28 March 2024
Tap
Global Group Plc
Half
Year Report
Tap Global Group Plc (AQSE:
TAP), the
cryptocurrency app bridging the gap between traditional finance and
blockchain technology, is pleased to present its results for the
six months ended 31 December
2023.
References
herein to “Tap Group”, the “Group” or the “Company” refer to Tap
Global Group Plc (formerly Quetzal Capital Plc). References to
“Tap” or “Tap Global” refer to Tap Global Limited and/or Tap
Technologies Limited which are wholly owned subsidiaries of Tap
Global Group Plc. Tap Global Limited is licensed and regulated by
the Gibraltar Financial Services Commission under the Distributed
Ledger Technology (DLT) with licence No. 25532.
Financial
Highlights
|
Tap
Group
|
Tap
Group
|
Tap
Group
|
Tap
Global
|
|
6
months to
31
Dec 23
(“H1
24”)
|
12
months to
30
Jun 23
(“FY
23”)
|
6
months
to
31
Dec 22
(“H1
23”)
|
6
months
To
31
Dec 22
(“H1
23”)
|
|
£
|
£
|
£
|
£
|
Trading
Payment Volume*
|
71,922,117
|
181,568,624
|
-
|
25,908,019
|
Trading
Revenue
|
913,051
|
1,678,624
|
-
|
354,678
|
Other
Revenue
|
378,005
|
337,484
|
40,000
|
120,134
|
Total
Revenue
|
1,291,056
|
2,016,086
|
40,000
|
474,812
|
Trading
Margin
|
1.27%
|
0.92%
|
-
|
1.37%
|
Adjusted
EBITDA**
|
(742,559)
|
(363,363)
|
(264,622)
|
(429,749)
|
EBITDA
|
(708,966)
|
(782,838)
|
(298,992)
|
(241,001)
|
Loss After
Tax
|
(995,475)
|
(1,074,640)
|
(298,992)
|
(527,394)
|
-
Tap Group
trading payment volume in H1 24 was £71.9m (Tap Global H1 23:
£25.9m), an increase of 178% on H1 23
-
Tap Group
revenue in H1 24 was £1.3m (Tap Global H1 23: £0.5m), an increase
of 172% on H1 23
-
Tap Group
trading margin in H1 24 was 1.27% (Tap Group FY 23: 0.92%), an
improvement of 37% on FY 23 reflecting the focus on revenue margin
improvement
-
Tap Group
adjusted EBITDA in H1 24 was a loss of £0.7m (Tap Global H1 23:
£0.4m loss), the increased loss due to the take on of the PLC costs
and investment in sales and marketing
-
Tap Group
overall loss after tax in H1 24 was £1.0m (Tap Global H1 23: £0.5m)
as the Company scaled up operations, invested in product and
marketing and incorporated PLC costs
-
Tap Group
cash at 31 December 2023 was £1.9m
(30 June 2023: £2.3m), a decrease of
£0.4m from the prior financial year end
Notes
*Trading
Payment Volume – the value of funds traded by customers when
selling one currency for another
**Adjusted
EBITDA - earnings before interest, tax, depreciation, amortisation,
and adjustments for realised or unrealised gains and losses on
non-GBP transactions or holdings, fair value on investments and
sales of assets
Operational
Highlights
-
Prepared
for launch in the US through a partnership with Zero Hash LLC
(“Zero Hash”), a Chicago-based
B2B2C cryptocurrency infrastructure platform, ensuring the
requisite regulatory coverage for the new US business
-
Ensured
compliance with the FCA’s Crypto Financial Promotions Regime to
enable continuation of service to UK customers
-
Exceeded
250,000 user milestone during H1 24, with total registered users
now at over 330,000
-
Added
three new tokens, bringing the total cryptocurrency offering to
48
-
Developed
new technical solutions to further improve customer
security
-
Opened
office in Greece to establish a
cost effective operational hub for servicing EU and EEA customers
under the MiCA regime
-
Rose to
Number 1 in the Greek App Store ranking for financial apps in
December 2023
Post-Period
End Highlights
-
Tap Group
trading volume in January and February
2024 was £18.4m and revenue was £0.4m, including trading
revenue of £0.3m
-
Tap Group
trading revenue margin in January and February 2024 improved again to 1.64%
-
Continued
development of customer upgrade solutions, including rewards,
cashback, discounted fees, and alignment of XTP and Tap
interests
-
Added
Bitfinex as a new exchange services partner
David Hunter, Chairman of Tap Group,
commented:
“From
service offering enhancements to continued rapid user base
expansion, I am proud of our recent operational progress which has
continued into 2024.
