30 September 2024
DG Innovate
plc
("DG
Innovate", the "Company", or the "Group")
Interim results for the six
months ended 30 June 2024
DG Innovate (LSE: DGI), the advanced
research and development company developing pioneering solutions in
sustainable mobility and energy storage, announces the Company's
unaudited interim results for the six months ended 30 June
2024.
Chief Executive's Report
We continued to make excellent
progress on the development of our electric mobility and energy
storage technologies during the first half of 2024. By the end of
January we had highlighted the breadth of commercial opportunities
for our Pareta® drive technology with the news that
"Approval in Principle" had been received from Lloyd's Register for
its use in marine vessels, as well as signing a Joint Development
Agreement with a tier one commercial vehicle components company to
jointly develop systems for heavy goods vehicles. Post period end,
in July initial prototypes were delivered to the partner in the
latter project, with our technical team now supporting testing at
the partner's facility.
In March, we entered into a
Memorandum of Understanding ("MoU") with EVage Automotive Pvt.
Limited ("EVage"), an Indian electric vehicle maker and automotive
technology company. Work continues to conclude the proposed
establishment of the associated joint venture in India to
manufacture and supply a range of our Pareta® e-drives, and
technical specifications for the first motors to be produced there
are now being finalised. We continue to target production during
2025.
In May we raised £786,500 through a
placing with new and existing investors to continue to fund our
commercialisation journey. Post period end, in September, we
announced a further fundraising which is expected to ultimately
raise in excess of £800,000 on the conclusion of a subscription by
certain members of the Company's management team, post the
publication of these interim results and the end of the associated
close period. We believe this clearly underpins the team's belief
in DGI's technology and prospects.
June saw a major shift within the
Company's management team, as our founder and former CTO Martin
Boughtwood departed DGI, and we appointed ex-Tesla electric motor
design engineer Pierre Pellerey to the same position. Pierre's
motor designs are in more than 3 million electric vehicles
worldwide, and the Board believes he is the perfect candidate to
get DGI's products to market.
We also welcomed Sir Michael Fallon
and Mark Carleton as Non-Executive Directors in June and
(post-period end) July respectively. We believe their impressive
credentials lend further credibility to DGI and that their
experience will be a major asset to the Board. We also bid farewell
to our Non-Executive Chairman Nick Tulloch and Non-Executive
Director Peter Tierney, formerly CEO. We remain extremely grateful
for their contributions to the Company.
We look forward to updating
shareholders further in due course.
Peter Bardenfleth Hansen
Chief Executive Officer
Financial Review
For the six months to 30 June 2024,
the Group recorded a loss before tax of £3,044,070 (30 June 2023:
£1,908,253; 31 December: 2023: £3,775,945) There was revenue of
£116,400 (30 June 2023: £30,240; 31 December 2023: £30,240)
together with £250,623 (30 June 2023: £399,641; 31 December 2023:
£618,021) of grant income in the period.
Cash flow
As at 30 June 2024 the Group held
cash of £818,462 (30 June 2023: £159,958; 31 December 2023:
£1,879,70) in the bank account. The Company raised £786,500 in May
2024 through placing of 786,500,000 new shares.
For
further information please contact:
DG
Innovate plc
|
C/O IFC
|
Peter Bardenfleth- Hansen
(CEO)
Jack Allardyce (CFO)
|
|
IFC
Advisory (Investor Relations)
|
020 3934 6630
|
Tim Metcalfe
Zach Cohen
|
|
Grant Thornton UK LLP (Financial Adviser)
|
020 7383 5100
|
Samantha Harrison
Jamie Barklem
Ciara Donnelly
|
 
|
Cavendish Capital Markets Limited (Corporate
Broker)
Adrian Hadden / George Lawson
(Corporate Finance)
George Budd (Sales)
|
020 7220 0500
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR
THE SIX MONTHS ENDED 30 JUNE 2024
|
Notes
|
Six months
ended
30 June
|
Six months
ended
30 June
|
Year ended 31
December
|
|
|
2024
|
2023
|
2023
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£
|
£
|
£
|
Revenue
|
|
|
|
|
Turnover
|
|
116,400
|
30,240
|
30,240
|
|
|
|
|
|
Cost of sales
|
|
(88,771)
|
(24,662)
|
(19,729)
|
|
|
|
|
|
Gross Profit
|
|
27,629
|
5,578
|
10,511
|
|
|
|
|
|
Grant income
|
|
250,623
|
399,641
|
618,021
|
Other income
|
|
2,542
|
802
|
2,993
|
|
|
|
|
|
Administrative expenses
|
3
|
(2,247,093)
|
(1,734,306)
|
(3,092,186)
|
Share based payments
|
|
(931,245)
|
(564,292)
|
(1,324,443)
|
|
|
|
|
|
Operating loss
|
|
(2,897,544)
|
(1,892,577)
|
(3,785,104)
|
|
|
|
|
|
Finance income
|
|
449
|
50
|
66
|
Finance cost
|
|
(146,975)
|
(15,726)
|
(45,078)
|
Other gains and losses
|
|
-
|
-
|
(77,272)
|
|
|
|
|
|
Loss
on ordinary activities before taxation
|
|
(3,044,070)
|
(1,908,253)
|
(3,907,388)
|
|
|
|
|
|
Income tax
|
|
-
|
-
|
131,443
|
|
|
|
|
|
Loss for the period and total comprehensive loss attributable
to the equity holders
|
|
(3,044,070)
|
(1,908,253)
|
(3,775,945)
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (pence)
|
|
|
|
|
- Basic & diluted
|
4
|
(0.029)
|
(0.021)
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All operating income and operating
gains and losses relate to continuing activities.
