TIDMTSP
RNS Number : 4619N
TruSpine Technologies PLC
30 September 2021
TruSpine Technologies plc
("TruSpine" or the "Company")
Final Results for period to 29 March 2021
TruSpine Technologies plc, (AQSE: TSP) the medical device
company focused on the development of its pioneering "screwless,"
spinal (vertebral) stabilisation systems, reports its full year
results for the year ended 29 March 2021.
The Annual Report and Financial Statements for the year ended 29
March 2021 will shortly be available on the Company's website.
Copies of the Annual Report and Financial Statements will be posted
to shareholders shortly.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
Truspine Technologies Plc Tel: +44 (0)20 3638 5025
Ian Roberts, CEO
Cairn Financial Advisers LLP (AQSE Corporate Tel: +44 (0)20 7213 0880
Adviser)
Liam Murray / Ludovico Lazzaretti
Oberon Capital Tel: +44 (0)20 3179 5300
Robert Hayward / Mike Seabrook /
Chris Crawford
Walbrook PR (Financial PR Tel: +44 (0) 20 7933 7870 or +44 (0) 7876
& IR) 741 001
Anna Dunphy truspine@walbrookpr.com
CHIEF EXECUTIVE'S STATEMENT
I am pleased to report that in spite of the many challenges
presented by Covid-19, TruSpine Technologies plc was able to
continue with its IPO plans and was successfully admitted to the
Aquis Stock Exchange Growth Market on 20 August 2020 raising gross
proceeds of circa GBP1.4m.
The proceeds are principally being used to progress the
development of the Company's pioneering spinal stabilization
products, with a specific focus on completing the FDA submission
for its first product to market, the Cervi-LOK. TruSpine is excited
to announce the decision to commission our regulatory consultant,
Emergo, to prepare and file a submission requesting that the FDA
examine the CerviLOK to be designated as a "Breakthrough Device."
This category was introduced by the FDA a few years ago and confers
on a product recognition that it fulfills a number of exacting
criteria. Our research shows that only a few spinal devices have
received this most distinguished designation.
During the year, product development has progressed well
significantly, both with the Cervi-LOK implant and the
instrumentation, which will all be sterile packed and single use.
Aside from the general strengthening and expansion of the Company's
IP, the pre-submission to the FDA for the Cervi-LOK product was
also completed. The Company subsequently received written feedback
confirming the pathway for additional testing and validation of the
product ahead of making the full 510(k) FDA submission for
clearance.
As disclosed in the Company's Admission Document, the Company
acquired the patents relating to its Technologies from Professor
Frank Boehm, (the inventor of the Technologies) pursuant to the IP
Sale Agreement. The Company protects the intellectual property in
its Technologies and any future application thereof by submitting
patent applications in each country in which it intends to operate.
This is an active and ongoing process with new applications being
filed to cover revised design, usage and application of the
Technologies.
The Global Spinal Devices Market is currently estimated to be
worth USD$10.2 billion and is expected to grow at a compound annual
growth rate of 3.1 per cent. to 2026. North America is the single
largest and most mature market accounting for around 55 per cent.
of the total global revenues. The largest single sector of the
global spinal device market is the spinal stabilisation sector,
which is currently estimated to be worth USD$7.1 billion. This
sector is estimated to grow at a compound annual growth rate of
approximately 3 per cent. per annum, with the minimally invasive
spine surgery component of the spinal stabilisation sector
estimated to grow at a rate of approximately 6.9 per cent. This is
specifically the market sector in which the Company's Products will
be positioned. The Company has a phased product development
strategy and is planning, subject to regulatory clearance, to
commence initial product marketing of Cervi-LOK in the USA. The
overall aim is to establish the Company's Products as the "go-to
solutions" for the spinal stabilisation and fusion market. In
addition to the three flagship Products, the Company also has a
pipeline of additional and complementary IP and product offerings
at an early stage of development.
The Company continues to be in a pre-revenue development phase
and remains loss making at this stage of its development. The loss
before taxation for the year was GBP651k (2020: GBP344k) after
administrative expenses of GBP645k (2020: GBP341k). The R&D tax
credit was GBP107k (2020: GBP162k) bringing the loss after tax to
GBP544k (2020: GBP182k). Development spend for the year was GBP426k
(2020: GBP225k).
Consolidated net assets at 29 March 2021 amounted to GBP2.746
million (2020: GBP1.694 million) including cash and cash
equivalents of GBP543.5k (2020: GBP135k).
A number of changes to the Management have occurred during the
year as TruSpine realigned and strengthened its leadership team for
the IPO and next phase of its growth. This included the appointment
of an additional non-executive director Nikunj Patel and Anthony
Swoboda as Vice President of Sales and Marketing for North America
both in June 2021.
On behalf of the Board, I would also like to thank all
shareholders for their support, and TruSpine's staff and commercial
partners for their hard work during the year.
We are a lean and progressive company with a suite of products
and IP that have the potential to provide a potential quantum shift
in patient treatment within the Spinal Fixation market, and with
our IPO now recently completed we are very well positioned in terms
of funding and corporate profile. The board therefore looks to the
future with confidence.
Ian Roberts
Chief Executive
STRATEGIC REPORT
The Directors present their Strategic Report on the Group for
the year ended 29 March 2021.
Review of the business and future developments
TruSpine Technologies Plc was incorporated on 8 December 2014.
On 7 May 2020, a resolution was passed approving a reduction of
capital whereby the share premium account of the Company was
cancelled by an amount of GBP2,250,000. The Company re-registered
as a public limited company on 28 May 2020. On 20 August 2020 the
Company was admitted to the Acquis Stock Exchange Growth Market
with the issue of 3,700,442 new ordinary shares at the IPO raising
gross proceeds of circa GBP1.4m. In March 2021 the Company raised a
further GBP620,500 through the subscription of 6,205,000 new
ordinary shares.
The Company is developing disruptive technologies for use in the
spinal stabilisation market, commencing with the following three
devices:
- Cervi-LOK - for the cervical and upper thoracic spine
- Faci-LOK - for the lumbar and lower thoracic spine, and
- GRASP Laminoplasty - a treatment for decompression of the spinal cord.
These devices represent a potentially significant development in
spinal fixation, by providing stabilisation while not altering the
bony spinal anatomy of patients through the use of screws, staples
or other devices which currently dominate the spinal market.
The Company is seeking to obtain regulatory clearance from the
US Food and Drug Administration ("FDA") for its Cervi-LOK product
in 2022. Once this has been achieved the Company will concentrate
on further development work on its other two products and will
subsequently seek clearance for Faci-LOK and GRASP
Laminoplasty.
The Company has made a Pre-Submission to the FDA for its
Cervi-LOK product and has received written feedback which provides
it with a pathway for testing and validation of the product ahead
of making the full 510(k) FDA submission for clearance for
Cervi-LOK, in-house and independently, and are currently developing
all of our regulatory documentation and Quality Management Systems,
ready to complete our submission to the FDA for a 510(k)
Clearance.
Once a 510(k) application has been submitted, the FDA's decision
to provide clearance normally takes up to 90 days, following which
the Company will be able to commence marketing and sales of
Cervi-LOK in the US.
The Company acquired the Patents relating to its Technologies
from Professor Frank Boehm, (the inventor of the Technologies)
pursuant to the IP Sale Agreement. Details of the Patents are set
out in paragraph 6 of Part I and details of the IP Sale Agreement
are set out at paragraph 9.1 of Part IV in the Company's Admission
Document. The Company protects the intellectual property in its
Technologies and any future application thereof by submitting
patent applications in each country in which it intends to operate.
This is an active and ongoing process with new applications being
filed to cover revised design, usage and application of the
Technologies.
The Global Spinal Devices Market is currently estimated to be
worth USD$10.2 billion and is expected to grow at a compound annual
growth rate of 3.1 per cent. to 2026. North America is the single
largest and most mature market accounting for around 55 per cent.
of the total global revenues.
It is important to note that the Products have not yet been used
on live patients, as they are still subject to regulatory clearance
and approvals by the relevant national medical regulators. The
Products still require further independent testing, verification
and validation. There is no guarantee that the Products will
receive the relevant clearance or approvals, nor that they will
work as effectively on live patients as anticipated.
Group Strategy and Business Model
Cervi-LOK and Faci-LOK are spine stabilisation devices used in
the fusion of the cervical, thoracic and lumbar spine respectively.
They differ from existing methods of vertebrae stabilisation as
they are non-intrusive. Cervi-LOK and Faci-LOK clamp onto specific
landmarks of the vertebrae bones rather than requiring fixation
with screws.
The minimally invasive Products represent a potentially
significant development in spinal fixation, fusion and laminoplasty
techniques, providing stabilisation without altering the bony
spinal anatomy by requiring screws, staples or other such
attachments which dominate the current technologies and
irreversibly alter the anatomy of the spine. The Company's
philosophy is one of "preserving nature's design", and as such, the
devices have been designed to be safe, fast and easy to implant, as
well as being minimally intrusive.
