REG - GSTechnologies Ltd - Interim Results
21/12/2023 07:15
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RNS Number : 5179X GSTechnologies Ltd 21 December 2023
21 December 2023
GSTechnologies Limited
("GST" or the "Company", or, together with its subsidiaries, the "Group")
Interim Results for the six months ended 30 September 2023
GSTechnologies Limited (LSE: GST), the fintech company, announces the
Company's interim results for the six months ended 30 September 2023.
Period Highlights
· Further significant progress for the Group as it focused on
developing a borderless neobanking platform providing next-generation digital
money solutions, both organically and through complementary acquisitions
· Completion of the acquisition of PAYPT, a Canadian company holding a
Canadian Money Services Business licence, in August 2023
· Establishment of Angra Global, following the acquisition of PAYPT,
which began onboarding customers from 1 September 2023
· The soft launch of the Company's GS20 Exchange was successfully
completed and a wider roll-out was commenced
· Company admitted to the UK Financial Conduct Authority ("FCA")
Innovation Pathway Programme to assist the progression of its GS Money
Stablecoin plans
· Placing to raise £750,000 in May 2023 at 1.0 pence per share
· Net loss for the period of US$737,000 (H1 2022: US$1,153,000 loss) as
the Company continued to invest in developing its GS Money solutions, both
organically and through acquisition
· As of 30 September 2023, the Company had US$2,198,000 in cash and
cash equivalents (30 September 2022: US$3,334,000)
Post Period Highlights
· On 29 November 2023, the Company entered into an option to purchase
agreement to acquire 60% of the share capital of EasySend, an FCA approved
Authorised Payment Institution conducting cross-border payment services
· On 6 December 2023 the Company entered into an agreement to acquire
66.67% of the issued share capital of Semnet, a profitable cybersecurity
company based in Singapore, for a total consideration of US$1.8 million,
payable through US$0.8 million in cash and US$1.0 million in new shares in the
Company
· Placing to raise £847,000 in November 2023 at 1.1 pence per share
Chairman's Statement
I'm pleased to present on behalf of the board of directors of GST (the
"Board") the interim report of the Company for the six months ended 30
September 2023.
The period was again one of significant progress for the Group as it focused
on developing a borderless neobanking platform providing next-generation
digital money solutions, both organically and through complementary
acquisitions. This is being undertaken under the Company's GS Money banner,
primarily through the Group's Angra Global and GS20 Exchange businesses.
In particular, the period saw the establishment of Angra Global Ltd ("Angra
Global") following the completion of the acquisition of the entire issued
share capital of PAYPT Finance Ltd ("PAYPT"), a Canadian company holding a
Canadian Money Services Business ("MSB") licence. Completion of the
acquisition, and its renaming to Angra Global, followed the receipt of
approval from the Financial Transactions and Reports Analysis Centre of Canada
("FINTRAC"), the regulatory authority overseeing financial transactions in
Canada, for the change of control. The MSB licence held by PAYPT encompasses
a range of financial activities, including: foreign exchange dealing;
cryptoasset dealing; money transfer services; and authorisations for the
issuance of debit cards and IBANs.
Angra Global has been combined operationally with the Group's existing
UK-based foreign exchange and payment services company, Angra Limited
("Angra"), an FCA approved Authorised Payment Institution ("API"), as part of
the Group's strategic intention for the combined Angra entities to be a
B2B-focused Neobank. The Group now offers a multi-currency e-wallet service,
initially covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan
Renminbi and US Dollar Tether Token transactions. Angra Global started
onboarding customers for this service from 1 September 2023 and it enables
Angra customers to securely store their funds within Angra Global business
accounts and facilitate seamless foreign exchange conversions and fund
transfers through Angra's established and reliable banking partnerships, akin
to a conventional business bank account, utilising technology developed by the
Group's subsidiary in Singapore, GS Fintech Pte Ltd. Additionally, the MSB
licence enables Angra to issue Sterling local accounts and Euro SEPA IBAN
accounts to its clients, thereby providing a comprehensive one-stop business
banking solution.
Aligned with its overarching strategy, the Group is focused on accelerating
Angra's revenue while simultaneously bolstering the Angra team to expand its
B2B Neobank operations beyond the UK, serving companies of all sizes
worldwide. As part of this expansion strategy, post period end on 29
November 2023, the Company entered into an option to purchase agreement to
acquire 60% of the share capital of EasySend Ltd ("EasySend"), a Northern
Ireland incorporated company operating a cross-border payments business.
EasySend is a an FCA approved API, conducting cross-border payment services.
EasySend has a current estimated yearly transaction volume of approximately
£120 million, with 35% coming from approximately 40,000 individual customers
and 65% from approximately 350 active corporate customers. We believe the
acquisition of a majority stake in EasySend will assist with growing the
customer base for the Company's existing GS Money activities, in particular
Angra Global, and provide access to additional technology, including
EasySend's mobile terminal technology. It is intended that EasySend's
founder and management team will remain with the business and that the 40%
minority holding will be retained by EasySend's founder. Completion of the
acquisition of EasySend is conditional, inter alia, on final due diligence,
the entering into of definitive sale and purchase documentation and also on
GST obtaining approval from the FCA for the change of control of EasySend, a
regulated entity.
Post period end on 6 December 2023 we also announced that the Company had
entered into an agreement to acquire 66.67% of the issued share capital of
Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, for a
total consideration of US$1.8 million, payable through US$0.8 million in cash
and US$1.0 million in new shares in the Company.
Semnet is a profitable cybersecurity business that will provide the Company
with expertise and licences that the Board believe are a critical component to
the advancement of the Company's GS Money and B2B Neobanking operations.
