DJ Coinsilium Group Limited: UNAUDITED INTERIMS TO 30 JUNE 2020
Coinsilium Group Limited (COIN)
Coinsilium Group Limited: UNAUDITED INTERIMS TO 30 JUNE 2020
30-Sep-2020 / 15:56 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
30 September 2020
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD
ENDED 30th JUNE 2020
Coinsilium Group Limited ("Coinsilium" or the "Company"), the Blockchain,
DeFi and Crypto Finance venture operator, is pleased to announce its
unaudited consolidated interim financial statements for the six months ended
30 June 2020.
The period under review was, in the main, one of preparation and transition,
paving the way for the Company's transition from an investor in early-stage
start-ups to a focused Blockchain, DeFi and Crypto-Finance venture operator,
as announced post period on 13 July 2020.
Now in its fifth year of operations as a listed company, the Directors
remain focused on delivering its vision of creating long term value for
shareholders via exposure to a carefully profiled range of high-growth
opportunities in the fast evolving blockchain technology sector.
Corporate Highlights:
· Strategic Investment of GBP250,000 completed with IOV Labs ("IOV"), a
Gibraltar registered company and parent to RSK, by way of a private
placement in the Company. IOV Labs subscribed for 9,434,000 shares at
2.65p per share for an interest of 6.94% in Coinsilium's issued share
capital. Funds to be used towards joint initiatives between the Coinsilium
and IOV and to further the growth and development of the Company.
· In tandem with the Strategic Investment, IOV and Coinsilium executed a
Memorandum of Understanding ('MOU') to establish a Joint Venture Company
(JVC) in Singapore to promote and commercialise RSK's products, services
and technologies, predominantly in the Asian markets and to promote the
adoption in the region of the RIF token which powers the ecosystem of
solutions developed by RSK, their partners and independent developers
around the world. Eddy Travia, Chief Executive of Coinsilium, to be
appointed as Director of the JV Company and to act as IOV's Regional
Director for Asia-Pacific.
· Coinsilium appointed as advisor to Kesholabs, an Africa focused
blockchain venture builder and development studio.
Commenting, Malcolm Palle, Chairman of Coinsilium said "The Strategic
Investment Agreement with IOV Labs and the establishment of the IOV Labs
Asia JV represents a transformational event and significant milestone for
Coinsilium, laying the foundations for a unique and exciting strategic
collaboration between Coinsilium and IOV Labs. The Board believes that this
new commercial relationship presents a real opportunity to create meaningful
value for shareholders and is particularly significant for the long-term
growth of the Company from the perspective of Coinsilium's transition
towards its new strategy as a focused Blockchain, DeFi and Crypto-Finance
venture operator, as announced post period on 13 July 2020.
"The Board therefore believes that the Company is well positioned to
capitalise on new and substantial opportunities in the burgeoning
Decentralised Finance (DeFi) and Crypto Finance sector, including the
development of products, solutions and services in Crypto Lending, Crypto
Staking and Stable Assets, both from within the scope of its joint venture
with IOV and also from Coinsilium's operational base in Gibraltar, which is
fast becoming a pre-eminent global regulatory jurisdiction for innovative
financial technology, and where Coinsilium's core operations are now well
established.
"Finally, the Board would like to once again thank all shareholders,
partners and team members for their continued support and we look forward to
providing the market with regular progress updates at this exciting and
transformational time for the Company."
Financial Highlights:
· Revenue for the period of GBP140,230 (H1 2019: GBP108,967)
· Profit for the period from continuing operations GBP26,531 (H1 2019:
profit of GBP237,787);
· Profit per share of 0.019 pence (H1 2019: profit per share of 0.179
pence);
· Financial assets at fair value at profit or loss of GBP1.876m at 30 June
2020 (31 December 2019: GBP1.78m);
· Total other current assets GBP331,396 at 30 June 2020 (31 December 2019:
GBP146,974); and
· As at 30 June 2020, cash and cash equivalents amounted to GBP129,212 (31
December 2019: GBP235,079).
· No dividends were paid or recommended to be paid during the period.
