TIDMNFT

RNS Number : 4297J

NFT Investments PLC

16 August 2023

Press Release

16 August 2023

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

NFT Investments PLC

("NFT Investments" or "the Company"")

Interim results

NFT Investments PLC (AQSE: NFT), an investment firm, announces its unaudited results for the six months ended 30 June 2023.

Comments from Jonathan Bixby, Executive Chairman of NFT Investments :

I am delighted to report the Company's interim results for the six months ended 30 June 2023.

The Company had a net asset value of GBP33.983 million (3.37p per share). This is an increase of GBP8.953m (35.9%) in the six month reporting period.

I am extremely proud of our investment discipline throughout the "crypto winter". This discipline is now starting to pay off as crypto starts to rise ahead of the halving event in April 2024. We remain committed to returning capital to investors and have successfully accomplished the reduction of the Company's share capital by way of cancellation of its share premium account announced on 20 July 2023. We remain very bullish on the medium-term crypto market.

Finally, we believe that the Company's strong position and the value of its assets are not fairly reflected in the share price. The Company's share price on 15 August 2023 of 1.65p represents a 51% discount to our 30 June 2023 net asset value.

I would like to take this opportunity to thank all our shareholders for their ongoing support.

Jonathan Bixby, Executive Chairman

The Directors of NFT Investments accept responsibility for this announcement.

This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward--looking statements or forward--looking information, except as required by law.

For further information please contact:

 
 NFT Investments 
 Jonathan Bixby 
  Executive Chairman    +44 7876 888 011 
                       ----------------- 
 First Sentinel 
                       ----------------- 
 Corporate Adviser 
  Brian Stockbridge     +44 7876 888 011 
                       ----------------- 
 Tennyson Securities 
                       ----------------- 
 Corporate Broker 
  Peter Krens           +44 207 186 9030 
                       ----------------- 
 

About NFT Investments:

NFT Investments PLC is an investment company specialising in the market for non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Stock Exchange Growth Market under the ticker symbol NFT. https://www.nftinvest.pro/

NFT Investments plc

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2023

 
                                                          Unaudited                  Audited 
                                                -----------------------------  ------------- 
                                                             Six months ended     Year ended 
                                                                      30 June    31 December 
                                                -----------------------------  ------------- 
                                          Note           2023            2022           2022 
                                                          GBP             GBP            GBP 
---------------------------------------  -----  -------------  --------------  ------------- 
 Revenue                                                    -               -              - 
 Loss on disposal of digital 
  assets and tokens                                  (25,554)                       (65,548) 
 Fair valuation movements (including 
  impairment and exchange differences) 
  in investments                                    (318,593)          96,875    (2,686,079) 
 Fair valuation movements (including 
  exchange differences) in digital 
  assets and tokens                                10,082,738     (4,060,615)    (5,465,486) 
---------------------------------------  -----  -------------  --------------  ------------- 
                                                    9,738,591     (3,963,740)    (8,217,113) 
 Share based payment                       3        (262,600)               -              - 
 Administrative expenses                            (805,286)       (705,157)    (1,556,872) 
---------------------------------------  -----  -------------  --------------  ------------- 
 Operating Profit/(Loss)                            8,670,705     (4,668,897)    (9,773,985) 
 Finance income                                             -         448,891        402,083 
---------------------------------------  -----  -------------  --------------  ------------- 
 Profit/(Loss) before and after 
  taxation and total comprehensive 
  profit/(loss) for the period                      8,670,705     (4,220,006)    (9,371,902) 
---------------------------------------  -----  -------------  --------------  ------------- 
 
 Profit/(Loss) per ordinary 
  share: 
---------------------------------------  -----  -------------  --------------  ------------- 
 Basic profit/(loss) per share 
  on loss for the year                     4             0.86          (0.42)         (0.93) 
 Diluted profit/(loss) per share 
  on loss for the year                     4             0.86          (0.42)         (0.93) 
 

