TIDMICON
RNS Number : 9938U
Iconic Labs PLC
31 March 2023
ICONIC LABS PLC
UNAUDITED INTERIM REPORT
&
ACCOUNTS
FOR THE SIX-MONTH PERIODING 31 DECEMBER 2022
Pages
Company Information 1
Chairman's Statement and Director's report 2
Consolidated Statement of Comprehensive
Income
7
Consolidated Statement of Financial Position
8
Consolidated Statement of Changes in
Equity 9
Consolidated Statement of Cash Flows 10
Company Statement of Financial Position 11
Company Statement of Changes in Equity 12
Notes to the Consolidated Financial Statements 14
Directors David Stybr
Bradley Taylor
Marija Hrebac
Emmanuel Blouin (from 20/02/2023)
Company secretary AMBA Secretaries Limited
400 Thames Valley Park Drive
Reading, Berkshire
RG6 1PT
Company number 10197256
Registered office 7 Bell Yard
London
WC2A 2JR
Accountants Nordens Limited
The Retreat
406 Roding Lane South
Woodford Green, Essex
IG8 8EY
Solicitor RWK Goodman
69 Carter Lane
London
EC4V 5EQ
Brokers Novum Securities Limited
2(nd) Floor, Lansdowne House
57 Berkeley Square
London
W1J 6ER
Registrar SLC Registrars Limited
Elder House
St Georges Business Park
Brooklands Road
Weybridge
Surrey
KT13 0TS
CHAIRMAN'S STATEMENT
FOR THE SIXTH MONTH PERIODED 31 DECEMBER 2022
I am pleased to present the interim unaudited accounts for the
six-month period ended 31 December 2022 for Iconic Labs PLC and its
subsidiaries (together, "Iconic "or the "Company").
Details surrounding the appointment of joint administrators on 4
June 2021 and suspension of the trading of Iconic's shares on 7
June 2021 can be found in the Audited Annual Report and Accounts
for the year ended 30 June 2022.
With the administration still in effect on 1 July 2022, the
Company continued (i) negotiating settlements to all outstanding
disputes; (ii) finalizing a CVA with the Joint Administrators and
the critical, preferential, secured, and unsecured creditors; and
(iii) agreeing to financing terms with European High Growth
Opportunities Securitization Fund ("EHGOSF") to support the Company
upon exiting from administration. This process took until August
2022.
Under the terms of the 23 August 2022 Settlement Deed, the
Company had to issue GBP750,000 in convertible notes ("Notes") to
EHGOSF and GBP750,000 in convertible notes to Linton Capital LLP
("Linton"), which the Company did pursuant to the terms of the Deed
of Issuance and Subscription in respect of notes convertible into
new shares also dated 23 August 2022 (the "Deed of Issuance").
EHGOSF and Linton were each issued 150 Notes with a nominal
value of GBP5,000 per Note. The Notes have a maturity date that is
18 months from the date of the publication of a prospectus. EHGOSF
and Linton can each only convert 15 Notes, or GBP75,000 in nominal
value, per month, for a total of 30 Notes and GBP150,000 in nominal
value per month. The number of shares to be issued pursuant to a
conversion notice shall be determined as the nominal value
converted divided by the conversion price where the conversion
price shall be the higher of (a) the nominal value of the Iconic
shares; or (b) 90% of the lowest VWAP of the Iconic shares during
the 15 trading days preceding the date of the conversion
notice.
During the Creditors' Meeting held on 22 September 2022, the
unsecured creditors voted to discount all of their claims against
Iconic by 75% and exchange those claims into new shares at a rate
of GBP0.00016/share resulting in the necessity of issuing
1,674,130,609 shares to the unsecured creditors under the CVA. The
Company anticipates issuing these shares in the first half of
2023.
On 28 September 2022 Iconic entered into the Financing Facility
with EHGOSF. The Financing Facility can be drawn down in up to 14
sequential tranches over a maximum period of 18 months and each
Note has a duration of 24 months as from its date of issue.
Under the Financing Facility, EHGOSF will provide Iconic with up
to GBP3 million by subscribing for up to 3,000 Notes, each with a
par value of GBP1,000, convertible into new ordinary shares in the
Company, with Warrants attached.
