REG - IQ-AI Limited - Final Results
26/04/2023 07:00
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RNS Number : 4520X IQ-AI Limited 26 April 2023
26 April 2023
IQ-AI Ltd
("IQ-AI" or the "Company")
Publication of Annual Report
The Board of IQ-AI Ltd is pleased to announce the Company's audited financial
statements for the year ended 31 December 2022.
The Annual Report will be available on the Company's corporate website at
www.iq-ai.ltd (http://www.iq-ai.ltd) .
--ENDS-
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:
IQ-AI Ltd
Trevor Brown/Vinod Kaushal/Brett Skelly/Michael Schmainda
Tel: 020 7469 0930
Peterhouse Capital Limited (Financial Adviser and Broker)
Lucy Williams/Heena Karani
Tel: 020 7220 9797
Introduction
In essence, IQ-AI is an ideas incubator, a creative collaboration of dedicated
medical scientists, clinicians, and software developers who are originating
solutions and tools which are having a growing impact on the treatment and
management of one of the most intractable cancers.
The key drivers are all shareholders, who have had to become accustomed to the
vagaries of the stock market and how it values the Company`s shares.
Oftentimes the market capitalization of the Company has changed over a small
number of trading days by 10-25% without any discernable reason, however we
remain firmly focused on the medium-term commercial prospects for our unique
products and are confident that shareholder patience will be eventually
rewarded. We will not deviate from our central aim of achieving commercial and
medical success.
Operational Highlights
· The Company launched an MR exam processing service and secured
its first commercial contract. Revenue from this new service is anticipated to
grow as further contracts are won.
· The phase I clinical trial for oral gallium maltolate ("GaM")
continues to track ahead of schedule. Orphan Drug Designation status has been
granted to Imagining Biometrics ("IB") by the FDA. This designation offers
several significant advantages to the Company including seven years market
exclusivity post market approval, and reduced FDA fees.
· IB Nimble, the handheld app which connects medical specialists in
a secure environment and allows them to establish optimal treatment plans for
their patients without having to physically meet, enabling for example a
virtual 'tumour board'. IB Nimble is adaptable to any disease group. The
Company has now secured its first commercial contract to install an operating
network for clinical use of the app in a new disease area. Interest from
other potential users is being stimulated by this initial installation and we
are hopeful that further contracts will ensue in due course.
· The architecture of the IB automated processing pipeline has been
re-engineered to provide significant additional commercial and operational
benefit for existing and future clients. Specifically, the new platform
reduces exposure to cybersecurity risks, enables more rapid and flexible
integration of new algorithms, streamlines internal testing and debugging
during product development, and enables cloud processing capability.
· Using patented artificial intelligence ("AI") technology, IB Zero
G generates enhanced "with contrast" images using only non-contrast (0%
gadolinium) images as input. The FDA's response to the FDA 510(k) submission
concluded that IB Zero G™ was too novel and unique a product and
subsequently directed IB to pursue a different regulatory clearance pathway.
IB is compiling additional documentation in preparation for a pre-submission
meeting with the FDA and plans to submit a "de novo" application in the second
half of the year. The de novo request is a market clearance pathway designed
for novel medical devices for which no legally marketed predicate device
exists to demonstrate substantial equivalence.
· With an unprecedented and increasing number of trials currently
underway, our focus in 2023 is to convert as many as possible of those trial
sites to long-term customers.
IQ-AI's Products/Services:
IB Clinic
The automated imaging platform, IB Clinic, is ideally suited for high-volume
cancer centers treating and monitoring brain tumor patients with a range of
therapies. There are 71 such centers designated by the National Cancer
Institutes ("NCI") in the USA, most of which are affiliated with university
medical centers in larger metropolitan areas. These centers are funded by the
NCI to deliver innovative treatments, such as IB's quantitative solutions, to
patients.
To further capitalize on the unique capabilities of IB software and
recognizing that smaller hospitals and imaging centers do not have the
expertise or staff on hand to independently generate on-site advanced imaging,
a processing service is now offered by the Company. The fee-per-exam
processing solution is expected to launch at our first multi-site imaging
center in early Q2. In the US alone there are 6,000 other independent
diagnostic imaging centers who could potentially be interested in access to
IB's advanced mapping solutions as a service.
The Company entered into agreements with two prominent players to expand our
geographic footprint and outreach. Bayer (Calantic) and TeraRecon (Eureka)
each have multi-site trials underway in the USA and UK that include IB
products.
Driving the service demand is a peer-reviewed scientific publication by the
RANO (response assessment in neuro oncology) resect group. This international
publication (https://pubmed.ncbi.nlm.nih.gov/35961053/) , published in August
2022, proposes new guidance based on the prognostic value of quantifying
residual tumor volume post-surgery. Intuitively, the more tumor tissue a
surgeon can resect without compromising viable tissue, the better the outcome
for the patient. IB's Delta T1 maps can measure these volumes and provide this
information to neurosurgeons.
As a catalyst to the adoption of IB Clinic is the automatic generation of our
perfusion-derived vascularity class maps (referred to in the literature as
fractional tumor burden ("FTB"); https://pubmed.ncbi.nlm.nih.gov/35483909/
(https://pubmed.ncbi.nlm.nih.gov/35483909/) and
https://pubmed.ncbi.nlm.nih.gov/31515215/
(https://pubmed.ncbi.nlm.nih.gov/31515215/) . These maps, or computed medical
images, classify blood volume measurements based on clinically validated
thresholds. These thresholds have been shown to distinguish tumor from
post-treatment radiation effect and aid clinicians in making treatment
decisions.