NFT Investments plc

Consolidated Statement of Financial Position

For the six months ended 30 June 2023

 
                                                 Unaudited                  Audited 
 
                                                   Six months ended      Year ended 
                                                            30 June     31 December 
                                 Note           2023           2022            2022 
                                                 GBP            GBP             GBP 
------------------------------  -----  -------------  -------------  -------------- 
 Non-Current Assets 
 Intangible assets                5       27,786,002      3,208,708      15,448,382 
 Investments                      6        3,372,592      6,474,140       3,691,186 
------------------------------  -----  -------------  -------------  -------------- 
 Total non-current assets                 31,158,594      9,682,848      19,139,568 
------------------------------  -----  -------------  -------------  -------------- 
 Current Assets 
 Trade and other receivables                 128,265        171,406         125,765 
 Cash and cash equivalents                 2,782,870     20,412,854       5,847,274 
------------------------------  -----  -------------  -------------  -------------- 
 Total current assets                      2,911,135     20,584,260       5,973,039 
------------------------------  -----  -------------  -------------  -------------- 
 Total assets                             34,069,729     30,267,108      25,112,607 
==============================  =====  =============  =============  ============== 
 
 Shareholders' equity 
 Share capital                             1,007,000      1,003,000       1,003,000 
 Share premium                            33,359,133     33,323,133      33,323,133 
 Share based payments reserve              3,188,508      2,925,908       2,925,908 
 Retained earnings                       (3,570,952)    (7,089,761)    (12,241,657) 
------------------------------  -----  -------------  -------------  -------------- 
 Total shareholders' equity               33,983,689     30,162,280      25,010,384 
------------------------------  -----  -------------  -------------  -------------- 
 
 Current Liabilities 
 Trade and other payables                     86,040        104,828         102,223 
------------------------------  -----  -------------  -------------  -------------- 
 Total liabilities                            86,040        104.828         102,223 
------------------------------  -----  -------------  -------------  -------------- 
 Total equity and liabilities             34,069,729     30,267,108      25,112,607 
==============================  =====  =============  =============  ============== 
 
 

NFT Investments plc

Company Statement of Financial Position

For the six months ended 30 June 2023

 
                                                                     Unaudited                           Audited 
 
                                                                              Six months ended        Year ended 
                                                                                       30 June       31 December 
                                        Note                         2023                 2022              2022 
                                                                      GBP                  GBP               GBP 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Non-Current Assets 
 Intangible assets                       5                     27,786,002            3,208,708        15,448,382 
 Investments                             6                      3,372,593            6,474,140         3,691,187 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total non-current assets                                      31,158,595            9,682,848        19,139,569 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Current Assets 
 Trade and other receivables                                    1,910,337              171,406           157,837 
 Cash and cash equivalents                                      1,000,797           20,412,854         5,815,201 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total current assets                                           2,911,134           20,584,260         5,973,038 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total assets                                                  34,069,729           30,267,108        25,112,607 
===============================  =================  =====================  ===================  ================ 
 
 
   Shareholders' equity 
 Share capital                                                  1,007,000            1,003,000         1,003,000 
 Share premium                                                 33,359,133           33,323,133        33,323,133 
 Share based payments reserve                                   3,188,508            2,925,908         2,925,908 
 Retained earnings                                            (3,570,952)          (7,089,761)      (12,241,657) 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total shareholders' equity                                    33,983,689           30,162,280        25,010,384 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 
 Current Liabilities 
 Trade and other payables                                          86,040              104,828           102,223 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total liabilities                                                 86,040              104.828           102,223 
-------------------------------  -----------------  ---------------------  -------------------  ---------------- 
 Total equity and liabilities                                  34,069,729           30,267,108        25,112,607 
===============================  =================  =====================  ===================  ================ 
 
 
  NFT Investments plc 
  Consolidated and Company 
  Statement 
  of Changes in Equity 
  As at 30 June 2023 
 