Cybersecurity is of particular importance to the Company's developing global
Neobank ecosystem. With Angra Global having started onboarding customers on
1 September 2023, Semnet's cybersecurity expertise will enable the Company to
build a dedicated cybersecurity team to support client onboarding and its
operational activities, including the wider provision of white-label software
solutions to global money service businesses. In addition, Semnet will
continue to support and grow its client base in other sectors, providing an
additional profitable revenue stream for the Group. Semnet is licensed by
the Cyber Security Regulatory Office (CRSO) in Singapore. Completion of the
Semnet acquisition is subject, inter alia, to the agreement of a completion
assets statement, which may require adjustment of the consideration upwards or
downwards, and no material adverse change having occurred in the Semnet
business. Completion is expected to occur in early February 2024, or earlier
as may be agreed between the parties.
Following the acquisition of Glindala (now GS Fintech UAB), a holder of a
Crypto Currency Exchange Licence registered in Lithuania, in August 2022, GST
soft launched the Company's GS20 cryptoasset exchange in November 2022. The
GS20 Exchange is offering spot trading and over-the-counter trading desk
services for popular cryptoassets, although it is not a pure cryptocurrency
exchange. The soft launch has been successfully completed and the
development of the GS20 Exchange has progressed in accordance with the Board's
expectations, with a wider roll-out now being undertaken. There has been a
progressive build-up of signed-up users, and the Company are greatly
encouraged by the market traction the GS20 Exchange is enjoying. The GS20
Exchange is generating revenue for the Company via trading commissions at
varying levels depending on the type and size of transaction undertaken.
As a further key pillar of the stablecoin activities that the Group intends to
carry out in strategic jurisdictions, including the UK, the Company applied to
the FCA for the Company's stablecoins to be admitted to the FCA Regulatory
Sandbox. In June 2023, the Company was informed by the FCA that they had
concluded that the Company's stablecoin application did not currently meet the
FCA's strict criteria for admission to the FCA Regulatory Sandbox. As an
alternative the FCA offered the Company a place on their Innovations Pathway
programme, an initiative designed to support financial services firms in
launching innovative products and services, which the Company was pleased to
accept. Under the FCA Innovation Pathway programme, the Company is being
provided with a dedicated FCA case officer and a comprehensive range of
support services, designed to assist GST to further develop the appropriate
path for the progression of its stablecoin plans. This may involve a future
Regulatory Sandbox application or preparation for regulatory authorisation
without the need for supervised testing. Although the Company initially
viewed admission of its stablecoins to the FCA Regulatory Sandbox as an
appropriate next step, the Innovations Pathway programme is enabling GST to
benefit further from the guidance of the FCA and progress its stablecoin
plans.
Board
On 15 June 2023 Chong Loong Fatt Garies, Non-executive Director, resigned from
the Board in order to focus on his other business endeavours. On behalf of
the Board I would like to thank Garies for his contribution to GST and we wish
him well in his future endeavours.
Funding
In order to accelerate the implementation of the Group's GS Money strategy,
including via acquisition, the Company has undertaken fundraising activities
as the Board has deemed appropriate to facilitate the maximisation of overall
shareholder value.
During the previous year the Company entered into an unsecured convertible
loan facility to receive funding of up to US$1.6 million (the "Loan Facility")
with an institutional investor. US$800,000 of the Loan Facility was drawn
down. The Loan Facility was cancelled on 29 March 2023, with the second
instalment of US$800,000 undrawn. On 4 April 2023 the remaining US$285,000
principal amount of the Loan Facility and the associated interest of US$28,500
(10%), was converted into new ordinary shares of no-par value in the capital
of the Company ("Ordinary Shares"). Following this conversion no principal
amount or associated interest remains outstanding under the Loan Facility.
On 17 May 2023 the Company has raised gross proceeds of £750,000 through a
placing of 75,000,000 Ordinary Shares at a price of 1.0 pence per share.
Post period end, on 14 November 2023, the Company raised gross proceeds of
£847,000 through a placing of 77,000,000 Ordinary Shares at a price of 1.10
pence per share.
The Board is mindful of dilution for existing shareholders, and the Company
will only undertake further fundraising activities if the Board believes
additional capital is required to achieve the Company's strategic goals.
Financial performance
Following the completion of the disposal of EMS Wiring Systems in October 2022
the Group's revenue for the period from operations of US$256,000 (H1 2022
US$1,799,000) was purely generated from the Company's GS Money activities,
primarily Angra Limited in the UK during the period. Revenues were limited
whilst the GS Money offerings were rolled out and the Board anticipates
revenues to grow in the second half of the financial year.
With a strong focus on cost control the Group's net loss for the period
reduced to US$737,000 (H1 2022: US$1,153,000 loss) as the Company continued to
invest in developing its GS Money solutions, both organically and through
acquisition.
The Group had US$2,198,000 in cash and cash equivalents as at 30 September
2023 (30 September 2022: US$3,334,000), with the cash resources bolstered by
the net proceeds of the £847,000 (approximately US$1,100,000) equity fund
raise undertaken in November 2023.
Summary
Our stated strategy with GS Money is to make cross-border payments quick and
affordable to an addressable market of millions of participants by netting and
settling trades through a stablecoin-based payments network. With the
formation of Angra Global, the Group has both an FCA approved API and a
Canadian MSB licence to enable the Group to conduct fast, secure, and low-cost
foreign exchange business and payment services internationally, together with
the ability to offer further services. Additionally, with the GS20 Exchange
we have a regulated, operational, trading platform offering spot trading and
over-the-counter trading desk services for popular cryptoassets, although it
is much more than a pure cryptocurrency exchange, providing the clearing and
settlement needs of both retail and institutional customers with high
compliance and security standards.
