TIDMQBT 
 
30 June 2022 
 
                      Quantum Blockchain Technologies Plc 
                           ("QBT" or "the Company") 
 
                                 FINAL RESULTS 
 
The board of Quantum Blockchain Technologies (AIM: QBT) is pleased to report 
its final results for the year ended 31 December 2021. 
 
The 2021 Annual Report and Accounts will be posted today, together with the AGM 
notice and form of proxy to those shareholders who have requested to receive 
printed documents. 
 
The Annual Report and Accounts, AGM notice and form of proxy will also be 
available on the Company's website under the "Investor Relations - Annual 
Reports and Circulars" section. 
 
The AGM will be held at Company's legal address, 22 Great James Street London 
WC1N 3ES, at 12.00 pm on Friday, 22 July 2021. 
 
For further information please contact: 
 
Quantum Blockchain Technologies Plc 
Francesco Gardin, CEO and Executive 
Chairman                                                        +39 335 296573 
 
SP Angel Corporate Finance (Nominated Adviser & Broker) 
Jeff 
Keating 
+44 (0)20 3470 0470 
Kasia Brzozowska 
 
Leander (Financial PR) 
Christian 
Taylor-Wilkinson 
+44 (0) 7795 168 157 
 
About Quantum Blockchain Technologies Plc 
 
QBT (AIM: QBT) is an AIM listed investment company which has recently realigned 
its strategic focus to technology related investments, with special regard to 
Quantum computing, Blockchain, Cryptocurrencies and AI sectors. The Company has 
commenced an aggressive R&D and investment programme in the dynamic world of 
Blockchain Technology, which includes cryptocurrency mining and other advanced 
blockchain applications. 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present the Group's Final Results for the year ended 31 
December 2021. 
 
It has been a transformational year for the Company, setting new foundations 
and starting to build new perspectives for the future. On this basis, the 
Company's name changed from Clear Leisure to Quantum Blockchain Technologies 
Plc. 
 
The new strategy (approved by shareholders at the General Meeting held on 6 May 
2021) focused on addressing the goal of cheaper and faster Bitcoin mining as a 
result of advanced Research and Development ("R&D") on Quantum Computing, 
Artificial Intelligence, and state of the art ASIC chip design. The Company 
believes there are tangible and disruptive optimisations that can be made at 
multiple levels within the end-to- end Bitcoin mining process. This led to QBT 
launching an intense in-house R&D programme aimed at creating advanced 
proprietary techniques for Bitcoin mining, with the primary goal to encounter 
and exploit new important efficiencies of the mining process. 
 
We believe QBT's approach differs from other crypto currency miners. Our choice 
has been driven by the consideration that the current crypto-currency mining 
sector is a very "capital intensive" market, due to the never-ending necessity 
of continuously updating the miners' fleet. We aim to disrupt this market 
feature, changing it into "knowledge intensive" with the Company occupying a 
leading position by exploiting special features that we are discovering within 
the BTC mining algorithm to unlock faster and cheaper mining processes. 
 
The first milestone in implementing the above strategy has been the setup of an 
excellent R&D team comprising nearly 20 experts selected from across the UK and 
the EU, including highly skilled professionals, PhD students and university 
professors with expertise in Quantum Computing, Machine Learning, Cryptography 
and Algorithm Optimisation Theory. 
 
The R&D team is working on the following promising research areas: 
 
  * Quantum Computing 
  * Cryptographic Optimisation 
  * Deep Learning and Artificial Intelligence ("AI") 
  * Field-programmable gate array ("FPGA") / application-specific integrated 
    circuit ("ASIC") Design 
  * Algebraic and Boolean Equation Reduction 
  * Very Large Big Data 
  * High performance computing architectures 
 
The R&D team delivered its first important accomplishment in September 2021, 
when the Company filed the patent application for the ASIC UltraBoost. The ASIC 
UltraBoost is an improvement of the Bitcoin mining process, which eliminates 
redundant computation of a key part of the Bitcoin mining algorithm, resulting 
in a faster and more efficient mining process as it reduces the number of 
operations across the three iterations of SHA256 by approximately 7%. 
 
The Company is also working on other patent applications, including an update 
of the ASIC UltraBoost and another patent application derived from the work of 
the AI and Quantum Computing team. 
 
At the same time, a number of Bitcoin algorithm core architectures for an FPGA 
chip have been selected. Initial tests have been strategically performed on an 
FPGA chip to keep the testing cost low. As a result, the Company is now in a 
much better position to assess the performance projection of its SHA256 Bitcoin 
mining architectures options, before transfering this solution over to an ASIC 
chip. Moreover, access to ASIC synthesis tools allows early assessment of final 
performance on different nanometres ("nm") scales, including the 5nm current 
Company target. 
 
As announced in November 2021, a non-disclosure agreement was signed with an 
international research & development organisation, which is active in the field 
of nanoelectronics, to give the Company access to one of the few 5nm 
semiconductor fabrication plants currently operational in the world. 
 
QBT is researching multiple alternative routes to cheaper and faster Bitcoin 
mining. On this note it is also important to mention that the initial internal 
assessment shows promising results for other research areas. For instance, 
early experimental applications of AI techniques to multiply by several factors 
the speed of computing the Bitcoin mining algorithm, which would make even an 
FPGA chip a competitive Bitcoin mining tool. Should this route be successful, 
the same principle could apply to ASIC, materially improving the performance of 
already existing machines, and most importantly it would represent a quick way 
to commence the mining operations. 
 
Furthermore, the Company's Quantum Computing internal team has explored two 
main Quantum Computing paradigms: quantum annealing, and logic quits based 
quantum algorithms. While tests confirm the theoretical quantum supremacy 
nature of the approach, namely orders of magnitude compared to classic 
computers to compute SHA-256, the quantum hardware technology is still evolving 
to become practically usable. Meanwhile the Company intends to secure patents 
to protect the algorithms developed, while waiting for quantum computers to 
become available with enough computing elements of a quality required for 
sustainable quantum computations. 
 
To support the R&D activity, QBT purchased advanced computing facilities in a 
data center in Northern Italy, which include Computer Processing Units ("CPUs") 
with more than 256 cores, Graphics Processing Units ("GPUs") in excess of 
55,000 cores, two top of the range FPGA, several Terabytes of Random-Access 
Memory ("RAM") and 2 Petabytes of storage for Very Large Big Data to be 
analysed. Moreover, cloud access to a quantum computer and other cloud 
computing facilities makes the development environment a state-of-art IT 
development platform for QBT's R&D Team. 
 
Investments in R&D during the year under review, since the launch of the 
programme in mid-2021, amount altogether to ?406,000, of which ?164,000 has 
been invested in hardware equipment supporting R&D and ?226,000 in costs 
related to cloud services and consultants. 
 
The launch of this new strategy has been facilitated by the £3.3m (before 
expenses) in funds raised by the Company during the year under review via two 
equity placings and pursuant to the exercise of most of the warrants granted to 
the Company's investor as part of the second 2021 placing announced on 22 
February 2021. 
 
As a strong motivational element to deliver results under the new strategy, the 
Company issued 237.5m share options to its directors and staff at prices of 5p 
and 10p per new ordinary share of 0.25 pence each in the Company ("Ordinary 
Shares") being a premium of 61% and 222% of the share price as of 31 December 
2021). 
 
Finally, in respect of its "Legacy Assets", the Company, via its wholly owned 
subsidiary Clear Leisure 2017 Limited ("CL17") continues to pursue the legal 
claim against the previous management and internal audit committee of Sipiem in 
Liquidazione S.p.A's ("Sipiem") . A crucial step forward was achieved during 
the year: in May 2021 the Venice Court appointed independent expert valued 
damages suffered by Sipiem at up to ?7.8m (subject to the Judge ruling that the 
conduct of Sipiem's former board and internal audit committee was unlawful). 
Furthermore, in November 2021, the Judge granted CL17's request to file 
additional relevant documentation giving evidence of further damages of up to ? 
1m, which the Court appointed independent expert did not previously take into 
consideration, bringing the value of the claim up to ?8.8m. 
 
CL17 is also continuing its claim against Sosushi S.r.l's ("Sosushi") former 
management team, valued at ?1.03m, and assessing the launch of a ?20m legal 
action against Mediapolis S.p.A's ("Mediapolis") previous management and 
internal audit committee. For accounting purposes these claims carry a fair 
value of ?4.4m. 
 
In June 2021 the Company increased its stake in Forcrowd S.r.l ("Forcrowd") to 
41.17%. Moreover, in December 2021, Forcrowd concluded its first equity 
crowdfunding campaign (104% overfunded) for Make Me Srl.. With this first 
success, Forcrowd will soon start hosting mini-bond campaigns looking with 
confidence for new projects to finance. 
 
PBV Monitor S.r.l ("PBV") continued its focus on enlarging its editorial and 
directory business and finding new partnerships for its intelligence service, 
while Geosim System Ltd ("Geosim") continued working on the completion of 3D 
Reality Model for a major North American airport. 
 
In conclusion, the business re-positioning completed in 2021 has not been easy 
but pushed the Company back into a growth trajectory. The first results of this 
new strategy are already promising, although they represent only a fraction of 
what QBT hopes and intends to achieve going forward. 
 
In the meantime, we are also pleased and proud of having returned value to our 
long-term shareholders, as QBT's share price increased by an astonishing 1070% 
during 2021, making us the best performing share on AIM in 2021. 
 
Financial Review 
 
The Group reported a total comprehensive loss of ?5,396,000 for the year ended 
31 December 2021 (2020: ?1,208,000) and a loss before tax of ?5,449,000 (2020: 
?1,208,000). Operating losses for the period were ?4,970,000 (2020: ? 
1,087,000). 
 
Included within administrative expenses are charges relating to the recognition 
of share options totaling ?2,622,000 (2020: nil) and within finance costs are 
charges for the revaluation of derivatives totaling ?143,000 (2020: ?126,000). 
The increase of these items is strictly dependent on the high volatility of the 
Company's share price during 2021, used for the calculation according to the 
relevant accounting standards. 
 
The undiluted Net Asset Value ("NAV") of the Group has decreased by ?601,000 in 
2021, compared to an increase of ?2.5m in 2020. The Group had Net Current 
Liabilities of ?3.9m as at 31 December 2021 (2020: assets of ?4.9m), a decrease 
of ?8.8m. 
 
Post-Balance Sheet Events 
 
On 11 January 2022, the Company received £700,000 (before expenses) resulting 
from the exercise of 35 million warrants over 35 million new Ordinary Shares at 
a price of 2p each. Similarly, £350,000 (before expenses) was received on 31 
March, as a result of the exercise of 17.5 million warrants over 17.5 million 
new Ordinary Shares at a price of 2p each. 
 
On 30 March 2022, the Company called a Bondholders Meeting, with regard to the 
Zero-Coupon Bond originally issued in 2013 ("Bond") which was held on 21 April 
2022, to seek Bondholders' approval to extend the maturity date of the Bond 
from December 2022 to 15 December 2024 and change the conversion price of the 
Bond into the Company's new Ordinary Shares from 15p to 5p. 
 
On 6 April 2022, QBT also announced it had agreed with MC Strategy S.A. (an 
Eufingest S.A. demerged Company), the sole bondholder of the ?3.5m 2020 Zero 
Coupon Bond to extend its maturity date from 15 December 2022 to 15 December 
2024. 
 
On 21 April 2022, at the Bondholder's meeting all resolutions were passed. 
 
On 5 May 2022, the Company provided an update regarding Sipiem court 
proceedings. Following the 4th May 2022 Court Hearing, the parties have now 60 
days to file their final written arguments and then a further 20 days to file 
their written replies. The Company expects the Court to pass its final 
judgement by the end of 2022. 
 
On 23 May 2022, QBT provided an update on the In-house R&D Programme and its 
recent findings. On this note, the Company announced the launch of experimental 
Bitcoin mining using proprietary knowledge-based algorithms. 
 
Outlook 
 
The Board remains committed to return value to its stakeholders by: 
 
 i. continuing focusing on its R&D programme, which is providing promising and 
    consistent results; 
ii. investing in the technology sector (both in direct and indirect manner); 
iii. managing of the legacy portfolio assets, where positive outcomes are 
    expected from claims of the Company; and 
iv. further reduction of the debt position (if and when the conditions are 
    deemed appropriate). 
 
The Board remains positive as the technology investments are deemed sound and 
promising, and the legal claims have strong merit with counterparties that are 
expected to be solvent. 
 
