TyraTech, Inc. Interim Results -4-
September 29 2014 - 2:01AM
UK Regulatory
.
3. Revenue
(Unaudited) (Unaudited) (Audited)
six months six months year ended
ended ended 31 December
30 June 2014 30 June 2013 2013
$'000 $'000 $'000
Opening deferred revenue 1,862 2,363 2,363
Closing deferred revenue 1,612 2,113 1,863
-------------- -------------- -------------
Movement in deferred
revenue 250 250 500
-------------- -------------- -------------
Invoices raised 1,030 515 866
Total revenue $1,280 $765 $1,366
-------------- -------------- -------------
4. Loss per Common Stock
The calculation of the basic and diluted earnings per ordinary
share is based on the Company's loss, excluding the effect of
losses attributable to non-controlling interests, of $3,106,000 for
the six months ended 30 June 2014 (six months ended 30 June 2013:
loss of $2,823,000; year ended 31 December 2013: loss of
$4,902,000), and on 194,341,270, (30 June 2013: 136,289,682; 31
December 2013: 152,417,371) common shares, the weighted average
number in issue and ranking for dividend during the period. There
is no impact considered on the conversion of stock options or
warrants as the effect would be anti-dilutive.
5. Movement in Shareholders' Equity during the six months ended 31 December 2013 and 30 June 2014
Common Additional Accum-ulated Treasury Non-con- Total
Stock Paid-in deficit Stock trolling
Capital Interest
$'000 $'000 $'000 $'000 $'000 $'000
Shareholders' Equity,
as of 30 June 2013
$168 $78,377 $(77,747) $(108) $(5) $685
Stock based compensation
- 44 - - - 44
Net loss - - (2,079) - (2,079)
-
Shareholders' Deficit,
as of 31 December
2013 (1,350)
168 78,421 (79,826) (108)
(5)
Issuance of common
stock, net of expenses -
37 2,837 2,874
-
-
Stock based compensation - 71 - - - 71
Net loss - - (3,106) - - (3,106)
Shareholders' Deficit,
as of
30 June 2014 $205 $81,329 $(82,932) $(108) $(5) $(1,511)
------- ----------- ------------------ ------------- ---------- --------------
6. Shareholder's Equity
On 21 February 2014 the Company issued 37,391,763 of new common
shares of $0.001 each for a gross cash consideration of GBP1.9
million (approximately $3.1 million) representing GBP1.7 million
(approximately $2.9 million) net of cash expenses. A further
1,152,700 shares of $0.001 each were subject to issue as stock
warrants in settlement of other expenses. The value of the warrants
at date of issue was US$60,000 and were valued using the
Black-Scholes option pricing model. Legal and General Investment
Management Limited (UK), a substantial shareholder of the Company
subscribed for 4,500,000 shares as party of the fund raise and this
was considered to be a related party transaction for the purposes
of the AIM Rules for Companies published by the London Stock
Exchange. In conjunction with this transaction and pursuant to the
Amended AMVAC Warrant Agreement, the strike price of AMVAC's
10,000,000 stock warrants was reduced from 6 pence per share to 5
pence per share.
7. Envance Technologies, LLC
Envance Technologies, LLC accounts for its investment in Envance
using the equity method of accounting. In 2013, TyraTech's
investment in Envance was reduced from $0.4 million to zero and the
equity method was suspended. No additional losses will be recorded
until either TyraTech contributes additional capital or Envance
records net income equal to the share of net losses not recognized
during the period in which the equity method was suspended. As of
30 June 2014, TyraTech's inception to date investment loss in
Envance is ($886,000), $400,000 of which is reflected in the
Company's 2012 and 2013 Consolidated Statements of Operations. If
Envance subsequently reports net income, the Company will resume
applying the equity method only after its share of that net income
equals the share of net losses not recognised during the period the
equity method was suspended. For the period ended June 30, 2014,
the Company's share of Envance net losses not recognized was
$327,795.
8. Subsequent Events
On 31 July 2014 the Company issued 50,000,000 of new common
shares of $0.001 each for a cash consideration of GBP3.5 million
($6.0 million) representing GBP3.3 million (approximately $5.7
million) net of cash expenses. An additional 1,918,825 shares of
$0.001 each were subject to issue as stock warrants in settlement
of other share issuance expenses. Legal and General Investment
Management Limited (UK), a related party under the AIM Rules by
virtue of its existing shareholding in the Company, subscribed for
1,428,571 new common shares.
We have evaluated all events and transactions through 29
September 2014, the date the consolidated financial statements were
available to be issued. Based on such evaluation, no further events
have occurred that in the opinion of management warrant disclosure
in or adjustment to the consolidated financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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