In the second half of the financial year we are looking to grow revenues
substantially from these businesses and to complete the two acquisitions that
will both add additional customers and capabilities to the Group.
With the Angra Global and GS20 Exchange platforms in place, the FCA stablecoin
plans being progressed, and two recently announced complimentary acquisitions
to complete, these are exciting times for GST. We are a focused, 'pure play'
fintech group with solid platforms on which build and to continue to role out
our GS Money solutions. We will also continue to explore any further value
enhancing acquisition opportunities that may become available and that can
assist with accelerating the development of the Group.
I believe there is a very bright future for GST and I look forward to
reporting on our further progress in the coming months.
Tone Kay Kim GOH
Chairman
Enquiries:
The Company
Tone Goh, Executive Chairman
+65 6444 2988
Financial Adviser
VSA Capital Limited
+44 (0)20 3005 5000
Simon Barton / Thomas Jackson
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence Chandler
+44 20 (0) 3934 6630
gst@investor-focus.co.uk
For more information please see: https://gstechnologies.co.uk/
(https://gstechnologies.co.uk/)
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the period 1 April 2023 to 30 September 2023
6 months ended 30 September
Notes 2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Net operating income
Sales 6 256 1,799
Other income 2 49
258 1,848
Net operating expense
Continuing Operations 7 (1,029) (2,915)
Foreign exchange loss 35 (86)
Operating loss (737) (1,153)
Income tax expense - -
Net loss for the period (737) (1,153)
Other comprehensive loss
Movement in foreign exchange reserve (42) (521)
Total comprehensive loss for the period (779) (1,674)
Net Loss for the year atttributable to:
Equity holders for the parent (737) (1,153)
Non-controlling interest - -
Total comprehensive loss for the year atttributable to:
Equity holders for the parent (779) (1,674)
Non-controlling interest 20 - -
(Loss)/Earnings per share attributable to members of the Parent
Basic (loss) per share 9 (0.00040) (0.00074)
Diluted (loss) per share 9 (0.00040) (0.00074)
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at 30 September 2023
6 months ended 30 September
Notes 2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
ASSETS
Current assets
Cash and cash equivalents 11 2,198 3,334
Trade and other receivables 12 73 3,038
Other Assets 277 299
Work in progress 15 - 198
Inventories 13 - 16
Total current assets 2,547 6,885
Non-current assets
Property, plant and equipment 14 43 305
Intangible Assets 16 1,996 44
Total non-current assets 2,039 349
TOTAL ASSETS 4,586 7,234
EQUITY
Share Capital 19 9,491 7,795
Treasury Shares (808) -
Reserves (960) (1,336)
Retained Earnings (3,338) (2,126)
Total Equity 4,385 4,333
Equity attributable to owners of the parent 4,385 4,333
Non-controlling equity interest 20 - -
4,385 4,333
LIABILITIES
Current liabilities
Trade and other payables 21 201 1,974
Loans payable 22 - 261
Total current liabilities 201 2,235
Non-current liabilities
Lease Liabilities - 7
Loans payable 22 - 659
Total Non-current liabilities - 666
Total Liabilities 201 2,901
TOTAL EQUITY & LIABILITIES 4,586 7,234
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
For the period 1 April 2023 to 30 September 2023
6 months ended 30 September
Notes 2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation from operations (737) (1,153)
Adjustments:
Depreciation of property, plant and equipment 9 61
Exchange loss 10 19
Operating loss before working capital changes (718) (1,073)
Decrease/(Increase) in inventories - -
Decrease/(Increase) in trade and other receivables (5) (759)
(Decrease)/Increase in trade and other payables 2,245 979
Net cash flow used in operating activities (2,968) (853)
CASH FLOWS FROM INVESTING ACTIVITIES
Write off property, plant and equipment 43 (115)
Decrease in capital work in progress - -
Intangible Assets - -
Net cash flow from investing activities 43 (115)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of new shares 1,210 -
Treasury shares - -
Principal elements of lease payments 43 -
Decrease in loans payable 338 (281)
Forex reserves 42 (521)
Net cash flow from financing activities 871 (802)
Net increase/(decrease) in cash and cash equivalents (2,054) (1,770)
Cash and cash equivalents at beginning of the period 4,252 5,104
Cash and cash equivalents at end of the period 11 2,198 3,334
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
For the period 1 April 2023 to 30 September 2023
Shareholder Capital FX Reserve Retained Earnings Treasury Shares Total
2023 CONSOLIDATED US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 April 2023 8,281 (1,002) (2,601) (808) 3,870
Comprehensive Income
Loss for the year - - (737) (737)
Other comprehensive loss for the year - 42 - 42
Total comprehensive loss for the the period
42 (737) (695)
Transactions with owners in their
capacity as owners:
Shares issued during the period 1,210 - - - 1,210
Balance at 30 September 2023 9,491 (960) (3,338) (808) 4,385
Notes to the Financial Statements
Accounting Policies
1. General Information
1.1. Corporate information
The consolidated financial statements of GSTechnologies Ltd (the "Company")
and its subsidiaries (collectively referred to as "the Group" for the
financial period from 1 April 2023 and ended 30 September 2023 were authorised
for issue in accordance with a resolution of the Directors on 20 December
2023.
The registered office of GSTechnologies Ltd, the ultimate parent of the Group,
is Ritter House, Wickhams Cay II, Road Town, Tortola, BVI VG1110.
The principal activity of the Company comprises of fintech services through
the use of blockchain technology; and the provision of data infrastructure,
storage and technology services by its subsidiaries.
2. Basis of preparation
The consolidated financial statements of the Group have been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB) and adopted by the
United Kingdom as they apply to the financial statements of the Group for the
period 1 April 2023 to 30 September 2023.
