TIDMTECH

RNS Number : 2271B

TechFinancials Inc.

30 September 2022

30 September 2022

TechFinancials, Inc.

("TechFinancials" or the "Company")

Unaudited Interim Report for the Six Months Ended 30 June 2022

TechFinancials Inc. (AQSE: TECH), today announces its unaudited interim results for the six-month period ended 30 June 2022 ("H1 2022 ").

Financial Overview

 
 --   Company Revenues of US$ nil (H1 2021: US$ nil) 
 --   Loss for the period attributable to shareholders of US$0.1 
       6 m (H1 2021: loss of US$0.1 0 m) 
 --   Cash position at the period end of US$0.76m (31 December 
       2021: US$0.92m) 
 --   Basic loss per share ("EPS") of (US$0.002) (H1 2021 (US$0.001)) 
 

Asaf Lahav, Chief Executive Board Member of TechFinancials, commented:

"In the first half of the year the Company continued to focus on administrative cost reductions and will continue to look for investment opportunities to maximize the Company's value, leveraging its available cash."

The directors of the Company accept responsibility for the contents of this announcement.

For further information:

 
 TechFinancials, Inc.                 Tel: +972 54 5233 
                                       943 
 Asaf Lahav, Executive Board Member 
 
 
 Peterhouse Capital Limited (AQSE Growth   Tel: +44 (0) 20 
  Market Advisor and Broker)                7469 0930 
 Guy Miller and Mark Anwyl 
 

Chairman's Statement

In H1 2022 the Company continued to focus on reducing costs. The Board decided to invest some amounts in listed companies. The Company will continue to look for new ways to increase its value.

Outlook

We will continue to look for opportunities to materialize our assets or join forces with other companies in order to be able move forward.

I would like to thank our shareholders for their continued support in what has been a difficult period globally as well as for the Company.

We look forward to updating the market on our progress in due course.

Eitan Yanuv

Independent Non-Executive Chairman

29 September 2022

Executive's Board Member Statement

Financial Results

In 2020, the Company closed all of its operating historical businesses and since then the Company has not recorded any income.

The operating loss for the period was US$0.074m (H1 2021: loss of US$ 0.13m); the operating expenses for the period were attributed mainly to general and administrative costs associated with being a listed Company.

Financial expenses for the period were US$ 0.089m, attributed predominantly to US$0.06m loss from exchange rate differences.

No t axes on income were recorded in the period (H1 2021: US$ 0.01m).

The loss after taxation for the period attributable to shareholders of the Company was US$ 0.16m (H1 2021: loss of US$ 0.10m).

The Company's cash position for the period ended 30 June 2022 was US$0.68m (31 December 2021: US$1.3m).

The unaudited interim financial results have not been reviewed by the Company's auditor.

Eitan Yanuv

Chairman

29 September 2022

Statement of Comprehensive Income

For the six months period ended 30 June 2022

 
                                              Unaudited 
                                            6 Months Period         Unaudited                  Audited 
                                                 Ended         6 Months Period Ended    12 Months Period Ended 
                                             30 June 2022          30 June 2021            31 December 2021 
                                  Note          US$'000               US$'000                  US$'000 
 Revenue                                          -                     -                         - 
 Cost of sales                                    -                     -                         - 
                                          -----------------  -----------------------  ------------------------ 
 Gross profit                                     -                     -                         - 
 
 
 Research and development                         -                     -                         - 
 Selling and marketing                            -                     -                         - 
 Administrative                                  (74)                 (133)                    ( 233 ) 
 
 
 Operating Income (Loss)                         (74)                 (133)                     (233) 
                                          -----------------  -----------------------  ------------------------ 
 
 
 Bank fees                                       (3)                   (18)                      (9) 
 Foreign exchange loss                           (58)                  (4)                      (30) 
 Gain (loss) from tradable securities            (28)                   63                       86 
                                          -----------------  -----------------------  ------------------------ 
 Financing Income (expenses)                     (89)                   41                       47 
 
 
 
 Other Income (expenses) 
 Other income (expenses), net                     -                     -                       (152) 
 
 
 
 Profit (Loss) before taxation                  (163)                  (92)                     (338) 
                                          -----------------  -----------------------  ------------------------ 
 Taxation                                         -                    (8)                       (4) 
                                          -----------------  -----------------------  ------------------------ 
 Profit (Loss) from continuing 
  operations                                    (163)                 (100)                     (342) 
                                          -----------------  -----------------------  ------------------------ 
 
 Capital loss from sale of subsidiary                                   -                       (30) 
 Gain (Loss) from discontinued 
  operations                                      -                     -                       (181) 
 Gain / (Loss) from discontinued 
  operations, net                                 -                     -                       (211) 
                                          -----------------  -----------------------  ------------------------ 
 Other comprehensive income                       -                     -                         - 
 Total comprehensive Profit (Loss)              (163)                 (100)                     (553) 
                                          -----------------  -----------------------  ------------------------ 
 
