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DJ INTERIM FINANCIAL STATEMENTS TO 30 JUNE 2019

 
 Coinsilium Group Limited (COIN) 
INTERIM FINANCIAL STATEMENTS TO 30 JUNE 2019 
 
27-Sep-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
27 September 2019 
 
COINSILIUM GROUP LIMITED 
 
("Coinsilium" or the "Company") 
 
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD 
ENDED 30 JUNE 2019 
 
Coinsilium Group Limited ("Coinsilium" or the "Company"), the blockchain 
venture builder and investor that finances and manages the development of 
early-stage blockchain technology companies, is pleased to announce its 
unaudited consolidated interim financial statements for the six months ended 
30 June 2019. 
 
Now in its fourth year of operations as a listed company, the Directors 
remains focused on delivering its vision of providing retail investors with 
exposure to a diverse range of high-quality, carefully profiled 
opportunities in the fast evolving blockchain technology sector. 
 
Corporate Highlights: 
 
  · Wholly owned Gibraltar registered subsidiary, Coinsilium (Gibraltar) 
  Limited, incorporated; 
 
  · Advisory services provided in relation to OASISBloc's presale and 
  Initial Exchange Offering ("IEO"); and 
 
  · The Times Group, India's largest Media group, agrees investment of up to 
  US$6.5m in Coinsilium Investment portfolio company, Indorse, including an 
  initial investment of US$2m as a convertible note, with a valuation of 
  US$15 million with an option of a further US$4.5m. Investment is being 
  used for Indorse's expansion into India and to build demand for its 
  services through The Times Group's 360-degree media assets in India, which 
  rank among the most popular titles in the country. Based on The Times 
  Group investment at a valuation of USD $15m, the implied value of 
  Coinsilium's 10% shareholding in Indorse is USD $1.5m, representing a 350% 
  uplift in the two years since Coinsilium's initial investment at the 
  pre-seed and seed stage. 
 
Commenting, Malcolm Palle, Chairman of Coinsilium, said: "The period under 
review was a time of significant transition for Coinsilium, particularly 
with the relocation of the Company's core operations to Gibraltar, which 
occurred during the first three months of the year. Despite less than 
favourable market conditions for the first half of this period, it was 
pleasing to see that by the close, a sector-wide recovery was well underway, 
with the industry also regaining much of its previous momentum. 
 
"We are witnessing the blockchain industry's move toward maturity and as 
such, Coinsilium is proud to be advising, and investing in what we believe 
are solutions which will unleash the benefits of blockchain technology to 
society at large. In particular, we believe our work with IOV Labs provides 
an exciting market opportunity as the RSK blockchain and the RSK 
Infrastructure network (RIF) will become the backbone of numerous highly 
useful decentralised applications (dApps) across various sectors. 
 
"Across the Company's investing, venture building and advisory services 
divisions, we look forward to the future with confidence. Finally, the Board 
would like to once again thank all shareholders, partners and team members 
for their continued support." 
 
Financial Highlights: 
 
  · Revenue for the period of GBP108,967 (H1 2018: GBP1,333,515) - the decrease 
  attributable to the fees generated from Token Advisory Services; 
 
  · Profit for the period from continuing operations GBP237,787 (H1 2018: 
  profit of GBP554,605); 
 
  · Profit per share of GBP0.002 (H1 2018: profit per share of GBP0.005); 
 
  · Financial assets at fair value at profit or loss of GBP1.69m at 30 June 
  2019 (31 December 2018: GBP1.4m); 
 
  · Total other current assets GBP164,945 at 30 June 2019 (31 December 2018: 
  GBP251,810); and 
 
  · As at 30 June 2019, cash and cash equivalents amounted to GBP475,340 (31 
  December 2018: GBP592,171). 
 
  · No dividends were paid or recommended to be paid during the period. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
Coinsilium Group Limited          +44 (0) 7785 381 089 
 
Malcolm Palle, Executive Chairman   www.coinsilium.com 
 
Eddy Travia, CEO 
 
Peterhouse Capital Limited        +44 (0) 207 469 0930 
 
Guy Miller / Mark Anwyl 
 
(NEX Exchange Corporate Adviser) 
 
SI Capital Limited                +44 (0) 1483 413 500 
 
Nick Emerson 
 
(Broker) 
 
Yellow Jersey PR                  +44 (0) 20 3004 9512 
Chris Flame / Dominic Barretto 
 
(PR & IR) 
 
Outlook 
 
We are now seeing a rapid maturation within the industry itself which bodes 
well for many of our current and proposed new ventures. And as we now look 
to expand the scope of our global advisory services and venture activities 
from our Gibraltar base, we are most optimistic that we can now start to 
develop a sustainable and scalable advisory service offering with the 
potential to generate reliable recurring revenues, to complement our ongoing 
token sale advisory services and investment activities. 
 
