TIDMHFI
28 April 2023
Hydrogen Future Industries PLC
("Hydrogen Future Industries", the "Company" or the "Group")
Interim Results for the Six-Month Period Ended 31 January 2023
Hydrogen Future Industries (AQSE:HFI), a developer of a proprietary wind-based
green hydrogen production system, presents its unaudited interim results for
the six-month period ended 31 January 2023.
Highlights
* Acquisition of a suite of international patents which are relevant to the
systems being developed by HFI
+ Significantly enhanced IP around HFI's wind-based hydrogen production
system
+ Potential wider commercial applications for patents beyond HFI's
systems - potential for early cash flow generation
* Commenced prototype testing of the wind element of HFI's hydrogen
production system 1 metre diameter prototype in Montana, USA
+ First phase 20-hour live test successfully completed, confirming
aerodynamics align to wind direction, with no distinguishing noise from
rotor blades, and no fouling of blades with cowling
+ Second phase testing in variable weather and temperature conditions
completed successfully in wind speeds as high as 58 MPH
+ Third phase of performance analysis - the final phase of testing for
the 1 metre diameter wind turbine - will commence in May 2023. This
phase will use enhancements gained from previous tests and record
energy output over a three-month period
* Investment in, and collaboration with, Tower Green Holdings Limited
("Tower"), a developer of hydrogen production and distribution facilities
which is establishing multipurpose hydrogen hubs in the southwest of
England to provide energy storage and hydrogen as a fuel
+ HFI's system to be implemented as Tower's preferred green hydrogen
production technology
Daniel Maling, Non-Executive Chairman, commented:
"We expect 2023 to continue as an exciting year, particularly as we begin next
month to measure the energy output from our prototype turbine in Montana, USA.
We look forward to updating shareholders on our development progress in this
hugely exciting subset of the energy sector."
Enquiries:
Hydrogen Future Industries plc
Daniel Maling, Chairman +44 (0)20 3475 6834
David Ormerod, Executive Director
Vigo Consulting (Investor Relations)
Ben Simons +44 (0) 20 7390 0230
Peter Jacob
Cairn Financial Advisers LLP (AQSE
Corporate Adviser)
Ludovico Lazzaretti +44 (0) 20 72130 880
Liam Murray
Peterhouse Capital Limited (Broker)
Duncan Vasey +44 (0) 20 7469 0930
About Hydrogen Future Industries
Hydrogen Future Industries was established to invest in projects and companies
focused on the Hydrogen Economy. We are developing a proprietary wind-based
hydrogen production system, incorporating hydrogen compression and storage.
Through this technology, we aim to significantly reduce the cost of hydrogen
production from renewable sources and provide on-demand energy storage in the
form of hydrogen at a fraction of the cost of lithium-ion battery storage.
Visit our website: www.hydrogenfutureindustries.com
Follow us on social media:
LinkedIn: @Hydrogen Future Industries
Twitter: @HydrogenFI
Inside Information
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation and the Directors of the Company accept responsibility for the
contents of this announcement.
Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These statements are not a
guarantee of future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the Company's
control, are difficult to predict, and could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
statements. The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking statements, which
reflect the view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to events as
of the date on which the statements are made. The Company will not undertake
any obligation to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or unanticipated
events occurring after the date of this announcement except as required by law
or by any appropriate regulatory authority.
Chairman's Statement
Introduction
I am pleased to present the unaudited interim results for the six-month period
ended 31 January 2023. During the period we have significantly strengthened the
intellectual property around our green hydrogen production system, commenced
prototype testing, and broadened our investment exposure to cover downstream
hydrogen production and distribution facilities.
Review of activity
On 5 October 2022, we announced the acquisition by our joint venture subsidiary
HFI IP Holdings Limited of a suite of international patents which are relevant
to the system being developed by the Company. This acquisition significantly
enhanced the intellectual property around HFI's wind-based hydrogen production
system. The patents cover a range of works including ducted wind turbine rotor
configurations; a dynamic telescopic tower to optimise wind farm energy
production and reduce maintenance cost; a variable hydraulic drive and
electro-magnetic clutch to increase efficiency and lower the cost of energy
production; and the conversion of stored energy to green hydrogen.