For further information, please contact:
Coinsilium Group Limited +44 (0) 7785 381 089
Malcolm Palle, Executive Chairman www.coinsilium.com
Eddy Travia, CEO
Peterhouse Capital Limited +44 (0) 207 469 0930
Guy Miller / Mark Anwyl
(NEX Exchange Corporate Adviser)
SI Capital Limited +44 (0) 1483 413 500
Nick Emerson
(Broker)
Outlook
The Covid19 Pandemic declared on 11 March 2020 has entirely changed the
global economic landscape, affecting billions of individuals and millions of
companies around the world and triggering a crash in both the financial and
crypto markets. Despite the major repercussions we continue to see in the
real economy, the crypto markets staged a fast recovery from their March
lows and have since continued to demonstrate a significant degree of
strength and resilience.
The social distancing measures and travel disruptions around the world have
highlighted our reliance on technology and have triggered a wave of
digitisation processes amongst SMEs, Corporates and the Governments of the
world. This digitisation has increased awareness and interest in
cryptocurrencies (currencies whose operation does not rely on a physical
artifact) and blockchain technology which minimises trust for small and
large exchanges of value or data via the internet.
This renewed interest in cryptocurrencies, both as an inflation hedge as
well as a speculative asset, is set against a backdrop of a multi-trillion
dollar money printing policy in the US and the innovation we are witnessing
in the decentralised finance (DeFi) and Crypto Finance space.
The Company is now seeing some exciting opportunities in the DeFi sector and
Management looks forward to unveiling some exciting new projects during the
final quarter of 2020 and going forwards into 2021. Given the current pace
of development and burgeoning pace of growth in Decentralised Finance and
Crypto Finance, the Board believes that Coinsilium is well placed to
capitalise on a plethora of new opportunities with the potential to generate
meaningful revenue streams and growth for Coinsilium in the near to medium
term. We therefore look to the future with renewed confidence and enthusiasm
at this exciting time in this fast maturing technology sector.
Post Period Highlights:
· 8 July 2020 - Coinsilium Group announced the execution of a Joint
Venture Agreement ("JVA") between IOV Labs and Coinsilium to form a Joint
Venture Company ("JVC") in Singapore. Under the terms of the JVA each
shareholder will hold 50% of the total shares of the JVC at incorporation.
The JVC is to be financed by IOV by way of a loan which is to be repaid
from the future revenues from the JVC. Eddy Travia, Coinsilium's CEO, to
represent Coinsilium as a Director of the JVC. The business of the JVC is
to promote and commercialise IOV's products, services and technologies,
principally in the Asian markets.
· 13 July 2020 - Coinsilium Group announced a Strategic Business Review of
the Company's operations and equity investments to align the Company in
readiness for its participation within the recently announced IOV Joint
Venture (JV) and to ensure that the Company is optimally positioned and
resourced to capitalise on new and substantial opportunities in the
burgeoning Decentralised Finance (DeFi) and Crypto Finance sector
including the development of products, solutions and services in Crypto
Lending, Crypto Staking and Stable Assets, both from within the scope of
its joint venture with IOV and also from Coinsilium's operational base in
Gibraltar, which is fast becoming a pre-eminent global regulatory
jurisdiction for innovative financial technology, including
cryptocurrencies.
· 17 August 2020 - Coinsilium Group announced its maiden DeFi Services
advisory agreement ('Agreement') with Indorse to advise on its new IND
token strategy, token model and enhancement of token trading liquidity.
Indorse is to refocus its IND token under a new DeFi based model and to
engage into liquidity incentivisation campaigns to ignite interest from
liquidity providers into IND.
· 18 August 2020 - Coinsilium Group announced that its joint venture
company with IOV Labs Ltd in Singapore, 'IOV Asia', had signed a
Memorandum of Understanding with Vietnam-based RedFOX Labs Joint Stock
Company to build fast scaling internet businesses on and for the RSK
Blockchain in the Southeast Asian region. The MoU with RedFOX represents
IOV Asia's first commercial and technical agreement. RedFOX is a
blockchain venture builder based in Vietnam, that identi?es and replicates
successful pure play business models with a focus on the Southeast Asian
markets. The MoU is expected to lead to formal commercial and technical
agreements whereby RedFOX will migrate its applications to the RSK
blockchain and become a hub for RSK blockchain technology expertise in
Vietnam under the IOV Labs Asia JV umbrella. This will also enable IOV
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DJ Coinsilium Group Limited: UNAUDITED INTERIMS TO -2-
Asia to showcase the attributes and benefits of RSK technology to
potential clients in the region.