It is also most encouraging to see the growing pace of mainstream awareness 
for cryptocurrencies and a greater sense of mainstream acceptance, driven in 
no small part by the media coverage of the likes of Facebook and their 
partners with the proposed launch of Libra in 2020. 
 
The Directors are optimistic that this trend of awareness and acceptance is 
set to continue, and with the relocation of our core activities to Gibraltar 
now complete, the Company has a solid base from which to build on this 
momentum and ensure that the business is well positioned to capitalise on 
the growth opportunities that lie ahead. 
 
Post Period Highlights: 
 
· 1 July 2019 - Annual General Meeting of the Company held at 9.30 a.m. 
all resolutions were duly passed; 
 
· 11 July 2019 - New Strategic Advisory Agreement (the "Agreement"). 
Coinsilium (Gibraltar) Limited together with StartupToken Limited have 
signed an Agreement with IOV Labs Limited to support and promote the RSK 
Smart Contract Network and RSK Infrastructure Framework blockchain 
solutions in Singapore and the Southeast Asia enterprise markets; 
 
· 29 July 2019 - Appointment as an Advisor to Jur AG ("Jur"). Jur is a 
Zug-registered company developing a blockchain-based decentralised legal 
ecosystem, automating the process of contract creation, execution, 
enforcement and dispute resolution; and 
 
· 2 September 2019 - Investment portfolio company Indorse Pte. Ltd 
provided the Company with an Operational Update. Highlights included, 
Strong growth and robust pipeline of new small and large enterprise 
clients from India and Singapore. Successful delivery of strategic 
advertising campaigns, mainly through the Economic Times print and online 
media channels, leveraging the relationship with The Times Group. Distinct 
product lines and optimised, scalable revenue model established. Material 
near term revenues targeted with two Fortune 500 companies amongst initial 
clients. Featured as a sponsor for the prestigious Economic Times Startup 
Awards 2019. 
 
Significant Developments for Coinsilium's Investment Portfolio Companies: 
 
Blox 
 
Blox enables users, traders and enterprises to manage and track their 
cryptocurrency portfolio with pro tools and advanced management features 
like auto-sync for exchanges and wallets, and daily snapshots of the 
portfolio balance and activity. 
 
Throughout the first half of 2019, the Blox team has continued to on-board 
business clients paying a monthly subscription to access Blox professional 
cryptocurrency portfolio management tools. Blox allows companies access to 
share the workspace with team members, auditors, CFO, and CPA to include all 
parties involved in accounts, audits or taxes preparations. 
 
Bundle Network 
 
In January 2019, Bundle Network reported they had strengthened their 
collaboration with Istanbul-based startup accelerator RDC Smartup. RDC 
Smartup had been established by software development company RDC Partner. 
RDC Smartup's co-founder Onder Uysal joined Bundle Network management team 
in charge of strategy and business development. 
 
In February 2019, Bundle pursued the development of the Beta version of its 
platform and integrated some of the main cryptocurrency exchanges. 
 
In April 2019, the Bundle Network Head of Strategy and Business Development 
joined the Draper University programme. Draper University is a Silicon 
Valley-based school for entrepreneurs founded by Tim Draper. 
 
Elevate Health 
 
During the first half of 2019, Elevate Health has pursued the development of 
their proprietary mobile application with programmes to track and assess the 
changes in lifestyle behaviour of users in preparation for the roll out of a 
comprehensive pilot program in Southeast Asia and Australia. 
 
Programmes developed by Elevate Health include: 
 
Unplug: a proprietary smartphone device management tool to integrate with 
the Elevate Health App, developed for corporations with the aim of reducing 
daily screen time use by their employees (Facebook, WhatsApp etc) for non 
work-related purposes and to prevent loss of productivity and attention 
associated with these habits. Corporations will reward employees for time 
spent offline via Unplug. 
 
Soberlink: Elevate Health is working with Soberlink, an FDA-cleared Cellular 
Device which allows the remote detection of alcohol use and incorporates 
biometric facial recognition for monitoring an individual's sobriety. 
Potential use cases include, for example, insurance companies and recovery 
treatment centres. The hardware device interfaces with the Elevate Health 
mobile phone application. Rewards will be paid to users via the Elevate 
Health platform following negative results indication if no alcohol was 
detected by the device. 
 

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Quit: Designed to support users to quit smoking. A small and discreet smart 
device plugs into Quit and is fingerprint protected. The user wears the 
'Smokerlyser' and receives random requests to test the CO level showing a 
difference in the smoking frequency. The results of the tests are sent and 
processed automatically by the Elevate Health platform and rewards are paid 
to the users following negative results indicating a decrease in the smoking 
frequency. 
 