The Directors believe the Company's Technologies will fill a gap
in the market due to its relative health advantages (for example
through not altering the patient's anatomy) as well as its overall
lower cost per procedure (resulting from the reduced requirement
for fluoroscopy, shorter surgery time and faster patient recovery
time). The Company's Technologies cause minimal tissue disruption
allowing the normal spine anatomy to remain intact and therefore
aids the spinal stabilisation and fusion process.
The Company has a phased product development strategy and is
planning, subject to regulatory clearance, to commence initial
product marketing of Cervi-LOK in 2022. The overall aim is to
establish the Company's Products as the "go-to solutions" for the
spinal stabilisation and fusion market. In addition to the three
flagship Products, the Company also has a pipeline of additional
and complementary IP and product offerings at an early stage of
development.
The Company has a number of key commercial partners to develop,
design and manufacture its Products, and assist it through the
regulatory process. Emergo Group ("Emergo"), a regulatory
consultant in FDA clearance is retained by the Company to provide
it with regulatory advice. Lincotek Medical LLC ("Lincotek") is
retained by the Company to provide professional product development
advisory, regulatory manufacturing and related services. University
of Toledo will be performing our independent product testing, and
Element Medical will be providing our comparative data.
Initially the Company is seeking to obtain clearance for use of
its Products in the United States. For the Products to be lawfully
marketed and sold in the United States, they are required to have
"clearance" from the FDA. The Company will initially seek FDA
clearance for its Cervi-LOK Product. The FDA is responsible for
protecting the public health in the United States by (amongst other
things) ensuring the safety, efficacy, and security of medical
devices.
The Company's Products are classified as "Class II" Medical
Devices under the FDA's device classification system and therefore
require FDA 510(k) clearance, which does not require clinical
studies prior to clearing the devices for marketing and sales. The
FDA 510(k) clearance process compares a product to a "predicate
device", measuring safety, function and strength. Under the notion
of "substantially equivalent", if a device performs in testing at
least as well as the accepted predicate device, FDA 510(k)
clearance will be granted.
On 17 April 2020 our regulatory consultant Emergo, on behalf of
the Company submitted a Pre-Submission to the FDA for Cervi-LOK.
The Pre-Submission allows the final application to proceed in a
more-timely fashion because it mitigates the scope for FDA
inquiries that have the effect of restarting the FDA's 90-day
period to comment on the device in question. The FDA provided the
Company with written Pre-Submission feedback on its Cervi-LOK
Pre-Submission in on 29 July 2020. The feedback was in line with
the Directors' expectations and provides the Company with a clear
pathway to obtain FDA clearance for Cervi-LOK.
Major company analysis in the spinal devices market currently
identifies a high number of competitors, who are able to benefit
from scale economies. However, these existing competitors'
technologies still utilise invasive technologies like lateral mass
and pedicle screws and therefore TruSpine should be well placed to
compete within the spinal stabilisation market because, crucially,
its Products do not alter the bony anatomy of patients.
As far as commercialisation strategy is concerned, the Company
intends to acquire strategic input from a select group of surgical
key opinion leaders ("KOLs") which will help refine the subtleties
of the Products and the surgical approach to their implementation.
They will also be involved in the necessary studies, white papers,
poster presentations and podium appearances which the Directors
believe will help to shape the future of the spine market and
create better and safer treatment options. Following FDA clearance,
a large proportion of the initial revenues will be derived from the
surgical KOLs and Primary User Groups Sites. The Company has
identified several Primary User Groups Sites, which will be groups
of surgeons who are 'early adopters' of the Products, willing to
implant them and to collect necessary data demonstrating their
clinical relevance and supporting the Company's claims in relation
to them.
Promotion of the Company for the benefit of the members as a
whole
The Director's believe they have acted in the way most likely to
promote the success of the Company for the benefit of its members
as a whole, as required by s172 of the Companies Act 2006 as
detailed below.
The requirements of s172 are for the Directors to:
- Consider the likely consequences of any decision in the long term
- Act fairly between the members of the Company,
- Maintain a reputation for high standards of business conduct,
- Consider the interests of the Company's employees,
- Foster the Company's relationships with suppliers, customers and others, and
- Consider the impact of the Company's operations on the community and the environment.
Our Board of Directors remain aware of their responsibilities
both within and outside of the Group. Within the limitations of a
Group with so few employees we endeavour to follow these principles
and examples of the application of the s172 are summarised and
demonstrated below.
The Company operates as a medical device company developing
specific innovative products which is inherently speculative in
nature and at times may be dependent upon fund-raising for its
continued operation. The nature of the business is well understood
by the Company's members, employees and suppliers, and the
Directors are transparent about the cash position and funding
requirements.
The Company has invested considerable time in developing and
fostering its relationships with its key suppliers.
As a medical device company in the spinal fusion market with
operations based in the UK and USA, the Board takes seriously its
ethical responsibilities to the communities and environment in
which it works.
The interests of employees and consultants are a primary
consideration for the Board and are planning to introduce an
inclusive share-option programme allowing them to share in the
future success of the company. Personal development opportunities
are encouraged and supported.
Results for the year
The Group's results for the year are included in the Chief
Executive's Statement.
Key performance indicators
Key performance indicators for the Group as a measure of
financial control are as follows:
Y ea r ended Y ea r ended
29 March 2021 29 March 2020
2020
GBP GBP
T ota l assets 3,025,887 1,910,620
Net assets 2,745,910 1,693,695
Cas h and cash equivalents 543,520 135,035
T rad e and other payables (229,977) (216,925)
Development spend ( 426,081) (225,439)
Loss before tax for the year ( 651,181) (343,957)
Earnings per share (0.63)p (0.24)p
Principal risks and uncertainties
The Group is subject to various risks similar to all medical
device companies operating in overseas locations relating to
political, economic, legal, industry and nancial conditions, not
all of which are within its control. The Group identi es and
monitors the key risks and uncertainties affecting the Group and
runs its business in a way that minimises the impact of such risks
where possible.
The following risks factors, which are not exhaustive, are
particularly relevant to the Group's business activities:
Risk Relating to Obtaining Regulatory Approvals
There can be no assurance that the Company will receive the
regulatory approvals required in order to manufacture and sell its
Products, including approval by the FDA in the US and the granting
of CE mark in Europe. If the Products are not approved and cannot
be commercialised, the Company will be unable to generate revenue
from them, which would materially adversely affect its business,
financial condition and the results of its operations. Moreover,
any delay or setback in the regulatory approval process could have
a material adverse effect on the Company's business and prospects.
To mitigate this the Company employs two key commercial partners,
Emergo and Lincotek to develop its Products and ensure that they
achieve the regulatory approvals necessary for
commercialisation.
Acceptance of the Products in clinical settings
If the Company is unable to convince opinion leaders and health
professionals of the benefits of its Products, there could be weak
penetration of the market, which might have a material adverse
effect on the Company, its business, financial situation, growth
and prospects. The slow adoption of new methods and technologies
could result in timeframes being longer than anticipated by the
Company. However the Company has links with a network of
professionals and experts operating in these fields who have
advised and given positive feedback as to the suitability and
acceptability of the products in development.
No Live Patient Testing
Although Cervi-LOK has undergone significant laboratory-based
testing, it has not been tested on live patients and there is no
certainty that it will be as effective as envisaged, nor that it
will receive regulatory clearance for use in humans. Despite this,
the feedback from FDA so far in relation to Cervi-LOK has not
highlighted any material issues and the Directors expect that it
will successfully achieve regulatory clearance.
Research and development and product obsolescence
Rapidly changing markets, technology, emerging industry
standards and frequent introduction of new products will
characterise the Company's business. The introduction of new
products embodying new technologies, including new manufacturing
processes, and the emergence of new industry standards may render
the Company's products, less competitive or less marketable.
The process of product development is complex and requires
significant continuing costs, development efforts and third-party
commitments. The Company's failure to develop new technologies and
products and the obsolescence of existing technologies and products
could adversely affect the business, financial condition and
operating results of the Company.
The Company may be unable to anticipate changes in its potential
customer requirements that could make its existing technology
obsolete. Its success will depend, in part, on its ability to
continue to enhance its existing technologies, develop new
technology that addresses the increasing sophistication and varied
needs of the market, and respond to technological advances and
emerging industry standards and practices on a timely and
cost-effective basis. The Company may not be successful in using
its new technologies or exploiting its niche markets effectively or
adapting its business to evolving customer or medical requirements
or preferences or emerging industry standards .
Dependence on key executives, personnel and consultants
The Company's future development and prospects are substantially
dependent on the continuing services and performance of the
Directors, the Consultants and the Medical Advisory Board. J Lee S
Consultants LLC is a particularly important consultant for the
Company because it includes the services of Professor Frank Boehm,
who is the inventor of the Technologies and has the technical
knowledge and expertise to continue to innovate and develop the
existing Products and to develop new accompanying, similar or
related products. If J Lee S Consultants LLC were to terminate
their consultancy agreement with the Company, the Company may be
unable to appoint a similarly skilled replacement with the
necessary knowledge to innovate and develop the existing Products
or to develop new Products. The consultancy agreement with J Lee S
Consultants LLC has a termination notice period of one year for
each party to mitigate the risk of this agreement being
terminated.