· 20 August 2020 - Coinsilium Group provided an update regarding its
Crypto treasury position announcing that it has now commenced active
management of the cryptocurrencies it holds in treasury and has also
cautiously extended its initial staking activities. As of 19 August 2020
the USD value of Coinsilium's fully vested cryptocurrency and token
treasury, excluding cash at bank, stood at USD575,134, predominantly
denominated in highly liquid cryptocurrencies and tokens including BTC,
ETH, ICX and RIF. In addition to Coinsilium's cryptocurrency and token
treasury position, there was also a further USD104,560 of vesting RIF
tokens.
· 8 September 2020 - Coinsilium Group provided a progress update on The
Post Covid Hack, an online, global blockchain hackathon initiative
organised in partnership with investment portfolio company, Indorse. The
objective of the Post Covid Hack is to mobilise and incentivise blockchain
developers to build blockchain solutions to address social and economic
issues emanating from the Covid19 pandemic. The Post Covid Hack
successfully launched in August with the opening of registrations and a
series pre-hackathon educational webinars. The event runs through to
November 2020 when judges and track partners will evaluate projects
submissions ahead of the final 'Demo Day' and award ceremony. The
hackathon has enlisted the support of over 60 partners including IOV Labs,
Gibraltar Finance, Mishcon de Reya LLP and KuChain. Over 850 developers
from around the world had registered for the online event in which they
will compete for prizes worth up to USD30,000. Over 400 participants had
also registered on the hackathon's Slack channel with 13 business and
technical workshops scheduled, including tracks with particular
Decentralised Finance ('DeFi') applications and challenges focusing on
impact investment, community currencies and wallets. Coinsilium Chief
Executive, Eddy Travia, joins the panel of judges and mentors.
· 22 September 2020 - Coinsilium Group provided a progress update from
Indorse in respect to its initiative to revive the token economics of its
IND token through a new DeFi based model. Coinsilium's CEO Eddy Travia is
working closely with the Indorse team in the development of a
comprehensive strategy to update the Indorse token model, dubbed Indorse
2.0, in preparation for liquidity campaigns for the IND token through
various decentralised exchanges. A new role for decentralised referral
agents is also to be introduced into the Indorse ecosystem with a staking
mechanism for code validators and decentralised referral agents. Indorse
also announced the planned publication of a new Light Paper which is
expected to be released during the first half of October. The Light Paper
will lay out in more detail the proposed developments and updates which
will feature in Indorse 2.0. Indorse is also exploring a potential
partnership with a blockchain company specialised in conducting security
audits and they further specified that liquidity campaigns and trading
competitions will occur in October on leading decentralised exchanges
which are expected to increase the IND token utility and its liquidity.
Significant Developments for Coinsilium's Investment Portfolio Companies:
Blox
In early 2020, Blox unveiled a new branch of their operations, Blox Staking,
which is focused on providing decentralised, non-custodial Ethereum 2.0
staking services. As Ethereum's plans to move from a Proof of Work consensus
mechanism to a Proof of Stake mechanism, with an announced minimum of 32 ETH
(or about USD7,780 at current prices) to be staked by participants to run
their own validator nodes, Blox have identified a need to provide
custody-free Eth2 staking as a service and plans to roll out this service as
soon as Ethereum 2.0 launches its initial go-live phase (phase 0).
The Blox team has announced that Blox Beta will be live September 24th.
Registered users will be able to test Blox non-custodial platform running on
the Medalla testnet. Full product release will follow the ETH 2.0 release,
which could occur in November 2020.
Elevate Health
In the first half of 2020 Elevate Health has been reviewing solutions
responding to the new health concerns triggered by Covid-19 such as
co-morbidities which tend to increase health risks of infected patients.
Factom
In June 2020, the Company announced that it had been notified by the
directors of Factom that Factom has filed for reorganisation under Chapter
11 Subchapter V to address structural issues preventing them from raising
further capital.