There was no other comprehensive
income for the period (30 June 2023: £Nil; 31 December 2023:
£Nil).
NOTES TO THE FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED 30 JUNE 2024
1. GENERAL
INFORMATION
DG Innovate Plc is a public limited
company incorporated in the United Kingdom, registered under
company number 04006413. The address of the registered office is 15
Victoria Mews, Millfield Road, Cottingley Business Park, Bingley,
West Yorkshire, BD16 1PY. On 8 April 2022, Path Investments Plc
changed its name to DG Innovate Plc following the acquisition of
Deregallera Holdings Ltd (formerly DG Innovate Limited) ("DHL"),
becoming an advanced research and development company pioneering
sustainable and environmentally considerate improvements to
electric mobility and storage.
The consolidated financial
information represents the results of DG Innovate Plc and its
subsidiaries (together referred to as Group).
2. ACCOUNTING
POLICIES
2.1 Basis of
preparation
The condensed consolidated interim
financial statements are presented in UK Sterling and all values
are rounded to the nearest pound except where indicated
otherwise.
The condensed consolidated interim
financial statements have been prepared under the historical cost
convention or fair value where appropriate.
The results for the six months to 30
June 2024 have been prepared on the basis of the accounting
policies set out in the Company's 2023 annual report and accounts
along with standards which have become effective after 31 December
2023. The interim accounts do not constitute statutory accounts as
defined by section 434 of the Companies Act 2006. The auditor has
reported on the 2023 accounts of DG Innovate Plc and the report was
unqualified and did not contain a statement under section 498(2) of
(3) of the Companies Act 2006 and the 2023 report and accounts have
been filed with the registrar of companies. Under reverse
acquisition accounting the comparatives comprise details of the
group prior to the reverse takeover and as a result these figures
are not audited.
During the period, there have been
no changes in the nature of the related party transactions from
those described in the Company's 2023 accounts.
2.2 Responsibility
statement
The directors confirm that these
condensed interim financial statements have been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting", as adopted by the United Kingdom and as
issued by the IASB and that the interim management report includes
a fair review of the information required by DTR 4.2.7R and DTR
4.2.8R, namely;
a) An
indication of the important events that have occurred during the
first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
b) Material
related party transactions in the first six months and any material
changes in related party transactions described in the last annual
report.
2.3 Segmental
reporting
The Group has two distinct areas of
focus (Enhanced Drive Technology and Enhanced Battery Technology),
and management have identified the Group's series of Pareta®
electric drives and hard carbon anode materials as its two cash
generating units (CGUs). However, as the Group is currently in the
development phase and effectively operates as one operating unit
under IFRS 8, segmental information is not available or presented
within these accounts.
The aggregate value in use
calculated for the two identified CGUs as at 30 June 2023 was in
excess of the carrying value of the intangible assets, and the
Directors therefore believe the value of these assets is not
impaired at 30 June 2023. This accounting treatment resulted in an
impairment loss of £Nil (30 June 2023: £Nil; 31 December 2023:
£Nil). The carrying value of the intangible assets of the two
identified CGUs as at 30 June 2024 are Enhanced Drive Technology
£2,217,675 (30 June 2023: £2,252,887; 31 December 2023: £2,280,313)
and Enhanced Battery Technology £2,068,154 (30 June 2023:
£2,209,789; 31 December 2023: £2,138,973).
