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NFT Investments PLC NFT Investments Interim Results

30/09/2021 7:00am

UK Regulatory (RNS & others)


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TIDMNFT

RNS Number : 4519N

NFT Investments PLC

30 September 2021

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

30 September 2021

NFT Investments PLC

("NFT Investments" or "The Company")

Interim results

NFT Investments PLC, (AQSE: NFT), an investment company specialising in non-fungible tokens ("NFTs") , announces its unaudited financial results for the six months ended 30 June 2021.

Highlights:

-- Successfully completed an IPO on London's AQSE Growth Market (AQSE) on 16(th) April 2021, raising GBP35m before expenses

-- Filed an application with OTC Markets Group for the Company's shares to be cross-traded publicly on the OTCQB Venture Market in the US

-- Invested US$1m in AEON International, a leading developer of cutting-edge technology for the luxury fashion industry

-- Became the first company worldwide to pay the salaries and bonuses of its Board and management team entirely in cryptocurrency

Post-period highlights:

   --    Invested US$0.7m into Blimp Technologies Inc., a first-of-its-kind, decentralised real estate collaboration and search platform, bringing the total invested to date to US$ 1,700,000 
   --    Net cash of GBP29.3m as at 30 June 2021 

Outlook:

-- The dealflow of potential investments remains strong and the Directors and Advisers continue to evaluate a significant number of exciting new opportunities.

-- The Company is well positioned to take advantage of the recent correction in the blockchain and digital assets sectors by investing at attractive valuations.

Commenting on the results, Jonathan Bixby, Executive Chairman of NFT Investments, said: "I am very pleased with our successful flotation on the AQSE Growth Market which provided NFT Investment with the capital and credibility to be an early investor in the rapidly growing global market of NFTs.

"We have already made two investments and continue to actively pursue a range of exciting new opportunities that meet our investment criteria and due diligence process. While the NFT and digital assets sector has recently seen a volatile investment environment, the Board's prudent and highly selective strategy has put NFT in a strong position to deploy capital for generating long term and sustainable returns for shareholders. The NFT market is in the very early stages of its growth and the Company looks to the future with great confidence."

The Directors of NFT Investments accept responsibility for this announcement.

For further information please contact:

 
 NFT Investments 
 Jonathan Bixby                        via Tancredi +44 207 887 7633 
  Executive Chairman                    +44 7876 455 323 
  Neil Thapar 
  Investor Relations 
                                      ------------------------------ 
 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 
                                      ------------------------------ 
 Salamander Davoudi 
  Helen Humphrey                       +44 7957 549 906 
  Edward Daly                           +44 7449 226 720 
  nftinvestments@tancredigroup.com      +44 7861 430 057 
                                      ------------------------------ 
 

About NFT Investments:

NFT Investments PLC is an investment company specialising in 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 Exchange Growth Market under the ticker symbol NFT.

https://www.nftinvest.pro/

Introduction

I am delighted to report the Company's first set of results since its stock market debut on AQSE on 16(th) April 2021, noting that the six-month period under review covers only two and a half months activity as a quoted plc.

During the period the Company raised a total of GBP35m before expenses at the time of flotation, which was significantly higher than the Company's original plans.

There was no revenue during the period as the Company was in start-up phase. Losses amounted to GBP2.05m (H1 2020: GBP0.04m) during the first half, reflecting costs relating to the start-up of operations and two separate fund-raising rounds, including the IPO.

The Company held cash and cash equivalents of GBP29.3m as at 30 June 2021, reflecting proceeds from the two fund raisings, including the IPO.

During the period to 30 September the Company made two equity investments, described below:

-- An investment of US$1,000,000 was made in AEON International, a leading developer of cutting-edge technology for the luxury fashion industry

-- An investment of US$700,000 was made into Blimp Technologies Inc., a first-of-its-kind, decentralised real estate collaboration and search platform

The market for NFTs is evolving and expanding. We see opportunities for creating and investing in these early-stage companies and our investments into AEON and Blimp are examples of innovative and disruptive businesses being spawned by these new digital technologies.

The cryptocurrency market has recently witnessed a highly volatile period during which Bitcoin has seen a significant decline from peak levels. Despite the volatility, I am pleased to report that NFT Investments has navigated this turbulent period successfully by making money in a challenging environment. The NFT market has a great future ahead and is here to stay. We need to invest wisely in order to generate long-term value for shareholders and I am cautiously excited about the future.