Factom advised that Chapter 11 Subchapter V provisions preserve the position
of the existing shareholders and structures the means of paying creditors.
The directors of Factom expected Factom to emerge from the Chapter 11
reorganisation in 60 to 90 days.
Helperbit
Helperbit is an Italian startup that uses blockchain technology to allow
people to donate digital and local currencies to charities and to people in
need all over the world, trace their donation and how it is used, offering
full transparency of economic flows.
Helperbit's collaboration with the Red Cross in Italy to finance medical
equipment via cryptocurrency donations during the Covid-19 crisis was
praised by various Blockchain and Crypto organisations including the Binance
Charity Foundation.
Indorse
In early 2020, Indorse launched a new remote performance management tool
called Metamorph, allowing its clients to assess the performance of their
tech staff remotely through team communication platforms such as Slack. This
software-as-a-service (SaaS) solution takes into account the increased
number of remote work situations due to Covid-19 social distancing measures
and helps engineering managers improve technical delivery and performance by
identifying blind spots in their software engineering team.
Indorse and Coinsilium are co-organising 'Post Covid Hack 2020', a global
online hackathon bringing together a number of teams to create new
open-source solutions to overcome the health, economic, social and privacy
challenges of the post-Covid19 era. Official partners of the hackathon which
was launched in August 2020 include Gibraltar Finance, IOV Labs and
Singapore-based Tribe Accelerator. The Hackathon has received more than 850
registrations so far.
RSK / IOV Labs
In December 2019, Money on Chain introduced the first Bitcoin-collateralised
DeFi solution on the RSK blockchain using the Layer 2 Bitcoin RBTC. In March
2020, during the financial and crypto market crash, the Money on Chain
platform proved to be one of the most robust decentralized-financial
platforms in the crypto environment.
In January 2020, Coinsilium announced that it had entered into a Strategic
Investment Agreement ("SIA") and signed a Memorandum of Understanding with
IOV Labs, the Gibraltar registered company and parent to RSK. Under the
terms of the SIA, IOV Labs completed an investment of GBP250,001 in
Coinsilium by way of a private placement, subscribing for 9,434,000 new
ordinary shares at 2.65p per share, giving IOV an interest of 6.94% in
Coinsilium's issued share capital, making IOV the largest single shareholder
in the Company.
In April 2020, Money on Chain announced the release of the 'RIF on Chain'
Decentralised Finance ('DeFi') platform backed by RIF tokens and unveiled
the three main assets available on the platform: the RIF Dollar ('RDOC'), a
RIF-collateralised stablecoin pegged to the US Dollar and guaranteed by a
smart contract; the RIFpro ('RPRO'), a token mirroring the RIF token price
fluctuations and redistributes a share of the fees generated by the RIF on
Chain platform transactions to its holders, and RIFX a leveraged asset for
users who wish to gain leveraged exposure to RIF token price changes.
StartupToken
StartupToken has been based in Singapore since 2019.
In early 2020, StartupToken started working on a new service, a Bitcoin
storage and payment card called Census described as 'Census Smart Card and
Wallet', an NFC powered smart bitcoin card, storing coins with military
grade protection, without compromising convenience and usability, making the
experience of buying and storing bitcoin as simple as possible.
Financial Review
In the period under review revenue for the six months ended 30 June 2020 was
GBP140,230 compared to GBP108,967 for the six months ended 30 June 2019.
The Group generated a profit for the six months ended 30 June 2020 from
continuing operations of GBP26,531 which was compared to a profit of GBP237,787
for the six months ended 30 June 2019.
The earnings per share was a profit of 0.019 pence for the six months ended
30 June 2020 which was compared to a profit of 0.179 pence per share for the
six months ended 30 June 2019.
The financial assets at fair value through profit or loss increased to
GBP1.876m at 30 June 2020 and this compared to GBP1.78 m at 31 December 2019.
The total other current assets, which is a combination of cryptocurrencies
and tokens, amounted to GBP331,396 at 30 June 2020, which was an increase from
GBP146,974 on 31 December 2019.
Cash and cash equivalents amounted to GBP129,212 as at 30 June 2020, compared
to GBP235,079 as at 31 December 2019.