2.4 Reverse
acquisition
On 8 April 2022, the Company
acquired DHL via a reverse takeover which resulted in the Company
becoming the ultimate holding company of the Group. The transaction
was accounted for in accordance with the principles of reverse
acquisition accounting, since it did not meet the definition of a
business combination under IFRS 3. In accordance with IFRS 2, a
share-based payment expense equal to the deemed cost of the
acquisition less the fair value of the net assets of the Company at
acquisition was recognised. The comparatives within the
consolidated statement of financial position, the consolidated
statement of comprehensive income, consolidated statement of
changes in equity and the consolidated cashflow statement represent
that of the legal subsidiary and accounting acquirer, DHL. In the
consolidated statement of financial position, the share capital and
premium as at 31 December 2021 is that of the Company (DG Innovate
Plc) with the reverse acquisition reserve representing the
difference between the deemed cost of the acquisition and the net
assets of the Company as at 7 April 2022. The consolidated
statement of comprehensive income for the period represents the
results of both DG Innovate Plc and DHL.
3.
ADMINISTRATIVE EXPENSES
|
Six months to 30 June
2024
|
Six months to 30 June
2023
|
Year ended 31
December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
Directors remuneration
|
688,628
|
393,292
|
1,748,174
|
Other administrative
expenses
|
1,558,465
|
1,341,014
|
1,344,012
|
|
2,247,093
|
1,734,306
|
3,092,186
|
4. LOSS PER
SHARE
The calculation of the basic and
diluted loss per share is based on the loss on ordinary activities
after taxation of and on the weighted average number of ordinary
shares in issue.
There was no dilutive effect from
the share options or convertible loan notes outstanding during the
period.
In order to calculate the diluted
earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential
ordinary shares according to IAS33. Dilutive potential ordinary
shares include convertible loan notes and share options granted to
Directors and consultants where the exercise price (adjusted
according to IAS33) is less than the average market price of the
Company's ordinary shares during the period.
The weighted average number of
shares is calculated using the number of DG Innovate Plc shares
owned by the accounting acquirer DHL pre and post the reverse
takeover on 8 April 2022.
|
Six months to 30 June
2024
|
Six months to 30 June
2023
|
Year ended 31
December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
Net loss for the period
|
(3,044,070)
|
(1,908,253)
|
(3,775,945)
|
|
|
|
|
The weighted average number of shares
in the period were:
|
|
|
|
|
|
|
|
Basic and dilutive ordinary
shares
|
10,352,748,440
|
9,147,913,081
|
9,646,619,216
|
|
|
|
|
Basic and dilutive earnings/(loss)
per share (pence)
|
(0.029)
|
(0.021)
|
(0.04)
|
5.
PROPERTY, PLANT
AND EQUIPMENT
|
Improvements to leasehold
property
|
Plant &
equipment
|
Right of use
asset
|
Total
|
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
At 1 January 2024
|
314,294
|
1,030,575
|
451,978
|
1,796,847
|
Additions
|
28,273
|
78,821
|
-
|
107,094
|
|
|
|
|
|
At 30 June 2024
|
342,567
|
1,109,396
|
451,978
|
1,903,941
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
Depreciation at 1 January
2024
|
314,294
|
850,265
|
96,058
|
1,260,617
|
Charge in the period
|
1,745
|
29,268
|
28,467
|
59,480
|
|
|
|
|
|
Depreciation at 30 June
2024
|
316,039
|
879,533
|
124,525
|
1,320,097
|
|
|
|
|
|
|
|
|
|
|
Carrying value
|
|
|
|
|
At
30 June 2024
|
26,528
|
229,863
|
327,453
|
583,844
|
At 31 December 2023
|
-
|
180,310
|
355,920
|
536,230
|
At 30 June 2023
|
-
|
359,551
|
389,353
|
748,904
|
|
|
|
|
|
|
6.
intangible
ASSETS
|
IPR &
Patents
|
Total
|
|
£
|
£
|
|
|
|
Cost
|
|
|
At 1 January 2024
|
7,218,295
|
7,218,295
|
Additions
|
-
|
-
|
|
|
|
At 30 June 2024
|
7,218,295
|
7,218,295
|
|
|
|
|
|
|
Amortisation
|
|
|
Amortisation at 1 January
2024
|
2,799,009
|
2,799,009
|
Charge in the period
|
133,455
|
133,455
|
|
|
|
Amortisation at 30 June
2024
|
2,932,464
|
2,932,464
|
|
|
|
|
|
|
Carrying value
|
|
|
At
30 June 2024
|
4,285,831
|
4,285,831
|
At 31 December 2023
|
4,419,286
|
4,419,286
|
At 30 June 2023
|
4,462,676
|
4,462,676
|
On 8 April 2022 the Company
completed the reverse takeover and acquired 100% of the ordinary
share capital of Deregallera Holdings Ltd, a company incorporated
in England and Wales.