The patents acquired were granted to HW Power Limited in respect of work
undertaken by Timothy Blake between 2015 and 2018, prior to him joining HFI as
Chief Executive Officer of HFI Energy Systems Limited, the Company's wholly
owned product development subsidiary. Given the considerable efficiency gains
we believe our turbine will offer compared to existing open rotor wind turbines
in use today, the commercial applications for our patents may not be limited to
hydrogen and could be of value in the wider wind energy generation sector.
Accordingly, we will in due course be exploring wider commercial applications
for the patents beyond HFI's systems, potentially as an avenue for early cash
flow generation.
On 1 November 2022, HFI announced the commencement of prototype testing of the
wind element of the Company's hydrogen production system 1 metre diameter
prototype in Montana, USA. A key element of the prototype is its proprietary
wind turbine, which has been designed with notably distinct features which
allow the turbines to be more efficient than current open rotor turbines due to
modified aerodynamics, with cowling directing air flow across the rotor blades
to create a multiple factor increase in wind speed. The cowling also directs
the flow of wind out and away from the rear of the turbine, reducing the
potential for still air to block the flow through the turbines. We believe the
increased efficiency of the turbine could in turn increase the efficiency and
ultimately lower the cost of hydrogen production.
The prototype is being tested in an area selected for its consistent wind
speeds and regulatory support for wind turbine development and wind farm
placement. HFI has a local development facility where the turbines are
fabricated and mounted onto towers for testing in local wind speeds. The power
output from the turbines will be compared to predicted results. The cowling and
rotor blades are a product of aerodynamic development and have been 3D printed
on site.
The first stage of the outdoor test programme - a 20-hour live test - has been
successfully completed, confirming the aerodynamics align to the wind direction
as planned, there is no distinguishing noise from the rotor blades, and there
is no fouling of the blades with the cowling.
The next phase of testing - variable weather and temperature conditions - was
successfully undertaken between February and April 2023, in temperatures that
dropped below -20o C and in wind speeds up to 58 MPH. The test was undertaken
to see how the wind turbine would react to extreme cold temperatures and
consistent high wind speeds. The wind turbine completed the test without any
issues.
A third and final phase is expected to begin in May 2023 of an enhanced version
of the 1 metre diameter wind turbine. The upgraded wind turbine will be used to
measure the energy output over an 8 to 12-week period before work commences on
a larger diameter commercial wind turbine. The data gained from the performance
of the wind turbine will be compared to the wind tunnel results and used in the
design of the larger diameter wind turbines.
On 16 January 2023, we announced an investment in, and collaboration with,
Tower Green Holdings Limited, a developer of hydrogen production and
distribution facilities which is establishing multipurpose hydrogen hubs in the
southwest of England to provide energy storage and hydrogen as a fuel. Under
the agreement, HFI's system will be implemented as Tower's preferred green
hydrogen production technology.
HFI made an initial investment of £100,000 in Tower for a 20% equity stake, £
50,000 of which was paid in cash and £50,000 was settled by the issue of
500,000 new ordinary shares in HFI at a price of 10p per share. In addition,
HFI has the right to invest a further £50,000 in Tower upon Tower signing an
agreement to collaborate with certain specific project partners for an
additional 10% equity stake in Tower.
Our system aims to produce affordable green hydrogen and so is well placed to
support companies like Tower as they develop downstream infrastructure and
partnerships to get hydrogen into vehicles and support the decarbonisation of
transport. Through this agreement, not only are we gaining early investment
exposure to the massive growth opportunity in hydrogen refuelling which is
analogous to the rollout of EV charging infrastructure over recent years, we
are also supporting Tower's ambition to become a vertically integrated green
hydrogen producer and distributor in the UK.
Financial Review
Financial highlights for the Group for the six-month period ended 31 January
2023 are stated below:
* Cash and cash equivalents at period end were £736,065 (31 January 2022: £
1.907m)
* Loss before taxation for the period was £710,344 (includes £175,685
(non-cash) share based payments)
* Net cash outflow for the period was £641,300
* The Group held net assets at period end of £1.342m
The Group has invested significantly in research and development in the period
which accounts for a significant portion of the loss incurred. As prototype
testing progresses through the next phases, the Group will look to capitalise
this expenditure once it satisfies the necessary requirements laid out in "IAS
38 - Intangible Assets." The remaining loss in the period relates to general
administrative expenses of running the Group and be further viewed at Note 7.
