TIDMIQO
16 December 2022
Inteliqo Limited
("Inteliqo", the "Company")
Interim Results
Inteliqo (AQSE: IQO), a start-up technology company that provides sales,
marketing and distribution services to technology product owners under
long-term distribution agreements, is pleased to announce its unaudited interim
results for the 6-month period ended 30 September 2022. A full copy of the
Interim Report will be obtainable from the Company's website at https://
inteliqo.com/ .
This announcement contains information which, prior to its disclosure,
constituted inside information as stipulated under Regulation 11 of the Market
Abuse (Amendment)(EU Exit) Regulations 2019/310 (as amended).
The directors of Inteliqo Limited accept responsibility for this announcement.
For more information, please contact:
Inteliqo Limited
Joseph Hill j.hill@inteliqo.com
First Sentinel Corporate Finance Limited
Brian Stockbridge +44 (0) 203 989 2222
Inteliqo Limited: Chairman's Report for the period ended 30 September 2022
I am delighted to report on the unaudited interim results of Inteliqo Limited
(the "Company") for the six months period that ended 30 September 2022. This is
the first report for the Company.
Formation and Initial Public Offering
The Company was incorporated in Guernsey on 3rd May 2022. Michael Joseph Hill,
Chief Executive Officer (the "CEO") was appointed as a director of the Company
on 7th June 2022. Joseph Truelove as Non-Executive Director and Chairman (the
"Chairman"), Ray Smart as Finance Director (the "FD") and Shaun Drake as
Company Secretary were all appointed on 27th June 2022 and last but not least
Bruce Watterson was appointed as a Non-Executive Director on 20th July 2022.
On 5th August 2022, the Company was admitted to the Access segment of AQSE and
the commencement of trading of the Company's Ordinary Shares followed a
successful subscription and placed for a total of 2,370,000 Ordinary Shares at
£0.0250 per ordinary share, raising gross proceeds of £59,250. The Company
Gross Proceeds of the Fundraising and issue of Existing Shares was £832,250
(before expenses).
On Admission, the Company had 112,500,000 Ordinary Shares in issue and the
market capitalisation of the Company was approximately £2,812,500. The
Company's admission document is available to view on its website https://
inteliqo.com/.
Objective
Inteliqo is a start-up technology company that provides sales, marketing and
distribution services to cutting-edge consumer technology brands under
long-term distribution agreements.
The principal activity of the Company is to appoint and license resellers for
defined territories on the basis that these resellers will enter into
agreements with the Company to purchase a minimum number of products from the
Company on an annual basis with the intention of reselling them within their
territory.
Operations
The iQ product is a smart translation earphone (earbuds) system and application
which offers integrated real-time speech translation in over 100 languages,
built-in smart assist (google and siri), multiple microphones and HD sound (
www.ipedia.co).
Reseller agreements have now been signed that enable the Company to sell the
Ipedia iQ products in 9 Countries. Negotiations for further territories are
ongoing and the Company will announce additional contracts in the coming
months.
Results
At the interim statement date of 30th September 2022, the results of the
Company reflect the set up and listing of the Company prior to the commencement
of sales and resulted in a loss of $428k with a basic earnings per share from
continuing activities of $0.007.
Outlook
Clearly the Company is at the beginning of its life.
The Company is forecast to operate profitably from February 2023 with positive
cash flows in the next period.
My fellow board members and I are confident that the Company will be very
successful having secured several Exclusive Reseller Agreements that enable
sales across 9 Countries.
Ray Smart
Financial Director
12 December 22
Inteliqo Limited: Sstatement of comprehensive income and retained earnings for
the period ended 30 September 2022
2022
USD
Revenue -
Other income 42
Cost of goods sold -
Administrative expenses (452,216)
Realised foreign currency gains 20,123
Unrealised foreign currency gains 4,412
Operating profit and profit before tax (427,639)
Tax expense -
Profit for the year from continuing (427,639)
operations
Earnings per share
Basic earnings per share from continuing (0.007)
operations
Diluted earnings per share from continuing (0.007)
operations
Inteliqo Limited: Statement of financial position as at 30 September 2022
Notes 2022
ASSETS USD
Non-current assets
Office equipment 1,259
Current assets
Trade and other receivables 15,611
Cash and cash equivalents 475,246
490,857
Total assets 492,116
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 105,678
Equity
Share capital 5 14,188
Share premium 799,889
Retained earnings (427,639)
386,438
Total liabilities and equity 492,116
Inteliqo Limited: Statement of changes in equity for the period ended 30
September 2022
Share Share Retained Total
capital premium earnings
USD USD USD USD
Issue of share capital prior to 13,900 738,621 - 752,521
admission to Aquis
Issue of share capital on 288 61,268 - 61,556
admission to Aquis
Profit for the period - - (427,639) (427,639)
Balances as at 30 September 2022 14,188 799,889 (427,639) 386,438
Inteliqo Limited Statement of cash flows for the period ended 30 September 2022
2022
USD
Operating activities
Profit before tax (427,639)
Adjustments for non-cash income and
expenses:
Depreciation of office equipment 36
Changes in operating assets and liabilities:
Trade and other receivables (15,611)
Trade and other payables 105,678
Net cash from operating activities (337,536)
Cash flows from investing activities
Purchases of equipment (1,295)
Cash flows from financing activities
Proceeds from issue of share capital 814,077
Net change in cash and cash equivalents and 475,246
cash and cash equivalents at end of period
Inteliqo Limited accounting policies and explanatory notes to the financial
statements for the
period ended 30 September 2022
1. General information
Inteliqo Limited (the Company) is a limited company incorporated in Guernsey on
3 May 2022. The address of its registered office and principal place of
business is Dixcart House, Sir William Place, St Peter Port Guernsey, GY1 1GX.
