TIDMVOX
RNS Number : 0790O
Vox Valor Capital Limited
29 September 2023
29 September 2023
Vox Valor Capital Limited
("Vox Valor" or the "Company")
Interim Results for the six months ended 30 June 2023
Vox Valor (LSE: VOX) , is pleased to announce its unaudited
interim financial statements for the six months ended 30 June
2023.
For additional information please contact:
Konstantin Khomyakov
Tel: +1 (345) 949-4544
Email: ir@voxvalor.com
Novum Securities Limited
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
About Vox Valor Capital Limited
Vox Valor Capital Limited is the holding company for Vox Capital
Limited and its subsidiary companies (together the "Vox Group").
The Vox Group has a focus on making acquisitions of majority stakes
in the marketing technology, digital content, mobile games/apps and
digital marketing sector. Digital marketing technology and services
and digital content/mobile games are large and fast-growing
industries. The Vox Group's management team has a successful track
record of operating, financing, and exiting businesses in this
sector and has a network in this sector which generates a steady
flow of leads and introductions to potential acquisition
candidates. The Vox Group will target the acquisition of privately
held businesses that can benefit from the access to liquidity and
international scaling expertise that the Vox Group and its
management team can provide.
Interim Management Report
Vox Valor Capital Limited ("Vox Valor" or the "Company") is
pleased to announce that its interim financial statements for the
period ended 30 June 2023 have been published and are available on
its website at www.voxvalor.com/investors .
We are very pleased to report a strong increase in revenues and
the group achieving a modest operating profit. For the current
financial year, we are looking forward to growing Vox Valor both
organically and through potential acquisitions.
Summary of Trading Results
The main management focus in the reporting period was on
improving the financial performance.
For the financial period ended 30 June 2023, Vox Valor reported
revenue of USD 1.8 million (versus USD 3.4m in the previous
comparable period). The main reason for the revenue decrease is
that 2022 numbers included revenue from Mobile Marketing LLC, the
Russian subsidiary which was sold on 2 August 2022.
Revenue was principally generated in Mobio Global UK with sales
of USD 1.767k compared to USD 606k in the first half of 2022.
Russian revenue reduced to zero in 2023 having been the most
significant revenue in 2022 at USD 2.6m.
Operating expenses decreased at a faster pace to USD 1.789
million for the 6 month period ended 30 June 2023 from USD 3.9
million in the previous period representing the efforts of
management to become operationally profitable.
Gross margin for the first half of 2023 was USD 639k (36%)
compared to 56k (2%) in the first half of 2022).
Vox Valor achieved an operational profit of USD 13k (versus USD
542k loss in the previous period).
Total comprehensive income for the 6 month period ended 30 June
2023 was a profit of USD 179k (versus a loss of USD 2.6m in the
previous comparable period).
Corporate Update
On 2 November 2022, the Company announced the opening of Mobio's
US offices and the Company has focused on growing its client base
in the United Kingdom, the United States and Europe to offset the
revenue loss that resulted from the sale of Mobile Marketing LLC on
2 August 2022.
Mobio is making steady progress in gaining new clients for Mobio
Global Limited (UK). Mobio Singapore Pte Ltd (Singapore) and Mobio
Inc (US) and these efforts are continuing through the remainder of
the current financial year.
As announced with the publication of the 2022 financial
statements, the Company had signed two non-binding and conditional
term sheets for the acquisition of two mobile game and app
businesses. The term sheets were subject to further due diligence,
board approvals, final legal documentation and in one case subject
to financing. The Company is no longer in discussions with either
party.
The Company is continuing its search for suitable complimentary
mobile game or app (content) businesses as well as complimentary
advertising tech and marketing tech businesses, in order to execute
on its strategy of creating a synergetic mobile content and ad tech
/ marketing powerhouse. Further announcements on potential merger
and acquisition transactions will be made as and when term sheets
or legal binding agreements have been entered into.
Outlook
Looking forward to the current global situation, the rising
interest rates and inflation rates tends to have an adverse impact
on the price of services provided.
The Board remains cautiously optimistic and continues to
evaluate opportunities for generating value for shareholders.
Going Concern
The day to day working capital requirements and investment
objectives is met by existing cash resources and the issue of
equity. At 30 June 2023 the Group had cash balance of USD 80k (911K
USD as of 31 December 2022). The Group's forecasts and projections,
taking into account reasonably possible changes in the level of
overhead costs, show that the company should be able to operate
within its available cash resources. The directors have, at the
time of approving the interim financial statements, a reasonable
expectation that the Group has adequate resources to continue in
existence for the foreseeable future. They therefore continue to
adopt the going concern basis of accounting in preparing the
financial statements.
Interim Financial Information
The half-yearly financial report has not been audited or
reviewed by auditors pursuant to the Financial Reporting Council
guidance on Review of Interim Financial Information.
Post-Period Events
No significant events occurred after reporting date.
Principal Risks and Uncertainties
Taking considered risk is the essence of all business and
investment activity, in relation to risk the Company's main
objective is to minimise the chance of a material adverse outcome
arising from causes which could reasonably have been foreseen, this
includes both 'upside' (opportunity) and 'downside' (threat)
risks.
The principal risks that are specific to the Group are
summarised below. In the opinion of the Directors, these risks
remain unchanged from those detailed in the Company's annual report
for the year ended 31 December 2022 which was approved by the Board
of Directors on 28 April 2023.