Coinsilium interest in Elevate Health: 5.0 % of the total equity 
 
Factom 
 
Post period, in August 2019, Factom announced that the Factom Protocol was 
being leveraged by a new project, the PegNet, that adds payments and store 
of value utilities to the Factom Protocol. The PegNet is an independent, 
open source protocol that delivers 30 protocol backed tokens pegged to real 
world assets such as the U.S. dollar, Euros and other key fiat currencies as 
well as hard assets, such as gold, and a number of cryptocurrencies. 
According to Factom, the PegNet should increase liquidity and demand for 
Factom's tokens. PegNet CPU mining went live in August 2019. 
 
Post period, in September 2019, the U.S. Department of Energy ("DOE") 
granted circa USD200,000 to Factom to protect the national power grid. 
According to the DOE, the project seeks to protect the security of millions 
of devices. 
 
Coinsilium interest in Factom: 1.06 % of the total equity 
 
Indorse 
 
Indorse uses a global network of experts to assess and confirm the 
abilities, expertise, and achievements of candidates to help companies 
worldwide find the best tech talent? -? with an initial focus on the coding 
sector. 
 
In June 2019, Brand Capital, the strategic investment arm of India's largest 
media house, The Times Group, agreed to invest up to US$ 6.5m in the 
Singapore-based skills verification platform Indorse. The investment was to 
be used for Indorse's expansion into India and to build the demand for its 
services through The Times Group's 360-degree media assets in India, which 
rank among the most popular titles in the country. The investment has been 
structured as a USD $2m convertible note, with a valuation of USD $15 
million, with the option of a further tranche of USD $4.5m. 
 
Indorse have already worked with both small and large tech companies in 
finding suitable talent. Most recently, it conducted a tech recruitment 
event to assess coding and data science candidates for South-East Asia's 
biggest ride-hailing firm, Grab, through which they processed 2,500 
applications. 
 
Post period, in August 2019, Indorse sponsored the Economic Times Startup 
Awards 2019 which rewarded noticeable start-ups in India on the back of 
these start-ups outstanding performance. Malcolm Palle, Executive Chairman, 
and Eddy Travia, CEO, were representing Coinsilium at the event in 
Bangalore. 
 
Coinsilium interest in Indorse: 10.0 % of the total equity 
 
RSK / IOV Labs 
 
In February 2019, IOV Labs announced that the RSK blockchain had become the 
most secure smart contract platform in the world, and the second most secure 
blockchain behind the Bitcoin blockchain. As reported by the Crypto51 
website, which aggregates data from Mine the Coin, CoinMarketCap, and 
NiceHash, the cost at the time to execute a 51% attack on Bitcoin cost US$ 
244,853. By surpassing 45% of the hashing power of the Bitcoin network, an 
attack on the RSK Smart Contract Network would cost approximately US$ 
112,000 per hour. This made RSK one of the most secure and reliable 
platforms for developers to build their dApps and proved that merge-mining 
can succeed in securing Bitcoin sidechains. 
 
In April 2019, IOV Labs announced that developers can now launch an RSK 
Smart Mainnet node on Microsoft's Azure BaaS offering, becoming one of the 
few public blockchains supported by Microsoft's Blockchain as a Service 
(BaaS) marketplace. The integration provides a simplified process for 
setting up an environment that facilitates the development of decentralized 
applications (dApps) and services supported by the Bitcoin blockchain. 
 
In May 2019, IOV Labs announced it has officially launched the RIF Lumino 
Network as part of the RSK Infrastructure Framework (RIF OS). RIF OS is a 
suite of open and decentralized infrastructure protocols that enable faster, 
easier, and scalable development of distributed blockchain applications 
built atop the RSK Network. 
 
The RIF Lumino Network, an integral part of the RIF Payments Protocol, 
provides scalability without compromising long term sustainability. The RIF 
Lumino Network is similar to the Lightning Network but provides scalability 
not only for Bitcoin but for every token running on the RSK Network. 
 
The RIF Lumino Network is the second major implementation of RIF OS 
protocols to be launched on RIF OS since its debut in November 2018. 
 
In May 2019, IOV Labs and Monday Capital announced the launch of the first 
Blockchain Innovation and Development Studio for Bitcoin, RSK and RIF OS in 
San Francisco and a global Ecosystem Fund. The Studio will create new 
developer tools that will streamline the integration of decentralized 
infrastructure. It will be a space of experimentation that facilitates the 
creation of next-generation blockchain solutions in partnership with 
startups and corporations in order to identify real-world problems that 
blockchain-based products and services can solve. 
 
The Ecosystem Fund, managed by Monday Capital, a strong supporter of the RIF 
Ecosystem, will focus on supporting projects around the world that would 
benefit from RSK/RIF OS technology integration through targeted investments 
of between $100,000 and $1 million. The Ecosystem Fund will work closely 
with the Studio to ensure holistic support of the projects. 
 
In June 2019, IOV Labs announced a partnership with Swarm, a distributed 
storage platform and content distribution service, to implement and address 
the incentivization behaviour of the Swarm network as a whole, including the 
Ethereum and RSK implementations. As part of the collaboration, they are 
also jointly developing the first implementation of the concept under RIF 
Storage services - which will pave the way for a wide array of innovation 
related to the blockchain storage industry. 
 
