TIDMKING
Igraine plc
AQSE: KING
("Igraine" or the "Company")
Unaudited Final Results to 31 December 2020
As the audited financial results for year-end December 31 2020 are expected to
be published imminently, the Company will highlight any material difference
that may occur between the unaudited final accounts and the audited accounts,
when the audited report and accounts are announced.
PRINCIPAL ACTIVITIES
The Company's principal activity is that of an investment company listed on the
Access Segment of the AQSE Growth Market (formerly the NEX Exchange Growth
Market) with trading symbol AQSE:ANGP.
Since June 2017, the Company's investment strategy has been focused on the
service and technology sectors, including products related to social or life
enhancement.
Following the restructuring process concluded in September 2020 and the
appointment of Brian Jones as Non Executive Chairman, the Company has continued
to support its existing investments, focused on the service and technology
sectors (including products related to social or life enhancement), with a view
to achieving exits where opportunities arise. The Company will narrow the focus
of its investment strategy going forward, to target businesses and companies
where the opportunity exists to develop complementary services that support the
NHS in delivering high quality, patient focused, integrated care.
It is intended that the Company will, invest through a number of financial
instruments including but not limited to; secured convertible loan notes,
equity and to acquire shareholdings in UK based or overseas companies whose
managements are proposing to seek a stock market quotation in the short/medium
term, although the acquisition of minority interests in companies already
admitted to the AIM Market of the London Stock Exchange or the AQSE Growth
Market will not necessarily be precluded. The Directors will also consider
investment opportunities where the natural exit strategy will be through a
trade sale.
REVIEW OF BUSINESS
During the year to 31 December 2020 the Company made a loss before amortisation
of preference shares of £359,236 (31 December 2019: loss of £2,798,129).
Following Meetings of both classes of Shareholders the Company's preference
shares were converted into ordinary shares on 26 September 2020. This resulted
in a write back to reserves of £4,549,491. This was after a charge of £278,980
from the half yearly accounts (31 December 2019: £557,959) is in respect of
amortisation of those shares and an additional charge of £418,087 crystalised
on the conversion of the shares. This write back arose as the amortisation of
the preference shares, a non cash item, and was charged pro rata in the
Company's Income Statement until maturity of the preference shares which was
due to take place on 31 March 2021 so that the preference share carrying value
in the Company's Statement of Financial Position equated to the full redemption
value on maturity.
As at 31 December 2020, the Company had net liabilities per share totalling
0.01p (2019: 0.55p)
Wallet Ads
On 2 January 2019 the Company announced that £150,000 of secured convertible
loan notes ("Loan Notes") had been converted into equity representing 20% of
the ordinary share capital of Wallet Ads.
Wallet Ads owns and operates a mobile engagement platform that combines mobile
wallet passes (Apple Wallet / Google Pay), HTML5 web and social media
(Facebook, Twitter, WhatsApp) technologies to enable brands to deliver digital
vouchers or passes direct to consumers' smartphones.
Wallet Ads became revenue generating in the latter half of 2019, although
progress was mostly linked to test campaigns. Further development of the
platform has stalled due to the limited working capital available to Wallet Ads
with it requiring further investment which the Company has been unable to
provide. The Directors propose to review this investment following the current
share restructuring process.
Rapid Nutrition
In early January the Company received the final repayment of the loan monies
previously advanced to Rapid Nutrition Plc ("Rapid"), a natural healthcare
company focused on the research, development and production of a range of life
science products. Rapid is presently listed on the SIX Swiss Exchange, Zurich,
and has also applied for the dual admission of its existing issued shares to
the OTCQB listing segment of the OTC Market.
As part of negotiations in recovering the loan in full the Company agreed to
forgo any remaining costs and interest due on the loan in exchange for 232,010
fully paid these being in addition to 250,000 fully paid ordinary shares
previously accepted in lieu of interest due on the loan.
The Company's shareholding in Rapid represents a 0.8% holding. Rapid's share
price was USD 0.138 at 31 December 2020 with the movement in the share price
leading to a fair value loss of £3,132 in the year.
XMG
We reported in 2017 that we had provided a loan facility, to X Markets Group
Limited ("XMG"). XMG seeks to provide non-bank liquidity offering executable
prices for a variety of mainly spot products which includes CFDs, FX, futures
and equities. It streams prices to its clients who are forex and CFD brokers as
well as tier-1 & tier-2 banks, brokers and other financial institutions (and
exchanges) for their own clients' order execution.