The period under review was, in the main, one of preparation and transition,
paving the way for the Company's transition from an investor in early-stage
start-ups to a focused Blockchain, DeFi and Crypto-Finance venture operator,
as announced post period on 13 July 2020.
In summary, given the prevailing market conditions during much of the period
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DJ Coinsilium Group Limited: UNAUDITED INTERIMS TO -3-
under review, the Board is pleased with the Company's profitability and
performance during the past six months compared to the full year ended 2019.
Advisory Clients
Kesholabs / Pesabase
The Company started to act as advisors to Kesholabs, a Kenya-based venture
builder and development studio, at the end of 2019. Kesholabs' primary focus
is in blockchain-driven innovation and decentralised open finance solutions.
Kesholabs was planning to hold the first DeFi conference in Eastern Africa
in Q1 2020, however due to the Covid-19 pandemic the conference has now been
postponed.
The Kesholabs team have developed a crypto payment and remittance platform
called Pesabase which went on to win the first Celo Camp competition. Celo
is an organisation backed by Andreessen Horowitz, a renowned US-based
Venture Capital fund.
Post period, in August 2020 Kesholabs announced that Pesabase had secured a
registration with the Australian regulator, Austrac, for remittance
transfers from Australia to Africa.
In a tweet, Pesabase said that it was excited to have successfully
registered with Austrac, the Australian government agency and financial
intelligence unit of the country and is looking to start rolling out its
services. The successful registration grants Pesabase the right to service
any Australian and partner with other players within the space, including
banks, to offer its services within and outside Australia.
DIRECTORS' STATEMENT
The period under review started on a most positive note with the
announcement on 28 January of the signing of a strategic investment
agreement with IOV Labs ("IOV"), accompanied by a private placement of
GBP250,000 at 2.65p per share, giving IOV an interest of 6.94% in
Coinsilium's issued share capital, making IOV the largest single shareholder
in the Company. IOV Labs is parent to major blockchain protocol RSK and
those who have followed Coinsilium's progress since its IPO in 2016 will be
aware that RSK was one of the first investments Coinsilium made as a
publicly listed company. Following the completion of its highly successful
private token sale in Gibraltar in 2018, RSK has since grown to become a
major global blockchain protocol designed and built to enable smart
contracts on the Bitcoin network.
In tandem with this Strategic Investment Agreement, the company announced
that IOV and Coinsilium had executed a Memorandum of Understanding ('MOU')
to establish a Joint Venture Company in Singapore, to promote and
commercialise IOV's products, services and technologies and to promote the
adoption in the region of the 'RIF' token which powers the ecosystem of
solutions developed by IOV and its partners and developers around the world.
The Company was therefore pleased to announce, post period on 8 July, the
execution of a JV agreement with IOV on most equitable terms, with each
shareholder holding 50% of the total shares in a new Joint Venture Company
("JVC") in Singapore to be financed by way of a loan from IOV Labs to be
repaid from the future revenues of the JVC. The JVC has now been established
and Eddy Travia, Coinsilium's CEO, has been appointed to the Board of IOV
Labs, Asia Pte. Ltd, representing Coinsilium as its Regional Director.
Southeast Asia is one of the world's fastest growing internet economies.
Citing Google & Temasek / Bain, e-Conomy SEA 2019, there were more than 360
million internet users in Southeast Asia as of 2019. The Southeast Asia
internet economy has hit $100 billion gross merchandise value and is on
track to reach $300 billion by 2025. E-commerce, logistics and financial
companies need to adapt to this fast growth of digital services and payments
- digital payments reached $600 billion gross transaction value in 2019 and
are on track to exceed $1 trillion by 2025. This makes Southeast Asia a
particularly fertile market for IOV Labs Asia and for the provision of the
RIF Enterprise and RIF Open Finance solutions developed by IOV.
The Strategic Investment Agreement with IOV Labs and the establishment of
the IOV Labs Asia JV represents a transformational event and significant
milestone for Coinsilium, laying the foundations for a unique and exciting
strategic collaboration between Coinsilium and IOV Labs. The Board believes
that this new commercial relationship presents a real opportunity to create
meaningful value for shareholders, and is particularly significant for the
long-term growth of the Company from the perspective of Coinsilium's
transition towards its new strategy as a focused Blockchain, DeFi and
Crypto-Finance venture operator, as announced post period on 13 July 2020.
