$150,000 invested in Big Head Club Inc., an NFT studio. 
 --   GBP0.5m invested in Kodoku Studios, an innovative NFT-gaming 
       company for a 25% stake, which was subsequently sold in 
       exchange for approximately GBP0.125m cash and a 3% stake 
       in Pioneer Media Holdings Inc., an AQSE-listed company. 
 

The carrying value of these investments was GBP6.47m as at 30 June 2022.

NFT Investments PLC

INCOME STATEMENT

FOR THE SIX MONTHS TO 30 JUNE 2022

 
                                                (Unaudited)      (Unaudited) 
                                                   6 months   6 months ended 
                                                      ended 
                                               30 June 2022     30 June 2021 
                                       Notes            GBP              GBP 
 
 Continuing operations 
 Revenue                                                  -                - 
 Administrative expenses                          (705,156)      (2,371,498) 
                                              -------------  --------------- 
                                                  (705,156)      (2,371,498) 
 Currency exchange gains                            610,547          321,081 
 Operating (loss)                                  (94,609)      (2,050,417) 
 
 Loss on revaluation of crypto 
  assets                                 6      (4,309,208)                - 
 Loss on revaluation of investments      7        (265,080)                - 
 Finance income                                     448,891               53 
 Fair value adjustment                                    -          (3,770) 
 Loss before and after taxation                 (4,220,006)      (2,054,134) 
 
 Other comprehensive income                               -                - 
 
 Total comprehensive income 
  for the year                                  (4,220,006)      (2,054,134) 
                                              -------------  --------------- 
 
 Loss per share 
 Basic and diluted (pence)               5           (0.42)           (0.41) 
 

NFT Investments PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

 
                                         (Unaudited)     (Audited) 
                                               As at         As at 
                                             30 June   31 December 
                                                2022          2021 
                                 Notes           GBP           GBP 
 ASSETS 
 Non-current assets 
 Intangible assets                 6       3,208,708     6,917,916 
 Investments                       7       6,474,140     5,559,308 
                                        ------------  ------------ 
                                           9,682,848    12,477,224 
 
 Current assets 
 Trade and other receivables                 171,406       125,765 
 Cash and cash equivalents                20,412,854    21,903,724 
                                        ------------  ------------ 
                                          20,584,260    22,029,489 
 
 TOTAL ASSETS                             30,267,108    34,506,713 
                                        ------------  ------------ 
 
 EQUITY 
 Shareholders' equity 
 Called up share capital                   1,003,000     1,003,000 
 Share premium                            33,323,133    33,323,133 
 Share-based payment reserve               2,925,908     2,925,908 
 Accumulated losses                      (7,089,761)   (2,869,755) 
 
 TOTAL EQUITY                             30,162,280    34,382,286 
                                        ------------  ------------ 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                    104,828       124,427 
 
 TOTAL LIABILITIES                           104,828       124,427 
                                        ------------  ------------ 
 
 TOTAL EQUITY AND LIABILITIES             30,267,108    34,506,713 
                                        ------------  ------------ 
 

NFT Investments PLC

STATEMENT OF CHANGES IN EQUITY

 
                                       Called up   Share premium   Share-based   Accumulated         Total 
                                   share capital                       payment        losses        equity 
                                                                       reserve 
                                             GBP             GBP           GBP           GBP           GBP 
 
 At 1 January 2021                       110,000          90,000             -      (39,704)       160,296 
 
 Loss for the period                           -               -             -   (2,054,134)   (2,054,134) 
 
 Transactions with owners 
 Issue costs                                   -     (2,803,867)             -             -   (2,803,867) 
 Issue of shares                         893,000      36,037,000             -             -    36,930,000 
 Share based payment expense                   -               -     2,925,908             -     2,925,908 
 
 At 30 June 2021 (Unaudited)           1,003,000      33,323,133     2,925,908   (2,093,838)    35,158,203 
 
 Loss for the period                           -               -             -     (775,917)     (775,917) 
 
 At 31 December 2021 (Audited)         1,003,000      33,323,133     2,925,908   (2,869,755)    34,382,286 
 
 Loss for the period                           -               -             -   (4,220,006)   (4,220,006) 
 
 At 30 June 2022 (Unaudited)           1,003,000      33,323,133     2,925,908   (7,089,761)    30,162,280 
                                 ---------------  --------------  ------------  ------------  ------------ 
 