The Directors cannot give assurances that they, the Consultants
or the Medical Advisory Board will remain with the Company,
although the Directors believe that the Company's culture and
remuneration packages are attractive. If key members of the
Company's management team depart, or are affected by illness, such
as COVID-19, and the Company is not be able to find effective
replacements in a timely manner or at all, its business may be
disrupted or damaged.
Impact of COVID-19
The impact of COVID-19 or any other severe communicable disease,
if uncontrolled, on the general economic climate could have an
adverse effect on the Company. The recent outbreak of COVID-19 may
have an adverse effect on the Company's business, financial
situation, growth and prospects and has already had a material
adverse effect on overall business sentiment and the global
economy. There is no assurance there will not be similar outbreaks
of other diseases in the future. The impact of the imposition by
governments across the world of stringent measures to prevent the
spread of COVID-19 or other diseases, and the effect of COVID-19,
or any other severe communicable diseases outbreak in the future,
on the employees of the Company, could adversely affect the
performance of the business activities of the Company and those of
the customers, which could lead to a decrease in the demand for
their services. It is too early to tell what the long-term impact
of COVID-19 will be on the Company's current and future prospects
and to what extent it may have a material and adverse effect on the
Company's business, results of operations and financial
performance.
The Board has confirmed that Emergo and Lincotek, its key
suppliers in achieving FDA and regulatory approval, have robust
business continuity plans and are able to continue product
development during the COVID-19 pandemic and associated travel
restrictions. The Board does not expect there to be a material
delay to the launch of the Products as a result of COVID-19.
No Current Revenues
The Products remain under development and no revenue has been
generated from them as at the date of this Document. The Company's
Cervi-LOK Product is expected to launch in 2022 and the other
Products are expected to be launched the following year. As such,
there is no historical data on which to base the Company's
estimated revenue and costs. Therefore, given the high degree of
uncertainty in the economy currently and the dependency of the
Company on development milestones being met and regulatory approval
being obtained there cannot be certainty regarding the size of the
market for the Products following their launch or whether the
Company has the capacity to generate sufficient revenues to be
profitable. To mitigate this the Company has engaged consultants
who have extensive experience in the marketing and distribution of
products in this sector.
Risk of IP infringement
There is no certainty that the Company can protect its
proprietary information or intellectual property which is
particularly important considering the Company has developed a
number of Products that it regards as unique. There is also a risk
that should an employee with knowledge of the Products cease to be
employed by the Company they may seek to replicate the Products
with a competitor. Although the Company intends to vehemently
protect its intellectual property there can be no guarantee that
such action will be effective (and will be expensive in any case),
there is also a risk that the Company may be pursued by a third
party for alleged intellectual property infringement. This risk has
been mitigated by the Company engaging specialist patent attorneys
to analyse the state of the art and report on the likelihood of the
Products infringing the intellectual property subsisting in
existing technologies. A Freedom to Operate report produced by
Schmeiser, Olsen & Watts has concluded that the likelihood of
patent infringement in relation to the Patents is low.
RISKS RELATING TO THE INDUSTRY
Competition in the Market for Spinal Devices
There are a number of companies in the spinal device market
offering products that would compete with the Company's Products.
These larger, well-funded companies are currently gaining a
competitive advantage in the spinal device market by reducing costs
through economies of scale. The Company may not currently have the
capacity to compete with these existing competitors because the
smaller scale of their operation leads to a higher unit cost. Major
competitors in the spinal device market include Zimmer Biomet,
Medtronic, Johnson & Johnson, NuVasive, Life Spine and Globus
Medical. However TruSpine's devices are novel in their design in
that they represent a potentially significant development in spinal
fixation, by providing stabilisation while not altering the bony
spinal anatomy of patients as compared with the use of screws,
staples or other devices which currently dominate the spinal
market.
RISKS RELATING TO FINANCIAL MATTERS
Currency and Foreign Exchange Risks
The Company's functional and presentational currency is
sterling, and this is the currency of the Company's financial
statements. However, a significant proportion of the Company's
business is conducted in the United States in $USD and therefore
certain amounts will need to be translated into sterling. Due to
changes in exchange rates between sterling and $USD this could lead
to changes in the Company's reported financial results from period
to period. Among the factors that may affect currency values are
trade balances, levels of short-term interest rates, difference in
relative values of similar assets in different currencies, long
term opportunities for investments and capital appreciation and
political or regulatory developments.
Financing Risks and Requirements for Further Funds
It is likely that the Company will be required to seek further
equity financing. The Company's ability to raise further funds will
depend on the success of its strategy and operations. The Company
may not be successful in procuring the requisite funds on terms
that are acceptable to it, or at all. If such funding is
unavailable, the Company may be required to reduce the scope of its
operations and investments or anticipated expansion, abandon its
strategy, incur financial penalties or miss certain
opportunities.
The Directors review the Company's funding requirements on a
regular basis, and take such action as may be necessary to either
curtail expenditures and / or raise additional funds from available
sources including the issuance of debt or equity. Management has
successfully raised money to date, but there is no guarantee that
adequate funds will be available when needed in the future.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 29 MARCH 2021
Year ended Year ended
29 March 2021 29 March 2020
Note GBP GBP
------------------------------------- ---- --------------- ---------------
Administrative expenses (645,287) (340,733)
Operating loss (645,287) (340,733)
Finance expense 9 (5,894) (3,224)
Loss before tax (651,181) (343,957)
--------------- ---------------
Tax credit 10 107,178 162,191
Loss (544,003) (181,766)
--------------- ---------------
Loss attributable to:
Owners of the parent (544,003) (181,766)
--------------- ---------------
Other comprehensive income:
Items that will or may be
reclassified to profit or
loss:
Exchange translation differences
on foreign operations (6,870) (2,565)
--------------- ---------------
Total comprehensive loss (550,873) (184,331)
--------------- ---------------
Total comprehensive loss
attributable to equity shareholders (550,873) (184,331)
=============== ===============
Earnings per share basic
and diluted (pence) 11 (0.63)p (0.24)p
--------------- ---------------
The notes are an integral part of these financial statements
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 29 MARCH 2021
Year ended Year ended
29 March 2021 29 March 2020
Note GBP GBP
------------------------------ ---- -------------- ---------------
Non-current assets
Intangible assets 12 2,040,777 1,614,696
Tangible fixed assets 13 34,298 -
2,075,075 1,614,696
-------------- ---------------
Current assets
Trade and other receivables 15 186,690 160,889
Digital assets 16 220,602 -
Cash and cash equivalents 17 543,520 135,035
950,812 295,924
-------------- ---------------
Total assets 3,025,887 1,910,620
-------------- ---------------
Current liabilities
Trade and other payables 18 229,977 216,925
Borrowings 50,000 -
Total liabilities 279,977 216,925
Net assets 2,745,910 1,693,695
-------------- ---------------
Equity attributable to owners
of the parent
Share capital 19 9,398 8,385
Share premium 19 3,062,103 3,727,035
Share based payment reserve 20 17,007 -
Other reserves 19 (205,000) (205,000)
Translation reserve (25,479) (18,609)
Retained earnings (112,119) (1,818,116)
-------------- ---------------
Total equity attributable
to owners of the parent 2,745,910 1,693,695
-------------- ---------------
Total equity 2,745,910 1,693,695
-------------- ---------------
The Company has elected to take the exemption under section 408
of the Companies Act 2006 not to present the Parent Company
Statement of Comprehensive Income.
The loss before tax for the Parent Company for the year was
GBP651,848 (2020: GBP357,796).
