RCS - Tally Ltd - Final Results
TALLY LTD
("TALLY" or the "Company")
Final Results
04 March 2021
TALLY LTD, the money innovator and digital Non-Bank Financial Institution ("NBFI") behind the full-reserve banking platform and physical gold monetary system, tally®, is pleased to announce its audited final results for the financial year ending 30 June 2020.
Chief Executive Officer's Report
I am pleased to provide the following report on the financial year 1 July 2019 to 30 June 2020 for Tally Ltd ("Tally" or "Company"). This was a pivotal year in the development of Tally's financial technology product and full reserve banking platform, business and corporate strategy.
Tally released its proof-of-concept smartphone banking app in the UK just prior to the start of the financial year (10 June 2019, at which time 100 tally® = £3.33). During the reporting period, the banking app was redesigned and the tally® app 2.0 was released in the UK on 27 January 2020 (at which time t100 = £3.89). Following a brief February promotion that saw customer numbers jump from approximately 1,500 accounts, to over 5,000 within two days and the tally® app achieve a top 10 ranking of finance apps, between Monzo® and Revolut®, Tally restructured its technology development capabilities and redesigned and built the second generation tally® architecture to be a commercially fit-for-scale banking platform. Tally's 2G platform went live at the end of the financial year ending 30 June 2020 (at which date t100 = £4.63).
tally® is a new form of money, a category creator, and potential disruptor to the banking and payments space. tally® is physical asset-based money, protected from the fragility and inflation of fractional reserve banking. It is not government-issued (fiat) currency and it is not a cryptocurrency.
The tally® product design, UI (user interface), business model and technology architecture are unique in banking, foreign currency exchange and retail gold investment. Tally is the first financial institution in the world to issue individual bank accounts (with unique account numbers and IBANs) denominated in a currency not issued by a central government.
Tally has delivered its innovative banking proposition in its inaugural jurisdiction as a commercially scalable product and the Company can now focus on growing traction with customers and evidencing product-market fit concurrently with ongoing technology and product development.
In addition to its core business as a digital NBFI (Non-Bank Financial Institution) and global currency provider, Tally owns minority stakes in three investment assets: shares in BaaS (Banking As A Service) fintech company Railsbank Technology Ltd, equity in India's leading private gold exploration company, Geomysore Services India Pvt Ltd, and a share of Finland gold exploration joint venture company, Kalevala Gold Oy. Tally is following a strategy to monetise all three investments over the short to medium term given the appropriate opportunity and apply the funds to core business growth.
Board changes during the period
In line with the Company's core focus on the development of its physical asset-based monetary system and digital banking offering, several board changes occurred in late 2019.
On 30 September 2019, Dr Hanuma Prasad stepped down from the board as Non-Executive Director. On 30 December 2019, Mr Michael Corcoran stepped down as Non-Executive Director and Mr Ralph Hazell (Head of Treasury) was appointed as Director.
Post the balance sheet date, on 26 February 2021, Mr Ralph Hazell stepped down as Director and Mr Alan Davies was appointed Non-Executive Director.
Key financials
The profit after tax for the year was £1,800,003 compared to a loss of £408,593 for the year ending 30 June 2019.
As at 30 June 2020, the Group's cash balances (£55,936) and own gold holdings (£60,587) totalled £116,523 (2019: £126,874).
The Company started the financial year with 588,641,114 shares in issue. During the financial year, the Company raised gross proceeds of £655,000 at 1.5p per share increasing the total shares on issue to 632,307,781 and representing a company valuation of £9.5 million. During the reporting period, the Company completed the part sale of an investment being £504,924 of its Railsbank shareholding.
Post the balance sheet date Tally Ltd raised £311,300 at 2p per share increasing the total shares on issue to 648,122,781 at the date of this report, representing a company valuation of £13m. On 30 November 2020, the Company also completed the sale of an additional 41,538 of its Railsbank shares for the consideration of £1,895,069 after costs representing a total cash return of just under four times the original cash investment. The Company still holds 57,244 of its original holding of 130,800 shares at a current market value of £2,651,388.
