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Tap Global Group Plc - Half Year Report


Announcement provided by

Tap Global Group Plc · TAP

28/03/2024 07:00

Tap Global Group Plc - Half Year Report PR Newswire

28 March 2024

Tap Global Group Plc

 

Half Year Report

 

Tap Global Group Plc (AQSE: TAP), the cryptocurrency app bridging the gap between traditional finance and blockchain technology, is pleased to present its results for the six months ended 31 December 2023.

 

References herein to “Tap Group”, the “Group” or the “Company” refer to Tap Global Group Plc (formerly Quetzal Capital Plc). References to “Tap” or “Tap Global” refer to Tap Global Limited and/or Tap Technologies Limited which are wholly owned subsidiaries of Tap Global Group Plc. Tap Global Limited is licensed and regulated by the Gibraltar Financial Services Commission under the Distributed Ledger Technology (DLT) with licence No. 25532.

 

Financial Highlights

 

 

Tap Group

Tap Group

Tap Group

Tap Global

 

6 months to

31 Dec 23

(“H1 24”)

 

12 months to

30 Jun 23

(“FY 23”)

6 months

to

31 Dec 22

(“H1 23”)

 

6 months

To

31 Dec 22

(“H1 23”)

 

 

£

£

£

£

Trading Payment Volume*

71,922,117

181,568,624

-

25,908,019

Trading Revenue

913,051

1,678,624

-

354,678

Other Revenue

378,005

337,484

    40,000

120,134

Total Revenue

1,291,056

2,016,086

    40,000

474,812

Trading Margin

1.27%

0.92%

-

1.37%

Adjusted EBITDA**

(742,559)

(363,363)

(264,622)

(429,749)

EBITDA

(708,966)

(782,838)

(298,992)

(241,001)

Loss After Tax

(995,475)

(1,074,640)

(298,992)

(527,394)

 

  • Tap Group trading payment volume in H1 24 was £71.9m (Tap Global H1 23: £25.9m), an increase of 178% on H1 23
  • Tap Group revenue in H1 24 was £1.3m (Tap Global H1 23: £0.5m), an increase of 172% on H1 23
  • Tap Group trading margin in H1 24 was 1.27% (Tap Group FY 23: 0.92%), an improvement of 37% on FY 23 reflecting the focus on revenue margin improvement  
  • Tap Group adjusted EBITDA in H1 24 was a loss of £0.7m (Tap Global H1 23: £0.4m loss), the increased loss due to the take on of the PLC costs and investment in sales and marketing
  • Tap Group overall loss after tax in H1 24 was £1.0m (Tap Global H1 23: £0.5m) as the Company scaled up operations, invested in product and marketing and incorporated PLC costs
  • Tap Group cash at 31 December 2023 was £1.9m (30 June 2023: £2.3m), a decrease of £0.4m from the prior financial year end

 

Notes

*Trading Payment Volume – the value of funds traded by customers when selling one currency for another

**Adjusted EBITDA - earnings before interest, tax, depreciation, amortisation, and adjustments for realised or unrealised gains and losses on non-GBP transactions or holdings, fair value on investments and sales of assets

 

Operational Highlights

 

  • Prepared for launch in the US through a partnership with Zero Hash LLC (“Zero Hash”), a Chicago-based B2B2C cryptocurrency infrastructure platform, ensuring the requisite regulatory coverage for the new US business
  • Ensured compliance with the FCA’s Crypto Financial Promotions Regime to enable continuation of service to UK customers
  • Exceeded 250,000 user milestone during H1 24, with total registered users now at over 330,000
  • Added three new tokens, bringing the total cryptocurrency offering to 48
  • Developed new technical solutions to further improve customer security
  • Opened office in Greece to establish a cost effective operational hub for servicing EU and EEA customers under the MiCA regime
  • Rose to Number 1 in the Greek App Store ranking for financial apps in December 2023

 

Post-Period End Highlights

 

  • Tap Group trading volume in January and February 2024 was £18.4m and revenue was £0.4m, including trading revenue of £0.3m
  • Tap Group trading revenue margin in January and February 2024 improved again to 1.64%
  • Continued development of customer upgrade solutions, including rewards, cashback, discounted fees, and alignment of XTP and Tap interests
  • Added Bitfinex as a new exchange services partner

 

David Hunter, Chairman of Tap Group, commented:

 

“From service offering enhancements to continued rapid user base expansion, I am proud of our recent operational progress which has continued into 2024.