GROUP INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE YEARED 31 DECEMBER 2021 
 
                                         Note                    2021    2020 
 
                                                                ?'000 ?'000 
 
Continuing operations 
 
Revenue                                                             9      12 
 
                                                                    9      12 
 
Administrative expenses                   7                   (4,985) (1,123) 
 
Other income                                                        6      24 
 
Operating loss                                                (4,970) (1,087) 
 
Share of loss from equity-accounted       8                      (33)       - 
associates 
 
Finance costs                             9                     (446)   (121) 
 
Loss before tax                                               (5,449) (1,208) 
 
Tax                                       12                       53       - 
 
Loss from continuing operations                               (5,396) (1,208) 
 
 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR           (5,396)               (1,208) 
 
 
 
Earnings per share: 
 
Basic loss per share (cents)              13                   ?0.621 ?0.182 
 
Diluted loss per share (cents)            13                   ?0.354       - 
 
The accounting policies and notes form part of these financial statements. 
 
GROUP AND COMPANY STATEMENTS OF FINANCIAL POSITION 
 
AS AT 31 DECEMBER 2021 
 
                                  Notes      Group      Group   Company    Company 
                                              2021       2020      2021       2020 
                                                   (restated)           (restated) 
 
                                             ?'000      ?'000 ?'000          ?'000 
 
Non-current assets 
 
Property, plant and equipment       14         164          -         -          - 
 
Investments                         15         664        980       298        434 
 
Investments in equity-accounted     8          211          -         -          - 
associates 
 
Total non-current assets                     1,039        980       298        434 
 
 
Current assets 
 
Trade and other receivables         16       4,905      5,191       665        841 
 
Cash and cash equivalents           17       1,039          - 1,035              - 
 
Total current assets                         5,944      5,191 1,700            841 
 
Total assets                                 6,983      6,171 1,998          1,275 
 
 
Current liabilities 
 
Trade and other payables            18       (329)      (334)     (354)      (327) 
 
Borrowings                          19     (8,365)          -   (8,365)          - 
 
Derivative financial instruments    20     (1,113)          -   (1,113)          - 
 
Total current liabilities                  (9,807)      (334)   (9,832)      (327) 
 
Net current (liabilities)/assets           (3,863)      4,857   (8,132)        514 
 
Total assets less current                  (2,824)      5,837   (7,834)        948 
liabilities 
 
 
Non-current liabilities 
 
Borrowings                          19           -    (8,060)         -    (8,060) 
 
Total non-current liabilities                    -    (8,060)         -    (8,060) 
 
Total liabilities                          (9,807)    (8,394)   (9,832)    (8,387) 
 
Net liabilities                            (2,824)    (2,223)   (7,834)    (7,112) 
 
 
Equity 
 
Share capital                       21       8,221      7,397     8,221      7,397 
 
Share premium account               21      49,442     47,124    49,442     47,124 
 
Other reserves                      23      11,409      8,787     3.084        462 
 
Retained losses                           (71,896)   (65,531)  (68,581)   (62,095) 
 
Total equity                               (2,824)    (2,223)   (7,834)    (7,112) 
 
An income statement for the parent company is not presented in accordance with 
the exemption allowed by S408 of the Companies Act 2006. The parent company's 
comprehensive loss for the financial year amounted to ?5,517,000 (2020: loss of 
?447,000). 
 
GROUP STATEMENT OF CHANGES IN EQUITY 
 
FOR THE YEARED 31 DECEMBER 2021 
 
                               Share        Share     Other   Retained    Total 
Group                         capital     premium  reserves     losses   equity 
                                          account 
                               ?'000        ?'000     ?'000      ?'000    ?'000 
 
At 1 January 2020                7,397     47,124     8,376   (64,526)  (1,629) 
 
Prior year adjustment (note          -          -         -        152      152 
28) 
 
At 1 January 2020 (restated)     7,397     47,124     8,376   (64,374)  (1,477) 
 
Total comprehensive loss for         -          -         -    (1,208)  (1,208) 
the year 
 
Lapsed share options                 -          -      (51)         51        - 
 
Equity portion of                    -          -       462          -      462 
convertible loan notes 
 
At 31 December 2020              7,397     47,124     8,787   (65,531)  (2,223) 
(restated) 
 
Total comprehensive loss for         -          -         -    (5,396)  (5,396) 
the year 
 
Grant of warrants                    -          -         -      1,447    1,447 
 
Exercise of warrants               119        831         -    (2,416)  (1,466) 
 
Issue of shares                    705      1,487         -          -    2,192 
 
Grant of share options               -          -     2,622          -    2,622 
 
At 31 December 2021              8,221     49,442    11,409   (71,896)  (2,824) 
 
The following describes the nature and purpose of each reserve: 
 
Share capital         represents the nominal value of equity shares. 
 
Share premium     amount subscribed for share capital in excess of the nominal 
value. 
 
Retained losses     cumulative net gains and losses less distributions made and 
items of other 
 
comprehensive income not accumulated in another separate reserve. 
 
Included within retained losses are movements relating to the grant, exercise, 
and fair value movement of the warrants issued during the year. 
 
Other reserves      consist of three reserves, as detailed in Note 23, seebelow: 
 
Merger reserve     relates to the difference in consideration and nominal value 
of shares issued 
 
during a merger and the fair value of assets transferred in an acquisition of 
90% or more of the share capital of another entity. 
 
Loan note equity reserve     relates to the equity portion of the convertible 
loan notes. 
 
Share option reserve           fair value of the employee and key personnel 
equity settled share option scheme as accrued at the reporting date. 
 
The accounting policies and notes form part of these financial statements. 
 
COMPANY STATEMENT OF CHANGES IN EQUITY 
 
FOR THE YEARED 31 DECEMBER 2021 
 
                            Share       Share      Other     Retained Total 
Company                    capital    premium   reserves       losses 
                                      account 
                            ?'000       ?'000      ?'000        ?'000 ?'000 
 
At 1 January 2020             7,397    47,124         51     (61,851)  (7,279) 
 
Prior year adjustment             -         -          -          152      152 
(note 28) 
 
At 1 January 2020             7,397    47,124         51     (61,699)  (7,127) 
(restated) 
 
Total comprehensive loss          -         -          -        (447)    (447) 
for the year 
 
Lapsed share options              -         -       (51)           51        - 
 
Equity portion of                 -         -        462            -      462 
convertible loan notes 
 
At 31 December 2020           7,397    47,124        462     (62,095)  (7,112) 
(restated) 
 
Total comprehensive loss          -         -          -      (5,517)  (5,517) 
for the year 
 
Grant of warrants                 -         -          -        1,447    1,447 
 
Exercise of warrants            119       831          -      (2,416)  (1,466) 
 
Issue of shares                 705     1,487          -            -    2,192 
 
Grant of share options            -         -      2,622            -    2,622 
 
At 31 December 2021           8,221    49,442      3,084     (68,581)  (7,834) 
 
The following describes the nature and purpose of each reserve: 
 
Share capital                                      represents the nominal value 
of equity shares. 
 
Share premium                                  amount subscribed for share 
capital in excess of the nominal value. 
 
Retained losses                                  cumulative net gains and 
losses less distributions made and items of other comprehensive income not 
accumulated in another separate reserve. Included within retained losses are 
movements relating to the grant, exercise, and fair value movement of the 
warrants issued during the year. 
 
Other reserves                                   consist of two reserves, as 
detailed in Note 23, see below: 
 
Loan note equity reserve                  relates to the equity portion of the 
convertible loan notes. 
 
Share option reserve                         fair value of the employee and key 
personnel equity settled share option scheme as accrued at the reporting date. 
 
. 
 
GROUP AND COMPANY STATEMENT OF CASH FLOWS FOR THE YEARED 31    DECEMBER 
2021 
 
                                 Note       Group     Group    Company  Company 
                                             2021      2020       2021     2020 
                                            ?'000     ?'000      ?'000    ?'000 
 
 
Cash used in operations 
 
Loss before tax                           (5,449)   (1,208) (5,570)       (447) 
 
Impairment of investments        15           167        89        200       89 
 
Share of post-tax losses of      8             33         -          -        - 
equity accounted 
associates 
 
Non cash foreign exchange        15          (41)        50          -        - 
movements 
 
Finance charges                  9            305       247        305      247 
 
Decrease /(increase) in          16           340     1,417        230      655 
receivables 
 
(Decrease) /increase in payables 18           (5)      (61)         27     (10) 
 
Loss /(gain) on derivatives                   143     (121)        143    (121) 
 
Share based payments                        2,694         -      2,694 
 
Net cash outflow from operating           (1,813)       413 (1,971)         413 
activities 
 
 
Cash flows from investing 
activities 
 
Purchase of investments          15          (54)       (2)       (64)      (2) 
 
Purchase of property, plant and  14         (164)         -          -        - 
equipment 
 
Net cash outflow from investing             (218)       (2)       (64)      (2) 
activities 
 
 
Cash flows from financing 
activities 
 
Proceeds from borrowing                         -       150          -      150 
 
Repayment of borrowings                         -     (561)          -    (561) 
 
Proceeds from capital issue                 3,070         -      3,070        - 
 
Net cash (outflow)/inflow from              3,070     (411)      3,070    (411) 
financing activities 
 
 
Net increase in cash for the            1,039     -         1,035      - 
year 
 
Cash and cash equivalents at                    -         -          -        - 
beginning of year 
 
Cash and cash equivalents at end 17         1,039         -      1,035        - 
of year 
 
The accounting policies and notes form part of these financial statements. 
 
NOTES FOR THE FINANCIAL STATEMENTS 
 
FOR THE YEARED 31 DECEMBER 2021 
 
1.General Information 
 
Quantum Blockchain Technologies plc is a company incorporated in the United 
Kingdom under the Companies Act 2006. The Company's ordinary shares are traded 
on AIM of the London Stock Exchange. The address of the registered office is 
given on the Company Information page. The nature of the Group's operations and 
its principal activities are set out in the Directors' report on page 13. 
 
2.Accounting policies 
 
The principal accounting policies are summarised below. They have all been 
applied consistently throughout the period covered by these consolidated 
financial statements. 
 
Basis of preparation 
 
The consolidated Financial Statements of Quantum Blockchain Technologies plc 
have been prepared in accordance with United Kingdom adopted international 
accounting standards ("UK adopted IFRS") and the parts of Companies Act 2006 
applicable to companies reporting under IFRS. 
 
The financial statements have been prepared under the historical cost 
convention as modified by the revaluation of assets and liabilities held at 
fair value. 
 
The preparation of Financial Statements in conformity with IFRS requires the 
use of certain critical accounting estimates. It also requires management to 
exercise its judgement in the process of applying the Group's accounting 
policies. The areas involving a higher degree of judgement or complexity, or 
areas where assumptions and estimates are significant to the consolidated 
Financial Statements are disclosed in Note 3. 
 
The Consolidated Financial Statements are presented in Euros (?), the 
presentational and functional currency, rounded to the nearest ?'000. 
 
The Group has adopted the 'interest rate benchmark reform' phase 1 in the 
current year. This has not had a material impact on the Group financial 
statements. 
 
New standards, interpretations and amendments not yet adopted 
 
The Group decided not to early adopt the following amendments to standards 
which are not yet mandatory. 
 
Amendments to IAS 1 Presentation of Financial Statements: Classification of 
Liabilities as Current or Non- current (issued January 2020) 
 
The amendments clarify that the classification of a liability as current or 
non-current is based only on rights existing at the end of the reporting period 
and the classification is not affected by expectations about whether rights to 
settle or defer a liability will be exercised. Further, the amendments clarify 
that the settlement of a liability refers to the transfer of cash, equity 
instruments, other assets, or services to the counterparty. This amendment only 
affects presentation. 
 
The amendment is effective for financial years beginning on or after 1 January 
2024 and is not yet adopted in the United Kingdom. 
 
The Group does not expect a material impact on its consolidated financial 
statements from these amendments. 
 
Amendments to IAS 16 Property, Plant and Equipment (issued in May 2020) 
 
The amendments require any proceeds from selling items produced (and related 
production costs) in the course of bringing an item property, plant and 
equipment into operation to be recognised in profit or loss clarifying that 
such items are not reflected in the cost of the asset. 
 
The amendment is effective for financial years beginning on or after 1 January 
2022 and is not yet adopted in the United Kingdom. 
 
The Group does not expect a material impact on its consolidated financial 
statements from these amendments. 
 