The Company will release an automated processing pipeline in Q2 that shows
great promise in overcoming long-standing challenges of auto-segmenting
regions using AI technology alone. The processing workflow will be a hybrid
approach that leverages AI plus Delta T1 technologies. The AI component of the
solution is a result of the development efforts of IB Zero G and is expected
to accurately segment a large percentage of brain tumor exams. This automation
will provide a tremendous and highly anticipated boost in productivity for
busy neuroradiologists and MR technologists who currently must manually
segment each MRI exam to achieve the desired information. Eliminating the
manual processing step with this automation will also enable our internal
staff to absorb a much higher volume of exams for the service business with
far fewer resources.
IB Zero G
Over 450 million GBCA exams are performed globally each year in the USA alone.
Once cleared by the FDA, IB Zero G will also provide a positive environmental
benefit by reducing the use and disposal of gadolinium, which is becoming
increasingly present in surface water near hospital MR departments.
The patented AI technology available in IB Zero G aims to provide an imaging
alternative for patients who cannot, or at risk of, receiving gadolinium-based
contrast during MRI exams. Various features of the AI technology are being
leveraged in other products while the Company pursues regulatory clearance via
the de novo pathway. The Company is receiving several hundred new datasets to
further develop the technology. This additional work is necessary to satisfy
the responses received by the FDA from the first 510(k) submission. The
primary source of these datasets is from pediatric hospitals who are
interested in the technology for use on MRI exams for children. The Company
will request a Q-Submission ("Q-Sub") meeting with the FDA when the
development and other criterion outlined by the FDA is nearing completion.
Q-Sub meetings are voluntary and allow submitters to receive feedback prior to
the premarket submission. The guidance received will be used to appropriately
structure the FDA application. Once accepted for substantive review by the
FDA, the cited review time for de novo applications is 150 days and can vary
depending on the documentation required. This is longer than the review time
for traditional 510(k)s as there is no cleared predicate device already on the
market that can be used to prove substantial equivalence. The innovation truly
represents a disruptive shift in technology and the Company is committed to
completing the pre-submission work to help accelerate the review process.
IB Nimble
IB Nimble was added to our product portfolio in August 2022 to build on the
impact it made at Froedtert Hospital (Milwaukee, WI) in treating metastatic
brain tumor patients during the Covid-19 pandemic. Today, over 300 patients
have benefitted from IB Nimble's ability to facilitate optimal treatment
recommendations within hours as opposed to days. Moreover, the way clinicians
prefer to perform their jobs is rapidly changing. Multi-disciplinary
specialists do not want to be tethered to a computer, or even login to a
website, to access pertinent information. Nor do they want to wait for days to
collaborate with colleagues to identify an optimal treatment plan. IB Nimble
is on the forefront of this transition. Other metastatic treatment teams have
contacted the Company about adopting IB Nimble at their sites. In addition,
two entirely different disease groups have met with our team to discuss
integrating IB Nimble in their routine clinical workflows. Recently, one of
them has chosen IB Nimble to fulfill their mobile app needs, representing the
first commercial sale for the Company.
Oral GaM
In March of 2022, the Company sponsored a Phase I Clinical trial to study oral
GaM for the treatment of recurrent GBM; a fast-growing and deadly brain tumor.
Per the FDA, GBM is defined as an orphan disease affecting fewer than 200,000
people in the USA.
Orphan drugs are pharmaceutical agents which show promise in the treatment,
prevention, or diagnosis of orphan diseases. In 1983, the Orphan Drug Act was
passed by the US government to bring promising agents to patients faster. In
December 2022, the Company requested Orphan Drug Designation (ODD) status with
the FDA. The request was granted in February 2023.
The Company submitted its second Orphan Drug Designation request to the FDA
for treating pediatric brain tumors with GaM. A decision is expected by early
Q3. Motivation for this request was generated from two landmark pre-clinical
studies completed by Dr. Mona Al-Gizawiy, PhD in the laboratory of Dr.
Kathleen Schmainda, PhD at MCW. These studies demonstrated similar remarkable
results of GaM in atypical teratoid/rhabdoid tumor (ATRT) and GBM in children
as it did in the pre-clinical study for adult GBM. Current treatment protocols
for pediatric brain tumors subject children to the same toxic, invasive, and
harsh treatment protocols used to treat adult brain tumors.
The Company recognizes the interest and willingness of the FDA and the
National Institutes of Health ("NIH") to help companies accelerate the
delivery of promising new treatments to these patients and intends to form a
close working relationship with the agencies in the coming months.
Outlook
It is five years since IQ-AI acquired Imaging Biometrics. Throughout that time
the IB team have worked continuously and intensively to innovate and develop
what has now become a valuable portfolio of medical IP. We believe that the
cumulative accretion of value during this time is not adequately reflected in
the current market valuation of the Company, and we are now considering how
best to address this anomaly.