The consolidated financial statements have been prepared on a historical cost
convention basis, except for certain financial instruments that have been
measured at fair value. The consolidated financial statements are presented in
US dollars and all values are rounded to the nearest thousand except when
otherwise indicated.
2.1 Consolidation
The consolidated financial statements comprise the financial statements of the
Group as of 30 September 2023, and for the period then ended.
Subsidiaries are fully consolidated from the date of acquisition, being the
date on which the Group obtains control, and continue to be consolidated until
the date when such control ceases.
The financial statements of the subsidiaries are prepared for the same
reporting period as the GSTechnologies Ltd (parent company), using consistent
accounting.
All intra-group balances, transactions, unrealised gains and losses resulting
from intra-group transactions and dividends are eliminated in full.
Total comprehensive income within a subsidiary is attributed to the
non-controlling interest even if it results in a deficit balance. A change
ownership interest of a subsidiary, without a loss of control, is accounted
for as an equity transaction.
Business Combinations
Business combinations occur where an acquirer obtains control over one or more
businesses. A business combination is accounted for by applying the
acquisition method, unless it is a combination involving entities or
businesses under common control. The business combination will be accounted
for from the date that control is attained, whereby the fair value of the
identifiable assets acquired and liabilities (including contingent
liabilities) assumed is recognised (subject to certain limited exceptions).
When measuring the consideration transferred in the business combination, any
asset or liability resulting from a contingent consideration arrangement is
also included. Subsequent to initial recognition, contingent consideration
classified as equity is not re-measured and its subsequent settlement is
accounted for within equity. Contingent consideration classified as an asset
or liability is re-measured in each reporting period to fair value,
recognising any change to fair value in profit or loss, unless the change in
value can be identified as existing at acquisition date.
All transaction costs incurred in relation to business combinations are
expensed to the statement of comprehensive income. The acquisition of a
business may result in the recognition of goodwill or a gain from a bargain
purchase.
3. Significant accounting judgements, estimates and
assumptions
The preparation of the Group's consolidated financial statements requires
management to make judgements, estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the consolidated financial statements, and the
reported amounts of revenues and expenses during the reporting period.
Estimates and assumptions are continuously evaluated and are based on
management's experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. However,
actual outcomes would differ from these estimates if different assumptions
were used and different conditions existed.
In particular, the Group has identified the following areas where significant
judgements, estimates and assumptions are required, and where actual results
were to differ, may materially affect the financial position or financial
results reported in future periods. Further information on these and how they
impact the various accounting policies is in the relevant notes to the
consolidated financial statements.
Going concern
This report has been prepared on the going concern basis, which contemplates
the continuation of normal business activity and the realisation of assets and
the settlement of liabilities in the normal course of business.
At 30 September 2023, the Group held cash reserves of US$2,198,000 (2022:
US$3,334,000).
On this basis, the Directors believe that there are sufficient funds to meet
the Group's working capital requirements.
The Group recorded a loss of US$ 737,000 for the six months ended 30 September
2023 and had net assets of US$4,385,000 as of 30 September 2023 (2022: loss
of US$1,153,000 and net assets of US$4,333,000).
Subsidiaries Angra Ltd and GS Fintech are expected to contribute profit to the
Group.
Accruals
Management has used judgement and prudence when estimating certain accruals
for contractor claims. The accruals recognised are based on work performed but
are before settlement.
Contingencies
By their nature, contingencies will only be resolved when one or more
uncertain future events occur or fail to occur. The assessment of the
existence, and potential quantum, of contingencies inherently involves the
exercise of significant judgement and the use of estimates regarding the
outcome of future events. Please refer to Note 23 for further details.
The preparation of the Company's financial statements requires management to
make judgements, estimates and assumptions that affect the reported amounts of
revenues, expenses, assets and liabilities, and the disclosure of contingent
liabilities at the end of each reporting period. Uncertainty about these
assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of the asset or liability affected in the
future periods.
Judgements made in applying accounting policies
Management is of the opinion that there are no significant judgements made in
applying accounting estimates and policies that have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty at the end of the reporting period are discussed below. The
Company based its assumptions and estimates on parameters available when the
financial statements were prepared. Existing circumstances and assumptions
about future developments, however, may change due to market changes or
circumstances arising beyond the control of the Company. Such changes are
reflected in the assumptions when they occur.
Provision for expected credit losses (ECL) on trade receivables and contract
assets
ECLs are unbiased probability-weighted estimates of credit losses which are
determined by evaluating a range of possible outcomes and taking into account
past events, current conditions and assessment of future economic conditions.
The Company uses a provision matrix to calculate ECLs for trade receivables
and contract assets. The provision rates are based on days past due for
groupings of various customer segments that have similar loss patterns. The
provision matrix is initially based on the Company's historical observed
default rates. The Company will calibrate the matrix to adjust historical
credit loss experience with forward-looking information. At every reporting
date, historical default rates are updated and changes in the forward- looking
estimates are analysed.
The assessment of the correlation between historical observed default rates,
forecast economic conditions and ECLs is a significant estimate. The amount of
ECLs is sensitive to changes in circumstances and of forecast economic
conditions. The Company's historical credit loss experience and forecast of
economic conditions may also not be representative of customer's actual
default in the future.
The carrying amount of the Company's trade receivables at the end of the
reporting period is disclosed in Note 12 to the financial statements.
Revenue recognition
The Company uses the percentage-of-completion method to account for its
contract revenue. The stage of completion is measured in accordance with the
accounting policy stated in Note 5. Significant assumptions are required in
determining the stage of completion, the extent of the contract cost incurred,
the estimated total contract cost and the recoverability of the contracts. In
making these assumptions, management has relied on past experience and the
work of specialists.
