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DJ Coinsilium Group Limited: Final Results for the years ended 31 December 2019

 
 Coinsilium Group Limited (COIN) 
Coinsilium Group Limited: Final Results for the years ended 31 December 2019 
 
31-Jul-2020 / 12:18 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. 
 
31 July 2020 
 
    COINSILIUM GROUP LIMITED 
 
    ("Coinsilium" or the "Company") 
 
    Final Results for the year ended 31 December 2019 
 
        STATEMENT OF THE BOARD OF DIRECTORS 
 
   Coinsilium Group Limited, the blockchain venture operator and advisor, is 
  pleased to announce its Final Results for the year ended 31 December 2019. 
 
        Financial summary 
 
  · The net fair value gains on financial assets in 2019 was GBP572,805 
  compared to a loss of GBP188,781 in 2018 
 
  · Total Comprehensive Loss* of GBP106,378 decrease from GBP1,495,424 in 2018 
 
  · Loss for the period from continuing operations GBP258,943 decrease from 
  GBP982,034 in 2018 
 
  · Loss per share of 0.195 pence decrease from 0.79 pence in 2018 
 
  · Financial assets at fair value through profit or loss amounted to GBP1.78m 
  at 31 December 2019 (31 December 2018: financial assets at fair value 
  through profit or loss of GBP1.4m) 
 
  · As at 31 December 2019 cash and cash equivalents amounted to GBP235,079 
  (31 December 2018: GBP592,171) 
 
* Loss for the period includes loss in value of tokens over the period of 
GBP257,401 
 
The Directors present their report, together with the Group Financial 
Statements and Auditor's Report, for the year ended 31 December 2019. The 
comparative period is the year ended 31 December 2018. 
 
        Review of the Year 
 
   Coinsilium is now in its fifth year of operations as a listed company and 
        2019 was a year of transition for the Company with a major focus on 
positioning the Company in Gibraltar in readiness for a more focused role as 
 an active venture operator in the Decentralised and Crypto Finance space as 
        announced post period on 13 July 2020. 
 
When compared to 2018, the Company's advisory activity was subdued 
throughout the year in review, reflecting the sharp decrease in token 
issuance activity via Initial Coin Offerings ('ICOs') and Initial Exchange 
Offerings ('IEOs') which were the main drivers for the new token offerings 
during 2018. 
 
Whilst our successful achievements as advisors to some of the most 
substantial blockchain projects undoubtedly helped the Company to build a 
strong global reputation and awareness for the Coinsilium brand, token sale 
advisory work 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 Coinsilium's advisory 
services revenue. 
 
In anticipation of the impact this reduced activity would have on the 
Company's revenues, Management proceeded to reduce overhead costs 
continuously over the course of 2019. Cost reduction measures were 
broad-based and also included the relocation of the Company's main 
operations from London to Gibraltar, a jurisdiction which Management 
believes will be in line and conducive with the Company's next stages of 
development. 
 
In November 2019, the Company announced a Memorandum of Understanding with 
Devmons Management Limited, a Gibraltar registered technology management 
company, to jointly launch a blockchain software and smart contract 
development studio in Gibraltar, utilising the Company's wholly owned 
Gibraltar registered subsidiary, TerraStream Limited. Devmons' co-founder 
Matej Galvanek was appointed as Technology Advisor to TerraStream. 
 
The value of Coinsilium's portfolio of investments appreciated somewhat in 
2019, in part reflected by a successful investment round in portfolio 
company Indorse, which received an investment from Brand Capital, the 
strategic investment arm of India's largest media house, The Times Group, at 
a valuation of USD $15m, representing a 350% uplift in the two years since 
Coinsilium's initial investment at the pre-seed and seed stage. Coinsilium 
maintains a 10% equity stake of Indorse. 
 
The Company also strengthened its ties with IOV Labs Limited (IOV Labs), a 
Gibraltar-registered company in which Coinsilium holds a vesting interest of 
1,951,846 RIF tokens, through a collaboration agreement in Southeast Asia. 
This eventually led to a more decisive rapprochement with a Strategic 
Investment of GBP250,001 into Coinsilium in tandem with a MoU and the 
execution of a joint venture agreement, as stated post period. 
 
Post year end 
 
       Throughout 2019 the Company strengthened its relationship with global 
  Blockchain Protocol company IOV Labs. This was demonstrated by a strategic 
 investment of GBP250,001 from IOV Labs by way of a private placement in the 
  Company (subscription of 9,434,000 new ordinary shares at 2.65p per share) 
     announced on 28 January 2020. IOV Labs now holds 6.94% of the Company's 
        issued share capital. 
 
