28 September 2018
FORBES VENTURES
(“Forbes” or the “Company”)
Interim Results for the six months ended 30 June 2018
CHAIRMAN’S REPORT
REPORTING PERIOD HIGHLIGHTS
On 2 May 2018, the Company disposed of it’s stake in KCR Residential REIT Plc, comprising 250,000 ordinary shares, for a gross cash consideration of £250,000. Given the change of direction that Forbes Ventures has taken under its new ownership, the stake was considered non-core to the Company’s future. The proceeds will be used for working capital as the Company works towards developing its stated business plan.
CHAIRMAN’S STATEMENT
I am pleased to present you with Forbes Ventures’ unaudited Interim Results for the period ended 30 June 2018.
During the period, the Company disposed of it’s stake in KCR Residential REIT Plc, as it was no longer considered core to the Company’s stated future business plans. As above, the proceeds will be used to fund working capital. The balance of the period was spent on developing the Company’s future business plan. Also in May 2018, the Company was pleased to make two key additions to the Board by hiring Igor Zjalic as a Non-Executive Director and Nigel Quinton as an Executive Director. Nigel, who was most recently the CEO of a UK Building Society, has also taken the role of Interim CFO. Igor has served in a variety of Senior roles in International Investment Banks and ran a large Interest Rates book for a French Reinsurance Company. I am pleased as Chairman to welcome both to the Board, as their expertise will provide key pillars as Forbes Ventures begins to actively build its business.
Kindest regards,
PETER MOSS
Chairman
Statement of Profit and Loss
for the SIX MONTHS ENDED 30 JUNE 2018
| Notes | Six Months Ended 30 June 2018 US $ | Six Months Ended 30 June 2017 US $ | |
|---|---|---|---|
| Revenue | |||
| Other income | – | 32,864 | |
| Total income | – | 32,864 | |
| Expense | |||
| Employee benefits expense | – | (26,077) | |
| Foreign exchange gain/(loss) | 16,081 | 428 | |
| Professional fees | (171,544) | (55,369) | |
| Public relations | – | (855) | |
| Office expense | (11,202) | – | |
| Other expense | (29,186) | (150) | |
| Finance cost | (93) | (116) | |
| Total expense | (195,944) | (82,139) | |
| Loss before tax | (195,944) | (82,139) | |
| Income tax benefit | – | – | |
| Loss for the period | (195,944) | (49,275) |
Statement of other Comprehensive Income
for the SIX MONTHS ENDED 30 JUNE 2018
| Notes | Six Months Ended 30 June 2018 US $ | Six Months Ended 30 June 2017 US $ | |
|---|---|---|---|
| Loss for the period | (195,944) | (49,275) | |
| Other comprehensive income/(loss) | (132,065) | – | |
| Total comprehensive loss for the period | (132,065) | (49,275) | |
| Basic loss per share | (0.00092) | (0.00017) | |
| Diluted loss per share | (0.00092) | (0.00017) | |
| Weighted average number of shares | 356,251,830 | 419,918,496 |
No dividends were proposed or declared in respect of any of the periods presented above.
The accompanying notes form part of this historical financial information.
Consolidated Statement of Financial Position
AS AT 30 JUNE 2018
| Notes | Six Months Ended 30 June 2018 US $ | Six Months Ended 31 December 2017 US $ | |
|---|---|---|---|
| Assets | |||
| Trade and other receivables | 15,143 | 139,050 | |
| Cash and cash equivalent | 55,645 | 30,651 | |
| Total current assets | 70,788 | 169,701 | |
| Property, plant and equipment | – | 74 | |
| Available for sale financial assets | 3 | 132,065 | 567,110 |
| Total non-current assets | 132,065 | 567,184 | |
| Total assets | 202,853 | 736,885 | |
| Liabilities | |||
| Trade and other payables | 81,654 | 287,677 | |
| Total current liabilities | 81,654 | 287,677 | |
| Total liabilities | 81,654 | 287,677 | |
| Net assets / (liabilities) | 121,199 | 449,208 | |
| Shareholders’ equity | |||
| Share capital | 98,214,902 | 98,214,902 | |
| Share-based payments reserve | 121,654 | 121,654 | |
| Warrants reserve | 122,304 | 122,304 | |
| Capital redemption reserve | 92,740 | 92,740 | |
| Accumulated losses | (98,430,401) | (98,430,401) | |
| Total shareholders’ deficit | 121,199 | 449,208 |
The accompanying notes form part of these financial statements.