Significant judgement is also required to assess allowance made for
foreseeable losses, if any, where the contract cost incurred for any job
exceeds its contract sum. The carrying amounts of contract balances at the
reporting date are disclosed in Note 15 to the financial statements.
Allowance for inventory obsolescence
The Company reviews the ageing analysis of inventories at each reporting date,
and makes provision for obsolete and slow moving inventory items identified
that are no longer suitable for sale. The net realisable value for such
inventories are estimated based on the most reliable evidence available at the
reporting date. These estimates take into consideration market demand,
competition, selling price and cost directly relating to events occurring
after the end of the financial year to the extent that such events confirm
conditions existing at the end of the financial year. Possible changes in
these estimates could result in revisions to the valuation of inventories. The
carrying amounts of the Company's inventories at the reporting date are
disclosed in Note 13 to the financial statements.
4. Adoption of new and amended standards and interpretations
There are several new Accounting standards and interpretations issued by the
IASB that are not yet mandatorily applicable to the Group and have not been
applied in preparing these consolidated financial statements. The Group does
not plan to adopt these standards early.
These standards are not expected to have a material impact on the Group in the
current or future reporting periods.
5. Summary of significant accounting policies
Property, plant and equipment
Plant and equipment are shown at cost less accumulated depreciation and
impairment losses. The initial cost of an asset comprises its purchase price
or construction cost, any costs directly attributable to bringing the asset
into operation, any incidental cost of purchase, and associated borrowing
costs. The purchase price or construction cost is the aggregate amount paid
and the fair value of any other consideration given to acquire the asset.
Directly attributable costs include employee benefits, professional fees and
costs of testing whether the asset is functioning properly. Capitalised
borrowing costs include those that are directly attributable to the
construction of mining and infrastructure assets.
Property, plant and equipment relate to plant, machinery, fixtures and
fittings and are shown at historical cost less accumulated depreciation and
impairment losses.
The depreciation rates applied to each type of asset are as follows:
Computer Equipment 3 years
Fixtures and fittings 3 years
Office Equipment 3 years
Subsequent expenditure is capitalised when it is probable that future economic
benefits from the use of the asset will be increased. All other subsequent
expenditure is recognised as an expense in the period in which it is incurred.
Assets that are replaced and have no future economic benefit are derecognised
and expensed through profit or loss. Repairs and maintenance which neither
materially add to the value of assets nor appreciably prolong their useful
lives are charged against income. Gains/ losses on the disposal of fixed
assets are credited/charged to income. The gain or loss is the difference
between the net disposal proceeds and the carrying amount of the asset.
The asset's residual values, useful lives and methods of depreciation are
reviewed at each reporting period and adjusted prospectively if appropriate.
Inventories
Inventories are valued at the lower of cost and net realisable value.
Financial instruments
a. Financial assets
i. Classification, initial recognition and measurement
The Company classifies its financial assets into the following measurement
categories: amortised cost; fair value through other comprehensive income
(FVOCI); and fair value through profit or loss (FVPL).
Financial assets are recognised when, and only when the entity becomes party
to the contractual provisions of the instruments.
At initial recognition, the Company measures a financial asset at its fair
value plus, in the case of a financial asset not at FVPL, transaction costs
that are directly attributable to the acquisition of the financial assets.
Transaction costs of financial assets carried at FVPL are expensed in profit
or loss.
Trade receivables are measured at the amount of consideration to which the
Company expects to be entitled in exchange for transferring promised goods or
services to a customer, excluding amounts collected on behalf of third party,
if the trade receivables do not contain a significant financing component at
initial recognition.
ii. Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Company's business
model for managing the asset and the contractual cash flow characteristics of
the asset. The Company only has debt instruments at amortised cost.
Financial assets that are held for the collection of contractual cash flows
where those cash flows represent solely payments of principal and interest are
measured at amortised cost. Financial assets are measured at amortised cost
using the effective interest method, less impairment. Gains and losses are
recognised in profit or loss when the assets are derecognised or impaired, and
through the amortisation process.
Debt instruments of the Company comprise cash and cash equivalents and trade
and other receivables.
Equity instruments
On initial recognition of an investment in equity instrument that is not held
for trading, the Company may irrevocably elect to present subsequent changes
in fair value in other comprehensive income which will not be reclassified
subsequently to profit or loss. Dividends from such investments are to be
recognised in profit or loss when the Company's right to receive payments is
established. For investments in equity instruments which the Company has not
elected to present subsequent changes in fair value in other comprehensive
income, changes in fair value are recognised in profit or loss.
iii. Derecognition
A financial asset is derecognised where the contractual right to receive cash
flows from the asset has expired. On derecognition of a financial asset in its
entirety, the difference between the carrying amount and the sum of the
consideration received and any cumulative gain or loss that had been
recognised in other comprehensive income for debt instruments is recognised in
profit or loss.
b. Financial liabilities
i. Initial recognition and measurement
Financial liabilities are recognised when, and only when, the Company becomes
a party to the contractual provisions of the financial instrument. The Company
determines the classification of its financial liabilities at initial
recognition.
All financial liabilities are recognised initially at fair value plus in the
case of financial liabilities not at FVPL, directly attributable transaction
costs.
ii. Subsequent measurement
After initial recognition, financial liabilities that are not carried at FVPL
are subsequently measured at amortised cost using the effective interest
method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised, and through the amortisation process.
Financial liabilities measured at amortised cost comprise trade and other
payables.
iii. Derecognition
A financial liability is derecognised when the obligation under the liability
is discharged or cancelled or expires. On derecognition, the difference
between the carrying amounts and the consideration paid is recognised in
profit or loss.