 This was followed by the execution of a Joint Venture Agreement between the 
    Company and IOV Labs as announced on 8 July 2020. Under the terms of the 
   Joint Venture agreement, IOV Labs and Coinsilium are to establish a Joint 
        Venture Company in Singapore to promote and commercialise IOV Labs' 
     products, services and technologies principally in the Asian markets to 
    corporations, entrepreneurs, governments and NGOs. Each shareholder will 
hold 50% of the total shares of the JVC at incorporation and the JVC will be 
 financed by IOV Labs by way of a loan to be repaid from the future revenues 
        of the Joint Venture Company. 
 
  In January 2020, Coinsilium's wholly owned subsidiary TerraStream Limited, 
started working on its first development contract for a DeFi-related project 
        in collaboration with Gibraltar registered Devmons. The project was 
   successfully completed and delivered in May 2020 on a revenue share basis 
        between TerraStream and Devmons. There is the potential for further 
   collaboration with Devmons based on a similar revenue share model without 
        the requirement for a formal joint venture agreement as originally 
        envisioned. 
 
       In March 2020, Coinsilium's wholly owned subsidiary, Seedcoin Limited 
('Seedcoin'), completed the process of its re-domiciliation from the British 
   Virgin Islands to Gibraltar. Seedcoin is the entity which holds shares in 
        Coinsilium's portfolio companies. 
 
    For the Group's and Company's 31 December 2019 financial statements, the 
      COVID-19 outbreak and the related impacts are considered non-adjusting 
        events. There has been no significant disruption to the Group's and 
 Company's activities to date from COVID-19, although the Board continues to 
        monitor any risk. 
 
Outlook 
 
Despite impressive developments announced by certain of Coinsilium's 
portfolio companies, particularly Indorse, with significant milestones 
achieved both in terms of client wins and organic revenue generation, over 
the course of 2019 it became increasingly apparent that the market, as 
reflected in Coinsilium's share price, was struggling to recognise the 
potential for value creation and growth within Coinsilium's investment 
portfolio. 
 
As a consequence, the Company has faced significant challenges in 
maintaining the level of momentum required in order to effectively pursue 
further investment opportunities on reasonable and realistic terms for the 
Company and its shareholders. 
 
At the same time there is a fast growing wave of interest in 
blockchain-based Decentralised Finance ('DeFi') and Crypto Finance 
applications, and the global Crypto Finance market is showing strong 
month-on-month growth with active collateral on DeFi platforms now at over 
USD3Bn, up over 600% year-to-date. Management believes that Coinsilium has 
the right experience, network and access to the most suitable technical and 
commercial partners, such as its joint venture partners IOV Labs, in order 
to effectively execute a new strategy with a specific focus on pursuing 
substantial opportunities in DeFi and Crypto Finance. 
 
This has led Management to take the decision to initiate a Strategic 
Business Review, details of which were announced on 13 July 2020, covering 
the Company's existing operational activities and equity investment 
portfolio, in order to pave the way for the Company's transition from an 
investor in early-stage start-ups to a focused Blockchain, DeFi and Crypto 
Finance venture operator. 
 
The Company is currently working on several DeFi models with the aim of 
launching substantial commercial solutions either independently or through 
its partner network. Given the current pace of growth in the sector the 
Company believes that such solutions have the potential to generate 
meaningful revenue streams for Coinsilium. 
 
Coinsilium has also commenced income generating staking operations using its 
crypto reserves as active collateral, thereby utilising existing internal 
resources to accelerate and enhance new revenue generation. Staking 
activities are expected to increase over the coming months as the Company 
looks to develop further in-house expertise to expand its operational 
capabilities. 
 
As part of the process of general business restructuring, and in line with 
the ongoing Review, Coinsilium's investment holding company Seedcoin Limited 
has been redomiciled from the BVI to Gibraltar in preparation for a proposed 
transaction. 
 
Initial early stage discussions with certain interested parties are ongoing 
and whilst there can be no guarantee that these discussions will lead to a 
value accretive transaction, it is Management's view that, given the 
substantial progress made by certain companies amongst Coinsilium 
investments, the Seedcoin equity portfolio holds materially greater value 
than is currently recognised by the market. 
 

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DJ Coinsilium Group Limited: Final Results for the -2-

        Financial Review 
 
        Total comprehensive income, including fair value gains and losses on 
      financial assets and digital assets, reported a loss for the period of 
          GBP106,378 compared to a loss of GBP1,495,424 in the previous year. 
 