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

Jonathan Bixby, Executive Chairman

Investment Strategy

The Company's objective is to generate capital growth over the long term through a portfolio of NFTs held in a secure and transparent way. The Board expects to be able to substantially develop its business within 12 months from Admission. NFT Investments will assemble a portfolio of NFT assets across multiple areas of interest and hold custody of these investments. In most cases the proposed investments to be made by the Company will be in NFTs directly and/or investing in companies or funds which have exposure to NFTs or blockchain technology.

The Company also benefits from its crypto strategy and having held fiat currency during periods of volatility: the Company reduced its exposure to cryptocurrencies and at the end of the period had zero exposure having made a 5.2% return amounting to US$440,000 on crypto token investments before exiting the market.

Market Opportunity

The Board considers that there is a sizable potential market for the NFT industry to emerge globally and take market share from the collectibles industry. As well as being scarce, NFT provides a transparent chain of custody between the creator and the holder of the token adding a level of protection to collectible assets.

The volume of NFT trade amounts to date to over US$500 million, with US$ 240 million taking place between February and March 2021, and the Board anticipates the continued growth of the NFT market, with NFTs becoming the underlying asset for the whole virtual economy, expanding far beyond just digital art and collectibles. Other areas have already started to grow such as celebrity NFT digital rights, virtual land, video game assets and NFT-backed loans.

The market opportunity is to provide a transparent "on ramp" for fiat currency into the NFT market and to provide investors a portfolio of vetted NFT investments across multiple sub-sectors of the market. The investment 13 opportunity reduces the friction of investing in a single NFT and of getting fiat currency into crypto as well as providing custody of the asset.

Post-period highlights

A further investment was made in the second half of the year, taking the portfolio to two, at a total cost of $US1,700,000 to date. The new position was:

-- An investment of US$0.7m into Blimp Technologies Inc., a first-of-its-kind, decentralised real estate collaboration and search platform

Outlook

Following NFT Investments' record-breaking GBP35m fundraising on AQSE, the Company has significant capital to deploy into the market.

The NFT industry is growing rapidly, and the Company sees significant opportunities to create value for investors as the Company believes that the NFT opportunity is the first example of blockchain monetising at scale and that NFTs are the future of digital ownership and commerce.

The Board remains confident in the ability of the Company's directors and advisory board to identify a strong portfolio of investment targets and investee companies. The Company's directors and advisory board have an established track record, experience across the crypto currency sector, digital assets management and decentralised finance, as well as the media industry, which NFT Investments is leveraging to drive value creation.

Notwithstanding the volatility in the trading conditions in the cryptocurrency markets since the Company's flotation, excellent progress is being made to execute on the investment strategy and the Directors continue to evaluate a significant number of exciting new investment opportunities.

The Board will continue to appraise potential opportunities as they arise and where they are deemed to meet NFT's due diligence and investment criteria, in line with NFT Investments' cautious investment policy. The Company's prudent approach to investments, and low running costs enables it to be highly selective in the opportunities it backs. In addition, it benefits from considerable fire power and a cash-rich balance sheet, which is further enhanced by NFT Investments being one of the largest players in the space, thereby generating a steady deal flow globally.

As a result, the Company is well positioned to take advantage of the recent correction in the blockchain and digital assets sectors by investing at attractive valuations when investment conditions stabilise.

Income Statement

for the Period 1 January 2021 to 30 June 2021

 
                                          Unaudited    Audited 
                                           Period       Period 
                                           1.1.21       3.3.20 
                                             to           to 
                                           30.6.21     31.12.20 
                                 Notes       GBP         GBP 
 
 TURNOVER                                     -           - 
 
 Administrative expenses                 (2,371,498)   (39,705) 
                                         (2,371,498)   (39,705) 
 
 Currency exchange gains                   321,081        - 
 OPERATING LOSS                    5     (2,050,417)   (39,705) 
 
 Interest receivable and 
  similar income                             53           1 
                                         (2,050,364)   (39,704) 
 
 Fair Value adjustment             6       (3,770)        - 
 LOSS BEFORE TAXATION                    (2,054,134)   (39,704) 
 
 Tax on loss                       7          -           - 
 LOSS FOR THE FINANCIAL 
  PERIOD                                 (2,054,134)   (39,704) 
 
 OTHER COMPREHENSIVE INCOME                   -           - 
                                        ------------  --------- 
 TOTAL COMPREHENSIVE INCOME 
  FOR 
 THE PERIOD                              (2,054,134)   (39,704) 
                                        ------------  --------- 
 
 Earnings per share expressed 
 In pence per share:               8 
 Basic                                      -0.66         - 
                                        ------------  --------- 
 

Balance Sheet

30 June 2021

 
                                                   Unaudited                Audited 
                                                    30.6.21                 31.12.20 
                                   Notes       GBP           GBP         GBP       GBP 
 FIXED ASSETS 
 Investments                         9                    4,478,670                 - 
 
