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Catenae Innovation #CTEA – Final Results

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology announces its final results for the year ended 30 September 2018.

Key points

  • Creation of Blockchain Intellectual Property within Trust in Media for copyright protection
  • Launch of Sequestrum – a digital repository system utilising blockchain
  • Aston Villa successfully completed proof of concept exercise
  • Southend United Football Club sign agreement post year-end
  • Costs greatly reduced and five-fold revenue increase

The independent auditor’s report for the year ended 30 September 2018 contains a material uncertainty paragraph in respect of going concern. An extract taken from the text of the auditor’s opinion is set out below in part 1 of the notes to this announcement.

Anthony Sanders, Chief Executive and Chairman, commented:
“The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. The new management structure is in place and the streamlining of the business units has been completed resulting in a drastic reduction in the cost base of the business. The management are also pleased to see a five-fold increase in revenue year on year, the vast majority of this as new products were rolled out in the second half of the year. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Anthony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880

 

Alexander David Securities Limited, Broker
David Scott / James Dewhurst

 

Tel: 020 7448 9820

CHAIRMAN’S STATEMENT

Business Progression

The past 12 months have seen a transformation within the business as the revised strategic plan, which commenced in September 2017, has been implemented. This was formalised in March 2018 with the change of name from Milestone Group Plc to Catenae Innovation Plc. The new management structure is in place and the streamlining of the business units has been completed with the inherent reduction in head count. This has resulted in a drastic reduction in the cost base of the business; where there were extra costs for these changes, these have been included within the 2018 accounts.

As the new product areas discussed below have come on stream, one of the key business metrics for the management team is the value of the associated invoices. The management are pleased to see a five-fold increase in revenue year on year (2018: £157,218, 2017: £24,040 on a like for like basis), the vast majority of this as new products were rolled out in the second half of the year.

In March 2018, the Company created a joint venture company, Trust in Media, through the disposal of some shares in Oil Productions Ltd T/A Relative and a rebranding of that entity. Catenae retain 50.5% of the ownership. Trust in Media has since focused on offering technical innovation within the media sector.

Since its formation, Trust in Media has created intellectual property in respect of blockchain technology for use by its own clients as well as licenced to Catenae, where it is embedded into Catenae’s products. Trust in Media has carried out a trial of the Digital Asset Registration tracking technology that it developed. This has now been accepted to sit within the operations of a service provider in the image-licensing sector and is subject to commercial discussion post period. In addition, Catenae has launched two new products, Sequestrum, the Company’s first blockchain application which is a universal digital asset repository and tracking system utilising the Trust in Media intellectual property and OnSite, a Management and Inspection application developed for the construction sector. The revised products also introduce a revised revenue model combining multi-year annuity contracts with per event transactional revenues. Both Sequestrum and OnSite have been trialled in successful pilot projects with potential clients; these are now subject to commercial negotiation.

Sequestrum forms the basis of the Company’s technical strategy. It has been embedded within the legacy products, OnSide and OnGuard, and is integral to OnSite. This development augments their compliance capability of the products by offering the ability to store immutable reports and proof of work functions to their legacy GDPR credentials.

Post period end the Company signed the first commercial agreement for its blockchain technology in the form of its Sequestrum-enabled version of OnGuard. This achieves revenue through a combined annuity licence and transactional fee structure.

This period has seen the each of our existing clients renewing or extending their annuity contracts, new customers signing up for pilot projects and the development of products. The Board has now implemented the new strategy for the business, ensuring that costs are greatly reduced and that all product lines have a commercial focus.

In the meantime, with the advent of the new GDPR rules Catenae’s Mobile Business Solutions products are going from strength to strength. The OnGuard product, targeted at companies with remote workforce, has seen its existing contracts both renew and expand into providing additional services. The OnSide product, which focuses on the sports coaching industry, has also seen its existing contract being renewed with Charlton Athletic, but has had increased interest from a number of football clubs and has recently signed Southend United. Aston Villa also completed a successful pilot within its community foundation. The Company are also in discussion with other football clubs and have recently commenced discussions within Premiership Rugby.