Trevor Brown
Chief Executive Officer
Consolidated Income Statement
For the year ended 31 December 2022
2022 2021
Notes £ £
Continuing operations
Revenue 535,886 521,069
Cost of sales (1,782) (17,047)
Gross profit 534,104 504,022
Administrative expenses (1,035,005) (994,388)
Other income 10 18
Operating loss 5 (500,891) (490,348)
Finance costs 4 (10,710) (10,710)
Loss before income tax (511,601) (501,058)
Income tax 7 - -
Loss for the year from continuing operations (511,601) (501,058)
Loss for the year attributable to the owners of the Company (511,601) (501,058)
Earnings per share attributable to owners of the Company
From continuing operations:
Basic & diluted (pence per share) 8 (0.28) (0.29)
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2022
2022 2021
£ £
Loss for the period (511,601) (501,058)
Other comprehensive income
Items that may be subsequently reclassified as profit or loss
Exchange differences on translation of foreign operations (2,593) 737
(2,593) 737
Total comprehensive loss for the year attributable to the owners of the (514,194) (500,321)
Company
Consolidated Statement of Financial Position
As at 31 December 2022
2022 2021
£ £
Notes
Non-current assets
Property, plant and equipment 9 4,233 4,440
Goodwill 10 220,224 205,203
Intangible assets 11 531,866 567,060
Total non-current assets 756,323 776,703
Current assets
Trade and other receivables 13 197,273 78,189
Cash and cash equivalents 313,985 728,586
Total current assets 511,258 806,775
Current liabilities
Trade and other payables 14 560,508 392,787
Total current liabilities 560,508 392,787
Net current assets/(liabilities) (49,250) 413,988
NET ASSETS 707,073 1,190,691
Equity
Share capital 15 1,826,214 1,825,076
Share premium 20,553,499 20,547,343
Capital redemption reserve 23,616 23,616
Merger reserve 160,000 160,000
Convertible loan note reserve 18 217,784 207,074
Share based payment reserve 81,696 71,808
Foreign currency reserve 21,064 20,973
Retained losses (22,176,800) (21,665,199)
Equity attributable to owners of the Company 707,073 1,190,691
TOTAL EQUITY 707,073 1,190,691
Company Statement of Financial Position
As at 31 December 2022
2022 2021
£ £
Notes
Non-current assets
Investments 12 668,823 668,823
Total non-current assets 668,823 668,823
Current assets
Trade and other receivables 13 1,255,093 1,130,304
Cash and cash equivalents 107,849 468,767
Total current assets 1,362,942 1,599,071
Current liabilities
Trade and other payables 14 263,587 137,598
Total current liabilities 263,587 137,598
Net current assets 1,099,355 1,461,473
NET ASSETS 1,768,178 2,130,296
Equity
Share capital 15 1,826,214 1,825,076
Share premium 20,553,499 20,547,343
Capital redemption reserve 23,616 23,616
Merger reserve 160,000 160,000
Convertible loan note reserve 18 217,784 207,074
Share based payment reserve 81,696 71,808
Retained losses (21,094,631) (20,704,621)
Equity attributable to owners of the Company 1,768,178 2,130,296
TOTAL EQUITY 1,768,178 2,130,296
Company Statement of Changes in Equity
For the year ended 31 December 2022
Share Share Capital redemption reserve Merger Convertible loan note reserve Share based payment reserve Foreign currency reserve Retained TOTAL EQUITY
capital premium reserve losses
£ £ £ £ £ £ £ £ £
Balance at 1 January 2021 1,701,076 20,076,343 23,616 160,000 196,364 63,087 15,009 (21,164,141) 1,071,354
Loss for the year - - - - - - - (501,058) (501,058)
Exchange differences on translation of foreign operations - - - - - - 737 - 737
Total comprehensive loss for the year - - - - - - 737 (501,058) (500,321)
Shares issued 124,000 496,000 - - - - - - 620,000
Unclaimed dividends - (25,000) - - - - - - (25,000)
Share based payments - - - - - 8,721 - - 8,721
Movement in the year - - - - 10,710 - 5,227 - 15,937
Balance at 31 December 2021 1,825,076 20,547,343 23,616 160,000 207,074 71,808 20,973 (21,665,199) 1,190,691
Loss for the year - - - - - - - (511,601) (511,601)
Exchange differences on translation of foreign operations - - - - - - (2,593) - (2,593)
Total comprehensive loss for the year - - - - - - (2,593) (511,601) (514,194)
Shares issued 1,138 6,156 - - - - - - 7,294
Cost of shares issued - - - - - - - - -
Share based payments - - - - - 9,888 - - 9,888
Movement in the year - - - - 10,710 - 2,684 - 13,394
Balance at 31 December 2022 1,826,214 20,553,499 23,616 160,000 217,784 81,696 21,064 (22,176,800) 707,073
Company Statement of Changes in Equity
For the year ended 31 December 2022
Share Share Capital Redemption Reserve Merger Convertible Loan Note Reserve Share Based Payment Reserve Retained TOTAL EQUITY
Capital Premium Reserve Losses
£ £ £ £ £ £ £ £
Balance at 1 January 2021 1,701,076 20,076,343 23,616 160,000 196,364 63,087 (20,181,460) 2,039,026
Total comprehensive loss for the year - - - - - - (523,161) (523,161)
Shares issued 124,000 496,000 - - - - - 620,000
Unclaimed dividends - (25,000) - - - - - (25,000)
Share based payments - - - - - 8,721 - 8,721
Movement in the year - - - - 10,710 - - 10,710
Balance at 31 December 2021 1,825,076 20,547,343 23,616 160,000 207,074 71,808 (20,704,621) 2,130,296
Total comprehensive loss for the year - - - - - - (390,010) (390,010)
Shares issued 1,138 6,156 - - - - - 7,294
Cost of shares issued - - - - - - - -
Share based payments - - - - - 9,888 - 9,888
Movement in the year - - - - 10,710 - - 10,710
Balance at 31 December 2022 1,826,214 20,553,499 23,616 160,000 217,784 81,696 (21,094,631) 1,768,178
Consolidated and Company Statement of Cash Flows
For the year ended 31 December 2022
GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Operating loss (511,601) (501,058) (390,010) (523,161)
Adjustment for:
Depreciation and amortisation 140,609 133,474 - -
Impairment of intangible assets - 42,303 - -
Impairment of the investment in a subsidiary - - - 115,000
Fees in exchange for shares 7,292 - 7,292 -
Share based payment expense 9,888 8,721 9,888 8,721
Foreign exchange (loss)/ gain (80,207) 509 - -
Finance costs 10,710 10,710 10,710 10,710
(Increase)/decrease in receivables (119,084) (14,616) (124,789) (143,663)
Increase/(decrease) in payables 167,722 31,198 125,989 (1,606)
Net cash used in operating activities (374,671) (288,759) (360,918) (533,999)
Cash flows from investing activities:
Purchase of equipment (1,525) (5,874) - -
Purchase of intangible assets (38,405) (50,691) - -
Net cash from investing activities (39,930) (56,565) - -
Cash flows from financing activities
Shares issued net of share costs - 595,000 - 595,000
Net cash from financing activities - 595,000 - 595,000
Net (decrease)/increase in cash and cash equivalents (414,601) 249,676 (360,918) 61,001
Cash and cash equivalents brought forward 728,586 478,910 468,767 407,766
Cash and cash equivalents carried forward 313,985 728,586 107,849 468,767
1. Summary of significant accounting policies
IQ-AI Limited (the "Company") is a limited liability company incorporated and
domiciled in Jersey. The address of the registered office is given on page
46.