The Company is continuously monitoring the rate of cash usage to ensure a balance between investment in technology and product development, talent and marketing, and having sufficient working capital to achieve business and corporate objectives.
Investments
Extract from the Tally Ltd balance sheet as at 30 June
2020 2019
Railsbank Limited 4,575,314 2,062,715
Geomysore Services India Pvt Ltd 3,327,634 3,367,103
Kalevala Gold Oy (shown as held for sale) 563,334 588,227
8,466,282 6,018,045
Outlook
We believe people should be able to earn and deposit money in a bank account that holds its value and remains in their control. This is fundamental to individual financial wellbeing and promotes savings and productivity in society.
With the ongoing health and societal implications of the coronavirus pandemic that people have been dealing with throughout 2020 and into 2021, and the coming economic and financial system effects of interest rates near zero (and in some countries negative) coupled with record quantitative easing (QE) inflating the fiat money supply, the need for consumers to have a choice in the quality of money they hold in their bank account for saving and everyday banking, is becoming increasingly urgent and front of mind.
Tally Ltd continues to be funded to date primarily through investment capital. Tally also has non-core non-current assets that it intends to monetise in the short to medium term. With the approximately £500,000 sale of part of Tally's Railsbank shareholding during the financial year and another nearly £2,000,000 sold subsequent to year end, as at the date of this report Tally has received in cash nearly double its original £1.27m investment (made in February 2018), and it still has nearly half of its original shareholding valued at £2.6m. Tally also holds significant gold exploration assets that it intends to divest as and when the right opportunity presents, to apply those funds to customer growth, growing fixed term depositors in its market-leading fixed rate savings account, progress international partnerships, expanding operations and ongoing product and platform development.
Tally Ltd has been strengthening its organisational structure and growing its capabilities. As part of its business development and corporate strategy, the Board is intended to be expanded along with adding key members to the operational team. As part of its mission of democratisation of money, Tally aims to give the public access to owning equity in the Company by conducting firstly a crowdfunding campaign and at the appropriate time, an IPO (Initial Public Offering) to raise further funds and see the Company's shares listed and tradable on a recognised stock exchange.
On behalf of the Board, I would like to thank shareholders for their patience and support as we have progressed from financial technology concept through to a start-up ready to scale. Tally is a money innovator and NBFI, delivering resilient asset-based money and full-reserve banking to protect the earnings and savings of tally® customers, whilst providing them the convenience of everyday banking and spending, at home and abroad. I'd also like to thank all of our team at Tally whose efforts and commitment to our shared mission have helped make tally® a reality.
Cameron Parry
Chief Executive Officer
4 March 2021
Board of Directors
Cameron John Parry (aged 46) (Chief Executive Officer)
Cameron Parry is the founder of the tally® physical asset-based monetary system and full-reserve banking platform. He is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors and he created the vertically integrated gold company Lionsgold (LSE:LION), that became Tally Ltd.
Mr Parry was the founder and inaugural CEO of natural resources investing company Metal Tiger PLC (LSE: MTR) and co-founder and inaugural Executive Chairman of Coinsilium Group Ltd (NEX: COIN) - which he led to become the world's first blockchain industry company to list on a recognised investment exchange (Dec 2015). He is also Joint-CEO and a major shareholder of 34-year-old London Stockbroking firm, First Equity Limited. First Equity is regulated by the Financial Conduct Authority ("FCA" Licence No. 124394) and Mr Parry is an FCA-approved person for relevant control functions (FCA reference number CJP01234).
Michael Paul Joseph (aged 49) (Non-Executive Director)
Michael Joseph is a highly successful entrepreneur and the Managing Director of Right Choice Insurance Brokers Limited ("RCIB"), a company he founded. Since commencing trading in 2008, RCIB has grown year on year and now employs circa 400 people and has over 300,000 customers. In its full year financials ended 31 December 2019, RCIB reported turnover of approximately £32m and earnings before tax of £9 million.