For the period ended 31 December 2022, Iconic had drawn down a
total of GBP550,000 in three tranches under the Financing Facility
(minus GBP30,000 from the first tranche of GBP250,000 for fees to
EHGOSF) and issued a corresponding 550 Notes along with
warrants.
The funds that the Company drew down from EHGOSF were used to
meet its obligations under the CVA as well as pay operational
expenses.
On 21 October 2022, the first payments due to critical and
preferential creditors under the CVA were paid as scheduled. In
addition, on the same day, the challenge period to the CVA expired
without any challenges having been made. As such, the CVA was
final, and the Joint Administrators submitted the requisite filings
with Companies House to this effect.
On 29 October 2022, the second payments due to critical and
preferential creditors under the CVA were made as scheduled.
On 8 November 2022, the Joint Administrators submitted their
Final Report to Companies House and the High Court of Justice,
Business & Property Courts seeking to exit the administration
and return control of the Company to the Directors.
On 28 November, the third payments due to critical and
preferential creditors under the CVA were made as scheduled.
On 29 November, Companies House and the High Court of Justice,
Business & Property Courts confirmed and acknowledged the Joint
Administrators' Final Report such that the administration ended,
and control of the Company was returned to the Directors.
On 28 December 2022, the fourth payments due to critical and
preferential creditors under the CVA were made as scheduled.
Post period end
Following, inter alia, the publication of the Company's Audited
Annual Report & Accounts for the years ended 30 June 2021 and
30 June 2022, the suspension of the listing in the Company's shares
was lifted on 24 January 2023 and trading resumed on the main
market of the London Stock Exchange.
Between 1 January 2023 and 31 March 2023, the Company has drawn
down an additional GBP300,000 in two tranches under the Financing
Facility and issued a corresponding 300 Notes along with
warrants.
Since trading has resumed, EHGOSF has converted GBP450,000 of
Notes under the Financing Facility resulting in the Company issuing
a total of 5,701,668,621 new shares to EHGOSF, or 15.24% of the
shares issued and outstanding when the Company resumed trading. In
addition, the Company has also issued 3,458,946,078 warrants to
EHGO.
On 28 January, the fifth payments due under the CVA were made as
scheduled, on 28 February 2023, the sixth payments due under the
CVA were made as scheduled, and final payments of GBP65,000 shall
be made in April at which time the Company can begin the process of
issuing as scheduled. A final payment of GBP15,000 is due under the
CVA on 28 April 2023 at which time the Company can begin the
process of issuing the 1,674,130,609 shares to the unsecured
creditors thereby meeting all its obligations under the CVA, and
the CVA will then be closed.
Going Concern Assessment
The Board of Directors has carefully considered the financial
position of Iconic Labs regarding the events during the six months
ended 31 December 2022, with particular focus on the new Financing
Facility with EHGOSF, its obligations under the Settlement Deed,
and its obligations under the CVA. We have concluded that Iconic
Labs remains a going concern .
PRINCIPAL RISKS AND UNCERTAINTIES FOR THE SIX-MONTH PERIOD
FROM 1 JANUARY 2023 TO 30 JUNE 2023
The following risks are considered by the Board to be the most
significant to the business:
Revenue and Profitability Risk
Iconic has only recently exited administration and remains at an
early stage of development with only one asset, GSN. Since the
balance sheet date, it has had to rebalance all previous activities
and is focusing on compliance with the terms of the CVA.
Company Voluntary Arrangement Risk
While Iconic has exited administration, it continues to have
payment obligations under the CVA that it needs to make and also
must issue shares to the unsecured creditors. In the event the
Company's trading is suspended, then there is a risk that EHGOSF
will cease financing, the Company will be unable to meet its
payment obligations under the CVA, and the Company would have to
examine alternative financing strategies or undergo liquidation
proceedings should it not be able to comply with its financial
obligations under the CVA.
There is also a risk that Iconic will not be able to publish a
prospectus such that it will be able to issue the requisite shares
to unsecured creditors under the CVA.
Key Executive Risk
Given the wholesale change in the Board of Directors and
executive team in February and March of 2021, coupled with the
complexity of the restructuring, administration, CVA, and relisting
processes, there is a risk of Iconic not being able to retain key
executives, which could adversely affect Iconic's operating and
financial performance.