No impairment has been accounted for
this interim period. An impairment review will be carried out at
the year end.
7.
TRade and other
RECEIVABLES
|
As at 30
June
2024
|
As at 30
June
2023
|
As at 31 December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
|
|
|
|
Trade receivables
|
2,166
|
-
|
-
|
Prepayments
|
61,012
|
69,811
|
120,968
|
Other taxes and social
security
|
223,696
|
260,889
|
168,695
|
Other debtors
|
148,980
|
87,632
|
115,073
|
|
435,854
|
418,332
|
404,736
|
Also included in other debtors are
amounts repayable of £87,369 (30 June 2023: £87,369; 31 December
2023: £87,369) by certain Directors in respect of incorrectly
awarded bonuses.
Other taxes and social security
comprise the R&D tax credit, tax suffered on the bonuses noted
above and VAT repayable.
8.
TRade and other
payables
|
As at 30
June
2024
|
As at 30
June
2023
|
As at 31 December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
|
|
|
|
Trade payables
|
254,793
|
190,961
|
91,724
|
Accruals and deferred
income
|
307,669
|
188,241
|
233,221
|
Loans and other
borrowings
|
97,679
|
87,679
|
132,786
|
Lease liabilities
|
75,803
|
74,548
|
75,166
|
Other creditors
|
30,621
|
126,443
|
31,967
|
|
766,565
|
667,872
|
564,864
|
9.
non-current
liabilities
|
As at 30
June
2024
|
As at 30
June
20223
|
As at 31 December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
|
|
|
|
Convertible loan notes (note
10)
|
1,982,092
|
-
|
1,848,094
|
Other loans and other
borrowings
|
43,417
|
140,442
|
93,159
|
Lease liabilities
|
280,030
|
328,994
|
304,955
|
Other creditors
|
12,085
|
20,045
|
16,065
|
|
2,317,624
|
489,481
|
2,262,273
|
10.
convertible loan
notes
On 11 December 2023, the Company
authorised the issue of £2,431,000 in convertible loan notes
("CLNs"). The CLNs have no coupon and are convertible into the
Company's ordinary shares of 0.01 pence at a price of 0.035 pence
per share. They are convertible (i) after one year, subject to the
availability of a valid exemption from the requirement to prepare a
prospectus in respect of the Ordinary Shares arising from the
conversion; or (ii) following admission of the Company's ordinary
share capital to the AIM Market of the London Stock
Exchange.
|
As at 30
June
2024
|
As at 30
June
20223
|
As at 31 December
2023
|
|
Unaudited
|
Unaudited
|
Audited
|
|
£
|
£
|
£
|
|
|
|
|
Equity element
|
490,794
|
-
|
490,794
|
Liability element
|
1,848,094
|
-
|
1,837,314
|
Interest charge in the
period
|
133,998
|
-
|
10,780
|
|
2,472,886
|
-
|
2,338,888
|
11. SHARE
Capital
Allotted, called up and fully paid
|
|
|
|
|
|
Ordinary Shares of 0.1p
each
|
|
|
No
|
£
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
|
8,842,715,107
|
8,842,715
|
Issue of shares
|
|
365,833,333
|
365,833
|
At
18 July 2023
|
|
9,208,548,440
|
9,208,548
|
Subdivided 0.1p each Ordinary Shares*
|
|
|
|
|
|
Share Capital
|
|
|
|
No
|
£
|
|
|
|
|
|
|
|
|
At
19 July 2023
|
|
|
|
0.01p each Ordinary
Shares
|
|
9,208,548,440
|
920,854
|
0.09p each Deferred
Shares**
|
|
9,208,548,440
|
8,287,694
|
Issue of Ordinary Shares of 0.01p
each
|
|
1,034,000,000
|
103,400
|
At
31 December 2023
|
|
19,451,096,880
|
9,311,948
|
|
|
Share Capital
|
|
|
|
No
|
£
|
|
|
|
|
At
1 January 2024
|
|
|
|
0.01p each Ordinary
Shares
|
|
10,242,548,440
|
1,024,254
|
0.09p each Deferred
Shares
|
|
9,208,548,440
|
8,287,694
|
Issue of Ordinary Shares of 0.01p
each
|
|
807,700,000
|
80,770
|
At
30 June 2024
|
|
20,258,796,880
|
9,392,718
|
*Resolution was passed on 19 July
2023 to subdivide one 0.1p Ordinary Share into one 0.01p Ordinary
Share and one 0.09 Deferred Share.