 CURRENT ASSETS 
 Debtors                             10     1,400,050                  110,200 
 Cash at bank                               29,338,540                 55,096 
                                            30,738,590                 165,296 
 CREDITORS 
 Amounts falling due 
  within one year                    11      (61,397)                  (5,000) 
                                           -----------                -------- 
 
 NET CURRENT ASSETS                                      30,677,193              160,296 
                                                        ------------            --------- 
 
 TOTAL ASSETS LESS CURRENT LIABILITIES                   35,155,863              160,296 
                                                        ------------            --------- 
 
 CAPITAL AND RESERVES 
 Called up share capital             12                   1,003,000              110,000 
 Share premium                       13                  33,199,823               90,000 
 Share based payment 
  reserve                            13                   3,046,878                 - 
 Retained earnings                   13                  (2,093,838)             (39,704) 
                                                        ------------            --------- 
 SHAREHOLDERS' FUNDS                                     35,155,863              160,296 
                                                        ------------            --------- 
 

Statement of Changes in Equity

for the Period 1 January 2021 to 30 June 2021

 
                                                                    Share 
                           Called up                                based 
                             Share      Retained       Share       payment       Total 
                            Capital     Earnings      Premium      Reserve      Equity 
                              GBP          GBP          GBP          GBP          GBP 
 Changes in equity 
 Issue of share capital     110,000         -          90,000         -         200,000 
 Total comprehensive 
  income                       -        (39,704)         -            -        (39,704) 
                          ----------  ------------  -----------  ----------  ------------ 
 
 Balance at 31 December 
  2020                      110,000     (39,704)       90,000         -         160,296 
                          ----------  ------------  -----------  ----------  ------------ 
 
 
 Changes in equity 
 Issue of share capital 
  (net of expenses)         893,000         -        33,109,823       -       34,002,823 
 Total comprehensive 
  income                       -       (2,054,134)       -            -       (2,054,134) 
 Share based payments          -            -            -        3,046,878    3,046,878 
                          ----------  ------------  -----------  ----------  ------------ 
 
 Balance at 30 June 
  2021                     1,003,000   (2,093,838)   33,199,823   3,046,878   35,155,863 
                          ----------  ------------  -----------  ----------  ------------ 
 
 

Cash Flow Statement

for the Period 1 January 2021 to 30 June 2021

 
                                                      Unaudited      Audited 
                                                       Period         Period 
 
                                                       1.1.21         3.3.20 
                                                         to             to 
                                                       30.6.21       31.12.20 
                                           Notes         GBP           GBP 
 Cash flows from operating activities 
 Cash generated from operations              16       (236,992)     (144,905) 
                                                    ------------   ----------- 
 
 Net cash from operating activities                   (236,992)     (144,905) 
                                                    ------------   ----------- 
 
 Cash flows from investing activities 
 Purchase of fixed asset investments                 (4,482,440)        - 
 Interest received                                       53             1 
                                                    ------------   ----------- 
 
 Net cash from investing activities                  (4,482,387)        1 
                                                    ------------   ----------- 
 
 Cash flows from financing activities 
 Share issue (net of expenses)                       34,002,823      200,000 
 
 Net cash from financing activities                  34,002,823      200,000 
                                                    ------------   ----------- 
 
 Increase in cash and cash equivalents               29,283,444       55,096 
 Cash and cash equivalents at 
  beginning of 
 period                                      17        55,096           - 
                                                    ------------   ----------- 
 
 Cash and cash equivalents at 
  end of period                              17      29,338,540       55,096 
                                                    ------------   ----------- 
 
 

Notes to the Financial Statements

for the Period 1 December 2020 to 31 May 2021

   1.     STATUTORY INFORMATION 

NFT Investments PLC is a public limited company, registered in England and Wales. The company registered number and registered office address can be found on the Company Information page.

With effect from 15 March 2021, the name of the company was changed from Streaks Esports PLC to NFT Investments PLC.

   2.     ACCOUNTING POLICIES 

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Fixed asset investments

Fixed asset investments are held at market or fair value.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Share based payment transactions

The fair value of services received determined by reference to the fair value of share warrants and options granted under the share warrants and share award scheme of the Company on the grant date is expensed in the year of grant.

At the end of each reporting period, the Company revises its estimates of the number of options that are expected ultimately to vest. The impact of the revision of the estimates during the vesting period, if any, is recognised in profit or loss such that cumulative expenses reflect the revised estimate, with a corresponding adjustment to equity. At the time when the share options are exercised, forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised will continue to be held in equity.