  Loss for the period from continuing operations was GBP258,943 (2018: loss of 
   GBP982,034). This loss is the result of administrative expenses of GBP639,274 
   during the period, an increase in net fair value of equity investments of 
   GBP572,805 and impairments to other current assets of GBP257,401 (loss in the 
        value of tokens). 
 
      As at 31 December 2019, cash and cash equivalents amounted to GBP235,079 
         (2018: GBP592,171). 
 
        It is important to note that the Company received an investment of 
        GBP250,001 post period in January 2020. 
 
        No dividends were paid or recommended to be paid during the year. 
 
        Eddy Travia 
 
        Chief Executive 
 
30 July 2020 
 
The Directors of Coinsilium Group Limited take responsibility for this 
announcement. 
 
For further information, please contact: 
 
Coinsilium Group Limited               www.coinsilium.com [1] 
 
Malcolm Palle, Executive Chairman      +44 (0) 7785 381089 
 
Eddy Travia, Chief Executive           + 44 (0) 7781 306903 
Peterhouse Capital Limited             +44 (0) 207 469 0930 
 
Guy Miller / Mark Anwyl 
 
(AQSE Growth Market Corporate Adviser) 
SI Capital Limited                     +44 (0) 1483 413 500 
 
Nick Emerson 
 
(Broker) 
 
Token Advisory Services 
 
  Coinsilium advised two companies on their TGE in 2019 which were completed 
        before 31 December 2019: 
 
· OasisBloc - OASISBloc, backed by DoubleChain Inc in Korea, is the first 
blockchainised data platform designed for trading useful data & value in 
the business world. 
 
· 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. Jur was the first 
IEO of cryptocurrency exchange OceanEx. Jur is a blockchain project backed 
by VeChain. 
 
   The Company started to advise another client at the end of 2019 and which 
        may complete its token issuance or a traditional fund raise in 2020: 
 
· Kesholabs - a Kenya-based venture builder and development studio whose 
primary focus is in blockchain-driven innovation and decentralised open 
finance solutions. Kesholabs' Pesabase crypto payment and remittance 
platform won the first Celo Camp competition. Celo is an organisation 
backed by Andreessen Horowitz, a renowned US-based Venture Capital fund. 
 
        Investee Companies Update 
 
        Indorse 
 
      In June 2019, portfolio company Indorse Pte. Ltd. announced that Brand 
   Capital, the strategic investment arm of India's largest media house, The 
      Times Group, will invest up to USD $6.5m in the Singapore-based skills 
     verification platform Indorse. 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. 
 
      Throughout 2019, Indorse has deployed three distinct and complementary 
 product lines which have been very well received by their Corporate clients 
 which include Fortune 500 companies such as Grab, OCBC Bank, Dell and Rolls 
        Royce. 
 
        The services offered by Indorse include: 
 
· Optimising Recruitment - Evaluation and assessment of candidates' coding 
skills. Clients obtain comprehensive, qualitative reports to help them 
make more informed hiring decisions. 
 
· Recruitment through Hackathons - Facilitation of Country/region-wide 
hackathons. Organisation of outreach, roadshows & assessment for clients 
optimising the hire and recruitment process for data engineers and 
scientists. 
 
· Future Readiness through Upskilling - Assessment driven learning. 
Upskilling of workforce through a series of quality content modules with 
pre and post-assessments by a panel of world-renowned industry experts. 
 
  Indorse has been working with a number of SMEs from Singapore; these range 
      from 20-person start-ups to 200-person recruiting agencies and, in the 
  Autumn of 2019, Indorse has established a UK subsidiary company with sales 
  representation to act as a springboard for expansion into the European and 
        U.S. markets. 
 
        Post Period 
 
   In 2020, Indorse launched a new remote performance management tool called 
     Metamorph, allowing its clients to assess the performance of their tech 
        staff remotely through team communication platforms like Slack. This 
  solution takes into account the increased number of remote work situations 
   due to Covid-19 social distancing measures and helps engineering managers 
    improve technical delivery and performance by identifying blind spots in 
        their software engineering team. 
 
 Indorse is co-organising with Coinsilium 'Post Covid Hack', a global online 
     hackathon bringing together a number of teams to create new open-source 
solutions to overcome the health, economic, social and privacy challenges of 
    the post-Covid19 era. Official partners of the hackathon which is due to 
start in August 2020 include Gibraltar Finance, IOV Labs and Singapore-based 
        Tribe Accelerator. 
 