** The deferred shares have no
economic rights and therefore have been excluded from earnings per
share calculation.
12. share options and
warrants
Movement in the number of options
and warrants outstanding and their related weighted average
exercise price, since 31 December 2023 are as follows:
|
At 30 June
2024
|
At 30 June
2023
|
At 31 December
2023
|
|
|
Number of
Options
&
Warrants
|
Weighted average exercise
price per share
|
Number of
Options
&
Warrants
|
Weighted average exercise
price per share
|
Number of
Options
&
Warrants
|
Weighted average exercise
price per share
|
At 1 January
|
10,298,584,962
|
0.08p
|
3,937,526,910
|
0.33p
|
3,937,526,910
|
0.33p
|
Granted
|
500,000,000
|
0.01p
|
368,333,333
|
0.18p
|
7,625,747,619
|
0.04p
|
Exercised
|
(21,200,000)
|
0.10p
|
-
|
-
|
-
|
-
|
Modified
|
-
|
-
|
-
|
-
|
(156,105,002)
|
-
|
Expired or waived
|
(2,429,823,984)
|
0.17p
|
(3,975,633)
|
0.10p
|
(1,108,584,565)
|
0.10p
|
At
period end
|
8,347,560,978
|
0.09p
|
4,301,884,610
|
0.16p
|
10,298,584,962
|
0.08p
|
|
|
|
|
|
|
|
|
|
| |
The following share options have
been granted by the Company and are outstanding as at the period
end of 30 June 2024:
Date of grant
|
Number of ordinary shares
under option at 1 January 2023
|
Granted during
period
|
Exercised during
period
|
Lapsed/ waived during
period
|
Number of ordinary shares
under option at 30 June 2023
|
Weighted average exercise
price
|
Expiry date
|
30/03/2017
|
4,000,000
|
-
|
-
|
-
|
4,000,000
|
0.1p
|
29/03/2027
|
30/03/2017
|
5,875,000
|
-
|
-
|
-
|
5,875,000
|
1.0p
|
29/03/2027
|
30/03/2017
|
2,937,500
|
-
|
-
|
-
|
2,937,500
|
2.0p
|
29/03/2027
|
18/03/2021
|
638,965,001
|
-
|
-
|
-
|
638,965,001
|
0.1p
|
07/10/2030
|
08/04/2022
|
320,616,397
|
-
|
-
|
(4,648,164)
|
315,968,233
|
0.1p
|
18/03/2031
|
12/10/2022
|
264,803,145
|
-
|
-
|
-
|
264,803,145
|
0.1p
|
13/04/2032
|
11/12/2023
|
6,000,000,000
|
-
|
-
|
(497,267,760)
|
5,502,732,240
|
0.03p
|
10/12/2033
|
11/12/2023
|
1,000,000,000
|
-
|
-
|
(497,267,760)
|
502,732,240
|
0.06p
|
10/12/2033
|
10/06/2024
|
-
|
500,000,000
|
-
|
-
|
500,000,000
|
0.10p
|
09/06/2027
|
Total
|
8,237,197,043
|
500,000,000
|
-
|
(999,183,684)
|
7,738,013,359
|
0.05p
|
|
All options outstanding at the
period end are exercisable at that date.
The following warrants have been
granted by the Company:
Date of grant
|
Number of warrants
at
1 January
2023
|
Granted during
period
|
Exercised during
period
|
Lapsed
during
period
|
Number of warrants at 30 June
2023
|
Weighted average exercise
price
|
Expiry date
|
18/03/2021
|
790,000,000
|
-
|
-
|
(790,000,000)
|
-
|
0.25p
|
07/04/2024
|
08/04/2022
|
645,640,300
|
-
|
(5,000,000)
|
(640,640,300)
|
-
|
0.25p
|
07/04/2024
|
23/01/2023
|
368,333,333
|
-
|
-
|
|
368,333,333
|
0.18p
|
30/01/2025
|
19/07/2023
|
51,700,000
|
-
|
(16,200,000)
|
-
|
35,500,000
|
0.05p
|
21/07/2024
|
11/12/2023
|
205,714,286
|
-
|
-
|
-
|
205,714,286
|
0.18p
|
10/12/2024
|
10/06/2024
|
-
|
500,000,000
|
-
|
-
|
500,000,000
|
0.10p
|
09/06/2024
|
Total
|
2,061,387,919
|
500,000,000
|
(21,2000,000)
|
(1,430,640,300)
|
1,109,547,619
|
0.11p
|
|
In June 2024 the Company appointed
Pierre Pellerey as Chief Technical Officer and granted him
500,000,000 warrants at an exercise price of 0.1 pence.