Working capital, fund raisings and other matters

During the year, the Company issued 299,833,335 new ordinary shares for a total consideration of £509,500, of which £356,500 was received in cash during the year and £153,000 was in exchange for goods and services. Since the year-end, the Company has issued 500,000,000 new ordinary shares for a total consideration of £600,000 of which £25,000 cash was received in the current year (held within shares to be issued reserve at the year-end), £167,245 was in exchange for goods and services (agreed during the year and also held within shares to be issued), £395,000 cash received post year-end and £12,755 was in exchange for goods and services post year-end.

The Company continues to carefully manage its working capital position and will need to raise further monies through subscriptions for new shares in the short term while the efforts from last year bring about the creation of new revenue lines. The Company remains firmly focused on generating revenue through developing its activities. Protecting the interest of the Company’s shareholders is a priority and the Board’s strategy is to seek to raise funds on a basis that is fair to all.

Results for the year

The Company had a net loss for the year of £1,106,788 (2017: £2,262,319), showing real improvement in the management of costs, and revenues of £157,218 (2017: £28,795), of which £nil (2017: £4,755) relates to discontinued operations. The Company has a statement of financial position at the year-end showing net liabilities of £891,929 (2017: £552,280).

These results are presented under European Union Adopted International Financial Reporting Standards (“EU Adopted IFRS”). 

Conclusion

The Board saw the restructuring of the business as critical to delivering the new business strategy and became the primary focus for much of the year. The period saw the commencement of the recovery for the business with the introduction of the new product set and the Board are pleased to see that the revised products areas are attracting both interest and revenues. The Company is now firmly focussed on translating this interest in the product set to sustainable revenues.

Anthony Sanders
Chief Executive Officer and Chairman
28 December 2018

Statement of comprehensive income for the year ended 30 September 2018

2018 2017
£ £
Revenue 157,218 24,040
   
Cost of sales (1,964 )
   
Gross profit 157,218 22,076
   
Realised gain on disposal 1
Administrative expenses (1,282,027 ) (2,266,777 )
(1,282,027 ) (2,266,776 )
Loss from operations (1,124,809 ) (2,244,700 )
Net finance expense (2,460 ) (1,486 )
Loss before taxation (1,127,269 ) (2,246,186 )
Taxation credit 20,481
Loss from continuing operations (1,106,788 ) (2,246,186 )
     
(Loss) from discontinued operations net of tax (16,133 )
Total comprehensive loss for the year (1,106,788 ) (2,262,319 )
                                                                             

 

   
Basic and diluted loss per share (pence) (0.06 ) (0.20 )

 

Statement of financial position at 30 September 2018                               Company No: 04689130

2018 2017
£ £
Non-current assets    
Intangible assets 1 1
Investments 10
11 1
Current assets
Trade and other receivables 48,864 77,137
Cash and other equivalents 49,105 749,818
97,969 826,955
Current liabilities
Trade and other payables (674,247 ) (1,086,209 )
Interest bearing loans (315,662 ) (293,027 )
(989,909 ) (1,379,236 )
     
Net (liabilities) (891,929 ) (552,280 )
Capital and reserves  
Share capital 2,078,601 1,778,768
Share premium account 16,999,644 17,954,376
Shares to be issued 187,245
Share reserve (83,333 ) (1,250,000 )
Merger reserve 11,119,585 11,119,585
Capital redemption reserve 2,732,904 2,732,904
Retained losses (33,926,575 ) (32,887,913 )
Shareholders’ funds (891,929 ) (552,280 )

Statement of cash flows for the year ended 30 September 2018

Cash flow from operating activities 2018 2017
  £ £
     
Loss for the year (1,106,788 ) (2,262,319 )
Adjustments for:
Amortisation of intangible assets
Net bank and other interest charges 2,460 1,486
Services settled by the issue of shares 317,513 45,326
Issue of share options and warrants charge 68,126 68,581  
 Net cash outflow before changes in working capital  

(718,689

)

 

(2,146,926

)

     
Decrease in trade and other receivables 28,272 74,362
(Decrease) / Increase in trade and other payables (411,961 ) 25,810
Cash outflow from operations (1,102,378 ) (2,046,754 )
     
Interest received 15 14
Interest paid (2,475 )
Net cash flows from operating activities (1,104,838 ) (2,046,740 )
     
Investing activities    
Investment in joint venture (10 )
 