The Covid-19 Pandemic declared on 11 March 2020 and the coinciding impact it
had on the global financial and crypto markets only temporarily impacted the
blockchain and cryptocurrency industry as we quickly saw renewed interest
from global funds and from large organisations, including Central Banks, in
the programmed scarcity of Bitcoin and the multiple benefits of the
trust-minimising and immutable attributes of blockchain technology.
Although some of our plans and the projects of some of our portfolio
companies have experienced some implementational delays, overall the impact
of the crisis on Coinsilium's core business operations has been minimal.
Management is well accustomed to working remotely and the entire Coinsilium
team has adapted quickly to the new normal. Conferences have now become
virtual and over the course of the period under review, Coinsilium
successfully organised a number of successful webinar events; showcasing
some of the solutions offered by its partner network, its portfolio
companies and their partners.
Coinsilium is currently co-organising the largest hackathon the Company has
ever been part of. The PostCovidHack is gathering more than 850 developers
from around the world and together with co-organiser Indorse, it has
enlisted the active support of the Government of Gibraltar, through
Gibraltar Finance, RSK and other high profile partners. Full details of the
Post Covid Hack can be found at https://postcovidhack.com/ [1]
Towards the end of the period under review in June, and then more
prominently post period in July, the market also started to see substantial
inflows of new funds into Decentralised Finance (DeFi), igniting a series of
innovations, new token listings and crypto platform launches, the likes of
which we have not seen since 2018.
The total value of cryptocurrencies deposited as collateral on DeFi
platforms increased from $1.0Bn in February 2020 to almost $12.0Bn as of 23
September 2020 and shows no signs of abating. We anticipate that this market
trend will continue to accelerate and grow as it provides crypto
entrepreneurs with the opportunity to experiment with complex crypto
financial models on a large scale as cryptocurrency traders' thirst for
these new models seems hard to quench.
The overall cryptocurrency market has materially strengthened in recent
months which has provided the Company with the opportunity to exit and swap
out of certain token positions into more liquid positions that, in the
Directors' view, either offer greater liquidity, stronger future growth
potential, or a combination of both.
Post period, on 20 August 2020, the Company released a market update and
reported on the USD value of its fully vested cryptocurrency and token
treasury, which, excluding cash at bank, stood at USD575,134. In addition,
there was a further USD104,560, as valued in at the time, in vesting RIF
tokens. Coinsilium's crypto assets are predominantly denominated in highly
liquid cryptocurrencies and tokens including BTC, ETH, ICX and RIF.
In summary, it is most encouraging to see how rapidly the cryptocurrency
markets have bounced back from the immediate Covid-19 fallout, and as the
world comes to terms with the economic impact of this global pandemic, there
is a profound realisation in the industry that the current adverse
conditions may present an unprecedented opportunity for blockchain powered
solutions and in particular for Decentralised Open Crypto-Finance models to
come to the fore and demonstrate their unique attributes and commercial use
cases.
The Board therefore believes that the Company is well positioned to
capitalise on new and substantial opportunities in the burgeoning
Decentralised Finance (DeFi) and Crypto Finance sector, including the
development of products, solutions and services in Crypto Lending, Crypto
Staking and Stable Assets, both from within the scope of its joint venture
with IOV and also from Coinsilium's operational base in Gibraltar, which is
fast becoming a pre-eminent global regulatory jurisdiction for innovative
financial technology, and where Coinsilium's core operations are now well
established.
Finally, the Board would like to once again thank all shareholders, partners
and team members for their continued support, and we look forward to
providing the market with regular progress updates at this exciting and
transformational time for the Company.