We
again demonstrated our ability to adapt to regulatory changes
prevalent in the cryptocurrency sector, and this versatility and
resilience has ensured we continue to attract high-quality partners
that help us grow the Company and capitalise on new business
opportunities.
Tap
Group has made a strong start to 2024 and management are confident
that we will deliver on our growth ambitions, including our
near-term priorities of increasing both revenue and user numbers,
while completing our important US launch.”
The
directors of the Company accept responsibility for the contents of
this announcement.
Enquiries:
Tap
Global Group Plc
David
Hunter, Executive Chairman
|
Via Vigo
Consulting
|
Peterhouse
Capital Limited (Aquis
Growth Market Corporate Advisor)
Guy
Miller
Narisha
Ragoonanthun
|
+44 (0)20
7220 9795
|
Tennyson
Securities (Broker)
Alan
Howard
|
+44 (0)20
7186 9030
|
Vigo
Consulting (Investor
Relations)
Ben
Simons
Kendall
Hill
Peter
Jacob
|
+44 (0)20
7390 0230
tapglobal@vigoconsulting.com
|
About
Tap Global Group Plc
The Tap
group of companies provide an innovative and fully integrated fiat
payments and crypto settlement service. A single regulatory
registration, via the wholly owned operating business Tap Global
Limited, provides Tap customers with access to several major
cryptocurrency exchanges through the Tap App allowing them to
purchase over 48 cryptocurrencies and store them directly in the
customer’s wallet. The wallet can also store fiat currency
denominated in Sterling, Euros and/or USD.
Through
the single app, Tap’s over 330,000 users can access several major
cryptocurrency exchanges and, utilising Tap’s proprietary
Artificial Intelligence middleware, customers benefit from
best-execution and pricing in real time. Through the Tap card (UK
and Europe only), users can also
convert their cryptocurrencies to fiat to spend at more than 37
million merchant locations worldwide.
Tap is one
of only a handful of unified solutions operators fully regulated to
provide Distributed Ledger Technology (DLT) services and was the
first cryptocurrency FinTech company approved by Mastercard in
Europe.
About
Tap Global Limited
Tap Global
Limited is registered in Gibraltar
with the registration number 118724 and the registered office of
Madison Building, Line Wall Road, Gibraltar, GX11 1AA. Tap Global Limited is
licensed and regulated by the Gibraltar Financial Services
Commission under the DLT with license No. 25532.
Learn
more:
www.withtap.com
Follow us on social media:
LinkedIn:
https://www.linkedin.com/company/tapglobal/
X (formerly Twitter):
https://twitter.com/TapGlobalPlc
Tap
Global Group Plc
Chairman’s
Statement
For
the six month period ended 31 December
2023 (“H1 24”)
Introduction
H1 24 was
a productive period for the business. We delivered solid
operational progress via service offering enhancements and
continued rapid user base expansion while identifying the ideal
partner for our US launch.
Tap
Group’s H1 24 show significant improvement over the corresponding
interim period for Tap Global in the previous financial year
(before it was part of the Group), despite revenues being impacted
by the interruption of some customer services as a result of well
publicised changes to the wider fintech regulatory landscape. As we
committed resources to navigating these regulatory changes, Tap was
principally focused on customer retention and profit margins in the
period, rather than new customer acquisition. Tap has acted swiftly
and prudently to ensure services comply with these new regulations,
and, as a result, revenue growth post-period end has been
positive.
Growth
and Optimisation
Expanding
the selection of cryptocurrencies on the platform is a pillar of
our growth strategy, and during the period we added Loopring (LRC),
Basic Attention Token (BAT), and NAGA Coin (NAGA) to our asset
portfolio, taking the total number to 48. Tap provides users with
access to a diverse range of cryptocurrencies, including both
nascent and well-established coins, and we will continue to explore
opportunities to broaden the selection of cryptoassets available to
customers as the year progresses.