Net cash flows from investing activities

(10

)

     
Financing activities    
Issue of ordinary share capital 381,500 2,516,220
Repayment of loan (375,090 ) (155,000 )
New loans raised 397,725 312,500
Net cash flows from financing activities 404,135 2,673,720
     
     
Net (decrease) / increase in cash (700,713 ) 626,980
Cash and cash equivalents at beginning of year 749,818 122,838
Cash and cash equivalents at end of year 49,105 749,818

 

Statement of changes in equity for the year ended 30 September 2018

Share Capital Share Premium Shares to be issued Other Reserves Retained Earnings Total Equity
£ £ £ £ £ £
Balance at 30 Sept 2018  

783,998

 

15,073,350

 

63,081

 

13,852,489

 

(30,694,175

)

 

(921,257

)

Loss for the year        – (2,262,319 ) (2,262,319 )
Share capital issued 994,770 2,881,026 (63,081 ) (1,250,000 ) 2,562,715
Share options charge 68,581 68,581
Balance at 30 Sept 2017  

1,778,768

 

17,954,376

 

 

12,602,489

 

(32,887,913

)

 

(552,280

)

           
Loss for the year (1,106,788 ) (1,106,788 )
Conclusion of defaulting shares issue (1,166,667 ) 1,166,667
Share issue agreed in advance 187,245 187,245
Share capital issued 299,833 211,935 511,768
Share options charge 68,126 68,126
           
Balance at 30 Sept 2018

2,078,601

 

16,999,644

 

187,245

 

13,769,156

 

(33,926,575

)

 

(891,929

)

Notes to the financial information

1. Basis of preparation

Catenae Innovation Plc is a company registered and resident in England and Wales.

The financial information set out in this announcement does not constitute the Company’s statutory accounts, as defined in Section 435 of the Companies Act 2006, for the years ended 30 September 2018 or 30 September 2017, but is derived from the 2018 Annual Report. Statutory accounts for 2017 have been delivered to the Registrar of Companies and those of 2018 will be delivered in due course.

The statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity (above) and associated notes are extracts from the financial statements and do not constitute the Company’s statutory accounts.

Statutory accounts for the year to 30 September 2017 and 30 September 2018 have been reported on by the Independent Auditors.

The financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU (“EU Adopted IFRSs”).

The Independent Auditor’s Report on the Annual Report and Financial Statements for 2017 and for 2018 was unqualified, but did draw attention to matters by way of emphasis relating to the basis of preparation, which is reproduced below and was substantively similar for both years.

In forming the Auditor’s opinion on the financial statements, which is not modified, the Auditor’s have considered the adequacy of the disclosure made in note 1 to the financial statements concerning the Company’s ability to continue as a going concern. “The going concern status of the company is dependent upon the management of the timing of settlement of its liabilities and the raising of further funds in the immediate to short term and thereafter on the forecast profitability of key projects which have recently commenced and for which the degree of success cannot yet be reliably demonstrated.

Forecasts prepared by management indicate that if they are unable to manage the company’s liabilities as planned or the external fundraising does not occur in the immediate term and, subsequently, the future projects do not prove as profitable as forecast the company would have an immediate requirement to seek alternative sources of funding. As stated in note 1, these conditions indicate that a material uncertainty exists which casts significant doubt on the company’s ability to continue as a going concern.”

The basis of preparation is reproduced below.

Going concern

The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s statement and below. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the financial statements. In addition, note 16 to the financial statements includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and exposures to credit risk and liquidity risk.

The net liability position as at 30 September 2018, being the Company’s financial year-end, was £891,929 (2017: £552,280). Subsequent to the reporting date, the Board has been able to agree funding in the form of further share issues raising £524,945 in cash and clearing £75,055 worth of creditors through share issue. The funding received to date will go part way to cover year-end liabilities, and the Company will be dependent upon future funding and revenues to meet the remaining obligations, as discussed below.

The Company continues to be reliant upon its continuing ability to manage the timing of settlement both of its current liabilities and future liabilities as they arise. There is also a need for successful on-going equity fundraises and / or loans in the immediate to short term thereafter, while sales plans and projections come into effect, especially in relation to revenues generated from existing and new products. The Board has prepared forecasts to reflect the revenues expected to be generated by the Company. The Company is fully focused on ensuring that sales plans are followed to ensure that the business becomes self-sustaining in the near future.