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets 
(issued in May 2020) 
 
The amendments clarify that the cost of fulfilling a contract are costs that 
relate directly to that contract. Such costs can be the incremental costs of 
fulfilling that contract or an allocation of other costs directly related to 
fulfilling that contract. 
 
The amendment is effective for financial years beginning on or after 1 January 
2022 and is not yet adopted in the United Kingdom. 
 
The Group does not expect a material impact on its consolidated financial 
statements from these amendments. 
 
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate 
Benchmark Reform - Phase 2 (issued in August 2020) 
 
The amendments are aimed at helping companies to provide investors with useful 
information about the effects of the reform of interest rate benchmarks on 
those companies' financial statements. 
 
The amendments complement those issued in 2019 and focus on the effects on 
financial statements when a company replaces the old interest rate benchmark 
with an alternative benchmark rate as a result of the reform. The Phase 2 
amendments relate to: 
 
  * changes to contractual cash flows-a company will not have to derecognise or 
    adjust the carrying amount of financial instruments for changes required by 
    the reform, but will instead update the effective interest rate to reflect 
    the change to the alternative benchmark rate; 
  * hedge accounting-a company will not have to discontinue its hedge 
    accounting solely because it makes changes required by the reform, if the 
    hedge meets other hedge accounting criteria; and 
  * disclosures-a company is required to disclose information about new risks 
    arising from the reform and how it manages the transition to alternative 
    benchmark rates. 
 
The Group does not expect a material impact on its consolidated financial 
statements from these amendments. 
 
Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting 
Policies (issued in February 2021) 
 
The amendments enhance the disclosure requirements relating to an entity's 
accounting policies and clarify that the notes to a complete set of financial 
statements are required to include material accounting policy information. 
Material accounting policy information, when considered with other information 
included in the financial statements, can reasonably be expected to influence 
decisions that the primary users of financial statements make on the basis of 
the financial statements. The amendments help preparers determine what 
constitutes material accounting policy information and notes that accounting 
policy information which focuses on how IFRS has been applied to its own 
circumstances is more useful for users of financial statements than 
standardised information or information duplicating the requirements of IFRS. 
 
The amendment also states that immaterial accounting policy information need 
not be disclosed but when it is disclosed it shall not obscure material 
accounting policy information. Further, if accounting policy information is not 
deemed material this does not affect the materiality of related disclosure 
requirements of IFRS. 
 
The disclosure of judgements made in applying accounting policies should 
reflect those that have had the most significant effect on items recognised in 
the financial statements. 
 
The amendment is effective for financial years beginning on or after 1 January 
2023 and is not yet adopted in the United Kingdom. 
 
Amendments to IAS 8 Definition of Accounting Estimates (issued in February 
2021) 
 
The amendments define accounting estimates as monetary amounts in financial 
statements that are subject to measurement uncertainty. An accounting policy 
may require an item in financial statements to be measured at a monetary amount 
that cannot be observed directly so that in order to achieve the objective of 
an accounting policy, an estimation is required. 
 
The amendments state that the development of an accounting estimate requires 
the use of judgement or assumptions based on the latest available reliable 
information and involve the use of measurement techniques and inputs. 
Accounting estimates might then need to change as a result of new information, 
new developments or more experience. 
 
A change in input or measurement technique is a change in accounting estimate 
which is applied prospectively unless the change results from the correction of 
prior period errors. 
 
The amendment is effective for financial years beginning on or after 1 January 
2023 and is not yet adopted in the United Kingdom. 
 
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising 
from a Single Transaction (issued in May 2021) 
 
The amendments specify how companies should account for deferred tax on 
transactions such as leases and decommissioning obligations. 
 
In specified circumstances, companies are exempt from recognising deferred tax 
when they recognise assets or liabilities for the first time. Previously, there 
had been some uncertainty about whether the exemption applied to transactions 
such as leases and decommissioning obligations-transactions for which companies 
recognise both an asset and a liability. 
 
The amendments clarify that the exemption does not apply and that companies are 
required to recognise deferred tax on such transactions. The aim of the 
amendments is to reduce diversity in the reporting of deferred tax on leases 
and decommissioning obligations. 
 
The amendments are effective for annual reporting periods beginning on or after 
1 January 2023, with early application permitted and is not yet adopted in the 
United Kingdom. 
 
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 euros 
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 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. 
 
Investments in subsidiaries 
 
Investments in subsidiaries are stated at cost less any provision for 
impairment. 
 
Investments in associates 
 
Investments in associates are accounted for using the equity method. 
 
The carrying amount of the investment in associates is increased or decreased 
to recognise the Group's share of the profit or loss and other comprehensive 
income of the associate, adjusted where necessary to ensure consistency with 
the accounting policies of the Group. 
 
Unrealised gains and losses on transactions between the Group and its 
associates are eliminated to the extent of the Group's interest in those 
entities. Where unrealised losses are eliminated, the underlying asset is also 
tested for impairment. 
 
In the year ended 31 December 2020, the investment in ForCrowd Srl was carried 
at cost, which was not materially different to its fair value at that time. In 
the prior year accounts, it was shown within Investments in the Statement of 
Financial Position. 
 
Foreign currency 
 
The functional currency is Euro. Foreign currency transactions are translated 
into the functional currency using the exchange rates prevailing at the dates 
of the transactions or valuation where items are re-measured. Exchange gains 
and losses resulting from the settlement of such transactions and from the 
translation at year- end exchange rates of monetary assets and liabilities 
denominated in foreign currencies are recognised in the Statement of 
Comprehensive Income. Exchange gains and losses that relate to borrowings and 
cash and cash equivalents are presented in the income statement within 'finance 
income or costs'. All other exchange gains and losses are presented in the 
income statement within 'other (losses)/gains - net'. 
 
Changes in the fair value of monetary securities denominated in foreign 
currency classified as available for sale are analysed between translation 
differences resulting from changes in the amortised cost of the security and 
other changes in the carrying amount of the security. Translation differences 
related to changes in amortised cost are recognised in profit or loss, and 
other changes in carrying amount are recognised in other comprehensive 
income.2. Accounting policies (continued) 
 
Taxation 
 
The tax expense represents the sum of the tax currently payable and any 
deferred tax. 
 
Current taxes are based on the results of the Group companies and are 
calculated according to local tax rules, using the tax rates and laws that have 
been enacted or substantially enacted by the reporting date. 
 
Deferred tax is provided in full using the financial position liability method 
for all taxable temporary differences arising between the tax bases of assets 
and liabilities and their carrying values for financial reporting purposes. 
Deferred tax is measured using currently enacted or substantially enacted tax 
rates and laws. Deferred tax is the tax expected to be payable or recoverable 
on differences between the carrying amounts of assets and liabilities in the 
financial statements and the corresponding tax bases used in the computation of 
taxable profit and is accounted for using the statement of financial position 
liability method. Deferred tax liabilities are generally recognised for all 
taxable temporary differences and deferred tax assets are recognised to the 
extent that it is probable that taxable profits will be available against which 
deductible temporary differences can be utilised. Such assets and liabilities 
are not recognised if the temporary difference arises from goodwill or from the 
initial recognition (other than in a business combination) of other assets and 
liabilities in a transaction that affects neither the taxable profit nor the 
accounting profit. 
 
Deferred tax assets are recognised to the extent the temporary difference will 
reverse in the foreseeable future and that it is probable that future taxable 
profit will be available against which the asset can be utilised. Deferred tax 
is recognised for all deductible temporary differences arising from investments 
in subsidiaries and associates, to the extent that it is probable that the 
temporary difference will reverse in the foreseeable future and taxable profit 
will be available against which the temporary difference can be utilised. 
 
Revenue 
 
The Group provides consultancy services, which are invoiced at the point of the 
provision of the service. Revenue is recognised as earned at a point in time on 
the unconditional supply of these services, which are received and consumed 
simultaneously by the customer. The Group measures revenues at the fair value 
of the consideration received or receivable for the provision of consultancy 
services net of Value Added Tax. 
 
Interest incomeInterest income is accrued on a time basis, by reference to the principal 
outstanding and at the effective interest rate applicable, which is the rate 
that exactly discounts estimated future cash receipts through the expected life 
of the financial asset to that asset's net carrying amount on initial 
recognition. 
 
Property, plant and equipment 
 
Property, plant and equipment are initially measured at cost and subsequently 
measured at cost or valuation, net of depreciation and any impairment losses. 
 
Depreciation is recognised so as to write off the cost or valuation of assets 
less their residual values over their useful lives on the following bases: 
 
Computers                          25% on cost 
 
The gain or loss arising on the disposal of an asset is determined as the 
difference between the sale proceeds and the carrying value of the asset, and 
is recognised in the profit or loss. 
 
Impairment of tangible assets 
 
At each reporting end date, the company reviews the carrying amounts of its 
tangible assets to determine whether there is any indication that those assets 
have suffered an impairment loss. If any such indication exists, the 
recoverable amount of the asset is estimated in order to determine the extent 
of the impairment loss (if any). Where it is not possible to estimate the 
recoverable amount of an individual asset, the company estimates the 
recoverable amount of the cash-generating unit to which the asset belongs. 
 
Financial instruments 
 
Classification and measurement 
 
The Company classifies its financial assets into the following categories: 
those to be measured subsequently at fair value through profit or loss (FVPL) 
and those to be held at amortised cost. 
 
Classification depends on the business model for managing the financial assets 
and the contractual terms of the  cash flows. 
 
Management determines the classification of financial assets at initial 
recognition. The Company's policy with regard to financial risk management is 
set out in Note 20. Generally, the Company does not acquire financial assets 
for the purpose of selling in the short term. 
 
The Company's business model is primarily that of "hold to collect" (where 
assets are held in order to collect contractual cash flows). When the Company 
enters into derivative contracts, these transactions are designed to reduce 
exposures relating to assets and liabilities, firm commitments or anticipated 
transactions. 
 
Financial Assets held at amortised cost 
 
The classification applies to debt instruments which are held under a hold to 
collect business model and which 
 
have cash flows that meet the "solely payments of principal and interest" 
(SPPI) criteria. 
 
At initial recognition, trade receivables that do not have a significant 
financing component, are recognised at their transaction price. Other financial 
assets are initially recognised at fair value plus related transaction costs, 
they are subsequently measured at amortised costs using the effective interest 
method. Any gain or loss on derecognition or modification of a financial asset 
held at amortised cost is recognised in the income statement. 
 
Financial Assets held at fair value through profit or loss (FVPL) 
 
The classification applies to the following financial assets. In all cases, 
transaction costs are immediately expensed to the income statement. 
 
  * Debt instruments that do not meet the criteria of amortised costs or fair 
    value through other comprehensive income. These receivables are generally 
    held to collect but do not meet the SPPI criteria and as a result must be 
    held at FVPL. Subsequent fair value gains or losses are taken to the income 
    statement. 
  * Equity investments which are held for trading or where the FVOCI election 
    has not been applied. All fair value gains or losses and related dividend 
    income are recognised in the income statement. 
  * Derivatives which are not designated as a hedging instrument. All 
    subsequent fair value gains or losses are recognised in the income 
    statement. 
 
Trade and other receivables 
 
Trade and other receivables are measured at initial recognition at fair value 
and are subsequently measured at amortised cost using the effective interest 
rate method. For trade receivables, where there is no significant financing 
component, fair value is normally the transaction price. A provision is 
established when there is objective evidence that the Group will not be able to 
collect all amounts due. The amount of any provision is recognised in the 
income statement. 
 
Cash and cash equivalents 
 
Cash and cash equivalents comprise cash on hand and demand deposits and other 
short-term highly liquid investments that are readily convertible to a known 
amount of cash and are subject to an insignificant risk of changes in value 
with maturities of three months or less from inception. 
 
Impairment of financial assets 
 
A forward looking expected credit loss (ECL) review is required for: debt 
instruments measured at amortised costs are held at fair value through other 
comprehensive income: loan commitments and financial guarantees not measured at 
fair value through profit or loss; lease receivables and trade receivables that 
give rise to an unconditional right to consideration. 
 
As permitted by IFRS9, the Company applies the "simplified approach" to trade 
receivable balances and the "general approach" to all other financial assets. 
The general approach incorporates a review for any significant increase in 
counter party credit risk since inception. The ECL reviews including 
assumptions about the risk of default and expected loss rates. For trade 
receivables, the assessment takes into account the use of credit enhancements, 
for example, letters of credit. Impairments for undrawn loan commitments are 
reflected as a provision. 
 