        Blox 
 
   Throughout 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. 
 
       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. 
 
        Post Period 
 
In 2020, Blox unveiled a new branch of their operations, Blox Staking, which 
     is focused on providing decentralised Ethereum 2.0 staking services. As 
Ethereum's plans to move from a Proof of Work consensus mechanism to a Proof 
  of Stake mechanism, with an announced minimum of 32 ETH (or about USD7,780 
  at current prices) to be staked by participants to run their own validator 
 nodes, Blox has identified a need to provide custody-free Eth2 staking as a 
  service and plan to roll out this service as soon as Ethereum 2.0 launches 
        its initial go-live phase (phase 0). 
 
        Elevate Health 
 
 During 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. 
 
        Post Period 
 
  In 2020, Elevate Health has been reviewing solutions responding to the new 
  health concerns triggered by Covid-19 such as co-morbidities which tend to 
        increase health risks of infected patients. 
 
        Factom 
 
        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, PegNet should increase liquidity and demand for Factom's tokens. 
PegNet CPU mining went live in August 2019 and it is today described as 'The 
        Stablecoin Network for Decentralised Finance'. 
 
      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. 
 
        Post Period 
 
        In June 2020, the Company announced that it had been notified by the 
  directors of Factom that Factom has filed for reorganisation under Chapter 
   11 Subchapter V to address structural issues preventing them from raising 
        further capital. 
 
Factom advised that Chapter 11 Subchapter V provisions preserve the position 
  of the existing shareholders and structures the means of paying creditors. 
       The directors of Factom expected Factom to emerge from the Chapter 11 
        reorganisation in 60 to 90 days. 
 
        StartupToken 
 
   In 2019, StartupToken moved its main activities to Singapore where it has 
   been based since then. Through a Strategic Advisory Agreement signed with 
   IOV Labs in July 2019, StartupToken Singapore helped IOV Labs establish a 
        presence in the Southeast Asian market. 
 
        Post Period 
 
   In 2020, StartupToken started working on a new service, a Bitcoin storage 
 and payment card called Census described as 'Census Smart Card and Wallet', 
        an NFC powered smart bitcoin card, storing coins with military grade 
      protection, without compromising convenience and usability, making the 
        bitcoin experience as simple as it should be. 
 
        Helperbit 
 
    Helperbit is an Italian startup that uses blockchain technology to allow 
 people to donate digital and local currencies to charities and to people in 
  need all over the world, trace their donation and how it is used, offering 
        full transparency of economic flows. 
 
   In 2019, Helperbit pursued the development of its cryptocurrency donation 
        platform. 
 
        Post Period 
 
   In 2020, Helperbit's collaboration with the Red Cross in Italy to finance 
   medical equipment during the Covid-19 crisis via cryptocurrency donations 

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DJ Coinsilium Group Limited: Final Results for the -3-

    was praised by various Blockchain and Crypto organisations including the 
        Binance Charity Foundation. 
 
        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. 
 
     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). 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. 
 
  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 decentralised 
  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. 
 
    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, 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. 
 
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. 
        RNS simplifies the blockchain Domain Name System (DNS), by turning 
traditional blockchain domains that appear as a series of randomised letters 
        and numbers into a human-readable format. 
 
      In September 2019, IOV Labs and NXTP, an early entrepreneurial capital 
  company that invests in technology start-ups that create a positive impact 
        model for all Latin America, launched the first regional blockchain 
        acceleration and adoption program aimed at start-ups and companies 
  interested in developing their blockchain products, or migrating them from 
     "off-chain" to "on-chain". On top of developing their capabilities with 
      RSK'S stack technology benefits, the selected companies may be able to 
receive up to $100,000 in investments in order to implement their growth for 
       the duration of the acceleration program. The search focused on Latin 
  American start-ups at varying degrees of maturity and which are developing 
     innovative products or services that can be optimized by adopting RSK'S 
        blockchain stack technologies. 
 
 On 27 September 19, IOV Labs, the creator of the RSK Bitcoin Smart Contract 
   platform and the RIF token, announced the acquisition of Taringa, the top 
 Spanish-speaking social network in the world with 30 million users and over 
  1,000 active online communities. Having access to Taringa's user base will 
        provide the company with invaluable information and data to test and 
     distribute new decentralized infrastructure and apps powered by the RSK 
        platform and the RIF token at a large scale. Jointly with Taringa's 
    leadership, the company plans to create innovative consumer products and 
     services for its communities, using RSK's decentralized infrastructure. 
 