RIF Storage is a unified interface and set of libraries to facilitate 
encrypted and decentralized storage and streaming of information. RIF 
Storage is meant to allow users to store and share all sensitive data in a 
secure manner. The accounting and payment system will utilize the RSK 
sidechain, notably including the recently launched Lumino transaction 
scaling solution. The RIF Storage beta launch integrated with Swarm on RSK 
is expected to be launched by the end of Q3 2019. 
 
In June 2019, IOV Labs announced the launch of RIF Name Service Multi-Crypto 
which allows users to manage all domains from one master dashboard, 
streamlining ease of use and fostering blockchain technology mass adoption. 
 
A first for the industry, the improved RIF Name Service (RNS) is the only 
service that supports and manages domains originating from any blockchain. 
Previously, RNS could only support addresses built on the RSK Network, 
however, with the new upgrade, domain owners can integrate their domains 
into the RNS architecture and manage them from one master dashboard, 
streamlining decentralised domain ownership. 
 
RNS simplifies the blockchain Domain Name System (DNS), by turning 
traditional blockchain domains that appear as a series of randomised letters 
and numbers into human-readable form, such as a name or an easily remembered 
word, greatly reducing complexities and errors while opening up blockchain 
domain accessibility. 
 
Coinsilium interest in IOV Labs: Coinsilium shareholding of 65,000 series 
Seed 1 RSK shares was converted to RIF tokens by way of a 'share for token' 
swap as announced on 19 November 2018. Coinsilium will receive approximately 
1,951,846 RIF tokens over the stated vesting period. 
 
Financial Review 
 
In the period under review revenue for the six months ended 30 June 2019 was 
GBP108,967 compared to GBP1,333,515 for the six months ended 30 June 2018. The 
decrease is attributable to the fees generated from Token Advisory Services. 
 
The Group generated a profit for the six months ended 30 June 2019 from 
continuing operations of GBP237,787 which was compared to a profit of GBP554,605 
for the six months ended 30 June 2018. 
 
 The earnings per share was a profit of GBP0.002 for the six months ended 30 
 June 2019 which was compared to a profit of GBP0.005 per share for the six 
months ended 30 June 2018. 
 
The financial assets at fair value through profit or loss increased to 
  GBP1.69m at 30 June 2019 and this compared to GBP1.4m at 31 December 2018. 
 
The total other current assets, which is a combination of cryptocurrencies 
 and tokens, amounted to GBP164,945 at 30 June 2019, which was a decrease from 
 GBP251,810 on 31 December 2018. 
 
Cash and cash equivalents amounted to GBP475,340 as at 30 June 2019, compared 
to GBP592,171 as at 31 December 2018. 
 
In summary, given the prevailing market conditions during much of the period 
under review, the Board are pleased with the Company's profitability and 
performance during the past six months compared to the full year ended 2018. 
 
Corporate 
 
TerraStream Limited 
 
Coinsilium's wholly owned Gibraltar-based subsidiary, TerraStream Limited 
was established with the aim to facilitate the application of blockchain 
technology for Token based alternative funding solutions with potential 
applications across several industry sectors; the initial focus being on the 
mining and resource extraction industries and precious metals in particular. 
 
From a regulatory perspective, this business model would likely be 
considered as 'asset backed' lending and in the Company's Strategic Business 
Update announced 14 January 2019, the Company highlighted the need for 
greater regulatory clarity before committing further resources towards 
TerraStream's development. The Directors are now considering a revised 

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development strategy for TerraStream and in light of the recent improvement 
in market conditions, early stage discussions with potential industry 
partners have been initiated. In the event of material developments, further 
announcements will be made in due course. 
 
Flowstone Capital Limited 
 
In October 2018, the company announced the establishment of Flowstone 
Capital Limited, a 100%-owned private crypto fund registered in Gibraltar. 
In light of the prevailing market conditions during the period under review, 
the Directors took the decision to defer seeding and launch of the fund 
until such time as market conditions improved. Due to the flexible structure 
the Company has utilised, Flowstone Capital has required minimal funding and 
management time to maintain. With market conditions improving the Board has 
been evaluating the necessary requirements for Flowstone's launch. During 
and post period the Company has received several expressions of interest 
from parties wishing to collaborate with Flowstone. Further updates will be 
provided to the market in due course should any of these expressions of 
interest be pursued. In the meantime, the Board continues to explore 
alternative models with the aim of maximising shareholder value of Flowstone 
Capital. 
 
Advisory Clients 
 
OASISBloc 
 
In June 2019, Coinsilium announced its engagement as advisor to Singapore 
registered OASISValue Pte. Ltd. ("OASISBloc"). 
 