Tap grew
its user base by over 130,000 in the period to over 294,000. This
took us through a quarter of a million which was a key milestone
for the Company and a strong indicator of our well-paced
development. Tap’s rapid user growth continued post-period end,
with over 333,000 individuals globally now registered to use our
services. This is a testament to the quality of our service
offering and demonstrates Tap’s growing credibility in the unique
fintech space in which we operate.
Since
inception, we have aspired to expand our footprint to North America and in October 2023 we announced our intention to launch
in the US through our wholly owned subsidiary, Tap Americas, and
via a strategic partnership with B2B2C cryptocurrency
infrastructure platform, Zero Hash LLC. A well-established US
entity, Zero Hash shares our regulation-first approach and will
provide the platform for us to establish a significant foothold in
what is the world’s largest cryptocurrency market. The launch
process continues apace, and we expect to provide shareholders with
further updates in the near future.
As
anticipated, the trading fees that Tap charges to users accounted
for the majority of revenues generated in the period. We
continually evaluate our pricing strategy to ensure we remain
appropriately priced compared to market competitors while
optimising revenue generation opportunities from the services
delivered. We are developing plans to implement user fee changes in
2024 to bolster revenue streams and ensure we continue to provide a
good value, competitively priced service.
Tap’s
Cards-as-a-Service product is nearing formal launch, with Bitfinex
confirmed as the first client for this product line.
The white-labelled prepaid Mastercard will be made available to all
Bitfinex’s European users and will be underpinned by Tap’s existing
infrastructure and regulatory approvals. We have
also been making good progress on the development of a
Crypto-as-a-Service solution which, unlike the card service, is
directly linked to trading activity. Once launched, this product
will provide potential commercial partners with a number of
benefits, enabling them to leverage Tap’s cryptocurrency services
as a product for their user base without having to develop the
environment or deliver on the regulatory standards required
themselves.
During the
period, we implemented additional technical solutions to strengthen
our cybersecurity and fraud protection capabilities, which has
further reduced fraud and scam risks for Tap customers. This
includes the launch of a new anti-scam account takeover prevention
functionality that is directly in line with Tap’s focus in this
area. The appointment of a Deputy Money Laundering Reporting
Officer in December 2023 has also
bolstered our compliance function to further improve the overall
safety of our service whilst increasing our threat monitoring
capacity, helping ensure Tap remains a go-to for individuals
seeking a secure and fully regulated one-stop solution for
traditional finance and blockchain technology.
The
regulatory environment in the cryptocurrency sector continues to
evolve, and we have worked hard to ensure that we are well
positioned to proactively respond to new regulatory requirements in
a timely manner so as to not disrupt our operations. Accordingly,
in October 2023 we implemented
changes to ensure we adhered to new regulation on how cryptoasset
firms promote their services to UK consumers in accordance with the
FCA’s Cryptoassets Financial Promotion Regime.
We
established an operations centre in Greece in November
2023, with the country likely to become the operational hub
for servicing EU and EEA customers under the recently established
MiCA regulation. We are well prepared for the introduction of this
new regulatory framework, which covers cryptoassets, cryptoasset
issuers, and cryptoasset providers, and we are finalising our VASP
application to ensure we comply with the relevant jurisdictional
regulations. There is strong Greek interest in Tap’s services, as
demonstrated by our top ranking in Greece’s App Store for financial apps, and we look
forward to leveraging this new base to grow our presence in the
country as well as wider Europe.
Financial
Performance
As the
results show, Tap Group has come through a period of change in the
cryptocurrency space and delivered a solid set of results for H1
24, comparing favourably to the corresponding period for Tap Global
in the prior year. During this period of change, the Group focused
on revenue margin improvement with the results starting to take
effect when comparing the trade revenue margin for FY 23 at 0.92%
with H1 24 of 1.27% - a 37% increase. This will increase further
when the full effect flows through from January 2024 onwards.