Offsetting
Financial assets and liabilities are offset and the net amount presented in
the statement of financial position when, and only when, the Company has a
legal right to offset the amounts and intends either to settle on a net basis
or to realise the asset and settle the liability simultaneously
Cash and cash equivalents
Cash and cash equivalents are measured at fair value, based on the relevant
exchange rates at balance sheet date. Cash and cash equivalents comprise cash
balances and short-term deposit that are readily convertible to known amount
of cash and that are subject to an insignificant risk of changes in their fair
value and are used by the Company in the management of its short-term
commitments. For the purpose of the consolidated statement of cash flows, cash
and cash equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts.
Impairment
Financial assets
The Company recognises an allowance for expected credit losses (ECLs) for all
debt instruments not held at FVPL and contract assets. ECLs are based on the
difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Company expects to receive,
discounted at an approximation of the original effective interest rate. The
expected cash flows will include cash flows from the sale of collateral held
or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has
not been a significant increase in credit risk since initial recognition, ECLs
are provided for credit losses that result from default events that are
possible within the next 12-months (a 12-month ECL). For those credit
exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is recognised for credit losses expected
over the remaining life of the exposure, irrespective of timing of the default
(a lifetime ECL).
For trade receivables and contract assets, the Company applies a simplified
approach in calculating ECLs. Therefore, the Company does not track changes in
credit risk, but instead recognises a loss allowance based on lifetime ECLs at
each reporting date. The Company has established a provision matrix that is
based on its historical credit loss experience, adjusted for forward-looking
factors specific to the debtors and the economic environment which could
affect debtors' ability to pay.
The Company considers a financial asset in default when contractual payments
are past due for more than 90 days. However, in certain cases, the Company may
also consider a financial asset to be in default when internal or external
information indicates that the Company is unlikely to receive the outstanding
contractual amounts in full before taking into account any credit enhancements
held by the Company. A financial asset is written off when there is no
reasonable expectation of recovering the contractual cash flows.
Non-financial assets
The carrying amounts of the Company's non-financial assets, other than
inventories, are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, then the asset's
recoverable amount is estimated. An impairment loss is recognised if the
carrying amount of an asset or its related cash-generating unit (CGU) exceeds
its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use
and its fair value less costs to sell. For the purpose of impairment testing,
the recoverable amount is determined on an individual asset basis unless the
asset does not generate cash inflows that are largely independent of those
from other assets. If this is the case, the recoverable amount is determined
for the CGU to which the asset belongs. If the recoverable amount of the asset
(or CGU) is estimated to be less than its carrying amount, the carrying amount
of the asset (or CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable amount is
recognised as an impairment loss in profit or loss.
An impairment loss for an asset other than goodwill is reversed only if, there
has been a change in the estimates used to determine the asset's recoverable
amount since the last impairment loss was recognised. The carrying amount of
this asset is increased to its revised recoverable amount, provided that this
amount does not exceed the carrying amount that would have been determined
(net of any accumulated amortisation or depreciation) had no impairment loss
been recognised for the asset in prior years.
A reversal of impairment loss for an asset other than goodwill is recognised
in profit or loss
Trade and other payables
Trade and other payables are non-derivative financial liabilities that are not
quoted in an active market. It represents liabilities for goods and services
provided to the Group prior to the year end and which are unpaid. These
amounts are unsecured and have 7-30 day payment terms. Trade and other
payables are presented as current liabilities unless payment is not during
within 12 months from the reporting date. They are recognised initially at
their fair value and subsequently measured at amortised cost using the
effective interest method.
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value,
net of transaction costs incurred. Borrowings are subsequently carried at
amortised cost using the effective interest (EIR) method. The fair value
implies the rate of return on the debt component of the facility. This rate of
return reflects the significant risks attaching to the facility from the
lenders' perspective.
Determination of Fair Values
A number of the Company's accounting policies and disclosures require the
determination of fair value, for both financial and non-financial assets and
liabilities. Fair values have been determined for measurement and/or
disclosure purposes based on the following methods. When applicable, further
information about the assumptions made in determining fair values is disclosed
in the notes specific to that asset or liability.
Trade and other receivables
The fair values of trade and other receivables are estimated as the present
value of future cash flows, discounted at the market rate of interest at the
measurement date. Current receivables with no stated interest rate are
measured at the original invoice amount if the effect of discounting is
immaterial. Fair value is determined at initial recognition and, for
disclosure purposes, at each annual reporting date.
Non-derivative financial liabilities
Non-derivative financial liabilities are measured at fair value at initial
recognition and for disclosure purposes, at each annual reporting date. Fair
value is calculated based on the present value of future principal and
interest cash flows, discounted at the market rate of interest at the
measurement date.
Other financial assets and liabilities
The carrying amount of financial assets and liabilities with a maturity of
less than one year is assumed to approximate their fair values.
Provisions
Provisions are measured at the present value of management's best estimate of
the expenditure required to settle the present obligation at the end of the
reporting period. The discount rate used to determine the present value is a
pre-tax amount that reflects current market assessments of the time value of
money, and the risks specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.
Finance income
Interest income is made up of interest received on cash and cash equivalents.
Deferred taxation
Deferred income tax is provided using the balance sheet method on temporary
differences at the reporting date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary
differences.
Deferred income tax assets are recognised for all deductible temporary
differences, carry forward of unused tax credits and unused tax losses, to the
extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses, can be utilised, except:
In respect of deductible temporary differences associated with investments in
subsidiaries, deferred income tax assets are recognised only to the extent
that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the
temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at the end of
each reporting period and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilised. Unrecognised deferred income tax
assets are reassessed at the end of each reporting period and are recognised
to the extent that it has become probable that future taxable profit will be
available to allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that
are expected to apply to the year when the asset is realised or the liability
is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
Deferred income tax assets and deferred income tax liabilities are offset if a
legally enforceable right exists to set off current tax assets against current
income tax liabilities and the deferred income taxes relate to the same
taxable entity and the same taxation authority.