Going concern

The Directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to meet its obligations over the assessed period to the end of December 2022. Having raised GBP33,424,000 net of expenses on 30 June 2021 at the Company's IPO, the Directors have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have adopted the going concern basis of accounting in the preparation of the annual financial statements. The Directors have considered the impact of Covid-19 on the Company, in the context of their operations. At this stage, the Directors do not envisage a long-term impact to the Company resulting from Covid-19, but will continue to monitor the situation.

   3.     CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

Valuation of investments - Note 9

The Board has reviewed the carrying value of investments at the period end. They have taken into account the underlying investments and post balance sheet events and concluded that the investments should be carried at market or fair value.

Share based payments - Note 15

During the year, share based payments were made based on the fees due to certain individuals for services to be performed by them in the future. In calculating these payments, the directors consulted with professional advisers to establish the market rate for these services. In addition to this, the company has also issued warrants and options to directors which have been valued in accordance with the Black Scholes model. Significant estimation and judgement is required by the directors when using the Black Scholes method.

   4.     EMPLOYEES AND DIRECTORS 
 
                      Unaudited   Audited 
                       30.6.21    31.12.20 
                         GBP        GBP 
 Wages and salaries     3,000        - 
                     ----------  --------- 
 
 

The average number of employees during the period was NIL (2020 - NIL).

 
                           Unaudited   Audited 
                            30.6.21    31.12.20 
                              GBP        GBP 
 Directors' remuneration     3,000        - 
                          ----------  --------- 
 
   5.     OPERATING LOSS 

The operating loss is stated after (charging)/crediting:

 
                            Unaudited    Audited 
                             30.6.21     31.12.20 
                               GBP         GBP 
 Currency exchange gains     321,081        - 
 Share based payments      (2,109,559)      - 
                          ------------  --------- 
 
   6.     FAIR VALUE ADJUSTMENT 
 
               Unaudited   Audited 
                30.6.21    31.12.20 
                  GBP        GBP 
 Investments    (3,770)       - 
              ----------  --------- 
 
   7.     TAXATION 

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 30 June 2021 nor for the period ended 31 December 2020.

   8.     EARNINGS PER SHARE 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

Reconciliations are set out below.

 
                                            Unaudited 
                                             30.6.21 
                                            Weighted 
                                             average 
                                             number      Per-share 
                              Earnings         of         amount 
                                 GBP         shares        Pence 
 Basic EPS 
 Earnings attributable to 
  ordinary shareholders      (2,054,134)   309,820,442     -0.66 
 
 
 
                                       Audited 
                                        1.1.21 
                                       Weighted 
                                       average 
                                        number    Per-share 
                            Earnings      of       amount 
                              GBP       shares      Pence 
 Basic EPS 
 Earnings attributable to   (39,704)      -           - 
  ordinary shareholders 
                           ---------  ---------  ---------- 
 
 

IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share, or increase the loss per share. For a loss-making company with outstanding share options, the net loss per share would be decreased by the exercise of options. Therefore, as per IAS33:36, the anti-dilutive potential ordinary shares are disregarded in the calculation of diluted EPS.

   9.     FIXED ASSET INVESTMENTS 
 
                        Investments 
                            GBP 
 COST OR VALUATION 
 Additions               4,482,440 
 Revaluations             (3,770) 
                       ------------ 
 
 At 30 June 2021         4,478,670 
                       ------------ 
 
 NET BOOK VALUE 
 At 30 June 2021         4,478,670 
                       ------------ 
 

Investments comprise:

 
                                          Fair value 
                          Original cost     30.6.21 
                              GBP            GBP 
 AEON International         721,709        721,709 
 Big Head Club              108,460        108,460 
 US Dollar Coin            3,615,577      3,615,577 
 Ethereum                   36,694          32,918 
 Bit Coin                      -              6 
                       ----------------  ----------- 
 
                           4,482,440      4,478,670 
                       ----------------  ----------- 
 
   10.   DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 
 
                  Unaudited   Audited 
                   30.6.21    31.12.20 
                     GBP        GBP 
 Other debtors    1,346,578   110,200 
 VAT               53,472        - 
                 ----------  --------- 
 
                  1,400,050   110.200 
                 ----------  --------- 
 
   11.   CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 
 
                                 Unaudited   Audited 
                                  30.6.21    31.12.20 
                                    GBP        GBP 
 Trade creditors                  41,447        - 
 Accruals and deferred income     19,950      5,000 
                                ----------  --------- 
 
                                  61,397      5,000 
                                ----------  --------- 
 
   12.   CALLED UP SHARE CAPITAL 
 
 Allotted, issued 
  and partly paid: 
 Number:              Class:    Nominal value   Unaudited   Audited 
                                                 30.6.21    31.12.20 
 
 1,003,000,000       Ordinary     GBP0.001      1,003,000   110,000 
                                               ----------  --------- 
 

On the 1 April 2021, 193,000,000 Ordinary Shares of GBP0.001 were issued at GBP0.01 per share.