   In November 2019, Monday Capital, in partnership with IOV Labs Innovation 
   Studio, announced the completion of the first round of investments of its 
    Ecosystem Fund. Two of the three investment recipients, Vega and Multis, 
     were announced in early October, with the third, Pocket Network, set to 
  close its own seed round within the month. Vega is a protocol for creating 
  and trading derivatives on a completely decentralised network. Multis is a 
 cryptocurrency lender, multi-sig wallet, and user-friendly interface all in 
      one, designed to facilitate a convenient online banking experience for 
        companies. Pocket Network is a middleware protocol that provides an 
        incentive for individuals and businesses to run full nodes for any 
        blockchain. 
 
       In December 2019, after eleven months of simulations, testing and two 
  audits, Money on Chain is launching the Alpha version of its decentralized 
     stablecoin protocol on the RSK network. Backed by Bitcoin, the protocol 
  consists of two tokens that provide several use cases for Bitcoin holders, 
  including leveraged Bitcoin operations. The first token is Dollar on Chain 
 (DOC). Users can quickly send and receive any amount of DOC, a token pegged 
 to the value of the US Dollar. The second token is BitPRO (BPRO), and it is 
   specifically designed for Bitcoin holders to earn passive income on their 
        coins. BPRO holders have several streams of revenue: they receive a 
        percentage of platform-collected fees, an interest rate, and a small 
 leverage on the price of Bitcoin. The platform is decentralized and secured 
  by Bitcoin miners, with none of the collateral held in a bank account. All 
   the collateral is held using Smart Contracts that run on the RSK network. 
 
   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. 
 
        Events after the End of the Reporting Period 
 
    28 January 2020 - Coinsilium Group Limited announced that it has entered 
        into a Strategic Investment Agreement and signed a Memorandum of 
     Understanding with IOV Labs ("IOV"), a Gibraltar registered company and 
  parent to RSK, the developers of the first smart contract platform secured 
     by the Bitcoin network, in which Coinsilium holds a vesting interest of 
1,951,846 RIF tokens. IOV Labs have completed an investment of GBP250,001 by 
    way of a private placement in the Company, subscribing for 9,434,000 new 
 ordinary shares of no-par value ("Ordinary Shares") at 2.65p per share. The 
funds will be used towards joint initiatives between the Company and IOV and 
        to further the growth and development of the Company. 
 
   2 April 2020 - Coinsilium Group Limited announced an update in respect of 
  investee company, Factom Inc. ("Factom"). The Company has been notified by 
       the directors of Factom that in a board meeting on 31 March 2020 they 
  concluded that, in the absence of further funding, they will need to begin 
        the process of assignment of assets for the benefit of creditors. 
 
  On 21 April 2020, Money on Chain ('MOC') announced the release of the 'RIF 
  on Chain' Decentralised Finance ('DeFi') platform backed by RIF tokens and 
    unveiled the three main assets available on the platform: the RIF Dollar 
       ('RDOC'), a RIF-collateralised stablecoin pegged to the US Dollar and 
  guaranteed by a smart contract; the RIFpro ('RPRO'), a token mirroring the 
RIF token price fluctuations and redistributes a share of the fees generated 
        by the RIF on Chain platform transactions to its holders, and RIFX a 
       leveraged asset for users who wish to get exposure to RIF token price 
        changes. 
 
On 11 June 2020 Coinsilium Group Limited announced it is organising, jointly 
with portfolio company Indorse Pte. Ltd. ("Indorse") the 'Post Covid Hack' a 
        global online blockchain hackathon from August to November 2020. 
 
   23 June 2020 - Coinsilium Group Limited announced an update in respect of 
  investee company, Factom Inc. ("Factom"). Further to its announcement on 2 
   April 2020, the Company has been notified by the directors of Factom that 
Factom has filed for reorganisation under Chapter 11 Subchapter V to address 
      structural issues preventing them from raising further capital. Factom 
 advise that Chapter 11 Subchapter V provisions preserve the position of the 
     existing shareholders and structures the means of paying creditors. The 
        directors of Factom expect Factom to emerge from the Chapter 11 
        reorganisation in 60 to 90 days. 
 
