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Igraine Plc - Audited Results to 31 December 2021 and Board Changes

·4-min read

Igraine Plc

AQSE: KING

(“Igraine” or “the Company”)

Audited Financial Statements for the Year Ended 31 December 2021

Board Changes

The Company is pleased to announce, further to the release of the unaudited preliminiary results, announced on 30 June 2022, that the audited financial results are now available at https://igraineplc.com/. A summary of the financial information is set out below.

The Company also like to announce that Professor Sir Christopher Evans OBE, Martin Walton, Burns Singh Tennent-Bhohi and Richard Walker have resigned with immediate effect.

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for the contents of this announcement.

Enquiries:

Company:
Simon Grant-Rennick (Non-Executive Director)
info@igraineplc.com

AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930



Statement of Profit or Loss

for the year ended 31 December 2021

2021 2020

£ £

CONTINUING OPERATIONS

Other operating income 19,824 61,556

Loss on revaluation of investments (12,798) (147,043)

Administrative expenses (407,615) (294,073)

OPERATING LOSS (400,589) (379,560)

Impairment of loans and trade receivables (93,405) (41,229)
Interest Income - (23,657)
Interest payable at 7.1% on preference Shares - (163,450)

Conversion of Preference shares to Ordinary shares - 4,548,821

Amortisation of preference shares - (697,067)

(LOSS)/PROFIT BEFORE INCOME TAX (493,994) 3,291,172

Income tax - -

(LOSS)/PROFIT FOR THE YEAR (493,994) 3,291,172

Earnings per share expressed

in pence per share:

Basic -0.01 0.11

Diluted -0.01 0.11



Statement of Profit or Loss and Other Comprehensive Income

for the year ended 31 December 2021

2021 2020

£ £

(LOSS)/PROFIT FOR THE YEAR (493,994) 3,291,172

Other comprehensive income - -

TOTAL COMPREHENSIVE INCOME FOR THE YEAR (493,994) 3,291,172



Statement of Financial Position

31 December 2021

2021 2020

£ £

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment - 1,048

Investments 615,113 15,113

615,113 16,161

CURRENT ASSETS

Trade and other receivables 154,067 115,784

Investments 7,205 48,201

Cash and cash equivalents 904,129 7,811

1,065,401 171,796

TOTAL ASSETS 1,680,514 187,957

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital 588,786 554,616

Share premium 1,946,995 26,818

Other reserves 46,116 -

Retained earnings (1,172,705) (678,711)

TOTAL EQUITY 1,409,192 (97,277)

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Interest bearing loans and borrowings 38,464 50,000

URRENT LIABILITIES

Interest bearing loans and borrowings 10,649 -

Trade and other payables 222,209 235,234

TOTAL LIABILITIES 271,322 285,234

TOTAL EQUITY AND LIABILITIES 1,680,514 187,957



Statement of Changes in Equity

for the year ended 31 December 2021

Called up
share Share Other Retained Total
capital premium reserves earnings equity

£ £ £ £ £

Balance at 1 January 2020 71,008 - - (3,969,883) (3,898,875)

Changes in equity

Profit for the year - - - 3,291,172 3,291,172

Total comprehensive income - - - 3,291,172 3,291,172

Issue of share capital 483,608 26,818 - - 510,426

Balance at 31 December 2020 554,616 26,818 - (678,711) (97,277)

Changes in equity

Deficit for the year - - - (493,994) (493,994)

Warrant and Option charge - 46,116 - 46,116

Total comprehensive income - - 46,116 (493,994) (447,878)

Transaction cost - (178,153) - - (178,153)

Issue of share capital 34,170 2,098,330 - - 2,132,500

Balance at 31 December 2021 588,786 1,946,995 46,116 (1,154,705) 1,409,192



Statement of Cash Flows

for the year ended 31 December 2021

2021 2020

£ £

Cash flows from operating activities

Cash generated from operations (498,688) (140,467)

Net cash from operating activities (498,688) (140,467)

Cash flows from investing activities

Purchase of tangible fixed assets - (591)

Purchase of fixed asset investments (600,000) -

Sale of fixed asset investments 13,431 -

Increase in loan payable - 50,000

Decrease in loan receivables - 48,813

Net cash from investing activities (586,569) 98,222

Cash flows from financing activities

Loan repayments in year (887) -

Share issue (net of share issue costs) 1,982,462 50,000

Net cash from financing activities 1,981,575 50,000

Increase in cash and cash equivalents 896,318 7,755

Cash and cash equivalents at beginning of year 7,811 56

Cash and cash equivalents at end of year 904,129 7,811

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