Financial liabilities 
 
Borrowings and other financial liabilities (including trade payables but 
excluding derivative liabilities) are recognised initially at fair value, net 
of transaction costs incurred, and are subsequently measured at amortised 
costs. 
 
Convertible bonds 
 
Convertible bonds are regarded as compound instruments, consisting of a 
liability component and an equity component. At the date of issue, the fair 
value of the liability component is estimated using the prevailing market 
interest rate for similar non-convertible debt. The difference between the 
proceeds of issue of the convertible loan notes and the fair value assigned to 
the liability component, representing the embedded option to convert the 
liability into equity of the Group, is included in equity. 
 
Issue costs are apportioned between the liability and equity components of the 
convertible loan notes based on their relative carrying amounts at the date of 
issue. The portion relating to the equity component is charged directly against 
equity. 
 
The interest expense on the liability component is calculated by applying the 
prevailing market interest rate for similar non-convertible debt to the 
liability component of the instrument. The difference between this amount and 
the interest paid is added to the carrying amount of the convertible loan note. 
 
Borrowings costs 
 
Interest-bearing borrowings are initially recorded at fair value net of 
attributable transaction costs. Subsequent to initial recognition, 
interest-bearing borrowings are stated at amortised cost with any difference 
between proceeds and redemption value being recognised in the profit or loss 
over the period of the borrowings on an effective interest basis. 
 
Trade payables 
 
Trade payables are initially measured at fair value, and are subsequently 
measured at amortised cost, using the effective interest rate method. 
 
Segmental reporting 
 
In identifying its operating segments, management generally follows the Group's 
service lines, which represent the main products and services provided by the 
Group. The measurement policies the Group uses for segment reporting under IFRS 
8 are the same as those used in its financial statements. The disclosure is 
based on the information that is presented to the chief operating decision 
maker, which is considered to be the board of Quantum Blockchain Technologies 
plc. 
 
Provisions 
 
Provisions are recognised when the Group has a present obligation (legal or 
constructive) as a result of a past event, it is probable that the Group will 
be required to settle that obligation and a reliable estimate can be made of 
the amount of the obligation. 
 
The amount recognised as a provision is the best estimate of the consideration 
required to settle the present obligation at the year-end date, taking into 
account the risks and uncertainties surrounding the obligation. 
 
Equity instruments 
 
An equity instrument is any contract that evidences a residual interest in the 
assets of the Group after deducting all of its liabilities. Equity instruments 
issued by the Group are recorded at the proceeds received net of direct issue 
costs. 
 
Share capital account represents the nominal value of the shares issued. 
 
The share premium account represents premiums received on the initial issuing 
of the share capital. Any transaction costs associated with the issuing of 
shares are deducted from share premium, net of any related income tax benefits. 
 
Retained losses include all current and prior period results as disclosed in 
the statement of comprehensive income. 
 
Other reserves consist of the merger reserve, share option reserve and loan 
equity reserve. 
 
  * the merger reserve represents the premium on the shares issued less the 
    nominal value of the shares, being the difference between the fair value of 
    the consideration and the nominal value of the shares. 
  * the share option reserve represents the cumulative amounts charged to the 
    profit or loss in respect of employee share option arrangements where the 
    scheme has not yet been settled by means of an award of shares to an 
    individual 
  * the loan equity reserve represents the value of the equity component of the 
    nominal value of the loan notes issued. 
 
Government Grants 
 
Grants from the government are recognised at their fair value where there is 
reasonable assurance that the grant will be received and the group will comply 
with all attached conditions. Government grants which are revenue in nature are 
recognised on a systematic basis within other income in the Statement of 
Comprehensive Income over the period in which the group recognises as expenses 
the related costs for which the grants are intended to compensate. 
 
Research and development costs 
 
Development costs are recognised as an asset only when all of the following 
criteria are met: 
 
(a)  the technical feasibility of completing the intangible asset so that it 
     will be available for use or sale. 
 
(b)  its intention to complete the intangible asset and use or sell it. 
 
(c)  its ability to use or sell the intangible asset. 
 
(d)  how the intangible asset will generate probable future economic benefits. 
     Among other things, the entity can demonstrate the existence of a market 
     for the output of the intangible asset or the intangible asset itself or, 
     if it is to be used internally, the usefulness of the intangible asset. 
 
(e)  the availability of adequate technical, financial and other resources to 
     complete the development and to use or sell the intangible asset. 
 
(f)  its ability to measure reliably the expenditure attributable to the 
     intangible asset during its development. 
 
The research and development expenditure that does not meet the recognition 
criteria are not capitalised and are recognised as an expense as incurred, as 
shown in note 7. 
 
3.Critical accounting judgements and key sources of estimation uncertainty 
 
The preparation of Financial Statements in conformity with IFRSs requires 
management to make judgements, estimates and assumptions that affect the 
application of policies and reported amounts of assets and liabilities, income 
and expenses. Estimates and judgements are continually evaluated and are based 
on historical experience and other factors including expectations of future 
events that are believed to be reasonable under the circumstances. 
 
The Group makes estimates and assumptions concerning the future. The resulting 
accounting estimates will, by definition, seldom equal the related actual 
results. The 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. 
 
Fair value measurement 
 
Management uses valuation techniques 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. 
 
In order to arrive at the fair value of investments a significant amount of 
judgement and estimation has been adopted by the Directors as detailed in the 
investments accounting policy. Where these investments are un- listed and there 
is no readily available market for sale the carrying value is based upon future 
cash flows and current earnings multiples for which similar entities have been 
sold. The nature of these assumptions and the estimation uncertainty as a 
result is outlined in Note 15, along with sensitivities in Note 20. 
 
Going Concern 
 
The Group's activities generated a loss of ?5,396,000 (2020: loss of ? 
1,208,000) and had net current liabilities of ?3,863,000 as at 31 December 2021 
(2020: net assets of ?4,857,000). The Group's operational existence is still 
dependent on the ability to raise further funding either through an equity 
placing on AIM, or through other external sources, to support the on-going 
working capital requirements. 
 
After making due enquiries, the Directors have formed a judgement that there is 
a reasonable expectation that the Gro up can secure further adequate resources 
to continue in operational existence for the foreseeable future and that 
adequate arrangements will be in place to enable the settlement of their 
financial commitments, as and when they fall due. 
 
For this reason, the Directors continue to adopt the going concern basis in 
preparing the financial statements. Whilst there are inherent uncertainties in 
relation to future events, and therefore no certainty over the outcome of the 
matters described, the Directors consider that, based upon financial 
projections and dependant on the success of their efforts to complete these 
activities, the Group will be a going concern for the next twelve months. If it 
is not possible for the Directors to realise their plans, over which there is 
significant uncertainty, the carrying value of the assets of the Group is 
likely to be impaired. 
 
Notwithstanding the above, the Directors note the material uncertainty in 
relation to the Group being unable to realise its assets and discharge its 
liabilities in the normal course of business. 
 
4.Segment information 
 
The Directors are of the opinion that under IFRS 8 - "Operating Segments" there 
are no identifiable business segments that are subject to risks and returns 
different to the core business of investment management. The information 
reported to the Directors, for the purposes of resource allocation and 
assessment of performance is based wholly on the overall activities of the 
Group. Therefore, the Directors have determined that there is only one 
reportable segment under IFRS 8. 
 
The Group has not generated a material level of income and has no major 
customers. 
 
5.Staff costs 
 
                                        Group                 Company 
 
                                        2021           2020   2021     2020 
                                        ?'000          ?'000  ?'000    ?'000 
 
Staff costs during the period including directors comprise: 
 
Wages and salaries                      555               373      555    373 
 
Social security costs and pension                    3      2        3      2 
contributions 
 
Share options expense                   2,622               -    2,622      - 
 
                                        3,180             375    3,180    375 
 
 1. Directors' emoluments 
 
                                                               2021 2020 
                                                              ?'000 ?'000 
 
 
Aggregate emoluments                   525                          323 
 
Share options expense                                         2,444       - 
 
                                                              2,969     323 
 
Remuneration of the highest paid Director was ?327,000 (2020: ?267,000). 
 
There are no retirement benefits accruing to the Directors. Details of 
directors' remuneration are included in the Directors' Report. 
 
7.Expenses by nature 
 
                                                               2021 2020 
                                                              ?'000 ?'000 
 
Directors' emoluments                                         2,969     323 
 
Employee emoluments                                             210      80 
 
Professional and legal fees                                     441     419 
 
Audit fees                                                       50      38 
 
Administrative expenditure                                      156     174 
 
Impairment of assets                                            769      89 
 
Fundraising fees                                                192       - 
 
Research and development costs                                  198       - 
 
                                                              4,985   1,123 
 
With regard to the total R&D expenditure, as of 31 December 2021 the Company 
also purchased property, plant and equipment for ?164,000 (see note 14). 
Further expenditure occurred at the beginning of 2022. 
 
8.Investments in associates 
 
The Group has a 41.17% equity interest in ForCrowd Srl. 
 
Summarised financial information of the Group' share in this associate is as 
follows: 
 
                                                        2021         2020 
                                                        ?'000        ?'000 
 
Loss from continuing operations                                 (33)       - 
 
Total comprehensive loss                                        (33)       - 
 
Aggregate carrying amount of the Group's interests in            211       - 
this associate 
 
In the prior year, this investment was carried at fair value through profit or 
loss and categorised on the Statement of Financial Position with other 
non-current investments. 
 
9.Finance (costs)/income 
 
                                                                2021 2020 
                                                               ?'000 ?'000 
 
(Loss)/gain on derivatives                                     (143)     126 
 
Interest on convertible bonds                                  (305)   (247) 
 
Other gains or losses                                            (4)       - 
 
Interest received                                                  6       - 
 
                                                               (446)   (121) 
 
 1. Auditor's remuneration 
 
                                                        2021         2020 
                                                        ?'000        ?'000 
 
Group Auditor's remuneration: 
 
Fees payable to the Group's auditor for the audit of 
the Company and                                         50           28 
consolidated financial statements: 
 
Non audit services: 
 
Other services (tax)                                               -      10 
 
Subsidiary Auditor's remuneration 
 
Other services pursuant to legislation                             -       - 
 
                                                                  50      38 
 
11.Employee numbers 
 
                                                Group        Company 
 
                                                 2021   2020     2021    2020 
                                               Number Number   Number  Number 
 
 
The average number of Company's employees, including 
directors during the period was as follows: 
 
Management and administration                       3      4        3       4 
 
 1. Taxation 
 
                                                                 2021 2020 
                                                                ?'000 ?'000 
 
 
Current taxation                         (53)                         - 
 
Deferred taxation                                                   -       - 
 
Tax charge for the year                                          (53)       - 
 
The Group has a potential deferred tax asset of ?7,775k arising from ?31,100k 
of unutilised trading losses, capital losses, and management expenses available 
for carry forward and relief against future taxable profits. The deferred tax 
asset has been measured at 25% (2020: 19%) being the rate substantially enacted 
at the year end. The deferred tax asset has not been recognised in the 
financial statements in accordance with the Group's accounting policy for 
deferred tax. 
 
The Group's unutilised losses are as follows: 
 
                                                              2021 2020 
                                                                 ? ? 
 
 
Trading losses                  1,461,436                          - 
 
Management expenses                                     18,803,688 18,506,562 
 
Non trade loan relationship                              1,487,350  1,473,816 
deficits 
 
Capital losses                                           8,359,975  8,282,901 
 
The standard rate of tax for the current year, based on the UK effective rate 
of corporation tax is 19% (2020: 19%). The standard rate of Research and 
Development Tax credit is 14.5% of the enhanced R&D expenditure. The actual 
rate for the current and previous year varies from the standard rate for 
reasons set out in the following reconciliation: 
 
                                                   2021              2020 
Continuing operations                              ?'000             ?'000 
 
 
Loss for the year before tax                       (5,449)           (1,208) 
 
Tax on ordinary activities at standard rate                  (1.035)   (229) 
 
Effects of: 
 
Expenses not deductible for tax purposes                         751      65 
 
Foreign taxes                                                      -       - 
 
R&D enhancement                                                 (39)       - 
 
R&D claimed                                                       70       - 
 
Losses brough forward claimed                                   (10)       - 
 
Tax losses available for carry forward against                   263     164 
future profits 
 
Total tax                                                          -       - 
 
 
Enhanced R&D expenditure                           368               - 
 
Total tax repayable at the R&D tax credit rate                    53       - 
 
The UK government has announced that the corporation tax rate will increase 
from 19% to 25% with effect from 1 April 2023. 
 