Cash at
31 December 2023 was £1.9m, down from
£2.3m at 30 June 2023, as the Group
continued to invest in product and marketing and maintaining
regulatory status in its core territories.
Post-Period
End
Tap’s
partnerships in the cryptocurrency industry continue to underpin
new business momentum and are instrumental in helping us enhance
user experience. Post-period end, we added Bitfinex as a new
exchange services partner. This strategic partnership not only
broadens our trading routes but also deepens liquidity,
facilitating faster, larger trades at more competitive rates for an
improved trading experience.
Post-period
end, we also announced changes to the Board as we focused on
streamlining the corporate structure of the Company. Arsen Torosian, previously Tap Group’s Chief
Strategy Officer, was appointed as Chief Executive Officer
following the resignation of David
Carr as Chief Executive Officer and as a Director of the
Company. In the same month, Tony
Quirke resigned as CFO and Director of the Company, with his
replacement Steven Borg due to take
over responsibilities in April 2024
following a transition period. Steven has many years of financial
leadership experience in the digital assets and payments
industries, and I have no doubt that his expertise will be
invaluable to Tap Group as we continue to grow. Des
Hellicar-Bowman, Non-Executive Director of Tap Group, also
announced that he would be retiring as a Director. On behalf of the
Board, I would like to thank David, Tony, and Des for their
valuable contributions towards our listing and growth to date and
wish them the best of luck in their future endeavours.
Outlook
The full
effect of the focus on revenue margins is illustrated in the
post-period end results, where the trade revenue margin has further
improved to 1.64% from 1.27% for H1 24 and 0.92% for FY 23. The
current revenue margin is now expected to be maintained at least in
the near term.
Facilitated
by prudent investment in sales and marketing initiatives, we are
actively looking at opportunities to expand into new geographies
and plan on making a number of enhancements to our already
sophisticated and multifaceted product suite in the coming year,
including the introduction of additional assets, rewards to users
for usage on the app, and delivery of new user facing services and
functionality.
Tap has
made a strong start to 2024 and management are confident that we
will deliver on our growth ambitions, including our near-term
priorities of increasing both revenue and user numbers, and
completing our US launch. We have repeatedly proven our ability to
adapt to regulatory changes prevalent in the cryptocurrency sector,
and this versatility and resilience has ensured we continue to
attract high-quality partners that help us grow and capitalise on
new business opportunities. I am proud of the operational progress
delivered during the period and look forward to providing
shareholders with an update on ongoing projects in due
course.
David Hunter
Non-Executive
Chairman
Tap
Group
27 March 2024
Tap
Global Group Plc
Interim
Consolidated Statement of Comprehensive Income
For
the six-month period ended 31 December
2023
|
|
Dec-23
|
Jun-23
|
Dec-22
|
|
|
6
months
|
12
months
|
6
months
|
|
|
unaudited
|
audited
|
unaudited
|
|
Notes
|
£
|
£
|
£
|
|
|
|
|
|
Revenue
|
|
|
|
|
Revenue
|
|
1,291,056
|
2,016,086
|
40,000
|
|
|
|
|
|
Cost of
sales
|
1
|
(404,418)
|
(494,488)
|
-
|
|
|
|
|
|
Gross
profit
|
|
886,638
|
1,521,598
|
40,000
|
|
|
|
|
|
Operating
expenses
|
2
|
(1,915,706)
|
(2,596,680)
|
(304,622)
|
|
|
|
|
|
Exchange
difference
|
|
(1,318)
|
(21,941)
|
-
|
|
|
|
|
|
Fair
value adjustments
|
|
6,650
|
(300,795)
|
(34,370)
|
|
|
|
|
|
Gain/(loss)
on sale of cryptoassets
|
|
28,261
|
323,178
|
-
|
|
|
|
|
|
Loss
before income tax
|
|
(995,475)
|
(1,074,640)
|
(298,992)
|
|
|
|
|
|
Tax on
loss
|
|
-
|
-
|
-
|
|
|
|
|
|
Total
comprehensive loss for the period
|
|
(995,475)
|
(1,074,640)
|
(298,992)
|
Group
operations are classed as continuing.
