("Imperial" or the "Company")
Unaudited interim report for the six months to
Dear Shareholder,
I am pleased present the unaudited financial results for
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
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
The interim results have not been reviewed by the Company’s auditors.
Financial Position
The Group’s Statement of Financial Position as at
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
Chairman
The Directors of the Company accept responsibility for the content of this announcement.
For further information please contact:
+44 (0)7899 249990
+44 (0)20 7220 9796
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
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
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
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
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