NFT Investments PLC

CASH FLOW STATEMENT

FOR THE SIX MONTHS TO 30 JUNE 2022

 
                                                 (Unaudited)    (Unaudited) 
                                                    6 months       6 months 
                                                       ended          ended 
                                                30 June 2022   30 June 2021 
                                        Notes            GBP            GBP 
 Cash flows from operating 
  activities 
 Cash generated from operations           8        (521,804)      (236,992) 
                                               -------------  ------------- 
 Net cash from operating activities                (521,804)      (236,992) 
                                               -------------  ------------- 
 
 Cash flows from investing 
  activities 
 Purchase of fixed asset investments      7        (817,957)    (4,482,440) 
 Purchase of intangible assets            6        (600,000)              - 
 Finance income                                      448,891             53 
                                               -------------  ------------- 
 Net cash from investing activities                (969,066)    (4,482,387) 
                                               -------------  ------------- 
 
 Cash flows from financing 
  activities 
 Share issue (net of expenses)                             -     34,002,823 
                                               -------------  ------------- 
 Net cash from financing activities                        -     34,002,823 
                                               -------------  ------------- 
 
 Increase in cash and cash 
  equivalents                                    (1,490,870)     29,283,444 
                                               -------------  ------------- 
 
 Cash and cash equivalents 
  at the beginning of the period                  21,903,724         55,096 
 
 Cash and cash equivalents 
  at the end of the period                        20,412,854     29,338,540 
                                               -------------  ------------- 
 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FOR THE SIX MONTHS TO 30 JUNE 2022

1. Nature of operations

NFT Investments PLC is a public limited company incorporated on 3 March 2020 and domiciled in England and Wales. The address of the registered office is 16 Great Queen Street, 9th Floor, London, WC2B 5DG. The principal activity of the Company in the period was the incubation of companies specialising in Non-Fungible Tokens ("NFTs").

2. Significant Accounting Policies

Basis of preparation

The condensed interim financial information has been prepared in accordance with International Financial Reporting Standards and IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Company's audited financial statements for the year ended 31 December 2021 except as noted below.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the UK Companies Act 2006. The financial information for the twelve months ended 31 December 2021 is audited. The audit of the financial information for the year ended 31 December 2021 has been completed. The auditor's report on the statutory financial statements for the year ended 31 December 2021 was unqualified and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.

The condensed interim financial information is presented in GB Pounds Sterling to the nearest GBP1. They are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied.

Going concern

Management have prepared cash flow forecasts and are confident that they are taking all necessary steps to ensure that the Company has the required cash to pursue it's strategic objectives, an assertion supported by the significant cash available at the period end. They have therefore concluded that it is appropriate to prepare the financial information on a going concern basis.

Intangible assets

These are assets which do not qualify as cash and cash equivalents or financial assets and have an active market which provides pricing information on an ongoing basis. Digital assets and tokens are measured at fair value. A net increase in fair value over the initial cost is recorded in a revaluation reserve via other comprehensive income. A net decrease below cost is recorded in the income statement. This treatment is consistent with the revaluation model applied to intangible fixed assets in accordance with IAS 38.

Financial assets

The Company classifies its financial assets in the following measurement categories:

-- Those to be measured subsequently at fair value through profit or loss; and

-- Those to be measured at amortised cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:

-- The asset is held within a business model whose objective is to collect contractual cash flows; and

-- The contractual terms give rise to cash flows that are solely payments of principal and interest.

2. Significant Accounting Policies (continued)

Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. The Company's financial assets at amortised cost include trade and other receivables and cash and cash equivalents. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

-- The rights to receive cash flows from the asset have expired; or

-- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Company applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Company does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset's lifetime ECL at each reporting date.

The Company classifies the following financial assets at fair value through profit or loss:

-- Debt instruments that do not qualify for measurement at either amortised cost or fair value through other comprehensive income; and

-- Equity investments for which no election has been made to recognise fair value gains and losses through other comprehensive income.

The Company measures all equity investments at fair value through profit or loss. Unquoted investments are valued by the Directors using primary valuation techniques such as recent transactions, last price or net asset value. Where the fair value of an equity investment cannot be estimated reliably, such as investments in unquoted companies, fair value is based on cost less any impairment charges. In this case impairment charges are recognised in profit or loss. The Company assesses at each period end date whether there is any objective evidence that a financial asset or group of financial assets classified as available-for-sale has been impaired.