The financial statements were approved by the Board of Directors
and authorised for issue on 29 September 2021 and were signed on
its behalf by
I A Roberts
Director
The notes are an integral part of these Financial
Statements.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 29 MARCH 2021
Attributable to owners of the parent
Share
based
Share Share Payment Other Translation Retained
capital premium Reserve reserves reserve earnings Total
Note GBP GBP GBP GBP GBP GBP GBP
-------------- ------ --------- ----------- -------- --------- ----------- ----------- ---------
Balance as at 29 March
2019 7,580 2,920,599 - (200,000) (16,044) (1,636,350) 1,075,785
--------- ----------- -------- --------- ----------- ----------- ---------
Loss for the year - - - - - (181,766) (181,766)
Other comprehensive
loss - - - - (2,565) - (2,565)
--------- ----------- -------- --------- ----------- ----------- ---------
Total comprehensive
loss for the year - - - - (2,565) (181,766) (184,331)
--------- ----------- -------- --------- ----------- ----------- ---------
Issue of shares, net
of issue costs 805 806,436 - - - - 807,241
Share exchange - - (5,000) - - (5,000)
--------- ----------- -------- --------- ----------- ----------- ---------
Transactions with
owners,
recognised directly
in equity 805 806,436 - (5,000) - - 802,241
--------- ----------- -------- --------- ----------- ----------- ---------
Balance as at 29 March
2019 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
========= =========== ======== ========= =========== =========== =========
Balance as at 29 March
2020 8,385 3,727,035 - (205,000) (18,609) (1,818,116) 1,693,695
========= =========== ======== ========= =========== =========== =========
Loss for the year - - - - - (544,003) (544,003)
Other comprehensive
loss - - - - (6,870) - (6,870)
--------- ----------- -------- --------- ----------- ----------- ---------
Total comprehensive
loss for the period - - - - (6,870) (544,003) (550,873)
--------- ----------- -------- --------- ----------- ----------- ---------
Issue of shares, net
of issue costs 1,013 1,602,075 - - - - 1,603,088
Share based
payment
charge - (17,007) 17,007 - - - -
Reduction in share
capital - (2,250,000) - - - 2,250,000 -
--------- ----------- -------- --------- ----------- ----------- ---------
Transactions with
owners,
recognised directly
in equity 1,013 (664,932) 17,007 - - 2,250,000 1,603,088
--------- ----------- -------- --------- ----------- ----------- ---------
Balance as at 29 March
2021 9,398 3,062,103 17,007 (205,000) (25,479) (112,119) 2,745,910
========= =========== ======== ========= =========== =========== =========
Year ended 29 March 2021
Retained earnings - The retained earnings reserve includes all
current and prior periods retained profits and losses.
Other reserves comprise of 666,667 shares that were acquired
from a third party in exchange for monies paid out by the Company
on the third party's behalf during the year to 29 March 2019.
Translation reserve - The translation reserves includes foreign
exchange movements on translating the overseas subsidiaries
records, denominated in USD, to the presentational currency,
GBP.
The notes are an integral part of these Financial
Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 29 MARCH 2021
Year ended Year ended
29 March 29 March
2021 2020
Note GBP GBP
-------------------------------------- ---- ----------- ----------
Cash flows from operating activities
Loss before tax (651,181) (343,957)
Adjustments for:
Depreciation and amortisation 1,230 -
Increase in Fair Value of digital
asset (5,022) -
(Increase)/decrease in trade
and other receivables (25,801) (4,689)
Increase/(decrease) in trade
and other payables 63,052 (252,854)
Cash used in operations (617,722) (601,500)
----------- ----------
Income tax credit 107,178 162,191
Net cash flows from operating
activities (510,544) (439,309)
----------- ----------
Investing activities
Purchase of intangible assets (426,081) (225,439)
Purchase of tangible assets (35,528) -
Net cash used in investing activities (461,609) (225,439)
----------- ----------
Financing activities
Proceeds from Issue of shares,
net of issue costs 1,387,508 807,241
Acquisition of owner shares - (5,000)
Net cash generated from financing
activities 1,387,508 802,241
----------- ----------
Net increase in cash and cash
equivalents 415,355 137,493
Cash and cash equivalents at
beginning of period 135,035 107
Exchange rate differences on
cash and cash equivalents (6,870) (2,565)
----------- ----------
Cash and cash equivalents and
end of period 15 543,520 135,035
----------- ----------
The notes are an integral part of these Financial
Statements.
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 MARCH 2021
Year ended Year ended
29 March 2021 29 March 2020
Note GBP GBP
------------------------------ ---- -------------- ---------------
Non-current assets
Intangible assets 12 2,006,551 1,576,792
Tangible assets 13 34,298 -
2,040,849 1,576,792
-------------- ---------------
Current assets
Trade and other receivables 15 470,910 438,498
Digital assets 16 220,602 -
Cash and cash equivalents 17 543,520 135,035
1,235,032 573,533
-------------- ---------------
Total assets 3,275,881 2,150,325
-------------- ---------------
Current liabilities
Trade and other payables 18 229,957 212,820
Borrowings 50,000 -
Total liabilities 279,957 212,820
Net assets 2,995,924 1,937,505
-------------- ---------------
Equity attributable to owners
of the parent
Share capital 19 9,398 8,385
Share premium 19 3,062,103 3,727,035
Share based payment reserve 20 17,007 -
Other reserves 19 (205,000) (205,000)
Translation reserve (12,511) (12,511)
Retained earnings 124,927 (1,580,404)
-------------- ---------------
Total equity attributable
to owners of the parent 2,995,924 1,937,505
-------------- ---------------
Total equity 2,995,924 1,937,505
-------------- ---------------
The financial statements were approved by the Board of Directors
and authorised for issue on 29 September 2021 and were signed on
its behalf by
I A Roberts
Director
The notes are an integral part of these Financial
Statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 29 MARCH 2021
Share
based
Share Share Payment Other Translation Retained
capital premium reserve reserves reserve earnings Total
Note GBP GBP GBP GBP GBP GBP GBP
-------------------------- ----- -------- ----------- -------- --------- ----------- ----------- ---------
Balance as at 29 March
2019 7,580 2,920,599 - (200,000) (18,535) (1,384,798) 1,324,846
-------- ----------- -------- --------- ----------- ----------- ---------
Loss for the year - - - - - (195,606) (195,606)
Other comprehensive
loss - - - - 6,024 - 6,024
-------- ----------- -------- --------- ----------- ----------- ---------
Total comprehensive
loss for the year - - - - 6,024 (195,606) (189,582)
-------- ----------- -------- --------- ----------- ----------- ---------
Issue of shares, net
of issue costs 805 806,436 - - - - 807,241
-------- ----------- -------- --------- ----------- ----------- ---------
Share exchange 805 806,436 - - - - 807,241
-------- ----------- -------- --------- ----------- ----------- ---------
Transactions with owners,
recognised directly
in equity 8,385 3,727,035 - (205,000) (12,511) (1,580,404) 1,937,505
======== =========== ======== ========= =========== =========== =========
Balance as at 29 March
2020 8,385 3,727,035 - (205,000) (12,511) (1,580,404) 1,937,505
======== =========== ======== ========= =========== =========== =========
Balance as at 29 March
2020 8,385 3,727,035 - (205,000) (12,511) (1,580,404) 1,937,505
======== =========== ======== ========= =========== =========== =========
Loss for the year - - - - - (544,669) (544,669)
Other comprehensive - - -
loss - - - -
-------- ----------- -------- --------- ----------- ----------- ---------
Total comprehensive
loss for the period - - - - - (544,669) (549,669)
-------- ----------- -------- --------- ----------- ----------- ---------
Issue of shares, net
of issue costs 1,013 1,602,075 - - - - 1,603,088
Share based payment
reserve - (17,007) 17,007 - - - -
Reduction in share
capital - (2,250,000) - - - 2,250,000 -
-------- ----------- -------- --------- ----------- ----------- ---------
Transactions with owners,
recognised directly
in equity 1,013 (664,932) 17,007 - - 2,250,000 1,603,088
-------- ----------- -------- --------- ----------- ----------- ---------
Balance as at 29 March
2021 9,398 3,062,103 17,007 (205,000) (12,511) 124,927 2,995,924
======== =========== ======== ========= =========== =========== =========
The notes are an integral part of these Financial
Statements.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEARED 29 MARCH 2021
Year ended Year ended
29 March 29 March
2021 2020
Note GBP GBP
--------------------------------------- ---- ---------- ----------
Cash flows from operating activities
Loss before tax (651,847) (357,796)
Adjustments for:
Depreciation and amortisation 1,230 -
Increase in Fair Value of digital
asset (5,022) -
(Increase) in trade and other
receivables (32,412) (175,838)
Increase/(Decrease) in trade and
other payables 67,137 (89,974)
Cash used in operations (620,914) (623,608)
---------- ----------
Income taxes credit 107,178 162,191
Net cash flows used in operating
activities (513,736) (461,417)
---------- ----------
Investing activities
Purchase of intangible assets (429,759) (211,929)
Purchase of tangible assets (35,528) -
Net cash used in investing activities (465,287) (211,929)
---------- ----------
Financing activities
Proceeds from Issue of shares,
net of issue costs 1,387,508 807,241
Acquisition of owner shares - (5,000)
Net cash generated from financing
activities 1,387,508 802,241
---------- ----------
Net increase in cash and cash
equivalents 408,485 128,895
Cash and cash equivalents at beginning
of period 135,035 116
Exchange rate differences on cash
and cash equivalents - 6,024
---------- ----------
Cash and cash equivalents and
end of period 17 543,520 135,035
---------- ----------
The notes are an integral part of these Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 29 MARCH 2021
1. General Information
The principal activity of TruSpine Technologies Plc (the
'Company') and its subsidiaries (together the 'Group') is the
development of products for the spinal fusion market. The Company
is a public limited company which is listed on the Aquis Stock
Exchange and is incorporated and domiciled in England. The address
of its registered office is located at Spectrum House AF33, Beehive
Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.