The Company continues to carefully manage its working capital position.
Outlook
We expect 2023 to continue as an exciting year, particularly as we begin next
month to measure the energy output from our prototype turbine in Montana, USA.
We look forward to updating shareholders on our development progress in this
hugely exciting subset of the energy sector.
Daniel Maling
Non-Executive Chairman
28 April 2023
HYDROGEN FUTURE INDUSTRIES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIODED 31 JANUARY 2023
Unaudited Unaudited
Period ended Period ended
31 January 31 January
2023 2022
Notes £'000 £'000
Continuing operations
Administrative expenses 7 (710) (274)
Operating loss (710) (274)
Finance income - -
Loss before taxation (710) (274)
Income tax 8 - -
Loss for the period from continuing (710) (274)
operations
Other comprehensive income 1 -
Total comprehensive loss attributable to (709) (274)
equity holders of the Group
Basic & dilutive earnings per ordinary share 9 (2.22) (2.29)
(pence)
The notes form an integral part of the unaudited condensed consolidated interim
financial statements.
Unaudited Unaudited Audited
As at As at As at
31 January 31 January 31 July
2023 2022 2022
Notes £'000 £'000 £'000
NON-CURRENT ASSETS
Investments 10 50 114 -
Right of use assets 22 - 22
Fixed assets 28 - 18
Intangibles 492 - -
TOTAL NON-CURRENT ASSETS 592 114 40
CURRENT ASSETS
Cash and cash equivalents 736 1,907 1,383
Trade & other receivables 40 36 210
TOTAL CURRENT ASSETS 776 1,943 1,593
TOTAL ASSETS 1,368 2,057 1,633
NON-CURRENT LIABILITIES
Lease liability 5 - 5
TOTAL NON-CURRENT LIABILITIES 5 - 5
CURRENT LIABILITIES
Trade and other payables 8 102 82
Lease liability 13 - 17
TOTAL CURRENT LIABILITIES 21 102 99
TOTAL LIABILITIES 26 102 104
NET ASSETS 1,342 1,955 1,529
EQUITY
Share capital 11 333 298 298
Share premium 11 2,211 1,900 1,900
Share based payment reserves 12 207 31 31
Foreign exchange merger reserve 1 - -
Retained earnings (1,410) (274) (700)
TOTAL EQUITY 1,342 1,955 1,529
HYDROGEN FUTURE INDUSTRIES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
*Non-controlling interest of £49 not stated above as it is not material to the
financial statements
The notes form an integral part of the unaudited condensed consolidated interim
financial statements.
HYDROGEN FUTURE INDUSTRIES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIODED 31 JANUARY 2023
Share Share Share Foreign Retained Total
capital premium based exchange earnings equity
payment merger
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000
Loss for period - - - - (274) (274)
Total comprehensive income for year - - - - (274) (274)
Transactions with owners in own
capacity
Ordinary Shares issued in the 298 2,007 - - - 2,305
period
Broker Warrants Issued - - 31 - - 31
Share Issue Costs - (107) - - - (107)
Transactions with owners in own 298 1,900 31 - - 2,229
capacity
Balance at 31 January 2022 298 1,900 31 - (274) 1,955
Loss for period - - - - (426) (426)
Total comprehensive income for year - - - - (426) (426)
Transactions with owners in own - - - - - -
capacity
Balance at 31 July 2022 298 1,900 31 - (700) 1,529
Loss for period - - - - (710) (710)
Other comprehensive income - - - 1 - 1
Total comprehensive income for year - - - 1 (710) (709)
Transactions with owners in own
capacity
Ordinary Shares issued in the 35 311 - - - 346
period
Advisor warrants issued - - 13 - - 13
Employee options issued - - 163 - - 163
Transactions with owners in own 35 311 176 - - 522
capacity
Balance at 31 January 2023 333 2,211 207 1 (1,410) 1,342
HYDROGEN FUTURE INDUSTRIES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
STATEMENT OF CASHFLOW
FOR THE 6 MONTH PERIODED 31 JANUARY 2023
Period ended Period ended
31 January 2023 31 January 2022
Note £'000 £'000
Cash flow from operating activities
Loss for the financial year (710) (274)
Adjustments for:
Share based payment reserves 176 10
Foreign exchange movements 1 -
Depreciation & amortization 5 -
Changes in working capital:
Decrease / (increase) in trade and other 54 (39)
receivables
Increase / (decrease) in trade and other (74) 53
payables
Net cash outflow from operating activities (548) (250)
Cash flows from investing activities
Purchase of property, plant and equipment (39) -
Investment in TG Holdings Ltd 10 (50) (114)
Net cash outflow from investing activities (89) (114)
Cash flows from financing activities
Proceeds from Issue of Shares - 2,305
Share Issue Costs - (34)
Payment of lease liabilities (4) -
Net cash outflow from financing activities (4) 2,271
Net increase in cash and cash equivalents (641) 1,907
Cash and cash equivalents at beginning of the 1,383 -
period
Foreign exchange impact on cash balance (6) -
Cash and cash equivalents at end of the 736 1,907
period
The notes form an integral part of the unaudited condensed consolidated interim
financial statements.
