TIDMEXR

RNS Number : 1700Z

Engage XR Holdings PLC

13 September 2022

13 September 2022

ENGAGE XR Holdings Plc

("ENGAGE XR", the "Company", or the "Group")

Interim Results

ENGAGE XR Holdings Plc, a virtual reality ('VR') communications technology company , is pleased to announce its unaudited interim results for the six months ended 30 June 2022.

Financial Highlights:

   --    Total revenue for the Group up c.41% to EUR1.76m (H1 2021: EUR1.25m) 
   --    ENGAGE revenue up 62% to EUR1.46m (H1 2021: EUR0.90m) 

-- ENGAGE revenue comprised 83% of H1 2022 total revenue, an increase of 11% on the prior year (H1 2021: 72%)

   --    Unaudited gross margin 81% in H1 2022 (H1 2021: 80%) 
   --    Net cash of EUR4.9m as at 30 June 2022 

Operational Highlights:

Engage

-- New ENGAGE clients include Kuehne + Nagel International AG, the global transport and logistics company, Kia, and Natixis

-- The number of commercial customers has increased to over 180 since ENGAGE's launch in May 2019 with over 50 customers added in 2022

-- US Partner VictoryXR has launched 10 'Metaversities' funded by Meta and built on the ENGAGE platform

-- ENGAGE now has 24/5 customer support with teams in the US, Australia, and Europe available to help customers.

   --    A new improved version of ENGAGE (v2.3) was launched in July 2022 (Details here: https://youtu.be/KQk5FG1Z8xc 

ENGAGE Link

-- Development of our new platform, ENGAGE Link, is progressing to plan, and it is expected to go live before the end of 2022

-- HTC and The Virtual Human Interaction Lab at Stanford University have already been confirmed as launch partners for ENGAGE Link.

-- Today, ENGAGE XR can confirm that a multi-national professional services firm, a global technology company and a leading publisher and education company have also agreed to be launch partners

-- The Group continues to expand its US presence ahead of the launch. ENGAGE XR's sales team is now strong across USA, Europe, and Asia, comprising 10 employees

   --    The latest demonstration of ENGAGE Link is here:  https://youtu.be/ITtz7ErWhMs 

David Whelan, CEO of ENGAGE XR, said: "As we are gear up for the release of ENGAGE Link, our enterprise-focused metaverse, there has been increased activity for our current ENGAGE offerings this year. ENGAGE revenue is up almost two-thirds despite the global economic downturn. Companies like Meta have increased collaboration with us, and we have had major new clients such as Kia and Natixis come on board. The successful launch of 10 Meta-funded "Metaversities" or "Virtual Universities" on the ENGAGE platform is the start of what we expect to be a long-standing successful relationship as Meta rolls out its new enterprise-focused VR devices.

"We are laser-focused on providing enterprise services within the wider Metaverse. Where other platforms have focused on user growth at all costs, only to gather a much younger audience, we have focused on developing tools and services to work with enterprise customers and universities and how they engage with employees, customers and students in the Metaverse. We will be launching "ENGAGE Link" later this year, and we are working with current clients and a range of new clients on the delivery of this new business world. We have already secured five incredible launch partners, including HTC and The Virtual Human Interaction Lab at Stanford University.

"Due to growing demand, we have increased our sales, marketing, and support teams to help manage our current growth. We expect a strong end to the second half of this year with our current pipeline and new services coming on stream via "ENGAGE Link".

"Overall, we are growing strongly, and revenue is now almost completely comprised exclusively from the ENGAGE platform. Quarterly revenues are regularly breaking previous records. With strong partnerships being formed both in the US and Asia, we see this trend continuing and even accelerating in the future. We, therefore, look forward with optimism and remain confident in meeting expectations for the year."

"It's been said that "The best way to predict the future is to shape it". At ENGAGE, we are certainly taking that to heart. The Metaverse is not just for games and entertainment as we lead the way in terms of enterprise and education applications. This space is about to get interesting as we get set to turn on the lights at ENGAGE Link."

Investor Communications

CEO David Whelan and CFO Séamus Larrissey will provide a live presentation relating to the Group's interim results via the Investor Meet Company platform on 13 September 2022 at 10:00am (UK).

