TIDMIQO
18 October 2023
Inteliqo Limited
("Inteliqo", the "Company")
Interim Results
Inteliqo (AQSE: IQO), a start-up technology company that provides sales,
marketing and distribution services to technology product owners under long-term
distribution agreements, is pleased to announce its unaudited interim results
for the 6-month period ended 30 September 2023. A full copy of the Interim
Report will be obtainable from the Company's website at https://inteliqo.com/ .
This announcement contains information which, prior to its disclosure,
constituted inside information as stipulated under Regulation 11 of the Market
Abuse (Amendment)(EU Exit) Regulations 2019/310 (as amended).
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the belief of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update forward-looking
statements or forward-looking information, except as required by law.
The directors of Inteliqo Limited accept responsibility for this announcement.
For more information, please contact:
Inteliqo Limited j.hill@inteliqo.com
Joseph Hill
First Sentinel Corporate Finance Limited +44 20 3855 5551
Brian Stockbridge
Inteliqo Limited: Chairman's Report for the period ended 30 September 2023
Introduction
I am pleased to present the Chairman's statement, highlighting the progress and
achievements of Inteliqo Limited (the "Company") and its subsidiary (together
the "Group") for the 6 months to 30 September 2023. Under the leadership of our
CEO, Joseph Hill, our dedicated team has made significant strides in positioning
the Company for success in the technology market.
Business Overview and Objectives
Inteliqo is a technology company focused on delivering sales, marketing and
distribution services to two prominent technology brands through long-term
agreements with Ipedia and Langaroo.
Ipedia (https://ipedia.co)
The Ipedia iQ product is a smart translation earphone (earbuds) system offering
integrated real-time speech translation in 130 languages, built-in smart assist
(Google and Siri), multiple built-in microphones, and high-definition sound.
The Company's principal activity is to market, sell, and distribute Ipedia
technology products by appointing resellers in defined territories globally. The
Company generates income from the sales of these products; sharing a proportion
of such income with the product owners under the terms of its distribution
agreements.
Last year, Inteliqo appointed an exclusive reseller for the promotion and sale
of Ipedia products in nine territories. The agreements carry an initial five
-year term, and we expect the first orders from these agreements to start during
Q4 of 2023.
The quantum and timing of these orders are not guaranteed.
Langaroo (https://langaroo.co)
Langaroo is a mobile application that enables users to understand, speak,
message, and share information across over 130 languages. It serves as the
ultimate translation buddy, facilitating seamless communication for users in
various scenarios.
Inteliqo secured an exclusive sales and marketing agreement for the Langaroo
App, solidifying our commitment to driving its global adoption. This agreement
enables us to distribute the Langaroo App effectively and leverage its
impressive features across various industries and regions.
The Company generates income from the sales of subscriptions or territory
licence agreements, benefiting from a proportion of revenue as defined in a
revenue share agreement.
Financial Results
The Group's financial results to 30 September 2023 reflect the commencement of
sales leading to a profit of $185k, with basic earnings per share from
continuing activities of $0.002. These figures reflect the early stages of our
operations and we remain focused on executing our strategic initiatives and
achieving sustainable growth.
Outlook and Future Prospects
The Group is now operating profitably, with positive cash flows and this
promising result aligns with our commitment to delivering value to our
shareholders.
Looking ahead, we are optimistic about the Group's prospects. The Langaroo App
is now generating sales from its Beta launch and Full Application is scheduled
for release early in Q1 2024.
Coupled with the recent attainment of Exclusive Reseller Agreements for Ipedia,
we are confident that the Company will operate profitably this year.
Thank you for your continued support and trust in our vision. We are committed
to driving Inteliqo's growth and creating value for all stakeholders.
Joseph Truelove
Chairman of the Board
Inteliqo Limited
17 October 2023
Inteliqo Limited: Statement of comprehensive income and retained earnings for
the period ended 30 September 2023
Period to 30 Period to 30 September 2022
September
2023
USD USD
Revenue 558,029 -
Other income 88 42
Administrative expenses (370,447) (452,216)
Realised foreign currency 223 20,123
gains
Unrealised foreign (2,504) 4,412
currency gains
Operating profit and 185,389 (427,639)
profit before tax
Tax expense - -
Profit for the period from 185,389 (427,639)
continuing operations
Earnings per share
Basic earnings per share 0.002 (0.007)
from continuing operations
Diluted earnings per share 0.002 (0.007)
from continuing operations
Inteliqo Limited: Statement of financial position as at 30 September 2023
Notes 30 September 2023 30 September 2022
USD USD
ASSETS
Non-current assets
Office equipment 2,958 1,259
Current assets
Trade and other receivables 44,928 15,611
Cash and cash equivalents 384,221 475,246
429,149 490,857
Total assets 432,107 492,116
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 116,908 105,678
Equity
Share capital 6 14,188 14,188
Share premium 799,889 799,889
Retained earnings (498,878) (427,639)
315,199 386,438
Total liabilities and equity 432,107 492,116
The accompanying notes on pages 6 and 7 form an integral part of these interim
condensed consolidated financial statements.