The financial statements are presented in pound sterling ("£") since that is
the currency of the primary environment in which the Group and Company
operates.
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared and approved by the Directors in
accordance with the EU-endorsed international financial reporting standards.
The financial statements have been prepared under the historical cost
convention.
The preparation of financial statements in conformity with EU-endorsed IFRS
requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the financial
statements, are disclosed in note 2.
Going concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Chief
Executive Officer's Statement. In addition, note 20 to the financial
statements includes the Group's and Company's objectives, policies and
processes for managing its capital and its financial risk management
objectives.
The Group meets its day to day working capital requirements through its
revenue generating cashflows, discrete fund raises and the issue of
convertible loan notes.
The current economic conditions continue to create uncertainty, particularly
over (a) the level of demand for the group's products; and (b) the
availability of finance for the foreseeable future. The Directors are
satisfied that the Group has sufficient resources to meet any obligations over
the going concern period. At 31 December 2022, the Group had cash balances of
£313,985 (2021: £728,586).
Additional financial support, if required, will be available from the Chief
Executive Officer through the convertible loan facility. In addition, all
existing convertible loans including accrued interest are not repayable in
cash.
Taking in to account the comments above, the Directors have, at the time of
approving the financial statements, a reasonable expectation that the Company
and the Group have adequate resources to continue in operational existence for
the foreseeable future. Therefore, they continue to adopt the going concern
basis of accounting in preparing the financial statements. There has been no
direct impact to the Company and the Group due to the war in the Ukraine.
New standards, amendments and interpretations adopted by the Group and Company
The following IFRS or IFRIC interpretations were effective for the first time
for the financial year beginning 1 January 2022. Their adoption has not had
any material impact on the disclosures or on the amounts reported in these
financial statements:
Standards /interpretations Application
IAS 1 & IAS 8 amendments Definition of Material
IFRS 3 amendments Business Combinations - Reference to Conceptual Framework
Amendments to IAS 16 Property, Plant and Equipment
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets
Annual Improvements to IFRS Standards 2018-2020 cycle
New standards, amendments and interpretations not yet adopted
Standards /interpretations Application
IAS 1 amendments Presentation of Liabilities as Current or Non-Current.
Effective: Annual periods beginning on or after 1 January 2023
IAS 1 amendments Classification of Liabilities as Current or Non-Current.
Effective: Annual periods beginning on or after 1 January 2023
IAS 1 amendments Presentation of Financial Statements and IFRS Practice Statements 2:
Disclosure of Accounting Policies
IAS 8 amendments Accounting policies Changes in Accounting Estimates and Errors - Definition of
Accounting Estimates
IAS 12 amendments Income Taxes - Deferred Tax related to Assets and Liabilities arising from a
Single Transaction
There are no IFRS's or IFRIC interpretations that are not yet effective that
would be expected to have a material impact on the Company or Group.
Basis of consolidation
The Group financial statements consolidate the financial statements of the
Company and all its subsidiaries ("the Group"). Subsidiaries include all
entities over which the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The existence and effect of
potential voting rights that are currently exercisable or convertible are
considered when assessing whether the Group controls another entity.
Subsidiaries are consolidated from the date on which control commences until
the date that control ceases. Intra-group balances and any unrealised gains
and losses on income or expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements.
The acquisition method of accounting is used to account for business
combinations. The cost of an acquisition is measured as the fair value of the
assets given, equity instruments issued, and liabilities incurred or assumed
at the date of exchange, and the equity interests issued. Identifiable assets
acquired, and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair value at the acquisition
date. Acquisition related costs are expensed as incurred. Where necessary,
amounts reported by subsidiaries have been adjusted to conform with the
Group's accounting policies.
Investments in subsidiaries
Investments in subsidiaries are held at cost less any impairment.
Goodwill
Goodwill on acquisition of subsidiaries represents the excess of the cost of
acquisition over the fair value of the Group's share of the identifiable net
assets and contingent liabilities acquired. Identifiable assets are those
which can be sold separately, or which arise from legal rights regardless of
whether those rights are separable. Goodwill on acquisition of subsidiaries is
included in intangible assets. Goodwill is not amortised but is tested
annually, or when trigger events occur, for impairment and is carried at cost
less accumulated impairment losses.
Foreign currency translation
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. 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 are presented in the income
statement within 'finance income or costs.'
The results and financial position of Group entities 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 are translated at the closing rate at the date of that Statement of
Financial Position;
· income and expenses for each Income Statement presented are
translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the
rate on the dates of the transactions); and
· all resulting exchange differences are recognised in other
comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and
translated at the closing rate. Exchange differences arising are recognised in
other comprehensive income.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less depreciation.
Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the group and the cost
of the item can be measured reliably. The carrying amount of the replaced part
is derecognised. All other repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives, as follows:
Furniture, fittings and
equipment 3 - 8 years
The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at the end of each reporting period.
Intangible assets - Intellectual property and internally generated software
Separately acquired intellectual property is shown at historic cost.
Intellectual property acquired in a business combination is recognised at fair
value at the acquisition date. Amortisation is calculated using the
straight-line method over the estimated useful life of up to 5 years.
Development costs that are directly attributable to the design and testing of
identifiable and unique software products controlled by the Group are
recognised as intangible assets when the following criteria are met:
· it is technically feasible to complete the software product so
that it will be available for use;
· management intends to complete the software product and use or
sell it;
· there is an ability to use or sell the software product;
· it can be demonstrated how the software product will generate
probable future economic benefits;
· adequate technical, financial and other resources to complete the
development and use or sell the software product are available; and
· the expenditure attributable to the software product during its
development can be reliably measured.
