KR1 plc - Final Results PR Newswire

KR1 Plc
(“KR1” or the “Company”)

Audited Final Results
and
Change of Auditor

I am pleased to present the audited final results of the Company for the twelve months ended 31 December 2017.

This has been a very good year for the Company. We have taken full advantage of being the first quoted investment company in the world, focussed on blockchain, in particular tokens and have created a track record of successful token investments in the industry. The management team are proud of what has been achieved and we will build on this strong foundation to ensure we continue to be a major player in this fast paced and exciting space.

Our brand recognition continues to grow, as does our worldwide network of contacts and partners. Our ability to find and back great Blockchain based projects at an early stage has become widely recognised, due, in part, to KR1 being invested in some very significant projects including Funfair, Foam, Alice, Rocketpool, Vo1t and Rchain.

From the outset our strategy was threefold. Provide access to the token economy via a publicly quoted share, source and support the very best teams in the space and add value to our stable of projects by helping them achieve their goals. We feel we have succeeded in implementing all three and now we will look to capitalise on where the future of this disruptive technology will take us next.

We expect to see continued attention given to scaling issues, with a slue of new Blockchain 3.0 initiatives coming to market. We will also see new privacy technology implemented on some of the major smart contract platforms. The ICO market will continue to thrive, even with it’s inevitable bending into line with the ever-changing regulatory landscape. Further, the emergence of the tokenised securities ecosystem will begin to take shape, bringing with it new funding opportunities for projects and exchanges.

Overall, the Company is in the very early stages both in terms of technology and adoption. However, with the token economy allowing for near instant liquidity, our ability to back projects at a significantly accelerated speed puts us in a great position to capture the huge future growth potential that this sector has. Suffice to say there is a volatile yet exciting road ahead and we look forward to future developments.


Statement of Comprehensive Income
For the year ended 31 December 2017



                                                        2017       2016

                                                         GBP        GBP

Income

Realised gain on disposal of digital investments   4,268,012          -

FOREX gain on cash equivalents                     1,179,777          -

Unrealised gain on digital investments            10,828,357      3,536

Unrealised gain on loan issued                         5,364     53,403

Bank interest                                              -          4

                                                  16,281,510     56,943

Expenses

Administration expenses                             (63,710)    (7,496)

Advisory fees                                       (28,400)    (9,581)

Audit fees                                          (16,920)    (6,000)

Bank charges and trading commissions               (134,013)      (771)

Branding and promotional expenses                   (13,002)      (424)

Commission                                          (75,000)   (14,100)

Escrow fees                                          (5,000)      (775)

Foreign exchange loss                                  (474)       (58)

Insurance                                            (2,496)          -

Legal and professional                              (47,864)   (26,376)

Loss on disposal of investments                            -   (51,433)

Office rental                                        (9,216)          -

Staff costs                                      (1,357,746)   (17,669)

Other expenses                                       (3,884)    (2,281)

Travel expenses                                     (36,539)          -

Unrealised loss on investments                       (8,356)          -

                                                 (1,802,620)  (136,964)

Taxation                                         (2,868,386)          -

Profit/(loss) for the year                        11,610,504   (80,021)

Other comprehensive income                                 -          -

Total comprehensive income/(loss) for the year    11,610,504   (80,021)

Earnings per share expressed in pence per share:

Basic and diluted                                       3.16     (0.01)



Statement of Financial Position
For the year ended 31 December 2017



                                           2017       2016

                                            GBP        GBP

Assets

Fixed asset investments              14,214,185    259,585

Cash at bank                            788,792    179,210

Cash held on trading platforms          248,927     19,991

Cash equivalents                      2,505,245     18,201

Debtors                                   2,804      2,070

                                     17,759,953    479,057

Creditors

Amounts falling due within one year (4,208,376)   (37,984)

Net current assets                   13,551,577    441,073

Capital and reserves

Called up share capital                 685,993    590,993

Share premium                         2,163,649    758,649

Profit and loss account              10,701,935  (908,569)

Shareholders’ funds                  13,551,577    441,073



The financial information set out in this announcement does not constitute statutory accounts. This financial information has been extracted from the audited full accounts of the Group for the year ended 31 December 2017. The Company does not declare a dividend for the period.

Change of Auditor                                                                

On 25 January 2018, the Company announced that KPMG Audit LLC had been appointed as the Company’s auditor. This announcement was made prematurely and in fact Greystone LLC were appointed auditors on 8 May 2018.

--ENDS--

The Directors of the Company accept responsibility for this announcement.

`--Ends--


Contact Details:

KR1 Plc
Stephen Corran
Tel : 01624 676716
Email: scorran@bridgewaters.co.im

NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Fungai Ndoro and Mark Anwyl
020 7469 0930
 

Market Abuse Regulation (MAR) Disclosure

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