TIDMTECH
RNS Number : 3242U
TechFinancials Inc.
29 July 2022
TechFinancials, Inc
("TechFinancials" or the "Company")
29 July 2022
Audited Annual Report for the year ended 31 December 2021
Financial Highlights
-- No Revenues in 2021 following cessation of operations.
-- Pre-tax loss attributable to shareholders of US$0.553 million
(2020: profit of US$1.0 million)
-- Cash position of US$0.92 million as at 31 December 2021 (2020: US$1.4 million)
-- Basic earnings per share ('EPS') (US$0.0064) (2020: (US$0. 016 ))
-- In October 2021, the Company's sold its subsidiary Cedex Holdings Limited ("Cedex")
-- In June 2021, the Company stuck off Footies Ltd. ("Footies)
-- In 2021, the Company acquired shares to take minority
holdings in a number of companies listed on the LSE and AIM
Operational Highlights
Operational Cost Reduction
-- The Company decided to close all its subsidiaries and
initiated the strike-off of its entities in Israel in 2021. The
strike off of both TechFinancials Israel 2014 Ltd and Softbox
Technologies Ltd was initiated in H2 2021 and concluded in March
2022.
-- The Company sold Cedex Holdings Limited in October 2021.
Investment Activities
-- The Company invested small amounts in several listed entities
in 2021. This activity resulted in profit of $86k .
-- As of today, the Company has only one legal entity -
TechFinancials Inc, and as results the costs of operating the
company is now minimal.
-- In November 2020, the Company signed with RenewSenses Ltd.,
an Israeli start-up, a Simple Agreement for Future Equity ("SAFE")
following which the Company invested in RenewSenses a total amount
of US$ 152k. This was accounted for as a financial asset through
profit and loss.
As of December 31, 2021, RenewSenses has failed to raise
additional capital for its operations and in the beginning of 2022,
it was forced to make all employees redundant. As a result of the
conditions that existed at year end (inability of raise funds), the
financial asset fair valued was revalued to a nil balance and a
total loss of $152k recognized.
Chairman's Statement
2021 was a year in which the Company focused on reducing costs
and consolidating its assets. We initiated the closure of all our
subsidiaries and sold Cedex.
The Board decided to invest some amounts in listed companies and
was able to generate good returns from these investments. The
Company will continue to look for new ways to increase its
value.
Dividend s
The Board will not be recommending a final dividend to the
shareholders of the Company for the year ended 2021 (2020:
$nil).
Outlook and current trading
The year was a turning point for the Group, where we initiated
the closure of all our subsidiaries and consolidated all our
assets, while seeking new investment opportunities to increase the
value of the Company.
The Group will continue to look for investment opportunities to
maximize the Company's value, leveraging its available cash.
I would like to thank our shareholders for their continued
support in what has been a difficult year.
We look forward to updating the market on our progress in due
course.
Eitan Yanuv
Independent Non-Executive Chairman
29 July 2022
The directors of the Company accept responsibility for the
contents of this announcement.
For further information:
TechFinancials, Inc. Tel: +972 54 5233
943
Asaf Lahav, Executive Director
Eitan Yanuv, Non-Executive Chairman
Peterhouse Capital Limited (Aquis Tel: +44 (0) 20 7469
Stock Exchange Advisor and Broker) 0930
Guy Miller and Mark Anwyl
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
2021 2020
--------------------------------------------- -------------------------------------------
US$'000 US$'000
Revenue - 619
Cost of sales - (35)
--------------------------------------------- -------------------------------------------
Gross profit - 584
Expenses:
Research and
development - ( 384 )
Selling and marketing - ( 33 )
Administrative ( 233 ) ( 207 )
Impairment of goodwill - -
--------------------------------------------- -------------------------------------------
(233) (624)
Operating (Loss)
Income (233) (40)
Bank fees (9) (20)
Foreign exchange income (30) -
(loss)
Profit on disposal of 86 -
traded securities
--------------------------------------------- -------------------------------------------
Financing income
(expenses 47 (60)
Other Income (expenses)
Other non-operational
income/ (expenses) - 441
Impairment loss on the (152) -
financial asset held
at FVTPL
(Loss)/ Profit before
taxation (338) 381
Taxation (4) 70
--------------------------------------------- -------------------------------------------
(Loss) / Profit for
the year from
continuing
operations (342) 451
Gain (loss) from
discontinued
operations (181) 566
Capital loss from a ____________________(30) ____________________-
sale of subsidiary
(Loss) / Gain for the
year from discontinued
operations, net (211) 566
Other comprehensive - -
income
Total comprehensive
Income (553) 1,017
============================================= ===========================================
(Loss) / Profit
attribute
able to:
Owners of the Company (553) 997
Non-controlling
interest - 20
--------------------------------------------- -------------------------------------------