The principal activity of the Company is the distribution of electronic goods.
2. Basis of preparation and accounting policies
These interim financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting. They do not include all disclosures that would
otherwise be required in a complete set of financial statements.
These financial statements have been prepared on an accruals basis and under
the historical cost convention in accordance with the International Financial
Reporting Standard issued by the International Accounting Standards Board and
are presented in US Dollars, the functional currency of the Company.
The Company has applied the same accounting policies and methods of computation
in these interim financial statements it intends to apply in its first full
financial statements to 31 March 2023.
a. Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of
the Company using the exchange rates prevailing at the dates of the
transactions (spot exchange rate). Foreign exchange gains and losses resulting
from the settlement of such transactions and from the remeasurement of monetary
items denominated in foreign currency at period-end exchange rates are
recognised in profit or loss.
Non-monetary items are not retranslated at the period-end. They are measured at
historical cost (translated using the exchange rates at the transaction date),
except for non-monetary items measured at fair value which are translated using
the exchange rates at the date when fair value was determined.
b. Segment reporting
The Company has one operating segment: the distribution of electronic goods.
c. Climate-related matters
The potential impact of climate-related matters has been considered in the
preparation of financial statements, including environmental legislations and
commitments made by the Company which may affect the value of financial assets
and liabilities.
d. Revenue recognition
The Company enters into contracts with its customers for the sale of goods.
Revenue is measured at the fair value of the consideration received or
receivable, net of discounts and sales-related taxes. The Company recognises
revenue from its contracts with customers when the goods are delivered. In
determining whether to recognise revenue, the Company follows a 5-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations, and then
5. Recognising revenue when/as performance obligations are satisfied.
e. Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the
service or as incurred.
f. IT equipment
Items of IT equipment are initially measured at cost, including any costs
directly attributable to bringing the assets to the location and condition
necessary for them to be capable of operating in the manner intended by the
Company's management, less accumulated depreciation, and impairment losses.
Depreciation is recognised on a straight-line basis to write down the cost less
estimated residual value of IT equipment with a useful life of 3 years applied.
At each reporting date, IT equipment is reviewed to determine whether there is
any indication that those assets have suffered an impairment loss. If there is
an indication of possible impairment, the recoverable amount of any affected
asset (or group of related assets) is estimated and compared with its carrying
amount. If the estimated recoverable amount is lower, the carrying amount is
reduced to its estimated recoverable amount and an impairment loss is
recognised immediately in profit or loss.
g. The Company as a lessee
The Company rents its office space for terms of less than one year and
recognises the rental agreement as an operating lease and expenses the lease
costs to profit or loss.
h. Financial instruments
i. Recognition and derecognition
Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows
from the financial asset expire, or when the financial asset and substantially
all the risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
ii. Classification, initial measurement and subsequent measurement of
financial assets
Financial assets, which comprise trade and other receivables, are classified at
fair value through profit or loss (FVTPL) and are initially measured at fair
value. Subsequently assets in this category are measured at fair value with
gains or losses recognised in profit or loss. The fair values of financial
assets in this category are determined by reference to active market
transactions or using a valuation technique where no active market exists.
iii. Impairment of financial assets
IFRS 9's impairment requirements use forward-looking information to recognise
expected credit losses - the 'expected credit loss (ECL) model'. Instruments
within the scope of the requirements included trade receivables recognised and
measured under IFRS15.
The Company considers a broader range of information when assessing credit risk
and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
. financial instruments that have not deteriorated significantly in credit
quality since initial recognition or that have low credit risk ('Stage 1') and
. financial instruments that have deteriorated significantly in credit
quality since initial recognition and whose credit risk is not low ('Stage 2').
'Stage 3' would cover financial assets that have objective evidence of
impairment at the reporting date.
'12-month expected credit losses' are recognised for the first category (ie
Stage 1) while 'lifetime expected credit losses' are recognised for the second
category (ie Stage 2).