Directly attributable costs that are capitalised as part of the software
product include the software development employee costs and an appropriate
portion of relevant overheads.
Other development expenditure that does not meet these criteria is recognised
as an expense as incurred. Development costs previously recognised as an
expense are not recognised as an asset in a subsequent period. Software
development costs recognised as assets are amortised over their estimated
useful lives, which do not exceed 5 years. Amortisation commences when
regulatory approval is obtained, and the product is commercially available.
Impairment of non-financial assets
Intangible assets that have an indefinite useful life or intangible assets not
ready to use are not subject to amortisation and are tested annually for
impairment. Assets that are subject to amortisation are reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less
costs of disposal and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units). Prior impairments of
non-financial assets (other than goodwill) are reviewed for possible reversal
at each reporting date.
Financial instruments
Financial assets and financial liabilities are recognised in the Group's
balance sheet when the Group becomes a party to the contractual provisions of
the instrument.
Financial assets
The Group classifies its financial assets in the following categories
financial assets as "at fair value through profit and loss" and "loans and
receivables". The classification depends on the nature and purpose of the
financial assets and is determined at the time of initial recognition.
Management determines the classification of its financial assets at initial
recognition.
Loans and receivables
Trade receivables are amounts due from customers for merchandise sold or
services performed in the ordinary course of business. Trade receivables are
held with the objective of collecting the contractual cash flows. If
collection is expected in one year or less (or in the normal operating cycle
of the business if longer), they are classified as current assets. If not,
they are presented as non-current assets.
Trade receivables are recognised initially at fair value, and subsequently
measured at amortised cost using the effective interest method, less provision
for impairment. The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss allowance for all
trade receivables and contract assets.
Due to the short-term nature of the other current receivables, their carrying
amount is considered to be the same as their fair value.
A financial asset is assessed at each reporting date to determine whether
there is any evidence that it is impaired. A financial asset is considered
impaired if objective evidence indicates that one or more events have had a
negative effect on the estimated future cash flows of that asset. Individual
significant financial assets are tested for impairment on an individual basis.
The remaining financial assets are assessed collectively in groups that share
similar credit risk characteristics. All impairment losses are recognised in
the consolidated income statement.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks and other short-term highly liquid investments with maturities of three
months or less.
Financial liabilities and equity instruments issued by the group
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument
is any contract that evidences a residual interest in the assets of the Group
after deducting all of its liabilities. Equity instruments issued by the Group
are recorded at the proceeds received, net of direct issued costs.
Convertible loan notes
The convertible loan note ("CLN") is a compound financial instrument that can
be converted to share capital at the option of the holder. As the CLN, and the
accrued interest, can only be repaid by the issue of shares, it has been
recognised in equity only, with no liability component. Interest is accounted
for on an accruals basis and charged to the Consolidated Income Statement and
added to the carrying amount of the equity component of the CLN.
Trade and other payables
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Accounts payable
are classified as current liabilities if payment is due within one year or
less (or in the normal operating cycle of the business if longer). If not,
they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value, and
subsequently measured at amortised cost using the effective interest method.
The carrying amounts of trade and other payables are considered to be the same
as their fair values.
Segment reporting
An operating segment is a component of the Group that engages in business
activity from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with and of the Group's
other components. All operating segments' operating results, for which
discrete financial information is available, are reviewed regularly by the
Group's Board to make decisions about resources to be allocated to the segment
and assess its performance. The Group reports on a two-segment basis - holding
company expenses and medical software.
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of ordinary shares and share options are recognised
as a deduction from equity, net of any tax effects, from the proceeds.
Share-based payments
The Company operates an equity-settled, share-based compensation plan, under
which the entity receives services from employees as consideration for equity
instruments (options) of the Company. The fair value of the employee
services received in exchange for the grant of the options is recognised as an
expense. The total amount to be expensed is determined by reference to the
fair value of the options granted:
· including any market performance conditions (for example, an
entity's share price);
· excluding the impact of any service and non-market performance
vesting conditions (for example, profitability or sales growth targets, or
remaining an employee of the entity over a specified time period); and
· including the impact of any non-vesting conditions (for example,
the requirement for employees to save or holding shares for a specific period
of time).
At the end of each reporting period, the group revises its estimates of the
number of options that are expected to vest based on the non-market vesting
conditions and service conditions. It recognises the impact of the revision to
original estimates, if any, in the income statement, with a corresponding
adjustment to equity.
In addition, in some circumstances employees may provide services in advance
of the grant date and therefore the grant date fair value is estimated for the
purposes of recognising the expense during the period between service
commencement period and grant date.
When the options are exercised, the company issues new shares. The proceeds
received net of any directly attributable transaction costs are credited to
share capital (nominal value) and share premium.
The grant by the Company of options over its equity instruments to the
employees of subsidiary undertakings in the Group is treated as a capital
contribution. The fair value of employee services received, measured by
reference to the grant date fair value, is recognised over the vesting period
as an increase in investment in subsidiary undertakings, with a corresponding
credit to equity in the parent entity accounts.
The social security contributions payable in connection with the grant of the
share options is considered an integral part of the grant itself, and the
charge will be treated as a cash-settled transaction.
Revenue recognition
The group derives revenue from the transfer of goods and services at a point
in time and over time. Revenue from external customers arise on the sales of
software licences, including associated maintenance, and consultancy services.
Revenue from licence sales is measured at the agreed transaction price at a
point in time. A receivable is recognised when access to the software is
granted, since this is the point in time that the consideration is
unconditional because only the passage of time is required before the payment
is due. Support and maintenance services are provided on the product supplied;
this is deemed to be a separately identifiable product and is recognised over
time. Revenue from consulting services are recognised in the accounting period
in which the services are rendered.
