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TMT Tmt Investments Plc

3.17
-0.03 (-0.94%)
11 Oct 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tmt Investments Plc LSE:TMT London Ordinary Share JE00B3RQZ289 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.03 -0.94% 3.17 3.10 3.24 187 16:35:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Brokers & Dealers 7.7M 6.38M 0.2028 15.78 100.64M

TMT Investments PLC Half-year Report (1093W)

16/08/2022 7:00am

UK Regulatory


Tmt Investments (LSE:TMT)
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TIDMTMT

RNS Number : 1093W

TMT Investments PLC

16 August 2022

16 August 2022

TMT INVESTMENTS PLC

("TMT" or the "Company")

Half-year report for the six months to 30 June 2022

TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its unaudited interim results for the half-year ended 30 June 2022.

The interim report will shortly be available on the Company's website, www.tmtinvestments.com .

Highlights :

   --    NAV per share of US$6.68 (down 25.8% from US$9.00 as of 31 December 2021) 
   --    Total NAV of US$210.1 million (down from US$283.1 million as of 31 December 2021) 
   --    5-year IRR of 26.6% per annum 
   --    US$7.3 million of investments across 6 new and existing companies in the first half of 2022 

-- Diversified global portfolio of over 55 companies focused mainly around SaaS (software-as-a-service), marketplaces, big data/cloud, EdTech, FinTech, e-commerce, and FoodTech solutions

   --    US$13 million in cash reserves as of 15 August 2022 

Alexander Selegenev, Executive Director of TMT, commented:

"The first half of 2022 saw continued investor interest in high-growth, high-quality digital technology companies, resulting in positive revaluations of several of TMT's portfolio companies that have demonstrated ongoing growth throughout the period and received further validation for their business models by raising fresh equity capital at higher valuations, namely Accern, Outfund, FemTech, Spin Technology and Feel. In tandem, most other portfolio companies have continued to either grow their businesses quietly in the background or diligently react to the evolving market situation, adapting and repositioning their businesses as required.

We were reasonably pleased with our portfolio companies' performance in the first half of 2022, especially against the backdrop of the recent market volatility and the worsening economic outlook for the global economy. While the recent period of uncertainty has not been long enough to have a broad and sustained negative effect on the underlying businesses of technology companies, the recent larger-cap public market sell-off has led to reduced valuations of privately held start-ups, although with a significantly lower negative effect on the valuations of earlier-stage start-ups, the stage at which TMT is most closely focused.

The significantly reduced share prices of publicly traded technology companies negatively affected the value of TMT's equity stake in NASDAQ-traded cloud storage company Backblaze ( www.backblaze.com ), resulting in a US$43.6 million reduction in the value of TMT's investment in Backblaze as at 30 June 2022. Despite such financial market volatility, Backblaze's business has been developing well, recording 28% revenue growth in the second quarter of 2022 compared to the same period of 2021 and the recent announcement of many new partnerships and integrations. Backblaze remains well capitalised with a reported net cash position of approximately US$51 million at 30 June 2022.

Consistent with TMT's prudent valuation policy, the Company has also decided to reduce the fair value of its equity stake in Bolt ( www.bolt.eu ) by 28%, despite the fact that the previous valuation level was established on the back of Bolt's successful EUR628 million equity raise, which completed only recently in January 2022 - after the market correction had started. This decision reflects the significant reduction in the values of Bolt's publicly traded peers, namely Uber and Lyft, as of 30 June 2022.

Business-wise, both Bolt and Backblaze, as well as most of TMT's other portfolio companies, have continued to perform reasonably well, with very few investees experiencing clear difficulties at this juncture.

Substantial recent cash exits from Wrike ($23m in 2018), Pipedrive (US$41m in 2020) and Depositphotos (initial cash exit consideration of US$12.9m in 2021), together with other cash exits and the proceeds of the Company's fund raise conducted in October 2021 (which raised US$19.3 million before expenses), have been reinvested into earlier and mid-stage companies as part of planning the next generation of the portfolio's potential winners. In the first half of 2022, TMT made US$7.3m of investments into 6 existing and new portfolio companies. As of 30 June 2022, early and mid-stage companies represented 45.1% of TMT's total portfolio value and 95% of the total number of portfolio companies.

TMT is continuing to source and identify investment opportunities very selectively and at appropriate valuation levels, whilst employing an extremely cautious general investment approach for the time being. With no financial debt and cash reserves of approximately US$13 million at 15 August 2022), TMT is well positioned to ride out the current market volatility and make selective investments when the right opportunities present themselves. The Company expects a number of positive revaluations across its portfolio by the end of 2022 and will update shareholders on relevant developments as appropriate."

For further information contact:

 
TMT Investments Plc            +44 (0)1534 281 800 
 Alexander Selegenev            (Computershare - Company Secretary) 
 Executive Director 
 www.tmtinvestments.com         alexander.selegenev@tmtinvestments.com 
Strand Hanson Limited 
 (Nominated Adviser) 
 James Bellman / James Dance   +44 (0)20 7409 3494 
Cenkos Securities plc 
 (Joint Broker) 
 Ben Jeynes                    +44 (0)20 7397 8900 
Hybridan LLP 
 (Joint Broker) 
 Claire Louise Noyce           +44 (0)20 3764 2341 
Kinlan Communications          +44 (0)20 7638 3435 
 David Hothersall               davidh@kinlan.net 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018 (as amended).

About TMT Investments Plc

TMT Investments Plc invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has a current investment portfolio of over 55 companies and net assets of US$210 million as of 30 June 2022. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com .

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EXECUTIVE DIRECTOR'S STATEMENT

The first half of 2022 saw substantially increased market and economic volatility. The effect of this volatility has had a mixed effect on privately held technology companies.

While the recent period of uncertainty has not been long enough to have a broad and sustained negative effect on the underlying businesses of technology companies, the recent larger-cap public market sell-off has led to reduced valuations of privately held start-ups, although with a significantly lower negative effect on the valuations of earlier-stage start-ups, the stage at which TMT Investments Plc ("TMT" or the "Company") is most closely focused. Indeed, the period saw continued investor interest in high-growth, high-quality digital technology companies, resulting in positive revaluations of several of TMT's portfolio companies which have demonstrated ongoing growth throughout the period and received further validation for their business models by raising fresh equity capital at higher valuations during the period.

As can be seen from the BVP Cloud Index ( https://cloudindex.bvp.com/ ), median valuation multiples for larger-cap publicly traded technology companies have fallen sharply, in effect returning to the more sustainable levels seen in 2013-2017. With regard to privately held start-ups, it is mainly the valuations of later-stage companies (i.e. Series B and later) that have been negatively affected ( https://stack.angellist.com/valuations ).

The significantly reduced share prices of publicly traded technology companies negatively affected the value of TMT's equity stake in NASDAQ-traded cloud storage company Backblaze ( www.backblaze.com ), resulting in a US$43.6 million reduction in the value of TMT's investment in Backblaze as at 30 June 2022.

