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Ora Technology PLC Interim / Quarterly Report 2024
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Interim / Quarterly Report
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National Storage Mechanism | Additional information 
RNS Number : 4156L
Ora Technology PLC
22 April 2024
22 April 2024
Ora Technology PLC
("Ora" or the "Company")
Interim accounts
Ora Technology PLC (AQSE: ORA/ OTC: ORCPF) announces its unaudited results for the six months ended 31 January 2024.
Comments from Michael Edwards, Chairman of Ora Technology plc:
"Ora Technology plc (AQSE: ORA/OTC: ORCPF) is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals announces its unaudited financial results for the six months ended 31 January 2024.
I would like to take this opportunity to thank all shareholders for their support, which has enabled the Company to ramp up its resources and activities in a very short time. The key driver of our core business will be the growth of the overall carbon offset market. Whilst the voluntary carbon credits sector has not generated attractive returns in the period, the Directors believe that the market fundamentals suggest the sector will develop significantly along with the regulatory environment.
Morgan Stanley predicts that the carbon offset market will grow from a base of $2B in 2020 to over $250B by 2050 (https://www.morganstanley.com/ideas/carbon-offset-market-growth) - our mission at Ora is to capture this explosive market for retail investors. A key element to capturing this growing market is to build a robust and delightful product.
Our IPO and investment in the business in 2023 provide a solid platform for long term growth and the value necessary to drive revenue in the year ahead and beyond. Our waitlist pipeline remains robust and has exceeded our expectations. We are confident that we have laid the foundation to provide tremendous value to our customers and as well as create long-term shareholder value.
Our commencement of cross trading on the OTCQB market allows the Company to access one of the world's largest investment markets to expand its reach into a broader pool of investors. Ora's shares will be available to US investors during US working hours and priced in US dollars and thus have the potential to enable greater liquidity in the Company's shares on the Aquis Stock Exchange by easing cross-border trading for potential US investors."
Michael Edwards - Chairman
The directors of Ora accept responsibility for this announcement.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please contact:
| Ora Carbon plc | |
| Mike Edwards | Via First Sentinel |
| First Sentinel ( Corporate Adviser) | |
| Brian Stockbridge | [email protected] +44 (0) 20 3855 5551 |
| Clear Capital Markets (Broker) | |
| Bob Roberts | +44 (0) 20 3869 6080 |
About Ora Technology
Ora Technology PLC is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices and an emphasis towards providing a simple and intuitive user experience.
Ora Technology PLC
Statement of Comprehensive Income
For the six months ended 31 January 2024
| Unaudited | Audited | ||||
| Note | Six months ended 31 January | 8 months ended 31 July | |||
| 2024 | 2023 | 2023 | |||
| £ | £ | £ | |||
| Revenue | - | - | - | ||
| Share based payment | - | - | (387,225) | ||
| Administrative expenses | (497,183) | - | (337,657) | ||
| Operating Loss | (497,183) | - | (724,882) | ||
| Other comprehensive income | - | - | - | ||
| Loss before and after taxation and total comprehensive loss for the period | (497,183) | - | (724,882) | ||
| Loss per ordinary share: | |||||
| Basic loss per share on loss for the period | 3 | (0.24p) | - | (1.07p) | |
| Diluted loss per share on loss for the period | 3 | (0.24p) | - | (1.07p) |
Ora Technology PLC
Statement of Financial Position
As at 31 January 2024
| Unaudited | Audited | |||
| Note | Six months ended 31 January | 8 months ended 31 July | ||
| 2024 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Non-Current Assets | ||||
| Intangible assets | 4 | 292,901 | - | 268,901 |
| Total non-current assets | 292 901 | - | 268,901 | |
| Current Assets | ||||
| Other receivables | 39,938 | 1 | 83,519 | |
| Cash and cash equivalents | 313,912 | - | 1,036,994 | |
| Total current assets | 353,850 | 1 | 1,120,513 | |
| Total assets | 646,751 | 1 | 1,389,414 | |
| Current Liabilities | ||||
| Trade and other payables | 26,202 | - | 271,682 | |
| Total liabilities | 26,202 | - | 271,682 | |
| Net Assets | 620,549 | - | 1,117,732 | |
| Shareholders' equity | ||||
| Share capital | 206,678 | 1 | 206,678 | |