The Directors have concluded that the need to generate future funds from further fundraising and from trading activities to satisfy the settlement of its on-going and future liabilities represents a material uncertainty, which may cast significant doubt upon the Company’s ability to continue as a going concern. Nevertheless, after making enquiries and considering this uncertainty and the measures that can be taken to mitigate the uncertainty, the Directors have a reasonable expectation that the Company will have adequate resources to continue in existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

2. Loss per share

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and interest, on the assumed conversion of all other dilutive options and other potential ordinary shares.

There were 162,191,116 share options and 432,764,797 share warrants outstanding at the year-end (2017: 163,213,116 and 248,431,460). However, the figures for 2018 and 2017 have not been adjusted to reflect conversion of these share options, as the effects would be anti-dilutive.

    2018     2017
  Weighted     Weighted  
  average Per share   average Per share
Loss number of amount Loss number of amount
£ shares Pence £ shares Pence
Basic and diluted loss per share attributable to shareholders (1,106,788 ) 1,905,297,999 (0.06 ) (2,262,319 ) 1,115,347,198 (0.20 )

3. Posting of Accounts

The Reports and Accounts of Catenae Innovation Plc, including the Notice of Annual General Meeting will be posted to shareholders shortly.

Catenae Innovation #CTEA – AVFC & Sequestrum proof of concept exercises progress toward signed agreements + Positive findings from Trust in Media trial

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, is pleased to provide an update regarding:-

  • Successful completion of proof of concept exercise with Aston Villa Football Club for the Company’s OnSide solution announced on 20 June 2018 leading to commercial negotiations;
  • Successful completion of proof of concept exercise with provider of building management and inspection services as announced on 5 July 2018 also leading to commercial negotiations; and
  • Positive findings from the on-going trial of Trust in Media’s Digital Image Library

Aston Villa Football Club 
Catenae is pleased to announce that the proof of concept exercise with Aston Villa Football Club (“AVFC”) has completed successfully.
AVFC and the Company have now commenced commercial negotiations with a view to the OnSide product being fully integrated within AVFC’s operations in the near future.

Sequestrum 
Catenae’s Mobile Business Solutions division, which operates remote workforce management tools, has successfully completed a proof of concept exercise with a provider of building management and inspection services. This proof of concept involved the use of Catenae’s digital repository solution, Sequestrum, which utilises distributed ledger technology (“DLT” also known as Blockchain) to record inspection reports in an immutable manner.

The companies have now engaged in commercial discussions regarding the long-term use of Sequestrum.

As a result of this proof of concept exercise, the client has requested Catenae expand the project to include the creation of the mobile application and management dashboard that will form the basis of their product offering.

We expect to make further announcements on the above commercial agreements in the near future.

Trust in Media – Digital Image library
Catenae’s subsidiary, Trust in Media is pleased to confirm the proof of concept project with a service provider in the Image Licensing sector to trial the embedding of the Digital Asset Registration and Transactional Tracking technology within the provider’s operations also announced on 5 July 2018 continues to plan, following initial positive findings.

Tony Sanders, CEO, commented: 
“It is always good when a plan comes together and seeing our products being trialled in earnest and to not only pass with flying colours but provide realistic opportunities of signed agreements confirms the strategy. Particularly with regards to our DLT application Sequestrum, this being the first real world use of this innovative service. We look forward to announcing signed agreements in due course”

 This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

Catenae Innovation Plc                                                                                     Tel: 020 7929 7826
Tony Sanders

Cairn Financial Advisers LLP, Nominated Adviser                                         Tel: 020 7213 0880
Liam Murray / Jo Turner

Alexander David Securities Limited, Broker                                                   Tel: 020 7448 9820
David Scott / James Dewhurst

ShareProphets – Catenae Innovation #CTEA proof-of-concept agreements & management appointments all good – BUY

Catenae Innovation (CTEA) has updated including proof-of-concept agreements for its Trust in Media joint venture and its ‘OnSide Pro’ solution and management appointments…

The former is with “a leading provider of rights included music”, with the Digital Asset Registration and Transactional Tracking system – the first phase of a distributed ledger-based (DLT/Blockchain) application development – having been successfully demonstrated at B2B music event, MIDEM. There is then also an agreement with Aston Villa FC for OnSide Pro – which is to be used to manage a number of coaching sessions and community engagements.