Consistent with TMT's prudent valuation policy, the Company has also decided to reduce the fair value of its equity stake in Bolt ( www.bolt.eu ) by 28%, despite the fact that the previous valuation level was established on the back of Bolt's successful EUR628 million equity raise, which completed only recently in January 2022 - after the market correction had started. This decision reflects the significant reduction in the values of Bolt's publicly traded peers, namely Uber and Lyft, as of 30 June 2022.

Business-wise however, both Bolt and Backblaze, as well as most of TMT's other portfolio companies, have continued to perform reasonably well, with very few investees experiencing clear difficulties at this juncture.

The main negative effect of increased market and economic volatility on earlier-stage start-ups is not a reduction in valuation levels per se, but the generally lower availability of funding. We are seeing that founders are having to go the extra mile to prove the quality and potential of their businesses, as investors become more discerning. High-quality fast-growing earlier-stage start-ups, however, can still currently demand broadly similar valuation levels as they did prior to 2022.

In that sense, the current composition of TMT's portfolio has turned out to be quite auspicious. Following a number of successful exits from later-stage portfolio companies (such as Wrike, Pipedrive, and Depositphotos) in recent years, TMT redeployed the cash proceeds into mainly late-Seed / pre Series-A opportunities, whose valuations have proven to be much more defensive in the current environment. TMT's approach to investing in earlier-stage stage companies is to avoid overpaying and to remain highly diligent when investing in follow-on rounds, which provides extra buffer in the event of future down rounds. In addition, the fact that many of the investments TMT made at those stages were structured in the form of convertible notes currently provides further defence against potential down rounds.

NAV per share

The Company's NAV per share decreased by 25.8% in the first half of 2022 to US$6.68 as at 30 June 2022 (31 December 2021: US$9.00), mainly as a result of the significant downward revaluation of Backblaze and Bolt during H1 2022.

Operating expenses

In the first half of 2022, the Company's administrative expenses of US$772,317 were slightly below corresponding 2021 levels (H1 2021: US$802,919), reflecting the Company's reduced level of investment and business development activities during the period.

Financial position

As of 30 June 2022, the Company had no financial debt and cash reserves of approximately US$14 million (31 December 2021: US$26 million). As of 15 August 2022, the Company had cash reserves of approximately US$13 million.

Outlook

TMT has a diversified investment portfolio of over 55 companies, focused primarily on big data/cloud, SaaS (software-as-a-service), marketplaces, e-commerce, FinTech, EdTech and FoodTech, most of which continue to benefit from the ongoing shift to online consumer habits and remote working.

The recent military conflict in Ukraine, followed by the broad sanctions against Russia, have undoubtedly added significantly to global market uncertainty. TMT invests globally and its portfolio is highly diversified in terms of revenue origin from its underlying companies. Given the international nature of online/digital businesses, a small number of the Company's earlier-stage portfolio companies have varying degrees of revenue exposure to Russia and Ukraine. At the time of TMT's 2021 Annual Report published in March 2022, the Company said it had identified a total of approximately US$4.6 million of potential write-downs across eight of its portfolio companies that were most likely to be negatively affected by the military conflict in Ukraine. The actual negative effect from the relevant events estimated in this report has turned out to be smaller than initially anticipated, with only four portfolio companies' valuations negatively affected (see the Portfolio Developments section below). This has resulted in a corresponding US$2.25 million negative effect on the Company's NAV.

A number of negative trends and factors continue to affect the prospects of the wider global economy, and the ultimate effect on the technology sector and its participants will depend on how global dynamics unfold in the coming months.

Despite the ongoing volatility, investors continue to be interested in high-quality technology businesses, and TMT is continuing to source and identify such opportunities very selectively and at appropriate valuation levels, whilst employing an extremely cautious general investment approach for the time being. With no financial debt and cash reserves of approximately US$13 million at 15 August 2022), TMT is well positioned to ride out the current market volatility and make selective investments when the right opportunities present themselves. The Company expects a number of positive revaluations across its portfolio by the end of 2022 and will update shareholders on relevant developments as appropriate.

Alexander Selegenev

Executive Director

15 August 2022

PORTFOLIO DEVELOPMENTS

We were reasonably pleased with our portfolio companies' performance in the first half of 2022, especially against the backdrop of the recent market volatility and worsening economic outlook for the global economy. A number of portfolio companies received further validation for their business models by raising fresh equity capital at higher valuations. In tandem, most other portfolio companies have continued to either grow their businesses quietly in the background or diligently react to the evolving market situation, adapting and repositioning their businesses as required. In addition, the Company continues its policy of seeking to reduce the value of underperforming investees as soon as there is enough evidence to support such decisions.

While the selling pressure on publicly-traded technology companies in the first half of 2022 has directly negatively affected the valuation of NASDAQ-traded Backblaze (TMT's second largest portfolio holding), Backblaze's business has been developing well - with 28% revenue growth in the second quarter of 2022 compared to the same period of 2021 and the recent announcement of many new partnerships and integrations. Backblaze remains well capitalised with a reported net cash position of approximately US$51 million at 30 June 2022, and at its share price as of 11 August 2022 was valued at approximately 2.2 times its announced expected 2022 revenue.

Despite the prudent reduction in the estimated value of Bolt based on comparable multiples, Bolt remains well-capitalised and continues to grow successfully across its multiple business lines and geographic markets.

As for the rest of the portfolio, many of the Company's investees entered the current period of volatility with freshly raised funds and continue to grow and optimize their businesses.

Portfolio performance:

The following developments have had an impact on, and are reflected in, the Company's NAV and/or financial statements as of 30 June 2022 in accordance with applicable accounting standards.

Full and partial cash exits, and positive revaluations:

-- Accern, a no-code AI platform for the financial service industry ( www.accern.com ), completed a new equity funding round. The transaction represented a revaluation uplift of US$1.6 million (or 124%) in the fair value of TMT's investment, compared to the previous reported amount as of 31 December 2021.

-- MTL Financial, trading as Outfund, a revenue-based financing provider ( www.out.fund ), completed a new equity funding round. The transaction represented a revaluation uplift of US$1.5 million (or 112%) in the fair value of TMT's investment, compared to the previous reported amount as of 31 December 2021.

-- FemTech, a London-based technology accelerator focused on female founders ( www.femtechlab.com ), completed a new equity funding round. The transaction represented a revaluation uplift of US$0.9 million (or 318%) in the fair value of TMT's investment, compared to the previous reported amount as of 31 December 2021.

-- Spin Technology, an all-in-one SaaS data protection platform for mission-critical SaaS apps ( www.spin.ai ), completed a new equity funding round. The transaction represented a revaluation uplift of US$0.7 million (or 221%) in the fair value of TMT's investment, compared to the previous reported amount as of 31 December 2021.