HYDROGEN FUTURE INDUSTRIES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE 6 MONTH PERIODED 31 JANUARY 2023
1General information
Hydrogen Future Industries Plc ("the Company") was incorporated on 13 July 2021
in England and Wales with Registered Number 13508782 under the Companies Act
2006.
The address of its registered office is Eccleston Yards, 25 Eccleston Place,
London SW1W 9NF, United Kingdom.
The principal activity of the Company and its subsidiaries collectively
referred to as "the Group" is to seek suitable investment opportunities in the
natural resources sector with a particular focus on the hydrogen industry.
The Company commenced trading on the Aquis Stock Exchange ("AQSE") Growth
Market on 1 December 2021. The unaudited condensed consolidated interim
financial statements ("interim financial statements") present the consolidated
results of the Group.
2Accounting policies
IAS 8 requires that the directors shall use their judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from bias,
prudent, complete and represent faithfully the financial position, financial
performance and cash flows of the entity.
3Basis of preparation
The unaudited condensed consolidated interim financial statements ("interim
financial statements") have been prepared in accordance with the requirements
of the AQSE rules and international accounting standards in conformity with the
requirements of the companies act 2006 and the companies act 2006 applicable to
companies reporting under UK-adopted international accounting standards
("IFRS").
The interim financial statements have been prepared in accordance with IAS 34
"interim financial statements". The interim financial statements do not include
all disclosures that would otherwise be required in a complete set of financial
statements but have been prepared in accordance with the existing accounting
policies of the company.
The interim financial statements for the 6 month period from 1 August 2022 to
31 January 2023 are unaudited. Comparatives have been provided for the
comparable period ending 31 January 2022.
The interim financial statements have been prepared using the measurement bases
specified by IFRS for each type of asset, liability, income and expense.
The interim financial statements do not constitute statutory accounts within
the meaning of section 434 of the companies act 2006. The accounting policies
adopted are consistent with those applied in the Company's last audited annual
financial statements ending 31 July 2022 and can be viewed on the Company's
website (https://hydrogenfutureindustries.com/).
The interim financial statements are presented in Great British Pounds sterling
("£") unless otherwise stated, which is the Group's functional and
presentational currency. The Directors have decided to only present
consolidated interim financial statements and not parent level financial
statements as they believe consolidated statements alone present an accurate
depiction of the Group's financial performance and position.
The performance of the Group is not affected by seasonal factors and the risk
factors applicable to the Group have not changed materially since the
publication of the annual report and financial statements for the period ending
31 July 2022.
4Going concern
The directors have made an assessment of the Group's ability to continue as a
going concern and are satisfied that the Group has adequate resources to
continue in operational existence for the foreseeable future. The Group's
auditors included a material uncertainty related to going concern in the last
annual report based on the ability of the Group to source additional funding in
the 12 months from signoff of the annual report in December 2022. The Directors
are confident in the ability of the Group to satisfy this condition and hence
continue to adopt the going concern basis in preparing these interim financial
statements.
5Accounting policies
The same accounting policies, presentation and methods of computation have been
followed in these interim financial statements as were applied in the
preparation of the Group's annual financial report for the period ended 31 July
2022, except for the impact of the adoption of the standards and
interpretations described below and new accounting policies adopted as a result
of changes in the Company.