RCIB's business is underpinned by its own purpose-built data technology platform and the competitive advantage it delivers. In June 2018, Lloyds Bank private equity division ("LDC") invested £28m at a valuation well in excess of £100m. RCIB is regulated by the Financial Conduct Authority ("FCA" reference number 475620) and Mr Joseph is an FCA-approved person for relevant control functions (FCA reference number 01051).
Alan John Bruce Davies (aged 50) (Non-Executive Director)
Alan Davies is a highly respected global executive and CEO of copper mining and natural resources company Moxico Resources PLC and Non-Executive Director of ASX-listed company, ioneer Limited. He is the former Chief Executive of Energy & Minerals at FTSE-100 company, Rio Tinto PLC ("Rio Tinto"), and has more than twenty years' experience in operational and strategic development in the global mining industry, including over ten years of direct project responsibility in India for Rio Tinto.
Mr Davies is a former Non-Executive Director of FTSE-100 company Rolls Royce Holdings PLC and he holds a Bachelor of Business, Bachelor of Laws, a Master of Laws and is a Fellow of the Chartered Accountants in Australia and New Zealand.
Directors' Report
The Directors present their report together with the consolidated financial statements of the Group comprising Tally Ltd (the Company) and its subsidiaries for the year ended 30 June 2020 and the independent auditor's report thereon.
Performance review
The Group made a total comprehensive profit of £1,794,491 during the year ended 30 June 2020 (2019: total comprehensive loss of £399,040). The profit arises from the fair value gain on the Group's investment in Railsbank.
Principal activities and future developments
The Group's principal activity is the provision of a full reserve banking platform and independent monetary system with an asset-based challenger currency (tally®). The platform instantly and seamlessly operates with government-issued fractional-reserve fiat currency. tally® is designed for distribution as a B2B2C product as well as offering its own retail banking account operated via a mobile phone banking app and contactless Mastercard® debit card.
Subsequent events
In the second half 2020, the Company raised £311,300 through the placing of 15,565,000 new ordinary shares at 2p per share to high-net-worth investors and to staff. Additionally, 16,865,000 warrants for new ordinary shares were issued, each exercisable at 200% of the Company's Initial Public Offering (IPO) price with a term of three years from the IPO. 200,000 shares were issued to consultants who had been engaged earlier in the calendar year, indicative at 1.5p, along with 3,800,000 warrants exercisable at 1.5p with an expiry of 31 December 2022. 50,000 shares were issued to an advisor, indicative at 2p, along with 1,450,000 warrants exercisable at 2p with an expiry of 31 December 2022. Following the placing and shares taken up by consultants and employees, the total number of shares in issue increased to 648,122,781.
In November 2020 the Company completed the sale of part of its shareholding in Railsbank Technology Ltd for a consideration of £1,895,069 after costs.
On 30 September 2019, Dr Hanuma Prasad resigned as Non-Executive Director of the Company. On 30 December 2019, Mr Michael Corcoran stepped down as a Non-Executive Director of the Company and Mr Ralph Hazell was appointed as a Director. On 26 February 2021, Mr Ralph Hazell stepped down as Director and Mr Alan Davies was appointed as a Non-Executive Director.
No further subsequent events took place which require disclosure in these consolidated financial statements.
Principal risks and uncertainties
The Group is exposed to a variety of financial risks including foreign exchange risk, market risk, liquidity risk, tax risk and credit risk. These risks are discussed in detail in Note 2.
Financial instruments and associated risks
The Board of Directors is committed to effective risk management and is responsible for ensuring that the Group has an appropriate framework in place to identify and effectively manage business risks and to monitor business performance and the Group's financial position. The Board is also responsible for overseeing compliance with regulatory, prudential, legal and ethical standards. These risks are discussed in detail in Note 15.
Accounting policies
The accounting policies of the Group as set out on pages 17 to 26 have been applied consistently during the year.
Dividends
No dividends have been paid and the Directors do not recommend the declaration of a dividend for the year ended 30 June 2020 (2019: nil).
Directors' remuneration and interests
2020
Remuneration
Interests
Director
Cash-based payments
Share-based payments
Totals
Shares
Options
£
£
£
No.
No.