Malcolm Palle
Executive Chairman
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2020
Note 6 months to 30 June 6 months to
2020 30 June
Unaudited 2019
Unaudited
GBP GBP
Revenue from contracts 140,230 108,967
with customers
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Cost of sales - (55,314)
Gross Profit 140,230 53,653
Administrative expenses (314,207) (368,560)
Reversal of impairment to 102,433 116,267
other current assets
Net fair value 98,994 440,922
gains/(losses) on
financial assets at fair
value through profit or
loss
Profit/(Loss) before 27,450 242,282
Income Tax
Financial Income 22 375
Financial Expenses (941) (4,870)
Profit/(Loss) for the 26,531 237,787
Period from Continuing
Operations Attributable
to Owners of the Parent
___________
___________
Other Comprehensive - -
Income
Total Comprehensive 26,531 237,787
Income for the Period,
Attributable to Owners of
the Parent
Earnings per Share
Basic and diluted 4 0.019(p) 0.179(p)
earnings per share
attributable to equity
holders of the Parent
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
Note As at As at As at
30 June 2020 30 June 2019
31 December
2019
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-Current
Assets
Intangible assets 3,720 3,720 3,720
Property, plant 112 430 271
and equipment
Financial assets 5 1,875,771 1,695,912 1,776,777
at fair value
through profit or
loss
1,879,603 1,700,062 1,780,768
Current Assets
Trade and other 376,699 297,891 177,243
receivables
Cash and cash 129,212 475,340 235,079
equivalents
Other current 331,396 164,945 146,974
assets
837,307 938,175 599,296
Total Assets 2,716,910 2,638,237 2,340,064
Equity
Attributable to
Owners of the
Parent
Share capital - - -
Share premium 6,619,974 6,369,974 6,369,974
Treasury Shares (281,003) (281,003) (281,003)
Share option 20,029 101,304 20,029
reserve
Other reserve 152,565 - 152,565
Retained losses (3,991,323) (3,602,398) (4,017,854)
Total Equity 2,520,242 2,587,877 2,243,711
Attributable to
Owners of the
Parent
Current
Liabilities
Trade and other 196,668 50,360 96,353
payables
Total Equity and 2,716,910 2,638,237 2,340,064
Liabilities
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Attributable to equity shareholders
Share Share Treasury Share Other Retained Total
Shares Optio Reserv losses
n es
Reser
Capital Premium ve
GBP GBP GBP GBP GBP GBP GBP
Balance - 6,369,9 (273,875) 101,3 - (3,840,1 2,357,
as at 31 74 04 86) 217
December
2018
Profit - - - - - 237,787 237,78
for the 7
period
Total - - - - - 237,787 237,78
comprehen 7
sive
income
Purchase - - (7,128) - - - (7,128
of )
treasury
shares
Balance - 6,369,9 (281,003) 101,3 - (3,602,3 2,587,
as at 30 74 04 99) 876
June 2019
Loss for - - - - - (496,730 (496,7
the ) 30)
period
Change in - - - - 152,56 - 152,56
value of 5 5
other
current
assets
Total - - - - 152,56 (496,730 (344,1
comprehen 5 ) 65)
sive
income
Lapsed or - - - (81,2 - 81,275 -
expired 75)
share
based
payment
Balance - 6,369,9 (281,003) 20,02 152,56 (4,017,8 2,243,
as at 1 74 9 5 54) 711
January
2020
Profit - - - - - 26,531 26,531
for the
period
Total - - - - - 26,531 26,531
comprehen
sive
income
Issue of - 250,000 - - - - 250,00
shares 0
Balance - 6,619,9 (281,003) 20,02 152,56 (3,991,3 2,520,
as at 30 74 9 5 23) 242
June 2020
CONSOLIDATED STATEMENT OF
CASH FLOWS
6 months 6 months Year to 31
to 30 June December
2020
to 30 June
2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating
activities
Profit/(Loss) before 26,531 237,788 (258,943)
taxation
Adjustments for:
Finance costs 941 4,902 9,666
Depreciation 159 159 318
Finance income (22) (375) (431)
Impairment of other (102,433) - 257,401
current assets
Net fair value (98,994) (333,712) (569,434)
gains/(losses) on
financial assets at fair
value through profit or
loss
(Increase)/decrease in (199,456) (57,824) 62,824
trade and other
receivables
(Decrease)/increase in 100,315 (42,980) 3,013
trade and other payables
Net cash generated
from/(used in) operating (192,042) (495,586)
activities
(272,959)
Cash flows from investing
activities
Interest received 22 375 431
Purchase of other current (81,989) 86,865 -
Assets
Proceeds from disposal of - - 154,857
financial assets at fair
value through profit or
loss
Net cash (used
in)/generated from
investing activities
(81,967) 87,240 155,288
Cash flows from financing
activities
Finance costs (941) (4,902) (9,666)
Purchase of treasury - (7,128) (7,128)
shares
Net cash proceeds from 250,000 - -
issue of shares
Net cash (used
in)/generated from
financing activities
249,059 (12,030) (16,794)
Net increase/(decrease) (105,867) (116,831) (357,092)
in cash and cash
equivalents
Cash and cash equivalents 235,079 592,171 592,171
at the beginning of the
period/year
Cash and Cash Equivalents
at end of Period/Year
129,212 475,340 235,079
NOTES TO THE INTERIM FINANCIAL
STATEMENTS
1. Basis of Preparation
The consolidated interim financial statements should be read in conjunction
with the annual financial statements for the year ended 31 December 2019,
which have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. As permitted,
the consolidated interim financial statements have not been prepared in
accordance with International Accounting Standard 34 'Interim Financial
Reporting'.