Retaining and motivating key executives, particularly those who
worked diligently with the Joint Administrators, EHGOSF, and the
various parties involved in disputes with the Company, to
successfully restructure Iconic is a critical component of the
future success of the business. Without the participation of these
key executives, it is highly unlikely that the execution of the
CVA, continued trading of the Company's shares, financing with
EHGOSF, and implementation of its strategic vision will be
implemented. The departure of any of Iconic's executive officers
would have a significant negative impact on its operations and
likely result in the liquidation of Iconic.
Funding Risk
Iconic is at an early stage of development, with only a single
asset, and is not currently profitable. While Iconic has entered
into a GBP3million financing facility with EHGOSF there are
numerous conditions to the financing that if not met will result in
EHGOSF suspending or terminating its financing of the Company. In
the short term, the highest risk affecting this financing from
EHGOSF is getting a prospectus published. In the event the
prospectus cannot be published, the likelihood of future financing
from EHGSOF or any other financing partner will be difficult if not
impossible.
Market Risk
The online media and publishing, technology, artificial
intelligence, and data gathering, processing, and analytics sectors
are continually changing and have a significant amount of
competition. Iconic has identified various acquisition targets, but
until such time as the prospectus is published, the CVA obligations
are met, and Iconic's financing situation can correspondingly be
solidified, it is difficult to predict the likelihood of these
acquisition targets remaining interested. Until such time, Iconic
will also be materially affected by the actions of competitors,
partners and suppliers. As a Company at an early stage of
development, Iconic's competitors could offer superior scale and
put pressure on prices which could affect Iconic's revenues and
profit margins.
Global Economic Risk
The online media and publishing, technology, artificial
intelligence, and data gathering, processing, and analytics sectors
are susceptible to adverse developments in the global economy and
particularly the UK economy where Iconic is located. The continued
uncertainty over Brexit and risk of COVID resurging, for example,
may continue to delay spending by potential clients which may have
a negative effect on the demand for services which could affect
Iconic's revenues.
Potential Unrecorded Legacy Liabilities
As evidenced by the administration and disputes involving
various key parties, there were significant legacy issues that
predated the new management's arrival when they took control of the
business. Following the exit from administration and the entering
into of confidential settlement agreements with various parties, it
is highly unlikely that there are any material unknown liabilities
of Iconic.
Financial Risk Management
The Board monitors the internal risk management function across
Iconic and advises on all relevant risk issues. There is regular
communication with internal departments, external advisors and
regulators. Iconic's policies on financial instruments and the
risks pertaining to those instruments are set out in the accounting
policies in note 1 of the financial statements.
CHAIRMAN'S STATEMENT AND DIRECTORS' REPORT
The directors present their report together with the unaudited
interim financial statements of Iconic Labs PLC and its
subsidiaries for the period ending 31 December 2022.
Directors
The Directors as of 31 December 2022 were:
Brad Taylor
David Stybr
Marija Hrebac
Directors' Responsibilities
The directors are responsible for preparing the directors'
report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial
statements for each financial period. Under that law, the directors
have elected to prepare the financial statements in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the United Kingdom. The financial statements are required by law to
give a true and fair view of the state of affairs of the Company
and the Group and of the Group's results for that period.
In preparing these financial statements, the directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgments and estimates that are reasonable and prudent;
-- state whether the financial statements comply with IFRS as
adopted by the United Kingdom; and
-- prepare the financial statements on the going-concern basis
unless it is inappropriate to presume that the Group and Company
will continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's and
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Group and enable them to ensure
that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the Group
and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Bradley Taylor
On behalf of the Board
Date 31th of March 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODING 31 DEC 2022
Notes Period Year ended
ending 31 30 June
Dec 2022 2022
GBP GBP
Continuing operations
Revenue - 26,823
Gross profit - 26,823
Administrative expenses 6 (658,969) (203,930)
Direct costs in connection with EHGOF
financing facility - (585,000)
Creditors write off 6,139,324 -
Operating profit 5,480,355 (762,107)
Finance - -
costs
----------- -----------
Profit before taxation 5,480,355 (762,107)
Taxation - -
----------- -----------
Profit for the period from continuing
operations 5,480,355 (762,107)
Profit for the period from discontinued - -
operations
Profit for the period 5,480,355 (762,107)
Total comprehensive Profit for the
period 5,480,355 (762,107)
=========== ===========
Profit per ordinary share
Basic and diluted
* from continuing operations (0.00) (0.00)
(0.00) (0.00)
* from discontinued operations (please calculate)
=========== ===========
The loss for the year and total comprehensive loss for the year
are wholly attributable to the equity holders of the parent.