-- Feel, a subscription-based multivitamin and supplement producer ( www.wearefeel.com ), completed a new equity funding round. The transaction represented a revaluation uplift of US$0.1 million (or 3%) in the fair value of TMT's investment, compared to the previous reported amount as of 31 December 2021 (adjusted for the value of TMT's additional investment made in Feel in 2022).

Negative revaluations:

The following of the Company's portfolio investments were negatively revalued in the first half of 2022:

 
  Portfolio     Write-down       Reduction as          Reasons for write-down 
   Company      amount (US$)    % of fair value 
                                  reported as 
                                of 31 Dec 2021 
                                                  Insufficient progress in 
   Academy                                         the last year; revenue exposure 
  of Change       670,000            67%           to Russia 
              --------------  -----------------  ---------------------------------- 
                                                  Lack of progress in the last 
    Anews         330,000            100%          year 
              --------------  -----------------  ---------------------------------- 
                                                  Based on the closing mid-market 
                                                   price of US$5.23 per share 
  Backblaze     43,593,102           69%           on 30 June 2022 
              --------------  -----------------  ---------------------------------- 
                                                  Based on comparable company 
                                                   multiple analysis (reduction 
                                                   from the previous valuation 
                                                   based on Bolt's independent 
                                                   equity financing round completed 
    Bolt        29,054,520           28%           in January 2022) 
              --------------  -----------------  ---------------------------------- 
                                                  Insufficient progress in 
                                                   the last year; revenue exposure 
   EdVibe         750,001            50%           to Russia 
              --------------  -----------------  ---------------------------------- 
                                                  Acquisition by Delivery Hero 
                                                   announced in Oct 2021 has 
                                                   not completed; valuation 
                                                   returned to the previous 
    Hugo         1,976,290           53%           level 
              --------------  -----------------  ---------------------------------- 
                                                  Lack of progress in the last 
  StudyFree       500,000            50%           1.5 years 
              --------------  -----------------  ---------------------------------- 
    Total       76,873,913 
              --------------  -----------------  ---------------------------------- 
 

Key developments for the five largest portfolio holdings in the first half of 2022 (source: TMT's portfolio companies):

Bolt (ride-hailing and food delivery service):

   --    Active in over 450 cities globally (up from over 400 cities as of 31 December 2021) 
   --    Triple-digit annualised revenue growth 

Backblaze (cloud storage provider):

   --    Double-digit annualised revenue growth continued 
   --    Multiple new integrations and partnerships building basis for future growth 

PandaDoc (proposal automation and contract management software):

   --    Double-digit annualised revenue growth 
   --    Over 35,000 paying clients (from over 30,000 as of 31 December 2021) 
   --    Acquisition of LiveNotary to launch a remote online notarisation service 

3S Money Club (provider of corporate multi-currency bank accounts):

   --    Triple-digit annualised revenue growth 
   --    Profitable and cash flow positive 

Scentbird (Perfume, wellness and beauty product subscription service):

   --    Stable revenue 
   --    Near break-even 
   --    Over 600 scents in the product range 

New investments:

Given the high level of market uncertainty and volatility, TMT was even more selective in the first half of 2022, investing approximately US$7.3 million across the following companies:

-- Initial EUR825,000 in Bairrissimo, LDA, trading as Bairro, an instant food and grocery delivery company in Portugal ( www.bairro.io );

-- Initial US$4,000,000 in SOAX Ltd, a SaaS-enabled marketplace of tools to collect publicly available data on a scale ( https://soax.com );

-- Additional EUR400,000 in Postoplan OÜ, a social network marketing platform, which helps create, schedule, and promote content ( www.postoplan.app );

-- Initial GBP999, 918 in Laundryheap Limited, a marketplace for on-demand laundry and dry-cleaning services ( www.laundryheap.com );

-- Additional US$250,000 in Legionfarm, Inc., an online game coaching platform ( www.legionfarm.com ); and

-- Additional GBP250,000 in Feel Holdings Limited, a subscription-based multivitamin and supplement producer ( www.wearefeel.com ).

ESG POLICY

Introduction

As with most business sectors, technology has the capacity to make the world a better place. Given the high pace of technology innovation we are witnessing, TMT believes this capacity is intensified in the case of technology. However, technological innovation for its own sake is meaningless unless it results in tangible benefits in terms of productivity, improved user experience, higher efficiency, positive impact in its chosen sectors, improved profitability or other desired objectives.

ESG evaluation can be carried out in a number of different ways. Among other factors, its effectiveness will depend on the questions being addressed, the principles being applied and the quality of data available. Indeed, at times the prioritising of some principles can have a negative impact on others, given the asymmetric nature of benefits that can sometimes arise. An example is when alleviation of poverty in the short term comes at a higher environmental cost.

The social and economic fallout from the COVID-19 pandemic has served to put the ESG agenda into sharper relief and has accelerated the intensity of focus. TMT started to formalise its approach to ESG in its initial ESG Policy announced in the 2021 Annual Report, which is being confirmed in this 2022 Interim Report and will be subsequently updated as required.

As an investment company, TMT has been monitoring ESG issues and taking them into account before they began to enter the mainstream investment agenda. As such, the Company has made a number of investments in ESG-focused companies that also meet TMT's investment criteria. These include Timbeter, a SaaS solution for quick and accurate timber measurement and data management, which is making the forestry industry more sustainable, profitable and efficient (www.timbeter.com); eAgronom, which provides a unique combination of services to grain farmers: carbon programmes, an AI-powered consulting service and farm management software enabling farmers to build sustainable businesses and preserve nature (www.eagronom.com); Mobilo, an eco-friendly solution allowing users to digitally share contact details instead of using paper/plastic business cards and turn meetings into leads (www.mobilocard.com); and FemTechLab, Europe's first tech accelerator focused on female founders ( www.femtechlab.com );

TMT holds minority positions in its portfolio companies and therefore can exert influence on ESG matters in two main ways: first, by screening investments for exclusion from investment and second, by engaging in constructive dialogue with portfolio companies and monitoring progress. The Company's ESG policy reflects this approach.

TMT itself, as an investment company with limited internal resources, has little impact on the environment. The Company's team is mindful of reducing its travel, paper consumption, energy costs and other environmental impact wherever possible. TMT has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code for Small & Mid-Sized Companies, which already covers a number of well-established ESG items.

TMT's ESG policy is outlined below.

TMT's 3 guiding ESG principles for portfolio companies: relevant, realistic and accountable

TMT's three ESG principles guide and inform potential portfolio companies of the Company's approach to ESG and are at the core of what good ESG looks like. They are specific and challenging, whilst allowing portfolio companies to engage with them both at an earlier stage of development and as they grow in size.

Relevant

-- Is the investee addressing ESG where it can make the greatest impact in terms of its business model?

-- Has the investee undertaken an ESG materiality assessment and, if so, how has this informed its ESG framework?

   --    Have ESG risks, as well as opportunities, been identified? 

Realistic

   --    Is the investee developing an ESG roadmap as part of its business plan? 
   --    Are the investee's ESG objectives achievable in view of its current resources? 
   --    What resources does the investee need to consider in order to progress on its ESG roadmap? 