 Profit (Loss) attributable to: 
 Owners of the Company                           (163)                 (100)                    (553) 
 Non-controlling interests                        -                     -                         - 
                                          -----------------  -----------------------  ------------------------ 
 Profit (Loss) for the period                   (163)                 (100)                     (553) 
 
 
 
 Earnings per share attributable to owners of the parent during the year (Note 3) : 
                                              Unaudited 
                                            6 Months Period         Unaudited                  Audited 
                                                 Ended         6 Months Period Ended    12 Months Period Ended 
                                             30 June 2022          30 June 2021            31 December 2021 
                                              (Cents USD)           (Cents USD)              (Cents USD) 
 Basic                                          (0.19)                (0.12)                   (0.64) 
 Diluted                                        (0.19)                (0.12)                   (0.64) 
 From continuing operations - Basic             (0.19)                (0.12)                   (0.40) 
 From continuing operations - Diluted           (0.19)                (0.12)                   (0.40) 
 From discontinued operations - Basic            N/A                   N/A                     (0.24) 
 From discontinued operations - Diluted          N/A                   N/A                     (0.24) 
                                          =================  =======================  ======================== 
 

Consolidated Statement of financial position

As of 30 June 2022

 
                                                          Unaudited 
                                                           30 June      Unaudited          Audited 
                                                             2022      30 June 2021    31 December 2021 
                                                   Note    US$'000       US$'000           US$'000 
 Non-current assets 
 Financial asset held at FVTPL                                -            152                - 
                                                              -            152                - 
                                                         ----------  --------------  ------------------ 
 
 Current assets 
 Trade receivables, net and other receivables      4         11            10                 - 
 Short term investment                                       74            53                26 
 Cash                                                        687          1,329              920 
                                                         ----------  -------------- 
                                                             772          1,392             1,432 
                                                         ----------  --------------  ------------------ 
 
 Total Assets                                                772          1,544              946 
                                                         ==========  ==============  ================== 
 
 
 Non-Current liabilities 
 Shareholders loan                                           89            89                84 
 Current Liabilities 
 Trade and other payables                          5         73            140               89 
 Income tax payable                                           -            90                 - 
                                                         ----------  --------------  ------------------ 
                                                             73            230               89 
                                                         ----------  --------------  ------------------ 
 
 Total Liabilities                                           162           319               173 
                                                         ----------  --------------  ------------------ 
 
 Equity 
 Share Capital                                               61            61                61 
 Share premium account                                     12,022        12,022            12,022 
 Share-based payment reserve                                 798           798               798 
 Accumulated losses                                       (12,271)      (11,656)          (12,108) 
                                                         ----------  --------------  ------------------ 
 Equity attributable to owners of the Company                610          1,225              773 
                                                         ----------  --------------  ------------------ 
 
 Non-controlling interests                                    -             -                 - 
                                                         ----------  --------------  ------------------ 
 Total equity                                                610          1,225              773 
 
 Total Equity and Liabilities                                772          1,544              946 
                                                         ==========  ==============  ================== 
 

Consolidated Statement of changes in equity

For the six months period ended 30 June 2022

 
 
                                   Share-based                Accumulated               Non- 
                 Share    Share      payment     Revaluation   profits/              controlling 
                capital  premium     reserve       reserve     (losses)     Total     interests    Total 
                US$'000  US$'000     US$'000       US$'000      US$'000     US$'000    US$'000     US$'000 
Balance at 31 
 December 2020    61      12,022       798           -         (11,555)      1,326        -        1,326 
                =======  ========  ===========  ============  ===========  ========  ===========  ======== 
Total 
 comprehensive 
 loss for the 
 year              -        -           -            -           (553)      (553)         -        (553) 
Balance at 31 
 December 2021    61      12,022       798           -         (12,108)       773         -         773 
                =======  ========  ===========  ============  ===========  ========  ===========  ======== 
 
Total 
 comprehensive 
 loss for the 
 period            -        -           -             -          (163)       (163)        -        (163) 
Balance at 30 
 June 2022        61      12,022       798            -        (12,271)       610         -         610 
==============  =======  ========  ===========  ============  ===========  ========  ===========  ======== 
 

Consolidated statement of cash flows

For the six month s period ended 30 June 2021

 
                                    Note      Unaudited         Audited Year 
                                            6 months ended    ended 31 December 
                                             30 June 2022           2021 
                                               US$'000            US$'000 
 Cash Flow from operating 
  Activities 
 Profit (Loss) before tax 
  for the period                               ( 163 )             (549) 
 Adjustment for: 
 Foreign exchange differences                    78                  82 
 Loss (gain) from short 
  term investment                                28                 (86) 
 Loss on disposal of subsidiary                   -                  30 
 Impairment of investments 
  in subsidiaries                                 -                 152 
 
 Operating cash flows before movements 
  in working capital: 
 Decrease (increase) in 
  trade and other receivables        4          (11)                 13 
 Increase (Decrease) in 
  trade and other payables           5          (11)                 48 
 Increase in other current                        - 
  liabilities                                                        - 
 Income tax paid                                  -                 (93) 
                                          ----------------  ------------------- 
 Net cash (used in) / 
  generated from operating 
  activities                                   ( 79 )              (403) 
 
