Imperial X Plc - Interim report to 31 December 2018 PR Newswire

21 March 2019

Imperial X Plc

("Imperial" or the "Company")

Unaudited interim report for the six months to 31 December 2018

Dear Shareholder,

I am pleased present the unaudited financial results for Imperial X Plc for the half-year ended 31 December 2018.

During the period and with a newly formed Board of Directors, Imperial sought to alter its investment focus from seeking investment in natural resource projects to that of seeking investments in the developing market for producing and/or distributing Medicinal Cannabis, derivatives of it and/or related products.

This change in investment focus was approved by shareholders at a general meeting held on 7 January 2019. The Board, together with its independent expert adviser, Dr Inbar Pomeranchik, are now considering investment opportunities in this sector.

During the period Imperial issued £50,000 in convertible notes to fund its operations. Although Imperial continues to be run leanly with administration expenses kept as low as possible, to stay quoted and continue to operate in 2019, Imperial will need to seek additional capital to continue its existence. It is expected that additional convertible notes will be issued during the next 6 month period.

Financial Review

Cash reserves will be used in the short term to cover general administration costs, initial due diligence expenses and other costs incidental to the identification and development of acquisition opportunities.

During the six month period ended 31 December 2018, the Company made a pre-tax loss of £63,428 (2017: loss of £39,349). This figure was higher than in the same period in 2017, largely due to fees related to due diligence on incoming directors and for regulatory and compliance matters related to the change of investment strategy.  Cash at bank at the end of December 2018 was £69,630 (30 June 2018: £20,206).

The interim results have not been reviewed by the Company’s auditors.

Financial Position

The Group’s Statement of Financial Position as at 31 December 2018 and comparatives at 31 December 2017 and 30 June 2018 are summarised below:


                    31 Dec 2018 31 Dec 2017 30 June 2018

                         £           £           £

Current assets           69,630      43,274       26,341

Total assets             69,630      43,274       26,341

Current liabilities     111,127      12,956        7,860

Total liabilities       111,127      12,956        7,860

Net assets             (41,497)      30,318       18,481



Michael Langoulant

Chairman

Imperial X Plc - 21 March 2019

The Directors of the Company accept responsibility for the content of this announcement.

For further information please contact:

Imperial X Plc

Michael Langoulant

+44 (0)7899 249990

Peterhouse Capital Limited

Guy Miller and Mark Anwyl

+44 (0)20 7220 9796

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 31 December 2018


                        6 months to 31 Dec 6 months to 31 Dec Year ended 30 June
                          2018 Unaudited     2017 Unaudited      2018 Audited

                                £                  £                  £

Continuing operations

Revenue                                  -                  -                  -

Administrative                    (63,484)           (39,352)          (100,183)
expenses

Loss before taxation              (63,484)           (39,352)          (100,183)

Finance income –                        56                  3                  7
interest receivable

Income tax                               -                  -                  -

Loss for the year                 (63,428)           (39,349)          (100,176)
attributable to the
equity shareholders of
the parent

Other comprehensive
income

Items that may be                        -                  -                  -
subsequently
reclassified to profit
or loss

Other comprehensive                      -                  -
income for the year,
net of tax

Total comprehensive               (63,428)           (39,349)          (100,176)
income for the
period/year
attributable to the
equity shareholders of
the parent

Loss per share

Basic and diluted loss             (0.20p)           (0.128p)            (0.32p)
per share attributable
to the equity
shareholders of the
parent (pence)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2018


                                       As at       As at     As at 30 June 2018
                                     31 Dec 2018 31 Dec 2017      Audited
                                      Unaudited   Unaudited

                                          £           £              £

ASSETS

Total non-current assets                       -           -                  -

Current assets

Trade and other receivables                    -       5,904              6,135

Cash and cash equivalents                 69,630      37,370             20,206

Total current assets                      69,630      43,274             26,341

TOTAL ASSETS                              69,630      43,274             26,341

LIABILITIES

Current Liabilities

Trade and other payables                  60,294      12,956              7,860

Borrowing                                 50,833           -                  -

Total current liabilities                111,127      12,956              7,860

TOTAL LIABILITIES                        111,127      12,956              7,860

NET ASSETS                              (41,497)      30,318             18,481

EQUITY ATTRIBUTABLE TO OWNERS OF THE
COMPANY

Share capital                            202,786     201,700            202,786

Share premium                            876,297     855,588            876,297

Equity to be issued                       30,715           -             27,265

Other reserve                              1,600       1,670              1,600

Retained losses                      (1,152,895) (1,028,640)        (1,089,467)


TOTAL EQUITY                            (41,497)      30,318             18,481



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 31 December 2018


               Share   Share  Equity to be  Other    Retained   Total Equity
              capital premium    issued    reserves   losses

                 £       £         £          £          £           £

At 1 July     201,700 855,658            -    1,600   (989,291)       69,667
2017

Loss for the        -       -            -        -    (39,349)     (39,349)
period

Other               -       -            -        -           -            -
comprehensive
income for
the period

Total               -       -            -        -    (39,349)     (39,349)
comprehensive
income for
the period

Issue of            -    (70)            -       70           -            -
share options

Balance at 31 201,700 855,588            -    1,670 (1,028,640)       30,318
December 2017

At 1 July     202,786 876,297       27,265    1,600 (1,089,467)       18,481
2018

Loss for the        -       -            -        -    (63,428)     (63,428)
period

Other               -       -            -        -           -            -
comprehensive
income for
the period

Total               -       -            -        -    (63,428)     (63,428)
comprehensive
income for
the period

Equity to be        -       -        3,450        -           -            -
issued

Balance at 31 202,786 876,297       30,715    1,600 (1,152,895)     (41,497)
December 2018



CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 31 December 2018


                        6 months to 31 Dec 6 months to 31 Dec Year ended 30 June
                               2018              2017                2018
                            Unaudited          Unaudited           Audited

                                £                  £                  £

Cash flows from                      (632)           (35,306)           (72,474)
operating activities

Net cash used in                     (632)           (35,306)           (72,474)
operating activities

Cash flows from
investing activities

Interest received                       56                  3                  7

Proceeds from                       50,000                  -                  -
convertible note
issues

Cash flows generated                50,056                  3                  7
from investing
activities

Cash flows from
financing activities

Proceeds from issue of                   -                  -             20,000
shares

Cash Flows generated                     -                  -             20,000
from financing
activities

Net increase/                       49,424           (35,303)           (52,467)
(decrease) in cash and
cash equivalents

Cash and cash                       20,206             72,673             72,673
equivalents at
beginning of the
period

Cash and cash                       69,630             37,370             20,206
equivalents at end of
the period