 

We again demonstrated our ability to adapt to regulatory changes prevalent in the cryptocurrency sector, and this versatility and resilience has ensured we continue to attract high-quality partners that help us grow the Company and capitalise on new business opportunities.

 

Tap Group has made a strong start to 2024 and management are confident that we will deliver on our growth ambitions, including our near-term priorities of increasing both revenue and user numbers, while completing our important US launch.”

 

The directors of the Company accept responsibility for the contents of this announcement.

 

Enquiries: 

 

Tap Global Group Plc 
David Hunter, Executive Chairman

Via Vigo Consulting
 

Peterhouse Capital Limited (Aquis Growth Market Corporate Advisor)
Guy Miller
Narisha Ragoonanthun

+44 (0)20 7220 9795

 

Tennyson Securities (Broker)
Alan Howard

+44 (0)20 7186 9030

Vigo Consulting (Investor Relations)

Ben Simons
Kendall Hill
Peter Jacob

+44 (0)20 7390 0230

tapglobal@vigoconsulting.com

 

About Tap Global Group Plc

 

The Tap group of companies provide an innovative and fully integrated fiat payments and crypto settlement service. A single regulatory registration, via the wholly owned operating business Tap Global Limited, provides Tap customers with access to several major cryptocurrency exchanges through the Tap App allowing them to purchase over 48 cryptocurrencies and store them directly in the customer’s wallet. The wallet can also store fiat currency denominated in Sterling, Euros and/or USD.

 

Through the single app, Tap’s over 330,000 users can access several major cryptocurrency exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best-execution and pricing in real time. Through the Tap card (UK and Europe only), users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.

 

Tap is one of only a handful of unified solutions operators fully regulated to provide Distributed Ledger Technology (DLT) services and was the first cryptocurrency FinTech company approved by Mastercard in Europe. 

 

About Tap Global Limited

 

Tap Global Limited is registered in Gibraltar with the registration number 118724 and the registered office of Madison Building, Line Wall Road, Gibraltar, GX11 1AA. Tap Global Limited is licensed and regulated by the Gibraltar Financial Services Commission under the DLT with license No. 25532.

 

Learn more: www.withtap.com

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/tapglobal/

 

X (formerly Twitter): https://twitter.com/TapGlobalPlc

 

Tap Global Group Plc

 

Chairman’s Statement

 

For the six month period ended 31 December 2023 (“H1 24”)

 

Introduction

 

H1 24 was a productive period for the business. We delivered solid operational progress via service offering enhancements and continued rapid user base expansion while identifying the ideal partner for our US launch.

 

Tap Group’s H1 24 show significant improvement over the corresponding interim period for Tap Global in the previous financial year (before it was part of the Group), despite revenues being impacted by the interruption of some customer services as a result of well publicised changes to the wider fintech regulatory landscape. As we committed resources to navigating these regulatory changes, Tap was principally focused on customer retention and profit margins in the period, rather than new customer acquisition. Tap has acted swiftly and prudently to ensure services comply with these new regulations, and, as a result, revenue growth post-period end has been positive.

 

Growth and Optimisation

 

Expanding the selection of cryptocurrencies on the platform is a pillar of our growth strategy, and during the period we added Loopring (LRC), Basic Attention Token (BAT), and NAGA Coin (NAGA) to our asset portfolio, taking the total number to 48. Tap provides users with access to a diverse range of cryptocurrencies, including both nascent and well-established coins, and we will continue to explore opportunities to broaden the selection of cryptoassets available to customers as the year progresses.

 

Tap grew its user base by over 130,000 in the period to over 294,000. This took us through a quarter of a million which was a key milestone for the Company and a strong indicator of our well-paced development. Tap’s rapid user growth continued post-period end, with over 333,000 individuals globally now registered to use our services. This is a testament to the quality of our service offering and demonstrates Tap’s growing credibility in the unique fintech space in which we operate.

 

Since inception, we have aspired to expand our footprint to North America and in October 2023 we announced our intention to launch in the US through our wholly owned subsidiary, Tap Americas, and via a strategic partnership with B2B2C cryptocurrency infrastructure platform, Zero Hash LLC. A well-established US entity, Zero Hash shares our regulation-first approach and will provide the platform for us to establish a significant foothold in what is the world’s largest cryptocurrency market. The launch process continues apace, and we expect to provide shareholders with further updates in the near future. 