At the date of approval of these financial statements, the following standards
and interpretations which have not been applied in these financial statements
were in issue but not yet effective (and in some cases have not yet been
adopted by the UK):
Standard Impact on initial application Effective date
Annual Improvements 2018-2020 Cycle 1 January 2023
IAS 1 Classification of liabilities 1 January 2023
Current or Non-current
IAS 8 Accounting estimates 1 January 2023
IAS 12 Deferred tax arising from a 1 January 2023
single transaction
6Critical accounting estimates and judgments
In preparing the unaudited interim consolidated financial statements, the
directors have to make judgments on how to apply the Group's accounting
policies and make estimates about the future. Estimates and judgements are
continuously evaluated based on historical experiences and other factors,
including expectations of future events that are believed to be reasonable
under the circumstances. In the future, actual experience may deviate from
these estimates and assumptions.
The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below:
Share Based Payments
The Group has made share based payments during the period that required
valuation under applicable accounting standards. The Directors have chosen to
value these warrants and options using Black Scholes method with inputs that
can be viewed at Note 12.
Research and development expenditure
The Group, primarily through its US based subsidiary is well advanced in the
development of a 1m Wind Turbine Prototype. At the end of the Group's last
annual report development was still at a stage where it was not considered
appropriate to capitalise expenditure related to the project. As of the signing
of this report data is being collected that will likely confirm the efficiency
advantages of the turbine over existing designs. Once this data is collected
the Directors will have sufficient confidence in the commercial potential of
the project and would be more assured of timings as to when economic benefits
would flow to the Group. As a result the Directors have made the judgement not
to capitalise expenditure related to the prototype in the period ending 31
January 2023 however will review at each period end going forward with the look
to capitalise expenditure as soon as practicable.
7Administrative expenses
Period ended Period ended
31 January 31 January
2023 2022
£'000 £'000
Directors' fees (54) (18)
Salaries and wages* (92) -
Professional fees (114) (182)
Contractors* (113) -
Insurance (17) (34)
Other administrative expenses (144) (30)
Share based payments (176) (10)
(710) (274)
*During the period the Group has invested in the development of wind turbine
technology and has utilised the services of contractors and employees to assist
with this. Once possible the Group will look to capitalise this expenditure as
it is directly attributable to the development of future intangible assets as
alluded to in Note 6.
8Income tax
Income tax can be reconciled to the loss in the Statement of Comprehensive
Income as follows:
Period ended Period ended
31 January 2023 31 January 2022
£'000
Loss before taxation (710) (274)
Tax at the UK corporation tax rate of (135) (52)
19%
Adjustment for items disallowable for (33) -
tax
Tax losses on which no deferred tax 102 52
asset has been recognised
- -
The Group has total carried forward losses of £1,234k. The taxed value of the
unrecognised deferred tax asset is £235k and these losses do not expire. No
deferred tax asset in respect of tax losses have been recognised in the
accounts because there is currently insufficient evidence of the timing of
suitable future taxable profits against which they can be recovered.
On 15 March 2023 it was announced that from 1 April 2023 the UK corporation tax
rate would increase from 19% to 25% for profits over £250,000. Profits made
under the £250,000 threshold will continue to be taxed at a rate of 19%. The
Company will continue to calculate the effective tax rate at 19%.
9Earnings per Ordinary Share
Period ended Period ended
31 January 31 January
2023 2022
Loss attributable to shareholders of HFI - £'000 (710) (274)
Weighted number of ordinary shares in issue 32,043,443 11,955,198
Basic & dilutive earnings per share from continuing (2.22) (2.29)
operations - pence
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the period presented.
10Investments
Period ended Period ended Period ended
31 January 31 January 31 July
2023 2022 2022
£'000 £'000 £'000
Investment - Tower Green Holdings Ltd 50 - -
Investment - LGT Hydrogen Ltd - 114 -
Total 50 114 -
On 16 January 2023, the Group announced an agreement with Tower Green Holdings
Limited to purchase 4,167 shares to assist in the development of green hydrogen
technologies. Following this investment, HFI owns 20% of Tower Green Holdings.