Foreign currencies
i) Functional and presentation currency
The consolidated financial statements are presented in US dollars, which is
the Group's presentation currency.
ii) Transaction and Balances
Transactions in foreign currencies are initially recorded in the functional
currency at the respective functional currency rates prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the spot rate of exchange ruling at the
reporting dates. All differences are taken to the profit or loss, should
specific criteria be met.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate as at the date of the initial
transaction. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was
determined.
iii) Group Companies
The results and financial position of foreign operations (none of which has
the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation
currency as follows:
· Assets and liabilities for each statement of financial position presented as
translated at the closing rate at the date of the statement of financial
position.
· Income and expenses for each income statement and statement of profit or loss
and other comprehensive income are translated at average exchange rates
(unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transactions dates, in which case income and expenses
are translated at the dates of the transactions), and
· All resulting exchange differences are recognised in other comprehensive
income
Revenue Recognition
Revenue is measured based on the consideration to which the Company expects to
be entitled in exchange for transferring promised goods or services to a
customer, excluding amounts collected on behalf of third parties.
Revenue is recognised when the Company satisfies a performance obligation by
transferring a promised good or service to the customer, which is when the
customer obtains control of the good or service. A performance obligation may
be satisfied at a point in time or over time. The amount of revenue recognised
is the amount allocated to the satisfied performance obligation.
Rendering of services
Revenue from rendering of services is recognised as performance obligations
are satisfied. Payments are due from customers based on the agreed billing
milestone stipulated in the contracts or based on the amounts certified by the
customers.
Where performance obligations are satisfied over time as work progresses,
revenue is recognised progressively based on the percentage of completion
method. The stage of completion is assessed by reference to the cost incurred
relative to total estimated costs (input method). The related costs are
recognised in profit or loss when they are incurred, unless they relate to
future performance obligations.
If the value of services rendered for the contract exceeds payments received
from the customer, a contract asset is recognised and presented separately on
the balance sheet. The contract assets are transferred to receivables when the
entitlement to payment becomes unconditional. If the amounts invoiced to the
customer exceeds the value of services rendered, a contract liability is
recognised and separately presented in the statement of financial position.
Interest Income
Interest income is recognised using the effective interest method. When a
receivable is impaired, the Group reduces the carrying amount to its
recoverable amount, being the estimated future cash flow discounted at the
original effective interest rate of the instrument, and continues unwinding
the discount as interest income.
Contract assets and liabilities
Contract assets primarily relate to the Company's rights to consideration for
work completed but not billed at the reporting date on project work. Contract
assets are transferred to trade receivables when the rights become
unconditional. This usually occurs when the Company invoices the customer.
Contract liabilities primarily relate to advance consideration received from
customers and progress billings issued in excess of the Company's rights to
the consideration.
6. Revenue
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Rendering of services (EMS Singapore) - 1,526
Transfer Fees and Charges 256 273
256 1,799
Transaction fees and charges are from Angra Ltd and GS Fintech UAB with
transaction volume of US$79.40 million and US$21.70 million respectively.
7. Net Operating Expenses
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Continuing Operations
Costs of goods sold 148 516
Employee Cost 402 1,650
Travel Expenses 22 6
Admin Expense 349 393
Lease Expenses 31 38
Distribution, Advertising and promotion 14 12
Office Expenses 39 46
Depreciation of property plant and equipment 9 81
Doubtful accounts - 156
Interest on lease expenses - 2
Occupancy costs 10 15
Finance costs 6 20
1,029 2,915
8(a) Key Management Personnel
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Directors' emoluments 183 301
8(b) Employee costs
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Wages and salaries 141 207
Wages and salaries - Cost of sales - 836
Other employee costs 79 306
Total 220 1,349
9. Earnings per share
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Loss for the period attributable to members of the parent (737) (1,153)
Basic loss per share is calculated by dividing the loss attributable to owners
of the Parent by the weighted average number of ordinary
share in issue during the period.
Basic weighted average number of ordinary shares in issue 1,824,745,771
1,548,558,192
Basic loss per share-cents (0.00040) (0.00074)
Diluted loss per share-cents (0.00040) (0.00074)
10. Segment Reporting
The consolidated entity's operating segments have been determined with
reference to the monthly management accounts used by the chief operating
decision maker to make decisions regarding the consolidated entity's
operations and allocation of working capital.
Due to the size and nature of the consolidated entity, the Board has been
determined as the chief operating decision maker.
The consolidated entity operates in one business segment, being information
data technology and infrastructure.
The revenues and results are those of the consolidated entity as a whole and
are set out in the statement of profit and loss and other comprehensive
income. The segment assets and liabilities of this segment are those of the
consolidated entity and are set out in the Statement of Financial Position.
11. Cash and Cash Equivalents
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Cash at Bank 2,198 3,334
12. Trade and Other Receivables
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Trade Receivables - 1,258
Prepayments 58 1,431
Other Receivables 15 349
73 3,038
13. Inventories
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Inventories - 16
Following the disposal of EMS Wiring Systems Pte Ltd, no inventory left to be
reported at the end of the reporting period.