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet ENGAGE XR Holdings Plc via: https://www.investormeetcompany.com/engage-xr-holdings-plc/register-investor

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

- Ends -

For further information, please contact:

 
 ENGAGE XR Holdings Plc                              Tel: +353 87 665 6708 
  David Whelan, CEO                                       info@engagexr.co 
  Séamus Larrissey, CFO 
  Sandra Whelan, COO 
 finnCap Ltd (Nominated Adviser & Joint Broker)       Tel: +44 (0) 20 7220 
  Marc Milmo / Seamus Fricker / James Balicki                         0500 
  (Corporate finance) 
  Sunila de Silva (ECM) 
 Shard Capital Partners LLP (Joint Broker)            Tel: +44 (0) 20 7186 
  Damon Heath / Erik Woolgar                                          9952 
 Davy (Joint Broker & Euronext Growth Listing         Tel: +353 1 679 6363 
  Sponsor) 
  Barry Murphy / Lauren O'Sullivan / Oisin 
  Morgan 
 SEC Newgate (Financial Communications)               Tel: +44 (0)7540 106 
  Robin Tozer / Isabelle Smurfit                                       366 
                                                   engage@secnewgate.co.uk 
 

About ENGAGE XR

ENGAGE XR Holdings plc (AIM: EXR; Euronext Growth: EXR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE. ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.

ENGAGE is currently developing a new fully featured corporate metaverse, called ENGAGE Link with the launch expected in the second half of 2022.

EXR is listed on AIM in London and on the Euronext Growth, a market operated by Euronext Dublin.

For further information, please visit: www.engagexrholdings.com (LinkedIn: @Engage XR Holdings plc Twitter: @engage_xr)

Chief Executive's Review

As we prepare to launch ENGAGE Link in the next few months, I am delighted to report ENGAGE has continued its impressive growth. We have had more new customers embracing the technology and a continued increase in existing customers using the platform. For example, South Korean company D'Carrick Co Ltd signed a new contract worth EUR300,000 over a three-year period in May 2022. Kuehne + Nagel International AG, the global transport and logistics company and Adtalem Global Education, the American education company, also signed new contracts.

ENGAGE XR remains focused on becoming a leading global provider of virtual communications solutions through its ENGAGE solutions. ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events. Our new fully featured corporate metaverse called ENGAGE Link, will launch in the coming months tying all these services into one unique corporate offering enabling companies to create new business opportunities just as the release of the world wide web did many years ago.

The pandemic undoubtedly accelerated the use of VR as a communication tool, with events, meetings and training sessions increasingly taking place in our virtual worlds. This use is set to continue as the technology becomes more accessible, with the likes of Meta, HTC and others bringing new headsets to the market. Importantly, the Metaverse supports the need for businesses and consumers to live more sustainably by reducing the need for daily travel.

ENGAGE

ENGAGE revenue has increased 62% to EUR1.46 m (2021: EUR0.9m). ENGAGE revenue comprises 83% of total Group revenue, up from 72% during the same period in 2021. While VRE sells Showcase Experiences on various VR platforms, which perform well, the Group's ENGAGE platform revenue now dominates. Showcase Experience revenue totalled EUR0.3m (2021: EUR0.3m).

Over the last six months, n ew ENGAGE clients include Kuehne + Nagel International AG, Kia, and Natixis.

Our US Partner VictoryXR has launched 10 'Metaversities' funded by Meta and built on the ENGAGE platform. Each school will roll out a digital twin, replica campus for students to attend, whether they are on campus or learning remotely. The partnership was funded, in part, by Meta Immersive Learning, and Meta will provide Quest 2 headsets on each campus to each student during the project as well as funding for the digital twin buildouts. Each campus is built by VictoryXR on the ENGAGE platform. We expect this partnership to grow significantly next year as this initial pilot project is now successfully launched, with hundreds of students learning daily inside the platform.

The Group continues to invest in the development of ENGAGE to improve the user experience. Reflecting its growth and global appeal, ENGAGE now has 24/5 customer support with teams in the US, Australia, and Europe available to help customers. A new, improved version of ENGAGE (v2.3) was launched in July 2022 (Details here : https://www.youtube.com/watch?v=KQk5FG1Z8xc )

ENGAGE Link

In June 2021, we announced the planned development of a new fully featured corporate Metaverse. ENGAGE Link will launch in the coming months and will be the first time our clients will have publicly accessible, always-on, persistent locations to advertise their business and services directly to the general public and to potential clients. Clients can build their own unique Metaverse for private company use, or make it available to the wider world on ENGAGE Link, or via their own website, using our deep links system.

