Interim / Quarterly Report • Sep 30, 2022
Interim / Quarterly Report
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30 September 2022
Pineapple Power Corporation Plc, a special purpose acquisition company, is pleased to present its interim unaudited results for the six-month period ended 30 June 2022.
I am pleased to present the Company's interim unaudited financial statements to shareholders for the six months ended 30 June 2022.
The period under review was extremely busy and productive and, apart from the fundraising mentioned above, was focused on the search and identification of a suitable reverse takeover candidate following the breakdowm of talks with BVP. We are grateful for the support of our numerous shareholders and will continue to diligently pursue an RTO transaction and closing with the correct candidate.
For the six months to 30 June 2022, the Company reports a net loss of £186,763 (2021: £238,797 ). During the six months to 30 June 2022, the Company continued its strict financial discipline, incurring a net operating cash outflow of £317,050 (2021: inflow £902,240). The Company held cash at 30 June 2022 of £243,384 (2021: £930,035).
The following directors have held office during the period: Claudio Morandi Andrew Holland
The UK Corporate Governance Code (July 2018) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.
The Directors are responsible for preparing the Unaudited Interim Condensed Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting ("IAS 34"). The directors confirm that, to the best of their knowledge, this condensed interim report has been prepared in accordance with IAS 34 as contained in UK adopted IFRS.. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
On behalf of the board Claudio Morandi
Director 30 September 2022
| Notes | Six months ended 30 June 2022 Unaudited £ |
Six months ended 30 June 2021 Unaudited £ |
Year ended 31 December 2021 Audited £ |
|
|---|---|---|---|---|
| Revenue | - | - | - | |
| Administrative expenses | (186,782) _ |
(238,840) _ |
(1,011,437) _ |
|
| Operating loss | (186,782) | _ (238,840) |
------- (1,011,437) |
|
| Interest receivable | 19 | 43 | 84 | |
| Loss on ordinary activities before taxation |
_ (186,763) |
_ (238,797) |
___ (1,011,353) |
|
| Income tax expense | 3 | - | - | - |
| Loss for the period | _ (186,763) |
_ (238,797) |
___ (1,011,353) |
|
| Other comprehensive income / (loss) Total comprehensive loss for the period attributable to equity holders |
- _ (186, 763) _ |
- _ (238,797) _ |
- _ (1,011,353) _ |
|
| Loss per share (basic and diluted) attributable to equity holders (p) |
4 | (0.0031)p | (0.0064)p | (0.0170)p |
The income statement has been prepared on the basis that all operations are continuing operations.
| At 31 | ||||
|---|---|---|---|---|
| At 30 June 2022 |
At 30June 2021 |
December 2021 |
||
| Unaudited | Unaudited | Audited | ||
| Notes | £ | £ | £ | |
| Fixed Assets | ||||
| Equipment | 935 ______ |
1,523 _ |
1,229 _ |
|
| Current assets | ||||
| Prepayments and other receivables | 6,345 | 3,621 | 6,344 | |
| Cash at bank and in hand | 243,384 _ |
930,035 _ |
560,434 _ |
|
| 249,729 _ |
933,656 _ | 566,778 ______ | ||
| TOTAL ASSETS | 250,664 _ |
935,179 _ |
568,007 ---------- |
|
| Current liabilities | ||||
| Trade and other payables | 138,056 ______ |
31,374 ______ |
268,636 _ |
|
| TOTAL LIABILITIES | 138,056 _ |
31,374 _ |
268,636 __ |
|
| NET ASSETS/(LIABILITIES) | 112,608 _ |
903,805 _ |
299,371 _ |
|
| EQUITY | ||||
| Share capital | 5 | 597,362 | 597,362 | 597,362 |
| Share premium | 5 | 809,852 | 781,908 | 809,852 |
| Share based payment reserve | 168,240 | 28,062 | 168,240 | |
| Retained loss | (1,462,846) __ |
(503,527) ______ |
(1,276,083 __ |
|
| TOTAL EQUITY | 112,608 ___ |
903,805 _ |
299,371 _ |
|
| Share Capital |
Share Premium |
Retained Loss |
TOTAL | ||
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| 573,672 | 687,148 | 28,062 | (264,730) | 1,024,152 | |
| 23,690 | 94,760 | - | - | 118,450 | |
| - | 27,944 | (27,944) | - | - | |
| - | - | 168,122 | - | 168,122 | |
| - | - | - | (1,011,353) | 1,011,353 | |
| 597,362 | 809,852 | 168,240 | (1,276,083) | 299,371 | |
| (186,763) | (186,763) | ||||
| 597,362 | 809,852 | 168,240 | (1,482,846) | 112,608 | |
| Account | Share Based Payment Reserve |
_________ __________ ____________ |
| Six months | Six months | 12 months | |
|---|---|---|---|
| to 30 | to 30 | to 31 | |
| June | June | December | |
| 2022 | 2021 | 2021 | |
| Cash flows from operating activities | £ | £ | £ |
| Loss for the period | (186,764) | (238,797) | (1,011,353 |