 

As anticipated, the trading fees that Tap charges to users accounted for the majority of revenues generated in the period. We continually evaluate our pricing strategy to ensure we remain appropriately priced compared to market competitors while optimising revenue generation opportunities from the services delivered. We are developing plans to implement user fee changes in 2024 to bolster revenue streams and ensure we continue to provide a good value, competitively priced service.

 

Tap’s Cards-as-a-Service product is nearing formal launch, with Bitfinex confirmed as the first client for this product line. The white-labelled prepaid Mastercard will be made available to all Bitfinex’s European users and will be underpinned by Tap’s existing infrastructure and regulatory approvals. We have also been making good progress on the development of a Crypto-as-a-Service solution which, unlike the card service, is directly linked to trading activity. Once launched, this product will provide potential commercial partners with a number of benefits, enabling them to leverage Tap’s cryptocurrency services as a product for their user base without having to develop the environment or deliver on the regulatory standards required themselves.

 

During the period, we implemented additional technical solutions to strengthen our cybersecurity and fraud protection capabilities, which has further reduced fraud and scam risks for Tap customers. This includes the launch of a new anti-scam account takeover prevention functionality that is directly in line with Tap’s focus in this area. The appointment of a Deputy Money Laundering Reporting Officer in December 2023 has also bolstered our compliance function to further improve the overall safety of our service whilst increasing our threat monitoring capacity, helping ensure Tap remains a go-to for individuals seeking a secure and fully regulated one-stop solution for traditional finance and blockchain technology.

 

The regulatory environment in the cryptocurrency sector continues to evolve, and we have worked hard to ensure that we are well positioned to proactively respond to new regulatory requirements in a timely manner so as to not disrupt our operations. Accordingly, in October 2023 we implemented changes to ensure we adhered to new regulation on how cryptoasset firms promote their services to UK consumers in accordance with the FCA’s Cryptoassets Financial Promotion Regime.

 

We established an operations centre in Greece in November 2023, with the country likely to become the operational hub for servicing EU and EEA customers under the recently established MiCA regulation. We are well prepared for the introduction of this new regulatory framework, which covers cryptoassets, cryptoasset issuers, and cryptoasset providers, and we are finalising our VASP application to ensure we comply with the relevant jurisdictional regulations. There is strong Greek interest in Tap’s services, as demonstrated by our top ranking in Greece’s App Store for financial apps, and we look forward to leveraging this new base to grow our presence in the country as well as wider Europe.

 

Financial Performance

 

As the results show, Tap Group has come through a period of change in the cryptocurrency space and delivered a solid set of results for H1 24, comparing favourably to the corresponding period for Tap Global in the prior year. During this period of change, the Group focused on revenue margin improvement with the results starting to take effect when comparing the trade revenue margin for FY 23 at 0.92% with H1 24 of 1.27% - a 37% increase. This will increase further when the full effect flows through from January 2024 onwards.

Cash at 31 December 2023 was £1.9m, down from £2.3m at 30 June 2023, as the Group continued to invest in product and marketing and maintaining regulatory status in its core territories.

 

Post-Period End

 

Tap’s partnerships in the cryptocurrency industry continue to underpin new business momentum and are instrumental in helping us enhance user experience. Post-period end, we added Bitfinex as a new exchange services partner. This strategic partnership not only broadens our trading routes but also deepens liquidity, facilitating faster, larger trades at more competitive rates for an improved trading experience.

 

Post-period end, we also announced changes to the Board as we focused on streamlining the corporate structure of the Company. Arsen Torosian, previously Tap Group’s Chief Strategy Officer, was appointed as Chief Executive Officer following the resignation of David Carr as Chief Executive Officer and as a Director of the Company. In the same month, Tony Quirke resigned as CFO and Director of the Company, with his replacement Steven Borg due to take over responsibilities in April 2024 following a transition period. Steven has many years of financial leadership experience in the digital assets and payments industries, and I have no doubt that his expertise will be invaluable to Tap Group as we continue to grow. Des Hellicar-Bowman, Non-Executive Director of Tap Group, also announced that he would be retiring as a Director. On behalf of the Board, I would like to thank David, Tony, and Des for their valuable contributions towards our listing and growth to date and wish them the best of luck in their future endeavours.