The Company continues to work with the director of XMG, who previously reported
ongoing delays in securing funding needed to commence trading. This has
continued to be the case in 2020.
The balance of the loan to XMG at 31 December 2020 was £178,776 of which £
100,000 is secured by way of a personal guarantee provided by the director of
XMG. Having reviewed this investment and in light of the developments during
2020 The Directors consider the full provision made against this loan in 2019
to continue to be appropriate although the Company will continue to seek to
recover this balance.
One Media
In 2013 the Company invested in One Media (OME). Following numerous attempts to
support the officers of OME in their efforts to stabilise the business,
ultimately OME was been unable to secure additional funding to re-energise that
business. In late 2019 the SEC suspended trading in OME and since that time the
Directors have sought to refinance the business. In December 2020 they advised
that their efforts had proved fruitless, partially affected by the difficulties
caused by the COVID-19 crisis, and they had collectively stepped down. OME is
now in the hands of the SEC who are likely to dissolve it in due course. Any
monies due from this investment were fully written off as at 31 December 2019.
Just Bee Drinks
On the 10 April 2019 the Directors of Angelfish announced that the Company had
agreed to subscribe £150,000 for 1,840,000 Ordinary A shares in Just Bee Drinks
Limited ("Just Bee"). This investment, which forms part of a total equity fund
raise of £292,000, represented an equity stake of 9.14% in Just Bee following
completion of this funding round. In addition Angelfish agreed to provide a
working capital loan to Just Bee supported by a first ranking fixed and
floating debenture over the assets of Just Bee Drinks Ltd. To date this
facility has not been called upon.
At the time of the investment, Just Bee produced a 100% natural juicy water
drink, sweetened with a drop of honey. The brand was developed by beekeepers
and also has a social and ethical mission to protect bees, helping to plant
bee-friendly wildflower patches across the UK, with 5 million flowers planted
to date.
The Covid-19 crisis saw a significant impact on sales as key customers
streamlined their product lines. After significant Board discussions it was
decided that the Company was to close down its drinks production and that they
were to be replaced by a new range of vitamin honey products. Since this change
in strategic direction, early sales growth has been very encouraging with a net
profit being achieved in December 2020, in only the fourth month of trading.
The Board have reviewed this investment in light of these developments in
conjunction with the latest accounts and are of the view that this investment
should be written down to £15,113 at 31 December 2020.
ASSIF
The Directors of Angelfish announced in May 2019 that the Company agreed to
subscribe for up to £150,000 0% fixed rate secured convertible loan notes
("Notes") issued by ASSIF Limited ("ASSIF"), a company that is developing a
digital product related to employees' mental health. The loan was to be
provided in two equal sums, the second due when certain conditions were met and
are supported by a first ranking legal charge over the assets of ASSIF.
The conversion will be for a maximum of 35% of the ordinary equity share
capital of ASSIF, which will be reduced by 5% of the ordinary equity share
capital in respect of a number of key milestones achieved prior to conversion
to a minimum of 15%.
ASSIF is a mental health and wellness platform. It will primarily be a
community for peer to peer support for people worried about mental health.
Within the platform will be tools to help individuals with their mental health,
including gamification and breathing videos. ASSIF is using cutting edge
technology to deliver said tools and will have a consumer application and a
business to business platform.
COVID - 19 has caused a number of inevitable delays to the early development of
the platform although discussions with key major institutions, targeted as
early adopters of the platform, continue to be constructive. In addition the
delay in execting the previous plan for the platform and continuing discussions
with potential early adopters have seen the platform change significantly from
what was originally planned. During the year ASSIF identified the need for
substantial further pre revenue investment and stated their intention to repay
the loan plus interest and costs. Discussions are continuing at this time.
The Board have therefore reviewed this financial asset and have estimated that
its fair value at 31 December 2020 was equal to cost. The primary justification
for this is the fact that nothing has been noted to suggest that the fair value
has fallen to below cost since the convertible loan notes were purchased.
CAPITAL REORGANISATION
On 18 June 2020, the Company entered into a framework agreement with Brian
Jones under which he provided £30,000 of funding in the form of convertible
loan notes and, subject to the conversion of the preference shares then in
issue to ordinary shares, was to provide a further £20,000 of funding which
would result in him holding 29.90% of the ordinary shares capital of the
Company following the conversion of both the loan notes and the preference
shares. This was completed on 29 September 2020.