CONSOLIDATED STATEMENT OF FINANCIAL Period 30 June
POSITION ending 2022
AS AT PERIODING 31 DEC 2022 31 Dec GBP
2022
GBP
Notes
Assets
Non-current assets
Intangible assets 1 1
------------- -----------------
Total non-current assets 1 1
------------- -----------------
Current Assets
Trade and other receivables - -
Cash and cash equivalents 92,894 5
92,894 5
------------- -----------------
Total assets 92,895 6
============= =================
Equity
Share capital 3 4,450,506 4,450,506
Share premium 7,900,778 7,900,778
Retained deficit (15,809,449) (21,289,804)
(3,458,165) (8,938,520)
Liabilities
Current liabilities
Trade and other payables 4 2,051,059 6,523,526
Loans and borrowings 1,500,000 2,415,000
Provisions - -
3,551,059 8,938,526
------------- -----------------
Total liabilities 3,551,059 8,938,526
------------- -----------------
Total equity and liabilities 92,895 6
============= =================
The financial statements of Iconic Labs plc were approved by the
Board and authorised for issue on 31th of March 2023. They were
signed on its behalf by:
.............................................
Bradley Taylor
Director
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
FOR THE PERIODING 31 DECEMBER Share Share Retained Total
2022 capital premium deficit Equity
GBP GBP GBP GBP
Balance at 30 June 2022 4,450,506 7,900,778 (21,289,804) (8,938,520)
---------- ---------- ------------- ------------
Loss for the year - - 5,480,355 5,480,355
Total comprehensive loss for the
year - - 5,480,355 5,480,355
---------- ---------- -------------
Transactions with owners:
( 15,809,449
Balance at 31 December 2022 4,450,506 7,900,778 ) (3,458,165)
========== ========== ============= ============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIODING 31 DECEMBER 2022
Year ended Year ended
31 December 30 June
2022 2022
Notes GBP GBP
Cash flows from operating activities
Total comprehensive gain/(loss)
for the period
Prior year adjustments 5,480,355 (762,107)
Loss from discontinued operations - -
Loss from sale of tangible assets - -
Depreciation - -
Finance costs - -
5,480,355 (762,107)
Decrease/(increase) in trade
and other receivables - 103,126
(Decrease)/increase in trade
and other payables (4,992,466) 642,057
(Decrease)/increase in provisions (34,000)
Operating cash flows used by continuing
activities 487,889 (50,924)
Operating cash flows generated from/(used - -
by) discontinued operations
------------- -----------
Net cash used in operating activities 487,889 (50,924)
Cash flows from financing activities
Interest paid - -
Repayment of leases - -
Repayment of loans and borrowings (915,000) -
Issue of share capital - -
Cost of issuing share capital - -
Issue of loans 520,000 -
Financing cash flows from continuing (395,000) -
activities
Financing cash flows used by discontinued - -
operations
Net cash flows from financing (395,000) -
activities
Net increase/(decrease) in cash
and cash equivalents 92,889 (50,924)
Cash and cash
equivalents at
beginning
of period 5 50,929
Cash and cash equivalents at period
end 92,894 5
------------- -----------
COMPANY STATEMENT OF FINANCIAL POSITION Period ending 30 June
FOR THE PERIODING 31 DECEMBER 2022 31 Dec 2022 2022
Notes GBP GBP
Non-current assets
Intangible Assets 1 1
Investments 2 2
-------------- -------------
Non-current assets 3 3
-------------- -------------
Current assets
Trade and other receivables - -
Cash and cash equivalents 92,894 -
-------------- -------------
92,894 -
-------------- -------------
Total assets 92,897 3
============== =============
Equity
Share capital 3 4,450,506 4,450,506
Share premium 7,900,778 7,900,778
Retained deficit (15,809,449) (21,289,344)
(3,458,165) (8,938,059)
-------------- -------------
Current liabilities
Trade and other payables 4 2,051,062 6,523,062
Loans and borrowings 1,500,000 2,415,000
-------------- -------------
3,551,062 8,938,062
-------------- -------------
Total liabilities 3,551,062 8,938,062
-------------
Total equity and liabilities 92,897 3
============== =============
The financial statements of Iconic Labs plc, company number
10197256, were approved by the Board and authorised for issue on
31th of March 2023. They were signed on its behalf by:
................................................