                                                              Share-based 
                          Share              Share               payments             Retained 
                        capital            Premium                reserve             earnings           Total 
                            GBP                GBP                    GBP                  GBP             GBP 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 Unaudited 
 Six months ended 
 30 
 June 2023 
 At 1 January 
  2023                1,003,000         33,323,133              2,925,908         (12,241,657)      25,010,384 
 Profit for the 
  period 
  and total 
  comprehensive 
  profit                      -                  -                      -            8,670,705       8,670,705 
 Shares issued 
  during 
  the period              4,000             36,000                      -                    -          40,000 
 Share based 
  payment                     -                  -                262,600                    -         262,600 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 
   At 30 June 
   2023               1,007,000         33,359,133              3,188,508          (3,570,952)      33,983,689 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 
 Unaudited 
 Six months ended 
 30 
 June 2022 
 At 1 January 
  2022                1,003,000         33,323,133              2,925,908          (2,869,755)      34,382,286 
 Loss for the 
  year and 
  total 
  comprehensive 
  loss                        -                  -                      -          (4,220,006)     (4,220,006) 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 At 30 June 2022      1,003,000         33,323,133              2,925,908          (7,089,761)      30,162,280 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 
 Audited 
 Year ended 31 
 December 
 2022 
 At 1 January 
  2022                1,003,000         33,323,133              2,925,908          (2,869,755)      34,382,286 
 Loss for the 
  year and 
  total 
  comprehensive 
  loss                        -                  -                      -          (9,371,902)     (9,371,902) 
 At 31 December 
  2022                1,003,000         33,323,133              2,925,908         (12,241,657)      25,010,384 
-----------------  ------------  -----------------  ---------------------  -------------------  -------------- 
 
 

(1) There were no transactions in the Subsidiary and thus no impact on the Statement of Changes in Equity

NFT Investments plc

Consolidated Statement of Cash Flows

For the six months ended 30 June 2023

 
 
                                                       Unaudited                   Audited 
                                                         Six months ended       Year ended 
                                                                  30 June      31 December 
                                                      2023           2022             2022 
                                                       GBP            GBP              GBP 
-----------------------------------------   --------------  -------------  --------------- 
 Operating activities 
 Profit/(loss) for the year                      8,670,705    (4,220,006)      (9,371,902) 
 Adjustments: 
 
   Loss on disposal of digital assets 
   and tokens                                       25,554              -           65,548 
 (Profit)/loss on revaluation of 
  digital assets and tokens                   (11,235,686)        265,080        7,477,130 
 Loss on valuation of investments                2,258,239      4,309,208        2,258,239 
 Amortisation of software development 
  costs                                             28,750              -                - 
 Share based payments                              262,600              -                - 
 Foreign exchange                              (1,051,158)      (361,955)        (475,901) 
 Finance Income                                          -      (448,891)        (402,083) 
 
 Working capital adjustments: 
 Increase in trade and other receivables           (2,500)       (45,641)                - 
 Decrease in trade and other payables             (16,183)       (19,599)         (22,204) 
 Net cash used in operating activities         (1,059,679)      (521,804)        (471,173) 
------------------------------------------  --------------  -------------  --------------- 
 Investing activities 
 Purchase of digital assets and 
  tokens                                       (3,174,552)      (600,000)     (15,949,540) 
 Purchase of fixed assets investments                    -      (817,957)        (817,958) 
 Sale of intangible fixed assets                 1,129,827              -          780,138 
 Interest received                                       -        448,891          402,083 
------------------------------------------  --------------  -------------  --------------- 
 Net cash used in investing activities         (2,044,725)      (969,066)     (15,585,277) 
------------------------------------------  --------------  -------------  --------------- 
 
 Financing activities 
 Share issue                                        40,000              -                - 
 Net cash from financing activities                 40,000              -                - 
-----------------------------------------   --------------  -------------  --------------- 
 