Profit (Loss) for the
period (553) 1,017
2021 2020
Cents USD Cents USD
Basic 17 (0.64) 1.16
====================================== ======================================
Diluted N/A 1.16
====================================== ======================================
From continuing operations
- Basic (0.40) 0.50
====================================== ======================================
From continuing operations
- Diluted N/A 0.50
====================================== ======================================
From discontinued operations
- Basic (0.24) 0.66
====================================== ======================================
From discontinued operations
- Diluted N/A 0.66
====================================== ======================================
Consolidated Statement of Financial Position
As at 31 December 2021
31 December 31 December
------------- -------------
2021 2020
------------- -------------
US$'000 US$'000
Non-current assets
Financial asset held at FVPL - 152
- 152
------------- -------------
Current assets
Trade receivables, net and other
receivables - 13
Short-term investments 26 -
Cash 920 1,419
------------- -------------
946 1,432
------------- -------------
Total Assets 946 1,584
Current liabilities
Trade and other payables 89 88
Income tax payable - 86
------------- -------------
89 174
------------- -------------
Non-current liabilities
Shareholders loan 84 84
Equity
Share capital 61 61
Share premium account 12,022 12,022
Share-based payment reserve 798 798
Accumulated profits / (losses) (12,108) (11,555)
------------- -------------
Equity attributable to owners
of the Company 773 1,326
Total Equity and Liabilities 946 1,584
The Financial Statements were approved by the Board of Directors
and authorised for issue on 29 July 2022 and are signed on its
behalf by:
................................................
Director
Consolidated statements of changes in equity
For the year ended 31 December 2021
Share
based
Share Share payment Revaluation Non -controlling
capital Premium reserve reserve interests
Accumulated
(Note (Note (Note, (Note, profits/ (Notes
14) 14) 15) 9) (losses) Total 1 8) Total
--------- --------- --------- ------------ ------------ -------- ----------------- --------
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------- --------- --------- ------------ ------------ -------- ----------------- --------
Balance
at 1 January
2020 61 12,022 934 (12,459) 588 (249) 309
Total comprehensive
income (expense)
for the
year - - - - 997 997 20 1,017
Gain on
revaluation
of cryptocurrency
digital
assets in
the year - - - 577 577 577
Disposal
of cryptocurrency
digital
assets in
the year - - - (577) (577) (577)
Purchase
of NCI in
Footies
during the
year - - - - (229) (229) 229 -
Share based
payment - - 6 (6) - - -
Transfer
of Share
based payment
reserve
on lapsed
options - - (142) 142 - - -
Balance
at 31 December
2020 61 12,022 798 - (11,555) 1,326 - 1,326
====== ========== ======= ======== ============ ======= ====== =========
Total comprehensive
income for
the year - - - - (553) (553) (553)
Balance
at 31 December
2021 61 12,022 798 - (12,108) 773 - 773
====== ========== ======= ===== ============ ====== ==== =======
Consolidated statements of cash flows
For the year ended 31 December 2021
The consolidated statements of cash flows
for the Group for the years ended 31 Years ended 31
December 2021 are set out below: December
-------------------
2021 2020
-------- ---------
US$'000 US$'000
-------- ---------
Cash Flows from operating activities
(Loss) / Profit before tax period (549) 946
Adjustment for:
Amortisation of intangible assets - 75
Impairment of intangible assets, net - 37
Gain on bargain purchase (309)
Depreciation of property and equipment - 4
Profit on disposal of traded securities (86) -
Share option charge - 6
Foreign exchange differences 82 (70)
Waiver of loan due to NCI - (51)
Loss on disposal of subsidiary 30 -
Capital loss on disposal of property
and equipment - 12
Gain from revaluation of intangible assets - (577)
Impairment of investment 152 -
Operating cash flows before movements
in working capital:
Decrease in trade and other receivables 13 589
Increase (decrease in trade and other
payables 48 (1,445)
R&D tax credit received - 163
Income tax paid (93) (109)
-------- ---------
Net cash used for operating activities (403) (729)
-------- ---------
Cash flows from investing activities
Decrease in restricted bank deposits - (71)
Consideration from sale of intangible
assets - 974
Net cash acquired on acquisition (note
A) - 649
Net cash on disposal of a subsidiary (75) -
Purchase of traded securities (102) -
Sale of traded securities 163 -
Funds advanced under SAFE agreement - (152)
-------- ---------
Net cash generated from (used in) investing
activities (14) 1,400
-------- ---------
Net increase (decrease) in cash and
cash equivalents (417) 671
Cash and equivalents at beginning of
period 1,419 672
(Effect of changes in exchange rates
on Cash (82) 76
-------- ---------
Cash and equivalents at end of period 920 1,419
======== =========
The comparative cashflow has been restated to correct the
allocation of cashflow movements.
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