There are no financial indicators provided, but these follow a recent “first agreement for the provision of Trust in Media’s Fanbase service to one of the UK’s largest entertainment promoters representing some major names in the music industry” and further help confidence in annual pre and post tax profits of several hundred thousand pounds by as soon as next year we suggested possible in our March share tip.

This is further the case with Tony Sanders now confirmed as permanent CEO and experienced technologist (including being the Technical Delivery Manager for BBC’s iPlayer project), Alan Simpson, joining as Chief Technology Officer.

The shares have slipped back since we last updated and there remains clear turnaround risk. However, we also reiterate that there looks some exciting potential from the current sub £3 million market cap – both speculatively (e.g. the shares have previously touched 0.7p+ on a blockchain spike) and more fundamentally (the profit potential from sound businesses in growth areas). As such, at 0.15p or better – and looking to sell at comfortably above 0.2p – the stance remains buy.

View the article at ShareProphets website here

Catenae Innovation #CTEA – Trust in Media signs Proof of Concept Agreement, Aston Villa FC signs Proof of Concept Agreement & Alan Simpson appointed as CTO

Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, is pleased to announce:-

  • that its joint venture subsidiary, Trust in Media Ltd has demonstrated the first phase of their Music industry Blockchain application and signed a proof of concept agreement;

  • it has signed a proof of concept agreement with Aston Villa Football Club for the Company’s OnSide Pro solution;

  • senior appointments to the team.

TRUST IN MEDIA DEMONSTRATES FIRST PHASE OF MUSIC INDUSTRY BLOCKCHAIN APPLICATION AND SIGNS PROOF OF CONCEPT AGREEMENT

Trust in Media (“TiM”) has successfully demonstrated their Digital Asset Registration and Transactional Tracking system, the first phase of their distributed ledger based application development (DLT / Blockchain). Alan Simpson (Catenae) and Martin Heath (Trust in Media) demonstrated the system at MIDEM (Marché International du Disque et de l’Edition Musicale) in Cannes on 5 – 8 June 2018. MIDEM is an international B2B music event for key players in the music ecosystem.

As a result, TiM is pleased to confirm the signing of a proof of concept project agreement with a leading provider of rights included music to trial the embedding of the Digital Asset Registration and Transactional Tracking technology within the providers operations. This allows the provider to record digital assets rights information for individual music tracks and capture the playout details of those assets when they are streamed or downloaded.

ASTON VILLA SIGN PROOF OF CONCEPT AGREEMENT

Catenae is pleased to announce that it has signed a proof of concept agreement with Aston Villa Football Club (“AVFC”) for the Company’s OnSide Pro solution.

Under the agreement, Aston Villa’s Foundation will be utilising OnSide, Catenae’s GDPR compliant solution, to manage a number of coaching sessions and community engagements. OnSide will be used to gather various data points including attendance information, training plans as well as diversity and inclusion data for participants to assist in assessing social outcome reporting. It will also be used for time recording, health and safety and risk assessment reporting.  The proof of concept programme is expected to run for 8 weeks, after which a decision will be made regarding the long term adoption of OnSide within the club.

SENIOR APPOINTMENTS

Alan Simpson – CTO

Alan Simpson has joined the Company as Chief Technology Officer.  Alan is a highly regarded technologist with experience gained on a number of high-profile projects, including being the Technical Delivery Manager for BBC’s iPlayer project.  Alan will be responsible for strategy and delivery of technical projects across the group including Trust in Media’s Digital Asset Registration and Transactional Tracking and Payment system which utilises converged private and public distributed ledger technology (Blockchain).

Tony Sanders – CEO

The Board announces that Tony Sanders has been appointed permanent Chief Executive Officer of the Company, Tony had been appointed Interim CEO in September 2017.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).

For further information:

 

Catenae Innovation Plc
Tony Sanders
 

Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner
Tel: 020 7213 0880
Cornhill Capital, Broker
Daniel Gee
Tel: 020 3700 2500



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Catenae Innovation P.L.C. via Globenewswire
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