Accountable

   --    How is the investee evaluating its ESG activities and engagement? 
   --    Is the investee conducting ESG benchmarking against its peers? 

-- Does the investee review its ESG metrics and reporting process in view of latest ESG, scientific and technological developments?

TMT's approach

TMT's ESG policy is based on a 3-step approach:

Step 1: Filter out by Exclusion list

TMT's exclusion list sets out the sectors, businesses and activities in which the Company will not invest due to having as their objective, or direct impact on, any of the following:

   1.     Slavery, human trafficking, forced or compulsory labour, or unlawful / harmful child labour. 
   2.     Production or sale of illegal or banned products, or involvement in illegal activities. 
   3.     Activities that compromise endangered or protected wildlife. 
   4.     Production or sale of hazardous chemicals, pesticides and waste. 
   5.     Manufacture, distribution or sale of arms or ammunitions. 
   6.     Manufacture of, or trade in, tobacco or drugs. 
   7.     Manufacture or sale of pornography. 
   8.     Trade in human body parts or organs. 
   9.     Animal testing other than for the satisfaction of medical regulatory requirements. 

10. Production or other trade related to unbonded asbestos fibres.

Step 2: Assess level of ESG Engagement

Step 2 focuses on assessing how the proposed portfolio company incorporates ESG in its business model and company culture.

In its investment selection process, TMT examines how each potential investee company is addressing and incorporating ESG issues based on TMT's principles of being relevant, realistic and accountable, feeding the results into an evaluation sheet for presentation to TMT's Initial Investment Committee and the Formal Investment Committee. If necessary, remedial actions or areas for improvement are agreed with the investee company. For follow-on investments, TMT requires a formal update from the investee highlighting any divergence from TMT's initial assessment.

Step 3: Engagement with portfolio companies on ESG

ESG by its very nature is a journey, which needs to adapt to changing environmental, social and governance dynamics, in view of latest developments. Two-way dialogue and engagement with portfolio companies is an essential part of this journey, in which both parties are sharing and learning. TMT therefore includes ESG topics as part of its continuous engagement with portfolio companies.

FINANCIAL STATEMENTS

Statement of Comprehensive Income (unaudited)

 
                                                         For the           For the 
                                                      six months        six months 
                                                ended 30/06/2022    ended 30/06/20 
                                                                               2 1 
                                       Notes                 USD               USD 
 
                                                        (72, 148 
 (Losses)/Gains on investments         3                 , 629 )        41,971,813 
 Dividend income                                         105,700                 - 
------------------------------------  ------  ------------------  ---------------- 
                                                          ( 72 , 
                                                       042 , 929 
 Total investment (loss)/income                                )        41,971,813 
------------------------------------  ------  ------------------  ---------------- 
 Expenses 
 Bonus scheme payment charge           6                       -         (372,556) 
                                                       (772, 317 
 Administrative expenses               5                       )         (802,919) 
                                                        (72, 815 
 Operating (loss)/ gain                                  , 246 )        40,796,338 
 Currency exchange loss                                (185,967)          (81,059) 
------------------------------------  ------  ------------------  ---------------- 
                                                        (73, 001 
 (Loss)/Gain before taxation                               ,213)        40,715,279 
 Taxation                              7                       -                 - 
------------------------------------  ------  ------------------  ---------------- 
 (Loss)/Gain attributable to equity                     (73, 001 
  shareholders                                             ,213)        40,715,279 
 Total comprehensive (loss)/income                      (73, 001 
  for the year                                             ,213)        40,715,279 
------------------------------------  ------  ------------------  ---------------- 
 (Loss)/Gain per share 
 Basic and diluted (loss)/gain per 
  share (cents per share)              8                (232.11)            139.50 
------------------------------------  ------  ------------------  ---------------- 
 

Statement of Financial Position

 
                                                 At 30 June                        At 31 December 
                                                       2022                                  2021 
                                                        USD                                   USD 
                                                  Unaudited                               Audited 
                                Notes 
 Non-current assets 
 Financial assets at FVPL       9               200,560,955                           265,454,136 
 Total non-current assets                       200,560,955                           265,454,136 
 
 Current assets 
 Trade and other receivables    1 0               1,745,642                             2,050,649 
 Cash and cash equivalents      1 1              13,957,990                            25,527,801 
 Total current assets                            15,703,632                            27,578,450 
 Total assets                                   216,264,587                           293,032,586 
 
 Current liabilities 
 Trade and other payables       1 2               6,138,037                             9,904,823 
 Total current liabilities                        6,138,037                             9,904,823 
 
 Total liabilities                                6,138,037                             9,904,823 
 
 
 Net assets                                     210,126,550                           283,127,763 
-----------------------------  ------  --------------------  ----------  ------------------------ 
 
 Equity 
 Share capital                  1 3              53,283,415                            53,283,415 
 Retained profit                                156,843,135                           229,844,348 
 Total equity                                   210,126,550                           283,127,763 
-----------------------------  ------  --------------------  ----------  ------------------------ 
 
 

Statement of Cash Flows (unaudited)

 
                                                      For the six    For the six 
                                                     months ended   months ended 
                                                       30/06/2022     30/06/2021 
                                             Notes            USD            USD 
 
Operating activities 
Operating (loss)/gain                                (72,815,246)     40,796,338 
-------------------------------------------  -----  -------------  ------------- 
Adjustments for non-cash items 
      Changes in fair value of financial 
       assets at FVPL                        3         72,176,280   (41,852,901) 
      Currency exchange loss                            (185,966)       (81,059) 
                                                        (824,932)    (1,137,622) 
-------------------------------------------  -----  -------------  ------------- 
Changes in working capital 
      Decrease/(Increase) in trade and 
       other receivables                     1 0          305,007      (291,387) 
      Decrease in trade and other payables   1 2      (3,766,786)    (2,252,526) 
Net cash used in operating activities                 (4,286,711)    (3,681,535) 
-------------------------------------------  -----  -------------  ------------- 
Investing activities 
Interest received                                               -              - 
Purchase of financial assets at FVPL         9        (7,283,100)   (14,081,056) 
Proceeds from sale of financial assets 
 at FVPL                                     9                  -      1,628,923 
-------------------------------------------  -----  -------------  ------------- 
Net cash used in investing activities                 (7,283,100)   (12,452,133) 
-------------------------------------------  -----  -------------  ------------- 
Financing activities 
-------------------------------------------  -----  -------------  ------------- 
Net cash from financing activities                              -              - 
-------------------------------------------  -----  -------------  ------------- 
Decrease in cash and cash equivalents                (11,569,811)   (16,133,668) 
-------------------------------------------  -----  -------------  ------------- 
Cash and cash equivalents at the beginning 
 of the period                               1 1       25,527,801     39,004,288 
-------------------------------------------  -----  -------------  ------------- 
Cash and cash equivalents at the end 
 of the period                               1 1       13,957,990     22,870,620 
-------------------------------------------  -----  -------------  ------------- 
 