The fair value of equity settled
share options and warrants granted is estimated at the date of
grant using a Black-Scholes option pricing model, taking into
account the terms and conditions upon which the options were
granted. The following table lists the inputs to the
model:
|
Warrants
|
Warrants
|
Options
|
Options
|
Options
|
Warrants
|
Date of grant/variation
Expected volatility
Expected life
Risk-free interest rate
Expected dividend yield
Possibility of ceasing employment
before vesting
Fair value per
option/warrant
|
18 Mar 2021
70%
10 years
3.40%
-
-
0.005p
|
08 Apr 2022
70%
10 years
3.40%
-
-
0.005p
|
30 Jan 2023
70%
1.6 years
3.40%
-
-
0.022p
|
21 Jul 2023
70%
10 years
4.40%
-
-
0.011p
|
11 Dec 2023
70%
10 years
3.40%
-
-
0.032p
|
10 Jun 2024
96%
3 years
4.10%
-
-
0.054p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The expense recognised by the Group
for share based payments during the period ended 30 June 2024 was
£931,245, (30 June 2023: £564,292; 31 December 2023:
£1,324,443).
The average volatility is used in
determining the share based payment expense to be recognised in the
period. This was calculated by reference to the standard deviation
of the share price over the preceding 6-month period.
13. related party
transactions
Share Options
The following share options were
held by the active directors during the period:
Director
|
Date of
grant
|
Held at 1 January
2024
|
Surrendered/
lapsed during the
period
|
Granted during the
period
|
Held at 30 June
2024
|
Exercise
price
|
J Allardyce
|
18/03/2021
|
62,500,000
|
-
|
-
|
62,500,000
|
£0.001
|
|
08/04/2022
|
156,105,002
|
-
|
-
|
156,105,002
|
£0.001
|
P Tierney
|
12/10/2022
|
264,803,145
|
-
|
-
|
264,803,145
|
£0.001
|
M Boughtwood
|
11/12/2023
|
1,000,000,000
|
(497,267,760)
|
-
|
502,732,240
|
£0.0003
|
|
11/12/2023
|
1,000,000,000
|
(497,267,760)
|
-
|
502,732,240
|
£0.0006
|
C Eidem
|
11/12/2023
|
2,000,000,000
|
-
|
-
|
2,000,000,000
|
£0.0003
|
P Bardenfletch-Hansen
|
11/12/2023
|
1,500,000,000
|
-
|
-
|
1,500,000,000
|
£0.0003
|
J Rudat
|
11/12/2023
|
1,500,000,000
|
-
|
-
|
1,500,000,000
|
£0.0003
|
Total
|
|
7,483,408,147
|
(994,535,520)
|
-
|
6,488,872,627
|
|
Transaction with related party
During the period Gareth Boughtwood
(son of Martin Boughtwood, an ex-director in the Group) was paid
£723 (30 June 2023: £Nil; 31 December 2023: £1,196) in respect of
IT services.
Other debtors
Included in other debtors are
balances due from the following Directors, and former Directors, in
respect of bonuses incorrectly awarded in 2022 and deemed to be
held in trust. Chris Theis £87,369 (30 June 2023: £87,369; 31
December 2023: £87,369).
14.
POST PERIOD
EVENT
In September 2024 the Company raised
gross proceeds of £550,000 via a placing of new ordinary shares
with new and existing investors, and a further £67,275 from a
retail offer to existing shareholders. The total number of new
shares issued was 823,034,007 at a price of 0.075p each, with a
further 28,035,840 shares issued at the same price to cover certain
liabilities due to a creditor. In addition, the Company announced
that certain members of its management team intend to subscribe
for, in aggregate, £200,000 through a subscription at the same
issue price. This was subject to the publication of the Company's
2024 interim accounts and the end of the associated closed period
under UK MAR, and to the relevant individuals not being in
possession of any other unpublished price sensitive information at
such time.