Measurement of the expected credit losses is determined by a
probability-weighted estimate of credit losses over the expected life of the
financial instrument.
iv. Classification and measurement of financial liabilities
The Company's financial liabilities include trade and other payables. Financial
liabilities are initially measured at fair value. Subsequently, financial
liabilities are measured at amortised cost using the effective interest method
except for derivatives and financial liabilities designated at FVTPL, which are
carried subsequently at fair value with gains or losses recognised in profit or
loss (other than derivative financial instruments that are designated and
effective as hedging instruments).
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or finance income.
i. Income tax
Income tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on taxable profit for the year.
Deferred tax is recognised on differences between the carrying amounts of
assets and liabilities in the financial statements and their corresponding tax
bases (known as temporary differences). Deferred tax liabilities are generally
recognised for all temporary differences that will result in taxable amounts in
determining taxable profit (tax loss) of future periods when the carrying
amount of the asset or liability is recovered or settled (taxable temporary
differences). Deferred tax assets are generally recognised for all temporary
differences that will result in amounts that are deductible in determining
taxable profit (tax loss) of future periods when the carrying amount of the
asset or liability is recovered or settled (deductible temporary differences)
-but only to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date
and is adjusted to reflect the current assessment of future taxable profits.
Any adjustments are recognised in profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the
taxable profit (tax loss) of the periods in which it expects the deferred tax
asset to be realised or the deferred tax liability to be settled, on the basis
of tax rates that have been enacted or substantively enacted by the end of the
reporting period.
j. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.
k. Equity and reserves
Share capital represents the nominal value of shares that have been issued.
Share premium includes any premiums received over and above the nominal value
of the issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium.
The Company recognises shares to be issued under warrants issued by the Company
at the time the warrant is exercised. The maximum number of shares that can be
issued under warrants issued by the company are included in the weighted
average number of shares used in determining diluted earnings per share.
l. Provisions, contingent assets and contingent liabilities
Provisions for any claims against the Company are recognised when the Company
has a present legal or constructive obligation as a result of a past event, it
is probable that an outflow of economic resources will be required from the
Company and amounts can be estimated reliably. The timing or amount of the
outflow may still be uncertain.
Provisions are measured at the estimated expenditure required to settle the
present obligation, based on the most reliable evidence available at the
reporting date, including the risks and uncertainties associated with the
present obligation. Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole. Provisions are discounted to
their present values, where the time value of money is material. Any
reimbursement that the Company is virtually certain to collect from a third
party with respect to the obligation is recognised as a separate asset.
However, this asset may not exceed the amount of the related provision. No
liability is recognised if an outflow of economic resources as a result of
present obligations is not probable. Such situations are disclosed as
contingent liabilities unless the outflow of resources is remote.
3. Significant management judgement in applying accounting policies and
estimation uncertainty
When preparing the Company's financial statements, management makes a number of
judgements, estimates and assumptions about the recognition and measurement of
assets, liabilities, revenue and expenses.
The following are the judgements made by management in applying the accounting
policies of the Company that have the most significant effect on these
financial statements.
a. Recognition of contract revenue over time or at a point in time
For some of the Company's contracts with customers significant judgement is
required to assess whether control of the related performance obligation(s)
transfers to the customer over time or at a point in time in accordance with
IFRS 15.
b. Useful lives and residual values of depreciable assets
Management reviews its estimate of the useful lives and residual values of
depreciable assets at each reporting date, based on the expected utility of the
assets. Uncertainties in these estimates relate to technological obsolescence
that may change the utility of certain software and IT equipment and
environmental regulations that can make polluting assets to be depreciated more
quickly.
4. Earnings per share and dividends
Earnings per share, both the basic and diluted earnings per share, have been
calculated using the profit attributable to shareholders of the Company as the
numerator, ie no adjustments to profit were necessary. The reconciliation of
the weighted average number of shares for the purposes of diluted earnings per
share to the weighted average number of ordinary shares used in the calculation
of basic earnings per share is as follows:
2022
Weighted average number of shares used in basic 58,991,589
earnings per share
Weighted average number of shares used in diluted 61,560.166
earnings per share
5. Share capital
The share capital of the Company comprises 112,500,000 ordinary shares with par
value GBP0.0001. An additional 15,027,500 ordinary shares with par value
GBP0.0001 are authorised but unissued. The Company has issued warrants over
4,972,500 ordinary shares with par value GBP0.0001.
6. Commitments under operating leases
The Group rents an office under an operating lease which has a 1 month notice
period.
7. Related party transactions
Key management of the Company are the executive and non-executive directors.
Key management personnel remuneration includes the following expenses:
2022
USD
Short-term employee benefits 31,755
Director fees 5,245
Salaries including bonuses 70,342
Social security costs 4,399
Total remuneration 111,741
8. Approval of Interim Report
This Interim Report was approved by the board of directors and authorised for
issue on 12 December 2022.
END
(END) Dow Jones Newswires
December 16, 2022 05:07 ET (10:07 GMT)
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