Statement of Changes in Equity (unaudited)

 
                                                           Share capital   Retained profit          Total 
                                                                     USD               USD            USD 
 Balance at 01 January 2021                                   34,790,174       143,132,533    177,922,707 
--------------------------------------------------------  --------------  ----------------  ------------- 
 Gain for the year                                                     -        86,711,815     86,711,815 
 Total comprehensive income for the year                               -        86,711,815     86,711,815 
--------------------------------------------------------  --------------  ----------------  ------------- 
 Transactions with owners in their capacity as owners: 
-------------------------------------------------------   --------------  ----------------  ------------- 
 Issue of shares                                              18,493,241                 -     18,493,241 
 Balance at 31 December 2021                                  53,283,415       229,844,348    283,127,763 
--------------------------------------------------------  --------------  ----------------  ------------- 
 Loss for the period                                                   -      (73,001,213)   (73,001,213) 
 Total comprehensive (loss)/ income for the period                     -      (73,001,213)   (73,001,213) 
--------------------------------------------------------  --------------  ----------------  ------------- 
 Balance at 30 June 2022                                      53,283,415       156,843,135    210,126,550 
--------------------------------------------------------  --------------  ----------------  ------------- 
 

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2022

   1.         Company information 

TMT Investments Plc ("TMT" or the "Company") is a company incorporated in Jersey with its registered office at 13 Castle Street, St Helier, JE1 1ES, Channel Islands.

The Company was incorporated and registered on 30 September 2010 in Jersey under the Companies (Jersey) Law 1991 (as amended) with registration number 106628 under the name TMT Investments Limited. The Company obtained consent from the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1985 on 30 September 2010. On 1 December 2010 the Company re-registered as a public company and changed its name to TMT Investments Plc. The Company's ordinary shares were admitted to trading on the AIM market of the London Stock Exchange on 10 December 2010.

The memorandum and articles of association of the Company do not restrict its activities and therefore it has unlimited legal capacity. The Company's ability to implement its Investing Policy and achieve its desired returns will be limited by its ability to identify and acquire suitable investments. Suitable investment opportunities may not always be readily available.

The Company will seek to make investments in any region of the world.

Financial statements of the Company are prepared by and approved by the Directors in accordance with International Financial Reporting Standards, International Accounting Standards and their interpretations issued or adopted by the International Accounting Standards Board as adopted by the European Union ("IFRSs"). The Company's accounting reference date is 31 December.

   2.         Summary of significant accounting policies 
   2.1     Basis of presentation 

Interim financial statements for the six months ended 30 June 2022 and 2021 are unaudited and were approved by the Directors on 15 August 2022. They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2021 were prepared in accordance with International Financial Reporting Standards as adopted by the EU. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter.

The principal accounting policies applied by the Company in the preparation of these unaudited financial statements are set out below and have been applied consistently.

The financial statements have been prepared on a going concern basis, under the historical cost basis as modified by the fair value of financial assets at ("FVTPL"), as explained in the accounting policies below, and in accordance with IFRS. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

   2.2     Foreign currency translation 

(a) Functional and presentation currency

Items included in the financial statements of the Company are measured in United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into US$ using the exchange rates prevailing at the dates of the transactions. Exchange differences arising from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

 
                                    Conversation rates, USD 
----------------------------------------------------------- 
 Currency                                         Average 
                                                rate, for 
                                               six months 
                        At 30/06/2022    ended 30/06/2022 
-----------------      --------------  ------------------ 
 British pounds, 
  GBP                          1.2143              1.2987 
 Euro, EUR                     1.0452              1.0933 
---------------------  --------------  ------------------ 
 
   2.3     New IFRSs and interpretations 

The following standards and amendments became effective from 1 January 2022, but did not have any material impact on the Company:

-- Amendments to IAS 16 "Property, Plant and Equipment"

-- Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Asserts"

-- Amendments to IFRS 3 "Business Combination"

   3          (Loss)/Gain on investments 
 
                                                                   For six months ended 30/06/2022      For six months 
                                                                                                      ended 30/06/2021 
                                                                                               USD                 USD 
 Gross interest income from convertible notes receivable                                    19,780              18,844 
 Net interest income from convertible notes receivable                                      19,780              18,844 
 (Losses)/Gains on changes in fair value of financial assets at 
  FVPL                                                                                (72,176,280)          41,852,901 
 Other gains on investment (revaluation of receivables)                                      7,871             100,068 
 Total (loss)/gain on investments                                                     (72,148,629)          41,971,813 
----------------------------------------------------------------  --------------------------------  ------------------ 
 
   4          Segmental analysis 

Geographic information

The Company has investments in six principal geographical areas - USA, Estonia, the United Kingdom, British Virgin Islands ('BVI'), Cyprus, and The Cayman Islands.

Non-current financial assets

As at 30/06/2022

 
                                                                                   United   The Cayman 
                        USA       Other         BVI      Cyprus      Estonia      Kingdom      Islands         Total 
                        USD         USD         USD         USD          USD          USD          USD           USD 
--------------  -----------  ----------  ----------  ----------  -----------  -----------  -----------  ------------ 
 Equity 
  investments    66,399,723     500,000   1,780,250     330,000   77,382,608   25,656,362            -   172,048,943 
 Convertible 
  notes & 
  SAFEs          17,349,132     942,233           -   3,600,000    1,784,185    3,806,462    1,030,000    28,512,012 
--------------  -----------  ----------  ----------  ----------  -----------  -----------  -----------  ------------ 
 Total           83,748,855   1,442,233   1,780,250   3,930,000   79,166,793   29,462,824    1,030,000   200,560,955 
--------------  -----------  ----------  ----------  ----------  -----------  -----------  -----------  ------------ 
 

As at 31/12/2021

 
                                                                                 United      Cayman 
                         USA   Other         BVI      Cyprus       Estonia      Kingdom     Islands         Total 
                         USD     USD         USD         USD           USD          USD         USD           USD 
--------------  ------------  ------  ----------  ----------  ------------  -----------  ----------  ------------ 
 Equity 
  investments    112,296,648       -   3,756,540   1,000,000   106,437,128   20,017,105           -   243,507,421 
 Convertible 
  notes 
  & SAFEs         14,620,030       -           -   3,600,000     1,332,985    1,363,700   1,030,000    21,946,715 
--------------  ------------  ------  ----------  ----------  ------------  -----------  ----------  ------------ 
 Total           126,916,678       -   3,756,540   4,600,000   107,770,113   21,380,805   1,030,000   265,454,136 
--------------  ------------  ------  ----------  ----------  ------------  -----------  ----------  ------------ 
 
   5          Administrative expenses 

Administrative expenses include the following amounts:

 
                              For six months ended 30/06/2022   For six months ended 
                                                                          30/06/2021 
                                                          USD                    USD 
---------------------------  --------------------------------  --------------------- 
 Staff expenses (note 6)                              414,602                395,818 
 Professional fees                                    188,923                228,715 
 Legal fees                                            60,092                 83,048 
 Bank and LSE charges                                   6,746                  8,034 
 Audit and accounting fees                             25,522                 17,851 
 Other expenses                                        76,432                 69,453 
                                                      772,317                802,919 
---------------------------  --------------------------------  --------------------- 
 
   6          Staff expenses 
 
                       For six months ended 30/06/2022   For six months ended 30/06/2021 
                                                   USD                               USD 
--------------------  --------------------------------  -------------------------------- 
 Directors' fees                               108,002                           103,218 
 Wages and salaries                            306,600                           292,600 
                                               414,602                           395,818 
--------------------  --------------------------------  -------------------------------- 
 

Wages and salaries shown above include fees and salaries relating to the six months ended 30 June. Bonus Plan costs are not included in administrative expenses and are shown separately.