    8 July 2020 - Coinsilium Group Limited announced an update regarding its 
    Joint Venture Agreement (JVA) with IOV Labs Limited (IOV) to establish a 
    Joint Venture Company (JVC) in Singapore and notification of a Strategic 
       Business Review of the Company's operations and investments. IOV is a 
 Gibraltar registered company and parent to RSK, the developers of the first 
  smart contract platform secured by the Bitcoin network in which Coinsilium 
    holds a vesting interest of 1,951,846 RIF tokens. Where each shareholder 

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DJ Coinsilium Group Limited: Final Results for the -4-

  will hold 50% of the total shares of the JVC at incorporation. JVC will be 
      financed by IOV by way of a loan which is to be repaid from the future 
        revenues of the JVC. 
 
      13 July 2020 - Coinsilium Group Limited announced a Strategic Business 
 Review (the "Review") of the Company's operations and equity investments is 
       now underway. The objective of this Review is to align the Company in 
     readiness for its participation within the recently announced IOV Joint 
     Venture (JV) and to ensure that the Company is optimally positioned and 
        resourced to capitalise on new and substantial opportunities in the 
burgeoning Decentralised Finance (DeFi) and Crypto Finance sector, including 
      the development of products, solutions and services in Crypto Lending, 
   Crypto Staking and Stable Assets, both from within the scope of its joint 
  venture with IOV and also from Coinsilium's operational base in Gibraltar, 
     which is fast becoming a pre-eminent global regulatory jurisdiction for 
        innovative financial technology, including cryptocurrencies. 
 
        COINSILIUM GROUP LIMITED GROUP STATEMENT OF COMPREHENSIVE INCOME 
 
        FOR THE YEAR ENDED 31 DECEMBER 2019 
 
                                                2019        2018 
 
                                                   GBP           GBP 
 Continuing Operations 
Revenue from contracts                       244,225   1,682,373 
with customers 
Cost of sales                               (55,314)       (789) 
Loss allowance for                         (114,749)   (377,421) 
trade receivables 
Gross Profit                                  74,162   1,304,163 
Administration                             (639,274) (1,110,228) 
expenses 
Net fair value                               572,805   (188,781) 
gains/(losses) on 
financial assets at 
fair value through 
profit or loss 
Impairments to other                       (257,401)   (973,147) 
current assets 
Operating Loss                             (249,708)   (967,993) 
Finance income                                   431         968 
Finance costs                                (9,666)    (15,009) 
Loss before Taxation                       (258,943)   (982,034) 
Income tax                                         -           - 
Loss for the year                          (258,943)   (982,034) 
Other Comprehensive 
Income: 
Items that may be 
subsequently 
reclassified to profit 
or loss 
Change in fair value 
of other current 
assets at fair value 
through other 
comprehensive income                         152,565   (513,390) 
 
Total Comprehensive 
Income for the year 
attributable to owners 
of the Parent 
 
                                           (106,378) (1,495,424) 
 
Earnings per share in 
pence from continuing 
operations 
attributable to owners 
of the Parent - Basic 
& Diluted 
 
                                            (0.195)p     (0.79)p 
 
        COINSILIUM GROUP LIMITED STATEMENTS OF FINANCIAL POSITION 
 
        AS AT 31 DECEMBER 2019 
 
                         Group                  Company 
                31 December 31 December  31 December 31 December 
                       2019        2018         2019        2018 
 
                          GBP           GBP            GBP           GBP 
Non-Current 
Assets 
Intangible            3,720       3,720        1,860       1,860 
assets 
Property,               271         589            -           - 
plant and 
equipment 
Financial         1,776,777   1,362,200      360,905     360,905 
assets at fair 
value through 
profit or loss 
 
Investment in             -           -    1,872,544   1,727,298 
subsidiaries 
                  1,780,768   1,366,509    2,235,309   2,090,063 
Current Assets 
Trade and           177,243     240,067      146,432     226,889 
other 
receivables 
Cash and cash       235,079     592,171       61,912     425,574 
equivalents 
Other current       146,974     251,810      146,974     183,518 
assets 
                    559,296   1,084,048      355,318     835,981 
Total Assets      2,340,064   2,450,557    2,590,627   2,926,044 
Equity 
attributable 
to owners of 
the Parent 
Share capital             -           -            -           - 
Share premium     6,369,974   6,369,974    6,369,974   6,369,974 
Treasury          (281,003)   (273,875)    (281,003)   (273,875) 
shares 
Share option         20,029     101,304       20,029     101,304 
reserve 
Other reserves      152,565           -            -           - 
Retained        (4,017,854) (3,840,186)  (4,504,761) (3,301,750) 
losses 
Total equity                               1,604,239   2,895,653 
attributable 
to owners of 
the Parent 
                  2,243,711   2,357,217 
Current 
Liabilities 
Trade and            96,353      93,340      986,388      30,391 
other payables 
Total                96,353      93,340      986,388      30,391 
Liabilities 
Total Equity      2,340,064   2,450,557    2,590,627   2,926,044 
and 
Liabilities 
 