2. Financial Information
The consolidated interim financial statements do not constitute statutory
accounts. They have been prepared on a going concern basis in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union. Except as
described below, the accounting policies applied in preparing the interim
consolidated financial statements are consistent with those that have been
adopted in the Group's 2019 audited financial statements. Statutory
financial statements for the year ended 31 December 2019 were approved by
the Board of Directors on 30 July 2020. The report of the auditors on those
financial statements was unqualified.
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future.
For this reason, the Directors continue to adopt the going concern basis in
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2020 10:56 ET (14:56 GMT)
DJ Coinsilium Group Limited: UNAUDITED INTERIMS TO -5-
preparing the Financial Statements.
Risks and uncertainties
The key risks that could affect the Group's short and medium term
performance, and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2019 Annual Report
and Financial Statements, a copy of which is available on the Company's
website: www.coinsilium.com [2]. The Group's key financial risks are
liquidity, equity securities price risk and foreign exchange movements.
Accounting policies
The preparation of consolidated interim financial statements requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 2019 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period. The consolidated interim
financial statements have been prepared on the historical cost basis, except
for the measurement to fair value of certain financial instruments.
Changes in accounting policies and disclosures
There are no new and amended IFRS standards that are effective for the first
time for the financial year commencing 1 January 2020 that would be expected
to have a material impact on the Group.
The consolidated interim financial statements for the 6 months ended 30 June
2020 and for the 6 months period ended 30 June 2019 have not been reviewed
or audited.
3. Directors Remuneration
Directors of the Company received total remuneration of GBP130,000 for the 6
months ended 30 June 2020 (30 June 2019: GBP130,000).
4. Earnings Per Share
Basic earnings per share is calculated by dividing the profit or loss
attributable to equity shareholders by the weighted average number of
ordinary shares outstanding during the period.
Weighted As at 30 June As at 30 June
average 2020 2019
number of
Shares
Profit per Profit per
Share Share
GBP No. GBP GBP
Basic EPS
Profit 26,531 140,646,849 0.0189 0.179
attributable
to
shareholders
The Company had no dilutive potential shares during any period.
5. Financial Assets at fair value through profit and loss
At 30 June 2020, the Company owns unlisted shares in:
· Factom Inc., a company incorporated in the United States;
· Neuroware.io Inc., a company incorporated in the United States;
· Helperbit s.r.l, a company incorporated in Italy;
· StartupToken Limited, a company incorporated in Gibraltar;
· Elevate Limited, a company incorporated in Gibraltar;
· Bundle Network Limited, a company incorporated in Malta;
· Coin-Dash Ltd, a company incorporated in Israel; and
· Indorse Pte. Ltd., a company incorporated in Singapore.
6. Dividends
The Directors do not recommend the payment of a dividend.
7) Approval of Interim Financial Statements
The interim financial statements were approved by the Board of Directors on
30 September 2020.
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 85196
EQS News ID: 1138038
End of Announcement EQS News Service
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