2. Accounting policies
The principal accounting policies applied in the preparation of
this Financial Information are set out below ('Accounting Policies'
or 'Policies'). These Policies have been consistently applied to
all the periods presented, unless otherwise stated.
2.1. Basis of Preparation
The Consolidated Financial Information of TruSpine Technologies
Plc has been prepared in accordance with International Financial
Reporting Standards ('IFRS') and IFRIC Interpretations Committee
('IFRS IC'). The Consolidated Financial Information has also been
prepared under the historical cost convention.
The Financial Information is presented in UK Pounds Sterling
rounded to the nearest pound.
The preparation of Financial Information in conformity with
IFRS's requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the
process of applying the Group's Accounting Policies. The areas
involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the Financial
Information are disclosed in Note 4.
2.2. Changes in accounting policies and disclosures
(a) New and amended standards mandatory for the first time for
the financial period under review
A number of new standards and amendments to standards and
interpretations are effective for the financial period beginning on
or after 1 January 2020 and have been applied in preparing these
Financial Statements. New standards mandated for 2021 have been
applied consistently across all periods presented.
The Group has adopted the following standards and amendments for
the first time for the periods under review:
-- Amendments to References to the Conceptual Framework in IFRS Standards;
-- IAS 1 and IAS 8, Definition of Material
-- IFRS 3, Business Combinations amendments;
-- IAS 16, Property, Plant and Equipment amendments; and
-- IAS 37, Cost of Fulfilling a Contract.
There was no significant impact as a result of the adoption of
these standards.
(b) New standards, amendments and interpretations in issue but
not yet effective or not yet endorsed and not early adopted
A number of new standards and amendments to standards and
interpretations are effective for the financial period beginning on
or after 1 January 2022 and have been applied in preparing these
Financial Statements.
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the Financial Statements
are listed below. The Group intends to adopt these standards, if
applicable, when they become effective.
Effective
Standard Impact on initial application date
-------------------- ---------------------------------- -----------
IAS 16 Proceeds before Intended Use 1 January
2022
IFRS 3 (Amendments) Business combinations - Reference *1 January
to the Conceptual Framework 2022
IAS 37 (Amendments) Cost of Fulfilling a Contract *1 January
2022
(*Subject to EU endorsement)
The Group is evaluating the impact of the new and amended
standards above. The Directors believe that these new and amended
standards are not expected to have a material impact on the Group's
results or shareholders' funds.
2.3. Basis of consolidation
The Consolidated Financial Information consolidate the Financial
Statements of the Company and of all of its subsidiary undertakings
for all periods presented.
Subsidiaries are entities over which the Group has control. The
Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated
from the date that control ceases.
Where necessary, adjustments are made to the financial
information of subsidiaries to bring the accounting policies used
into line with those used by other members of the Group. All
intercompany transactions and balances between Group enterprises
are eliminated on consolidation.
2.4. Going concern
The Financial Information has been prepared on a going concern
basis. In assessing whether the going concern assumption is
appropriate, the Directors take into account all available
information for the foreseeable future, in particular for the
twelve months from the date of approval of the Financial Statements
and perform scenario planning thereon. This information includes
management prepared cash flows forecasts, available sources of
funding and considerations of the impact of COVID-19 including how
the global pandemic may impact product launch and sales.
During the period the Company raised GBP1.4m at the time of the
Company's Listing and GBP620,500 by share subscriptions thereafter.
Subsequent to the year-end it has raised further funds of GBP78,000
in May 2021 and GBP650,000 in September 2021, the monies being used
to further fund the Company's development programme.
Management have considered a variety of scenarios in their going
concern consideration including a worst-case scenario whereby
product approval is not achieved within the expected timeframe and
therefore sales do not occur within the next 12 months and cost
reductions are implemented as a result. Based on this base case
scenario Directors have a reasonable expectation that the Group and
Company have adequate resources to continue in operational
existence for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing the Financial
Information.
2.5. Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the Board, who is considered to be
the Chief Operating Decision Maker ('CODM'). The Board makes the
strategic decisions and separates its activities by geographical
location.
2.6. Foreign currencies
a) Functional and presentation currency
Items included in the financial statements of each of the
Group's entities are measured using the currency of the primary
economic environment in which the entity operates (the 'functional
currency'). The functional currency of the Group is Pounds
Sterling. The consolidated financial statements are presented in
Pounds Sterling (GBP), rounded to the nearest pound, which is the
Company's and Group's functional and presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where such items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies
are recognised in the Income Statement. Foreign exchange gains and
losses that relate to borrowings and cash and cash equivalents are
presented in the income statement within 'finance income or costs.
All other foreign exchange gains and losses are presented in the
income statement within 'Other net gains/(losses)'.
Translation differences on non-monetary financial assets and
liabilities such as equities held at fair value through profit or
loss are recognised in profit or loss as part of the fair value
gain or loss. Translation differences on non-monetary financial
assets measured at fair value, such as equities classified as
available for sale, are included in other comprehensive income.
2.7. Intangible assets
Research costs are expensed as incurred. Development
expenditures derive from costs incurred by third party contractors
and management's view of time spent by individual consultants that
are directly attributable to individual projects. These costs are
recognised as intangible assets when the Group can demonstrate:
-- the technical feasibility of completing the intangible asset
so that it will be available for use or sale;
-- its intention to complete the intangible asset and its ability to use or sell the asset;
-- how the intangible asset will generate future economic benefits;
-- the availability of resources to complete the asset; and
-- the ability to measure reliably the expenditure attributable
to the intangible asset during its development
2.8. Impairment of Non-Financial Assets
Assets that have an indefinite useful life or are not ready to
use are not subject to amortisation and are tested annually for
impairment. At each year-end date, the Group reviews the carrying
amounts of its intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss
(if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value, less costs to sell,
and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value, using a pre-tax
discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted. If the
recoverable amount of an asset (or cash-generating unit) is
estimated to be less than its carrying amount, the carrying amount
of the asset (cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised as an expense
immediately.
2.9. Financial Assets
Initial recognition
A financial asset is recognised in the statement of financial
position when it arises or when the Company becomes part of the
contractual terms of the financial instrument.
Classification
The Group and Parent Company classifies its financial assets at
amortised cost.
The Group and Parent Company measures financial assets at
amortised cost if both of the following conditions are met:
-- the asset is held within a business model whose objective is
to collect contractual cash flows; and
-- the contractual terms of the financial asset generating cash
flows at specified dates only pertain to capital and interest
payments on the balance of the initial capital.
Financial assets which are measured at amortised cost, are
measured using the Effective Interest Rate Method (EIR) and are
subject to impairment. Gains and losses are recognised in profit or
loss when the asset is derecognised, modified or impaired.
Derecognition
A financial asset is derecognised when:
-- the rights to receive cash flows from the asset have expired, or
-- the Company has transferred its rights to receive cash flows
from the asset or has undertaken the commitment to fully pay the
cash flows received without significant delay to a third party
under an arrangement and has either (a) transferred substantially
all the risks and the assets of the asset or (b) has neither
transferred nor held substantially all the risks and estimates of
the asset but has transferred the control of the asset.
Impairment
The Group and Parent Company recognise a provision for
impairment for expected credit losses regarding all financial
assets. Expected credit losses are based on the balance between all
the payable contractual cash flows and all discounted cash flows
that the Group and Parent Company expect to receive. Regarding
trade receivables, the Group and Parent Company applies the IFRS 9
simplified approach in order to calculate expected credit losses.
Therefore, at every reporting date, provision for losses regarding
a financial instrument is measured at an amount equal to the
expected credit losses over its lifetime without monitoring changes
in credit risk. To measure expected credit losses, trade
receivables and contract assets have been grouped based on shared
risk characteristics.
2.10. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and
are subject to an insignificant risk of changes in value.
2.11. Digital assets
Digital assets, including tokens and cryptocurrency, do not
qualify for recognition as cash and cash equivalents or financial
assets, and have an active market which provides pricing
information on an ongoing basis.
On initial recognition Digital Assets are held at cost. The
Company has elected to adopt the revaluation approach with its
digital assets with any movements thereon going through other
comprehensive until sold whereupon any gains or losses realised are
allocated to profit or loss.
Digital assets are included in current assets as management
intends to dispose of them within 12 months of the end of the
reporting period.
2.12. Share Capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
2.13. Share-based payments
Equity-settled share-based payments are measured at fair value
at the date of grant by reference to the fair value of the equity
instruments granted using the Black-Scholes model. The fair value
determined at the grant date is expensed on a straight-line basis
over the vesting period, based on the estimate of shares that will
eventually vest. A corresponding adjustment is made to equity.
When the terms and condition of equity settled share-based
payments at the time they were granted are subsequently modified,
the fair value of the share-based payment under the original terms
and conditions and under the modified terms and conditions are both
determined at the date of the modification. Any excess of the
modified fair value over the original fair value is recognised over
the remaining vesting period in addition to the grant date fair
value of the original share-based payment. The share-based payment
expense is not adjusted if the modified fair value is less than the
original fair value.