POST-YEAR REVIEW
Due to a late filing of the company's final results for the Year Ending, 30
December 2019 the Company's shares were suspended in 2020.
On April 26 2021, the Company completed a recapitalisation and Board change,
introducing new Directors, Mr Simon Grant-Rennick and Mr Burns Singh
Tennent-Bhohi. After the company's Annual General Meeting held on 26 April
2021, Mr Brian Jones & Mr Ken Hillen resigned from the Board of Directors.
The injection of new capital and Directors, enabled the Company to review its
existing financial position, its underlying assets and consider how best to
progress and create value for shareholders of the company. I am pleased to
report that on 11th June, the company announced and posted a Circular to
convene a General Meeting to approve proposals and resolutions to create a
premier medtech and biotech investment company that includes a conditional
brokered financing for gross proceeds of, £2,000,500.
As at date of this report the Company confirms that the resolutions and
proposals put to the shareholders of the company were duly passed.
The Financing
£2,000,500 through the issue of, 77,519,230 new ordinary shares at a
subscription price of, £0.025807. Putting the Company in a robust financial
position.
Change of Corporate Advisor
The Company in line with the brokered placing, appointed Peterhouse Capital
Limited as the Company's Corporate Advisor & Corporate Broker
BOARD ADDITIONS
Sir Professor Christopher Evans (aged 63) - Executive Chairman
Professor Sir Christopher Evans is the founder and Chairman of Excalibur Group
and a renowned scientist and highly successful entrepreneur with numerous
prestigious awards and medals for his work over the last 30 years during which
time he has built more than 50 medical companies from start-up and floated 20
new medical businesses on stock markets in six different countries. He has
created 11 successful academic spin-outs and companies worth over $2.4 billion,
and has raised $2.6 billion from disposals. He directed the raising of
approximately $450 million for Merlin Biosciences Funds and $2.6 billion from
disposals including the sale of BioVex Group, Inc. to Amgen Inc. and Piramed
Limited to Roche Group. Through Merlin Ventures Limited, he co-founded and
advised Biotech Growth Trust plc. Arakis Limited, one of the companies
developed by Chris Evans was sold to Sosei Co. Ltd for $187 million. Chris
Evans has founded notable companies such as Chiroscience, Celsis, ReNeuron,
Vectura, Biovex and Merlin Biosciences Ltd. Appointed an OBE in 1995 for
services to medical bioscience he was knighted in 2001 for services to
bioscience and enterprise. Latterly he was founder of Arix Bioscience plc (LSE:
ARX), of the oncology specialist Ellipses Pharma Limited and of Excalibur
Healthcare Services Ltd.
Stephen "Steve" David Winfield (aged 28) - Executive Director
Stephen Winfield is currently the commercial director and a board director of
Excalibur Healthcare Services Ltd. He has a track record of building,
financing and selling various businesses from the ground up. His experience
spans 9 years in building and managing teams across the technology, food and
beverage and healthcare sectors, primarily alongside Professor Sir Christopher
Evans OBE.
He has managed over £170m of transactions acting as a director of various
companies and helped raise in excess of £20m to date for private businesses
in the UK. More recently Stephen has been advising Scoffs Group (UK's largest
Costa Coffee franchisee).
Martin Walton (aged 57) - Executive Director
Martin Walton is currently Chairman and CEO, Bradshaw Consulting Ltd, a
Strategic Advisory group assisting companies and shareholders in creating,
generating and realising value from investments in life sciences and tech
sectors. In 2020 he set up and now manages Excalibur Medicines Ltd to develop
the AZD1656. He is a director of Interrad Medical, a Minneapolis-based medtech
company.
Previously he was Vice Chairman of Simbec-Orion Group a specialist CRO which he
sold to private equity for a 3x return. He has been Executive Chairman of Iota
Sciences Ltd, a spin-out from Oxford University with revolutionary technology
in microfluidics. With Professor Sir Chris Evans he assisted in founding Arix
Bioscience in 2016 and listed it on the LSE in 2017. He was co-founder and CEO
of Arthurian Life Sciences Ltd, the manager of the top-decile Wales Life
Sciences Investment Fund, an innovative hybrid of private and public equity. He
was CEO of Excalibur Group 2010 - 2016, and CEO of both Excalibur Fund Managers
(Life Sciences VC / PE fund manager) and Excalibur Healthcare Services
(provision of healthcare services and facilities). Prior to this he had a
highly successful 25 year career in investment banking and investment
management.