| Adjustments for: | _ | _ | ___ |
| Depreciation | 294 | 295 | 589 |
| Share based payment | - | - | 168,122 |
| _ | _ | -------------- | |
| Operating cashflow before working capital movements | (186,470) | (238,402) | (842,642) |
| Decrease / (increase) in prepayments and other receivables | - | 1,188,207 | (4,016) |
| Increase / (decrease) in other payables and accruals | (130,580 | (164,097) | 73,165 |
| Net cash flow from operating activities | __ | __ | __ |
| (317,050) | 785,708 | (773,493) | |
| __ | __ | __ | |
| Investing activities | |||
| Purchases of equipment | - | (1,818) | (1,818) |
| _ | _ | _ | |
| Net cash used in investing activities | - | (1,818) | (1,818) |
| _ | _ | _ | |
| Financing activities | |||
| Net proceeds from issue of ordinary shares | - | 118,450 | 1,307,950 |
| _ | _ | __ | |
| Net cash generated from financing activities | - | 118,450 | 1,307,950 |
| _ | ______ | __ | |
| Net Increase in cash and cash equivalents | (317,050) | 902,240 | 532,639 |
| Cash and cash equivalents at beginning of the period | 560.434 | 27,795 | 27,795 |
| Cash and cash equivalents at end of the period | __ | __ | __ |
| 243,384 | 930,035 | 560,434 | |
| __ | __ | __ |
Pineapple Power Corporation Plc (the "Company'') looks to identify potential companies, businesses or asset(s) that have operations in the clean and renewable energy sector.
The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 09081452.
The Company's registered office is Studio 16, Cloisters House, 8 Battersea Park Road, London SW8 4BG.
2
The principal accounting policies applied in preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated.
The interim unaudited financial statements for the period ended 30 June 2022 have been prepared in accordance with IAS 34 Interim Financial Reporting. This interim financial information is not the Company's statutory financial statements and should be read in conjunction with the annual financial statements for the period ended 31 December 2021, which have been prepared in accordance with UK-adopted International accounting standards and have been delivered to the Registrars of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information for the six months ended 30 June 2022 is unaudited. In the opinion of the Directors, the interim financial information presents fairly the financial position, and results from operations and cash flows for the period.
The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.
The financial information of the Company is presented in British Pounds Sterling (£).
The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, the resulting accounting estimates will, by definition, seldom equal related actual results.
In preparing the interim financial information, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2021.
3
No tax is applicable to the Company for the six months ended 30 June 2022. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.
Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
There are currently no dilutive potential ordinary shares.
| Earnings £ |
Weighted average number of shares |
Per-share amount |
||
|---|---|---|---|---|
| unit | pence | |||
| Loss per share attributed to ordinary shareholders |
(186,763) | 59,736,211 | (0.0031)p |
| Number of shares |
Share | Share | ||
|---|---|---|---|---|
| in issue | capital | premium | Total | |
| £ | £ | £ | ||
| Balance at 31 December 2021 | 59,736,211 | 597,382 | 809,852 | 1,407,214 |
| Movements during the period | - | - | - | - |
| Balance at 30 June 2022 | 59,736,211 | 597,382 | 809,852 | 1,407,214 |
The Company has one class of ordinary share which carries no right to fixed income.
On 5 February, 2021 a total of 6,000,000 options were awarded to Directors and Advisors involved in the continuing advancement of the Company's goal to to complete a reverse take-over transaction in the renewable energy sector. The options vest and are exercisable 6 months from the date of grant and expire in two years from the date of grant. The exercise price is 11p per Ordinary Share.
The remuneration of the Directors during the six-month period to 30 June 2022 amounted to £24,000 (30 June 2021: £24,000).
Shares and options held by the Directors of the Company.
| Shares | Options | |
|---|---|---|
| Mr Claudio Morandi Mr Andrew Holland |
2,000,000 2,000,000 |
1,250,000 1,250,000 |
| Balance at 30 June 2022 | 4,000,000 _________ |
_________ 2,500,000 |
In July 2022, the Company successfully raised £357,000 by the issue of new Shares at £0.03 per share.
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