OASISBloc, backed by DoubleChain Inc in Korea, is the first blockchainised 
data platform designed for trading useful data and value in the business 
world. OASISBloc consists of Oasis Chain and 21 Domain Chains focused on 
various industries. 
 
OASISBloc aims to build a solid ecosystem by gathering partners from many 
industry sectors to act as a data marketplace. OASISBloc adds extra value to 
data through AI and big data analysis. The Domain Chains benefit from 
OASISBloc's value-added services and market data platform. A token 
ecosystem, with the OSB token at its core, will provide fair rewards to all 
participants and contributors. 
 
The Oasis Chain and the Domain Chains will use the innovative ePOA consensus 
algorithm (equitable Proof of Authority) to ensure that block generations 
and verifications are conducted by a selected trusted authority. OASISBloc 
is developed by Korean blockchain studio Doublechain Inc, a Top 10 
Blockchain Technology Solution Provider (as ranked by APAC CIO Outlook), and 
is led by Mr. William Samgu Chun, pioneer entrepreneur and innovator in 
blockchain technologies. 
 
DIRECTORS' STATEMENT 
 
Coinsilium is now in its fourth year of operations as a listed company and 
the Directors remain focused on delivering its vision of providing retail 
investors with exposure to a diverse range of high-quality, extensively 
profiled opportunities in the fast evolving Blockchain technology sector. 
 
The start of 2019 was very much a continuation of the end of 2018, with the 
Bitcoin price at the start of the period at US$3,730, marking around an 80% 
fall from its November 2017 peak of just under US$20,000. 
 
Whilst the Company's focus remains predominantly on the underlying 
blockchain technology, the prevailing real-time cryptocurrency price-feed 
still demonstrates a persistent tendency of dictating global market 
conditions and sentiment in the sector, for better or worse. Consequently, 
our operations during the first quarter of the period, particularly with 
regard to our token sale advisory services, were somewhat constrained by 
less than favourable global market conditions. 
 
By March 2019, the crypto price environment had markedly improved and by 
June 2019, Bitcoin was once again trading at over US$11,000, marking a 300% 
rise from the start of the period. With the recovery in cryptocurrency 
prices, market conditions also started to improve as we saw a resurgence in 
demand for our token sale advisory services towards the end of the period, 
with a more pronounced escalation in momentum post period end. 
 
There are many lessons to be learned from our experience as advisors in the 
token economy space where our activities first commenced in 2017. The 
initial wave of ICO's or 'token sales', drove a high demand for our services 
more or less from a standing start and we were fortunate enough to be able 
to capitalise on this throughout 2017 and much of 2018. 
 
During this time, we have supported blockchain startups such as Indorse and 
Blox (formally Coindash) through their ICO process, whilst obtaining 
material equity stakes in those two companies, which are now rapidly 
developing into highly promising, revenue generative businesses. We have 
also been contracted for major advisory roles with some of the largest 
base-layer blockchain protocols such as RSK, ICON, HDAC and Fantom. 
 
Whilst our successful achievements as advisors have helped build a strong 
global reputation for the Coinsilium brand, our token sale advisory work 
also presented some material challenges along the way, in terms of scale and 
sustainability. In addition, there has been an ongoing need to actively 
manage the wild swings in cryptocurrency prices, which have historically 
been the main denominator for much of our advisory services revenue. 
 
During the period, we also relocated our advisory services division from 
London to Gibraltar where we have now established a wholly owned operating 
subsidiary, Coinsilium (Gibraltar) Limited ('CGL'). Gibraltar remains at the 
forefront of regulatory innovation in the global blockchain and distributed 
ledger technology ('DLT') industry with many of the largest crypto 
exchanges, such as Huobi, LMAX and eToroX creating a presence there under 
Gibraltar's unique DLT regulatory framework. The jurisdiction is also 
attracting numerous other fintech businesses including multi-currency 
digital wallet providers, e-money institutions and innovative payment 
services providers. 
 
In this regard, the move of our core operations to Gibraltar has presented 
CGL with a broader opportunity to expand the scope of our commercial 
activities beyond the original token sale advisory model to now include more 
strategic advisory services such as education and business support services 
to the industry, where we are already pursuing some compelling potentially 
revenue generative venture opportunities, which will complement our token 
sale advisory work. 
 
An example of this can be seen in the post period announcement of 11 July 
2019 where we reported that CGL has joined forces with StartupToken and IOV 
Labs to accelerate the Southeast Asian adoption of RSK Smart Contract and 
RSK Infrastructure Framework (RIF OS) Blockchain solutions. RSK was one of 
Coinsilium's most successful early stage investments and since its 
successfully completed private token sale, together with the acquisition of 
RSK by IOV Labs (formerly RIF Labs) as announced on 19 November 2018, RSK 
has been hard at work building out its infrastructure to support global 
adoption of the RIF token, which currently sits as the 75th largest crypto 
currency globally by market cap. With this agreement, we believe that there 
is now a significant opportunity for Coinsilium to play an even greater role 
in RSK's future success by providing support and community development 
services in RSK's targeted regions for adoption, where Coinsilium also has a 
strong presence, particularly in Southeast Asia. 
 