 Net decrease in cash and cash 
  equivalents                                  (3,064,404)    (1,490,870)     (16,056,450) 
 Cash and cash equivalents at start 
  of year                                        5,847,274     21,903,724       21,903,724 
------------------------------------------  --------------  -------------  --------------- 
 Cash and cash equivalents at 
  end of year                                    2,782,870     20,412,854        5,847,274 
==========================================  ==============  =============  =============== 
 

NFT Investments plc

Company Statement of Cash Flows

For the six months ended 30 June 2023

 
 
                                                       Unaudited                   Audited 
                                                         Six months ended       Year ended 
                                                                  30 June      31 December 
                                                      2023           2022             2022 
                                                       GBP            GBP              GBP 
-----------------------------------------   --------------  -------------  --------------- 
 Operating activities 
 Profit/(loss) for the year                      8,670,705    (4,220,006)      (9,371,902) 
 Adjustments: 
 
   Loss on disposal of digital assets 
   and tokens                                       25,554              -           65,548 
 (Profit)/loss on revaluation of 
  digital assets and tokens                   (11,235,686)        265,080        7,477,130 
 Loss on valuation of investments                2,258,239      4,309,208        2,258,239 
 Amortisation of software development 
  costs                                             28,750              -                - 
 Share based payments                              262,600              -                - 
 Foreign exchange                              (1,051,158)      (361,955)        (475,901) 
 Finance Income                                          -      (448,891)        (402,083) 
 
 Working capital adjustments: 
 Increase in trade and other receivables       (1,752,500)       (45,641)         (32,072) 
 Decrease in trade and other payables             (16,183)       (19,599)         (22,204) 
 Net cash used in operating activities         (2,809,679)      (521,804)        (503,245) 
------------------------------------------  --------------  -------------  --------------- 
 Investing activities 
 Purchase of digital assets and 
  tokens                                       (3,174,552)      (600,000)     (15,949,540) 
 Purchase of fixed assets investments                    -      (817,957)        (817,959) 
 Sale of intangible fixed assets                 1,129,827              -          780,138 
 Interest received                                       -        448,891          402,083 
------------------------------------------  --------------  -------------  --------------- 
 Net cash used in investing activities         (2,044,725)      (969,066)     (15,585,278) 
------------------------------------------  --------------  -------------  --------------- 
 
 Financing activities 
 Share issue                                        40,000              -                - 
 Net cash from financing activities                 40,000              -                - 
-----------------------------------------   --------------  -------------  --------------- 
 
 Net decrease in cash and cash 
  equivalents                                  (4,814,404)    (1,490,870)     (16,088,523) 
 Cash and cash equivalents at start 
  of year                                        5,815,201     21,903,724       21,903,724 
------------------------------------------  --------------  -------------  --------------- 
 Cash and cash equivalents at 
  end of year                                    1,000,797     20,412,854        5,815,201 
==========================================  ==============  =============  =============== 
 

Notes to the Interim Financial Statements for the six months ended 30 June 2023

   1.   Basis of preparation 

The interim results of NFT Investments plc are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and are prepared in accordance with the accounting policies set out in the last financial statements for the year ended 31 December 2022. NFT Investments plc expects to apply the same policies in its nancial statements for the year ending 31 December 2023.

The nancial information for the six months ended 30 June 2023 and for the six months ended 30 June 2022 have neither been audited nor reviewed by the Company's auditors. The comparative financial information for the year ended 31 December 2022 has been derived from the audited financial statements for that period.

Basis of Consolidation

Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. All subsidiaries have a reporting date of December.

The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases.

On consolidation, the results of overseas operations are translated into pounds sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those operations, are translated at the rate ruling at the reporting date.

Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and accumulated in the foreign exchange reserve. Exchange differences recognised in profit or loss in Group entities' separate financial statements on the translation of long-term monetary items forming part of the Group's net investment in the overseas operation concerned are reclassified to other comprehensive income and accumulated in the foreign exchange reserve on consolidation.