Taxation
The Company is registered in Jersey, Channel Islands and is taxed at the
Jersey Company standard rate of 0%. However, the Company's subsidiaries are
situated in jurisdictions where taxation may become applicable to local
operations.
The major components of income tax on profit or loss include current and
deferred tax.
The tax currently payable is based on the taxable profit for the period using
the tax rates that have been enacted or substantially enacted by the balance
sheet date. Taxable profit differs from the net profit as reported in the
income statement because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the Group financial statements. Deferred tax is determined
using tax rates that have been enacted or substantially enacted at the balance
sheet date and are expected to apply when the related deferred income tax
asset is realised of the deferred tax liability is settled.
Deferred tax assets are only recognised to the extent that it is probable that
future taxable profit will be available against which the asset can be
utilised. Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited to equity, in which case the
deferred tax is also dealt with in equity.
2. Critical accounting estimates and judgements
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.
Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, seldom equal the related
actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
Impairment of intangible assets
The directors have reviewed the valuation of Stone Checker Software Limited in
the year and valued the company based on the last offer that was received in
the previous year for the company and its software. Since the offer, the
software has continued to be improved upon and therefore the directors feel
that this valuation is acceptable. The asset has been impaired accordingly.
Refer to Note 11.
Critical judgments in applying the entity's accounting policies
The following are the critical judgements that the Directors have made in the
process of applying the Group's accounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
Capitalisation of internally developed software
Distinguishing the research and development phases of the software suites and
determining whether the recognition requirements for the capitalisation of
development costs are met requires judgement. After capitalisation, management
monitors whether the recognition requirements continue to be met and whether
there are any indicators that capitalised costs may be impaired.
3. Segmental analysis
The Directors are of the opinion that under IFRS 8 - "Segmental Information"
the Group operated in two primary business segments in 2022: being holding
company expenses and medical software. The secondary segment is geographic.
The Group's losses and net assets by primary business segments are shown
below.
Segmentation by continuing businesses:
2022 2021
£ £
(Loss)/ profit before income tax
Holding company (390,010) (523,161)
Medical software 47,382 22,103
Oral GaM (168,973) -
(511,601) (501,058)
Net assets/(liabilities)
Holding company 1,768,178 2,130,296
Medical software (892,132) (939,605)
Oral GaM (168,973) -
Segmentation by geographical area:
2022 2021
£ £
Revenue to external customers
United States of America 535,886 521,069
535,886 521,069
Loss before income tax
Jersey (390,010) (523,161)
United Kingdom 775 (43,410)
United States of America (122,366) 65,513
(511,601) (501,058)
2022 2021
Net assets/(liabilities) £ £
Jersey 1,768,178 2,130,296
United Kingdom (295,573) (294,798)
United States of America (686,077) (519,216)
4. Finance costs
2022 2021
£ £
Interest payable on unsecured convertible loan notes 10,710 10,710
5. Operating loss
2022 2021
£ £
The following items have been included in arriving at operating loss
Staff costs 398,620 380,631
Amortisation of internally generated intangible assets 138,413 130,734
Auditor's remuneration has been included in arriving at operating loss as
follows:
Fees payable to the Company's auditor and their associates for the audit of 34,000 28,500
the Group and Company's financial statements
Total audit fees payable to the Group auditors 34,000 28,500
6. Employee information
The average monthly number of employees (including Executive Directors) was:
2022 2021
Number Number
Administration 7 7
£ £
Staff costs (for the above employees)
Wages and salaries 396,145 378,912
Social security costs and pension contributions 2,475 1,719
398,620 380,631
Directors' remuneration and transactions
2022 2021
£ £
Directors' remuneration
Emoluments and fees 160,000 160,000
Remuneration of the highest paid director:
Emoluments and fees 100,000 100,000
100,000 100,000
7. Income tax expense
2022 2021
The tax assessed for the period is different from the standard rate of income £ £
tax, as
Income tax as explained below:
Loss before tax on continuing operations (511,601) (501,058)
Loss before tax multiplied by the standard rate of Jersey income tax of 0% - -
Adjustments to tax in respect of prior periods - -
Tax (credit)/charge for period - -
8. Earnings per share
Basic and diluted
Earnings per share is calculated by dividing the loss attributable to the
equity holders of the Company by the weighted average number of Ordinary
shares in issue during the period, excluding Ordinary shares purchased by the
Company and held as treasury shares.
2022 2021
Group:
Loss attributable to equity holders of the parent (£) (511,601) (501,058)
Weighted average number of shares in issue (Number) 182,609,544 172,757,472
Loss per share (pence) from continuing operations (0.28) (0.29)
9. Property, plant and equipment
Equipment Total
Group £ £
Cost
At 1 January 2021 10,110 10,110
Additions 5,874 5,874
Exchange differences 36 36
At 31 December 2021 16,020 16,020
Additions 1,525 1,525
Exchange differences 1,121 1,121
At 31 December 2022 18,666 18,666
Depreciation
At 1 January 2021 (8,827) (8,827)
Charge for the year (2,740) (2,740)
Exchange differences (13) (13)
At 31 December 2021 (11,580) (11,580)
Charge for the year (2,194) (2,194)
Exchange differences (659) (660)
At 31 December 2022 (14,433) (14,434) -
Carrying amount
At 31 December 2022 4,233 4,232
At 31 December 2021 4,440 4,440
10. Goodwill
Group £
Cost
At 1 January 2021 204,061
Exchange differences 1,142
At 31 December 2021 205,203
Exchange differences 15,021
At 31 December 2022 220,224
The goodwill at 31 December 2022 represents the goodwill recognised at the
purchase of the Company's subsidiary companies Imaging Biometrics and Stone
Checker Software Limited. The goodwill is not amortised but is reviewed on an
annual basis for impairment, or more frequently if there are indications that
goodwill might be impaired. The impairment review comprises a comparison of
the carrying amount of the goodwill with its recoverable amount (the higher of
fair value less costs to sell and value in use). No impairment was deemed
necessary for the year ended 31 December 2022.