Adoption of New Investment Policy
The Company's business strategy will be to source and develop breakthrough
innovative technologies and commercially attractive discoveries in the
healthcare and life science sector worldwide. The proposed Co-Investment
Agreement will give the Company privileged access to attractive opportunities
which have been sourced, selected and subjected to due diligence by sector
experts.
Its objective will be to develop and commercialise these opportunities to
provide attractive returns to its investors. The Company will do this through
the sourcing and identification of promising technologies, the arrangement of
appropriate financing for those technologies and experienced management
oversight of the structured development of the technologies and, ultimately,
their commercialisation.
The Company will execute its strategy by sourcing world class innovation from a
rich pipeline of opportunities. The pipeline of opportunities will be derived
from four key sources:
* personal and professional networks - the Proposed Directors and senior
leadership team bring high quality and extensive networks of personal,
professional and industry contacts (including an extensive network of
scientists and key opinion leaders in medicine both inside and outside
pharmaceutical corporates). In particular, such extensive networks provide
opportunities to pursue relationships with pharmaceutical companies which
are both a potential source of innovative opportunities and as potential
acquirers;
* academia - contacts developed over many years with leading universities and
other academic and research institutions globally provide direct access to
innovative technologies, ahead of third parties;
* the professional adviser market - links with Peterhouse Capital and others
ensure we will see opportunities before the broader investor market will;
and
* fund managers - the Proposed Directors maintain close relationships with
fund managers who can provide a source of innovative opportunities.
The new Executive Team will make such opportunities subject to a rigorous
evaluation process. Initially there will be a high level assessment where the
following criteria are considered:
a. does the technology have a potential market;
b. are there any competing technologies known to be under development;
c. at what stage of development is the technology;
d. basic assessment of intellectual property rights; and
e. vetting of the team or the business owning and managing the technology.
More detailed assessment will follow, typically after having entered a
confidentiality agreement to review more substantial information in relation to
proprietary technology. This would involve a direct consultation with the
inventor(s), and technical and scientific validation by the Company's proposed
consultants.to ascertain the following:
f. whether the technology has breakthrough quality;
g. if the scientific base of the proposal is sound;
h. ownership of intellectual property rights in relation to the technology
(including patentability, "freedom to operate" and identifying if any third
party intellectual property rights are necessary for the further development
and ultimate commercialisation of the innovation);
i. assessment of the suitability of the development of the technology from a
regulatory perspective (in particular whether there are any potential reasons
for refusing the licensing of a product candidate); and
j. to identify the requirements and approximate timing of achieving
commercialisation.
If these pass muster then a final stage of due diligence would be undertaken to
ascertain the available options to acquire an interest in the opportunity.
Should an opportunity be available then a final stage is completed as follows:
k. legal due diligence as to intellectual property rights, including
ownership, restrictions to operations and licence arrangement, corporate
governance and existing financing arrangements;
l. clinical due diligence as to robustness and fitness for purpose of the
clinical trials and the suitability of the CRO; any ethical and regulatory
issues, requirements for permits and consents; - feasibility of key milestone
achievement (such as a product candidate approval by relevant regulatory
agencies) within pre-defined time frames and appropriateness of the proposed
endpoints; and targeted disease indication;
m. commercialisation potential as to availability or achievability of CMC for
Investigational New Drug applications (INDs) and New Drug Applications (NDAs);
projected cost and location of product manufacturing; access to market and size
of potential market; product pricing and projected time and rate of return on
development costs; availability of one or more highly innovative product
candidates, products or proprietary technologies targeting a significant
medical and/or commercial need; and - presence of foreseeable sustainable
competitive advantages;
n. financing arrangements as to adequacy of existing finance; assessment of
financial strength of investors; and availability of funding
o. quality of the scientific and management credentials of the team
p. examination and possible adaptation of appropriate development plan and
business plan.
Angelfish completed Co-Investment Rights with Excalibur Healthcare
Excalibur Healthcare Services has granted the Company rights to co-invest in
all healthcare and life-science investment opportunities sourced or invested
into by Excalibur Healthcare Services. As consideration for the granting to the
Company of these co-investment rights, and the purchase of the 2% stake in EML,
the Company has agreed to pay the vendors the following consideration;
* £600,000 in cash, plus
* £500,000 of new Deferred Shares in the Company at an issue price of 5p per
share (approximately 2x the placing price). These Deferred Shares will not
be admitted to trading on Aquis, will be non-transferable, and will have no
rights attached. They will be cancelled on the 6-month anniversary of issue
unless, within 30 calendar days of the publication of the results of the
trial of the AZD1656 drug, the Board of Angelfish, at its sole discretion,
unanimously agree that the trial has been a success and thus consent to the
immediate conversion of all Deferred Shares into the equivalent number of
new ordinary shares in the Company.