| Share premium | 1,239,453 | - | 1,239,453 | |
| Share based payments reserve | 396,483 | - | 396,483 | |
| Retained earnings | (1,222,065) | - | (724,882) | |
| Total shareholders' equity | 620,549 | 1 | 1,117,732 | |
Ora Technology PLC
Statement of Changes in Equity
For the six months ended 31 January 2024
| Share capital | Share Premium | Share-based payments reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
| Unaudited | |||||
| Six months ended 31 January 2024 | |||||
| At 1 August 2023 | 206,678 | 1,239,453 | 396,483 | (724,882) | 1,117,732 |
| Loss for the period and total comprehensive loss | - | - | - | (497,183) | (497,183) |
| At 31 January 2024 | 206,678 | 1,239,453 | 396,483 | (1,222,065) | 620,549 |
| Unaudited | |||||
| Six months ended 31 January 2023 | |||||
| At 1 August 2022 | 1 | - | - | - | 1 |
| Loss for the period and total comprehensive loss | - | - | - | - | - |
| At 31 January 2023 | 1 | - | - | - | 1 |
| Audited | |||||
| Eight months ended 31 July 2023 | |||||
| At 1 December 2022 (Unaudited) | 1 | - | - | - | 1 |
| Shares issued in the financial period | 206,677 | 1,377,479 | - | - | 1,584,156 |
| Share issue costs | - | (128,768) | - | - | (128,768) |
| Share based payments | - | (9,258) | 396,483 | - | 387,225 |
| Loss for the year and total comprehensive loss | - | - | - | (724,882) | (724,882) |
| At 31 July 2023 | 206,678 | 1,239,453 | 396,483 | (724,882) | 1,117,732 |
Ora Technology PLC
Statement of Cash Flows
For the six months ended 31 January 2024
| Unaudited | Audited | ||||
| Six months ended 31 January | 8 months ended 31 July | ||||
| 2024 | 2023 | 2023 | |||
| £ | £ | £ | |||
| Operating activities | |||||
| Loss for the year | (497,183) | - | (724,882) | ||
| Adjustments: | |||||
| Share based payments | - | - | 387,225 | ||
| Working capital adjustments: | |||||
| Decrease/(increase) in trade and other receivables | 43,581 | - | (83,518) | ||
| (Decrease)/increase in trade and other payables | (245,480) | - | 271,682 | ||
| Net cash used in operating activities | (699 082) | - | (149,493) | ||
| Investing activities | |||||
| Software development costs | (24,000) | - | (268,901) | ||
| Net cash used in investing activities | (24,000) | - | (268,901) | ||
| Financing activities | |||||
| Share issue | - | - | 1,584,156 | ||
| Share issue costs | - | - | (128,768) | ||
| Net cash from financing activities | - | - | 1,455,388 | ||
| Net (decrease)/increase in cash and cash equivalents | (723 082) | - | 1,036,994 | ||
| Cash and cash equivalents at start of financial period | 1,036,994 | - | - | ||
| Cash and cash equivalents at end of financial period | 313 912 | - | 1,036,994 |
Notes to the Interim Financial Statements for the six months ended 31 January 2024
1. Basis of preparation
The interim results of Ora Technology PLC are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and are prepared in accordance with the accounting policies set out in the last financial statements for the eight months ended 31 July 2023. Ora Technology PLC expects to apply the same policies in its financial statements for the year ending 31 July 2024.
The financial information for the six months ended 31 January 2024 and for the six months ended 31 January 2023 have neither been audited nor reviewed by the Company's auditors. The comparative financial information for the eight months ended 31 July 2023 has been derived from the audited financial statements for that period.
2. Critical accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
There are no judgements, 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.
3. Loss per ordinary share
The calculation of a basic loss per share is based on the loss for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.
Diluted loss per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
For the six months ended 31 January 2024, there is no difference between the basic earnings per share and the diluted earnings per share. The exercise prices of the outstanding share options are above the average market price of the shares and are therefore not dilutive under IAS 33 Earnings Per Share.
For the eight months ended 31 July 2023 there is no difference between the diluted loss per share and the basic loss per share presented due to the loss position of the Company.
4. Intangible assets
| Unaudited | Audited | |||
| Six months ended 31 January | 8 months ended 31 July | |||
| 2024 £ |
2023 £ |
2023 £ |
||
| At start of the period | 268,901 | - | - | |
| Additions | 24,000 | - | 268,901 | |
| Disposals | - | - | - | |
| At end of the period | 292,901 | - | 268,901 |
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