11. Intangible assets - intellectual property, imaging and diagnostic
software
Group £
Cost
At 1 January 2021 946,779
Exchange differences 4,608
Additions from internal development 50,691
Impairment (42,303) (42,303)
At 31 December 2021 959,775
Exchange differences 60,613
Additions from internal development 38,405
At 31 December 2022 1,058,793
Accumulated Amortisation
At 1 January 2021 261,663
Exchange differences 318
Charge for the year 130,734
At 31 December 2021 392,715
Exchange differences (4,201)
Charge for the year 138,413
At 31 December 2022 526,927
Net book value
At 31 December 2022 531,866
At 31 December 2021 567,060
The Directors have reviewed the valuation of Stone Checker Software Limited in
the year and valued the company based on the last offer that was received in
the previous year for the company and its software. Since the offer, the
software has continued to be improved upon and therefore the directors
consider that no additional impairment is required at this stage.
12. Investments in subsidiaries
Company Shares in group undertakings
£
Cost
At 1 January 2021 783,823
Impairment (115,000)
At 31 December 2021 668,823
Impairment -
At 31 December 2022 668,823
At 31 December 2022, the Group consisted of a parent company, IQ-AI Limited,
registered in Jersey and its two wholly owned subsidiaries.
Subsidiaries:
Imaging Biometrics LLC
Registered Office: 13406 Watertown Plank Road, Elm Grove, WI 53122, United
States of America
Nature of business: develops ready-to-use software applications for the
healthcare industry.
Class of share %
Holding
Ordinary shares
Stone Checker Software Limited
Registered Office: Unit 12 Westway Business Centre, Marksbury, Bath, BA2 9HN,
United Kingdom
Nature of business: supplier of technology solutions in the field of kidney
stone analysis and kidney stone prevention.
Class of share %
Holding
Ordinary shares
13. Trade and other receivables
Group Company
2022 2021 2022 2021
£ £ £ £
Amounts owed by group undertakings - - 1,238,995 1,114,810
Trade receivables 150,647 36,470 - -
Other receivables 10,320 13,076 - -
Prepayments 36,306 28,643 16,097 15,494
197,273 78,189 1,255,092 1,130,304
In the Directors' opinion, the carrying amounts of receivables is considered a
reasonable approximation of fair value. The Group monitors on a monthly basis
the receivable balance and makes impairment provisions when debt reaches a
certain age. There are no significant known credit risks as at 31 December
2022 (2021: none).
14. Trade and other payables
Group Company
2022 2021 2022 2021
£ £ £ £
Amounts owed to group undertakings - - 185,655 98,449
Loans 62,197 55,409 - -
Other creditors 12,302 233,165 - -
Accruals and deferred income 486,009 104,213 77,932 39,149
560,508 392,787 263,587 137,598
In the Directors' opinion, the carrying amount of payables is considered a
reasonable approximation of fair value.
15. Share capital
2022 2021 2022 2021
Number Number £ £
Allotted, called up and fully paid
Ordinary shares of 1p each 182,621,390 182,507,609 1,826,214 1,825,076
182,621,390 182,507,609 1,826,214 1,825,076
The movement in share capital is detailed below:
Number of shares issued
On 8 February 2022, the Company issued 113,781 new ordinary shares at 1p per 113,781
share.
The movement in share capital of the previous year is detailed below:
Number of shares issued
On 14 October 2021, the Company issued 12,400,000 new ordinary shares at 5p 12,400,000
per share.
16. Reserves
The Group's reserves are made up as follows:
Share capital: Represents the nominal value of the issued share capital.
Share premium account: Represents amounts received in excess of the nominal
value on the issue of share capital less any costs associated with the issue
of shares.
Capital redemption reserve: Reserve created on the redemption of the Company's
shares
Merger reserve: Represents the difference between the nominal value of the
share capital issued by the Company and the fair value of Stone Checker
Software Limited at the date of acquisition.
Convertible loan note reserve: Represents the equity portion of the
Convertible Loan Notes issued by the Company.
Foreign currency translation reserve: Reserve arising from the translation of
foreign subsidiaries at consolidation.
Retained earnings: Represents accumulated comprehensive income for the year
and prior periods.
17. Share-based payments
On 1 November 2018, 6,017,500 shares in IQ-AI Limited were granted under
option to David Smith. The shares are exercisable at 2.60p and the option will
vest over 3 years, with 1/3(rd) vesting on 1 August 2019 and the remainder
vesting at a rate of 1/36(th) per month on the last day of each month, until
the shares become fully vested. The option will be exercisable for 10 years
and will lapse on 1 August 2028. There are no cash settlement alternatives.
The fair value is estimated as at the date of grant using a Black-Scholes
model, taking into account the terms and conditions upon which the options
were granted. The following table lists the inputs to the model.
On 20 September 2022, 775,000 shares in IQ-AI Limited were granted under
option to employees of Imaging Biometrics LLC. The shares are exercisable at
2.253p and the options are exercisable over 10 years from the date of grant.
The fair value is estimated as at the date of grant using a Black-Scholes
model, taking into account the terms and conditions upon which the options
were granted. The following table lists the inputs to the model.
2018
Exercise price (pence) 2.60p
Shares under option 6,017,500
Risk free interest (%) 2
Expected volatility (%) 52%
Expected life in years 3
2022
Exercise price (pence) 2.253p
Shares under option 775,000
Risk free interest (%) 3
Expected volatility (%) 65%
Expected life in years 5
The total charge for the year relating to share-based payments was £9,888
(2021: £8,721).