13.Earnings per share 
 
The basic earnings per share is calculated by dividing the loss attributable to 
equity shareholders by the weighted average number of ordinary shares in issue 
during the period. Diluted earnings per share is computed using the weighted 
average number of shares during the period adjusted for the dilutive effect of 
share options, warrants and convertible loans outstanding during the period. 
 
The loss and weighted average number of shares used in the calculation are set 
out below: 
 
 
                     2021                                                                            2020 
 
            Profit/                                                                 Weighted     Per    Profit/     Weighted Per share 
            (Loss)                                                     average no. of shares   share    (Loss)   average no.    amount 
                                                                                       000's  amount               of shares 
            ?'000                                                                                       ?'000          000's Euro Cent 
                                                                                                Euro 
                                                                                                Cent 
 
Basic 
earnings 
per share 
 
Continuing  (5,396) 869,339                                                                  (0.621)     (1,208)     662,371   (0.182) 
operations 
 
Total       (5,396) 869,339                                                                  (0.621)     (1,208)     662,371   (0.182) 
operations 
 
 
Fully diluted earnings per share 
 
Continuing  (5,328) 1,503,440                                                                (0.354)           -           -         - 
operations 
 
Total       (5,328) 1,503,440                                                                (0.354)           -           -         - 
operations 
 
14.Tangible fixed assets 
 
Group                                                   Computers    Total 
                                                            ?'000    ?'000 
 
Cost 
 
At 1 January 2021                                               -            - 
 
Additions                                                     164          164 
 
At 31 December 2021                                           164          164 
 
 
Depreciation and impairment 
 
At 1 January 2021                                               -            - 
 
Eliminated in respect of disposals                              -            - 
 
At 31 December 2021                                             -            - 
 
 
 
Carrying amount 
 
At 31 December 2021                                           164          164 
 
At 31 December 2020                                             -            - 
 
No depreciation has been charged in the year as the computer was still in the 
construction stage of completion. 
 
The tangible fixed assets relate in full to the Group's IT infrastructure 
dedicated to the R&D programme. 
 
The Company held no tangible fixed assets during the years ended 31 December 
2020 and 2021. 
 
15.Investments 
 
The significant entities for which the Group owns shares, including the parent 
company, held at 31 December 2021 were as follows: 
 
                                                   Net           Date of 
Group Companies  Ownership Country    Company      Assets/       latest   Treatment 
                                      Status       (Liabilities) accounts 
                                                   ?,000 
 
Brainspark 
Associates       100.00%   UK         Trading      (36,255)      2020     Consolidated 
Ltd 
 
Clear Leisure    100.00%   UK         Trading      (49)          2020     Consolidated 
2017 Ltd 
 
                                      Incorporated 
QBT R&D Srl      100.00%   Italy      in           N/A           N/A      Consolidated 
                                      2021 
 
Milan Digital    100.00%   UK         Dormant      Nil           2020     Consolidated 
Twin Ltd 
 
London Digital   100.00%   UK         Dormant      Nil           2020     Consolidated 
Twin Ltd 
 
Miner One Ltd    100.00%   UK         Dormant      Nil           2020     Consolidated 
 
Clear Holiday    100.00%   Italy      Dormant      10            2014     Not Consolidated 
Srl 
 
Alnitak S.A      100.00%   Luxembourg Inactive     (8)           2014     Not Consolidated 
 
Mediapolis 
Investment       71.72%    Luxembourg Inactive     (6,648)       2010     Not Consolidated 
S.A 
 
Sosushi Company  99.30%    Italy      In           654           2013     Not Consolidated 
Srl                                   liquidation 
 
Fallimento 
Mediapolis       84.04%    Italy      Liquidated   1,204         2016     Not Consolidated 
Srl 
 
ORH S.P.A        73.40%    Italy      Liquidated   1,718         2012     Not Consolidated 
 
Birdland Srl     52.00%    Italy      In           (288)         2016     Not Consolidated 
                                      liquidation 
 
Sipiem S.P.A     50.17%    Italy      In           645           2014     Not Consolidated 
                                      liquidation 
 
Bibop Srl        36.94%    Italy      Liquidated   (211)         2017     No fair value 
 
ForCrowd Srl     41.17%    Italy      Investment   74            2018     Equity-accounting 
 
ClassFinance in 
Liquidazione Srl 20.00%    Italy      Investment   (104)         2018     No fair value 
 
PBV Monitor      10.00%    Italy      Investment   166           2019     Held at fair 
                                                                          value 
 
Geosim Systems   4.53%     Israel     Investment   (330)         2018     Held at fair 
                                                                          value 
 
Beni Immobili    15.05%    Italy      Investment   14            2014     No fair value 
Srl 
 
TLT S.P.A        0.25%     Italy      Investment   (2,476)       2016     No fair value 
 
The registered office of all UK companies is: 22 Great James Street, London, 
England, WC1N 3ES. 
 
The registered office for QBT R&D Srl is Via Mazzini 38, Rovigo (RO), 45100. 
 
The registered office for Clear Holiday Srl is Viale Francesco Restelli 1/3, 
Milano (MI), 20124. The registered office for Alnitak S.A. is L-1212, 
Luxembourg, 3, Rue de Bains. 
 
The registered office for Mediapolis Investment S.A is Rue Val des Bons Malades 
231, 2121, Luxembourg- Kirchberg. 
 
The registered office for Sosushi Company Srl is Via Parravicini 40, Monza 
(MB), 20900. 
 
The registered office for Fallimento Mediapolis Srl is Via Friuli 10, Burtolo 
(TO), 10010. 
 
The registered office for ORH Spa is Via Ponte Vetero 21, Milano (MI), 20121. 
 
The registered office for Birdland Srl is Via Quaranta 40, Milano (MI), 20139. 
 
The registered office for Sipiem SPA is Via Mazzini 38, Rovigo (RO), 45100. 
 
The registered office for Bibop Srl is Via Bernardo Quaranta 40, Milano (MI), 
20139. 
 
The registered office for Forcrowd Srl is Via Vincenzo Monti 52, Milano (MI), 
20123. 
 
The registered office for Class Finance Srl is Via Conservaorio 30, 20122, 
Milan. 
 
The registered office for PBV Monitor Srl is Via Matteotti 13, Brebbia (VA), 
21020. 
 
The registered office for Geosim Systems Limited is Granit St. Petach-Tikva 
4951446, Israel. 
 
The registered office for Beni Immobili Srl is Via Torino 58, Biella (BI), 
13900. 
 
The registered office for TLT SPA is Via Trento 5, Biella (BI), 13900. 
 
The directors have assessed the group's interests in other entities on an 
individual basis and come to the overall conclusions as detailed in the table 
below. Please see the note narrative for additional information on an entity by 
entity basis. 
 
Quantum Blockchain Technologies PLC 
 
This entity is the UK based group parent. 
 
Brainspark Associates Limited 
 
This entity is a 100% owned UK incorporated subsidiary of Quantum Blockchain 
Technologies PLC and has been included in the consolidation. 
 
Clear Leisure 2017 Limited 
 
This entity is a 100% owned UK incorporated subsidiary of Quantum Blockchain 
Technologies PLC and has been included in the consolidation. 
 
QBT R&D Srl 
 
This entity is a 100% owned subsidiary of the group incorporated in Italy which 
has been incorporated on 7 July 2021 with its first accounts made up to 31 
December 2021. This entity has been included in the consolidation. 
 
Milan Digital Twin Limited 
 
This entity is a 100% owned UK incorporated subsidiary of Quantum Blockchain 
Technologies PLC. This entity only includes unpaid share capital and has not 
begun operating. It has been included in the consolidation with an overall 
impact of nil. 
 
London Digital Twin Limited 
 
This entity is a 100% owned UK incorporated subsidiary of Quantum Blockchain 
Technologies PLC. This entity only includes unpaid share capital and has not 
begun operating. It has been included in the consolidation with an overall 
impact of nil. 
 
Clear Holiday Srl 
 
Clear Holiday Srl is a 100% owned subsidiary of the group incorporated in 
Italy. However, this entity has not been consolidated on the basis that it is 
immaterial to the group financial statements. The balances held within the 
company are not with external third parties and therefore the overall impact on 
the accounts would be trivial. 
 
Miner One Limited 
 
Miner One Limited is a 100% owned UK based entity. The entity itself was 
initially set up with the hope of transferring certain assets, notably a data 
centre located in Serbia into its possession. However, due to disputes with the 
previous joint venture partner this did not materialise. In 2021 this entity 
remained dormant and did not trade during the year. This entity only includes 
unpaid share capital and has not begun operating, it has been included in the 
consolidation with an overall impact of nil. 
 
Alnitak S.A. 
 
Alnitak S.A. is a 100% owned subsidiary incorporated in Luxemburg. The entity 
remained inactive during 2021 and in February 2022 it was discontinued 
following the conclusion of a liquidation process begun on 25 February 2021. 
 
Mediapolis Investment S.A. 
 
Mediapolis Investment S.A. is a 71.72% owned subsidiary incorporated in 
Luxembourg. The company itself is inactive and is not trading. Previous 
management failed to pay accountants and local directors for the previous six 
years and no financial statements have been filed for over seven years. 
Although this entity is inactive and 71.72% of the shares are held by the 
group, there is no active management in Luxembourg, and this has led to a 
difficulty in finalizing a liquidation. 
 
The most recent accounts available were produced in 2010 and the main asset 
held by the entity is the investment of 13% of the capital in another former 
group company, Fallimento Mediapolis Srl, which has been liquidated. This 
investment is carried at approximately EUR6.6m and has been impaired to nil in 
previous years. Therefore, the non-consolidation of this entity is deemed to be 
immaterial to the group. 
 
On 6 May 2021 Mediapolis Investment S.A. has entered a liquidation process and 
the Group does not expect any further assets or liabilities to arise from these 
proceedings. 
 
Sosushi Company Srl 
 
Sosushi Company Srl was a 99.3% owned entity incorporated in Italy. On 24 June 
2021, the Company received notification that Sosushi has been declared 
bankrupt. Sosushi's bankruptcy does not impact on the Company's balance sheet, 
as the receivables remain collectable, and the litigation is held via Clear 
Leisure 2017. 
 
Fallimento Mediapolis Srl 
 
Fallimento Mediapolis Srl was a 84.04% equivalent owned entity incorporated in 
Italy. Quantum Blockchain Technologies Plc held directly 74.67% of the capital 
of the company whilst a 13% stake was held via Mediapolis Investment S.A as 
noted above. The company was liquidated in 2017 and therefore this is the date 
from which control is deemed to have been lost. Therefore, the financial 
information for Fallimento Mediapolis Srl has not been consolidated into the 
group financial statements. 
 
ORH S.P.A 
 
ORH S.P.A was a 73.4% owned entity incorporated in Italy. The company was 
liquidated in 2013 and therefore this is the date from which control is deemed 
to have been lost. Therefore, the financial information for ORH S.P.A has not 
been consolidated into the group financial statements. 
 
Birdland Srl 
 
Birdland Srl was a 52% owned entity incorporated in Italy. The stake in the 
entity was indirectly owned via Brainspark Associates Limited. The company was 
discontinued on 28 December 2020 following a liquidation process commenced 
during 2017. Therefore, the financial information for Birdland Srl has not been 
consolidated into the group financial statements. 
 
Sipiem S.P.A 
 
Sipiem S.P.A is a 50.17% owned entity incorporated in Italy. The entity has not 
been trading for a number of years and has only been maintained due to the 
ongoing legal matters with the former directors. An amount receivable has been 
recognised at the group level relating to the part of the claim which is 
payable to Quantum Blockchain Technologies PLC. The company is now in 
liquidation which commenced in 2015. Therefore, this is the date from which 
control is deemed to have been lost. Therefore, the financial information for 
Sipiem S.P.A has not been consolidated into the group financial statements. The 
investment in Sipiem S.P.A is accounted at fair value through profit or loss. 
 
Bibop Srl 
 
Bibop Srl was a 36.94% equivalent owned investment in a company incorporated in 
Italy that was held via Birldand Srl. As Birdland Srl was liquidated the group 
does not control or exercise significant influence on Bipop Srl and, 
accordingly the company is not consolidated, or equity accounted in the group 
financial statements. As the investment is not held directly by the group, no 
value is recognised in the financial statements. 
 