Another significant highlight during the period was the Company's 19 June 
2019 announcement reporting the investment in Indorse by Brand Capital, the 
strategic investment arm of India's largest media house, The Times Group. 
The initial investment of USD $2m, via a convertible note, was set at a 
valuation of USD $15 million, representing an uplift of 350% from 
Coinsilium's initial investment two years previously. Coinsilium maintains a 
10% equity stake in Indorse and was its first investor at the seed stage. It 
is therefore most gratifying to see its potential now starting to be 
realised and we fully expect Indorse's rapid growth trajectory to soon be 
reflected by a material valuation uplift within our portfolio of 
investments. Shareholders are invited to review the post period Operational 
update from Indorse announced on 2 September 2019. 
 
Malcolm Palle 
 
Executive Chairman 
 
CONSOLIDATED STATEMENT OF TOTAL 
 
COMPREHENSIVE INCOME 
 
                            Note 6 months to 30 June 6 months to 
 
                                                2019     30 June 
 
                                           Unaudited        2018 
 
                                                       Unaudited 
                                 GBP                   GBP 
 
   Revenue from contracts                    108,967   1,333,515 
           with customers 
 
            Cost of sales                   (55,314)    (12,423) 
 
             Gross Profit                     53,653   1,321,092 
 
  Administrative expenses                  (368,560)   (550,341) 
 
Reversal of impairment to                    116,267           - 
     other current assets 
 
           Net fair value                    440,922   (216,451) 
        gains/(losses) on 
 financial assets at fair 
  value through profit or 
                     loss 
 
     Profit/(Loss) before                    242,282     554,301 
               Income Tax 
 
         Financial Income                        375         375 
       Financial Expenses                    (4,870)        (71) 
 
    Profit/(Loss) for the                    237,787     554,605 
   Period from Continuing 
  Operations Attributable 
  to Owners of the Parent 
 
                                         ___________ ___________ 
 
      Other Comprehensive 
                   Income 
 
  Change in fair value of                          -   (339,815) 
     other current assets 
 
      Total Comprehensive                    237,787     214,789 
   Income for the Period, 
Attributable to Owners of 
               the Parent 
 
       Earnings per Share 
 
        Basic and diluted    4                 0.002       0.005 

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       earnings per share 
   attributable to equity 
    holders of the Parent 
 
CONSOLIDATED STATEMENT OF 
 
FINANCIAL POSITION 
 
                 Note          As at Restated as at        As at 
                        30 June 2019   30 June 2018 
 
                                                     31 December 
                                                            2018 
                           Unaudited      Unaudited      Audited 
                                   GBP              GBP            GBP 
          Assets 
 
     Non-Current 
          Assets 
      Intangible               3,720          6,020        3,720 
          assets 
 Property, plant                 430            748          589 
   and equipment 
Financial assets  5        1,695,912      1,372,318    1,362,200 
   at fair value 
  through profit 
         or loss 
 
                           1,700,062      1,379,086    1,366,509 
 
  Current Assets 
 Trade and other             297,891        957,320      240,067 
     receivables 
   Cash and cash             475,340        747,422      592,171 
     equivalents 
   Other current             164,945        728,448      251,810 
          assets 
 
                             938,175      2,433,190    1,084,048 
 
    Total Assets           2,638,237      3,812,276    2,450,557 
 
          Equity 
 Attributable to 
   Owners of the 
          Parent 
   Share capital                   -              -            - 
   Share premium           6,369,974      5,995,224    6,369,974 
 Treasury Shares           (281,003)      (250,100)    (273,875) 
    Share option             101,304         81,275      101,304 
         reserve 
   Other reserve                   -        173,575            - 
 Retained losses         (3,602,398)    (2,303,545)  (3,840,186) 
 
    Total Equity           2,587,877      3,696,428    2,357,217 
 Attributable to 
   Owners of the 
          Parent 
 
         Current 
     Liabilities 
 
 Trade and other              50,360        115,848       93,340 
        payables 
 
Total Equity and           2,638,237      3,812,276    2,450,557 
     Liabilities 
 
CONSOLIDATED STATEMENT OF 
 
CHANGES IN EQUITY 
 
  Attributable to equity shareholders 
 
                Share   Share Treasury Share Available Retained Total 
                                Shares Optio  for Sale   losses 
                                           n   Reserve 
                                       Reser 
              Capital Premium             ve 
                    GBP       GBP        GBP     GBP         GBP        GBP     GBP 
 
Balance as at       - 5,945,2 (78,750) 81,27   687,706 (3,032,4 3,062 
31 December                25              5                66)  ,989 
2017 as 
originally 
presented 
 