Unaudited condensed consolidated statement of profit or loss and
other comprehensive income
for the six month period ended 30 June 2023
Notes 30 June 2023 30 June
2022
------ ------------- ------------
Operating income and expenses
Sales revenue 1 1,802,566 3,424,568
Total income 1,802,566 3,424,568
------------- ------------
Operating expenses 2 (1,164,003) (3,368,605)
Administrative expenses 4 (418,805) (275,874)
Contractors fees (123,898) (186,168)
Professional services (27,616) (30,137)
Legal and consulting fees (20,003) (26,828)
London Stock Exchange fee (10,667) -
Right-of-use assets expense (9,871) (23,148)
Depreciation of tangible/intangible
assets (8,714) (18,833)
Audit and accountancy fees (5,953) (37,252)
Total operating costs (1,789,530) (3,966,845)
------------- ------------
OPERATING PROFIT / (LOSS) 13,036 (542,277)
------------- ------------
Non-operational income and expenses
Non-operating income 6 6,215 1,381
Non-operating expenses 6 (6,460) (219,316)
RTO Expenses - (491,596)
------------- ------------
NET NON-OPERATING RESULT (245) (709,531)
------------- ------------
Financial income and expenses
Interest income / (expenses) 7 (251,292) (377,711)
Financial income / (expenses) 5 113,684 (237,609)
NET FINANCIAL RESULT (137,608) (615,320)
------------- ------------
PROFIT / (LOSS) BEFORE TAX (124,817) (1,867,128)
------------- ------------
Profit tax (19,998) 14,019
Deferred taxes 8 .1 (20,532) 100,553
PROFIT / (LOSS) FOR THE PERIOD (165,347) (1,752,556)
------------- ------------
OTHER COMPREHENSIVE INCOME
Revaluation reserve - 159,473
Transactions with owners (business
restructuring) 9 3,881 (385,479)
Exchange differences on translating
foreign operations - 506,514
Translation difference 340,110 (1,123,900)
------------- ------------
OTHER COMPREHENSIVE INCOME 343,991 (843,392)
============= ============
TOTAL COMPREHENSIVE INCOME / (LOSS)
FOR THE PERIOD 178,644 (2,595,948)
------------- ------------
Basic and diluted loss per share 10 (0,01) (0,08)
============= ============
Unaudited condensed consolidated statement of financial position
as at 30 June 2023
Notes 30 June 2023 31 December
2022
------ ------------- ------------
ASSETS
Non-current assets
Investments 14 10,602,402 10,156,381
Right-of-use assets 13 59,183 66,156
Deferred tax assets 37,097 58,162
Tangible fixed assets 11 2,664 3,391
Intangible assets 12 5,435 7,038
Total non-current assets 10,706,781 10,291,128
------------- ------------
Current assets
Trade and other receivables 15 1,350,100 2,930,095
Other short-term assets - 3,516
Cash at bank 16 79,965 911,686
Total current assets 1,430,065 3,845,297
------------- ------------
TOTAL ASSETS 12,136,846 14,136,425
------------- ------------
EQUITY AND LIABILITIES
EQUITY
Share Capital 194,426 194,426
Share premium 13,660,572 13,660,572
Share based payments 1,926,720 1,926,720
Revaluation reserve 854,196 854,196
Retained earnings (7,106,088) (6,944,622)
Translation difference (533,243) (873,353)
------------- ------------
TOTAL EQUITY 8,996,583 8,817,939
------------- ------------
LIABILITIES
Non-current liabilities
Loans (long term) 18 2,408,539 2,055,712
Other long-term liabilities 19 44,428 53,722
------------- ------------
Total non-current liabilities 2,452,967 2,109,434
------------- ------------
Current liabilities
Trade and other payables 17 400,542 2,905,091
Loans (short term) 18 41,943 81,608
Accrued expenses 20,033 34,235
Current tax liabilities 38,253 17,823
19,
Other short-term liabilities 20 186,525 170,295
------------- ------------
Total current liabilities 687,296 3,209,052
------------- ------------
TOTAL LIABILITIES 3,140,263 5,318,486
------------- ------------
TOTAL EQUITY AND LIABILITIES 12,136,846 14,136,425
------------- ------------
Unaudited condensed consolidated statement of changes in equity
for the period ended 30 June 2023
Notes Share Share Share Revaluation Convertible Retained Exchange Translation Total
Capital premium based reserve notes earnings differences difference equity
payments reserve on
translating
foreign
operations
------- -------- ----------- ---------- ------------ ------------ ------------ ------------ ------------ ----------
Balance
at 1 January
2023 194,426 13,660,572 1,926,720 854,196 - (6,944,622) - (873,353) 8,817,939
-------- ----------- ---------- ------------ ------------ ------------ ------------ ------------ ----------
Transactions - - - - - - - - -
with owners
Results
from activities - - - - - (165,347) - - (165,347)
Other comprehensive
income - - - - - 3,881 - 340,110 343,991
Balance
at 30 June
2023 194,426 13,660,572 1,926,720 854,196 - (7,106,088) - (533,243) 8,996,583
======== =========== ========== ============ ============ ============ ============ ============ ==========
Notes Share Share Share Revaluation Convertible Retained Exchange Translation Total
Capital premium based reserve notes earnings differences difference equity
payments reserve on
translating
foreign
operations
------- -------- ----------- ---------- ------------ ------------ ------------ ------------ ------------ ------------
Balance 1 2
at 30 September ,9 38
2021 187,128 ,022 - 854,196 393 (2,288,969) (222,601) 203,721 11,671,890
-------- ----------- ---------- ------------ ------------ ------------ ------------ ------------ ------------
Transactions 722 ,
with owners 7,298 550 1,926,720 - - - - - 2 , 656,568
Results
from activities - - - - - (3,145,770) - - (3,145,770)
(1, 077
Other comprehensive , 074
income - - - - (393) (1,509,883) 222,601 ) (2,364,749)
Balance
at 31 December
2022 194,426 13,660,572 1,926,720 854,196 - (6,944,622) - (873,353) 8,817,939
======== =========== ========== ============ ============ ============ ============ ============ ============
Unaudited condensed consolidated statement of cash flows for the
period ended 30 June 2023
Notes 30 June 2023 31 December
2022
------- ------------- ------------
OPERATING ACTIVITIES
Profit / (loss) before taxation (124,817) (3,195,590)
Adjustments for
Depreciation of tangible/intangible
fixed assets 8,714 23,664
Depreciation of right-of-use assets 9,871 38,290
Interest not paid (received) 56,683 51,562
Inventories - 33
Trade and other receivables 1,579,995 (1,186,224)
Trade and other payables (2,504,549) 940,044
Other assets 3,516 132,660
Other liabilities 17,973 (24,284)
Accrued expenses (14,202) 23,579
Non-operating expenses 3,881 3,148,046
Cash generated from operations (962,935) (48,220)
------------- ------------
Taxes reclaimed (paid) - -
------------- ------------
Total cash flow from operating
activities (962,935) (48,220)
------------- ------------
INVESTMENT ACTIVITIES
Purchase /disposal of property,
plant and equipment - (3,391)
Purchase /disposal of other intangible
assets (5,963) (15,276)
Acquisition of subsidiaries, net
of cash acquired - (291,747)
Total cash flow from investment
activities (5,963) (310,414)
------------- ------------
FINANCING ACTIVITIES
Loans given / received 290,000 625,000
Financial obligations (right-of-use) (10,034) (71,103)
Interest paid (right-of-use) (1,003) (5,032)
Total cash flow from financing
activities 278,963 548,865
------------- ------------
NET CASH FLOW (689,935) 190,231
------------- ------------
Exchange differences and translation
differences on funds (141,786) (34,704)
------------- ------------
MOVEMENTS IN CASH FUND (831,721) 155,527
------------- ------------
Balance as of beginning of the period 911,686 756,159
Movement for the period (831,721) 155,527
------------- ------------
Balance as of the end 79,965 911,686
------------- ------------
Notes to the unaudited condensed consolidated financial
statements, comprising significant accounting policies and other
explanatory information for the six month period ended 30 June
GENERAL INFORMATION
Vox Valor Capital LTD (the "Company")
Vox Valor Capital LTD (former Vertu Capital Limited) was
incorporated in the Cayman Islands on 12 September 2014 as an
exempted company with limited liability under the Companies Law.