The Directors' fees for the six months ended 30 June 2022 and 2021 were as follows:

 
                         For six months ended 30/06/2022   For six months ended 
                                                                     30/06/2021 
                                                     USD                    USD 
----------------------  --------------------------------  --------------------- 
 Alexander Selegenev                              55,000                 55,000 
 Yuri Mostovoy                                    27,500                 27,500 
 James Joseph Mullins                             14,171                 15,218 
 Andrea Nastaj                                     1,984                      - 
 Petr Lanin                                        9,347                  5,500 
----------------------  --------------------------------  --------------------- 
                                                 108,002                103,218 
----------------------  --------------------------------  --------------------- 
 

The Directors' fees shown above are all classified as 'short term employment benefits' under International Accounting Standard 24. The Directors do not receive any pension contributions or other benefits. The average number of staff employed (excluding Directors) by the Company during the six months ended 30 June 2022 was 7 (six months ended 30 June 2021: 7).

Key management personnel of the Company are defined as those persons having authority and responsibility for the planning, directing and controlling the activities of the Company, directly or indirectly. Key management of the Company are therefore considered to be the Directors of the Company. There were no transactions with the key management, other than their Directors fees, bonuses and reimbursement of business expenses.

 
                                                     For six months ended 30/06/2022   For six months ended 30/06/2021 
                                                                                 USD                               USD 
-------------------------------------------------  ---------------------------------  -------------------------------- 
 Bonus scheme payment charge related to previous 
  periods                                                                          -                           372,556 
                                                                                   -                           372,556 
 -----------------------------------------------------------------------------------  -------------------------------- 
 

Under the Company's Bonus Plan, subject to achieving a minimum hurdle NAV and high watermark conditions, the team receives an annual cash bonus equal to 10% of the net increases in the Company's NAV, adjusted for any changes in the Company's equity capital resulting from issuance of new shares, dividends, share buy-backs and similar corporate transactions. The Company`s bonus year runs from 1 January to 31 December. If, pursuant to the Company's Bonus Plan, the bonus attributable to the NAV increase from 1 January 2022 to 30 June 2022 had been accrued during the period, it would have resulted in a bonus charge of US$nil (2021: US$4,108,784).

   7       Income tax expense 

The Company is incorporated in Jersey. No tax reconciliation note has been presented as the income tax rate for Jersey companies is 0%.

   8       (Loss)/Gain per share 

The calculation of basic loss per share is based upon the net loss for the six months ended 30 June 2022 attributable to the ordinary shareholders of US$ 73,001,213 (for the six months ended 30 June 2021: net gain of US$ 40,715,279 ) and the weighted average number of ordinary shares outstanding calculated as follows:

 
 (Loss)/Gain per share                           For the six months ended 30/06/2022   For six months ended 30/06/2021 
----------------------------------------------  ------------------------------------  -------------------------------- 
 Basic (loss)/gain per share (cents per share)                              (232.11)                            139.50 
 (Loss)/Gain attributable to equity holders of 
  the entity                                                            (73,001,213)                        40,715,279 
----------------------------------------------  ------------------------------------  -------------------------------- 
 

The weighted average number of ordinary shares outstanding was calculated as follows:

 
 
                                             For the six months ended 30/06/2022   For the six months ended 30/06/2021 
------------------------------------------  ------------------------------------  ------------------------------------ 
 Weighted average number of shares in 
 issue 
 Ordinary shares                                                      31,451,538                            29,185,831 
                                                                      31,451,538                            29,185,831 
------------------------------------------  ------------------------------------  ------------------------------------ 
 

During the six months ended 30 June 2022 and 30 June 2021 there were no dilutive instruments in issue.

   9       Non-current financial assets 

Reconciliation of fair value measurements of non-current financial assets:

 
                                                           At 30 June 2022   At 31 December 2021 
                                                                       USD                   USD 
 Investments held at fair value through profit and loss 
 - unlisted shares (i)                                         178,170,405           241,461,421 
 - promissory notes (ii)                                         3,354,215             4,266,715 
 - SAFEs (iii)                                                  19,036,335            17,680,000 
 - Shares to be issued (iv)                                              -             2,046,000 
--------------------------------------------------------  ----------------  -------------------- 
                                                               200,560,955           265,454,136 
--------------------------------------------------------  ----------------  -------------------- 
 
 
                                    At 30 June 2022   At 31 December 2021 
                                                USD                   USD 
 Opening valuation                      265,454,136           144,803,154 
 Purchased at cost                        7,283,100            40,540,924 
 Disposal proceeds                                -          (18,489,994) 
 Disposal due to full impairment          (330,000)                     - 
 Realised gain                                    -             6,294,635 
 Unrealised (losses)/gains             (71,846,281)            92,305,417 
 Closing valuation                      200,560,955           265,454,136 
---------------------------------  ----------------  -------------------- 
 
 
 Movement in unrealised gains 
 Opening accumulated unrealised gains                                                        195,706,888   111,980,464 
 Movement in unrealised (losses)/gains                                                      (71,846,281)    92,305,417 
 Transfer of previously unrealised losses/(gains) to realised reserve on disposal of 
  Investments                                                                                    670,000   (8,578,993) 
 Closing accumulated unrealised gains                                                        124,530,607   195,706,888 
-----------------------------------------------------------------------------------------  -------------  ------------ 
 
 
 Reconciliation of investments, if held under the cost (less impairment) model: 
 Historic cost basis 
 Opening book cost                                                                  69,747,248    32,822,690 
 Purchases (including consulting and legal fees)                                     7,283,100    40,540,924 
 Disposal on sale of investment                                                              -   (3,616,366) 
 Disposal due to impairment                                                        (1,000,000)             - 
 Closing book cost                                                                  76,030,348    69,747,248 
--------------------------------------------------------------------------------  ------------  ------------ 
 
 
 Valuation methodology 
 Mid-market price                                                                             19,553,338    63,146,440 
 Revenue multiple                                                                             80,912,234     6,590,954 
 Cost or price of recent equity funding round (reviewed for impairment and fair value 
  adjustment)                                                                                100,095,383   195,716,742 
                                                                                             200,560,955   265,454,136 
------------------------------------------------------------------------------------------  ------------  ------------ 
 

Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss.

