Business
Annual Report for the year ended 31 December 2023
Annual Report for the year ended 31 December 2023.
About this update from Ubuntu Mining And Metals, Inc.
[{"type":"text","content":"\n\n \n \n \n \n \n \nTechFinancials Inc.\n \n(\"TechFinancials\" or the \"Company\")\n \nAnnual Report for the year ended 31 December 2023\n \n \nFinancial Highlights\n \n· No revenues in 2023 as expected as the Company has moved to being an investment entity.\n· Pre-tax loss attributable to shareholders of US$0.166 million (2022: loss of US$0.269 million)\n· Cash position of US$0.37million as at 31 December 2023 (2022: US$0.55 million)\n· Basic earnings per share ('EPS') (US$0.0019) (2022: (US$0.0032))\n· In 2022 and 2023, the Company acquired shares to take minority holdings in a number of companies listed on the Nasdaq, LSE and AIM (Note 7)\n \nOperational Cost Reduction\n \n· The Company closed all of its subsidiaries.\nInvestment Activities\n \n· The Company used its cash to invest small amounts in several listed entities in 2023. This activity resulted in an unrealised profit of approximately US$10 thousand in the year. The Company also sold some investments, which resulted in realised profit of US$11 thousand in the year.\n \nChairman's Statement\n \n2023 was a year in which the Company focused on looking for new ways to increase its value for shareholders.\n \nThe Board decided to continue to invest some of its cash in listed companies. The Company continues to look for new ways to increase its value.\n \nDividends\n \nThe Board will not be recommending a final dividend to the shareholders of the Company for the year ended 2023 (2022: $nil).\n \nOutlook and current trading\n \nThis year we focused on seeking new investment opportunities to increase the value of the Company.\n \nThe Company will continue to look for investment opportunities to maximise the Company's value, leveraging its available cash.\n \nI would like to thank our shareholders for their continued support in what has been a year of consolidation.\n \nWe look forward to updating the market on our progress in due course.\n \n \nEitan Yanuv\nIndependent Non-Executive Chairman\n \n27 June 2024\n \nExtract from the auditor opinion:\n\"Conclusions relating to going concern\nIn auditing the financial statements, we have concluded that the d...