(“KR1” or the “Company”)
Audited Final Results
Change of Auditor
I am pleased to present the audited final results of the Company for the twelve months ended
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
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
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
Change of Auditor
The Directors of the Company accept responsibility for this announcement.
Tel : 01624 676716
NEX Exchange Corporate Adviser
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