The Company's registered office is Forbes Hare Trust Company
Limited, Cassia Court, Camana Bay, Suite 716, 10 Market Street,
Grand Cayman KY1-9006, Cayman Islands, registration number
291725.
The Group comprises from the parent company Vox Valor Capital
LTD and the following subsidiaries:
-- Vox Capital Ltd United Kingdom 100% ownership by Vox Valor
Capital LTD
-- Vox Valor Capital Pte Limited Singapore 100% ownership by Vox
Capital Ltd
-- Initium HK Limited Hong Kong 100% ownership by Vox Capital
Ltd
-- Mobio Global Limited United Kingdom 100% ownership by Vox
Capital Ltd
-- Mobio (Singapore) Pte Ltd Singapore 100% ownership by Mobio
Global Limited
-- Mobio Global Inc . USA 100% ownership by Mobio Global
Limited
The principal activity of the Group is businesses in the digital
marketing, advertising and content sector. The Group focuses on
App, Mobile, Performance and has been providing the services for
the promotion of mobile apps and games.
The Company is controlled by Vox Valor Holding LTD (UK).
Final beneficiaries of the Group are Pieter van der Pijl,
Stefans Keiss, and Sergey Konovalov.
Management (Directors)
-- John G Booth (Chairman and Non-Executive Director)
-- Rumit Shah (Non-Executive Director)
-- Konstantin Khomyakov (Finance Director)
Going concern
At the time of approving the financial statements, the
Management has a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Thus, the Management continues to adopt the going concern
basis of accounting in preparing the financial statements.
ACCOUNTING POLICIES
The Consolidated Interim Financial Statements have been prepared
in accordance with UK-adopted International Accounting Standards
("IFRS") and interpretations issued by the International Accounting
Standards Board ("IASB") and interpretations issued by the
International Financial Reporting Standards Interpretations
Committee ("IFRIC").
The presentation al currency of the Group is US dollars
(USD).
The notes are an integral part of the financial statements.
Reporting period
These financial statements represent the financial reporting
period of the Group for the 6 month period ended 30 June 2023.
General
An asset is disclosed in the statement of financial position
when it is probable that the expected future economic benefits
attributable to the asset will flow to the entity and the cost of
the asset can be reliably measured. A liability is disclosed in the
statement of financial position when it is expected to result in an
outflow from the entity of resources embodying economic benefits
and the amount of the obligations can be measured with sufficient
reliability.
If a transaction results in transfer of future economic benefits
and/or when all risks associated with assets or liabilities have
been transferred to a third party, the asset or liability is no
longer included in the statement of financial position. Assets and
liabilities are not included in the statement of financial position
if economic benefits are not probable or cannot be measured with
sufficient reliability.
The income and expenses are accounted for during the period to
which they relate. Revenue is recognized when control over service
is transferred to a customer.
The Management is required to form an opinion and make estimates
and assumptions for assets, liabilities, income, and expenses. The
actual result may differ from these estimates. The estimates and
the underlying assumptions are constantly assessed. Revisions are
recognised during a corresponding revision period as well as any
future periods affected by the revision. The nature of these
estimates and judgements, including related assumptions, is
disclosed in the notes to corresponding items in the financial
statement.
Basis of consolidation
The Consolidated Financial Statements incorporate the financial
information of Vox Capital Ltd and all its subsidiary undertakings.
Subsidiary undertakings include entities over which the Group has
effective control. The Company controls a group when it is exposed
to, or has right to, variable returns from its involvement with the
Group and has the ability to affect those returns through its power
over the Group. In assessing control, the Group takes into
consideration potential voting rights.
-- The Company acquired Vox Valor Capital LTD on 30 September (holding company)
-- The Company acquired Vertu Capital Holding Ltd on 30 September (holding company)
-- The Company acquired Vox Valor Capital Singapore Pte Limited
on 8 October 2020 (holding company)
-- The Company acquired Initium HK Limited on 14 December 2020 (holding company)
-- The Company acquired Mobio (Singapore) PTE LTD on 14 October 2020.
-- The Company acquired Mobio Global Inc. on 27 April 2022
Principles for foreign currency translation
The financial statements of the Group are presented in US
dollars, which is the Group's presentation currency.
Receivables, liabilities, and obligations denominated in any
currency other than USD are translated at the exchange rates
prevailing as of the reporting date.
Transactions in any currency other than USD during the financial
year are recognized in the financial statements at the average
annual exchange rate. The exchange differences resulting from the
translation as of the reporting date, taking into account possible
hedging transactions, are recorded in the consolidated statement of
profit or loss and other comprehensive income.
The nominal value of the share capital and other share
components of the subsidiaries are denominated in Singapore dollars
(SGD) and in the pounds of sterling (GBP) and translated into USD
using historical exchange rate; the exchange differences resulting
from this translation are recorded in the Exchange differences on
translating foreign operations in the statement of financial
position.
Cross-rates USD/RUB are taken from the Central bank of the
Russian Federation official site Official exchange rates on
selected date | Bank of Russia (cbr.ru) . Cross-rates GBP/USD,
USD/SGD and average rate GBP/USD are taken from
https://www.exchangerates.org.uk/ and closing rate GBP/USD is taken
from the site Currency Exchange Rates - International Money
Transfer | Xe .com.
GBP/USD 30 . 06 3 1 . 12
.202 3 .202 2
-------------- -------- ---------
Closing rate 1. 2681 1. 2101
Average rate 1. 2337 1. 2369
Revenue
The Group's revenue comprises primary income from the provision
of mobile marketing services in 2023 and 2022. Revenue is
recognized when the related services are delivered based on the
specific terms of the contract. The Group uses a number of
different information technology ("IT") systems to track certain
actions as specified in customer contracts. The calculation of
charges for mobile marketing services is carried out automatically
by the technology platform based on pre-defined key parameters,
including unit price and volume. These IT systems are complex and
process large volumes of data.
