28 March 2024
Flex Labs
Inc
("Flex Labs" or the "Company")
Interim
accounts
Flex Labs (AQSE: FLEX) announces its
unaudited results for the six months ended 31 December
2023.
Comments from Michael Edwards, Chairman of Flex Labs
Inc:
"I am pleased to report Flex Labs
Inc.'s (the Company's) interim results spanning the financial
period from 1 July 2023 to 31 December 2023. The Company was listed
on the AQUIS Stock Exchange (AQSE) on 15 December 2023. No revenue
was generated and a loss before tax of CAD$693,853 was incurred in
the period under review.
The expenses in this period reflect
the development costs of the business, professional and other costs
relating to the early rounds of equity funding, followed by the
Company's IPO. Cash and cash equivalents amounted to CAD$434,074 at
the 31 December 2023.
I would like to take this
opportunity to thank all shareholders for their support, which has
enabled the Company to scale up its resources, activities, and
development in a very short space of time. The key driver of our
core business will be the growth of the overall Artificial
Intelligence (AI) market. With Bloomberg Intelligence suggesting
the generative AI market could grow from USD$40 billion to USD$1.3
trillion over the next 10 years
(https://www.bloomberg.com/company/press/generative-ai-to-become-a-1-3-trillion-market-by-2032-research-finds/),
we remain excited about how Flex Labs can enable development in
this area.
A key element to capturing this
growing market is the building of an effective and user-friendly
product. I am pleased to report that our website now displays a
number of publicly accessible applications alongside a number of
applications in closed beta which have utilised Flex Labs to
develop AI based applications.
At the current stage of development,
Flex Labs Inc. uses AI-based conditional triggers with multi-model
support to simplify the process of AI app development. This allows
faster development alongside troubleshooting assistance making app
development accessible even to non-technical
individuals.
With our IPO and investment into the
business in 2023 we now have a solid platform for long term growth
and the value necessary to drive revenue in the year ahead and
beyond. We are confident that we have laid the foundation to
continue development over the coming years."
Michael Edwards - Chairman
The directors of Flex Labs accept
responsibility for this announcement.
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
For further information please contact:
Flex
Labs Inc
|
Michael Edwards
|
Via First Sentinel
|
First Sentinel (Corporate Adviser)
|
Brian Stockbridge
|
brian@first-sentinel.com
+44 (0) 20 3855 5551
|
About Flex Labs
Flex Labs is a software business
engaged in the development of advanced AI middleware products,
intending to offer these to business customers through a "software
as a service" (SaaS) model.
The Company's main product is Flex
Elements, a series of software tools, libraries, and platforms that
provide intermediate services and functionalities to simplify the
development, deployment, and operation of AI applications. The Flex
Elements product abstracts the intricacies of AI processes,
enabling smoother integration into existing software applications
or systems.
Flex Labs Inc.
Statement of Profit or
Loss
for the Period 1st July 2023 to 31st
December 2023
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Period
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1.7.23
to
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Year
Ended
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31.12.23
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30.6.23
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Notes
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CAD$
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CAD$
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CONTINUING OPERATIONS
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Revenue
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-
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-
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Administrative expenses
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(693,853)
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(264,969)
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OPERATING LOSS
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(693,853)
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(264,969)
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LOSS
BEFORE INCOME TAX
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(693,853)
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(264,969)
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Income tax
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192,068
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-
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LOSS
FOR THE PERIOD
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(501,785)
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(264,969)
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Earnings per share
expressed
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in cents per share:
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3
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Basic
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-0.49
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-0.64
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Diluted
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-0.49
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-0.64
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Flex Labs Inc.
Statement of Financial
Position
31st December 2023
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31/12/23
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30/6/23
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Notes
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CAD$
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|
CAD$
|
ASSETS
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NON-CURRENT ASSETS
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Intangible assets
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569,818
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475,923
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Investments
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4
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122,201
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-
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Deferred tax
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192,068
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-
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|
|
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|
|
|
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884,087
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475,923
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|
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CURRENT ASSETS
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Trade and other
receivables
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94,848
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35,400
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Cash and cash equivalents
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434,074
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421,533
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|
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528,922
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456,933
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|
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TOTAL ASSETS
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1,413,009
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932,856
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EQUITY
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SHAREHOLDERS' EQUITY
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Called up share capital
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1,141
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999
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Share premium
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1,878,322
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1,246,951
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Retained earnings
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(816,879)
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(315,094)
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TOTAL EQUITY
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1,062,584
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932,856
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LIABILITIES
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CURRENT LIABILITIES
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|
|
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Trade and other
receivables
|
|
|
|
350,425
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|
-
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|
|
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TOTAL LIABILITIES
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|
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350,425
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-
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TOTAL EQUITY AND LIABILITIES
|
|
|
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1,413,009
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|
932,856
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Flex Labs Inc.
Notes to the Financial
Statements
for the six months ended 31 December
2023
1.
STATUTORY INFORMATION
Flex Labs Inc. is a public limited
company (the "Company") incorporated in Canada (registration number
BC1332571. The Company is domiciled in Canada and its registered
office address is 700-401 West Georgia Street, Vancouver, BC, V6B
5A1. The Company's ordinary shares are traded on the AQSE Growth
Market ("AQSE").
The Company's principal activity is
the development and provision of Artificial Intelligence-based
products.
2.
BASIS OF PREPARATION
The interim financial statements of
the Company for the six months ended 31 December 2023, which are
unaudited, have been prepared under the recognition and measurement
principles of International Financial Reporting Standards ("IFRS")
using the accounting policies consistent with those disclosed in
the 30 June 2023 annual report.
These financial statements have been
prepared under the historical cost convention, as modified by the
revaluation of assets and liabilities at fair value.
The financial information contained
in the interim report does not constitute statutory accounts as
defined in Section 435 of the Companies Act 2006. The financial
information for the preceding statutory reporting period is based
on the unaudited statutory accounts for the year ended 30 June
2023.
As permitted, this interim report
has been prepared in accordance with the AQSE Growth Market Rules
for Issuers and not in accordance with IAS 34 "Interim Financial
Reporting" therefore it is not fully compliant with
IFRS.
These interim financial statements
have not been reviewed by the Company auditor.
The financial statements are
presented in Canadian Dollar (CAD) rounded to the nearest CAD1.
This is the Company's functional currency.
3.
LOSS PER SHARE
Loss per share is calculated by
dividing the losses available to ordinary shareholders by the
weighted average of ordinary shares totalling 101,801,924 for the
six months ended 31 December 2023. The earnings per share
calculation is the same for basic and diluted earnings.
4.
INVESTMENTS
During the period, the Company
invested in businesses specialising in Artificial Intelligence with
the aim of creating future synergies.