Change in           -       -        -     - (174,316)  174,316     - 
accounting 
policies 
Restated as         - 5,945,2 (78,750) 81,27   513,390 (2,858,1 3,062 
at 1 January               25              5                50)  ,989 
2018 
Profit for          -       -        -     -         -  554,605 554,6 
the period                                                         05 
 
Change in           -       -        -     - (339,815)        - (339, 
fair value of                                                    815) 
available for 
sale 
financial 
assets 
Total               -       -        -     - (339,815)  554,605 214,7 
comprehensive                                                      89 
income 
 
  Purchase of       -       - (171,350     -         -        - (171, 
     treasury                        )                           350) 
       shares 
 
     Issue of       -  50,000        -     -         -        - 50,00 
       shares                                                       0 
 
Balance as at       - 5,995,2 (250,100 81,27   173,575 (2,303,5 3,696 
 30 June 2018              24        )     5                45)  ,429 
Loss for the        -       -        -     -         - (1,536,6 (1,53 
period                                                      41) 6,641 
                                                                    ) 
 
Change in           -       -        -     - (173,575)          (173, 
fair value of                                                    575) 
available for 
sale 
financial 
assets 
 
Total               -       -        -     - (173,575) (1,536,6 (1,71 
comprehensive                                               41) 0,216 
income                                                              ) 
 
Issue of            - 384,000        -     -         -        - 384,0 
shares                                                             00 
Share issue           (9,250)        -     -         -        - (9,25 
costs                                                              0) 
Purchase/sale       -       - (23,775)     -         -        - (23,7 
of treasury                                                       75) 
shares 
Share option        -       -        - 20,02         -        - 20,02 
charge                                     9                        9 
 
Balance as at       - 6,369,9 (273,875 101,3         - (3,840,1 (2,35 
1 January                  74        )    04                86) 7,217 
2019                                                                ) 
 
Profit for          -       -        -     -         -  237,787 237,7 
the period                                                         87 
 
Total               -       -        -     -         -  237,787 237,7 
comprehensive                                                      87 
income 
 
Purchase of         -       -  (7,128)     -         -          (7,12 
treasury                                                           8) 
shares 
Balance as at       - 6,369,9 (281,003 101,3         - (3,602,3 2,587 
30 June 2019               74        )    04                99)  ,876 
 
CONSOLIDATED STATEMENT OF 
 
CASH FLOWS 
 
                            6 months to   6 months    Year to 31 
                                                        December 
 
                                30 June to 30 June 
                                   2019       2018          2018 
                              Unaudited  Unaudited       Audited 
                                      GBP          GBP             GBP 
Cash flows from operating 
               activities 
     Profit/(Loss) before       237,788    554,605     (982,036) 
                 taxation 
         Adjustments for: 
            Finance costs         4,902          -        15,009 
             Depreciation           159        159         2,618 
           Finance income         (375)          -         (968) 
      Impairment of other             -          -       973,147 
           current assets 
           Net fair value     (333,712)          -       188,780 
        gains/(losses) on 
 financial assets at fair 
  value through profit or 
                     loss 
         Non-cash revenue             -          -   (1,085,852) 
      Share based payment             -          -        86,904 
   (Increase)/decrease in      (57,824)  (518,302)       234,953 
          trade and other 
              receivables 
   (Decrease)/increase in      (42,980)     28,436         5,928 
 trade and other payables 
       Net cash generated                              (561,517) 
 from/(used in) operating 
               activities 
 
                              (192,042)     64,898 
Cash flows from investing 
               activities 
        Interest received           375          -           968 
Purchase of available for             -  (292,961)             - 
    sale financial assets 
 
                                                       (395,076) 
    Purchase of financial 
     assets at fair value 
  through profit and loss 
Purchase of other current        86,865   (75,953)             - 
                   Assets 
   Decrease/(Increase) in                  116,535      (37,277) 
   other financial assets 
 Revaluation of available             -  (339,815)             - 
for sale financial assets 
 
                                                          39,987 
Proceeds from disposal of 
 financial assets at fair 
  value through profit or 
                     loss 
           Net cash (used 
       in)/generated from 
     investing activities 
 
                                 87,240  (592,195)     (391,398) 
 
Cash flows from financing 
               activities 
            Finance costs       (4,902)          -      (15,009) 
     Purchase of treasury       (7,128)  (171,350)     (204,125) 
                   shares 
  Sale of treasury shares             -          -         9,000 
   Net cash proceeds from             -     50,000       321,875 
          issue of shares 
           Net cash (used 
       in)/generated from 
     financing activities 
 
                               (12,030)  (121,350)       111,741 
 
  Net increase/(decrease)     (116,831)  (648,648)     (803,898) 
         in cash and cash 
              equivalents 
Cash and cash equivalents       592,171  1,396,070     1,396,070 
  at the beginning of the 
              period/year 
Cash and Cash Equivalents 
    at end of Period/Year 
 
                                475,340    747,422       592,171 
 
NOTES TO THE INTERIM FINANCIAL 
 
STATEMENTS 
 
1. Basis of Preparation 
 
The consolidated interim financial statements should be read in conjunction 
with the annual financial statements for the year ended 31 December 2018, 
which have been prepared in accordance with International Financial 
Reporting Standards (IFRS) as adopted by the European Union. As permitted, 
the consolidated interim financial statements have not been prepared in 
accordance with International Accounting Standard 34 'Interim Financial 
Reporting'. 
 