Cameron Parry* (Chief Executive Officer)
131,000
-
131,000
33,795,988
10,000,000
Ralph Hazell
66,667
-
66,667
30,941,455
-
Hanuma Prasad
6,877
-
6,877
-
-
Michael Joseph**
-
-
-
53,525,000
-
Michael Corcoran***
-
-
-
454,546
-
204,544
-
204,544
118,716,989
10,000,000
* Cameron Parry invested cash of £50,000 during the financial year for 3,333,333 new ordinary shares and 3,333,333 IPO warrants (2019: cash invested £90,000).
** Michael Joseph invested cash of £75,000 during the financial year for 5,000,000 new ordinary shares and 5,000,000 IPO warrants.
** Michael Joseph is to be paid £35,000 in shares for the 14-month period to Dec 2019 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
***Michael Corcoran is to be paid £45,000 in shares for the 18-month period to Dec 2019 that he acted as NED, contingent upon, and only in the event of, the Company relisting on a recognised investment exchange, calculated at the IPO price per share.
2019
Remuneration
Interests
Director
Cash-based payments
Share-based payments
Totals
Shares
Options
£
£
£
No.
No.
Cameron Parry* (Chief Executive Officer)
180,000
-
180,000
30,462,655
10,000,000
Ralph Hazell
80,000
-
80,000
30,941,455
-
Hanuma Prasad
23,888
-
23,888
-
-
Michael Corcoran=
-
-
-
454,546
-
Michael Joseph#
-
-
-
48,525,000
-
David Price
-
-
-
500,000
-
283,888
-
283,888
110,883,656
10,000,000
* Cameron Parry invested cash of £90,000 during the financial year for new ordinary shares, including the exercise of 5 million warrants on 29 June 2018 (2018: cash invested £90,412).
No new options were issued during the year (2019: nil). Hanuma Prasad's 1,800,000 options and former Director Luke Cairns remaining 2,000,000 options expired without exercise on 31 December 2019. In 2019, the Board resolved to extend the expiry date of Cameron Parry's existing 10,000,000 options, exercisable at 2.2p each, to 31 December 2022 subject to only being capable of exercise from the date the Company's shares recommence trading on a recognised investment exchange. No options were exercised during the year (2020: nil).
The above remuneration relates to Tally Ltd Directors only. The Key Management Personnel remuneration disclosed in Note 18 to the financial statements has been calculated on a consolidated basis and includes payments to other Key Management Personnel. Hanuma Prasad, non-executive director of the Company, received £1,440 in professional and consultancy fees from Geomysore during the year to 30 June 2020 (2019: £20,475).
Results for the year and financial position as at 30 June 2020
The Consolidated Statement of Comprehensive Income and the Consolidated Statement of Financial Position are set out on pages 11 and 12 of the financial statements.
Accounting records
The Directors believe that they have complied with the requirements of Section 244 of the Companies (Guernsey) Law 2008, as amended with regards to the financial statements by employing appropriate expertise and providing adequate resources to the financial function within the Group.
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Companies (Guernsey) Law 2008, as amended require the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the EU and applicable law.
The financial statements are required by law to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for the year.
In preparing these financial statements, the Directors are required to:
■ select suitable accounting policies and then apply them consistently;
■ make judgements and estimates that are reasonable and prudent;
■ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
■ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law 2008, as amended and the AIM rules. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Directors' confirmation
The Directors confirm that they have complied with the requirements in preparation of the financial statements as at the date of approval of this report. So far as the Directors who held office at the date of approval of this Directors' Report are aware, there is no relevant audit information of which the Group's auditor is unaware, having taken all the steps the Directors ought to have taken to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.
Going concern
These financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Directors consider that the Group will have access to adequate resources, as set out below, to meet operational requirements for at least 12 months from the date of approval of these financial statements as well as the Group's remaining commitments to investments. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Group's source of operating cash inflows for the financial year is transaction fees earnt through the legacy business precious metals online trading (the Real Asset Company), fees for storing precious metals, interest income and Coronavirus grant income of £3,628. The Group has incurred net operating cash outflows for the year ended 30 June 2020 of £472,319 (2019: outflow of £629,336). At 30 June 2020, the Group had cash and cash equivalents of £55,936 (2019: £99,230) and net current liabilities (current assets, including cash, less current liabilities) of £236,946 (2019: net current liabilities of £283,249).