The Financial Statements were approved and authorised for issue by the Board 
        of Directors on 30 July 2020 and were signed on its behalf by: 
 
Eddy Travia 
 
Chief Executive 
 
        COINSILIUM GROUP LIMITED STATEMENT OF CHANGES IN EQUITY 
 
        FOR THE YEAR ENDED 31 DECEMBER 2019 
 
GROUP              Attributable to Equity Shareholders 
          Share   Share Treasury   Share   Other Retained  Total 
         capita premium   shares  option reserve   losses 
              l                GBP reserve       s 
 
                                                               GBP 
                      GBP                                 GBP 
              GBP                        GBP       GBP 
As at 31      - 5,945,2           81,275 513,390 (2,858,1 3,602, 
December             24                               50)    989 
2017 
 
                        (78,750) 
Loss for      -       -        -       -       - (982,036 (982,0 
the year                                                )    36) 
Other 
comprehe 
nsive 
income 
Change        -       -        -       - (513,39        - (513,3 
in value                                      0)             90) 
of other 
current 
assets 
Total         -       -                - (513,39 (982,036 (1,495 
comprehe                                      0)        )  ,426) 
nsive 
income 
for the                        - 
year 
Shares        - 434,000        -       -       -        - 434,00 
issued                                                         0 
Share         - (9,250)        -       -       -        - (9,250 
issue                                                          ) 
costs 
Purchase      -       - (204,125       -       -        - (204,1 
of                             )                             25) 
treasury 
shares 
Sale of       -       -    9,000       -       -        -  9,000 
treasury 
shares 
Share         -       -        -  20,029       -        - 20,029 
option 
charge 
Total         - 424,750 (195,125  20,029       -        - 249,65 
transact                       )                               4 
ions 
with 
owners 
recognis 
ed 
directly 
in 
equity 
As at 31      - 6,369,9 (273,875 101,304       - (3,840,1 2,357, 
December             74        )                      86)    217 
2018 
Loss for      -       -        -       -       - (258,943 (258,9 
the year                                                )    43) 
Other 
comprehe 
nsive 
income 
Change        -       -        -       - 152,565        - 152,56 
in value                                                       5 
of other 
current 
assets 
Total         -       -        -       - 152,565 (258,943 (106,3 
comprehe                                                )    78) 
nsive 
income 
Purchase      -       -  (7,128)       -       -        - (7,128 
of                                                             ) 
treasury 
shares 
Lapsed        -       -        - (81,275       -   81,275      - 
or                                     ) 
expired 
share 
based 
payments 
Total         -       -  (7,128) (81,275       -   81,275 (7,128 
transact                               )                       ) 
ions 
with 
owners 
recognis 
ed 
directly 
in 
equity 
As at 31      - 6,369,9 (281,003  20,029 152,565 (4,017,8 2,243, 
December             74        )                      54)    711 
2019 
 
        COINSILIUM GROUP LIMITED STATEMENT OF CHANGES IN EQUITY 
 
        FOR THE YEAR ENDED 31 DECEMBER 2019 
 
PARENT         Attributable to Equity Shareholders 
COMPANY 
          Share Share   Treasury   Share Retained         Total 
         capita premium   shares  option   losses 
              l                GBP reserve 
 
                                                              GBP 
                GBP                               GBP 
              GBP                        GBP 
As at 31      - 5,945,2 (78,750)  81,275 (1,872,6     4,075,105 
December        24                            44) 
2017 
Loss for      - -              -       - (1,429,1   (1,429,106) 
the year                                      06) 
Total         - -              -       - (1,429,1   (1,429,106) 
comprehe                                      06) 
nsive 
income 
for the 
year 
Issue of      - 434,000        -       -        -       434,000 
ordinary 
shares 
Issue         - (9,250)        -       -        -       (9,250) 
costs 
Purchase              - (204,125       -        -     (204,125) 
of                             ) 
treasury 
shares 
Sale of               -    9,000       -        -         9,000 
treasury 
shares 
Share         -       -        -  20,029        -        20,029 
option 
charge 
Total         - 424,750 (195,125  20,029        -       249,654 
transact                       ) 
ions 
with 
owners 
recognis 
ed 
directly 
in 
equity 
As at 31        6,369,9 (273,875 101,304 (3,301,7     2,895,653 
December             74        )              50) 
2018 
Loss for      -       -        -       - (1,284,2   (1,284,286) 
the year                                      86) 