ForCrowd Srl 
 
ForCrowd Srl is a 41.17% owned investment in an entity incorporated in Italy. 
The group has determined that it holds significant influence over this 
associate given the voting rights arising from its shareholding. Consequently, 
this investment has been categorised in the accounts within "Investments in 
equity-accounted associates" and is carried in the accounts at the Group's 
share of the associate's net assets, with the Group's share of the profit or 
loss and other comprehensive income of the associate being brought into the 
Group's results for the year. 
 
Previously, this investment was categorised in the financial statements within 
"Investments" and hence has been re-categorised in the year ended 31 December 
2021. 
 
ClassFinance in Liquidazione Srl 
 
ClassFinance in Liquidazione Srl is a 20% owned investment of the group 
incorporated in Italy. No fair value is recognised for this investment as the 
entity has not been trading for a number of years. The company was placed into 
liquidation in 2015. The investment in ClassFinance in Liquidazione Srl is 
accounted at fair value through profit or loss. 
 
PBV Monitor Srl 
 
PBV Monitor Srl is a 10% owned investment in an entity incorporated in Italy. 
The investment has been recognised in the accounts at fair value through profit 
or loss. 
 
The Fair Value of PBV Monitor (?77,000, 2020: ?302,000) has been assessed in 
relation to the last equity round of the company in January 2022, in which the 
entire post money valuation of the company was ?770,000, with Quantum 
Blockchain Technologies directly holding the 10% of such amount. 
 
The post money valuation at which the Company invested in 2018 was ?340,000, 
which also represented the Company's valuation of PBV in Pre Covid-19 
conditions. The difference between this original value and the current Fair 
Value is not attributable to a change of fundamentals to the business. 
Similarly, the progress made in 2020 has not highlighted any significant 
divergence from the original business plan. 
 
The difference in the valuation is therefore attributable to lower value 
attributed to the company during the 2022 equity round. The key assumptions 
underpinning the equity round at the start of 2022 remain applicable. 
 
The Fair Value assessment of PBV Monitor, is directly related to the company's 
valuation in future rounds. 
 
Geosim Systems Limited 
 
Geosim Systems Limited is a 4.53% owned investment in an entity incorporated in 
Israel. The investment has been recognised in the accounts through its fair 
value and is held via Brainspark Associates Limited. 
 
The Fair Value of Geosim (?587,000, 2020: ?546,000) has been assessed in 
relation to the last equity round of the company in 2018, in which Quantum 
Blockchain Technologies' 533,990 Geosim shares have been valued at $1.25 each. 
The difference in the valuation between 2020 and 2019, attributable to the 
variance in the EUR/USD exchange rate. 
 
The Fair Value assessment of Geosim is directly related to the company's 
valuation in future rounds and to the EUR/USD exchange rate. 
 
Beni Immobili Srl 
 
Beni Immobili Srl is a 15.05% equivalent owned investment in an entity 
incorporated in Italy. The shares in this company are held via Sipiem S.P.A. No 
fair value is recognised for this investment as the entity has minimal net 
assets and the valuation would be trivial to the consolidated financial 
statements. Moreover, as the investment is held via Sipiem S.P.A, which is in 
liquidation, the investment has not been recognised as an asset. 
 
TLT S.P.A 
 
TLT S.P.A is a 0.25% owned investment based in Italy. No fair value is 
recognised for this investment as the entity has a large net liability position 
and due to the small shareholding, any potential valuation would be trivial to 
the consolidated financial statements. Moreover, as the investment is held via 
Sipiem S.P.A, which is in liquidation, the investment should not be recognised 
as an asset. 
 
                                     Group                  Company 
 
                                         2021      2020     2021      2020 
 
                                         ?'000     ?'000    ?'000     ?'000 
 
At as 1 January                           848           896       434     521 
 
Additions                                  -              2        64       2 
 
Fair value decrease                      (225)            -     (200)    (89) 
 
Foreign exchange                          41           (50)         -       - 
 
Carrying value at 31 December             664           848       298     434 
 
An amount of ?587,000 (2020: ?546,000) included within Group investments held 
for trading is a level 3 investment and represents the fair value of 533,990 
shares in GeoSim Systems Ltd. GeoSim Systems Ltd is an Israeli company seeking 
to establish itself as the world leader in building complete and photorealistic 
3D virtual cities and in delivering them through the Internet for use in local 
searches, real estate and city planning, homeland security, tourism and 
entertainment. Quantum Blockchain Technologies owns 4.53% of GeoSim Systems 
Ltd. 
 
An amount of ?77,000 (2020: ?302,000) included within Company investments held 
for trading is a level 3 investment and represents the fair value of a 10% 
interest in PBV Monitor Srl ("PBV"). PBV is an Italian company specialising in 
the acquisition and dissemination of data for the legal services industry, 
utilising proprietary market intelligence tools and dedicated search software. 
Quantum Blockchain Technologies acquired 10% of PBV in December 2018. As part 
of the investment agreement, Quantum Blockchain Technologies was granted a seat 
on the board of PBV and was appointed as exclusive advisor to PBV regarding the 
possible sale of PBV from 1 January 2020 for a period of four years and will be 
entitled to a 4% commission fee on the proceeds of any sale. 
 
16.Trade and other receivables 
 
                                                                  Company 
                                 Group 
 
                                 2021                    2020     2021                 2020 
                                 ?'000                   ?'000    ?'000                ?'000 
 
Trade receivables                58                             9                    -               - 
 
Other receivables                4,769                      4,620                  144              40 
 
Amounts owed by related parties  78                           562                  521             801 
 
                                 4,905                      5,191                  665             841 
 
Group other receivables includes an amount of ?4,445,000 (2020: ?4,445,000) due 
in relation to the ongoing Sipiem legal claim, which is unsecured, interest 
free and does not have fixed terms of repayment; and an amount of ?132,000 
(2020: ?132,000) due in relation to the Fallimento Mediapolis Srl bankruptcy 
procedure. 
 
The Directors consider that the carrying value of trade and other receivables 
approximates to their fair value. 
 
17.Cash and cash equivalents 
 
                                    Group                  Company 
 
                                    2021          2020     2021       2020 
                                    ?'000         ?'000    ?'000      ?'000 
 
Cash at bank and in hand            1,039                -   1,035           - 
 
                                    1,039                -   1,035           - 
 
The Directors consider the carrying amounts of cash and cash equivalents 
approximates to their fair value. 
 
18.Trade and other payables 
 
                                                                   Company 
                               Group 
 
                               2021                      2020      2021                 2020 
                               ?'000                     ?'000     ?'000                ?'000 
 
Trade payables                 128                          124                     126              124 
 
Other payables                 91                           143                      91              141 
 
Accruals                       110                          67                      137               62 
 
Trade and other payables       329                          334                     354              327 
 
The Directors consider that the carrying value of trade and other payables 
approximates to their fair value. 
 
19.Borrowings 
 
                                                                      Company 
                                 Group 
 
                                 2021                            2020 2021                              2020 
                                                           (restated)                             (restated) 
                                 ?'000                          ?'000 ?'000                            ?'000 
 
Zero rate convertible bond 2015  5,100                          5,045             5,100                5,045 
 
Zero rate convertible bond 2020  3,265                          3,015             3,265                3,015 
 
                                 8,365                          8,060             8,365                8,060 
 
Disclosed as: 
 
Current borrowings               8,365                              -             8,365                    - 
 
Non-current borrowings                                   -      8,060                 -                8,060 
 
                                 8,365                          8,060             8,365                8,060 
 
Interest on the bonds is payable annually on 31 March each year. The bonds at 
31 December 2021 include all unpaid interest and interest accrued to that date. 
 
On 25 March 2013 the Company issued ?3,000,000 nominal value of zero rate 
convertible bonds at a discount of 22%. The bonds are convertible at 15p per 
share and have a redemption date of 15 December 2015. 
 
During 2014 the Company issued ?1,885,400 zero bonds in settlement of £ 
1,563,000 7% bonds (see above). Also ?600,000 zero bonds were issued in 
settlement of a debt of ?518,000 and ?450,000 bonds were issued for cash 
realising ?412,000 before expenses. 
 
On 15 December 2015 the bondholders meeting approved the amendments on the Zero 
Rate Convertible Bond 2015, originally due on 15 December 2015; Under new terms 
the final maturity date of the Bond is 15 December 2017 and the interest has 
been reduced from 9.5% to 7%. 
 
On 15 December 2016 the bondholders meeting approved the amendments on the Zero 
Rate Convertible Bond 2015, originally due on 15 December 2017; Under new terms 
the final maturity date of the Bond is 15 December 2018 and the interest has 
been reduced from 7% to 1%. 
 
On 19 June 2018, the holders of its ?9.9m Bonds agreed to extend the final 
maturity date of the Bonds from 15 December 2018 to 15 December 2022. The 
Company is now able to convert the Bonds into new ordinary shares of 0.25p 
each. 
 
On 28 December 2018, bonds with a face value of ?2,100,000 plus cumulative 
interest were converted into 50,992,826 new ordinary shares of 0.25 pence at a 
price of 3.76 pence per share. 
 
On 5 October 2020, Eufingest SA agreed to extend the repayment date of all 
loans advanced to the company amounting to ?3,375,000 and £30,000 to 31 October 
2020. 
 
On 9 November 2020 Eufingest SA agreed to convert all outstanding loans and 
accrued interest amounting to ?3,423,707 into Zero rate convertible bond 2020. 
The Zero Coupon Bonds 2020 accrue interest at a rate of 2% per annum. 
Bondholders can convert at any time up to 15 December 2022 at a conversion 
price of £0.01 per share. The Zero rate convertible bond 2020 is accounted for 
as a financial instrument with both debt and equity characteristics. The debt 
element was valued using a market rate assessed by the Directors of 7.99%. 
 
 In April 2022, QBT agreed with the sole bondholder of the ?3.5m 2020 Zero 
Coupon Bond to extend the maturity date from December 2022 to December 2024. 
 
Also, with regard to the 2015 Zero Coupon Bond, via a Bondholders' meeting held 
on 21 April 2022, the Company extended the maturity date from 15 December 2022 
to 15 December 2024 and amended the conversion price into Company's new 
ordinary shares from 15p to 5p. 
 
Key Assumptions 
 
The derivative element of the Zero Coupon Bonds 2015 were valued at each year 
end using the Black Scholes option pricing model. The following assumptions 
were used at each period end. 
 
Zero Coupon Bonds 2015 
 
                                                                                                    2020 
                               2021 
 
Share price                                              3.100p                           0.265p 
 
Expected life                                            1 year                           3 years 
 
Volatility                                                130%                                         70% 
 
Dividend yield                                             0%                                           0% 
 
Risk free interest rate                                  0.76%                            (0.03)% 
 
Fair value                                                0.4p                                        0.0p 
 
 1. Financial instruments 
 
The Group's financial instruments comprise cash, investments at fair value 
through profit or loss, investments in equity-accounted associates, trade 
receivables, trade payables that arise from its operations and borrowings. The 
main purpose of these financial instruments is to provide finance for the 
Group's future investments and day to day operational needs. 
 
The Group does not enter into any derivative transactions such as interest rate 
swaps or forward foreign exchange contracts, as the Group's exposure to 
movements in foreign exchange rates is not considered significant (see Foreign 
currency risk management). The main risks faced by the Group are limited to 
interest rate risk on surplus cash deposits and liquidity risk associated with 
raising sufficient funding to meet the operational needs of the business. 
 
The Board reviews and agrees policies for managing these risks and they are 
summarised below. 
 
FINANCIAL ASSETS BY CATEGORY 
 
The categories of financial assets included in the statement of financial 
position and the headings in which they are included are as follows: 
 
                                                               2021    2020 
 
                                                              ?'000   ?'000 
 
Financial assets: 
 
Financial assets held at fair value through                     664     980 
profit and loss 
 
Investments in equity-accounted associates                      211       - 
 
Trade and other receivables                                   4,862   5,191 
 
Cash and cash equivalents                                     1,039       - 
 
                                                              6,776   6,171 
 
FINANCIAL LIABILITIES BY CATEGORY 
 
The categories of financial liabilities included in the statement of financial 
position and the headings in which they are included are as follows: 
 
                                                                        2020 
                                       2021                       (restated) 
 
                                                            ?'000      ?'000 
 
Financial liabilities at amortised 
cost: 
 
Trade and other payables                                      353        334 
 
Borrowings                                                  8,365      8,060 
 
Derivative                                                  1,113          - 
 
                                                            9,831      8,394 
 
 
 
Financial instruments measured at fair 
value:                                   Level 1      Level 2                 Level 3 
                                         ?'000        ?'000                   ?'000 
 
As at 31 December 2021 
 
Investments at fair value through profit              -                            664 
or loss                                               - 
 
                                                      -                            664 
                                                      - 
 
 
As at 31 December 2020 
 
Investments at fair value through profit              -                            980 
or loss                                               - 
 
                                                      -                            980 
                                                      - 
 
The valuation techniques and significant unobservable inputs used in 
determining the fair value measurement of level 2 and level 3 financial 
instruments, as well as the inter-relationship between key unobservable inputs 
and fair value, are set out in the table below. 
 