Loans and receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and other receivables fall into this category of financial instruments. Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default on payment. Other financial assets are also classified within the loans and receivables category.

Impairment of financial assets

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. For equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss - measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss - is removed from equity and recognised in profit or loss. Impairment losses recognised in profit or loss on equity instruments are not reversed through profit or loss.

2. Significant Accounting Policies (continued)

For loans and receivables, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's effective interest rate.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and current and deposit balances at banks with maturities of three months or less from inception. Cash and cash equivalents include Stablecoins which are convertible to US$ on a near 1:1 ratio.

Financial liabilities

Financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument and are initially measured at fair value. They are de-recognised when extinguished, discharged, cancelled or expired.

The Company's financial liabilities comprise trade and other payables. Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method, less settlement payments.

Equity

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.

The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.

The share capital account represents the amount subscribed for shares at nominal value.

Share payments reserve represents the fair values of share options and warrants granted.

Accumulated losses include all results as disclosed in the statement of comprehensive income.

Share based payments

The Company operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted:

-- including any market performance conditions;

-- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

-- excluding the impact of any non-vesting conditions (for example, the requirement of employees to save).

Assumptions about the number of options that are expected to vest include consideration of non-market vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity.

When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. Critical accounting judgements and estimates

The preparation of the Company's condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

Share- based payment transactions

The estimate of share-based payment expenses requires management to select an appropriate valuation model and make decisions about various inputs into the model including the volatility of its own share price, the probable life of the options, the vesting date of options where non-market performance conditions have been set and the risk-free interest rate.

Crypto Currencies

The company assesses the accounting treatment and presentation of crypto currencies held to separate those which are considered stable and non-stable crypto currencies. Stable crypto currencies are recognised as cash equivalents and non-stable crypto currencies held for long term investment purposes as intangible assets. All crypto currencies are valued at the end of each reporting period based on real time information available from various digital asset investment service platforms.

Investments

On acquisition, investments are valued at cost as this is deemed to be the fair value. Subsequent to this, management uses valuation techniques and other relevant information to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible, but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.

Impairment of financial assets

The Company follows the guidance of IFRS 9 to determine when a financial asset is impaired. This determination requires significant judgement. In making this judgement, the Company evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its cost, and the financial health of, and short-term business outlook for, the investee, including factors such as industry and sector performance, changes in technology and operational, financing cash flow and proposed fundraising.

3. Critical accounting judgements and estimates (continued)

Fair value estimation

Fair value measurements are disclosed according to the following fair value measurement hierarchy:

-- quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

-- inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices), or indirectly (that is, derived from prices) (Level 2);

-- inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). This is the case for unlisted equity securities.

 
                                    Level       Level       Level        Total 
                                        1           2           3 
                                      GBP         GBP         GBP          GBP 
 Financial asset at fair 
  value through profit of 
  loss 
 
        *    Equity holdings    2,100,000     165,741   3,055,808    5,559,308 
 
 Other current assets 
 
        *    Tokens                     -   6,917,916           -    6,917,916 
 
 Total assets at 31 December 
  2021                          2,100,000   7,083,657   3,055,808   12,477,224 
                               ----------  ----------  ----------  ----------- 
 
 
                                    Level       Level       Level       Total 
                                        1           2           3 
                                      GBP         GBP         GBP         GBP 
 Financial asset at fair 
  value through profit of 
  loss 
 
        *    Equity holdings    1,200,000           -   5,274,140   6,474,140 
 
 Other current assets 
 
        *    Tokens                     -   3,208,708           -   3,208,708 
 
 Total assets at 30 June 
  2022                          1,200,000   3,208,708   5,274,140   9,682,848 
                               ----------  ----------  ----------  ---------- 
 

4. Share Capital

 
                                      (Unaudited)      (Unaudited) 
                                         6 months   6 months ended 
                                            ended 
                                     30 June 2022     30 June 2021 
                                              GBP              GBP 
 Allotted, issued and fully paid 
 Ordinary shares of 0.1p each           1,003,000        1,003,000 
                                    -------------  --------------- 
 