The
exemption under section 408 of the Companies Act 2006 from
presenting the Parent Company’s income statement has been taken.
The Company’s loss for the period was £383,737 (2023:
£1,494,142).
The notes
form part of these interim consolidated financial
statements.
Tap
Global Group Plc
Interim
Consolidated Statement of Financial Position
As
at 31 December
2023
|
|
Dec-23
|
Jun-23
|
Dec-22
|
|
|
unaudited
|
audited
|
unaudited
|
|
Note
|
£
|
£
|
£
|
ASSETS
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Tangible
assets, including right-of-use assets
|
4,
6
|
109,303
|
120,385
|
-
|
Investments
|
|
-
|
-
|
1,782,937
|
Intangible
assets - cryptoassets
|
8
|
586,598
|
1,221,451
|
-
|
Intangible
assets – software and website domains
|
|
1,331,570
|
1,234,389
|
-
|
Goodwill
|
|
21,850,947
|
21,850,947
|
-
|
Deferred
tax asset
|
|
12,517
|
12,517
|
12,517
|
Total
non-current
assets
|
|
23,890,935
|
24,439,689
|
1,795,454
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
|
1,892,267
|
2,335,375
|
970,055
|
Trade and
other receivables
|
7
|
234,033
|
115,523
|
51,486
|
Total
current
assets
|
|
2,126,299
|
2,450,898
|
1,021,541
|
|
|
|
|
|
Total
assets
|
|
26,017,234
|
26,890,587
|
2,816,995
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Lease
liability
|
5
|
42,512
|
61,925
|
-
|
Total
non-current liabilities
|
|
42,512
|
61,925
|
-
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Trade
payables
|
|
296,194
|
237,343
|
24,254
|
Accruals
|
|
287,115
|
197,250
|
132,883
|
Unissued
share capital
|
|
-
|
-
|
100,000
|
Director's
current account
|
|
669,451
|
679,451
|
-
|
Lease
liability
|
5
|
34,595
|
31,776
|
-
|
Total
current liabilities
|
|
1,287,358
|
1,145,820
|
257,137
|
|
|
|
|
|
Equity
|
|
|
|
|
Capital
and reserves
|
|
|
|
|
Called up
share capital
|
|
2,223,466
|
2,223,466
|
1,701,243
|
Share
premium
|
|
27,685,458
|
27,685,458
|
4,687,681
|
Option
& warrant reserve
|
|
374,898
|
374,898
|
14,099
|
Profit and
loss account
|
|
(5,596,455)
|
(4,600,980)
|
(3,843,165)
|
Equity
shareholders' funds
|
|
24,687,367
|
25,682,842
|
2,559,858
|
|
|
|
|
|
Total
liabilities and equity
|
|
26,017,234
|
26,890,587
|
2,816,995
|
The notes
form part of these interim consolidated financial
statements.
Tap
Global Group Plc
Interim
Consolidated Statement of Changes in Equity
For
the six-month period ended 31 December
2023
|
Called
up share capital
|
Share
premium
|
Option
& warrant reserve
|
Profit
and loss account
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
As at 1
July 2022
|
1,701,243
|
4,687,681
|
14,099
|
(3,544,173)
|
2,858,850
|
Total
comprehensive loss for the year
|
-
|
-
|
-
|
(1,074,640)
|
(1,074,640)
|
Share
subscription
|
72,223
|
3,197,777
|
-
|
-
|
3,270,000
|
Acquisition
of the subsidiaries
|
450,000
|
19,800,000
|
-
|
-
|
20,250,000
|
Forfeiture
of share options
|
-
|
-
|
(17,833)
|
17,833
|
-
|
Option
& warrant reserve
|
-
|
-
|
378,632
|
-
|
378,632
|
As
at 30 June 2023
|
2,223,466
|
27,685,458
|
374,898
|
(4,600,980)
|
25,682,842
|
|
|
|
|
|
|
As at 1
July 2023
|
2,223,466
|
27,685,458
|
374,898
|
(4,600,980)
|
25,682,842
|
Total
comprehensive loss for the period
|
-
|
-
|
-
|
(995,475)
|
(995,475)
|
Share
subscription
|
-
|
-
|
-
|
-
|
-
|
Acquisition
of the subsidiaries
|
-
|
-
|
-
|
-
|
-
|
Forfeiture
of share options
|
-
|
-
|
-
|
-
|
-
|
Option
& warrant reserve
|
-
|
-
|
-
|
-
|
-
|
As
at 31 December 2023
|
2,223,466
|
27,685,458
|
374,898
|
(5,596,455)
|
24,687,367
|
The notes
form part of these interim consolidated financial
statements.