ABOUT EML INVESTMENT
Excalibur Medicines Ltd ("EML") has secured exclusive rights to and owns the
patents on a drug, AZD1656, which is being developed as a potential therapeutic
for diabetics suffering from COVID-19. As there are very few new therapeutics
in development for COVID-19 and associated virally transmitted diseases (most
research is in combining existing treatments) this has the potential to be
highly attractive to big pharma and biotech buyers. Further, if the trials are
successful, it is likely the drug will be effective for the general population
in Covid -19 and in other respiratory diseases. It was expected that the
results of the Phase 2 trials of the drug - the ARCADIA trial - to assess the
safety and efficacy of AZD1656 in 150 patients with either Type 1 or Type 2
diabetes who have been hospitalised with COVID-19, will be made public by
mid-August 2021.
AZD1656 is a glucokinase (GK; hexokinase 4) activator which has been shown to
reduce blood glucose for up to 4 months in humans. Diabetic patients admitted
to hospital with COVID-19 often present with hyperglycaemia and are
particularly vulnerable to progression to severe COVID-19. Treatment with
AZD1656 (in addition to their usual care) may provide additional glucose
control which could help improve clinical outcomes in both Type 1 and Type 2
diabetic populations.
In addition to its glucose lowering effect, AZD1656 may have additional
benefits to COVID-19 patients via its effects on immune function. In many
patients with severe COVID-19, an overreaction of the body's own immune system
can cause severe problems including damage to the lungs and heart, which can
lead to breathing problems necessitating intubation and ventilation. AZD1656
has been shown to activate the migration of T regulatory cells to sites of
inflammation in preclinical experiments. This migration of Treg cells to
inflamed tissue is crucial for their immune-modulatory function (Kishore et al
(2017)). AZD1656 could enhance Treg migratory capacity and may prevent the
development of cardiorespiratory complications observed in hospitalised
patients with COVID-19, leading to lower requirements for oxygen therapy and
assisted ventilation, and reduced incidences of pneumonia and acute respiratory
distress syndrome (ARDS).
Diabetic patients hospitalised with COVID-19 have been randomised to receive
either AZD1656 tablets or placebo tablets on a 1:1 basis until they are
discharged from hospital or until they require intubation/mechanical
ventilation. The aim of the study was to determine whether AZD1656 improves
clinical outcomes in diabetic patients hospitalised with COVID-19. The World
Health Organization (WHO) 8-point Ordinal Scale for Clinical Improvement will
be used as the standard methodology for measuring patient outcomes.
As at date of publication, 156 patients have been recruited and have completed
treatment. The data has now been assessed and outcomes will be reported
formally on or about 9 September 2021. It is the intention of EML to seek a
sale of the drug, a license or partnership deal as soon as possible after the
data is published.
As at date of this report, the company has a well capitalisted treasury, newly
constructed investment policy and has welcomed Directors that have been at the
forefront of innovation and value creation in the medtech, life sciences and
biotech industries.
On behalf of the Board
Simon Grant Rennick
Non Executive Director
On Behalf of the Board
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
Enquiries
Company:
Martin Walton (Executive Director)
Steve Winfield (Executive Director)
info@igraineplc.com
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
Media inquiries:
Ramsay Smith, Media House International
ramsay@mediahouse.co.uk: +44 (0) 7788414856
STATEMENT OF COMPREHENSIVE INCOME
2020 2019
£ £
Revenue - -
Cost of sales - -
Gross profit/(loss) - -
Other operating income 85,556 47,000
Administrative expenses (318,074) (229,160)
Loss before investment activities (232,518) (182,160)
Fair value decrease in investments (109,146) (923,365)
- (11,095)
Foreign exchange gain/loss
(41,229) (1,626,367)
Impairment of loans and trade receivables
23,657 271,759
Interest income
- (326,900)
Interest payable at 7.1% on preference shares
(359,236) (2,798,129)
(Loss) before amortisation of preference shares
Conversion of Preference shares to Ordinary shares 4,130,724 -
(442,430) (557,959)
Amortisation of preference shares
3,329,058 (3,356,088)
Profit/(Loss) before taxation
Taxation expense - -
3,329,058 (3,356,088)
Profit/(Loss) for the period
Other comprehensive income - -
Total comprehensive income attributable to equity 3,329,058 (3,356,088)
holders of the company
Earnings per share for profit attributable to the
equity shareholders
Basic and diluted earnings per ordinary share (p) 0.086 (0.473)
There are no recognised gains and losses other than those passing through the
income statement.