Records of mobile marketing services charges are generated in an
aggregated amount for each category and are manually entered into
the accounting system on a monthly basis.
Revenue recognition
Revenue is measured based on specific contract terms and
excludes amounts collected on behalf of any third parties. Revenue
is recognized when control over service is transferred to a
customer.
The following is a description of principal activities from
which the Group generates its revenue.
Cost of sales (operating expenses)
Cost of sales represents the direct expenses that are
attributable to the services delivered. They consist primarily of
payments to platforms and publishers under the terms of the revenue
agreements. The cost of sales can include commissions where
applicable.
Financial instruments
The Group classifies financial instruments, or their component
parts, on initial recognition as a financial asset, a financial
liability, or an equity instrument in accordance with the terms of
the contractual arrangement. Financial instruments are recognised
on trade date when the Group becomes a party to the contractual
provisions of the instrument. Financial instruments are recognised
initially at fair value plus, in the case of a financial instrument
not at fair value through profit and loss, transaction costs that
are directly attributable to the acquisition or issue of the
financial instrument. Financial instruments are derecognised on the
trade date when the Group is no longer a party to the contractual
provisions of the instrument.
Trade and other receivables and trade and other payables
Trade and other receivables are recognised initially at
transaction price less attributable transaction costs. Trade and
other payables are recognised initially at transaction price plus
attributable transaction costs. Subsequent to initial recognition
they are measured at amortised cost using the effective interest
method, less any expected credit losses in the case of trade
receivables. If the arrangement constitutes a financing
transaction, for example if payment is deferred beyond normal
business terms, then it is measured at the present value of future
payments discounted at a market rate of interest for a similar debt
instrument.
Other financial commitments
Financial commitments that are not held for trading purpose are
carried at amortised cost using the effective interest rate
method.
Other purchased intangibles assessment
The Group annually reviews the recoverability of all long-term
assets, whenever events or changes in circumstances indicate that
the carrying amount of an asset might not be recoverable. The Group
determines whether there has been an impairment by comparing the
anticipated undiscounted future net cash flows to the related
asset's carrying value. If an asset is considered impaired, the
asset is written down to fair value which is either determined
based on discounted cash flows or appraised values, depending on
the nature of the asset.
Intangible fixed assets
Concessions, Intellectual Property and Licenses are stated at
cost less accumulated amortisation.
Amortisation is recognized in the income statements on a
straight-line over the estimated useful life as follows:
-- Trademarks - 10 years.
-- Licenses - validity period.
-- Programs - 5 years.
Tangible fixed assets
Tangible fixed assets are stated at their historical cost less
accumulated depreciation. Depreciation is recognized in the income
statement in a straight-line basis over the estimated useful lives
of each item of tangible fixed assets. The minimum cost to
recognize an objects as a fixed asset is 3,000 USD. The annual
depreciation rates applied are:
-- Technical and office equipment, computers - 3 years.
Leases
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for:
-- Leases of low value assets; and
-- Leases with a duration of twelve months or less.
Lease liabilities are measured at the present value of
contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the rate inherent in
the lease unless (as is typically the case) this is not readily
determinable, in which case the Group's incremental borrowing rate
placed at the official site of the Bank of England.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and
lease liabilities for short-term leases that have a lease term of
12 months or less and low-value assets, including IT equipment. The
Group would recognise the lease payments associated with these
leases as an expense on a straight-line basis over the lease
term.
Receivables
Upon initial recognition the receivables are included at fair
value and then valued at amortised cost. The fair value and
amortised cost equal the face value. Any provision for doubtful
accounts deemed necessary is deducted. These provisions are
determined by individual assessment of the receivables. All
receivables are due within one year.
Cash
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only on the
cash flow statement.
The cash flow statement from operating activities is reported
using the indirect method.
Provisions
These are recognised when the Group has a present legal or
constructive obligation as a result of past events, when it is
probable that an outflow of resources will be required to settle
the obligation, and the amount can be reliably estimated.
Provisions are measured at the present value of the expenditure
expected to be required to settle the obligation, using a pre-tax
rate that reflects current market assessments of the time value of
money and the risks specific to the obligation. The increase in the
provision due to the passage of time is recognised as a finance
cost.
Deferred taxes
A deferred tax liability / asset is recognized for any
differences in commercial and fiscal valuation of the Group's
assets and liabilities.
Taxation
Current tax is the tax currently payable based on the taxable
profit for the year.
The Group recognises current tax assets and liabilities of
entities in different jurisdictions separately as there is no legal
right of offset. Deferred tax is provided in full on temporary
differences between the carrying amounts of assets and liabilities
and their tax bases, except when, at the initial recognition of the
asset or liability, there is no effect on accounting or taxable
profit or loss under a business combination. Deferred tax is
determined using tax rates and laws that have been substantially
enacted by the statement of financial position date, and that are
expected to apply when the temporary difference reverses.
Tax losses available to be carried forward, and other tax
credits to the Group, are recognised as deferred tax assets, to the
extent that it is probable that there will be future taxable
profits against which the temporary differences can be utilised.
Changes in deferred tax assets or liabilities are recognised as a
component of the tax expense in the statement of comprehensive
income, except where they relate to items that are charged or
credited directly to equity, in which case the related deferred tax
is also charged or credited directly to equity.
Financial income and expenses
Financing income includes forex exchange and financial expenses
include bank fee.
ACCOUNTS BREAKDOWN AND NOTES
1. Revenue
Revenue arises from:
Country H1 2023 H1 2022
-------------------- ---------- ----------
UK 1,767,609 605,835
Singapore 30,757 255,542
USA 4,200 -
Russian Federation - 2,563,191
---------- ----------
Total 1,802,566 3,424,568
---------- ----------
Revenue is segmented by the country where it was received.
2. Operating expenses
Country H1 2023 H1 2022
-------------------- ---------- ----------
UK 1,095,037 1,575,443
Singapore 48,823 47,741
USA 20,143 -
Russian Federation - 1,745,421
--------------------- ---------- ----------
Total 1,164,003 3,368,605
---------- ----------
Expenses H1 2023 H1 2022
----------------------------------- ---------- ----------
Platforms and publishers'
fees 775,380 2,747,301
Premium receivable from platforms - (68,939)
Contractor fees 388,623 262,498
Wages & Salaries - 256,038
Social taxes - 42,667
Other - 129,040
------------------------------------ ---------- ----------
Total 1,164,003 3,368,605
---------- ----------
Operating expenses include the cost of the services of third
parties for the placement of advertising and information materials
of the Group's clients and the salaries expenses and social
contributions of employees.