Statement of Changes in Equity
for the SIX MONTHS ENDED 30 JUNE 2018
| Share Capital US$ | Share-Based Payments Reserve US$ | Capital Redemption Reserve US$ | Warrants Reserve US$ | Accumulated Losses US$ | Total US$ | |
|---|---|---|---|---|---|---|
| Balance at 31 December 2017 | 98,214,902 | 121,654 | 92,740 | 122,304 | (98,102,392) | 449,208 |
| Issue of shares | – | – | – | – | – | – |
| Total comprehensive loss for the period | – | – | – | – | (328,009) | (328,009) |
| Balance at 30 June 2018 | 98,214,902 | 121,654 | 92,740 | 122,304 | (98,430,401) | 121,199 |
The accompanying notes form part of these financial statements.
Statement of Changes in Equity
for the SIX MONTHS ENDED 30 JUNE 2018
| Six Months Ended 30 June 2018 US $ | Six Months Ended 30 June 2017 US $ | |
|---|---|---|
| Cash flows from operating activities | ||
| Loss after income tax | (195,944) | (49,275) |
| Loss / (profit) on disposal of assets available for sale | 124,458 | (150) |
Net foreign exchange Loss / (profit) |
(16,081) | 428 |
| Decrease in creditors | (77,130) | (58,961) |
| Decrease in debtors | 124,208 | – |
| Taxation provision write off | (127,935) | – |
| Net cash flows used by operating activities | (168,424) | (107,958) |
| Cash flows from investing activities |
||
| Purchase of subsidiaries | – | (567,110) |
| Loan notes extended | – | (618,700) |
| Proceeds from sale of investments | 195,792 | 5,016 |
| Net cash outflow from investing activities | 195,792 | (1,180,794) |
| Cash flows from financing activities | ||
| Proceeds from sale of shares | – | 1,259,961 |
| Net cash flows from financing activities | – | 1,259,961 |
| Net increase/(decrease) in cash and cash equivalents | 28,481 | (28,791) |
| Cash and cash equivalents at the beginning of the period | 30,651 | 30,652 |
| Effects of foreign exchange rate changes on the balance of cash held in foreign currencies | (3,487) | (126) |
| Cash and cash equivalents at the end of the year | 55,645 | 1,735 |
The accompanying notes from part of these financial statements.
Notes to the Financial statements
1. BASIS OF ACCOUNTING
The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union. The financial information is presented in US dollars, rounded to the nearest dollar.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures 2017 Annual Report. All remain relevant.
3. AVAILABLE FOR SALE FINANCIAL ASSETS
| As at 30 June 2018 US$ | As at 31 December 2017 US$ | |
|---|---|---|
| Investments at fair value brought forward | 567,110 | 5,166 |
| Investments acquired in the period | – | 567,110 |
| Foreign currency exchange increase | 17,270 | – |
| Revaluation | (132,065) | – |
| Disposal of investments | (320,250) | (5,166) |
| Financial assets at the end of the year | 132,065 | 567,110 |
| Level 1 investments at the end of the year | 132,065 | 567,110 |
4. SHAREHOLDERS EQUITY RESTATEMENT
During the preparation of the interim accounts it was noted that there was a discrepancy in the quantity of shares in issue, this has now been traced and corrected within the interim accounts. The comparatives for 31st December 2017 accounts have been restated to reflect the update.
ENDS
For further information, please contact:
Forbes Ventures
Peter Moss
Chairman
Rob Cooper
Chief Executive Officer
AQSE Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl & Allie Feuerlein
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.