These interim condensed consolidated financial statements were approved and
authorised for issue by the directors on 17 October 2023 and are signed on their
behalf by:
Ray Smart
Finance Director
Inteliqo Limited: Statement of changes in equity for the period ended 30
September 2023
Share Share Retained earnings Total
capital premium
USD USD USD USD
Issue of share capital 13,900 738,621 - 752,521
prior to admission to
Aquis
Issue of share capital on 288 61,268 - 61,556
admission to Aquis
Profit for the period - - (427,639) (427,639)
Balance at 30 September 14,188 799,889 (427,639) 386,438
2022
Balance at 1 April 2023 14,188 799,889 (684,267) 129,810
Profit for the period - - 185,389 185,389
Balance at 30 September 14,188 799,889 (498,878) 386,438
2023
Inteliqo Limited Statement of cash flows for the period ended 30 September 2023
Period to 30 Period to 30 September 2022
September
2023
USD USD
Operating activities
Profit before tax 185,389 (427,639)
Adjustments for non-cash
income and expenses:
Depreciation of office 534 36
equipment
Changes in operating assets
and liabilities:
Trade and other receivables (12,058) (15,611)
Trade and other payables 22,320 105,678
Net cash from operating 196,185 (337,536)
activities
Cash flows from investing
activities
Purchases of equipment (1,126) (1,295)
Cash flows from financing
activities
Proceeds from issue of share - 814,077
capital
Net change in cash and cash 195,059 475,246
equivalents
Cash and cash equivalents at 189,162 -
the beginning of the period
Cash and cash equivalents at 384,221 475,246
the end of the period
Inteliqo Limited accounting policies and explanatory notes to the financial
statements for the period ended 30 September 2023
1. General information
Inteliqo Limited (the "Company") is a company limited by shares under The
Companies (Guernsey) Law 2008 (as amended) and was incorporated in Guernsey on 3
May 2022 and listed on the Access Segment of Aquis Stock Exchange ("AQSE") on
5th August 2022 The address of its registered office and principal place of
business is Dixcart House, Sir William Place, St Peter Port Guernsey, GY1 1GX.
The Group's principal activity is the provision of sales, marketing and
distribution services.
2. Basis of preparation and accounting policies
These unaudited interim condensed consolidated financial statements (the
"Financial Statements") are for the six months ended 30 September 2023 and
comprise the Company and its subsidiary (together the "Group") and have been
prepared on an accruals basis and under the historical cost convention in
accordance with IAS 34 "Interim Financial Reporting" and applicable legal and
regulatory requirements. They are presented in US Dollars, the functional
currency of the Group and they do not include all disclosures that would
otherwise be required in annual financial statements in accordance with IFRS,
and should be read in conjunction with the Company's audited consolidated
financial statements for the period ended 31 March 2023.
The Company has applied the same accounting policies and methods of computation
in these Financial Statements as applied in its first full audited consolidated
financial statements to 31 March 2023 which were prepared in accordance with the
International Financial Reporting Standards ("IFRS"), as issued by the
International Accounting Standards Board ("IASB").
There are no accounting pronouncements which have become effective from 1 April
2023 that have a significant impact on the Financial Statements.
3. Significant management judgement in applying accounting policies and
estimation uncertainty
When preparing the Financial Statements, management undertakes a number of
judgements, estimates and assumptions about recognition and measurement of
assets, liabilities, income and expenses. The actual results may differ from the
judgements, estimates and assumptions made by management, and will seldom equal
the estimated results.
The judgements, estimates and assumptions applied in the Financial Statements,
including the key sources of estimation uncertainty, were the same as those
applied in the Group's last audited annual financial statements for the period
ended 31 March 2023.
4. Earnings per share and dividends
Earnings per share, both the basic and diluted earnings per share, have been
calculated using the profit attributable to shareholders of the Company as the
numerator, ie no adjustments to profit were necessary. The reconciliation of the
weighted average number of shares for the purposes of diluted earnings per share
to the weighted average number of ordinary shares used in the calculation of
basic earnings per share is as follows:
2023 2022
USD USD
Weighted average number of shares 112,500,000 58,991,589
used in basic earnings per share
Weighted average number of shares 117,472,500 61,560.166
used in diluted earnings per share
5. Interests in subsidiaries
On 22 March 2023, the Company acquired the entire share capital of Inteliqo
Marketing Limited which is registered in England and Wales. The acquisition was
made to support the Company's treasury function and the principal activity of
Inteliqo Marketing Limited is to hold bank accounts and collect and pay out the
proceeds of transactions on behalf of the Company and it does not operate in its
own right. As the company does not meet the criteria as set out in IFRS 3 to be
defined as a business the purchase has been recognised in these accounts as an
asset acquisition and the acquisition cost of $1,209 has been allocated to the
assets categories of the subsidiary as at 30 September 2023.
6. Share capital
The share capital of the Company comprises 112,500,000 ordinary shares with par
value GBP0.0001. An additional 15,027,500 ordinary shares with par value
GBP0.0001 are authorised but unissued. The Company has issued warrants over
4,972,500 ordinary shares with par value GBP0.0001.
7. Commitments under operating leases
The Group rents an office under an operating lease on a three month rolling
basis with a one month notice period. The minimum lease commitment at the
period end is GBP1,950.
8. Related party transactions
Key management of the Company are the executive and non-executive directors. Key
management personnel remuneration includes the following expenses:
Period to 30 September 2023 Period to 30 September 2022
USD USD
Short-term 23,945 31,755
employee
benefits
Director fees 16,569 5,245
Salaries 149,935 70,342
including
bonuses
Social 11,056 4,399
security costs
Total 201,505 111,741
remuneration
The Company has paid a deposit to a 3[rd] party for a property rented by the
Company which forms part of the short term employee benefits noted above. At 30
September 2023 the balance of the deposit was £8,850.
HKML Limited, a company owned by a director, Michael Hill, holds 7,312,500
ordinary shares in the Company and holds warrants over a further 1,399,500
ordinary shares. HKML Limited also entered into a revenue share agreement with
the Company on 1 June 2023.
Ray Smart, a director of the Company, holds 135,872 ordinary shares in the
Company.
9. Approval of Interim Report
This Interim Report was approved by the board of directors and authorised for
issue on 17 October 2023.
This information was brought to you by Cision http://news.cision.com
END
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