3. Operating segments
The operating segments identifies based on internal reporting
for decision-making. The Group is operated as one business with key
decisions irrespective of the geography where work for clients is
carried out. The Management (chief operating decision maker)
considers that the Group has one operating segment. Therefore, no
additional disclosure has been represented.
Geographical disclosures are presented in the notes 1,2.
4. Administrative expenses
H1 2023 H1 2022
-------- --------
Wages & Salaries 32,188 91,103
Wages & Salaries - (top management) 214,504 44,902
Social taxes 3,116 10,519
Social taxes - (top management) 21,421 3,096
Audit and Accountancy fees 64,376 3,347
Voluntary medical insurance of employees 26,542 -
Advertising & Marketing 18,177 -
IT services and license fees 17,393 31,241
Business travel expenses 11,689 1,922
Office expenses 3,631 56,416
Staff education and training - 10,802
Other administrative expenses 5,768 22,526
Total 418,805 275,874
-------- --------
Staff details (administrative and operating)
Number of staff H1 2023 H1 2022
-------- --------
UK 2 2
including Director 2 2
Russian Federation - 34
including Director - 1
Singapore - -
USA 4 -
including Director 1 -
-------- --------
Total 6 36
-------- --------
Staff cost (operating and H1 2023 H1 2022
administrative)
-------- --------
Wages & Salaries 32,188 347,141
Wages & Salaries - (top management) 214,504 44,902
Social taxes 3,116 53,186
Social taxes - (top management) 21,421 3,096
-------- --------
Total 271,229 448,325
-------- --------
Remuneration paid to key management personnel :
Director's
fees
Holding Subsidiary Total
company companies
--------- ----------- --------
Directors remuneration H1
2023 95,612 118,892 214,504
Directors remuneration H1
2022 - 44,902 44,902
5. Finance income and financial expenses
H1 2023 H1 2022
-------- --------
Finance income
FX differences 117 052 -
Total 117 052 -
-------- --------
Finance expenses
FX differences - 200,885
Bank fee 3,368 36,724
-------- --------
Total 3,368 237,609
-------- --------
6. Non-operating income and expenses
H1 2023 H1 2022
-------- --------
Non-operating income
Other non-operating income 6,215 1,381
Total 6,215 1,381
-------- --------
Non-operating expenses
Provision for bad debts - 211,274
Other non-operating expenses 6,460 8,042
-------- --------
Total 6,460 219,316
-------- --------
7. Interest income and expenses
H1 2023 H1 2022
-------- --------
Interest income
Interest on the bank account - 131
Influence LLC, loan agreement 4 dd
19.08.2020 - 108
Interest income total - 239
-------- --------
Interest expenses H1 2023 H1 2022
-------- --------
TDFD loan interest 234,412 232,873
Loan Note Interest Expense - 141,663
AdTech loan 14,373 -
Mobile Marketing LLC 1,504 -
Rent interest 1,003 3,414
-------- --------
Total 251,292 377,950
-------- --------
8. Taxation
H1 2023 H1 2022
-------- -----------
Profit tax
UK corporation tax (19%) 15,504 (13,215)
Russian corporation tax (20%) - (804)
Singapore corporation tax (17%) 4,494 -
USA corporation tax (21%) - -
-------- -----------
Total current tax 19,998 (14,019)
Deferred tax UK 81,505 ( 14,525)
Deferred tax Russia (868) ( 86,740 )
Deferred tax Singapore (60,105) 922
Deferred tax USA - (210)
-------- -----------
Deferred tax in Profit and Loss report 20,532 ( 100,553 )
Taxation on profit on ordinary activities 40,530 (114,572)
======== ===========
Deferred tax in Statement of financial
position
- opening balance 58,162 42,174
Deferred tax in Statement of Profit
and Loss during reporting period (20,532) 100,553
Translation difference (533) 46,704
Deferred tax in Statement of financial
position
- closing balance 37,097 189,431
-------- -----------
Net deferred tax assets recognized as of 30 June 2023 was not
impaired.
8.1. Deferred taxes
As of 1 Movements during As of 30
January 202 reporting period June 2023
3
------------- ------------------------- -----------
Deferred Charge Translation Deferred
tax BS to profit difference tax BS
or loss
------------- ----------- ------------ -----------
Right-of-use assets 940 (303) 36 673
Property , plant and
equipment - 164 5 169
Intangible assets (1,338) 359 (53) (1,032)
Trade receivables (payables) (28,136) (15,066) (1,815) (45,017)
Provisions 1,139 - - 1,139
Losses of previous years 85,557 (5,686) 1,294 81,165
------------- ----------- ------------ -----------
Total 58,162 (20,532) (533) 37,097
------------- ----------- ------------ -----------
9. Transactions with owners (business restructuring)
On 23 February 2023, Vertu Capital Holding Ltd. (UK) was
liquidated by Vox Valor Capital Limited. The financial effect
recognized in the financial statements amounted to a USD 3,881
expense / cost.
10. Earnings per share
Basic (losses)/earnings per share is calculated by dividing the
profit/(loss) attributable to equity shareholders by the weighted
average number of shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. As at 31
December 2022 the Group has outstanding Warrants issued to the NED
Directors (Non-executive directors) and Stonedale Management and
Investments Limited Ltd (Stonedale), which when exercised will
convert into Ordinary Shares. Total number of Warrants in issue is
45,833,333.
30 June 2023 31 December
2022
-------------- --------------
Loss for the period after tax for
the purposes of basic and diluted
earnings per share (165,347) (3,145,770)
Number of ordinary shares 2,368,395,171 2,368,395,171
Weighted average number of ordinary
shares in issue for the purposes
of basic earnings per share 2,368,395,171 2,195,443,485
-------------- --------------
Loss per share ( cent) (0,01) (0,14)
-------------- --------------
During a period where the Group or Company makes a loss,
accounting standards require that 'dilutive' shares for the Group
be excluded in the earnings per share calculation, because they
will reduce the reported loss per share; consequently, all
per-share measures in the current period are based on the weighted
number of ordinary shares in issue.
11. Tangible fixed assets
Fixed assets movement as of June 30, 2023
Computers, Total
Cost phones
----------- ------
As of beginning of the period 3,391 3,391
Translation difference 162 162
As of period end 3,553 3,553
----------- ------
Depreciation
----------- ------
As of beginning of the period - -
Depreciation charge (865) (865)
Translation difference (23) (23)
As of period end (889) (889)
----------- ------
Net book value
----------- ------
As of beginning of the period 3,391 3,391
----------- ------
As of period end 2,664 2,664
----------- ------
Tangible fixed assets are amortized over 3 years. Depreciation
expenses are included in profit and loss under the
<<Depreciation of tangible / intangible assets>>.