On the 16 April 2021, a further 700,000,000 Ordinary Shares of GBP0.001 were issued at GBP0.05 per share.

   13.   RESERVES 
 
                                                    Share 
                                                    based 
                        Retained       Share       payment 
                        earnings      premium      reserve      Totals 
                           GBP          GBP          GBP          GBP 
 
 At 1 January 
  2021                  (39,704)       90,000         -         50,296 
 Deficit for 
  the period           (2,054,134)       -            -       (2,054,134) 
 Cash share issue 
  (net of expenses)         -        33,109,823       -       33,109,823 
 Share based 
  payments                  -            -        3,046,878    3,046,878 
                      ------------  -----------  ----------  ------------ 
 
 At 30 June 2021       (2,093,838)   33,199,823   3,046,878   34,152,863 
                      ------------  -----------  ----------  ------------ 
 
   14.   RELATED PARTY DISCLOSURES 

There have been payments made and expenses accrued in the sum of GBP98,548 (2020: GBP22,000) to the companies Briarmount Limited, Dark Peak Services Limited, Marallo Holdings Inc (Canada), Toro Consulting Limited (Canada) and Umgawa Ltd.

These payments relate to Director fees of GBP19,500 (2020: GBP22,000) to Mr T Le Druillenec, GBP17,500 to Mr N Lyth, GBP19,500 to Mr M S Edwards, GBP38,000 to Mr J F Bixby and GBP4,548 to Mr J W Hives.

A salary of GBP3,000 has also been paid to Mr J W Hives.

   15.   SHARE-BASED PAYMENT TRANSACTIONS 

DISCLOSURE OF SHARE WARRANTS SCHEME

Details of the number of share warrants outstanding:

 
                                          Unaudited    Audited 
                                           30.6.21     31.12.20 
 Outstanding at the start of the period       -           - 
 Granted during the period                86,240,000      - 
 Forfeited during the period                  -           - 
 Exercised during the period                  -           - 
 Outstanding at the end of the period     86,240,000      - 
 Exercisable at the end of the period     86,240,000      - 
 

The share warrants outstanding at the end of the period have a weighted average remaining contractual life of 3.1 years.

The fair value of the share warrant rights granted under the scheme are valued using the Black-Scholes option pricing model with the following weighted-average assumptions:

 
                   Unaudited     Audited 
                    30.6.21      31.12.20 
 Risk free rate      0.77%         N/A 
 Expected life    0.25 to 1.67     N/A 
 Volatility           113%         N/A 
 
 

Using the above calculation method, the weighted average fair value of warrants at 30(th) June 2021 were assessed as GBP3,046,878.

   16.   RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS 
 
                                            Unaudited     Audited 
                                             1.1.21       3.3.20 
                                               to           to 
                                             30.6.21     31.12.20 
                                               GBP          GBP 
 Loss before taxation                      (2,054,134)   (39,704) 
 Decrease in fair value of investments        3,770          - 
 Share based payments                       3,046,878        - 
 Finance income                               (53)          (1) 
                                          ------------  ---------- 
 
                                             996,461     (39,705) 
 Increase in trade and other debtors       (1,289,850)   (110,200) 
 Increase in trade and other creditors       56,397        5,000 
                                          ------------  ---------- 
 
 Cash generated from operations             (236,992)    (144,905) 
                                          ------------  ---------- 
 
   17.   CASH AND CASH EQUIVALENTS 

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

 
 Period ended 3 June 
  2021                         Unaudited 
                                30.6.21     1.1.21 
                                  GBP        GBP 
 
 Cash and cash equivalents     29,338,540   55,096 
                              -----------  ------- 
 
 
 Period ended 31 
  December 2020                 Audited 
                                31.12.20    3.3.20 
                                  GBP        GBP 
 
 Cash and cash equivalents       55,096       - 
                              -----------  ------- 
 
   18.   ANALYSIS OF CHANGES IN NET FUNDS 
 
                 At 1.1.21   Cash flow    At 30.6.21 
                    GBP         GBP          GBP 
 Net cash 
 Cash at bank     55,096     29,283,444   29,338,540 
                ----------  -----------  ----------- 
 
 Total            55,096     29,283,444   29,338,540 
                ----------  -----------  ----------- 
 

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