With ENGAGE Link, we are building a completely distributive economic environment for forward-thinking enterprises and individuals to build the future of work, commerce and communications. Where other platforms have gathered a younger audience, we have focused on developing tools and services to build businesses in the Metaverse.

We are working with current clients and a range of new clients on the delivery of this new business world. We have secured five incredible launch partners, including HTC and The Virtual Human Interaction Lab at Stanford University. In addition, a multi-national professional services firm, a global technology company and a leading publisher and education company have also agreed to be launch partners. More details of which will be provided as we get closer to the launch.

Just as the emergence of the internet changed the world in the late 90s, the professional Metaverse will change business practices globally with how we communicate with our employees, our customers and each other.

Medium Term Outlook

Based on the strong traction demonstrated by the increased use of the ENGAGE platform and the expanding product range, Engage XR is making good progress towards its medium-term financial objectives for 2023 - 2025. These were announced in January 2021, and are as follows:

-- Target of reaching EUR10 million annual ENGAGE revenue milestone, 500 active Enterprise customers and 100,000 monthly users during 2023 - 2025:

o Target only reflects the current ENGAGE offering and doesn't reflect huge opportunity from ENGAGE Link

   --    Annual ENGAGE revenue CAGR in excess of 100% which is on track to be achieved in FY22 

-- 10% average month-on-month increase in users to reach 100,000 monthly users, reflecting a target 500 active Enterprise customers; We have seen positive growth in users as we build out to attain this metric

-- Customer retention rate of 80%+; Customer retention in FY22 to date has been 82% for non-trial customers

-- Growth in average annual contract value to EUR20,000+, reflecting the nature of emerging Enterprise client base and optimal contract value; Average contract value in FY22 has grown to EUR18,000 so progress is on track to achieve this target

-- Target Group gross margin in excess of 80%; Group gross margin was 81% in the period, so the Group has exceeded this target

Outlook

We expect a strong end to the second half of this year with our current pipeline and new services coming on stream via "ENGAGE Link". Due to strong and growing demand, we have increased our sales team, marketing department and support teams to help manage our current growth.

Overall, we are growing strongly and revenue is now almost completely comprised exclusively from the ENGAGE platform. Quarterly revenues are regularly breaking previous records. With strong partnerships being formed both in the US and Asia, we see this trend continuing and even accelerating in the future. As a result, we look forward with continued optimism and are confident in delivering our forecasts for the current financial year.

It's been said that "The best way to predict the future is to shape it". At ENGAGE, we are certainly taking that to heart. The Metaverse is not just for games and entertainment as we lead the way in terms of enterprise and education applications. This space is about to get interesting as we get set to turn on the lights at ENGAGE Link.

David Whelan

Chief Executive Officer

13 September 2022

Financial Review

Revenue for the half year is up 41% on the prior half year to EUR1,757k (H1 2021: EUR1,248k), driven by a continued acceleration in revenue from the ENGAGE platform.

ENGAGE revenue as a percentage of total revenue grew significantly in the period and comprised 82% of total revenue in the period (H1 2021: 72%).

EBITDA loss was EUR2.5m (H1 2021: loss of EUR1.0m). The primary cost driver for the EBITDA loss is salary and associated costs, currently approximately EUR0.6m per month.

Loss before tax was EUR2.8m, in line with management expectations, compared to a loss in the prior year of EUR1.3m.

The combination of operating cashflows and capital expenditure in H1 2022 were EUR2.9m compared to EUR1.3m in H1 2021 . The current cash burn rate, net of revenue received, post period end is approximately EUR0.45m per month but is expected to decline over the next 12 months as monthly revenues continue to grow.

At 30 June 2022, the Group had a strong cash position with net cash of EUR4.9m.