2.14. Financial liabilities including trade and other payables and borrowings
Financial liabilities measured at amortised cost using the
effective interest rate method include current borrowings and trade
and other payables that are short term in nature. Financial
liabilities are derecognised if the Group or Parent Company's
obligations specified in the contract expire or are discharged or
cancelled.
Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the effective interest rate ("EIR"). The EIR amortisation
is included as finance costs in profit or loss. Trade payables
other payables are non-interest bearing and are stated at amortised
cost using the effective interest method.
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Borrowings are subsequently carried at
amortised cost: any difference between the proceeds and the
redemption value is recognised in the income statement over the
period of the borrowings, using the effective interest method.
Borrowings are classified as current liabilities unless the Group
or Parent Company has an unconditional right to defer settlement of
the liability for at least one year after the end of the reporting
period.
2.15. Taxation
The tax expense for the period comprises current tax. Tax is
recognised in the income statement, except to the extent that it
relates to items recognised directly in equity. In this case the
tax is also recognised directly in other comprehensive income or
directly in equity, respectively.
The current income tax charge is calculated on the basis of the
tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company operates and
generates taxable income. Management periodically evaluates
positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred tax represents the tax expected to be payable or
recoverable on the temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. The Group has
reoccurring tax losses which can be used to offset future profits.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised. No deferred tax asset has been
recognised in the current year.
The Group receives small and medium sized enterprises research
and development tax relief for their costs incurred in developing,
implementing and testing the platform software. The R&D relief
is calculated on the basis of the tax laws enacted at the end of
the reporting period in the United Kingdom and is recognised in the
period in which it is received.
2.16. Earnings per share
Basic and diluted earnings per share is calculated by
dividing:
-- the profit attributable to owners of the company, excluding
any costs of servicing equity other than ordinary shares;
-- by the weighted average number of ordinary shares outstanding
during the financial year, adjusted for bonus elements in ordinary
shares issued during the year and excluding treasury shares (note
17).
3. Financial risk management
3.1. Financial risk factors
The Group's activities expose it to a variety of financial
risks. The Group's Board monitors and manages the financial risks
relating to the operations of the Group. This note describes the
Group's objectives, policies and processes for managing those risks
and the methods used to measure them. Further quantitative
information in respect of these risks is presented throughout this
financial information.
Financial instruments
The financial instruments used by the Group, from which
financial instrument risk arises, are trade and other receivables
(see note 14), cash (see note 15) and trade and other payables (see
note 16). All are held at amortised cost.
General objectives, policies and processes
The Directors have overall responsibility for the determination
of the Company's risk management objectives and policies. Further
details regarding these policies are set out below:
Credit risk
Credit risk arises from cash and cash equivalents as well as any
outstanding receivables. Essentially it is the risk of financial
loss to the Group and Parent Company if a customer or counterparty
to a financial instrument fails to meet its contractual obligations
and arises principally from the Group and Parent Company's
receivables from customers. Management does not expect any losses
from non-performance of these receivables. To manage this risk, the
Board periodically assesses the financial reliability of any
counterparties the Group deal with. Essentially it is
The Group considers the credit risk on cash and cash equivalents
to be limited because the counterparties are banks with high credit
ratings assigned by international credit rating agencies.
The carrying amount of financial assets recorded in the
financial statements represent the Group's maximum exposure to
credit risk.
Market risk - Foreign exchange risk
The Group is exposed to market risk, primarily relating to
foreign exchange from its US subsidiary operation. The Group does
not hedge against market risks as the exposure is not deemed
sufficient to enter into forward contracts. The Group has not
sensitised the figures for fluctuations in foreign exchange as the
Directors are of the opinion that these fluctuations would not have
a material impact on the Financial Information of the Group at the
present time. The Directors will continue to assess the effect of
movements in market risks on the Group's financial operations and
initiate suitable risk management measures where necessary.
Liquidity risk
The Group's continued future operations depend on its ability to
raise sufficient working capital through the issue of share capital
and generate revenue.
3.2. Capital risk management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern.
It is the aim of the Directors to manage the capital structure
in order to reduce the overall cost of capital. The capital
comprises the shareholders' equity and going forward it is also
expected to include cash and cash equivalent, and borrowings.
The Group defines capital based on the total equity of the
Company. The Group monitors its level of cash resources available
against future planned operational activities and may issue new
shares in order to raise further funds from time to time.
There are currently no restrictions on the capital of the
Company.
4. Critical accounting estimates and judgements
The preparation of the financial information in conformity with
IFRS 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 date of the
financial information and the reported amount of expenses during
the year. Actual results may vary from the estimates used to
produce this financial information.
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. Revisions to accounting estimates are recognised in
the period in which the estimate is revised where the revision
affects only that period, or in the period of the revision and
future periods where the revision affects both current and future
periods.
Significant accounting judgements, estimates and assumptions
Management has considered the significant accounting judgements,
estimates and assumptions and consider the following to be the
critical estimate and judgement which would materially affects the
Financial Statements.
Valuation of intangible assets
The directors considered whether any impairments were required
on the value of the development costs, in accordance with the
accounting policy. Where applicable, the recoverable amounts of
cash generating units have been determined based on value in use
calculations using information from third parties and an internal
evaluation of future income streams in conjunction with the
development stage the Group has reached at any one stage. These
calculations require the entity to estimate future cash flows
expected to arise from the cash generating unit and apply a
suitable discount rate, based on market conditions in order to
calculate present value. The directors have concluded that no
impairment charge is necessary.
Intangible assets comprise capitalised development costs in
respect of three projects. These costs are considered in the light
of the requirements of IAS 38 "Intangible Assets". Development
costs are amortised over the life of the project once a product
enters the commercial phase. The projected useful lives of
intangible assets are based on management estimates of the period
that the asset will be able to generate revenue. Future events
could cause the assumptions to change and therefore could impact
the future results of the Group and Parent Company. Further details
of these estimates are available in note 12.
5. Segment information
Management has determined the operating segments based on
reports reviewed by the Board of Directors that are used to make
strategic decisions. During the periods presented the Group had
interests in two key geographical segments, being the UK and the
USA. The Group is concentrating on developing one product at a time
and is currently focussing on its Cervi-LOK product. However, it
has incurred development and patent costs on each of its products
and these have been separated out in note 12 on Intangible
assets.
Group
UK USA Total
Year to 31 March 2021 GBP GBP GBP
-------------------------------- ---------- -------- ----------
(Loss)/profit from operations
per reportable segment (651,848) 667 (651,181)
--------------------------------- ---------- -------- ----------
Additions to non-current
assets 465,287 (3,678) 461,609
Reportable segment assets 2,991,661 34,226 3,025,887
Reportable segment liabilities (229,857) (20) (229,977)
--------------------------------- ---------- -------- ----------
UK USA Total
Year to March 2020 GBP GBP GBP
-------------------------------- ---------- -------- ----------
(Loss)/profit from operations
per reportable segment (357,796) 13,839 (343,957)
--------------------------------- ---------- -------- ----------
Additions to non-current
assets 211,929 13,510 225,439
Reportable segment assets 1,872,716 37,904 1,910.620
Reportable segment liabilities (212,820) (4,105) (216,925)
--------------------------------- ---------- -------- ----------
6. Expenses by nature
Year ended Year ended
29 March 29 March
Group 2021 2020
GBP GBP
--------------------------------------- ---------- ------------
Consultancy fees 260,635 207,833
Salaries 72,000 5,000
Professional and legal costs 151,706 9,416
Conference/Registration costs - 1,775
Marketing & PR 25,635 1,900
Website costs 6,978 895
Bad debt expense 17,588 -
Office costs 38,400 10,994
Premises costs 30,212 8,396
Travel, entertainment and subsistence
costs 20,504 80,492
Meeting expenses 421 11,966
Insurance 9,938 -
Other Administration expenses 16,293 2,066
Gain in fair value of digital asset at
reporting date (5,022) -
(645,287) (340,733)
---------- ------------
7. Auditor's Remuneration
Services provided by the group's auditor and its associates
During the year, the Group (including its overseas subsidiaries)
obtained the following services from the Company's auditor and its
associates:
Year ended Year ended
29 March 29 March
2021 2020
GBP GBP
------------------------------------------- ---------- ----------
Fees payable to the Company's auditor
and its associates for the audit of the
Parent Company and consolidated financial
statements (27,000) (25,000)
Fees payable to the Company's auditor
and its associates for other services:
Reporting accountant services (18,000) (93,000)
(45,000) (118,000)
---------- ----------
8. Employee benefits expenses
The Group had two employees during the period under review,
including a director. All of the research and development was
completed by external consultants, whose costs are shown in Note 6.
