Oscillate Plc - Interim Results for the Six Months Ended 31 May 2024
PR Newswire
LONDON, United Kingdom, June 27
27 June 2024
Oscillate PLC
("Oscillate" or the "Company")
Interim Results for the Six Months Ended 31 May 2024
I am pleased to present the interim results for Oscillate plc (AQSE: MUSH) for the period ending 31 May 2024.
Director's Statement
During the period the Company made a loss of £302,783 compared with a loss of £508,310 for the same period last year. The loss is mainly due to revaluations of investments. The Board has been working diligently to reduce the administrative costs of the Company and these were £74,461 compared to £71,482 for the comparable period. Although the administrative costs show as slightly higher compared to the comparative period, directors' salaries are being accrued and remain unpaid. As at 31 May 2024, the Company's cash position was £1,060,311 (2023: £1,168,956).
The Board of the Company continues to work to source good investments at an attractive price and hopes to be able to update the market presently.
These interim results have not been audited or reviewed by the Company's auditor.
John Treacy
Independent Non-Executive Director, Oscillate plc
The Directors of the Company accept responsibility for the content of this announcement.
Enquiries:
Company
Oscillate PLC
John Treacy
ir@oscillateplc.com
https://oscillateplc.com
Corporate Advisor
Peterhouse Capital Limited
Telephone: 020 7220 9796
Statement of Comprehensive Income for the 6 months ended 31 May 2024
| 6 months to31 May 2024Unaudited | Year ended30 November 2023Audited | 6 months to31 May 2023Unaudited | |||
| £ | £ | £ | |||
| Administrative expenses | (74,461) | (224,923) | (71,482) | ||
| Loss on investments at fair value through profit and loss | (243,994) | (849,904) | (442,400) | ||
| Loss on sale of investment | - | (104,456) | - | ||
| Operating Loss | (318,455) | (1,179,283) | (513,882) | ||
| Interest income | 15,671 | 14,204 | 5,572 | ||
| (302,783) | (1,165,079) | (508,310) | |||
| Taxation | - | (212,476) | - | ||
| Loss for the period | (302,783) | (952,603) | (508,310) | ||
| Basic and diluted earnings per share | (0.28p) | (0.44p) | (0.5p) |
Statement of Financial Position for the 6 months ended 31 May 2024
| 6 months to31 May 2024Unaudited | Year ended 30 November 2023Audited | 6 months to31 May 2023Unaudited | |||
| £ | £ | £ | |||
| Assets | |||||
| Non-current assets | |||||
| Investments | 19,629 | 19,785 | 14,700 | ||
| 19,629 | 19,785 | 14,700 | |||
| Current assets | |||||
| Investments | 1,183,296 | 1,427,134 | 2,032,051 | ||
| Trade and other receivables | 5,882 | 5,659 | 6,867 | ||
| Cash and cash equivalents | 1,060,311 | 1,101,259 | 1,168,956 | ||
| 2,249,489 | 2,534,052 | 3,207,874 | |||
| Total assets | 2,269,118 | 2,553,837 | 3,222,574 | ||
| Current liabilities | |||||
| Trade and other payables | (41,671) | (23,607) | (35,575) | ||
| (41,671) | (23,607) | (35,575) | |||
| Deferred tax liability | (23,140) | (23,140) | (235,616) | ||
| Net current assets | 2,184,678 | 2,487,305 | 2,936,683 | ||
| Net assets | 2,204,307 | 2,507,090 | 2,951,383 | ||
| Capital and reserves | |||||
| Share capital | 1,228,309 | 1,228,309 | 1,228,309 | ||
| Share premium | 4,705,050 | 4,705,050 | 4,705,050 | ||
| Other reserves | 29,753 | 29,753 | 29,753 | ||
| Retained earnings | (3,758,805) | (3,456,022) | (3,011,729) | ||
| Total equity | 2,204,307 | 2,507,090 | 2,951,383 |
Statement of Changes in Equity for the 6 months ended 31 May 2024
| Share | Share | Other | Profit | Total | ||
| capital | premium | reserves | and loss | |||
| reserve | ||||||
| £ | £ | £ | £ | £ | ||
| As at 1 December 2022 | 1,228,309 | 4,705,050 | 29,753 | (2,503,419) | 3,459,693 | |
| Loss for the period | - | - | - | (508,310) | (508,310) | |
| Total comprehensive income | - | - | - | (508,310) | (508,310) | |
| Balance at 31 May 2023 | 1,228,309 | 4,705,050 | 29,753 | (3,011,729) | 2,951,383 | |
| As at 1 December 2022 | 1,228,309 | 4,705,050 | 29,753 | (2,503,419) | 3,459,693 | |
| Loss for the year | - | - | - | (952,603) | (952,603) | |
| Total comprehensive income | - | - | - | (952,603) | (952,603) | |
| Balance at 30 November 2023 | 1,228,309 | 4,705,050 | 29,753 | (3,456,022) | 2,507,090 | |
| Loss for the period | - | - | - | (302,783) | (302,783) | |
| Total comprehensive income | - | - | - | (302,783) | (302,783) | |
| Balance at 31 May 2024 | 1,228,309 | 4,705,050 | 29,753 | (3,758,805) | 2,204,307 | |