Séamus Larrissey

Chief Financial Officer

13 September 2022

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2022

 
                                                    Unaudited       Unaudited 
                                                   Six months      Six months 
                                                        ended           ended 
                                        Note     30 June 2022    30 June 2021 
                                                          EUR             EUR 
 Continuing Operations 
 
 Revenue                                            1,757,438       1,248,441 
 Cost of Sales                                      (337,244)       (255,869) 
                                               --------------  -------------- 
 
 Gross Profit                                       1,420,194         992,572 
 
 
 Administrative Expenses                          (4,200,985)     (2,287,350) 
                                               --------------  -------------- 
 
 Operating Loss                                   (2,780,791)     (1,294,778) 
 
 Finance Costs                                       (17,524)         (3,259) 
                                               --------------  -------------- 
 
 Loss before Income Tax                           (2,798,315)     (1,298,037) 
 
 Income Tax Credit                                          -               - 
                                               --------------  -------------- 
 
 Loss for the Year from continuing 
  operations                                      (2,798,315)     (1,298,037) 
                                               ==============  ============== 
 
 
 Loss per share 
 Basic from continuing operations    4   (0.010)   (0.004) 
 
 

Consolidated Statement of Financial Position

As at 30 June 2022

 
                                            Unaudited       Unaudited        Audited 
                                                as at           as at          as at 
                                              30 June    30 June 2021    31 Dec 2021 
                                  Note           2022             EUR            EUR 
                                                  EUR 
 Non-Current Assets 
 Property, Plant & 
  Equipment                                   105,228          85,043        102,075 
 Intangible Assets                2           206,841         659,437        426,454 
                                        ------------- 
                                              312,069         744,480        528,529 
 
 Current Assets 
 Trade and other receivables                1,087,352         610,704        645,890 
 Cash and short-term 
  deposit                                   4,900,780       9,192,065      7,790,060 
                                        -------------  --------------  ------------- 
                                            5,988,132       9,802,769      8,435,950 
                                        =============  ==============  ============= 
 
 Total Assets                               6,300,201      10,547,249      8,964,479 
                                        -------------  --------------  ------------- 
 
 Equity and Liabilities 
 
 Equity Attributable to Shareholders 
 Issued share capital             5           290,451         290,101        290,451 
 Share premium                    5        33,503,300      33,494,550     33,503,300 
 Other reserves                          (11,764,028)    (11,861,438)   (11,775,474) 
 Retained earnings                       (16,354,082)    (11,727,852)   (13,555,767) 
                                        -------------  --------------  ------------- 
 
 Total Equity                               5,675,641      10,195,361      8,462,510 
                                        -------------  --------------  ------------- 
 
 Non-Current Liabilities 
 Operating lease liabilities                    3,582          12,182          7,883 
                                        -------------  --------------  ------------- 
 
 
 Current Liabilities 
 Trade and other payables                     612,378         312,122        481,576 
 Operating lease liabilities                    8,600          27,584         12,510 
                                        -------------  --------------  ------------- 
                                              620,978         339,706        494,086 
                                        =============  ==============  ============= 
 
 Total Liabilities                            624,560         351,888        501,969 
                                        -------------  --------------  ------------- 
 
 Total Equity and 
  Liabilities                               6,300,201      10,547,249      8,964,479 
                                        =============  ==============  ============= 
 
 

Consolidated Statement of Changes in Equity

At 30 June 2022

 
                                                        Attributable to Equity Shareholders 
 
                             Share        Share          Other       Retained 
                           Capital      Premium       Reserves       Earnings         Total 
                               EUR          EUR            EUR            EUR           EUR 
----------------------  ----------  -----------  -------------  -------------  ------------ 
 
 Balance at 1 January 
  2021                     241,751   24,547,516   (11,337,058)   (10,429,815)     3,022,394 
 Loss for the period             -            -              -    (1,298,037)   (1,298,037) 
 Issue of ordinary 
  shares                    48,350    8,947,034              -              -     8,995,384 
 Issue costs                     -            -      (538,060)              -     (538,060) 
 Share option expense            -            -         13,680              -        13,680 
                        ----------  -----------  -------------  -------------  ------------ 
 Balance at 30 June 
  2021                     290,101   33,494,550   (11,861,438)   (11,727,852)    10,195,361 
                        ==========  ===========  =============  =============  ============ 
 
 
                                                        Attributable to Equity Shareholders 
 
                             Share        Share          Other       Retained 
                           Capital      Premium       Reserves       Earnings         Total 
                               EUR          EUR            EUR            EUR           EUR 
----------------------  ----------  -----------  -------------  -------------  ------------ 
 
