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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Techfinancials Inc | LSE:TECH | London | Ordinary Share | VGG870911077 | ORD USD0.0005 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.40 | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTECH
RNS Number : 9261Q
TechFinancials Inc.
01 July 2022
TechFinancials Inc.
("TechFinancials" or the "Company" or the "Group")
Preliminary non audited Annual Report for the year ended 31 December 2021
The information set out below has been extracted from the Company's draft report and accounts for the year ended 31 December 2021 and has not been audited. A further announcement will be released by the Company on completion of the audit, expected shortly, and any material changes between the financial information set out below and the audited financial information will be disclosed in that announcement.
Financial Highlights
-- No Revenues in 2021 as there are no operating businesses left.
-- Pre-tax loss attributable to shareholders of US$0.368 million (2019: profit of US$1.1 million)
-- Cash position of US$0.92 million as at 31 December 2021 (2020: US$1.4 million) -- Basic earnings per share ('EPS') (US$0.43) (2020: (US$0. 01 )) -- In October 2021, the Company's sold its subsidiary Cedex Holdings Limited ("Cedex"),. -- In June 2021, the Company stuck off Footies Ltd. ("Footies)
-- In 2021, the Company acquired shares in few transactions, of listed companies in the LSE and AIM (Note 28)
Operational Highlights
Operational Cost Reduction
-- The Company decided to close all its subsidiaries and initiated the strike-off of its entities in Israel in 2021. The strike off of both TechFinaials Israel 2014 Ltd and Softbox was initiated in H2 2021 and concluded in 2022.
-- The Company sold Cedex in October 2021.
Investment Activities
-- The Company invested small amounts in several London placings in 2021. This activity resulted in profit of $88k .
-- As of today, the Company has only one legal entity - TechFinancials Inc, and as results the costs of operating the Company is set to the minimum possible.
Chairman's Statement
2021 was a year in which the company focused on reducing costs and consolidating its assets. We initiated the closure of all our subsidiaries and sold Cedex.
The Board decided to invest some amounts in listed companies and was able to generate good returns for these investments. The Company will continue to look for new ways to increase its value.
Dividend s
The Board will not be recommending a final dividend to the shareholders of the Company for FY2021 (2020: $nil).
Outlook and current trading
The year was a turning point for the Group, where we initiated to closure of all our subsidiaries and consolidated all our assets, while seeking new investment opportunities to increase the value of the Company.
The Group will continue to look for business and investment opportunities to maximize the Company's value, leveraging its available cash.
I would like to thank our shareholders for their continued support in what has been a difficult year.
We look forward to updating the market on our progress in due course.
Eitan Yanuv
Independent Non-Executive Chairman
30 July 2022
Strategic Report
Financial Results
The Company did not have any revenues in 2021 as it shut down all its operation businesses and closed all subsidiaries. The Company will continue to look for business and investment opportunities.
The loss for the period attributable to shareholders of the Company was US$ 0.368m (2020: US$ 1.00m*).
The Group's cash position for the period ended 31 December 2021 was US$0.92m (31 December 2020: US$1.42m).
Operations
In October 2021, TechFinancials sold its 99.84% holding of Cedex in order to consolidate cash and reduce operating expenses.
On October 2021 TechFinancials sold its 99.84% owned subsidiary, Cedex Holdings Limited ("Cedex"), to Lem Management Limited ("Buyer"), to consolidate cash and reduce operating expenses. According to the terms of the Agreement, the Company will be entitled to future consideration upon the Buyer succeeding to raise US$20 million in a single or series of related transactions, for the future operation of Cedex, or selling Cedex for a minimum of US$2 million. In certain circumstances of a sale of Cedex, or the assets of Cedex, by the Buyer, the Company will be entitled to receive 50% of that consideration above US$ 2 million. Between US$5 million and US$50 million, the Company will be entitled to receive US$1.6 million out of the first US$5 million and 4% out of the remainder, but no more than US$2 million. US$50 million and above, the Company will be entitled to receive 4% of the proceeds.
The Group has closed all its operating activities.
Growth Strategy and Outlook
Since the company has laid off its last few employees in 2020, the Board is focused on attempts to generate value to the shareholders by locating investment opportunities. The Company has invested in London placings. The Board will also continue to search for additional investment opportunities that may have a positive outcome on the Company's cashflow.
We hope that our new strategy will create a positive impact on the Company's business value for the shareholders.
I would like to thank our shareholders once again for their continued support during this challenging year.