                                                                                                   Inter - relationship 
                                                                                                   between 
                   Valuation                         Significant unobservable inputs (Level 3      key unobservable inputs 
Financial          technique used                    only)                                         and fair value (level 3 
Instruments                                                                                        only) 
 
Investments        Based on issue of shares in the   Assessment                                    If loan was considered not 
                   investments held by the Group and of recoverability of loan.                    to be recoverable this 
                   directors assessment on the                                                     would result in the 
                   recoverability of                                                               reduction in the fair 
                   loans.                                                                          value of the investment. 
 
The Group has adopted fair value measurements using the IFRS 7 fair value 
hierarchy. 
 
Categorisation within the hierarchy has been determined on the basis of the 
lowest level of input that is significant to the fair value measurement of the 
relevant asset as follows: 
 
Level 1:        valued using quoted prices in active markets for identical 
assets; 
 
Level 2:        valued by reference to valuation techniques using observable 
inputs other than quoted prices included in Level 1; 
 
Level 3:        valued by reference to valuation techniques using inputs that 
are not based on observable markets criteria. 
 
The Level 3 investment refers to an investment in GeoSim Systems Ltd and PBV 
Monitor Srl. 
 
Capital risk management 
 
The Group manages its capital to ensure that entities in the Group will be able 
to continue as going concerns while maximising the return to stakeholders 
through optimisation of the debt and equity balance. The capital structure of 
the Group consists of debt attributable to convertible bondholders, borrowings, 
cash and cash equivalents, and equity attributable to equity holders of the 
Group, comprising issued capital, reserves and retained earnings, all as 
disclosed in the Statement of Financial Position. 
 
Significant accounting policies 
 
Details of the significant accounting policies and methods adopted, including 
the criteria for recognition, the basis of measurement and the basis on which 
income and expenses are recognised, in respect of each class of financial 
asset, financial liability and equity instrument disclosed in Note 2 to the 
financial statements. 
 
Financial risk management objectives 
 
The Company is exposed to a variety of financial risks which result from both 
its operating and investing activities. The Group's risk management is 
coordinated by the board of directors and focuses on actively securing the 
Company's short- and medium-term cash flows by raising liquid capital to meet 
current liability obligations. 
 
Market price risk 
 
The Company's exposure to market price risk mainly arises from movements in the 
fair value of its investments held for trading. The Group manages the 
investment price risk within its long-term investment strategy to manage a 
diversified exposure to the market. If the investments were to experience a 
rise or fall of 15% in their fair value, this would result in the Group's net 
asset value and statement of comprehensive income increasing or decreasing by ? 
97,000 (2020: ?160,000). 
 
Liquidity risk management 
 
Ultimate responsibility for liquidity risk management rests with the Board of 
Directors, which monitors the Group's short, medium and long-term funding and 
liquidity management requirements on an appropriate basis. The Group has 
minimal cash balances at the reporting date (refer to Note 2 - Basis of 
preparation and going concern). The Group continues to secure future funding 
and cash resources from disposals as and when required in order to meet its 
cash requirements. This is an on-going process and the directors are confident 
with their cash flow models. 
 
The following are the undiscounted contractual maturities of financial 
liabilities: 
 
                              Carrying     Less than 1       Between 
                              Amount              year 1 and 5 years Total 
 
                                     ?'000       ?'000     ?'000        ?'000 
 
As at 31 December 2021 
 
Trade and other payables               329         329             -      329 
 
Borrowings                           8,365       8,365             -    8,365 
 
Derivative financial                 1,113       1,113             -    1,113 
instruments 
 
                                     9,807       9,807             -    9,807 
 
 
As at 31 December 2020 
 
Trade and other payables               334         334             -      334 
 
Borrowings (restated)                8,060           -         8,060    8,060 
 
                                     8,394         334         8,060    8,394 
 
Management believes that based on the information provided in Notes 2 and 3 - 
in the 'Basis of preparation' and 'Going concern', that future cash flows from 
operations will be adequate to support these financial liabilities. 
 
Interest rate risk 
 
The Group and Company manage the interest rate risk associated with the Group 
cash assets by ensuring that interest rates are as favourable as possible, 
whilst managing the access the Group requires to the funds for working capital 
purposes. 
 
The Group's cash and cash equivalents are subject to interest rate exposure due 
to changes in interest rates. Short-term receivables and payables are not 
exposed to interest rate risk. The borrowings are at fixed interest rates. 
 
                            Group                         Company 
 
                            2021                     2020      2021       2020 
                                               (restated)           (restated) 
 
                                                    ?'000                ?'000 
 
Fixed rate instruments 
 
Financial assets            4,845                   6,171       605      1,275 
 
Financial liabilities       8,718                   8,060     8,743      8,060 
 
Change in interest rates will affect the Group's income statement as follows: 
 
                                             Gain / (loss) 
 
Group                                                          2021     2020 
 
                                                              ?'000    ?'000 
 
 
Euribor +0.5% / -0.5%                 +5 / -5                       -/- 
 
The analysis was applied to cash and cash equivalents based on the assumption 
that the amount of asset as at the reporting date was available for the whole 
year. 
 
Foreign currency risk management 
 
The Group undertakes certain transactions denominated in currencies other than 
Euro, hence exposures to exchange rate fluctuations arise. Amounts due to 
fulfil contractual obligations of £208,000 (2020: £Nil) are denominated in 
sterling. An adverse movement in the exchange rate will impact the ultimate 
amount payable, a 10% increase or decrease in the rate would result in a profit 
or loss of £21,000 (2020: £Nil). The Group's functional and presentational 
currency is the Euro as it is the currency of its main trading environment, and 
most of the Group's assets and liabilities are denominated in Euro. The parent 
company is located in the sterling area. 
 
Credit risk management 
 
The Group's financial instruments, which are subject to credit risk, are 
considered to be trade and other receivables. There is a risk that the amount 
to be received becomes impaired. The Group's maximum exposure to credit risk is 
?4,905,000 (2020: ?5,191,000) comprising receivables during the period. About 
91% (2020: 67%) of total receivables are due from a single company. The ageing 
profile of trade receivables was: 
 
                                                               2020 
                      2021 
 
                                                     Allowance                        Allowance 
                      Total book                           for Total book                   for 
                      value                         impairment value                 impairment 
 
Group                                        ?'000       ?'000            ?'000           ?'000 
 
Current                                      4,905           -            5,191               - 
 
                                             4,905           -            5,191               - 
 
 
Company 
 
Current                                        665           -              841               - 
 
                                               665           -              841               - 
 
21.Share capital and share premium 
 
                      Number of   Number of Ordinary Deferred     Share Total 
ISSUED AND FULLY       ordinary    deferred    share    share   premium 
PAID:                    shares      shares  capital  capital 
                                               ?'000    ?'000     ?'000 ?'000 
 
At 1 January 2020   662,371,447 199,409,377    1,930    5,467    47,124  54,521 
 
Issue of shares               -           -        -        -         -       - 
 
At 31 December      662,371,447 199,409,377    1,930    5,467    47,124  54,521 
2020 
 
Issue of shares     282,680,404           -      824        -     2,318   3,142 
 
At 31 December      945,051,851 199,409,377    2,754    5,467    49,442  57,663 
2021 
 
All ordinary shares carry equal rights. 
 
The deferred shares have restricted rights such that they have no economic 
value. 
 
22.Share based payments 
 
On 14 April 2021, Francesco Gardin, a director, was granted options to 
subscribe for 100,000,000 new ordinary shares in the Company at an exercise 
price of 5 pence per share. The options are exercisable for the period between 
6 May 2022 and 6 May 2026. Francesco Gardin was also granted options to 
subscribe for 100,000,000 new ordinary shares in the Company at an exercise 
price of 10 pence per share. The options are exercisable for the period between 
6 May 2023 and 6 May 2026. 
 
On 2 June 2021, a consultant was granted options to subscribe for 10,000,000 
new ordinary shares in the Company at an exercise price of 5 pence per share. 
The options are exercisable for the period between 15 May 2022 and 15 August 
2022. 
 
On 27 September 2021, an employee was granted options to subscribe for 
5,000,000 new ordinary shares in the Company at an exercise price of 5 pence 
per share. The options are exercisable for the period between 6 May 2022 and 6 
May 2025. The same employee was also granted options to subscribe for 5,000,000 
new ordinary shares in the Company at an exercise price of 10 pence per share. 
The options are exercisable for the period between 6 May 2023 and 6 May 2025. 
Another employee was granted options to subscribe for 5,000,000 new ordinary 
shares in the Company at an exercise price of 5 pence per share. The options 
are exercisable for the period between 6 May 2022 and 6 May 2026. The second 
employee was also granted options to subscribe for 5,000,000 new ordinary 
shares in the Company at an exercise price of 10 pence per share. The options 
are exercisable for the period between 6 May 2023 and 6 May 2026. A third 
employee was granted options to subscribe for 2,500,000 new ordinary shares in 
the Company at an exercise price of 5 pence per share. The options are 
exercisable for the period between 6 May 2022 and 6 May 2024. 
 
On 15 December 2021, Reginald Eccles, a director, was granted options to 
subscribe for 5,000,000 new ordinary shares in the Company at an exercise price 
of 10 pence per share. The options are exercisable for the period between 1 
December 2021 and 1 December 2026. 
 
The total share-based payment expense recognised in the income statement for 
the year ended 31 December 2021 in respect of the share options granted was ? 
1,160,000 (2020: ?Nil). 
 
The significant inputs to the model in respect of the options granted during 
the year were as follows: 
 
                                                    10p 
                     5p 
 
Share price          1.175p - 3.100p                1.175p - 3.050p 
 
Expected life        1 - 3 years                    3 years 
 
Volatility           130%                                 215% 
 
Dividend yield                     0%                      0% 
 
Risk free interest   0.76%                               0.76% 
rate 
 
Fair value           0.4p - 2.1p                    1.0p - 2.7p 
 
The tables below disclose the movements in share options during the year. 
 
Number of                                     Number of 
options at  Granted in  Exercised  Lapsed in  options at  Exercise   Expiry 
1 Jan 2021  the year    in the     the year   31 Dec 2021 Price,     date 
                        year                              pence 
 
          - 105,000,000     -               - 105,000,000    5.00    06.05.2026 
 
          - 105,000,000     -               - 105,000,000   10.00    06.05.2026 
 
          - 10,000,000      -               - 10,000,000     5.00    15.08.2022 
 
          -  5,000,000      -               -  5,000,000     5.00    06.05.2025 
 
          -  5,000,000      -               -  5,000,000    10.00    06.05.2025 
 
          -  2,500,000      -               -  2,500,000     5.00    06.05.2024 
 
          -  5,000,000      -               -  5,000,000    10.00    01.12.2026 
 
          - 237,500,000     -               - 237,500,000 
 
 
 
Number of                                    Number of 
options at  Granted in Exercised  Lapsed in  options at Exercise    Expiry 
1 Jan 2020  the year   in the     the year   31 Dec     Price,      date 
                       year                  2020       pence 
 
10,000,000  -              -      10,000,000          - N/A         N/A 
 
3,000,000   -              -      3,000,000           - N/A         N/A 
 
13,000,000  -              -      13,000,000          - N/A         N/A 
 
23.Other reserves 
 
The Group considers its capital to comprise ordinary share capital, share 
premium, retained losses and its convertible bonds. In managing its capital, 
the Group's primary objective is to maintain a sufficient funding base to 
enable the Group to meet its working capital and strategic investment needs. In 
making decisions to adjust its capital structure to achieve these aims, through 
new share issues, the Group considers not only their short-term position but 
also their long-term operational and strategic objectives. 
 