 Balance at 1 January 
  2022                     290,451   33,503,300   (11,775,474)   (13,555,767)     8,462,510 
 Loss for the period             -            -              -    (2,798,315)   (2,798,315) 
 Share option expense            -            -         11,446              -        11,446 
                        ----------  -----------  -------------  -------------  ------------ 
 Balance at 30 June 
  2022                     290,451   33,503,300   (11,764,028)   (16,354,082)     5,675,641 
                        ==========  ===========  =============  =============  ============ 
 

Consolidated Statement of Cash Flows

For six month period ended 30 June 2022

 
                                                        Unaudited     Unaudited 
                                                       Six months    Six months 
                                                            ended         ended 
                                                          30 June       30 June 
                                                             2022          2021 
                                               Note           EUR           EUR 
 Cash Flows from Operating Activities 
 Loss before income tax                               (2,798,315)   (1,298,037) 
 Adjustments to reconcile loss before 
  tax to net cash flows: 
 Depreciation                                              34,730        34,225 
 Amortisation                                             219,613       304,688 
 Finance Costs                                             17,524         3,259 
 Share Option Expense                                      11,446        13,680 
 Movement in Trade & Other Receivables                  (441,462)     (252,427) 
 Movement in Trade & Other Payables                       130,802      (45,299) 
                                                     ------------  ------------ 
                                                      (2,825,662)   (1,239,911) 
 Bank interest & other charges paid                      (17,524)       (3,259) 
                                                     ------------  ------------ 
 
 Net cash used in operating activities                (2,843,186)   (1,243,170) 
                                                     ------------  ------------ 
 
 Cash Flows from Investing Activities 
 Purchases of property, plant & equipment                (37,883)      (35,432) 
                                                     ------------  ------------ 
 
 Net cash used in investing activities                   (37,883)      (35,432) 
 
 Cash Flows from Financing Activities 
 Proceeds from issuance of ordinary 
  shares                                       5                -     8,457,324 
 Payment of operating lease liabilities                   (8,211)      (19,374) 
                                                     ------------  ------------ 
 
 Net cash (used)/generated from 
  financing activities                                    (8,211)     8,437,950 
                                                     ------------  ------------ 
 
 Net (decrease)/increase in cash 
  and cash equivalents                                (2,889,280)     7,159,348 
 
 Cash and cash equivalents at beginning 
  of period                                             7,790,060     2,032,717 
 
 Cash and cash equivalents at the 
  end of period                                         4,900,780     9,192,065 
                                                     ============  ============ 
 
 

Notes to the Interim Report

1. Basis of Preparation

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year-end of 31 December 2022.

The accounting policies are unchanged from the financial statements for the year ended 31 December 2021. The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2021, prepared in accordance with IFRS, have been filed with the Companies Registration Office. The Auditors' Report on these accounts was unqualified.

The consolidated interim financial statements are for the 6 months to 30 June 2022.

The interim consolidated financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2021, which were prepared in accordance with IFRS's as adopted by the European Union.

2. Summary of Significant Accounting Policies

New standards, interpretations and amendments adopted by the Company

No new standards or amendments have been adopted for the first time in these financial statements:

Intangible Assets

Research costs are expensed as they are incurred. Development costs that are directly attributable to the design and testing of identifiable and unique commercial software controlled by the Company are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software product so that it will be available for use and sale;

   -           management intends to complete the software product and use or sell it; 
   -           there is an ability to use or sell the software product; 
   -           it can be demonstrated how the software product will generate future economic benefits; 

- adequate technical, financial and other resources to complete the development and use or

   -           sell the software product are available; and 

- the expenditure attributable to the software product during its development can be reliably

   -           measured. 

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and subcontracted development costs.

Other development expenditure that does not meet these criteria is recognised as an expense as incurred.

Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Computer software development costs recognised as assets are amortised over their estimated useful lives, which do not exceed 3 years and commences after the development is complete and the asset is available for use. Intangible assets are amortised over their estimated useful lives based on the pattern of consumption of the underlying economic benefits. Amortisation is included in 'Administrative Expenses'.