 

Outlook

 

The full effect of the focus on revenue margins is illustrated in the post-period end results, where the trade revenue margin has further improved to 1.64% from 1.27% for H1 24 and 0.92% for FY 23. The current revenue margin is now expected to be maintained at least in the near term.

 

Facilitated by prudent investment in sales and marketing initiatives, we are actively looking at opportunities to expand into new geographies and plan on making a number of enhancements to our already sophisticated and multifaceted product suite in the coming year, including the introduction of additional assets, rewards to users for usage on the app, and delivery of new user facing services and functionality.

 

Tap has made a strong start to 2024 and management are confident that we will deliver on our growth ambitions, including our near-term priorities of increasing both revenue and user numbers, and completing our US launch. We have repeatedly proven our ability to adapt to regulatory changes prevalent in the cryptocurrency sector, and this versatility and resilience has ensured we continue to attract high-quality partners that help us grow and capitalise on new business opportunities. I am proud of the operational progress delivered during the period and look forward to providing shareholders with an update on ongoing projects in due course.

 

David Hunter

Non-Executive Chairman

Tap Group

27 March 2024

 

Tap Global Group Plc

Interim Consolidated Statement of Comprehensive Income

For the six-month period ended 31 December 2023

 

 

 

 

Dec-23

Jun-23

Dec-22

 

 

6 months

12 months

6 months

 

 

unaudited

audited

unaudited

 

Notes

£

£

£

 

 

 

 

 

Revenue

 

 

 

 

Revenue

 

1,291,056

2,016,086

40,000

 

 

 

 

 

Cost of sales

1

(404,418)

(494,488)

                   -  

 

 

 

 

 

Gross profit

 

886,638

1,521,598

40,000

 

 

 

 

 

Operating expenses

2

(1,915,706)

(2,596,680)

(304,622)

 

 

 

 

 

Exchange difference

 

(1,318)

(21,941)

                   -  

 

 

 

 

 

Fair value adjustments

 

6,650

(300,795)

(34,370)

 

 

 

 

 

Gain/(loss) on sale of cryptoassets

 

28,261

323,178

                   -  

 

 

 

 

 

Loss before income tax

 

(995,475)

(1,074,640)

(298,992)

 

 

 

 

 

Tax on loss

 

                        -  

                    -  

                   -  

 

 

 

 

 

Total comprehensive loss for the period

 

(995,475)

(1,074,640)

(298,992)

 

Group operations are classed as continuing.

The exemption under section 408 of the Companies Act 2006 from presenting the Parent Company’s income statement has been taken. The Company’s loss for the period was £383,737 (2023: £1,494,142).

The notes form part of these interim consolidated financial statements.

Tap Global Group Plc

Interim Consolidated Statement of Financial Position

As at 31 December 2023

 

 

 

Dec-23

Jun-23

Dec-22

 

 

unaudited

audited

unaudited

 

Note

£

£

£

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Tangible assets, including right-of-use assets

4, 6

109,303

       120,385

                     -  

Investments

 

                      -  

                     -  

1,782,937

Intangible assets - cryptoassets

8

586,598

      1,221,451

                     -  

Intangible assets – software and website domains

 

1,331,570

      1,234,389

                     -  

Goodwill

 

21,850,947

    21,850,947

                     -  

Deferred tax asset

 

12,517

           12,517

           12,517

Total non-current assets

 

23,890,935

    24,439,689

1,795,454

 

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

1,892,267

      2,335,375

         970,055

Trade and other receivables

7

234,033

         115,523

           51,486

Total current assets

 

2,126,299

      2,450,898

      1,021,541

 

 

 

 

 

Total assets

 

26,017,234

26,890,587

2,816,995

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

Lease liability

5

42,512

           61,925

                     -  

Total non-current liabilities

 

42,512

           61,925

                     -  

 

 

 

 

 

Current liabilities

 

 

 

 

Trade payables

 

296,194

237,343

24,254

Accruals

 

287,115

197,250

132,883

Unissued share capital

 

                      -  

                     -  

100,000

Director's current account

 

669,451

         679,451

                     -  

Lease liability

5

34,595

           31,776

                     -  

Total current liabilities

 

1,287,358

1,145,820

257,137

 

 

 

 

 

Equity

 

 

 

 

Capital and reserves

 

 

 

 

Called up share capital

 

2,223,466

2,223,466

1,701,243

Share premium

 

27,685,458

27,685,458

4,687,681

Option & warrant reserve

 

374,898

374,898

           14,099

Profit and loss account

 

(5,596,455)

(4,600,980)

(3,843,165)

Equity shareholders' funds

 

24,687,367

25,682,842

2,559,858

 

 

 

 

 

Total liabilities and equity

 

26,017,234

26,890,587

2,816,995

 

The notes form part of these interim consolidated financial statements.

