Inteliqo Limited

Interim / Quarterly Report • Dec 13, 2024

National Storage Mechanism | Additional information

Inteliqo Ltd - Interim Results

PR Newswire

LONDON, United Kingdom, December 13

13 December 2024

Inteliqo Limited

("Inteliqo", the "Company")  

Interim Results

Inteliqo (AQSE:   IQO), a start-up technology company that provides sales, marketing and distribution services to technology product owners under long-term distribution agreements, is pleased to announce its unaudited interim results for the 6 months ended 30 September 2024. A full copy of the Interim Report will be obtainable from the Company's website at   https://inteliqo.com/ .

This announcement contains information which, prior to its disclosure, constituted inside information as stipulated under Regulation 11 of the Market Abuse (Amendment)(EU Exit) Regulations 2019/310 (as amended).

This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the belief of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

The directors of Inteliqo Limited accept responsibility for this announcement.  

For more information, please contact:

Inteliqo Limited Joseph Hill	j.hill@inteliqo.com
First Sentinel Corporate Finance Limited Brian Stockbridge	+44 20 3855 5551

Inteliqo Limited: Chairman's Report for the period ended 30 September 2024.

Introduction

I am pleased to present the Chairman's statement, highlighting the progress of Inteliqo Limited (the "Company") and its subsidiary (together the "Group") for the 6 months ended 30 September 2024. Since the Company was admitted to the Access segment of the AQSE in August 2022 and subsequently admitted to OTC on 5 February 2024, the Group remains focused on delivering sales, marketing, and distribution services to prominent technology brands through long-term agreements.

Business Overview and Objectives

During this reporting period, our primary focus has been on supporting the development and marketing of the Langaroo App for our client.

The Langaroo App is a groundbreaking mobile platform that empowers users to understand, communicate, and share information in over 130 languages. As the ultimate translation tool, it facilitates seamless communication across various scenarios.

The initial version of the Langaroo App was successfully launched in January 2024, with regular updates rolled out throughout the year. This version includes a fully translated chat module, a social media community, and real-time translated transcription for live voice and video calls.

As part of our long-term strategy, we have initiated marketing efforts to attract free users. More recently, we collaborated closely with Langaroo to refine the app's core offering, enhance features, and lay the groundwork for monetisation.   The aim is to build a robust global community that depends on Langaroo for communication, commerce, and cultural exchange. Langaroo aims to become the premier platform for:

• Real-time, peer-to-peer communication across languages.
• Growing international communities and groups.
• Facilitating global business networking by overcoming language barriers.
• Translated live streams, podcasts, and posts for greater accessibility.
• Promoting cross-cultural and commercial exchange through a diverse marketplace.

To achieve this, several new features are being developed. The monetisation strategy for Langaroo will include premium subscription services, platform fees on peer-to-peer transactions, and advertising revenue.

We have committed to overseeing the development and future marketing of these features as part of our exclusive sales and marketing agreement for our client. Given the extended development timeline, we have amended the terms of this agreement to ensure guaranteed minimum income levels for Inteliqo, enabling us to meet operational expenses while continuing platform development.

We anticipate being able to market these new features, alongside the implemented monetisation strategies, within the next 3 to 6 months.

Financial Results

The Group's financial results for the 6 months to 30 th September 2024 (see page 2) reflect a loss of $145k having posted a profit of $31k for the year to 31 March 2024.   Basic loss per share from continuing activities were $0.001 for the 6 months ended 30 September 2024 compared to the earnings per share of $0.00028 in the year to 31 March 2024.

Outlook and Future Prospects

Despite the loss in the 6 months to 30 September 2024, with our client's continued support, we remain confident in our ability to market and sell the Langaroo App in the coming months, sustaining a neutral cash flow. This financial stability will enable us to concentrate on executing the strategic initiatives mentioned earlier, which are anticipated to yield returns under our revenue-sharing agreement.

While we acknowledge that progress has taken longer than initially expected, we are actively exploring new business opportunities to drive growth and deliver long-term value for our stakeholders.

Thank you for your continued support.