Bradley Taylor
Director
COMPANY STATEMENT OF CHANGES IN
EQUITY FOR THE PERIODING 31 DECEMBER
2022 Share Share Retained Total
capital premium deficit Equity
GBP GBP GBP GBP
Balance at 30 June 2022 4,450,506 7,900,778 (21,289,344) (8,938,060)
---------- ---------- ------------- ------------
Loss for the year - - 5,479,895 5,479,895
Total comprehensive loss for the
year - - 5,479,895 5,479,895
---------- ---------- -------------
Transactions with owners:
(15,809,449
Balance at 31 December 2022 4,450,506 7,900,778 ) (3,458,165)
========== ========== ============= ============
Page 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIODING 31 DECEMBER
2022
1. Basis of preparation
The Company is registered in England and Wales. The consolidated
interim financial statements for the six months ended 31 December
2022 comprise those of the Company and subsidiaries.
Statement of compliance
This consolidated interim financial report has been prepared in
accordance with the measurement principles of IFRS adopted in the
EU. Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in financial performance and position of the Company since
the last annual consolidated financial statements for the period
ended 30 June 2022. This consolidated interim financial report does
not include all the information required for full annual financial
statements prepared in accordance with International Financial
Reporting Standards. The financial statements are unaudited and do
not constitute statutory accounts as defined in section 434(3) of
the Companies Act 2006.
A copy of the audited annual report for the period ended 30 June
2022 has been delivered to the Registrar of Companies. The
auditor's report on these accounts was unqualified and did not
contain statements under s498(2) or s498(3) of the Companies Act
2006.
This consolidated interim financial report was approved by the
Board of Directors on 30 March 2023.
Significant accounting policies
The accounting policies applied by the Company in this
consolidated interim financial report are the same as those applied
by the Company in its consolidated financial statements for the
period ended 30 June 2022.
New and amended standards adopted by the Company
A number of new or amended standards became applicable for the
current reporting period. The Company did not have to change its
accounting policies or make retrospective adjustments as a result
of the adoption of these standards.
Going concern
The Board of Directors has carefully considered the financial
position of Iconic Labs regarding the events during the six months
ended 31 December 2022, with particular focus on the continuation
in management and leadership as well as the economic and social
effects of the current Covid-19 pandemic. We have concluded that as
a result of the new financing facility in place with EHGOSF as well
as substantial discussions with EHGOSF to secure a long-term
financing facility, Iconic Labs remains a going concern.
2. Operating segments
The Company's sole asset is Gay Star News ("GSN"), an online
media platform dedicated to the LGBTQ+ community. The Company is
continuing to develop GSN with strategic partners.
Iconic operates in the online social media and publishing
sectors and to complement its existing asset, is seeking
acquisition targets in the technology, artificial intelligence, and
big data gathering, processing and analytics sectors.
ICONIC LABS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIODING 31 DECEMBER 2022
3. Share Capital
31 Dec 30 June 2022
2022
Number GBP Number GBP
Authorised,
allotted
and fully paid
- classified
as equity
Ordinary
shares of
GBP0.00001
each 37,405,248,039 374,052 37,405,248,039 374,052
Deferred
shares of
GBP0.00249
each 1,637,129,905 4,076,454 1,637,129,905 4,076,454
-------------------------- ----------- ------------------------------- ----------------
Total 39,042,370,944 4,450,506 39,042,377,944 4,450,506
-------------------------- ----------- ------------------------------- ----------------
At 30 June 2022 and 31 December 2022, the company had
37,405,248,039 Ordinary shares of GBP0.00001 in issue.
In accordance with the Companies Act 2006, the company has no
limit on its authorised share capital.