 Cash Flow from investing 
  Activities: 
 Net cash on disposal of 
  subsidiary                                      -                 (75) 
 Purchase of tradable securities                (77)               (102) 
 Sale of tradable securities                      -                 163 
                                          ----------------  ------------------- 
 Net cash generated from/ 
  (used in) investing activities                (77)                (14) 
 
 Cash Flow from financing 
  Activities: 
 Interest payments                                -                  - 
 Net cash generated from/ 
  (used in) financing activities                  -                  - 
                                          ----------------  ------------------- 
 
 
 
 
 Net decrease in cash 
  and cash equivalents                          (156)              (417) 
 Cash and equivalents at 
  beginning of period                            920               1,419 
 Effect of changes in exchange 
  rates on Cash                                 (77)                (82) 
                                          ----------------  ------------------- 
 Cash and equivalents 
  at end of period                               687                920 
                                          ================  =================== 
 

Notes to the financial statements

   1.    General Information 

TechFinancials, Inc, (the "Company") was engaged until the end of 2020 in the development of blockchain-based digital assets solutions and licensing of financials trading platforms to businesses. The financial statements present the consolidated results of the Company for each of the periods ending 30 June 2022, 30 June 2021 and 31 December 2021.

Basis of preparation

As permitted, the Company has chosen not to adopt International Accounting Standard 34 'Interim Financial

Reporting' in preparing these interim financial statements. The condensed consolidated interim financial

statements should be read in conjunction with the annual financial statements for the year ended 31

December 2021, which have been prepared in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts. The information has

been prepared on a going concern basis in accordance with the recognition and measurement criteria of

International Financial Reporting Standards (IFRS) as adopted by the European Union.

The accounting policies applied in preparing the interim financial information are consistent with those that

have been adopted in the Company's 2021 audited financial statements. Statutory financial statements for the year ended 31 December 2021 were approved by the Board of Directors on 30 July 2022.

The Directors approved these condensed interim financial statements on 29 September 2022.

Risks and uncertainties

The key risks that could affect the Company's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2021 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.techfinancials.com .

   2.    Accounting policies 

The condensed consolidated interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financials assets and liabilities at fair value through the statement of profit and loss.

The financial information for the 6 months ended 30 June 2022 and the 6 months ended 30 June 2021 has not been audited.

No dividends have been paid in the period (2021: $nil).

Critical accounting estimates and judgements

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates have not changed during the interim period and are set out in note 3(v) of the Company's 2021 Annual Report and Financial Statements.

   3.    Earnings per share 

The calculation of earnings per share is based on the following losses and number of shares:

 
 Loss per share                           Unaudited                Unaudited 
                                     6--month period ended    6--month period ended             Audited 
                                         30 June 2022             30 June 2021         Year ended 31 December 2021 
                                           US$'000                  US$'000                     US$'000 
 Basic 
 Loss attributable to equity 
  holders                                   (163)                    (100)                       (553) 
 Weighted average number of 
  shares basic                           85,680,979               85,680,979                  85,860,979 
                                   =======================  =======================  ============================= 
                                             US$                      US$                         US$ 
 Loss per share - basic                   (0.0019)                 (0.0012)                    (0.0064) 
 Loss per share from continuing 
  operations - basic                      (0.0019)                 (0.0012)                    (0.0040) 
 Loss per share from discontinued 
  operations - basic                          -                        -                       (0.0024) 
 
  Loss per share                          Unaudited                Unaudited 
                                    6--month period ended    6--month period ended              Audited 
                                         30 June 2022             30 June 2021        Year ended 31 December 2021 
                                             US$                      US$                         US$ 
 Diluted 
 Weighted average number of 
  shares diluted                         85,680,979               85,680,979                  85,680,979 
                                   =======================  =======================  ============================= 
 
 Loss per share - diluted                 (0.0019)                 (0.0012)                    (0.0064) 
 Loss per share from continuing 
  operations - diluted                    (0.0019)                 (0.0012)                    (0.0040) 
 Loss per share from discontinued 
  operations - diluted                        -                        -                       (0.0024) 
 
 
   4.    Trade and other receivables 
 
                              Unaudited   Unaudited 
                                                        Audited 
                               30 June     30 June     31 December 
                                 2022        2021         2021 
                               US$'000     US$'000      US$'000 
 
    Trade Receivables, net        -           -            - 
 Prepayments                     11          10            - 
 Short term deposit               -           -            - 
                                 11          10            - 
                             ==========  ==========  ============= 
 
 

The carrying amounts of trade and other receivables represent approximately their fair values.

   5.    Trade and other payables 
 
                        Unaudited   Unaudited 
                                                  Audited 
                         30 June     30 June     31 December 
                           2022        2021         2021 
                         US$'000     US$'000      US$'000 
 
    Trade Payable           -          27            39 
 Accrued liabilities       73          118           50 
                           73          145           89 
                       ==========  ==========  ============= 
 
 

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September 30, 2022 02:00 ET (06:00 GMT)

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