Other directors provided consultancy services to the Group, details
of their remuneration are detailed below. All amounts are short
term in nature:
Year ended Year ended
Group 29 March 2021 29 March 2020
GBP GBP
------------------ -------------- --------------
Ian Roberts 87,500 8,750
Norman Lott 65,267 48,000
Martin Armstrong 7,000 -
Annabel Schild 7,000 -
Dr Timothy Evans 7,000 -
173,267 56,750
-------------- --------------
The average number of directors in the year to 29 March 2021 was
5 (March 2020 - 3).
There were no pension benefits paid or payable to any of the
directors in any of the periods under review.
9. Finance expense
Year ended
29 March Year ended
Group 2021 29 March 2020
GBP GBP
------------------------- ------------ ---------------
Other interest expense 3,728 1,632
Bank and finance charges 2,166 1,592
5,894 3,224
------------ ---------------
10. Taxation
Tax recognised in profit or loss
Group Year ended Year ended
29 March 29 March
2021 2020
GBP GBP
-------------------------------------------------- ----------- ------------ ---
Current tax credit 107,178 162,191
Deferred tax - -
-------------------------------------------------- ----------- ------------ ---
Net tax credit 107,178 162,191
-------------------------------------------------- ----------- ------------ ---
Year ended Year ended
29 March 29 March
2021 2020
GBP GBP
-------------------------------------------------- ----------- ------------
Loss before tax (651,181) (343,957)
================================================== ----------- ------------
Standard rate of UK corporation tax 19% 19%
Loss on ordinary activities before tax multiplied
by standard rate UK corporation tax (123.724) (65,352)
Tax adjustment (335) (237)
Unrelieved tax losses carried forward 124,059 65,589
UK research and development tax credit 107,178 162,191
----------- ------------
Tax credit 107,178 162,191
----------- ------------
At 29 March 2021, the Group are carrying forward estimated tax
losses of GBP1.51m (2020: GBP1.38m) in respect of various
activities over the years. The Company did not recognise a deferred
income tax credit due to uncertainty concerning the timescale of
its recoverability.
11. Earnings per share
Basic and diluted earnings per share is calculated by dividing
the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the Company and held
as treasury shares. Diluted EPS is not shown as the Group is loss
making.
Profit attributable to equity holders of Year ended Year ended
the Company 29 March 29 March
2021 2020
Profit/(Loss) attributable to equity holders
of the Company (544,003) (181,766)
Weighted average number of ordinary shares
in issue 86,210,308 76,773,336
----------- -----------
Earnings per share basic and diluted (pence) (0.63) (0.24)
=========== ===========
12. Intangible assets
Development Development Development Patent
costs costs costs rights Total
Cervi-LOK Faci-LOK GRASP
Group GBP GBP GBP GBP GBP
-------------------------- ----------- ----------- ----------- ------- ---------
Cost
As at 30 March 2019 423,874 423,874 478,648 62,861 1,389,257
----------- ----------- ----------- ------- ---------
Additions 193,268 - 7,881 24,290 225,439
Disposals - - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2020 617,142 423,874 486,529 87,151 1,614,696
----------- ----------- ----------- ------- ---------
Additions 340,188 - - 85,893 426,081
Disposals - - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2021 957,330 423,874 486,529 173,044 2,040,777
----------- ----------- ----------- ------- ---------
Amortisation/Impairment
As at 30 March 2020 - - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2021 - - - - -
----------- ----------- ----------- ------- ---------
Net book value
----------- ----------- ----------- ------- ---------
As at 29 March 2020 617,142 423,874 486,529 87,151 1,614,696
----------- ----------- ----------- ------- ---------
As at 29 March 2021 957,330 423,874 486,529 173,044 2,040,777
----------- ----------- ----------- ------- ---------
Development Development Development Patent
costs costs costs rights Total
Cervi-LOK Faci-LOK GRASP
Company GBP GBP GBP GBP GBP
------------------------- ----------- ----------- ----------- ------- ---------
Cost
As at 30 March 2019 423,874 423,874 478,648 38,467 1,364,863
----------- ----------- ----------- ------- ---------
Additions 185,404 - 7,881 18,644 211,929
Disposals - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2020 609,278 423,874 486,529 57,111 1,576,792
----------- ----------- ----------- ------- ---------
Additions 340,937 - - 88,822 429,759
Disposals - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2021 950,215 423,874 486,529 145,933 2,006,551
----------- ----------- ----------- ------- ---------
Amortisation/Impairment
As at 30 March 2020 - - - - -
----------- ----------- ----------- ------- ---------
As at 29 March 2021 - - - - -
----------- ----------- ----------- ------- ---------
Net book value
----------- ----------- ----------- ------- ---------
As at 29 March 2020 609,278 423,874 486,529 57,111 1,576,792
----------- ----------- ----------- ------- ---------
As at 29 March 2021 950,215 423,874 486,529 145,933 2,006,551
----------- ----------- ----------- ------- ---------
The Group is currently actively developing, with a view to
commercialising, three key medical products as follows:-
- Faci-LOK spinal system
- Cervi-LOK spinal system
- GRASP Laminoplasty system
Development costs comprise of costs incurred by third party
contractors and management's view of time spent by individual
consultants The Group and Parent Company capitalise development
costs and details of the accounting policy can be found in Note
2.6.
The intangible assets are reviewed for impairment annually and
whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. The recoverable
amount of intangible assets is determined based on a value in use
calculation using cash flow forecasts derived from the most recent
financial model information available, using a conservative
discount rate of 20% based on the cost of capital. The resultant
net present values calculated are well in excess of the carrying
value of the intangible assets and as of 29 March 2021, no
impairment is necessary.
The intangible assets have not been amortised in the periods
covered in these statements as the assets are still in their
development stage and not yet been put in to use/commercialised.
The key estimate used by management is in respect of the timing of
the commercialisation of the products and when the first revenues
commence.
Software Office equipment Furniture
development and Fixtures Total
Group GBP GBP GBP GBP
--------------------------- ------------ ---------------- ------------- ------
Cost
As at 30 March 2019 - - - -
------------ ---------------- ------------- ------
Additions - - - -
Disposals - - - -
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
Additions 30,000 2,469 3,059 35,528
Disposals - - - -
------------ ---------------- ------------- ------
As at 29 March 2021 30,000 2,469 3,059 35,528
Accumulated depreciation
------------ ---------------- ------------- ------
As at 30 March 2019 - - - -
------------ ---------------- ------------- ------
Charge for the year - - - -
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
Charge for the year - 618 612 1,230
------------ ---------------- ------------- ------
As at 29 March 2021 618 612 1,230
------------ ---------------- ------------- ------
Net book value
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
As at 29 March 2021 30,000 1,851 2,447 34,298
------------ ---------------- ------------- ------
13. Tangible assets
Software Office equipment Furniture
development and Fixtures Total
Company GBP GBP GBP GBP
--------------------------- ------------ ---------------- ------------- ------
Cost
As at 30 March 2019 - - - -
------------ ---------------- ------------- ------
Additions - - - -
Disposals - - - -
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
Additions 30,000 2,469 3,059 35,528
Disposals - - - -
------------ ---------------- ------------- ------
As at 29 March 2021 30,000 2,469 3,059 35,528
Accumulated depreciation
------------ ---------------- ------------- ------
As at 30 March 2019 - - - -
------------ ---------------- ------------- ------
Charge for the year - - - -
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
Charge for the year - 618 612 1,230
------------ ---------------- ------------- ------
As at 29 March 2021 618 612 1,230
------------ ---------------- ------------- ------
Net book value
------------ ---------------- ------------- ------
As at 29 March 2020 - - - -
------------ ---------------- ------------- ------
As at 29 March 2021 30,000 1,851 2,447 34,298
------------ ---------------- ------------- ------
14. Investment in Subsidiaries
Year ended Year ended
29 March 29 March
2021 2020
Company GBP GBP
--------------------- ---------- ----------
As at 30 March 2020 - -
Additions - -
--------------------- ---------- ----------
Cost at 29 March 2021 - -
--------------------- ---------- ----------
The following are the principal subsidiaries of the Company at
29 March 2021 and at the date of these Financial Statements.
Principal Share
Name of Place Registered Class capital
company of Business office address Parent company of shares held Nature of business
-------------- ------------- ------------------- -------------- ------------ -------- --------------------
TruSpine England Spectrum House TruSpine Ordinary 100% Medical Devices
Technologies & Wales Af33 Beehive Technologies Company developing
International Ring Road, Limited spinal fusion
Limited London Gatwick products
Airport, Gatwick,
England, RH6
0LG
TruSpine United 90 State Street, TruSpine Ordinary 100% Medical Devices
Technologies States Suite 700, Technologies Company developing
International of America Albany NY, Limited spinal fusion
Inc 1220, USA products
15. Trade and other receivables
Group Group Company Company
Year ended Year ended Year ended Year ended
29 March 29 March 29 March 29 March
2021 2020 2021 2020
GBP GBP GBP GBP
--------------------------- ----------- ----------- ----------- -----------
VAT receivable 14,609 30,116 14,609 30,116
Research & development tax
credit 82,361 - 82,361 -
Other receivables 89,720 130,773 89,720 130,773
Amount due from subsidiary
company - - 284,221 277,609
186,690 160,889 470,911 438,498
----------- ----------- ----------- -----------
Other receivables relate to monies owed by third parties as
follows:
Other receivables include monies owed to the Company by OPP
Systems Ltd and Copian Capital Partners Ltd as detailed in note 21
on Related parties. None of these are past due.