Pursuant to a resolution passed on 16 June 2016, the Company
resolved that:
-- The directors be generally authorised in accordance with the
Articles to exercise all powers of the company to allot Ordinary
shares, or grant rights to subscribe for, or convert any security
into Ordinary shares, up to a maximum aggregate nominal value of
GBP500,000, provided always that such authority conferred on the
directors shall (unless previously renewed, varied or revoked prior
to that time) expire at the conclusion of the company's next annual
general meeting or on the date falling 18 months after the date of
the passing of the resolution, whichever is the sooner. The company
may make an offer or agreement which would or might require
Ordinary shares to be allotted pursuant to the resolution referred
to in paragraph 3.6.1 of the listing prospectus before the expiry
of their authority to do so, but allot the Ordinary shares pursuant
to any such offer or agreement after that expiry date.
-- All pre-emption rights in the Articles to be waived; (i) for
the purposes of, or in connection with, the Placing, the issue of
the Conversion shares and the issue of the Warrant shares; (ii)
generally for such purposes as the directors may think fit
(including the allotment of equity securities for cash) up to a
maximum aggregate amount of GBP40,543.54; and (iii) for the
purposes of the issue of securities offered (by way of a rights
issue, open offer or otherwise) to existing holders of Ordinary
share, but subject to the directors having a right to make such
exclusions or other arrangements in connection with the offering as
they deem necessary or expedient; (A) to deal with the equity
securities representing fractional entitlements; and (B) to deal
with legal or practical problems in the laws of any territory, or
the requirements of any regulatory body; on the basis that the
authorities conferred under the resolution referred to in paragraph
3.6.2 of the listing prospectus shall (unless previously renewed,
varied or revoked prior to that time) expire at the conclusion of
the company's next annual general meeting or on the date falling 18
months after the date of the passing of the resolution, whichever
is the sooner. The company may make an offer or agreement which
would or might require equity securities to be issued before the
expiry of its power to do so, but allot the equity securities
pursuant to any such offer or agreement after that expiry date.
Page 14
4. Trade and other payables
Group
31 Dec 2022 30 June
2022
GBP GBP
Trade payables 1,531,059 809,844
Other payables - 5,574,562
Accruals - 139,120
EHGOF Loan payable 520,000 -
Total 2,051,059 6,523,526
------------
Book values approximate to fair values at 31 December 2022 and
30 June 2022.
Company
31 Dec 2022 30 June
2022
GBP GBP
Trade payables 1,531,059 809,380
Other payables - 5,574,562
Accruals - 139,120
EHGOF Loan payable 520,000 -
------------ ----------
2,051,059 6,523,062
------------ ----------
Book values approximate to fair values at 31 December 2022 and
30 June 2022.
Included within liabilities are GBP1,071,444 of unsecured
creditors which are under CVA proceedings. These are settled in
common shares of Iconic Labs in the ration of 1:0.25. This denotes
that 1GBP of liability is settled with 0.25GBP value in shares on
0.00016GBP per share value. These settlements will be proceeded one
the company pays all secured creditors during 2Q 2023.
Page 15
5. Financial instruments
Reconciliation of movement in net cash
Reduction
Loan notes Loan notes of
Net cash issued converted borrowings Net cash
at 01 July Cash flow in the in the (continuing at 31
2022 period period activities) December
2022
GBP GBP GBP GBP GBP GBP
Cash at
bank and
in hand 5 92,889 - - - 92,894
Borrowings (2,415,000) - - - 915,000 (1,500,000)
Total
financial
liabilities (2,414,995) 92,889 - - 915,000 (1,407,106)
Page 16
6. (Profit)/Loss from Operations
Period Year ended
ending 31 30 June
Dec 2022 2022
GBP
GBP
The (profit)/loss for the period is stated
after charging:
Depreciation - -
Auditors remuneration - audit services 58,725 50,000
Expenses by nature: GBP GBP
Legal & audit fees 72,953 (7,102)
Financial Advisory 7,500
Consultancy & professional fees 515,000 255,254
Other supplies and external services 5,251 86,027
Creditor's write off (6,139,324)
- -
------------- -----------
Total operating expenses (5,479,895) 334,179
------------- -----------
Depreciation, amortisation and
impairment of assets - -
Writing down of subsidiary undertakings - (130,249)
Total administrative expenses (5,479,895) 203,930
-------------
Direct costs incurred in connection
with EHGOF financing facility - 585,000
Other penalties - -
------------- -----------
(5,479,895) 788,930
------------- -----------
Page 17
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