Notes 2020 2019
£ £
Assets
Non-current assets
Property, plant and equipment 11 1,048 913
Investments 12 53,000 154,014
Trade and other receivables falling due after more 14 - -
than one year
54,048 154,927
Current assets
Short term investments 13 48,201 28,553
Trade and other receivables falling due within one 14 115,784 208,881
year
Cash and cash equivalents 7,812 56
171,797 237,490
Total assets 225,845 392,417
Equity and liabilities
Equity
Issued share capital 17 554,616 71,008
Share premium 26,818 -
Retained earnings (640,824) (3,969,882)
(59,390) (3,898,874)
Non-current liabilities
Loans and borrowings 15 50,000 3,907,208
Current liabilities
Trade and other payables 16 235,235 384,083
Total liabilities 285,235 4,291,291
Total equity and liabilities 225,845 392,417
Approved by the Board for issue on 8 September 2021
Mr Simon Grant-Rennick
Non-Executive Director
Share Share Retained
Capital Premium Earnings Total
£ £ £ £
Balance at 31 December 2018 71,008 - (613,794) (542,786)
Loss for period - - (3,356,088) (3,356,088)
Other comprehensive income for the - - - -
year
Total comprehensive income for the - - (3,356,088) (3,356,088)
year
Balance at 31 December 2019 71,008 - (3,969,882) (3,898,874)
Profit for period - - 3,329,058 3,329,058
Issue of Ordinary Shares 6,525 26,818 - 33,343
Issue of A Deferred Shares 56,807 - - 56,807
Issue of B Deferred Shares 420,276 - - 420,276
Other comprehensive income for the - - - -
year
Total comprehensive income for the 483,608 26,818 3,329,058 3,839,484
year
Balance at 31 December 2020 554,616 26,818 (640,824) (59,390)
-
2020 2019
£ £
Cash flow from operating activities
Net cash outflow from operating activities A (3,778,398) (181,338)
Cash flows from investing activities
Purchase of plant, property and equipment (591) (913)
Purchase of non-current investments (5,000) (243,415)
Increase in short term investments (22,780) -
Increase in long term borrowings 50,000 -
Net cash outflow from investing activities 21,629 (244,328)
Cash flow from financing activities
Increase in loans receivable (64,514) (902.771)
Repayment of loan ( -
(4,367,211)
Preference dividends - (155,743)
paid
Proceeds from share conversion 460,426 -
Proceeds from issue of shares 50,000 -
Net cash inflow from financing activities (3,792,271) (1,058,514)
Net increase/(decrease) in cash in the year 7,756 (1,484,180)
Cash and cash equivalents at the beginning of the year B 56 1,484,236
Cash and cash equivalents at the end of the year B 7,812 56
2020 2019
£ £
A. RECONCILIATION OF PROFIT/(LOSS) BEFORE INCOME
TAX TO CASH GENERATED FROM OPERATIONS
Profit/(loss) before taxation 3,329,058 (3,356,088)
Depreciation 457 913
Amortisation adjustment on preference shares 442,430 557,959
Impairment of loan and trade receivables 41,229 1,626,367
Interest receivable (23,657) (271,759)
Interest payable - 326,900
Foreign exchange - 11,095
Loss on financial assets FVTPL 109,146 923,365
Decrease/(increase) in trade and other 28,583 (70,496)
receivables
(Decrease)/Increase in trade and other payables (148,848) 70,406
Net cash outflow from operating activities 3,778,398 (181,338)
B. CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash
Flows in respect of cash and cash equivalents are
in respect of these Statement of Financial
Position amounts:
Year ended 31 December 2020
31/12/2020 01/01/2020
£ £
Cash and cash equivalents 7,812 56
Year ended 31 December 2019 31/12/2019 01/01/2019
£ £
Cash and cash equivalents 56 1,484,236
END
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