2. Intangible Assets

 
                                Software 
                          in development 
                                   Costs        Total 
                                     EUR          EUR 
 Cost or Valuation 
 At 1 January 2022             2,136,231    2,136,231 
 Additions                             -            - 
                        ----------------  ----------- 
 
 At 30 June 2022                       -            - 
                        ----------------  ----------- 
 
 
 Amortisation 
 At 1 January 2022             1,709,777    1,709,777 
 Charge                          219,613      219,613 
                        ----------------  ----------- 
 
 At 30 June 2022               1,929,390    1,929,390 
                        ----------------  ----------- 
 
 At 30 June 2022                 206,841      206,841 
  At 31 December 2021            426,454      426,454 
                        ----------------  ----------- 
 
 
 
                                 Software 
                           in development       Total 
                                    Costs         EUR 
                                      EUR 
 Cost or Valuation 
 At 1 January 2021              2,136,231   2,136,231 
 Additions                              -           - 
                        -----------------  ---------- 
 
 At 30 June 2021                2,136,231   2,136,231 
                        -----------------  ---------- 
 
 
 Amortisation 
 At 1 January 2021              1,172,105   1,172,105 
 Charge                           304,689     304,689 
                        -----------------  ---------- 
 
 At 30 June 2021                1,476,794   1,476,794 
                        -----------------  ---------- 
 
 At 30 June 2021                  659,437     659,437 
  At 31 December 2020             964,126     964,126 
                        -----------------  ---------- 
 

The software being developed relates to the creation of three virtual reality experiences and an online virtual learning and corporate training platform.

ENGAGE is an online virtual learning and corporate training platform currently in development by the Company. A desktop version was released in December 2018 and the mobile version was released in December 2019. Amortisation commenced when the mobile version launched.

Amortisation expense of EUR 219,613 (H1 2021: EUR304,689) has been charged in 'Administrative Expenses'. An impairment review was carried out at the balance sheet date. No impairment arose.

3. Share Based Payments

Share-based payment schemes with employees

There were 285,714 (2021: Nil) employee options granted during 2022 at an exercise price of EUR0.175 per share and these vest subject to continued service by the employee over a period of 3 years. Options expire at the end of a period of 7 years from the Grant Date or on the date on which the option holder ceases to be an employee.

Share-based payment expense with Director

There were no share options granted during 2022 (2021: Nil) to Directors.

The movement in employee share options and weighted average exercise prices are as follows for the reporting periods presented:

 
                                                        2018 Scheme 
                                                       Half-Year     Half-Year 
                                                            2022          2021 
 
 At 1 January                                          4,298,042     4,298,042 
 Granted during period                                   285,714             - 
 Forfeited during period                                       -      (11,111) 
 At 30 June                                            4,404,127     4,286,931 
 
 
 Options outstanding at 30 June 
 Number of shares                                      4,404,127     4,286,931 
 Weighted average remaining contractual 
  life                                                      1.71          1.54 
 Weighted average exercise price per share              EUR0.047      EUR0.030 
 Range of exercise price                               EUR0.0001     EUR0.0001 
                                                       - EUR0.20    - EUR0.135 
 
 Exercisable at 30 June 
 Number of shares                                      2,718,413     2,953,842 
 Weighted average exercise price per share              EUR0.031      EUR0.030 
 
 

The expense recognised in respect of employee share based payment expense and credited to the share based payment reserve in equity was EUR11,446 (2021: EUR13,680)

 
 
 

4. Loss per share

 
                                              Unaudited       Unaudited 
                                             Six months      Six months 
                                                  ended           ended 
                                                30 June         30 June 
                                                   2022            2021 
   Loss attributable to equity holders              EUR             EUR 
   of the Group: 
 
 Continuing Operations                      (2,798,315)     (1,298,037) 
 
 
   Weighted average number of shares 
   for Basic EPS                            290,101,146     290,101,146 
 
 
 Basic loss per share from continuing 
  operations                                    (0.010)         (0.004) 
 
 

5. Share Capital

 
                         Number of  Ordinary       Share 
                            shares    shares     premium       Total 
                                         EUR         EUR         EUR 
At 1 January 2022 
 and at 30 June 2022   290,101,146   290,101  33,494,550  33,784,651 
                       -----------  --------  ----------  ---------- 
 

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

- ENDS -

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