12. Intangible assets
Intangible assets movement as of 30 June 2023:
Cost Licenses Total
--------- --------
As of period beginning 14,944 14,944
--------- --------
Additions 5,962 5,962
Disposals (6,170) (6,170)
Translation difference 711 711
As of period end 15,447 15,447
--------- --------
Depreciation
--------- --------
As of period beginning (7,906) (7,906)
--------- --------
Depreciation charge (7,849) (7,849)
Disposals 6,170 6,170
Translation difference (427) (427)
--------- --------
As of period end 10,012) 10,012)
--------- --------
Net book value
As of period beginning 7,038 7,038
--------- --------
As of period end 5,435 5,435
--------- --------
Amortization is recognized in the income statements using the
straight-line method over the estimated useful life :
-- Licenses - validity period.
13. Right-of-use assets
Right-of-use assets movement as of 30 June 2023:
Cost Leased server Total
-------------- ---------
As of period beginning 77 , 451 77 , 451
-------------- ---------
Translation difference 3,714 3,714
As of period end 81,165 81,165
-------------- ---------
Depreciation
-------------- ---------
As of period beginning (11,295) (11,295)
-------------- ---------
Depreciation charge (9 871) (9 871)
Translation difference (816) (816)
As of period end (21,982) (21,982)
-------------- ---------
Net book value
-------------- ---------
As of period beginning 66,156 66,156
-------------- ---------
As of period end 59,183 59,183
-------------- ---------
Lease liabilities in respect of right-of-use assets:
Leased server Total
-------------- -------
As of 3 0 June 2023 62,724 62,724
including:
long-term 44,428 44,428
short-term 18,296 18,296
Interest expense recognized: Leased server Total
-------------- -------
As of 30 June 2023 1,003 1,033
The discount rate 2022 used in determining the present value of
the lease liability was determined based on the borrowing rates
placed at Bank of England official site (
https://www.bankofengland.co.uk/statistics/effective-interest-rates
) and consisted as follows:
- Server lease right: 3.11% .
14. Investments in subsidiaries
Subsidiary undertakings Country of incorporation
30 June 2023 31 December
2022
------------- ------------
Vertu Capital Holding
Ltd. United Kingdom - 100%
Vox Capital Ltd United Kingdom 100% 100%
Mobio Global Ltd United Kingdom 100% 100%
Vox Valor Capital
Pte Ltd Singapore 100% 100%
Initium HK Ltd Hong Kong 100% 100%
Vox Valor Capital Pte. Limited and Initium HK Limited are
companies holding investments in stock.
On 23 February 2023, Vertu Capital Holding Ltd. (UK) was
liquidated by Vox Valor Capital Limited.
Mobio Global Limited was created as an acquisition purposes
vehicle. As of 30 June 2023 the Mobio Group consists of:
Subsidiary undertakings Country of incorporation
30 June 2023 31 December
2022
------------- ------------
Mobio (Singapore)
PTE LTD Singapore 100% 100%
Mobio Global Inc. USA 100% 100%
Investments at fair value
Investments at fair value 30 June 2023 31 December
2022
--------------------------- ------------- ------------
Airnow PLC shares 10,602,402 10,156,281
Total 10,602,402 10,156,281
------------- ------------
The shares in Airnow PLC are directly held by Vox Valor Capital
Singapore Pte Limited.
15. Trade and other receivables
30 June 2023 31 December
2022
------------- ------------
Trade receivables 1,170,365 2,924,351
Provision for bad debts (6,702) (6,702)
Prepayments 186,437 12,446
------------- ------------
Total 1,350,100 2,930,095
------------- ------------
All of the trade receivables were non-interest bearing and
receivable under normal commercial terms. The Directors consider
that the carrying value of trade and other receivables approximates
to their fair value. The ageing of trade receivables is detailed
below:
As of 30 June 2023
< 60 days < 90 < 180 > 180 Total
days days days
---------- ------ ------ -------- ----------
Trade receivables 1,163,663 - - 6,702 1 170 365
Provision for bad
debts - - - (6,702) (6 702)
---------- ------ ------ -------- ----------
Total 1,163,663 - - - 1,163,663
---------- ------ ------ -------- ----------
As of 31 December 2022
< 60 days < 90 < 180 > 180 Total
days days days
---------- ------ ------ -------- ----------
Trade receivables 2,917,649 - - 6,702 2,924,351
Provision for bad
debts - - - (6,702) (6,702)
---------- ------ ------ -------- ----------
Total 2,917,649 - - - 2,917,649
---------- ------ ------ -------- ----------
16. Cash and cash equivalents
30 June 2023 31 December
2022
------------- ------------
Cash at bank and in hand 79,965 911,686
------------- ------------
Total 79,965 911,686
------------- ------------
17. Trade and other payables
30 June 2023 31 December
2022
------------- ------------
Trade payables 392,551 2,891,753
Other taxes and social security costs 496 8,068
Other payables and accruals 7,495 5,270
------------- ------------
Total 400,542 2,905,091
------------- ------------
The fair value of trade and other payables approximates to book
value at each year end. Trade payables are non-interest bearing and
are normally settled monthly.
18. Loans and borrowings
Long-term 30 June 2023 31 December
2022
------------- ------------
Triple Dragon Funding Delta Limited
(TDFD) - principal 1,915,000 1,625,000
AdTech Solutions Limited - principal 385,000 385,000
AdTech Solutions Limited - interest 61,007 -
Mobile Marketing LLC - principal 40,000 40,000
Mobile Marketing LLC - interest 7,532 5,712
Total 2,408,539 2,055,712
------------- ------------
Short-term 30 June 2023 31 December
2022
------------- ------------
Triple Dragon Funding Delta Limited
(TDFD) - interest 41,943 35,038
AdTech Solutions Limited - interest - 46,570
Total 41,943 81,608
------------- ------------
During the period ended 30 June 2023, the Group used a lending
facility from Triple Dragon Funding Delta Limited (TDFD). The TDFD
facility is secured by a floating charge that covers the property
and undertakings of Vox Capital Ltd and Mobio Global Ltd. Interest
is charged on the loan at a rate of 2.25% per calendar month.