(MORE TO FOLLOW) Dow Jones Newswires

July 31, 2020 07:19 ET (11:19 GMT)

DJ Coinsilium Group Limited: Final Results for the -5-

Total         - -              -       - (1,284,2   (1,284,286) 
comprehe                                      86) 
nsive 
income 
for the 
year 
Purchase      - -        (7,128)       -        -       (7,128) 
of 
treasury 
shares 
Lapsed        - -              - (81,275   81,275             - 
or                                     ) 
expired 
share 
based 
payments 
Total         - -        (7,128) (81,275   81,275       (7,128) 
transact                               ) 
ions 
with 
owners 
recognis 
ed 
directly 
in 
equity 
As at 31        6,369,9 (281,003  20,029 (4,504,7     1,604,239 
December        74             )              61) 
2019 
 
        COINSILIUM GROUP LIMITED STATEMENT OF CASH FLOWS 
 
        FOR THE YEAR ENDED 31 DECEMBER 2019 
 
                          Group                Company 
                         2019    2018     2019     2018 
 
                            GBP       GBP        GBP        GBP 
Cash flows from 
operating 
activities 
Loss before          (258,943 (982,03 (1,284,2 (1,429,1 
taxation                    )      4)      86)      06) 
Adjustments for: 
Finance costs           9,666  15,009    4,205   14,606 
Finance income          (431)   (968)     (81)    (223) 
Depreciation and          318   2,616        -        - 
amortisation 
Impairment to               -       -        - 1,231,55 
investment in                                         3 
subsidiaries 
Non-cash revenues           - (1,085,        -        - 
                                 852) 
Impairment of other   257,401 973,147        -        - 
current assets 
Share based                 -  86,904        -   86,904 
payments 
Net fair value                               -        - 
gains/(losses) on 
financial assets at 
fair value through 
profit or loss       (569,434 188,780 
                            ) 
Movement in other           -       -   36,544 (44,415) 
current assets 
(Increase)/Decrease                     80,457  242,351 
in trade and other 
receivables 
 
                       62,824 234,953 
(Increase)/Decrease     3,013   5,928  955,997  (8,997) 
in trade and other 
payables 
Net cash used in     (495,586 (561,51 (207,164   92,673 
operating                   )      7)        ) 
activities 
Cash flows from 
investing 
activities 
Interest received         431     968       81      223 
Purchase of                 -       -        -        - 
intangible assets 
Purchase of                 -       -        -        - 
property, plant & 
equipment 
Purchase of                                  -        - 
financial assets at 
fair value through 
profit or loss 
                            - (395,07 
                                   8) 
Proceeds from                                -        - 
disposal of 
financial assets at 
fair value through 
profit or loss        154,857  39,987 
Decrease/(increase)                   (145,246 (458,866 
in loans to                                  )        ) 
subsidiary 
undertakings 
                            -       - 
Net cash generated                    (145,165 (458,643 
from/(used in)                               )        ) 
investing 
activities 
                      155,288 (354,12 
                                   3) 
Cash flows from 
financing 
activities 
Proceeds from issue         - 321,875        -  321,875 
of shares (net of 
costs) 
 
                      (7,128) (204,12  (7,128) (204,125 
                                   5)                 ) 
Purchase of 
treasury shares 
                            -                - 
                                9,000             9,000 
 
Sale of treasury 
shares                (9,666)          (4,205) 
                              (15,009          (14,606) 
                                    ) 
 
Finance costs 
Net cash generated                    (11,333)  112,144 
from financing 
activities 
 
                     (16,794) 111,741 
Net                                   (363,662 (253,826 
increase/(decrease)                          )        ) 
in cash and cash 
equivalents 
                     (357,092 (803,89 
                            )      9) 
Cash and cash                          425,574  679,400 
equivalents at 
beginning of year 
 
                      592,171 1,396,0 
                                   70 
Cash and cash         235,079 592,171   61,912  425,574 
equivalents at end 
of year 
 
ISIN:           VGG225641015 
Category Code:  ACS 
TIDM:           COIN 
OAM Categories: 1.1. Annual financial and audit reports 
Sequence No.:   79417 
EQS News ID:    1107635 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=36c575571e439f4b265a236c98ad2ee0&application_id=1107635&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

July 31, 2020 07:19 ET (11:19 GMT)