 The number of shares in issue 
  was as follows: 
                                                         Number of 
                                                            shares 
 
 Balance at 1 January 2021                             110,000,000 
 Issued during the period                              893,000,000 
                                                   --------------- 
 Balance at 30 June 2021                             1,003,000,000 
 Issued during the period                                        - 
                                                   --------------- 
 Balance at 30 June 2022                             1,003,000,000 
                                                   --------------- 
 

5. Loss per share

The calculation of the basic loss per share (LPS) is based on the results attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

 
                                         (Unaudited)      (Unaudited) 
                                            6 months   6 months ended 
                                               ended 
                                        30 June 2022     30 June 2021 
                                                 GBP              GBP 
 Loss used in calculating basic 
  LPS                                    (4,220,006)      (2,054,134) 
 Weighted average number of shares     1,003,000,000      498,166,667 
                                      --------------  --------------- 
 Loss per share                             (0.0042)         (0.0041) 
                                      --------------  --------------- 
 

6. Intangible Assets

 
                                     (Unaudited)     (Audited) 
                                           As at         As at 
                                         30 June   31 December 
                                            2022          2021 
                                             GBP           GBP 
 Cost or Valuation 
 At 01 January                         6,917,916             - 
 Additions                               600,000    15,448,235 
 Disposals                                     -   (7,463,173) 
 Revaluations                        (4,309,208)   (1,067,146) 
                                    ------------  ------------ 
 Net book value at end of period       3,208,708     6,917,916 
                                    ------------  ------------ 
 

7. Investments

 
                                     (Unaudited)     (Audited) 
                                           As at         As at 
                                         30 June   31 December 
                                            2022          2021 
                                             GBP           GBP 
 Cost or Valuation 
 At 01 January                         5,559,308             - 
 Additions                               817,957     5,837,910 
 Disposals                                     -     (495,000) 
 Revaluations                          (265,080)       208,208 
 Exchange differences                    361,955         8,190 
                                    ------------  ------------ 
 Net book value at end of period       6,474,140     5,559,308 
                                    ------------  ------------ 
 

8. Reconciliation of loss before taxation to cash generated from operations

 
                                              (Unaudited)      (Unaudited) 
                                                 6 months   6 months ended 
                                                    ended 
                                             30 June 2022     30 June 2021 
                                                      GBP              GBP 
 Loss before taxation                         (4,220,006)      (2,054,134) 
 Loss on revaluation of investments               265,080            3,770 
 Loss on revaluation of crypto assets           4,309,208                - 
 Share based payment expense                            -        3,046,878 
 Foreign exchange                               (361,955)                - 
 Profit on disposal of crypto assets                    -                - 
 Loss on disposal of crypto assets                      -                - 
 Finance income                                 (448,891)             (53) 
                                            -------------  --------------- 
 Operating cash flows before movements 
  in working capital                            (456,564)          996,461 
 Increase in trade and other receivables         (45,641)      (1,289,850) 
 (Decrease)/Increase in trade and 
  other payables                                 (19,599)           56,397 
                                            -------------  --------------- 
 Cash generated used in operations              (521,804)        (236,992) 
                                            -------------  --------------- 
 

9. Related Party Disclosures

The company made payments to the following companies controlled by the directors in relation to their directors' fees, consultancy fees and expenses:

 
                                       (Unaudited)     (Audited) 
                                          6 months    Year ended 
                                             ended 
                                           30 June   31 December 
                                              2022          2021 
                                               GBP           GBP 
 Briarmount Ltd - TV Le Druillenec          15,000        37,500 
 Dark Peak Services Ltd - NJ Lyth           12,500        45,000 
 Marallo Holdings Inc - MS Edwards          25,000        49,000 
 Toro Consulting Ltd - J Bixby              32,000       107,585 
 Umgawa Ltd - J Hives                            -         4,548 
                                      ------------  ------------ 
                                            84,500       243,633 
                                      ------------  ------------ 
 

10. Availability of the interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at 16 Great Queen Street, 9(th) Floor, London, England, WC2B 5DG. A copy can also be downloaded from the Company's website at www.nftinvest.pro . NFT Investments PLC is registered in England and Wales with registered number 12495805.

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END

NEXFLFSDARIVFIF

(END) Dow Jones Newswires

September 26, 2022 02:01 ET (06:01 GMT)

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