                                 Merger      Loan note Share option      Total 
  Group                         reserve         equity      reserve      other 
                                  ?'000        reserve        ?'000   reserves 
                                                 ?'000                   ?'000 
 
  At 1 January 2020               8,325              -           51      8,376 
 
  Transfer of reserves                -              -         (51)       (51) 
 
  Equity portion of                   -            462            -        462 
  convertible loan notes 
 
  At 31 December 2020             8,325            462            -      8,787 
 
  Grant of share options              -              -        2,622      2,622 
 
  At 31 December 2021             8,325            462        2.622     11,409 
 
 
 
 
                                   Loan note equity Share option      Total 
Company                                     reserve      reserve      other 
                                              ?'000        ?'000   reserves 
                                                                      ?'000 
 
At 1 January 2020                                 -           51         51 
 
Transfer of reserves                              -         (51)       (51) 
 
Equity portion of convertible                   462            -        462 
loan notes 
 
At 31 December 2020                             462            -        462 
 
Grant of share options                            -        2,622      2,622 
 
At 31 December 2021                             462        2,622      3,084 
 
 1. Warrants 
 
On 22 February, the Company raised £1,000,000 (before expenses) through the 
placing of 100,000,000 Ordinary Shares at a price of 1 pence per share to an 
individual investor, Mr John Story. Mr Story was also granted 100,000,000 
warrants over 100,000,000 new Ordinary Shares exercisable at a price of 2 pence 
per Ordinary Shares until 26/02/2023. 
 
In October QBT issued 17,500,000 new Ordinary Shares at a price of 2 pence per 
share, following the exercise of 17,500,000 warrants of the 100,000,000 
warrants granted to Mr John Story, raising £350,000 (before expenses). In 
December the Company issued 30,000,000 new Ordinary Shares at a price of 2 
pence per share, following the exercise of 30,000,000 warrants of the 
100,000,000 warrants granted to Mr John Story, receiving £600,000 (before 
expenses). 
 
At the year-end date, 52,500,000 outstanding warrants were held by Mr Story and 
these were valued at ?969,000 at the year end. This amount is included within 
'Derivative Financial Instruments' in the Statement of Financial Position. 
 
25.Ultimate controlling party 
 
The Group considers that there is no ultimate controlling party. 
 
26.Related party transactions 
 
Transactions between the company and its subsidiaries, which are related 
parties have been eliminated on consolidation, but are disclosed where they 
relate to the parent company. These transactions along with transactions 
between the company and its investment holdings are disclosed in the table 
below, with all amounts being presented in Euros and being owed to the Group: 
 
                                     2021        2020         2021       2020 
 
Related party                       Group       Group      Company    Company 
 
Clear Leisure 2017                      -           -      132,067    180,691 
Limited 
 
QBT R&D Srl                             -           -      311,389          - 
 
Sipiem S.P.A                            -     386,697            -    386,697 
 
Sosushi Company Srl                     -     118,033            -    118,033 
 
PBV Monitor Srl                    22,609           -       22,609          - 
 
Geosim Systems Limited             55,156      46,068       55,156     46,068 
 
                                   77,765     550,798      521,221    731,489 
 
During the year, Quantum Blockchain Technologies Limited made sales totalling ? 
4,000 (2020: ?Nil) to QBT 
 
R&D Srl. 
 
During the year, QBT R&D Srl made sales totalling ?27,500 (2020: ?Nil) to 
Quantum Blockchain Technologies Limited. 
 
During the year, Metals Analysis Limited, a company in which R Eccles is a 
Director, charged Quantum Blockchain Technologies Plc ?66,000 (2020: ?53,000) 
for consultancy fees. The amount owed to Metals Analysis Limited at year end is 
?3,000 (2020: ?4,000). 
 
Remuneration of key management personnel 
 
The remuneration of the directors, who are the key personnel of the group, is 
included in the Directors Report. 
 
Under "IAS 24: Related party disclosures", all their remuneration is in 
relation to short-term employee benefits. 
 
27.Events after the reporting date 
 
During the first months of 2022, the Company has been involved in the 
following: 
 
In January the Company issued 35,000,000 new Shares at a price of 2 pence per 
share, following the exercise of 35,000,000 warrants of the 100,000,000 
warrants granted to Mr John Story, receiving £700,000 (before expenses). 
 
In March the Company issued 17,500,000 new Shares at a price of 2 pence per 
share, following the exercise of 17,500,000 warrants of the 100,000,000 
warrants granted to Mr John Story, receiving £350,000 (before expenses). 
 
In April, QBT agreed with the sole bondholder of the ?3.5m 2020 Zero Coupon 
Bond to extend the maturity date from December 2022 to December 2024. 
 
Also, with regard to the 2015 Zero Coupon Bond, via a Bondholders' meeting held 
on 21 April 2021, the Company extended the maturity date from 15 December 2022 
to 15 December 2024 and amended the conversion price into Company's new 
ordinary shares from 15p to 5p. 
 
On 11 February 2022, Alnitak S.A., a 100% owned subsidiary was liquidated 
following the conclusion of a liquidation process which begun on 25 February 
2021. 
 
28.Prior year adjustment 
 
The comparative figures for the year ended 31 December 2020 have been restated 
as set out in the tables below: 
 
Restated Group Statement of Financial Position as at 1 January 2020 
 
                                  Ref.       Group  Restatement      Group 
                                        1 Jan 2020   1 Jan 2020 1 Jan 2020 
                                                                (restated) 
                                             ?'000        ?'000      ?'000 
 
Non-current assets 
 
Investments                         B        1,117         -221        896 
 
Investments in equity-accounted     B            -          221        221 
investments 
 
Total non-current assets                     1,117            -      1,117 
 
 
Current assets 
 
Trade and other receivables                  6,604            -      6,604 
 
Cash and cash equivalents                        -            -          - 
 
Total current assets                         6,604            -      6,604 
 
Total assets                                 7,721            -      7,721 
 
 
Current liabilities 
 
Trade and other payables                     (396)            -      (396) 
 
Borrowings                                 (3,691)            -    (3,691) 
 
Derivative liability                         (121)            -      (121) 
 
Total current liabilities                  (4,208)            -    (4,208) 
 
Net current assets/(liabilities)             2,396            -      2,396 
 
Total assets less current                    3,513            -      3,513 
liabilities 
 
 
Non-current liabilities 
 
Borrowings                          A      (5,142)          152    (4,990) 
 
Total non-current liabilities              (5,142)          152    (4,990) 
 
Total liabilities                          (9,350)          152    (9,198) 
 
Net assets                                 (1,629)          152    (1,477) 
 
 
Equity 
 
Share capital                                7,397            -      7,397 
 
Share premium account                       47,124            -     47,124 
 
Other reserves                               8,376            -      8,376 
 
Retained losses                     A     (64,526)          152   (64,374) 
 
Total equity                               (1,629)          152    (1,477) 
 
Restated Company Statement of Financial Position as at 1 January 2020 
 
                                   Ref. Company      Restatement    Company 
                                        1 Jan 2020    1 Jan 2020 1 Jan 2020 
                                                                 (restated) 
                                        ?'000              ?'000      ?'000 
 
Non-current assets 
 
Investments                                     521            -        521 
 
Total non-current assets                        521            -        521 
 
 
Current assets 
 
Trade and other receivables                   1,493            -      1,493 
 
Cash and cash equivalents                         -            -          - 
 
Total current assets                          1,493            -      1,493 
 
Total assets                                  2,014            -      2,014 
 
 
Current liabilities 
 
Trade and other payables                      (339)            -      (339) 
 
Borrowings                                  (3,691)            -    (3,691) 
 
Derivative liability                          (121)            -      (121) 
 
Total current liabilities                   (4,151)            -    (4,151) 
 
Net current assets/                         (2,658)            -    (2,658) 
(liabilities) 
 
Total assets less current                   (2,137)            -    (2,137) 
liabilities 
 
 
Non-current liabilities 
 
Borrowings                            A     (5,142)          152    (4,990) 
 
Total non-current liabilities               (5,142)          152    (4,990) 
 
Total liabilities                           (9,293)          152    (9,141) 
 
Net (liabilities)/assets                    (7,279)          152    (7,127) 
 
 
Equity 
 
Share capital                                 7,397            -      7,397 
 
Share premium account                        47,124            -     47,124 
 
Other reserves                                   51            -         51 
 
Retained losses                       A    (61,851)          152   (61,699) 
 
Total equity                                (7,279)          152    (7,127) 
 
Restated Group Statement of Financial Position as at 31 December 2020 
 
                                   Ref.       Group Restatement      Group 
                                             31 Dec 31 Dec 2020     31 Dec 
                                               2020                   2020 
                                                    ?'000       (restated) 
                                              ?'000                  ?'000 
 
Non-current assets 
 
Investments                         B           980        -132        848 
 
Investments in equity-accounted     B             -         132        132 
associates 
 
Total non-current assets                        980           -        980 
 
 
Current assets 
 
Trade and other receivables                   5,191           -      5,191 
 
Cash and cash equivalents                         -           -          - 
 
Total current assets                          5,191           -      5,191 
 
Total assets                                  6,171           -      6,171 
 
 
Current liabilities 
 
Trade and other payables                      (334)           -      (334) 
 
Borrowings                                        -           -          - 
 
Derivative financial instruments                  -           -          - 
 
Total current liabilities                     (334)           -      (334) 
 
Net current assets/(liabilities)              4,857           -      4,857 
 
Total assets less current                     5,837           -      5,837 
liabilities 
 
 
Non-current liabilities 
 
Borrowings                          A       (8,212)         152    (8,060) 
 
Total non-current liabilities               (8,212)         152    (8,060) 
 
Total liabilities                           (8,546)         152    (8,394) 
 
Net assets                                  (2,375)         152    (2,223) 
 
 
Equity 
 
Share capital                                 7,397           -      7,397 
 
Share premium account                        47,124           -     47,124 
 
Other reserves                                8,787           -      8,787 
 
Retained losses                     A      (65,683)         152   (65,531) 
 
Total equity                                (2,375)         152    (2,223) 
 
Restated Company Statement of Financial Position as at 31 December 2020 
 
                                   Ref.     Company Restatement     Company 
                                        31 Dec 2020 31 Dec 2020      31 Dec 
                                                                       2020 
                                              ?'000 ?'000        (restated) 
                                                                      ?'000 
 
Non-current assets 
 
Investments                                     434            -        434 
 
Total non-current assets                        434            -        434 
 
 
Current assets 
 
Trade and other receivables                     841            -        841 
 
Cash and cash equivalents                         -            -          - 
 
Total current assets                            841            -        841 
 
Total assets                                  1,275            -      1,275 
 
 
Current liabilities 
 
Trade and other payables                      (327)            -      (327) 
 
Borrowings                                        -            -          - 
 
Derivative financial                              -            -          - 
instruments 
 
Total current liabilities                     (327)            -      (327) 
 
Net current assets/                             514            -        514 
(liabilities) 
 
Total assets less current                       948            -        948 
liabilities 
 
 
Non-current liabilities 
 
Borrowings                            A     (8,212)          152    (8,060) 
 
Total non-current liabilities               (8,212)          152    (8,060) 
 
Total liabilities                           (8,539)          152    (8,387) 
 
Net (liabilities)/assets                    (7,264)          152    (7,112) 
 
 
Equity 
 
Share capital                                 7,397            -      7,397 
 
Share premium account                        47,124            -     47,124 
 
Other reserves                                  462            -        462 
 
Retained losses                       A    (62,247)          152   (62,095) 
 
Total equity                                (7,264)          152    (7,112) 
 
Notes to prior year restatement tables  Group and Company 
 
In previous periods, the Group had incorrectly accounted for the Zero Coupon 
Bonds 2015 and these were  subject to a prior year adjustment in the year ended 
31 December 2020 as detailed in the accounts. Following renegotiations in 
December 2018, this loan included a redemption premium which was required to be 
amortised over the life of the loan, with annual charges included in finance 
costs in the Income Statement. The initial accounting for this was incorrect. 
 
Pre 1 January 2020 Adjustments 
 
 A. The fair value of the loan recognised at the outset has been reduced by ? 
    152,000, representing a change in the underlying value of the Zero Coupon 
    Bond 2015, with the corresponding credit recognised in retained losses. 
    This error relates to an incorrect calculation in the prior year adjustment 
    in the year ended 31 December 2020. This correction has had no material 
    impact on the Income Statement and Statement of Comprehensive Income of the 
    year ended 31 December 2020. 
 B. As disclosed in Note 8, the Group investment in ForCrowd Srl has been 
    reclassified in the Statement of Financial Position to show as investments 
    in equity-accounted associates. This reclassification has had no material 
    impact on the Income Statement and Statement of Comprehensive Income of the 
    year ended 31 December 2020. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 30, 2022 02:00 ET (06:00 GMT)

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