Tally Ltd has historically raised equity capital periodically to fund operations and the Board intends to continue to raise further funds through the issue of new ordinary shares and/or selling part or all of the balance of its Railsbank shareholding. The Company is also investigating opportunities for the monetisation of its other non-core non-current assets, being equity interests in gold exploration companies in India and Finland. The potential impact of the effects of the Covid-19 coronavirus pandemic on future capital injections or asset sales is unknown and discussed further in note 1.3.
On behalf of the Board
_____________________________________
Cameron Parry - Director
4 March 2021
Tally Ltd and its controlled entities
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2020
Group
Note
2020
£2019
£Continuing operations
Revenue
20,431
36,420
Administrative expenses
(1,242,652)
(1,173,780)
Loss from operating activities
(1,222,221)
(1,137,360)
Finance income
-
1,445
Finance costs
4
(57,203)
(5,645)
Net financing costs
(57,203)
(4,200)
Share of loss of associate
8
(64,362)
(66,889)
Gains on investments at fair value through profit or loss
8
3,017,523
791,718
Gains on financial assets at fair value through profit or loss
9
10,115
8,137
Profit/(loss) before tax
1,683,852
(408,593)
Income tax
5
116,151
-
Profit/(loss) for the year
1,800,003
(408,593)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation
(5,512)
9,553
Total comprehensive profit/(loss) for the year
1,794,491
(399,040)
Basic earnings per share (p)
14
0.29
(0.07)
Diluted earnings per share (p)
14
0.28
-
Tally Ltd and its controlled entities
Consolidated Statement of Financial Position
as at 30 June 2020
Group
Note
2020
£
2019
£
Non-current assets
Intangible assets
6
956,859
741,215
Tangible assets
7
11,186
12,943
Right of use asset
16
98,812
-
Investment in associates
8
3,327,634
3,955,330
Investments at fair value through profit or loss
8
4,575,314
2,062,715
Total non-current assets
8,969,805
6,772,203
Current assets
Assets held for sale
8
563,334
-
Financial assets at fair value through profit or loss
9
60,587
27,644
Trade and other receivables
10
72,816
78,054
Cash and cash equivalents
55,936
99,230
Total current assets
752,673
204,928
Total assets
9,722,478
6,977,131
Current liabilities
Trade and other payables
11
951,113
488,177
Lease liabilities
16
38,506
-
Total current liabilities
989,619
488,177
Non-current liabilities
Lease liabilities
16
61,214
-
Total non-current liabilities
61,214
-
Total net assets
8,671,645
6,488,954
Equity
Share capital
13
-
-
Share premium
13
30,017,276
29,394,063
Reserves
13
23,505
264,030
Accumulated losses
(21,369,136)
(23,169,139)
Total equity
8,671,645
6,488,954
These financial statements were approved by the Board of Directors on the 04 March 2021 and were signed on its behalf by:
_______________________
Cameron Parry
Director
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2020
Share capital
Share premium
Share based payment
reserve
Foreign exchange translation reserve
Shares to be issued reserve
Accumulated losses
Total equity
£
£
£
£
£
£
£
Balance at 30 June 2019
-
29,394,063
13
29,017
235,000
(23,169,139)
6,488,954
Profit for the year
-
-
-
-
-
1,800,003
1,800,003
Other comprehensive loss - foreign exchange translation
-
-
-
(5,512)
-
-
(5,512)
Total comprehensive income for the year
-
-
-
(5,512)
-
1,800,003
1,794,491
Issue of shares
-
420,000
-
-
-
-
420,000
Cost of issue
-
(31,800)
-
-
-
-
(31,800)
Issue of shares paid in prior periods
-
235,000
-
-
(235,000)
-
-
Exercise/expiration of warrants
-
13
(13)
-
-
-
-
Total contributions by and distributions to owners
-
623,213
(13)
-
(235,000)
-
388,200
Balance at 30 June 2020
-
30,017,276
-
23,505
-
(21,369,136)
8,671,645
The notes on pages 17 to 46 are an integral part of the consolidated financial statements.