Tap
Global Group Plc
Interim
Consolidated Statement of Cash Flows
For
the six-month period ended 31 December
2023
|
Dec-23
|
Jun-23
|
Dec-22
|
|
unaudited
|
audited
|
unaudited
|
|
£
|
£
|
£
|
Cash
flow from operating activities
|
|
|
|
|
|
|
|
Loss
after taxation for the period
|
(995,475)
|
(1,074,640)
|
(298,992)
|
|
|
|
|
Adjustment
for:
|
|
|
|
Depreciation
|
19,045
|
18,876
|
-
|
Amortisation
|
266,060
|
270,836
|
-
|
Finance
costs
|
1,406
|
1,892
|
-
|
Share
option charge
|
-
|
378,632
|
-
|
Fair
value change of investment
|
(6,650)
|
300,795
|
34,370
|
Gain
on sale of cryptoassets
|
(28,261)
|
(323,178)
|
-
|
|
|
|
|
Change
in:
|
|
|
|
Trade
and other receivables
|
(118,510)
|
94,115
|
50,592
|
Trade
and other payables
|
138,719
|
(1,283,699)
|
117,173
|
Cash
generated from operations
|
(723,666)
|
(1,616,371)
|
(96,857)
|
Interest
paid
|
-
|
-
|
-
|
Tax
paid
|
-
|
-
|
-
|
Net
cash used in operating activities
|
(723,666)
|
(1,616,371)
|
(96,857)
|
|
|
|
|
Cash
flow from investing activities
|
|
|
|
Acquisition
of subsidiaries
|
-
|
323,840
|
-
|
Proceeds
from cryptoassets
|
1,320,383
|
4,318,385
|
-
|
Additions
to cryptoassets
|
(657,271)
|
(4,660,607)
|
-
|
Purchase
of intangible assets
|
(363,241)
|
(338,558)
|
-
|
Purchase
of tangible assets
|
(1,313)
|
(11,726)
|
-
|
Purchase
of investment
|
-
|
-
|
-
|
Sale
of investments
|
-
|
-
|
-
|
Net
cash used in investing activities
|
298,558
|
(368,666)
|
-
|
|
|
|
|
Cash
flow from financing activities
|
|
|
|
Repayment
of lease liabilities
|
(18,000)
|
(16,500)
|
-
|
Issued
capital
|
-
|
3,270,000
|
-
|
Net
cash used in financing activities
|
(18,000)
|
3,253,500
|
-
|
|
|
|
|
Increase/(decrease)
in cash and cash equivalents
|
(443,108)
|
1,268,463
|
(96,857)
|
Cash
and cash equivalents at beginning of period
|
2,335,375
|
1,066,912
|
1,066,912
|
Cash
and cash equivalents at end of period
|
1,892,267
|
2,335,375
|
970,055
|
The notes
form part of these interim consolidated financial
statements.
Tap
Global Group Plc
Notes
to the Interim Financial Statements
For
the six-month period ended 31 December
2023
Financial
Information
The
financial information set out in these interim financial statements
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The Group’s consolidated statutory
financial statements for the year ended 30
June 2023 have been filed with the Companies
House.
The
auditor’s report on those financial statements was unqualified and
did not contain a statement under Section 498(2) of the Companies
Act 2006.
These
interim results have not been audited nor have they been reviewed
by the Company’s auditors under ISRE 2410 of the Auditing Practices
Board.
These
interim financial statements are for the six month period ended
31 December 2023. They have been
prepared following the recognition and measurement principles of
FRS 102. They do not include all of the information required for
full annual financial statements and should be read in conjunction
with the financial statements for the period ended 30 June 2023.