On 27 July 2022, the loan agreement between Mobio Global LTD
(borrower) and Mobile Marketing LLC (lender) dated 06.10.2020 was
assigned to Adtech Solutions Limited. Final repayment date is 1
March 2024. Interest is charged on the loan at a rate of 7.5% per
calendar month.
19. Other long-term and lease liabilities
Lease liabilities
30 June 2023 31 December
2022
------------- ------------
Non-current liabilities
Lease liabilities 44,428 53,722
Current liabilities
Lease liabilities 18,296 17,381
------------- ------------
Total 62,724 71,103
------------- ------------
As at the period ended 30 June 2023 the Group leases a server
for the purpose of storing files and documents. The Group does not
lease any premises in London, Singapore and USA.
Interest expense recognized: Leased property Leased server Total
---------------- -------------- ------
As of 30 June 2023 - 1,003 1,033
As of 31 December 202 2 2,999 2,033 5,032
The discount rate 2022 used in determining the present value of
the lease liability was determined based on the borrowing rates
placed at Bank of England official site (
https://www.bankofengland.co.uk/statistics/effective-interest-rates
) and consisted as follows:
- Server lease right: 3.11% .
20. Other short-term liabilities
30 June 2023 31 December
2022
------------- ------------
VAT payable (tax agent) 153,883 152,914
Current lease liabilities 18,296 17,381
Salary liabilities 14,346 -
------------- ------------
Total 186,525 170,295
------------- ------------
21. Financial instruments
The Group's financial instruments may be analysed as
follows:
Financial assets 30 June 2023 31 December
2022
------------- ------------
Financial assets measured at amortised
cost :
Cash at bank and in hand 79,965 911,686
Trade receivables 1,163,663 2,917,649
Other receivables 186,437 12,446
------------- ------------
Total 1,430,065 3,841,781
------------- ------------
Financial liabilities 30 June 2023 31 December
2022
------------- ------------
Financial liabilities measured at
amortised cost :
Trade payables 392,551 2,891,753
Other taxes and social security costs 496 8,068
Lease liabilities 62,724 71,103
------------- ------------
Total 455,771 2,970,924
------------- ------------
The Group's income, expense, gains and losses in respect of
financial assets measured at fair value through profit or loss
realised fair value gains of nil (2022: nil).
22. Financial risk management
The Group is exposed to a variety of financial risks through its
use of financial instruments which result from its operating
activities. All the Group's financial instruments are classified
trade and other receivables. The Group does not actively engage in
the trading of financial assets for speculative purposes. The most
significant financial risks to which the Group is exposed are
described below:
Credit risk
Generally, the Group's maximum exposure to credit risk is
limited to the carrying amount of the financial assets recognised
at the reporting date, as summarised below:
30 June 2023 31 December
2022
------------- ------------
Trade receivables 1,163,663 2,917,649
Prepayments 186,437 12,446
------------- ------------
Total 1,350,100 2,930,095
------------- ------------
Credit risk is the risk of financial risk to the Group if a
counter party to a financial instrument fails to meet its
contractual obligation. The nature of the Group's debtor balances,
the time taken for payment by clients and the associated credit
risk are dependent on the type of engagement.
The Group's trade and other receivables are actively monitored.
The ageing profit of trade receivables is monitored regularly by
Directors. Any debtors over 30 days are reviewed by Directors every
month and explanations sought for any balances that have not been
recovered.
Unbilled revenue is recognised by the Group only when all
conditions for revenue recognition have been met in line with the
Group's accounting policy.
The Directors are of the opinion that there is no material
credit risk at the Group level.
Liquidity risk
Liquidity risk is the situation where the Group may encounter
difficulty in meeting its obligations associated with its financial
liabilities. The Group seeks to manage financial risks to ensure
sufficient liquidity is available to meet any foreseeable needs and
to invest cash assets safely and profitably.
The tables below break down the Group's financial liabilities
into relevant maturity groups based on their contractual
maturities.
The amounts disclosed in the tables below are the contractual
undiscounted cash flows. Balances due within 12 months equal their
carrying balances, because the impact of discounting is not
significant.
Contractual maturities of financial liabilities as of 30 June
2023
Less than 6-12 Between Between Carrying
6 months months 1 and 2 and amount
2 years 5 years
---------- -------- --------- --------- ---------
Trade and other
payables 400,542 - - - 400,542
Corporation tax
payable 38,253 - - - 38,253
Lease liabilities 9,719 8,577 44,428 - 62,724
---------- -------- --------- --------- ---------
Total 448,514 8,577 44,428 - 501,519
---------- -------- --------- --------- ---------
Contractual maturities of financial liabilities as of 31
December 2022
Less than 6-12 Between Between Carrying
6 months months 1 and 2 and amount
2 years 5 years
---------- -------- --------- --------- ----------
Trade and other
payables 2,905,091 - - - 2,905,091
Corporation tax
payable 17,823 - - - 17,823
7 ,
Lease liabilities 9 , 426 955 20 , 298 33 , 424 71 , 103
---------- -------- --------- --------- ----------
7 , 20 , 33 ,
Total 2,932,340 955 298 424 2,994,017
---------- -------- --------- --------- ----------
Interest rate risk
The Group is not exposed to material interest rate risk as its
liabilities are either non-interest bearing or subject to fixed
interest rates.
Foreign currency risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures, primarily
the Russian Ruble . The Group monitors exchange rate movements
closely and ensures adequate funds are maintained in appropriate
currencies to meet known liabilities.
The Group's exposure to foreign currency risk at the end of the
respective reporting period, expressed in Currency Units, was as
follows:
Cash & cash equivalents GBP EUR
-------- -------
30 June 2023 2,623 8,617
31 December 2022 157,104 11,291
-------- -------
The Group is exposed to foreign currency risk on the
relationship between the functional currencies of the Group
companies and the other currencies in which the Group's material
assets and liabilities are denominated. The table below summaries
the effect on profit and loss had the functional currency of the
Group weakened or strengthened against these other currencies, with
all other variables held constant.
30 June 2023 31 December 2022
--------------- -------------------
GBP EUR GBP EUR
------- ------ --------- --------
10% weakening of functional
currency (262) (862) (15,710) (1,129)
------- ------ --------- --------
10% strengthening of functional
currency 262 862 15,710 1,129
------- ------ --------- --------
The impact of a change of 10% has been selected as this has been
considered reasonable given the current level of exchange rates and
the volatility observed both on a historical basis and market
expectations for future movements.
Reputational risks
The Management of the Group believes that at present there are
no facts that could have a significant negative impact on the
decrease in the number of its customers due to a negative
perception of the quality of services provided, adherence to the
terms of rendering services, as well as the participation of the
Group in any price agreement. Accordingly, reputational risks are
assessed by the Group as insignificant.