18. Convertible loan note reserve
2022 2021
£ £
At the beginning of the year 207,074 196,364
Interest charge for the year 10,710 10,710
At the end of the year 217,784 207,074
The above reserve was created on the issue and conversions of the Convertible
Loan Notes ("CLNs"). The above amount relates to the equity portion of the
CLNs. The capital and accrued interest are wholly repayable by the issue of
shares in the Company. Interest is charged to the company at 6%.
19. Operating lease commitments
Financial commitments
The Group had no contracts in respect of lessee arrangements. The registered
office is provided by the Company Secretary as part of their services. The
contract has a cancellation policy of 3 months.
20. Financial instruments
Financial risk management
The Group's activities expose it to a variety of financial risks: market risk
(including currency risk, fair value interest rate risk, cash flow interest
rate risk and price risk), credit risk and liquidity risk. The Group's overall
risk management programme focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the Group's financial
performance.
The Group has exposure to the following risks from its use of financial
instruments:
(a) Credit risk
(b) Liquidity risk
(c) Market risk
(d) Currency risk
(e) Interest rate risk
(f) Capital risk management
This note presents information about the Group's exposure to each of the above
risks, the Group's objectives, policies and processes for measuring and
managing risks and the Group's management of capital. Further quantitative
disclosures are included throughout these consolidated financial statements.
The Group's risk management policies are established to identify and analyse
the risks faced by the Group, to set appropriate risk limits and controls, and
to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Group's
activities.
The Group Audit Committee oversees how management monitors compliance with the
Group's risk management policies and procedures and reviews the adequacy of
the risk management framework in relation to the risks faced by the Group.
The Board of Directors has overall responsibility for the establishment and
oversight of the Group's risk management framework.
(a) Credit risk
Credit risk is the risk of financial loss to the Group if a customer fails to
meet its contractual obligations. Each local entity is responsible for
managing and analysing the credit risk for each of their new clients before
standard payment and delivery terms and conditions are offered.
Trade and other receivables
The Group's exposure to credit risk is influenced by the type of customer the
Group contracts with. The Group has minimal trade receivables.
The immediate credit exposure of financial instruments is represented by those
financial instruments that have a net positive fair value by counterparty at
31 December 2022. The Group considers its maximum exposure to be:
2022 2021
£ £
Financial instrument
Cash and cash equivalents 313,985 728,586
Trade and other receivables 150,647 36,470
464,632 765,056
All cash balances and short-term deposits are held with an investment grade
bank who is our principal banker (Barclays Bank PLC). Although the Group has
seen no direct evidence of changes to the credit risk of its counterparties,
the current focus on financial liquidity in all markets has introduced
increased financial volatility. The Group continues to monitor the changes to
its counterparties' credit risk.
(b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due.
The Board are jointly responsible for monitoring and managing liquidity and
ensures that the Group has sufficient liquid resources to meet unforeseen and
abnormal requirements. The current forecast suggests that the Group has
sufficient liquid resources.
The following are the contractual maturities of financial liabilities:
Carrying Contractual 6 months 6 to 12 1 to 2 2 to 5
31 December 2022 amount cash flows or less months years years
£ £ £ £ £ £
Trade and other payables 498,311 - 498,311 - - -
Borrowings 62,197 - 62,197 - - -
560,508 - 560,508 - - -
Carrying Contractual 6 months 6 to 12 1 to 2 2 to 5
31 December 2021 Amount cash flows or less months years years
£ £ £ £ £ £
Trade and other payables 337,378 - 337,378 - - -
Borrowings 55,409 - 55,409 - - -
392,787 - 392,787 - - -
Available liquid resources and cash requirements are monitored using detailed
cash flow and profit forecasts which are reviewed at least quarterly, or more
often as required. The Directors decision to prepare these accounts on a going
concern basis is based on assumptions which are discussed in the going concern
paragraph in note 1.
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign
exchange rates, interest rates and equity prices will affect the Group's
income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return. Given the Group began
revenue generating operations in the year, the risk for the year was minimal.
(d) Currency risk
The Group is exposed to currency risk as the assets of its subsidiary, Imaging
Biometrics LLC, are denominated in US Dollars. At 31 December 2022, the net
foreign liabilities were £686,077 (2021: £519,216). Differences that arise
from the translation of these assets from US Dollar to Pound Sterling are
recognised in other comprehensive income and the cumulative effect as a
separate component in equity.
(e) Interest rate risk
The Group has no floating rate loans. Therefore, the Group has no exposure to
interest rate risk.
(f) Capital risk management
The Group manages its capital to ensure that entities in the Group will be
able to continue as a going concern while maximising the return to
stakeholders as well as sustaining the future development of the business. In
order to maintain or adjust the capital structure, the Group may adjust
dividends paid to shareholders, return capital to shareholders, issue new
shares or sell assets to reduce debt.
The capital structure of the Group consists of net debt, which includes loans,
cash and cash equivalents, and equity attributable to equity holders of the
parent, comprising issued capital, reserves and retained earnings.
Fair value of financial assets and liabilities
Book value Fair value Book value Fair value
2022 2022 2021 2021
£ £ £ £
Financial assets
Cash and cash equivalents 313,985 313,985 728,586 728,586
Trade and other receivables 150,647 150,647 36,470 36,470
Total at amortised cost 464,632 464,632 765,056 765,056
Financial liabilities
Trade and other payables 498,311 498,311 337,378 337,378
Borrowings 62,197 62,197 55,409 55,409
Total at amortised cost 560,508 560,508 392,787 392,787
21. Related party transactions
At the year-end, the amount due to Michael Schmainda in respect of a loan
provided to Imaging Biometrics LLC amounted to US$75,000 (2021: US$75,000).
The loan is interest free and repayable on demand. This balance is included in
note 14, trade and other payables.
Non-Executive Chairman, Brett Skelly, is also an employee of GBAC Limited.
During the year GBAC Limited charged the Company a total of £30,000 (2021:
£30,000) in respect of services provided by Mr Skelly. The balance
outstanding at year end was £nil (2021: £nil).
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