Subsidiaries
Name Holding Business Country of Registered Address
Activity Incorporation
HFI Energy 100% Research & England & Wales Eccleston Yards, 25
Systems Ltd development Eccleston Place, London
SW1W 9NF
HFI Energy 100% Research & United States 16 Nugget Court,
Systems US Inc development of America Whitehall, MT 59759
HFI IP Holdings 51% IP holding England & Wales Eccleston Yards, 25
Ltd company Eccleston Place, London
SW1W 9NF
HFI Development 100% Research & England & Wales Eccleston Yards, 25
Ltd development Eccleston Place, London
SW1W 9NF
HFI Consulting 100% Licensing England & Wales Eccleston Yards, 25
Limited entity Eccleston Place, London
SW1W 9NF
11Share capital & share premium
Ordinary Share Share Total
shares capital premium
# £'000 £'000 £'000
At 31 July 2022 29,800,000 298 1,901 2,200
Issue of ordinary shares 3,450,000 35 310 345
At 31 January 2023 33,250,000 333 2,211 2,545
On 5 October 2022 the Company issued 3,450,000 ordinary shares of £0.01 at a
subscription price of £0.10 as consideration for the acquisition of patents.
12Share based payment reserve
Total
£'000
As at 31 July 2022 31
Warrants issued 1 13
Employee options issued 2 163
At 31 January 2023 207
1On 5 October 2022, the Group issued 1,625,000 warrants to HW Power Limited as
part of the consideration for the transfers of IP Patents to the Group. All
options are exercisable at the price of £0.12 per ordinary share and are
exercisable, either in whole or part, for a period of 3 years from the date of
issue.
2 On 4 November 2022, the Group issued 6,000,000 employee options to the
directors of the Company, the director of the subsidiary and one consultant.
All options vested immediately apart from 1,500,000 options issued to the
director of the subsidiary which vest of the satisfaction of various
performance conditions. All options are exercisable at the price of £0.10 per
ordinary share and are exercisable, either in whole or part, for a period of
five years from the date of issue.
The estimated fair values of options which fall under IFRS 2, and the inputs
used in the Black-Scholes pricing model to calculate those fair values are as
follows:
Number of Share Exercise Expected Expected Risk free Expected
Date of grant options price price volatility life rate dividends
5 Oct 2022 1,625,000 £0.05 £0.12 60.00% 3 3% 0.00%
4 Nov 2022 6,000,000 £0.068 £0.10 60.00% 5 3% 0.00%
Warrants
As at 31 January 2023
Weighted average Number of warrants
exercise price
Brought forward at 31 July 2022 5p
8,050,000
Granted in period 12p
1,625,000
Vested in period 12p
1,625,000
Outstanding at 31 January 2023 6.3p
9,675,000
Exercisable at 31 January 2023 6.3p
9,675,000
The weighted average time to expiry of the warrants as at 31 January 2023 is
2.12 years.
Options
As at 31 January 2023
Weighted average Number of options
exercise price
Brought forward at 31 July 2022
-
Granted in period 10p 6,000,000
Vested in period 10p 4,500,000
Outstanding at 31 January 2023 10p 6,000,000
Exercisable at 31 January 2023 10p 4,500,000
The weighted average time to expiry of the options as at 31 January 2023 is
2.95 years.
13Related party transactions
Directors remuneration
During the period the Directors of the Company received the following
remuneration as Directors fees:
* David Ormerod: £24,000
* Daniel Maling: £18,000
* Fungai Ndoro: £12,000
During the period the Directors also were issued with the following options in
the Company:
* David Ormerod: 1,000,000
* Daniel Maling: 1,000,000
* Fungai Ndoro: 500,000
Service Agreements
Orana Corporate LLP, of which director Daniel Maling is a partner, has a
service agreement with the Company for the provision of accounting and company
secretarial services. In the period, Orana Corporate LLP received £25,353 for
these services from the Company.
14Ultimate controlling party
As at 31 January 2023, there was no ultimate controlling party of the Company.
15Events subsequent to period end
There are no events subsequent to period end that require disclosure.
16Approval of the financial statements
The interim financial statements were approved by the board of directors on 28
April 2023.
END
(END) Dow Jones Newswires
April 28, 2023 11:32 ET (15:32 GMT)
Hydrogen Future Industries (AQSE:HFI)
過去 株価チャート
から 5 2024 まで 6 2024
Hydrogen Future Industries (AQSE:HFI)
過去 株価チャート
から 6 2023 まで 6 2024