 

 

Tap Global Group Plc

Interim Consolidated Statement of Changes in Equity

For the six-month period ended 31 December 2023

 

 

 

 

 

Called up share capital

Share

premium

Option & warrant reserve

Profit and loss account

Total

 

£

£

£

£

£

As at 1 July 2022

1,701,243

4,687,681

14,099

(3,544,173)

2,858,850

Total comprehensive loss for the year

                              -  

                               -  

                                -  

(1,074,640)

(1,074,640)

Share subscription

72,223

3,197,777

                                -  

                              -  

3,270,000

Acquisition of the subsidiaries

450,000

19,800,000

                                -  

                              -  

20,250,000

Forfeiture of share options

                              -  

                               -  

(17,833)

17,833

                              -  

Option & warrant reserve

                              -  

                               -  

378,632

                              -  

378,632

As at 30 June 2023

2,223,466

27,685,458

374,898

(4,600,980)

25,682,842

 

 

 

 

 

 

As at 1 July 2023

2,223,466

27,685,458

374,898

(4,600,980)

25,682,842

Total comprehensive loss for the period

                              -  

                               -  

                                -  

(995,475)

(995,475)

Share subscription

                              -  

                               -  

                                -  

                              -  

                              -  

Acquisition of the subsidiaries

                              -  

                               -  

                                -  

                              -  

                              -  

Forfeiture of share options

                              -  

                               -  

                                -  

                              -  

                              -  

Option & warrant reserve

                              -  

                               -  

                                -  

                              -  

                              -  

As at 31 December 2023

2,223,466

27,685,458

374,898

(5,596,455)

24,687,367

 

 

The notes form part of these interim consolidated financial statements.

 

Tap Global Group Plc

Interim Consolidated Statement of Cash Flows

For the six-month period ended 31 December 2023

 

 

Dec-23

Jun-23

Dec-22

 

unaudited

audited

unaudited

 

£

£

£

 Cash flow from operating activities

 

 

 

 

 

 

 

 Loss after taxation for the period

(995,475)

(1,074,640)

(298,992)

 

 

 

 

 Adjustment for:

 

 

 

 Depreciation

19,045

18,876

                       -  

 Amortisation

266,060

270,836

                       -  

 Finance costs

1,406

1,892

                       -  

 Share option charge

-

378,632

                      -  

 Fair value change of investment

(6,650)

300,795

34,370

 Gain on sale of cryptoassets 

(28,261)

(323,178)

                     -  

 

 

 

 

 Change in:

 

 

 

 Trade and other receivables

(118,510)

           94,115

50,592

 Trade and other payables

138,719

(1,283,699)

          117,173

 Cash generated from operations

(723,666)

(1,616,371)

(96,857)

 Interest paid

-

-

                      -  

 Tax paid

                       -  

                       -  

                       -  

 Net cash used in operating activities

(723,666)

(1,616,371)

(96,857)

 

 

 

 

 Cash flow from investing activities

 

 

 

 Acquisition of subsidiaries

                     -  

323,840

                    -  

 Proceeds from cryptoassets 

1,320,383

4,318,385

                      -  

 Additions to cryptoassets 

(657,271)

(4,660,607)

                      -  

 Purchase of intangible assets

(363,241)

(338,558)

                      -  

 Purchase of tangible assets

(1,313)

(11,726)

                      -  

 Purchase of investment

                      -  

                      -  

                     -  

 Sale of investments

                      -  

                      -  

                      -  

 Net cash used in investing activities

298,558

(368,666)

                      -  

 

 

 

 

 Cash flow from financing activities

 

 

 

 Repayment of lease liabilities

(18,000)

(16,500)

                      - 

 Issued capital

                      -                    

      3,270,000

                      - 

 Net cash used in financing activities

(18,000)

3,253,500

                      - 

 

 

 

 

 Increase/(decrease) in cash and cash equivalents

(443,108)

      1,268,463

(96,857)

 Cash and cash equivalents at beginning of period

2,335,375

      1,066,912

      1,066,912

 Cash and cash equivalents at end of period

1,892,267

      2,335,375

       970,055

 

 

 

The notes form part of these interim consolidated financial statements.