16. Digital assets
Group and Company 29 March 29 March
2021 2020
GBP GBP
Balance as at 29 March 2020 - -
Crypto assets purchased and received 300,000 -
Crypto assets sold (84,420) -
Fair value through profit and loss 5,022 -
--------- ---------
Balance as at 29 March 2021 220,602 -
========= =========
At the year end the Company held 303,680 USDT tokens
representing a fair value of GBP220,602. USDT is a cryptocurrency
with tokens issued by Tether Limited. USDT is a stable coin, a type
of cryptocurrency which aims to keep cryptocurrency valuations
stable and avoids the extreme volatility of other cryptocurrencies
while keeping value within the crypto market.
17. Cash and cash equivalents
Group and Company
Year ended Year ended
29 March 29 March
2021 2020
GBP GBP
------------------------- ------------ ------------
Cash at bank and in hand 543,520 135,035
543,520 135,035
------------ ------------
The majority of the Group and Company's cash at bank is held
with institutions with an BAA1 credit rating. No interest rate
sensitivity has been applied on the grounds management consider the
impact to be immaterial.
18. Trade and other payables
Group Group Company Company
Year ended Year ended Year ended Year ended
29 March 29 March 29 March 29 March
2021 2020 2021 2020
GBP GBP GBP GBP
--------------- ----------- ----------- ----------- -----------
Trade payables 186,050 157,946 186,031 153,841
Bank loan 50,000 - 50,000 -
Accruals 41,000 58,950 41,000 58,950
Other payables 2,927 29 2,926 29
279,977 216,925 279,957 212,820
----------- ----------- ----------- -----------
Loan movements
Group Group Company Company
Year ended Year ended Year ended Year ended
29 March 29 March 29 March 29 March
2021 2020 2021 2020
GBP GBP GBP GBP
----------------------------- ----------- ----------- ----------- -----------
Opening balance - 28,850 - 28,850
Borrowings during the period 50,000 - 50,000 -
Repayments of loans - (28,850) - (28,850)
50,000 - 50,000 -
----------- ----------- ----------- -----------
The company obtained a bounce bank loan through the government
scheme from HSBC bank. Interest is charged on the loan at a rate of
2.5%.
19. Equity and other reserves
Group and Company
Share
based
Number Share Share payment Other
Group of shares capital premium reserve reserves Total
GBP GBP GBP GBP GBP
-------------------- ---------- -------- ----------- -------- --------- -----------
Issued and fully
paid
As at 29 March 2019 75,800,749 7,580 2,920,599 - (200,000) 2,728,179
Movement during the
year 8,044,445 805 806,436 - (5,000) 802,241
---------- -------- ----------- -------- --------- -----------
As at 29 March 2020 83,845,194 8,385 3,727,035 - (205,000) 3,530,420
---------- -------- ----------- -------- --------- -----------
Reduction in share
capital - - (2,250,000) - - (2,250,000)
Movement during the
year 10,138,773 1,013 1,585,068 17,007 - 1,602,988
---------- -------- ----------- -------- --------- -----------
As at 29 March 2021 93,983,967 9,398 3,062,103 17,007 (205,000) 2,883,408
---------- -------- ----------- -------- --------- -----------
Share Capital - Amount subscribed for share capital at nominal
value.
Share Premium - Amount subscribed for share capital in excess of
nominal value.
Other reserves comprise of 666,667 shares that were acquired
from a third party in exchange for monies paid out by the Company
on the third party's behalf during the year to 29 March 2019.
On 7 May 2020, a resolution was passed approving a reduction of
capital whereby the share premium account of the Company was
cancelled by an amount of GBP2,250,000.
At a meeting of the Company on the 28 May 2020 resolutions were
passed to re-register the Company as a public limited company.
Re-registration became effective on 5 June 2020 and accordingly new
articles of association of the Company were adopted. The name of
the Company changed from Truspine Technologies Limited to Truspine
Technologies Plc.
On 20 August 2020 the Company granted 877,789 warrants to Cairn
the Company's corporate adviser exercisable at a price of GBP0.36
for a period of up to five years.
In March 2021 the Company raised GBP620,500 through the
subscription of 6,205,000 new ordinary shares at a price of GBP0.10
per share with a warrant for each Subscription Share subscribed for
(6,205,000 warrants) exercisable at GBP0.15 per share for a period
of three years from the date of admission of the Subscription
Shares to trading on AQSE.
20. Share based payments
On 20 August 2020 the Company granted 877,789 warrants to Cairn
the Company's corporate adviser exercisable at a price of GBP0.36
for a period of up to five years. The warrants were granted in
return for services carried out in relation to the listing of the
Company on 20 August 2020 the Acquis Stock Exchange Growth Market.
As a result of this the fair value of the share options was
determined at the date of the grant using the Black Scholes model,
using the following inputs:
Share price at the date of amendment 36p
Strike price 36p
Volatility 50%
Expected life 1,825 days
Risk free rate 0.5%
The resultant fair value of the warrants was determined to be
GBP17,007, which has been taken to the share-based payment
reserve.
21. Commitments and contingencies
There are no further single matters pending that the Group
expects to be material in relation to the Group's business,
financial result or results of operations.
At the balance sheet date, the Group had outstanding commitments
for future minimum lease payments, which fall due as follows:
2021
GBP
Land and buildings
Within one year 27,155
Within 2-5 years 1,450
Total 28,605
=======
Operating lease payments represent rentals payable by the
Company for its office properties.
22. Related parties
The following transactions were carried out with related
parties:
Directors' transactions
The directors provided consultancy services to the Company,
details of their remuneration are
covered in note 8.
Elizabeth Roberts the wife of Ian Roberts, a director provided
consultancy services for office management amounting to GBP13,000
for the year.
Loans to OPP systems Limited
OPP Systems Limited is a related party of the Group because
Norman Lott was a director of the company.
Loan funds were extended to OPP Systems Limited by the Company
The amounts payable at each period end are as follows:
Year ended Year ended
29 March 2021 29 March 2020
GBP GBP
-------------------- --------------- ---------------
OPP Systems Limited 55,000 20,000
-------------------- --------------- ---------------
These amounts are repayable on demand, unsecured and interest is
chargeable at a rate of 12%.
Transactions with Copian Capital Partners Limited
Copian Capital Partners Limited is a related party of the Group
because Norman Lott is a director of the company.
Copian Capital Partners Limited provide management services to
the Company. Copian Capital Partners Limited made the following
charges to the Company together with the balances owing as detailed
below:
Year ended Year ended
29 March 2021 29 March 2020
GBP GBP
-------------------------------------------- --------------- ---------------
Services charged by Copian Capital Partners
Limited 54,000 60,000
Additional services charged in respect
of the IPO settled in shares 70,000 -
Balance owed by the Company to Copian
Capital Partners Limited 8,665 3,076
All intra Group transactions are eliminated on consolidation and
have not been further disclosed here.
23. Ultimate controlling parties
The Directors consider that there is no ultimate controlling
party of the Company.
24. Events after the reporting date
Subsequent to the 29 March 2021, the date of this statement, an
additional 780,000 ordinary shares have been issued in May 2021
giving a total number of ordinary shares in issue of 94,763,967at
the date of the signing of this statement. The 780,000 new ordinary
shares were issued at a price of GBP0.10 per share. Each
Subscription Share has a warrant attached exercisable at GBP0.15
per share for a period of three years from 28 May 2021, the date of
admission of the Subscription Shares to trading on AQSE.
On 4 June 2021 the Company granted 250,000 options over new
ordinary shares to Mr. Nikunj Kantilal Patel following his
appointment of to the Board. The Options are exercisable at a price
of 36 pence per share, vest immediately and expire on 4 June
2024.
On 20 September 2021 the Company conditionally raised GBP650,000
through a Fundraise of 6,500,000 new Ordinary shares at a price of
10p per share comprising a Placing and a Subscription. 2,300,000
New Ordinary Shares to be issued by way of the Placing raising
gross proceeds of GBP230,000 and 4,200,000 New Ordinary Shares to
be issued through the Subscription raising gross proceeds of
GBP420,000. In addition 125,000 New Ordinary Shares were to be
issued to a third party involved in the Fundraise in lieu of
services rendered. Each New Ordinary Share issued has one warrant
attached granting the holder the right to subscribe for an
additional one New Ordinary Share at an exercise price of 15 pence
per share for a period of 3 years following admission. The shares
are expected to be admitted to trading on AQSE on 30 September
2021.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
NEXSEFESUEFSEFU
(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
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