(“Ananda”, the “Company” and, together with its subsidiaries, the “Group”)
Unaudited Interim Results for the six months ended
The Directors present the interim results of
UPDATE ON INVESTMENTS AND ACTIVITIES
Ananda’s vision is to become a significant player in the nascent medicinal and wellness cannabis sector. In the period under review, the Company has continued to proceed with caution, given the continued uncertainty around the legislative and regulatory environment for medicinal cannabis and CBD in the
iCAN has continued to expand its footprint with its CannaTech conferences, Incubator and consulting businesses. In
LHT launched hapac® in
Shareholders supported a series of resolutions at a General Meeting in
Capital raising and other corporate information
During the period the Company raised £400,000 of new capital. Most of the proceeds of this fundraising were advanced by the Company to Tiamat to fund the Home Office Licence application process, with the balance being used by Ananda for general working capital purposes. During the period, 70% of the Group’s expenses were directly related to the application for the Home Office Licence.
During the period,
The statement of consolidated comprehensive income shows the loss for six-month period to
This report was approved by the Board and signed on its behalf.
Consolidated Interim Statement of Comprehensive Income
6 months to 31 July Period ended 31 Period ended 31 July 2019 January 2019 2018 Unaudited Audited Unaudited Note £ £ £ Administrative (439,881) (368,299) (199,520) expenses Interest received 4,627 4,061 - Loss from (435,254) (364,238) (199,520) operations Taxation - - - Foreign Exchange 1 (605) - (5) Translation Gain / (Loss) Total loss for the (435,859) (364,238) (199,525) period
Earnings per share Basic and diluted earnings per share (pence) 2 (0.10p) (0.11p) (0.06p)
There was no other comprehensive income in the period.
Consolidated Interim Statement of Financial Position
Group Company Company 6 months to 31 July Period ended 31 Period ended 31 July 2019 January 2019 2018 Unaudited Audited Unaudited £ £ £ Fixed assets Investments 460,000 460,000 - 460,000 460,000 - Current assets Loan Notes 159,185 159,185 - Debtors 31,234 18,191 43,644 Cash at bank and in 162,418 141,254 983,760 hand 352,837 318,630 1,027,404 Creditors: amounts 87,594 17,528 51,929 falling due within one year. Net current assets 265,243 301,102 975,475 Total assets less 725,243 761,102 975,475 current liabilities Capital and reserves Share capital 836,111 658,333 658,333 Share premium 689,229 467,007 516,667 Retained earnings (800,097) (364,238) (199,525) Total equity and 725,243 761,102 975,475 liabilities
The consolidated interim financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Consolidated Interim Statement of Changes in Equity
GROUP Share Capital Share Premium Retained Earnings Total £ £ £ £ As at 1 February 2019 658,333 467,007 (364,238) 761,102 Total comprehensive loss - - (435,859) (435,859) for the period Proceeds from share 177,778 222,222 - 400,000 Issue Transactions with owners 177,778 222,222 - 400,000 Balance at 31 July 2019 836,111 689,229 (800,097) 725,243
GROUP Share Capital Share Premium Retained Earnings Total £ £ £ £ On incorporation as at 100,000 - - 100,000 19 January 2018 Total comprehensive loss - - (364,238) (364,238) for the period Proceeds from share 558,333 467,007 - 1,025,340 Issue Transactions with owners 558,333 467,007 - 1,025,340 Balance at 31 January 658,333 467,007 (364,238) 761,102 2019
GROUP Share Capital Share Premium Retained Earnings Total £ £ £ £ On incorporation as at 100,000 - - 100,000 19 January 2018 Total comprehensive loss - - (199,525) (199,525) for the period Proceeds from share 558,333 516,667 - 1,075,000 Issue Transactions with owners 558,333 516,667 - 1,075,000 Balance at 31 July 2018 658,333 516,667 (199,525) 975,475
The following describes the nature and purpose of each reserve within owners’ equity:
Reserve Description and purpose Share capital This represents the nominal value of shares issued. Share premium Amount subscribed for share capital in excess of nominal value. Retained earnings Cumulative net gains and losses recognised in the statement of comprehensive income.
Consolidated Interim Statement of Cash Flows
6 months to Period ended Period ended 31 July 2018 31 July 2019 31 January 2019 Unaudited Unaudited Audited £ £ £ Cash flows from operating activities Cash outflow from (378,836) (364,900) (91,240) operating activities Net cash outflow from (378,836) (364,900) (91,240) operating activities Cash flows from investing activities Purchase of convertible - (159,186) - loan notes Purchase of investments - (460,000) - Net cash used in - (619,186) - investing activities Cash flows from financing activities Proceeds from issue of 400,000 1,125,340 1,075,000 shares Net increase in cash and 21,164 141,254 91,240 cash equivalents Cash and cash 141,254 - - equivalents at the beginning of the period Cash and cash 162,418 141,254 983,760 equivalents at the end of the period
Notes to the Consolidated Interim Financial Statements
Ananda Developments Plc’s consolidated interim financial statements are presented in British Pound Sterling (GBP) which is the functional currency of the parent company. These interim financial statements were approved for issue by the Board of Directors on
The financial information set out in these interim financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended
These consolidated interim results have not been audited nor have they been reviewed by the Group’s auditors under ISRE 2410 of the Auditing Practices Board.
Basis of preparation
These interim financial statements are for the six-month period ended
These interim financial statements have been prepared on a going concern basis which the Directors believe to be appropriate.
These interim financial statements have been prepared in accordance with the accounting policies adopted in the financial statements for the period ended
These group financial statements consolidate those of the Company and its subsidiaries,
1. Foreign currency transactions
Transactions in foreign currencies are translated to GBP at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to GBP at the exchange rate on that date. Foreign exchange differences arising on translation are recognised in the statement of comprehensive income.
2. Earnings per share
The calculation of earnings per share is based on the loss attributable to ordinary shareholders divided by the average number of shares in issue during the period.
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