Fair value of financial instruments
The fair values of all financial assets and liabilities
approximates their carrying value.
Other risks
The industry risk is currently assessed as low, and the volume
of advertising on the Internet is growing. However, it should be
taken into consideration that the industry is affected by changing
legislation on the regulation of the advertising services provision
and compliance with information security of data. Also, the Group
business depends on the availability, performance and reliability
of internet, mobile and other infrastructures (speed, data capacity
and security) that are not under the Group control.
The Group makes every effort to comply with the requirements of
the legislation and to maintenance of a reliability for providing
advertising internet services.
23. Related party disclosures
Parties are generally considered to be related if one party has
the ability to control the other party or can exercise significant
influence in making financial and operational decisions.
The related parties of the Group are:
-- Petrus Cornelis Johannes Van Der Pijl - Director,
international group member (the ultimate beneficiary).
-- Stefans Keiss - international group member (the ultimate beneficiary).
-- S Konovalov - international group member (the ultimate beneficiary).
-- Vox Valor Capital Pte. LTD - international group member.
-- Vox Capital LTD - international group member. The shareholder of the Mobio Global LTD.
-- Vox Valor Capital LTD - international group member.
-- Vox Capital Holding LTD - international group member.
-- Vox Valor Holding LTD - international group member.
The affiliated parties of the Company are:
-- Mobile Marketing LLC - through S. Konovalov.
-- Influence LLC - through S. Konovalov.
-- Adtech solutions limited - through S. Konovalov
-- Triple Dragon Services OÜ - through Petrus Cornelis Johannes Van Der Pijl
-- Triple Dragon Limited - through Petrus Cornelis Johannes Van Der Pijl
-- Triple Dragon Funding Delta Limited - through Petrus Cornelis Johannes Van Der Pijl
23.1. Transactions with related parties
-- Trade and other receivables - related parties (immediate parent company for the Group) :
Creditor Related Description 30 June 31 December
party 2023 2022
------------- -------------- ------------------------- -------- ------------
Vox Capital Mobio Global
Ltd LTD Administrative expenses 21,424 8,591
Total: 24,424 8,591
-- Trade and other payables - related parties (immediate parent company for the Group):
Debtor Related Description 30 June 31 December
party 2023 2022
------------- -------------- ----------------------- ---------- ------------
Vox Capital Mobio Global
Ltd LTD Intercompany payments 2,304,890 2,448,048
Total: 2,304,890 2,448,048
23.2. Transactions with affiliated parties
-- Trade and other receivables - affiliated parties:
Debtor Affiliated Description 30 June 31 December
party 2023 2022
------------------- ------------------- ------------------- -------- ------------
Mobio Global Triple Dragon
LTD Services OÜ Service agreement 406,826 650,586
Mobio Global Adtech Solutions
LTD Limited Service agreement 227,826 185,696
Mobio Global Mobile Marketing
LTD LLC Service agreement 181,901 185,696
Mobio (Singapore) Triple Dragon
Pte LTD Services OÜ Service agreement 44,500 44,500
Total: 860,272 880,782
-- Trade and other payables - affiliated parties:
Creditor Affiliated Description 30 June 31 December
party 2023 2022
------------------- ------------------- --------------------- -------- ------------
Mobio Global Triple Dragon
LTD Services OÜ Service agreement 9,350 145,623
Mobio (Singapore) Triple Dragon
Pte LTD Services OÜ Service agreement - 125,094
Mobio Global Mobile Marketing
LTD LLC Audit fees charging 39,623 37,168
Mobio (Singapore) Mobile Marketing
Pte LTD LL Audit fees charging 15,299 15,924
Total: 64,272 323,809
-- Loans - affiliated parties:
Creditor Affiliated Description 30 June 31 December
party 2023 2022
-------------- ------------------ ---------------- ---------- ------------
Triple Dragon
Vox Capital Funding Delta Loan agreement
Ltd Limited - principal 1,915,000 1,625,000
Triple Dragon
Vox Capital Funding Delta Loan agreement
Ltd Limited - interest 41,943 35,038
Mobio Global Adtech solutions Loan agreement
LTD limited - principal 385,000 385,000
Mobio Global Adtech solutions Loan agreement
LTD limited - interest 61,007 46,570
Vox Capital Mobile Marketing Loan agreement
Ltd LLC - principal 40,000 40,000
Vox Capital Mobile Marketing Loan agreement
Ltd LLC - interest 7,532 5,712
Total: 2,450,482 2,137,320
-- Income and expenses - affiliated parties:
Parent company Affiliated Description H1 2023 H1 2022
party
------------------- ------------------- -------------------- -------- --------
Mobio Global Triple Dragon Sales revenue 872,838 -
LTD Services OÜ
Mobio Global Adtech Solutions Sales revenue 214,715 -
LTD Limited
Mobio Global Triple Dragon
LTD Services OÜ Operating expenses 34,182 49,725
Mobio (Singapore) Triple Dragon
Pte LTD Limited Operating expenses 34,807 2,741
Mobio Global Adtech Solutions Administrative 375 -
LTD Limited expenses
Triple Dragon
Vox Capital Funding Delta
Ltd Limited Interest expenses 234,412 323,873
Mobio Global Adtech solutions Interest expenses 14,373 -
LTD limited
Mobile Marketing Influence Interest income 1,504 -
LLC LLC
24. Subsequent events
In the period between the reporting date and the date of signing
the financial statements for the interim reporting period, there
were no other facts of economic activity that could have an impact
on the financial condition, cash flow or performance of the
organization and which should be reflected.
25. Approval of unaudited consolidated financial statements
Responsibility Statement
The Company's Directors, whose names and functions appear below
this statement, are responsible for preparing this unaudited
interim consolidated financial statements in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority ('DTR') and with Accounting Standard
IAS 34 "Interim Financial Reporting".
The Directors, and each Director individually, confirms that, to
the best of their knowledge, this unaudited consolidated financial
statements gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group and that the
interim management report includes a fair review of the information
required by DTR4.2.7R 7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year) and by
DTR4.2.8R (disclosure of material related parties'
transactions).
Directors:
John G Booth (Non-Executive Chairman)
Konstantin Khomyakov (Finance Director)
Rumit Shah (Non-Executive Director)
Simon Retter (Non-Executive Director) (resigned 31 August
2023)
This unaudited consolidated financial information was approved
by the Board on 28 September 2023 .
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END
IR NKFBPFBKDOCB
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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