When measuring the fair value of a financial instrument, the Company uses relevant transactions during the year or shortly after the year end, which gives an indication of fair value and considers other valuation methods to provide evidence of value. The "price of recent investment" methodology is used mainly for venture capital investments, and the fair value is derived by reference to the most recent equity financing round or sizeable partial disposal. Fair value change is only recognised if that round involved a new external investor. From time to time, the Company may assess the fair value in the absence of a relevant independent equity transaction by relying on other market observable data and valuation techniques, such as the analysis of revenue multiples of comparable companies and/or comparable transactions. The nature of such valuation techniques is highly judgmental and dependent on the market sentiment at the time of the analysis.

   (i)         Equity investments as at 30 June 2022: 
 
      Investee           Date          Value       Additions    Conversions   Gain/(loss)    Disposals,      Value      Equity 
       company         of initial        at        to equity        from      from changes       USD         at 30       stake 
                       investment      1 Jan      investments       loan        in fair                    Jun 2022,     owned 
                                       2022,      during the       notes,       value of                      USD 
                                        USD       period, USD       USD          equity 
                                                                              investments, 
                                                                                  USD 
-------------------  ------------  ------------  ------------  ------------  -------------  -----------  ------------  ------- 
 Wanelo                21.11.2011       602,447             -             -              -            -       602,447    4.69% 
                                                                                                                           1 1 
                                                                                                                          .8 2 
 Backblaze             24.07.2012    63,146,440             -             -   (43,593,102)            -    19,553,338        % 
 Remote.it             13.06.2014     1,512,642             -             -                           -     1,512,642    1.64% 
 Anews                 25.08.2014       330,000             -             -      (330,000)            -             -    9.41% 
 Bolt                  15.09.2014   103,375,800             -             -   (29,054,520)            -    74,321,280    1.26% 
 PandaDoc              11.07.2014    16,185,773             -             -              -            -    16,185,773    1.18% 
 FullContact           11.01.2018       244,506             -             -              -            -       244,506    0.19% 
 ScentBird             13.04.2015     6,590,954             -             -              -            -     6,590,954    4.18% 
 Workiz                16.05.2016     3,971,659             -             -              -            -     3,971,659    1.89% 
 Usual (Vinebox)       06.05.2016       450,015             -             -              -            -       450,015    1.91% 
 MEL Science           25.02.2019     2,663,696             -             -              -            -     2,663,696    3.40% 
 Hugo                  19.01.2019     3,756,540             -             -    (1,976,290)            -     1,780,250    3.55% 
 Qumata (Healthy 
  Health)              06.06.2019     1,818,822             -             -              -            -     1,818,822    2.52% 
 eAgronom              31.08.2018       447,087             -             -              -            -       447,087    1.41% 
 Rocket 
  Games(Legionfarm)    16.09.2019       200,000             -             -              -            -       200,000    1.26% 
 Timbeter              05.12.2019       221,688             -             -              -            -       221,688    4.64% 
 Classtag              03.02.2020       200,000             -             -              -            -       200,000    1.70% 
 3S Money Club         07.04.2020     8,253,630             -     2,046,000              -            -    10,299,630   11.38% 
 Hinterview            21.09.2020       891,107             -             -              -            -       891,107    4.97% 
 Virtual Mentor 
  (Allright)           12.11.2020       772,500             -             -              -            -       772,500    2.95% 
 NovaKid               13.11.2020     2,949,855             -             -              -            -     2,949,855    1.55% 
 MTL Financial 
  (OutFund)            17.11.2020     1,322,100             -             -      1,478,052            -     2,800,152    3.66% 
 Scalarr               15.08.2019     1,378,282             -             -              -            -     1,378,282    7.66% 
 Accern                21.08.2019     1,282,705             -             -      1,591,179            -     2,873,884    3.21% 
 Feel                  13.08.2020     2,035,512       314,275     1,363,700         92,975            -     3,806,462   11.30% 
 Affise                18.09.2019     3,470,870             -             -              -            -     3,470,870    8.71% 
 3D Look               03.03.2021     1,000,000             -             -              -            -     1,000,000    3.77% 
 FemTech               30.03.2021       274,220             -             -        871,325            -     1,145,545    9.36% 
 Muncher               23.04.2021     2,059,999             -             -              -            -     2,059,999    4.77% 
 Cyberwrite            20.05.2021       500,000             -             -              -            -       500,000    3.71% 
 VertoFX               16.07.2021     1,132,999             -             -              -            -     1,132,999    3.24% 
 Academy of 
  Change               02.08.2021     1,000,000             -             -      (670,000)            -       330,000    7.69% 
 EstateGuru            06.09.2021     1,780,200             -             -              -            -     1,780,200    2.73% 
 Prodly                06.09.2021     1,800,000             -             -              -            -     1,800,000    4.39% 
 Sonic Jobs            08.09.2021       712,018             -             -              -            -       712,018    2.77% 
 EdVibe (Study 
  Space, Inc)          02.11.2021     1,500,001             -             -      (750,001)            -       750,000    7.36% 
 1Fit (Alippe, 
  Inc)                 24.12.2021       500,000             -             -              -            -       500,000    4.70% 
 Laundry Heap          01.01.2022             -     1,325,392             -              -            -     1,325,392    2.44% 
 SOAX                  21.01.2022             -     4,000,000             -              -            -     4,000,000    9.41% 
 Agendapro             15.04.2021       515,000             -             -              -            -       515,000    2.00% 
 Outvio                22.06.2021       612,353             -             -              -            -       612,353    4.00% 
-------------------  ------------  ------------  ------------  ------------  -------------  -----------  ------------  ------- 
 Total                              241,461,421     5,639,667             -   (72,340,382)            -   178,170,405 
---------------------------------  ------------  ------------  ------------  -------------  -----------  ------------  ------- 
 
   (ii)         Convertible loan notes as at 30 June 2022: 
 
   Investee       Date of     Value at     Additions    Conversions   Gain/(loss)    Disposals/    Value at    Term,   Interest 
   company        initial       1 Jan         to         from loan       from       conversions,    30 Jun     years   rate, % 
                investment      2022,     convertible   notes, USD    changes in        USD        2022, USD 
                                 USD         note                     fair value 
                                          investments                     of 
                                          during the                  convertible 
                                          period, USD                 notes, USD 
-------------  ------------  ----------  ------------  ------------  ------------  -------------  ----------  ------  --------- 
 ShareThis       26.03.2013     570,030             -             -             -              -     570,030     5.0      1.09% 
 Metrospeedy     16.07.2021   1,000,000             -             -             -              -   1,000,000       -      0.00% 
 Feel            08.10.2021   1,363,700             -             -             -    (1,363,700)           -       -          - 
 Postoplan       18.12.2020   1,332,985       451,200             -             -              -   1,784,185     1.0      5.00% 
                                                                                                  ---------- 
 Total                        4,266,715       451,200             -             -              -   3,354,215 
---------------------------  ----------  ------------  ------------  ------------  -------------  ----------  ------  --------- 
 