Joseph Truelove

Chairman of the Board

Inteliqo Limited

13 December 2024

Inteliqo Limited: Condensed consolidated statement of comprehensive income for the 6 months ended 30 September 2024

	Notes	6 months to 30 September 2024		6 months to 30 September 2023		Year to 31 March 2024
		USD		USD
Revenue		224,209		558,029		783,497
Other income		141		88		1,220
Administrative expenses		(364,089)		(370,447)		(758,757)
Realised foreign currency losses		(2,923)		223		(3,323)
Unrealised foreign currency losses		(2,227)		(2,504)		8,560
Operating profit and profit before tax		(144,889)		185,389		31,197
Tax expense		-		-		-
Profit for the period from continuing operations		(144,889)		185,389		31,197
Earnings per share
Basic earnings per share from continuing operations	4	(0.001)		0.002		0.00028
Diluted earnings per share from continuing operations	4	(0.001)		0.002		0.00027

Inteliqo Limited: Condensed consolidated statement of financial position as at 30 September 2024

	Notes	30 September 2024		30 September 2023		31 March 2024
		USD		USD		USD
ASSETS
Non-current assets
Office equipment		3,337		2,958		2,298
Current assets
Trade and other receivables		184,007		44,928		140,902
Cash and cash equivalents		11,527		384,221		183,647
		195,534		429,149		324,549
Total assets		198,871		432,107		326,847
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		182,753		116,908		165,840
Equity
Share capital	6	14,188		14,188		14,188
Share premium		799,889		799,889		799,889
Retained earnings		(797,959)		(498,878)		(653,070)
		16,118		315,199		161,007
Total liabilities and equity		198,871		432,107		326,847

The accompanying notes on pages 6 and 7 form an integral part of these interim condensed consolidated financial statements.

These interim condensed consolidated financial statements were approved and authorised for issue by the directors on 13 December 2024 and are signed on their behalf by:

Ray Smart

Finance Director

Inteliqo Limited: Condensed consolidated statement of changes in equity for the 6 months ended 30 September 2024

		Share capital	Share premium	Retained earnings	Total
		USD	USD	USD	USD
Balance at 1 April 2023		14,188	799,889	(684,267)	129,810
Profit for the period		-	-	185,389	185,389
Balance at 30 September 2023		14,188	799,889	(498,878)	386,438
Balance at 1 April 2024		14,188	799,889	(653,070)	161,007
Profit for the period		-	-	(144,889)	(144,889)
Balance at 30 September 2024		14,188	799,889	(797,959)	16,118
Balance at 1 April 2023		14,188	799,889	(684,267)	129,810
Profit for the year		-	-	31,197	31,197
Balance at 31 March 2024		14,188	799,889	(653,070)	161,007

Inteliqo Limited: Condensed consolidated statement of cash flows for the 6 months ended 30 September 2024

		6 months to 30 September 2024		6 months to 30 September 2023		Year to 31 March 2024
		USD		USD		USD
Operating activities
Profit before tax		(144,889)		185,389		31,197
Adjustments for non-cash income and expenses:
Depreciation of office equipment		708		534		1,194
Changes in operating assets and liabilities:
Trade and other receivables		(43,105)		(12,058)		(108,032)
Trade and other payables		16,912		22,320		71,252
Net cash from operating activities		(170,373)		196,185		(4,389)
Cash flows from investing activities
Purchases of equipment		(1,747)		(1,126)		(1,126)
Cash flows from financing activities
Proceeds from issue of share capital		-		-		-
Net change in cash and cash equivalents		(172,120)		195,059		(5,515)
Cash and cash equivalents at the beginning of the period		183,647		189,162		189,162
Cash and cash equivalents at the end of the period		11,527		384,221		183,747

Inteliqo Limited: Notes to the interim condensed consolidated financial statements for the 6 months ended 30 September 2024

1. General information

Inteliqo Limited   (the "Company") is a company limited by shares under The Companies (Guernsey) Law 2008 (as amended) which was incorporated in Guernsey on 3 May 2022, and listed on the Access Segment of Aquis Stock Exchange ("AQSE") on 5th August 2022 and on the OTC on 5 February 2024.   The address of its registered office and principal place of business is   Dixcart House, Sir William Place, St Peter Port Guernsey, GY1 1GX.   The Group's principal activity is the provision of sales, marketing and distribution services.