14. Property, Plant and Equipment
Right-of-Use Assets Building and improvts Furniture & Office Equipment Vehicle Total
US$'000 US$'000 US$'000 US$'000 US$'000
Cost
As at 31 March 2023 126 7 86 - 219
Additions / Transfer in
Disposal / Write Off (126) (7) - (133)
Adjustments
As at 30 September 2023 126 7 86 - 86
Accumulated depreciation
As at 31 March 20223 83 7 34 - 124
Charge for the year 9 9
Disposal / Write Off (83) (7) (90)
Adjustments
As at 30 September 2023 - - 43 - 43
Net book value
As at 31 March 2023 43 - 52 - 95
As at 30 September 2023 - - 43 - 43
15. Work in Progress
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Contract assets - 198
Contract assets primarily relate to the Company's right to consideration for
work completed but not billed at the reporting date. If the value of services
rendered exceeds payments received from the customer, a contract assets is
recognised and presented separately. The contract assets is transferred to
receivables when the entitlement to payment becomes unconditional.
16. Intangible Assets
Intangible Assets Trademark Goodwill Digital Asset Software & Licenses Total
US$'000 US$'000 US$'000 US$'000 US$'000
As at 31 March 2023 6 38 347 1,605 1,996
Additions - - - -
Impairment - - - -
As at 31 March 2023 6 38 347 1,605 1,996
Additions -
Impairment -
As at 30 September 2023 6 38 347 1,605 1,996
No impairment is recognized for the period.
17. Subsidiaries
Details of the Company's subsidiaries as of 30 September 2023 are as follows:
Name of Subsidiary Place of Incorporation Proportion of Proportion
Ownership of Voting
Interest Power
Golden Saint Technologies Australia 100 100
(Australia) Pty Ltd
GS Fintech Ltd UK 100 100
GS Fintech Pte Ltd Singapore 100 100
Angra Limited UK 100 100
UAB Glindala Lithuania 100 100
Paypt Finance Ltd Canada 100 100
18. Taxation
Unrecognised tax losses
Where the realisation of deferred tax assets is dependent on future taxable
profits, losses carried forward are recognised only to the extent that
business forecasts predict that such profits will be available to the
companies in which losses arose.
The parent, GSTechnologies Ltd, is not liable to corporation tax in BVI, so it
has no provision for deferred tax. However, Golden Saint Technologies
(Australia) Pty Ltd is liable to tax in Australia, EMS Wiirng Systems Pte Ltd
and GS Fintech Pte Ltd is liable for tax in Singapore while Angra Limited and
GS Fintech Ltd is liable in UK.
19. Share Capital and Reserves
The share capital of the Company is denominated in UK Pounds Sterling. Each
allotment during the period was then translated into the Group's functional
currency, US Dollars at the spot rate on the date of issue.
Authorised Number of Shares US$'000
Ordinary Shares
As at 31 March 2023 1,682,032,370 8,281
Issues during the period
1 Apr 2023 - 30 Sep 2023 156,189,907 1,210
As at 30 September 2023 1,838,222,227 9,491
Treasury Shares as at 30 September (60,000,000) (808)
2023
20. Non-Controlling Equity Interest
All entities within the group are currently 100% owned and accordingly a
non-controlling interest does not arise.
21. Trade and Other Payables
6 months ended 30 September
2023 2022
US$'000 US$'000
(Unaudited) (Unaudited)
Trade Payables 155 1,034
Accruals 20 555
Unearned revenue - 284
Other Payables 22 35
Income tax provision 4 -
Lease liabilities - 66
201 1,974
Trade payables are non-interest bearing and are normally settled on 60-day
terms.
22. Loans Payable
30-Sep-23 30-Sep-22
Term Current Non-current Current Non-current
US$'000 US$'000 US$'000 US$'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Loan 1 5 years - - 176 616
Loan 2 3 years - - 85 43
- - 261 659
23. Commitments and Contingencies
The Group is subject to no material commitments or contingent liabilities.
24. Subsequent Events
On 29 November 2023 the Company has entered into an option to purchase
agreement to acquire 60% of the share capital of EasySend Ltd, a Northern
Ireland incorporated company operating a cross-border payments business.
Completion of the acquisition of EasySend is conditional, inter alia, on final
due diligence, the entering into of definitive sale and purchase documentation
and also on GST obtaining approval from the FCA for the change of control of
EasySend, a regulated entity.
On 6 December 2023 the Company entered into an agreement to acquire 66.67% of
the issued share capital of Semnet Pte Ltd, a cybersecurity company based in
Singapore, for a total consideration of US$1.8 million, payable through US$0.8
million in cash and US$1.0 million in new shares in the Company. Completion of
the Semnet acquisition is subject, inter alia, to the agreement of a
completion assets statement, which may require adjustment of the consideration
upwards or downwards, and no material adverse change having occurred in the
Semnet business.
25. Financial risk management objectives and policies
The Group's activities expose it to a variety of financial risks. The Group's
Board provides certain specific guidance in managing such risks, particularly
as relates to credit and liquidity risk. Any form of borrowings requires
approval from the Board and the Group does not currently use any derivative
financial instruments to manage its financial risks. The key financial risks
and the Group's major exposures are as follows:
Credit risk
The maximum exposure to credit risk is represented by the carrying amount of
the financial assets. In relation to cash and cash equivalents, the Group
limits its credit risk with regards to bank deposits by only dealing with
reputable banks. In relation to sales receivables, the Group's credit risk is
managed by credit checks for credit customers and approval of letters of
credit by the Group's advising bank.
Foreign Currency Risk
Currency risk is the risk that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates. The company is exposed to
currency risk on sales and purchases, that are denominated in foreign
currencies.
26. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due.
The Group monitors its risk to a shortage of funds using a combination of cash
flow forecasts, budgeting and monitoring of operational performance.
27. Capital management
Capital includes equity attributable to the equity holders of the parent.
Refer to the statement of changes in equity for quantitative information
regarding equity.
The Group's primary objectives when managing capital are to safeguard its
ability to continue as a going concern in order to provide returns for
shareholders. For details of the capital managed by the Group as of 30
September 2023, please see Note 19.
The Group is not subject to any externally imposed capital.
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