Going
concern
The
directors, having made appropriate enquiries, consider that
adequate resources exist and continued support of the directors is
forthcoming for the Company to continue in operational existence
for the foreseeable future, therefore, it is appropriate to adopt
the going concern basis in preparing these interim financial
statements for the period ended 31 December
2023.
-
Cost of
sales
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
Transaction
fees
|
376,384
|
463,260
|
-
|
Bank
charges
|
28,034
|
31,228
|
-
|
|
|
|
|
Total
|
404,418
|
494,488
|
-
|
-
Operating
expenses
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
Salaries
|
498,698
|
834,423
|
83,875
|
Professional
and legal fees
|
485,292
|
455,846
|
39,252
|
Marketing
and communications
|
347,439
|
390,892
|
-
|
IT
Costs
|
161,659
|
185,163
|
-
|
Depreciation
and amortisation
|
265,598
|
290,573
|
-
|
Other
operating expenses
|
157,021
|
439,782
|
181,495
|
|
|
|
|
Total
|
1,915,706
|
2,596,680
|
304,622
|
-
Earnings
per share
The
calculation of earnings per share is based on the loss attributable
to shareholders divided by the weighted average number of ordinary
shares in issue, being 708,864,739 during the period. This results
in a loss per share of £0.0014 (2023: £0.00248).
-
Tangible
assets – right-of-use assets
|
Right-of-use
|
Computer
|
Fixtures
&
|
Total
|
|
asset
|
equipment
|
Fittings
|
|
Cost
|
£
|
£
|
£
|
£
|
Balance as
at 30 June 2023
|
190,650
|
22,854
|
5,490
|
218,994
|
Additions
|
-
|
1,313
|
-
|
1,313
|
Balance as
at 31 December 2023
|
190,650
|
37,157
|
5,490
|
220,307
|
|
|
|
|
|
Depreciation
|
|
|
|
|
Balance as
at 30 June 2023
|
103,269
|
10,105
|
1,747
|
115,120
|
Charge for
the period
|
15,888
|
2,746
|
412
|
17,293
|
Balance as
at 31 December 2023
|
117,404
|
12,851
|
2,159
|
132,413
|
|
|
|
|
|
Net book
value
|
|
|
|
|
At 31
December 2023
|
73,246
|
11,316
|
3,331
|
87,894
|
At 30 June
2023
|
87,381
|
12,749
|
3,743
|
103,873
|
-
Lease
liability
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
Opening
Balance
|
93,701
|
-
|
-
|
Acquisition
of subsidiaries
|
-
|
108,309
|
-
|
Interest
expense
|
1,406
|
1,892
|
-
|
Payments
|
(18,000)
|
(16,500)
|
-
|
|
|
|
|
At the end
of the year
|
77,107
|
93,701
|
-
|
Current
|
34,595
|
31,776
|
-
|
Non-current
|
42,512
|
61,925
|
-
|
-
Tangible
assets – investments
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
Opening
balance
|
16,512
|
1,987
|
1,987
|
Transfer
from financial assets
|
-
|
315,320
|
34,370
|
Revaluations
|
6,650
|
(300,795)
|
(34,370)
|
|
|
|
|
Total
|
23,162
|
16,512
|
1,987
|
-
Debtors
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
Trade
debtors
|
13,700
|
-
|
-
|
Prepayments
|
145,955
|
112,481
|
11,239
|
Other
debtors
|
88,079
|
3,042
|
40,247
|
|
|
|
|
Total
|
234,034
|
115,523
|
51,486
|
-
Intangible
assets – crypotassets held for investment
|
Dec-23
|
Jun-23
|
Dec-22
|
|
£
|
£
|
£
|
|
|
|
|
Opening
balance
|
1,221,451
|
-
|
-
|
Upon
acquisition
|
-
|
556,049
|
-
|
Additions
|
657,271
|
4,660,607
|
-
|
Disposals
|
(1,320,383)
|
(4,318,383)
|
-
|
Gain on
sale of cryptoassets
|
28,261
|
323,178
|
-
|
|
|
|
|
Total
|
586,598
|
1,221,451
|
-
|