   (iii)        SAFEs as at 30 June 2022: 
 
  Investee company        Date of        Value at 1     Additions to     Gain/(loss)    Disposals, USD    Value at 30 
                          initial         Jan 2022,         SAFE        from changes                     Jun 2022, USD 
                         investment          USD         investments    in fair value 
                                                         during the        of SAFE 
                                                         period, USD    investments, 
                                                                             USD 
 Adwisely (Retarget)       24.09.2019       1,600,000               -               -                -       1,600,000 
 Spin Technology           17.12.2018         300,000               -         664,102                -         964,102 
 Cheetah (Go-X)            29.07.2019         350,000               -               -                -         350,000 
 Rocket Games 
  (Legionfarm)             17.09.2019       1,200,000         250,000               -                -       1,450,000 
 Classtag                  03.02.2020         200,000               -               -                -         200,000 
 Moeco                     08.07.2020         500,000               -               -                -         500,000 
 Collectly                 13.07.2021       2,060,000               -               -                -       2,060,000 
 StudyFree                 08.12.2020       1,000,000               -       (500,000)                -         500,000 
 Aurabeat                  03.05.2021       1,030,000               -               -                -       1,030,000 
 OneNotary (Adorum)        01.10.2021         500,000               -               -                -         500,000 
 BaFood                    05.11.2021       2,000,000               -               -                -       2,000,000 
 Educate online            16.11.2021       1,000,000               -               -                -       1,000,000 
 My Device Inc             30.11.2021         850,000               -               -                -         850,000 
 Mobilo (Lulu 
  Systems, Inc)            09.12.2021       1,030,000               -               -                -       1,030,000 
 Muncher                   13.12.2021       2,000,000               -               -                -       2,000,000 
 Bairro 
  (BAIRRÍSSIMO, 
  LDA)                     12.01.2022               -         942,233               -                -         942,233 
 Synder 
  (CloudBusiness 
  Inc)                     26.05.2021       2 060,000               -               -                -       2,060,000 
--------------------  ---------------  --------------                                                   -------------- 
 Total                                     17,680,000       1,192,233         164,102                -      19,036,335 
-------------------------------------  --------------  --------------  --------------  ---------------  -------------- 
 
   (iv)     Shares to be issued as at 30 June 2022: 
 
   Investee        Date of      Value at 1     Additions    Conversions    Gain/loss      Disposals/    Value at 30 
    company        initial       Jan 2022,     to equity     from loan    from changes   conversions,    Jun 2022, 
                  investment        USD       investments   notes, USD      in fair          USD            USD 
                                                during                      value of 
                                              the period,                    equity 
                                                  USD                     investments, 
                                                                              USD 
--------------  -------------  ------------  ------------  ------------  -------------  -------------  ------------ 
 3S Money Club     07.04.2020     2,046,000             -             -              -    (2,046,000)               - 
 Total                            2,046,000             -             -              -              -               - 
-----------------------------  ------------  ------------  ------------  -------------  -------------  -------------- 
 
 
   1 0      Trade and other receivables 
 
                                            At 30 June 2022   At 31 December 2021 
                                                        USD                   USD 
-----------------------------------------  ----------------  -------------------- 
 Prepayments                                         36,248                53,412 
 Other receivables                                1,610,220             1,917,843 
 Interest receivable on promissory notes             99,174                79,394 
                                                  1,745,642             2,050,649 
-----------------------------------------  ----------------  -------------------- 
 

The fair values of trade and other receivables approximate to their carrying amounts as presented above. During the six months ended 30 June 2022 and 2021 no balances were past due or impaired, and no credit losses had been expected.

Other receivables include the amounts receivable from the disposal of TMT's investments in DepositPhotos (US$1,262,484), Klear (US$227,658), and KitApps (US$5,521), as well as the value (US$114,557 as of 30 June 2022) of the publicly traded shares in 3D Systems Inc., received by TMT as partial consideration for the disposal of its investment in Volumetric.

   11     Cash and cash equivalents 

The cash and cash equivalents as at 30 June 2022 include cash in banks. Cash and cash equivalents comprise the following:

 
                  At 30 June 2022   At 31 December 2021 
                              USD                   USD 
---------------  ----------------  -------------------- 
 Bank balances         13,957,990            25,527,801 
---------------  ----------------  -------------------- 
                       13,957,990            25,527,801 
---------------  ----------------  -------------------- 
 

The following table represents an analysis of cash and equivalents by rating agency designation based on Moody`s Investors Service and Standards & Poor`s credit rating or their equivalent:

 
                  At 30 June 2022   At 31 December 2021 
                              USD                   USD 
---------------  ----------------  -------------------- 
 Bank balances 
 A3 rating             13,939,893            25,512,940 
 Baa3 rating                2,709                 3,296 
 Not rated                 15,388                11,565 
---------------  ----------------  -------------------- 
                       13,957,990            25,527,801 
---------------  ----------------  -------------------- 
 
   1 2      Trade and other payables 
 
                              At 30 June 2022   At 31 December 2021 
                                          USD                   USD 
---------------------------  ----------------  -------------------- 
 Salaries payable                    140 ,752                82,500 
 Directors' fees payable                    -              40 , 534 
 Bonus payable                      5,977,983         9 , 676 , 043 
 Trade payables                         7,785               73 ,042 
 Other current liabilities              3,513                     - 
 Other accrued expenses                 8,004                32,704 
                                    6,138,037             9,904,823 
---------------------------  ----------------  -------------------- 
 

The fair values of trade and other payables approximate to their carrying amounts as presented above. The bonus payable amount as of 30 June 2022 relates to the bonuses earned in year 2021.

   13     Share capital 

On 30 June 2022 the Company had an authorised share capital of unlimited ordinary shares of no par value and had issued ordinary share capital of:

 
                                 At 30 June 2022   At 31 December 2021 
                                             USD                   USD 
-----------------------------  -----------------  -------------------- 
 Share capital                        53,283,415            53,283,415 
 
 Issued capital comprises:                Number                Number 
 Fully paid ordinary shares           31,451,538            31,451,538 
-----------------------------  -----------------  -------------------- 
 
 
                                Number of shares    Share capital, USD 
-----------------------------  -----------------  -------------------- 
 Balance at 31 December 2021          31,451,538            53,283,415 
 Balance at 30 June 2022              31,451,538            53,283,415 
-----------------------------  -----------------  -------------------- 
 

There have been no changes to the Company's ordinary share capital between 30 June 2022 and the date of approval of these financial statements.

   14     Related party transactions 

The Company's Directors receive fees and bonuses from the Company, details of which can be found in Note 6.

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