1. Basis of preparation and accounting policies

These unaudited interim condensed consolidated financial statements (the "Financial Statements") are for the six months ended 30 September 2024 and comprise the Company and its subsidiary (together the "Group") and have been prepared on an accruals basis and under the historical cost convention in accordance with IAS 34 "Interim Financial Reporting" and   applicable legal and regulatory requirements. They are presented in US Dollars, the functional currency of the Group and they do not include all disclosures that would otherwise be required in annual financial statements in accordance with IFRS, and should be read in conjunction with the Company's audited consolidated financial statements for the period ended 31 March 2024.

The Company has applied the same accounting policies and methods of computation in these Financial Statements as applied in its first full audited consolidated financial statements to 31 March 2024 which were prepared in accordance with the International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").

There are no accounting pronouncements which have become effective from 1 April 2024 that have a significant impact on the Financial Statements.

1. Material management judgement in applying accounting policies and estimation uncertainty

There were no material judgements made by management in applying the accounting policies of the Group to this Interim Report.  

The directors have considered going concern and the ability of the Group to meet its liabilities and commitments as they fall due by reviewing likely cashflows from the Group's operations post period end.   These cashflows are derived from the expected revenue streams from sales and marketing agreements signed with customers for the Langaroo application.   Along with agreed support in the form of minimum levels of income from those customers and there being no post balance sheet events to report, the Company is able to meet operational expenses while continuing to support the platform development and the directors consider the going concern basis of preparing this Interim Report is appropriate.

1. Earnings per share

Earnings per share, both the basic and diluted earnings per share, have been calculated using the profit attributable to shareholders of the Company as the numerator, ie no adjustments to profit were necessary. The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:

	2024		2023
	USD		USD
Weighted average number of shares used in basic earnings per share	112,500,000		112,500,000
Weighted average number of shares used in diluted earnings per share	117,472,500		117,472,500

1. Interests in subsidiaries

On 22 March 2023, the Company acquired the entire share capital of Inteliqo Marketing Limited which is registered in England and Wales.   The acquisition was made to support the Company's treasury function and the principal activity of Inteliqo Marketing Limited is to hold bank accounts and collect and pay out the proceeds of transactions on behalf of the Company and it does not operate in its own right.   As the company does not meet the criteria as set out in IFRS 3 to be defined as a business the purchase has been recognised in these accounts as an asset acquisition and the acquisition cost of $1,209 has been allocated to the assets categories of the subsidiary as at 30 September 2024.

1. Share capital

The share capital of the Company comprises 112,500,000 ordinary shares with par value GBP0.0001.   An additional 20,000,000 ordinary shares with par value GBP0.0001 are authorised but unissued.   The Company has issued warrants over 4,972,500 ordinary shares with par value GBP0.0001.

1. Commitments under operating leases

The Group rents an office under an operating lease on a three month rolling basis with a one month notice period.   The minimum lease commitment at the period end was USDnil (2023: USD2,391).

1. Related party transactions

Key management of the Company are the executive and non-executive directors. Key management personnel remuneration includes the following expenses:

	6 months to 30 September 2024		6 months to 30 September 2023
	USD		USD
Short-term employee benefits	2,477		23,945
Director fees	11,628		16,569
Salaries including bonuses	208,356		149,935
Social security costs	18,034		11,056
Total remuneration	240,495		201,505

HKML Limited, a company owned by a director, Michael Hill, holds shares in the Company. HKML Limited entered into a revenue share agreement with the Company during the 6 month period ended 30 September 2023.

During the period from incorporation to 31 March 2023 the Company paid a deposit to a 3 rd party for a property rented by the Company which forms part of the short-term employee benefits noted above. At 30 September 2024, the balance of the deposit was USDnil (30 September 2023: USD10,853).

1. Approval of Interim Report

This Interim Report was approved by the board of directors and authorised for issue on 13 December 2024.

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