Asaf Lahav
Executive Director
30 July 2022
For further information:
TechFinancials, Inc. Tel: +972 54 5233 943 Asaf Lahav, Executive Board member Peterhouse Capital Limited (AQSE Growth Tel: +44 (0) 20 7469 Market Advisor and Broker) 0930 Guy Miller and Mark Anwyl
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
2021 2020 --------------------------------------------- ------------------------------------------ US$'000 US$'000 Revenue - 1,309 Cost of sales - (87) --------------------------------------------- ------------------------------------------ Gross profit - 1,222 Expenses: Research and development - ( 512 ) Selling and marketing - ( 53 ) Administrative ( 200 ) ( 662 ) Impairment of goodwill - - --------------------------------------------- ------------------------------------------ Operating Income (Loss) (200) 3 Bank fees (9) (50) Foreign exchange income (loss) (30) 70 Other financial (expenses) / income 86 (1) --------------------------------------------- ------------------------------------------ Financing income (expenses 47 19 Other Income (expenses) Other non-operational income (expenses) (152) 875 Profit (Loss) before taxation (305) 897 Taxation (4) 70 --------------------------------------------- ------------------------------------------ Profit (Loss) for the year from continuing operations** (309) 967 Gain (loss) from discontinued operations (181) 50 Capital loss from ____________________(30) ____________________- a sale of subsidiary Gain / (loss) for the year from discontinued operations, net (211) 50 Other comprehensive - - income Total comprehensive Profit (Loss)** (520) 1,017 ============================================= ========================================== Profit (Loss) attribute able to: Owners of the Company (520) 997 Non-controlling interest - 20 --------------------------------------------- ------------------------------------------ Profit (Loss) for the period (520) 1,017
2021 2020 Cents USD Cents USD Basic (0.61) 1.16 ====================================== ====================================== Diluted (0.61) 1.16 ====================================== ====================================== From continuing operations - Basic (0.36) 1.10 ====================================== ====================================== From continuing operations - Diluted (0.36) 1.10 ====================================== ====================================== From discontinued operations - Basic (0.25) 0.06 ====================================== ====================================== From discontinued operations - Diluted (0.25) 0.06 ====================================== ======================================
Consolidated Statement of Financial Position
As at 31 December 2021
31 December 31 December ------------- ------------- 2021 2020 ------------- ------------- US$'000 US$'000 Non-current assets Long-term investments - 152 - 152 ------------- ------------- Current assets Trade receivables, net and other receivables - 13 Short-term investments 26 - Cash 920 1,419 ------------- ------------- 946 1,432 ------------- ------------- Total Assets 946 1,584 Current liabilities Trade and other payables 56 88 Income tax payable - 86 ------------- ------------- 56 174 ------------- ------------- Non-current liabilities Shareholders loan 84 84 Equity Share capital 61 61 Share premium account 12,022 12,022 Share-based payment reserve 798 798 Accumulated profits / (losses) (12,075) (11,555) ------------- ------------- Equity attributable to owners of the Company 806 1,326 Non-controlling interests - - Total equity 806 1,326 Total Equity and Liabilities 946 1,584
Consolidated statements of changes in equity
For the year ended 31 December 2021
Share based Share Share payment Revaluation Non -controlling capital Premium reserve reserve interests Accumulated (Note (Note (Note, (Note, profits/ (Notes 14) 14) 15) 9) (losses) Total 1 8) Total ---------- ---------- --------- ------------ ------------ -------- ----------------- -------- US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 ---------- ---------- --------- ------------ ------------ -------- ----------------- -------- Balance at 1 January 2020 934 (12,459) 558 (249) 309 ========= ============ ============ ======== ================= ======== Balance at 1 January 2020 61 12,022 934 (12,459) 588 (249) 309 Total comprehensive income (expense) for the year - - - - 997 997 20 1,017 Gain on revaluation of cryptocurrency digital assets in the year - - - 577 577 577 Disposal of cryptocurrency digital assets in the year - - - (577) (577) (577) Purchase of NCI in Footies during the year - - - - (229) (229) 229 - Share based payment - - 6 (6) - - - Transfer of Share based payment reserve on lapsed options - - (142) 142 - - - Balance at 31 December 2020 61 12,022 798 - (11,555) 1,326 - 1,326 ====== ========== ======= ======== ============ ======= ====== ========= Total comprehensive loss for the year - - - - (520) (520) - (520) Balance at 31 December 2021 61 12,022 798 - (12,075) 806 - 806 ====== ========== ======= ===== ============ ===== ==== =======
Consolidated statements of cash flows
For the year ended 31 December 2021
The consolidated statements of cash flows for the Group for the years ended 31 December 2020 and 31 December 2021 are set out below:
Years ended 31 December ------------------- 2021 2020 -------- --------- US$'000 US$'000 -------- --------- Cash Flows from operating activities Profit (Loss) before tax for the period (516) 946 Adjustment for: Amortisation of intangible assets - 75 Impairment of intangible assets, net - 37 Gain on bargain purchase (309) Depreciation of property and equipment - 4 Revaluation of traded securities (87) Share option charge - 6 Waiver of loan due to NCI - (51) Loss on disposal of subsidiary 30 - Capital loss on disposal of property and equipment - 12 Gain from revaluation of intangible assets - (577) Impairment of investment 152 - Income tax expenses - 92 Operating cash flows before movements in working capital: Decrease in trade and other receivables 13 589 Decrease in long term receivables - - Increase (decrease in trade and other payables 15 (1,453) R&D tax credit received - 163 Income tax paid (92) (109) -------- --------- Net cash used for operating activities (485) (575) -------- --------- Cash flows from investing activities Decrease in restricted bank deposits - 71 Consideration from sale of intangible assets - 974 Net cash acquired on acquisition (note A) - 649 Net cash on disposal of a subsidiary (75) - Loans eliminated from obtaining control of a subsidiary - (296) Purchase of traded securities (102) - Sale of traded securities 163 - Funds advanced under SAFE agreement - (152) -------- --------- Net cash generated from (used in) investing activities (14) 1,246
-------- --------- Net increase (decrease) in cash and cash equivalents (499) 671 Cash and equivalents at beginning of period 1,419 672 Effect of changes in exchange rates on Cash - 76 -------- --------- Cash and equivalents at end of period 920 1,419 ======== =========
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July 01, 2022 02:00 ET (06:00 GMT)
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