On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal.

Profit/(loss) of Parent Company

As permitted by Section 408 of the Companies Act 2006, the statement of comprehensive income of the Parent Company is not presented as part of these financial statements. The Parent Company's profit/(loss) for the financial period was GBP8,670,705 (period ending 30 June 2022: (GBP4,220,006) and year ended 31 December 2022: (GBP9,371,902).

   2.   Critical accounting estimates and judgements 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Investments

On acquisition, investments are valued at cost as this is deemed to be the fair value. Subsequent to this, management uses valuation techniques and other relevant information to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.

At each balance sheet date, a review of impairment in value is undertaken and the Company follows the guidance of IFRS 9 to determine when a financial asset is impaired. This determination requires significant judgement. In making this judgement, management evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its cost, and the financial health of, and short-term business outlook for, the investee, including factors such as industry and sector performance, changes in technology and operational, financing cash flow and proposed fundraising.

   3.   Share based payments 

The Company operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the grant of options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted:

   --          including any market performance conditions; 

-- excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

-- excluding the impact of any non-vesting conditions (for example, the requirement of employees to save).

Assumptions about the number of options that are expected to vest include consideration of non-market vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the Statement of Comprehensive Income, with a corresponding adjustment to equity.

When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

   4.   Profit/(loss) per ordinary share 

The calculation of a basic profit/(loss) per share is based on the profit/(loss) for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.

Diluted profit/(loss) per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

For the six months ended 30 June 2023, there is no difference between the basic earnings per share and the diluted earnings per share. The exercise prices of the outstanding share options are above the average market price of the shares and are therefore not dilutive under IAS 33 Earnings Per Share.

For the year-ended 31 December 2022 and six months ended 30 June 2023, there is no difference between the diluted loss per share and the basic loss per share presented due to the loss position of the Company.

   5.   Intangible Assets 

Group and Company

 
                                   Digital       Software 
                                    assets    development 
                                and tokens          costs         Total 
                                       GBP            GBP           GBP 
---------------------------   ------------  -------------  ------------ 
 Cost 
 Balance at 1 January 2023      15,160,882        287,500    15,448,382 
 Additions                       3,174,552              -     3,174,552 
 Disposals                     (1,129,827)              -   (1,129,827) 
 Net fair value gain for 
  the year                      10,321,645              -    10,321,645 
----------------------------  ------------  -------------  ------------ 
 As at 30 June 2023             27,527,252        287,500    27,814,752 
----------------------------  ------------  -------------  ------------ 
 
 Accumulated Amortisation 
 Balance at 1 January 2023               -              -             - 
 Charge for the period                   -         28,750        28,750 
----------------------------  ------------  -------------  ------------ 
 As at 30 June 2023                      -         28,750        28,750 
----------------------------  ------------  -------------  ------------ 
 
 Net book value as at 30 
  June 2023                     27,527,252        258,750    27,786,002 
============================  ============  =============  ============ 
 
 
                                                 External 
                                   Digital       software 
                                    assets    development 
                                and tokens          costs         Total 
                                       GBP            GBP           GBP 
---------------------------   ------------  -------------  ------------ 
 Cost 
 Balance at 1 January 2022       6,917,916              -     6,917,916 
 Additions                         600,000              -       600,000 
 Disposals                               -              -             - 
 Net fair value loss for 
  the year                     (4,309,208)              -   (4,309,208) 
 As at 30 June 2022              3,208,708              -     3,208,708 
----------------------------  ------------  -------------  ------------ 
 
 Net book value as at 30 
  June 2022                      3,208,708              -     3,208,708 
============================  ============  =============  ============ 
 
