Fintech software provider of financial solutions TechFinancials Inc (LON:TECH) has today released its unaudited interim results for H1 2019.
LeapRate reminds that the company has recently agreed to extend the completion date of the conditional Share Purchase Agreement to sell its entire holdings in MarketFinancials Limited (MF) to 31 August 2019.
TechFinancials has also signed a new funding agreement with Footies under which it will provide a minimum of US$225,000 and up to US$300,000 by way of a convertible loan last month.
The company announced a 42% YoY decrease in revenues in FY18 in its report, released in June 2019.
Financial Overview:
- Group Revenues of US$2.07m (H1 2018: US$3.78m)
- Blockchain trading technology segment revenues of US$0.89m (H1 2018: 1.30m)
- Cash position at the period end of US$1.23m (31 December 2018: US$1.71m)
- Footies Ltd, the Company’s 75% subsidiary, established in UK on 7 February 2019 has been included for the first time in the Group’s financial statements
- Intangible asset capitalised amount of US$0.4m related to development of Footies Ltd’s new product
Asaf Lahav
Asaf Lahav, Group Chief Executive Officer of TechFinancials, commented:
The first half of the year continued to be a very exiting period of transformation for the Company. Focus has been placed on our subsidiary Footies Ltd, a disruptive blockchain based ticketing venture for sports clubs and teams. The Company has continued to support Footies Ltd and has committed to further finance the venture by providing an additional minimum of US$225,000. This will bring the total to date to US$725,000, with the funds to be used for product and business development.
The Company continues to deepen its experience in blockchain-related projects through developing and providing some of the software components to Footies Ltd and through continuing to develop and maintain technology provided for CEDEX (the blockchain based diamond exchange). The Company will continue to leverage this knowledge and infrastructure while seeking new opportunities in the blockchain industry.
The Board is encouraged with the progress made over the past six months on the Footies venture and believes that the product, once fully commercialised will play a pivotal role in shaping the future of the sports ticketing market.