 

Tap Global Group Plc

Notes to the Interim Financial Statements

For the six-month period ended 31 December 2023

 

Financial Information

 

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 consolidated statutory financial statements for the year ended 30 June 2023 have been filed with the Companies House.  The auditor’s report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.

 

These interim results have not been audited nor have they been reviewed by the Company’s auditors under ISRE 2410 of the Auditing Practices Board.

 

These interim financial statements are for the six month period ended 31 December 2023. They have been prepared following the recognition and measurement principles of FRS 102. They do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements for the period ended 30 June 2023.

 

Going concern

 

The directors, having made appropriate enquiries, consider that adequate resources exist and continued support of the directors is forthcoming for the Company to continue in operational existence for the foreseeable future, therefore, it is appropriate to adopt the going concern basis in preparing these interim financial statements for the period ended 31 December 2023.

 

 

  1. Cost of sales

 

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

Transaction fees

376,384

463,260

                   -  

Bank charges

28,034

31,228

                   -  

 

 

 

 

Total

404,418

494,488

                   -  

 

 

 

  1. Operating expenses

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

Salaries

498,698

834,423

83,875

Professional and legal fees

485,292

455,846

39,252

Marketing and communications

347,439

390,892

                   -  

IT Costs

161,659

185,163

                   -  

Depreciation and amortisation

265,598

290,573

                   -  

Other operating expenses

157,021

439,782

181,495

 

 

 

 

Total

1,915,706

2,596,680

304,622

 

 

  1. Earnings per share

 

The calculation of earnings per share is based on the loss attributable to shareholders divided by the weighted average number of ordinary shares in issue, being 708,864,739 during the period. This results in a loss per share of £0.0014 (2023: £0.00248).

 

 

  1. Tangible assets – right-of-use assets

 

 

Right-of-use

Computer

Fixtures &

Total

 

asset

equipment

Fittings

 

Cost

£

£

£

£

Balance as at 30 June 2023

190,650

22,854

5,490

218,994

Additions

- 

1,313

-

1,313

Balance as at 31 December 2023

190,650

37,157

5,490

220,307

 

 

 

 

 

Depreciation

 

 

 

 

Balance as at 30 June 2023

103,269

10,105

1,747

115,120

Charge for the period

15,888

2,746

412

17,293

Balance as at 31 December 2023

117,404

12,851

2,159

132,413

 

 

 

 

 

Net book value

 

 

 

 

At 31 December 2023

73,246

11,316

3,331

87,894

At 30 June 2023

87,381

12,749

3,743

103,873

 

 

  1. Lease liability

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

Opening Balance

93,701

                   -  

                   -  

Acquisition of subsidiaries

                -  

108,309

                   -  

Interest expense

1,406

1,892

                   -  

Payments

(18,000)

(16,500)

                   -  

 

 

 

 

At the end of the year

77,107

93,701

                   -  

Current

34,595

31,776

                   -  

Non-current

42,512

61,925

                   -  

 

 

  1. Tangible assets – investments

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

Opening balance

16,512

1,987

1,987

Transfer from financial assets

  -  

315,320

        34,370  

Revaluations

6,650

(300,795)

       (34,370)

 

 

 

 

Total

23,162

16,512

1,987

 

 

  1. Debtors

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

Trade debtors

13,700

                   -  

                   -  

Prepayments

145,955

112,481

11,239

Other debtors

88,079

3,042

40,247

 

 

 

 

Total

234,034

115,523

51,486

 

 

  1. Intangible assets – crypotassets held for investment

 

 

Dec-23

Jun-23

Dec-22

 

£

£

£

 

 

 

 

Opening balance

1,221,451

                   -  

                   -  

Upon acquisition

                -  

556,049

                   -  

Additions

657,271

4,660,607

                   -  

Disposals

(1,320,383)

(4,318,383)

                   -  

Gain on sale of cryptoassets

28,261

323,178

                   -  

 

 

 

 

Total

     586,598

     1,221,451

                    -  

 




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