 Cost 
 Balance at 1 January 2022       6,917,916              -     6,917,916 
 Additions                      15,662,040        287,500    15,949,540 
 Disposals                       (780,138)              -     (780,138) 
 Net fair value loss for 
  the year                     (6,638,936)              -   (6,638,936) 
----------------------------  ------------  -------------  ------------ 
 As at 31 December 2022         15,160,882        287,500    15,448,382 
----------------------------  ------------  -------------  ------------ 
 
 Net book value as at 31 
  December 2022                 15,160,882        287,500    15,448,382 
============================  ============  =============  ============ 
 

The breakdown for all digital assets and tokens held at 30 June 2023 are listed below:

 
 
                       Number of     Platform traded 
 Token name               tokens     on                       GBP 
-----------------   ------------  ------------------  ----------- 
                                   Copper, Cold 
 Bitcoin BTC                 626    Storage            15,066,741 
 DigitalBits XDB         751,500   Copper                     303 
                                   Copper, Cold 
 Ethereum ETH              6,794    Storage            10,361,456 
 Optimism OP             732,899   Cold Storage           784,100 
 Cosmos ATOM              57,902   Copper                 426,549 
 NEAR Protocol           225,362   Copper                 245,747 
                                   Copper, Cold 
 Lido DAO                396,144    Storage               642,356 
                                                      =========== 
                                                       27,527,252 
                                                      =========== 
 
   6.   Investments 

Group

 
                                Six months ended     Year ended 
                                         30 June    31 December 
                          ----------------------  ------------- 
                                2023        2022           2022 
                                 GBP         GBP            GBP 
------------------------  ----------  ----------  ------------- 
 At start of the period    3,691,186   5,559,308      5,559,308 
 Additions                         -     817,957        817,958 
 Impairments                       -           -    (1,735,824) 
 Revaluations              (148,593)   (265,080)      (522,415) 
 Exchange difference       (170,001)     361,955      (427,841) 
                          ----------  ----------  ------------- 
 At end of the period      3,372,592   6,474,140      3,691,186 
                          ----------  ----------  ------------- 
 

Company

 
                                Six months ended     Year ended 
                                         30 June    31 December 
                          ----------------------  ------------- 
                                2023        2022           2022 
                                 GBP         GBP            GBP 
------------------------  ----------  ----------  ------------- 
 At start of the period    3,691,187   5,559,308      5,559,308 
 Additions                         -     817,957        817,959 
 Impairments                       -           -    (1,735,824) 
 Revaluations              (148,593)   (265,080)      (522,415) 
 Exchange difference       (170,001)     361,955      (427,841) 
                          ----------  ----------  ------------- 
 At end of the period      3,372,593   6,474,140      3,691,187 
                          ----------  ----------  ------------- 
 

The country of incorporation and investment class for investments held by the Group at 30 June 2023 are listed below:

 
 
                                     GBP   Country of Incorporation   Investment class 
----------------------------  ----------  -------------------------  ----------------- 
 
 Pioneer Media Holdings Inc        5,944   Canada                     Listed 
 AEON International              786,650   Hong Kong                  Unlisted 
 Big Head Club                   175,467   Canada                     Unlisted 
 NFT Studios Ltd                 786,650   UK                         Unlisted 
 Afterparty Inc                  652,920   USA                        Safe note 
 Big Whale Labs Inc              178,311   Canada                     Safe note 
 Oliver Labs Inc                 786,650   USA                        Safe note 
                               3,372,592 
                              ---------- 
 

The Company has the following investment directly in subsidiaries at 30 June 2023:

 
                                        Value of 
 Name and registered      Share-      share-holding   Country             Nature of 
  address of company       holding         GBP         of incorporation    business 
-----------------------  ---------  ---------------  ------------------  ------------ 
 1319644 B.C. Ltd 
  700-401 West Georgia 
  Street, Vancouver                                                       Company has 
  BC                                                                       not traded 
  V6B 5A1                                                                  during the 
  Canada                  100%             1          Canada               period 
 

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