2. Financial Information 
 
The consolidated interim financial statements do not constitute statutory 
accounts. They have been prepared on a going concern basis in accordance 
with the recognition and measurement criteria of International Financial 

(MORE TO FOLLOW) Dow Jones Newswires

September 27, 2019 02:00 ET (06:00 GMT)

DJ INTERIM FINANCIAL STATEMENTS TO 30 JUNE 2019 -5-

Reporting Standards (IFRS) as adopted by the European Union. Except as 
described below, the accounting policies applied in preparing the interim 
consolidated financial statements are consistent with those that have been 
adopted in the Group's 2018 audited financial statements. Statutory 
financial statements for the year ended 31 December 2018 were approved by 
the Board of Directors on 31 May 2019. The report of the auditors on those 
financial statements was unqualified. 
 
Going concern 
 
The Directors have a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable future. 
For this reason, the Directors continue to adopt the going concern basis in 
preparing the Financial Statements. 
 
Risks and uncertainties 
 
The key risks that could affect the Group's short and medium term 
performance, and the factors that mitigate those risks have not 
substantially changed from those set out in the Group's 2018 Annual Report 
and Financial Statements, a copy of which is available on the Company's 
website: www.coinsilium.com [1]. The Group's key financial risks are 
liquidity, equity securities price risk and foreign exchange movements. 
 
Accounting policies 
 
The preparation of consolidated interim financial statements requires 
management to make estimates and assumptions that affect the reported 
amounts of assets and liabilities and disclosure of contingent assets and 
liabilities at the end of the reporting period. Significant items subject to 
such estimates are set out in note 4 of the Group's 2018 Annual Report and 
Financial Statements. The nature and amounts of such estimates have not 
changed significantly during the interim period. The consolidated interim 
financial statements have been prepared on the historical cost basis, except 
for the measurement to fair value of certain financial instruments. 
 
Changes in accounting policies and disclosures 
 
There are no new and amended IFRS standards that are effective for the first 
time for the financial year commencing 1 January 2019 that would be expected 
to have a material impact on the Group. 
 
The consolidated interim financial statements for the 6 months ended 30 June 
2019 and for the 6 months period ended 30 June 2018 have not been reviewed 
or audited. 
 
3. Directors Remuneration 
 
Directors of the Company received total remuneration of GBP130,000 for the 6 
months ended 30 June 2019 (30 June 2018: GBP138,000). 
 
4. Earnings Per Share 
 
Basic earnings per share is calculated by dividing the profit or loss 
attributable to equity shareholders by the weighted average number of 
ordinary shares outstanding during the period. 
 
                          Weighted  As at 30 June As at 30 June 
                           average           2019          2018 
                         number of 
                            Shares 
 
                                       Profit per    Profit per 
                                            Share         Share 
                    GBP          No.              GBP             GBP 
Basic EPS 
 
Profit        237,787  132,664,235          0.002         0.005 
attributable 
to 
shareholders 
 
The Company had no dilutive potential shares during any period. 
 
5. Financial Assets at fair value through profit and loss 
 
At 30 June 2019, the Company owns unlisted shares in: 
 
· Factom Inc., a company incorporated in the United States; 
 
· Neuroware.io Inc., a company incorporated in the United States; 
 
· Helperbit s.r.l, a company incorporated in Italy; 
 
· StartupToken Limited, a company incorporated in Gibraltar; 
 
· Elevate Limited, a company incorporated in Gibraltar; 
 
· Bundle Network Limited, a company incorporated in Malta; and 
 
· Indorse Pte. Ltd., a company incorporated in Singapore. 
 
6. Dividends 
 
The Directors do not recommend the payment of a dividend. 
 
7. Changes in accounting policies 
 
IFRS 9 was adopted on 1 January 2018 without restating comparative 
information. The reclassifications arising were therefore not reflected in 
the Statement of Financial Position as at 31 December 2017, but recognised 
in the opening Statement of Financial Position on 1 January 2018. 
 
8) Approval of Interim Financial Statements 
 
The interim financial statements were approved by the Board of Directors on 
26 September 2019. 
 
ISIN:          VGG225641015 
Category Code: MSCH 
TIDM:          COIN 
Sequence No.:  21503 
EQS News ID:   881181 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=36c575571e439f4b265a236c98ad2ee0&application_id=881181&site_id=vwd&application_name=news 
 

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September 27, 2019 02:00 ET (06:00 GMT)