Tally Ltd and its controlled entities
Consolidated Statement of Changes in Equity
for year ended 30 June 2019
Share capital
Share premium
Share based payment
reserve
Foreign exchange translation reserve
Shares to be issued reserve
Accumulated losses
Total equity
£
£
£
£
£
£
£
Balance at 30 June 2018
-
28,375,551
36,925
19,464
240,000
(22,760,546)
5,911,394
Loss for the year
-
-
-
-
-
(408,593)
(408,593)
Other comprehensive loss - foreign exchange translation
-
-
-
9,553
-
-
9,553
Total comprehensive loss for the year
-
-
-
9,553
-
(408,593)
(399,040)
Issue of shares
-
756,000
-
-
235,000
-
991,000
Cost of issue
-
(14,400)
-
-
-
-
(14,400)
Issue of shares paid in prior periods
-
240,000
-
-
(240,000)
-
-
Exercise/expiration of warrants
-
36,912
(36,912)
-
-
-
-
Total contributions by and distributions to owners
-
1,018,512
(36,912)
-
(5,000)
-
976,600
Balance at 30 June 2019
-
29,394,063
13
29,017
235,000
(23,169,139)
6,488,954
Tally Ltd and its controlled entities
Consolidated Statement of Cash Flows
For the year ended 30 June 2020
Note
2020
2019
£
£
Cash flows from operating activities
Profit/(loss) for the year
1,800,003
(408,593)
Adjustments for:
Depreciation
22,567
534
Amortisation
148,409
260
Share of loss of associate
64,362
66,889
Fair value movement on investments and financial assets
8,9
(3,027,525)
(791,718)
Net financing charge
57,203
4,200
Foreign exchange variances
(5,512)
9,553
Operating loss before changes in working capital and provisions
(940,493)
(1,118,875)
Change in trade and other receivables
5,238
135,949
Change in trade and other payables
462,936
353,590
Net cash used in operating activities
(472,319)
(629,336)
Cash flows from investing activities
Net financing charge
(57,203)
(4,200)
Payments to investments in associates
8
-
(123,001)
Acquisition of intangible assets
6
(364,053)
(336,316)
Acquisition of tangible assets
7
(1,047)
(13,477)
Acquisition of financial assets at fair value
9
(22,941)
-
Disposal of investments at fair value
9
504,924
33,203
Net cash from/(used in) investing activities
59,680
(443,791)
Cash flows from financing activities
Proceeds from the issue of shares
420,000
991,000
Cost of issue
(31,800)
(14,400)
Repayment of lease liabilities
(18,855)
-
Net cash from financing activities
369,345
976,600
Net decrease in cash and cash equivalents
(43,294)
(96,527)
Cash and cash equivalents at 1 July
99,230
195,757
Cash and cash equivalents at 30 June
55,936
99,230
The notes to the financial statements are available to view in the Company's annual report, which will be available to view on the Company's website from 5 March 2021.
For further information or if shareholders have any queries, please contact our office via corporate@tallymoney.com
Enquiries:
Cameron Parry (Chief Executive Officer)
Tel: +44 (0)20 3490 6210
About TALLY
· Tally Ltd is the money and banking innovator behind tally® - the full-reserve banking platform and physical asset money designed by the private sector, that operates seamlessly with government fiat currency and the fractional-reserve banking system.
· Each unit of tally® is one milligram of LBMA-accredited gold vaulted in Switzerland on behalf of the customer and utilised by the customer via their individually issued bank account and contactless debit card.
· tally® is not a fiat currency and tally® is not a cryptocurrency.
· The tally® banking platform connects physical asset ownership to the global banking system and enables instant liquidity to save, spend and send the physical asset value as money.
· Tally's wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).
· The tally® banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
· Tally also currently has significant investment ownership in financial technology company Railsbank Technology Ltd, leading India gold exploration company Geomysore Services India Pvt Ltd and Finland gold exploration joint venture company Kalevala Gold Oy.
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