Half-Year Results

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KASEI DIGITAL ASSETS PLC

(“Kasei” or the “Company”)

Half-Year Results

Kasei Digital Assets  PLC (AQSE: KASH), a digital asset and web 3.0 investment company, announces its unaudited Half-Year results for the six months ended 31 January 2024. The full unaudited financial statements will be uploaded to the Company website:

https://kaseidigitalassets.com

 

 

Period Highlights

 

During the period the Company has taken advantage of market turbulence to add to core positions as well as incept new opportunistic trades. The Company added to its position in the Grayscale Bitcoin Investment Trust at significant discounts to NAV as well as averaging down on high conviction holdings.

 

The overall market recovery helped the digital assets the Company held increase by over £600,000 to £1,980,104. In addition the Company also grew its income from staking and yield generation.

 

Post Period Highlights

 

Following the approval of spot BTC ETF’s in January the Company closed its position in GBTC and rolled some of the profits into spot BTC. The significant inflows generated by the ETF launches has led to an appreciation in NAV to £3,684,327.83 as at 31 March 2024.

 

Staking rewards and income from yield generating strategies are also expected to be markedly higher this year with spot prices at current levels.

 

Outlook

 

Our portfolio as of 31 March 2024 is as follows:

 

Asset

Quantity

Price

Valuation

BTC

29.50

$70,858.00

$2,090,311

ETH

262.93

$3,624.00

$952,858

LINK

4,990.00

$19.02

$94,910

SOL

1,000.00

$199.72

$199,720

AR

2,500.00

$38.54

$96,350

ALGO

13,061.58

$0.26

$3,455

AVAX

1,026.71

$53.72

$55,155

QNT

2,500.00

$133.07

$332,675

HBAR

249,890.00

$0.12

$28,837

HNT

2,500.00

$5.99

$14,975

DAG

2,500,000.92

$0.06

$156,250

LTX

50,000.00

$0.16

$7,850

ADS

500,000.00

$0.22

$111,000

TAO

50.00

$498.13

$24,907

 

 

The management of Kasei remains confident that the Digital Asset industry will have further growth this year as ETF adoption continues both in the USA and in other jurisdictions across the world. There has also been a lot of attention paid over the last few weeks to BlackRock, the world's largest asset manager, which has launched its first tokenised money market fund on the Ethereum blockchain. As more and more use cases and utility come to the fore we believe the asset prices will rise to reflect this demand and that we are well placed to capitalise on the opportunities as they arise.

 

 

further information please contact:

 

Kasei Digital Assets PLC

Engage with us directly at our investor hub

Jai Patel

Chief Investment Officer

Sign up at: 

investors.kaseidigitalassets.com

Jai.patel@kaseiholdings.com

VSA Capital

Limited (AQSE Corporate Adviser)

 

Simon Barton / Thomas Jackson (Corporate Finance)

+44 (0)203 005 5000

 

About Kasei Digital Assets

Kasei is a team of experienced financial experts who came together through a shared interest in the digital asset ecosystem and the belief that blockchain technology will transform industries and have significant global economic impact.

 

Kasei’s cumulative 100 years plus experience in navigating traditional financial markets, in particular highly volatile asset classes, provides the Company with a solid grounding to build a balanced portfolio positioned to take advantage of the disruptive innovation in this space.  

Despite Kasei’s belief that these assets are positioned for highly significant long-term gains, the Company employs a balanced risk-and-reward strategy. This provides shareholders with an actively managed portfolio of crypto assets, as well as exposure to investments in blockchain enabled companies and technology, all in the form of one listed security.

 

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 JANUARY 2024

 

 

 

Unaudited period to 31

 

 

AUDITED

 

Note

January

2024

£

Year to July

2023

£

Turnover 3

18,803

40,519

Gross profit

18,803

40,519

Administrative expenses

(173,263)

(290,042)

Profit (loss) on disposal of digital asset

4,075

(701)

Impairment of digital asset

-

(128,101)

Operating loss

(150,385)

(378,325)

Tax on loss

-

94,581

Loss for the financial period

(150,385)

(283,744)

Other comprehensive income for the period

 

 

Fair value movements

647,112

14,153

Other comprehensive income for the period

647,112

14,153

Total comprehensive income for the period

496,727

(269,591)

 

The notes form part of these financial statements.

 

 

REGISTERED NUMBER: 13503888

 

BALANCE SHEET

AS AT 31 JANUARY 2024

 

 

 

Unaudited

 

period to 31

 

AUDITED

January

 

Year to July

2024

 

2023

 

Note

 

£

 

£

Fixed assets

 

 

 

 

 

Intangible assets

5

 

1,980,104

 

1,434,003

Other fixed asset investments

 

 

149,715

 

89,679

Investment in subsidiary

 

 

50,000

 

50,000

 

 

 

2,179,819

 

1,573,682

Current assets

 

 

 

 

 

Debtors: amounts falling due within one year

7

613,011

 

636,630

 

Cash at bank and in hand

8

266,970

 

351,469

 

 

 

879,981

 

988,099

 

Creditors: Amounts Falling Due Within One Year

9

(251,718)

 

(250,426)

 

Net current assets

 

628,263

737,673

Total assets less current liabilities

 

 

2,808,082

 

2,311,355

Net assets

 

 

2,808,082

 

2,311,355

Capital and reserves

 

 

 

 

 

Called up share capital

10

 

332,284

 

332,284

Share premium account

 

 

3,789,677

 

3,789,677

Treasury Shares

 

 

(27,992)

 

(27,992)

Other reserves

 

 

661,265

 

14,153

Profit and loss account

 

 

(1,947,152)

 

(1,796,767)

 

 

 

2,808,082

 

2,311,355

 

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2024.

 

 

 

 

................................................

Brendan Kearns

Director

 

The notes form part of these financial statements.

 

 

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JANUARY 2024

 

 

Called up share capital

£

Share premium account

£

Treasury Shares

£

Other reserves

£

Profit and loss account

£

 

Total equity

£

At 1 February 2023

290,617

3,639,253

-

-

(1,513,023)

2,416,847

 

Loss for the period

 

- - - - (283,744)

 

(283,744)

Other comprehensive income

- - - 14,153 -

14,153

Unsubscribed shares

- - (27,992) - -

(27,992)

Shares issued during the period

41,667 150,424 - - -

192,091

At 1 August 2023

332,284

 

3,789,677

 

(27,992)

14,153

 

(1,796,767)

2,311,355

 

 

Loss for the period

 

- - - -

 

(150,385)

 

(150,385)

Movement in fair value

- - - 647,112

-

647,112

At 31 January 2024

332,284

 

3,789,677

 

(27,992)

661,265

 

(1,947,152)

2,808,082

 

 

The notes form part of these financial statements.

 

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 JANUARY 2024

 

 

 

 

Unaudited

 

period to 31

AUDITED

January

year to July

2024

2023

£

£

Cash flows from operating activities

 

 

Loss for the financial period

(150,385)

(283,744)

Adjustments for:

 

 

Impairments of fixed assets

-

116,781

Profit on disposal of digital asset

4,075

-

Income generated on digital assets

21,925

-

Decrease/(increase) in debtors

23,619

(114,167)

Increase/(decrease) in creditors

1,291

(14,064)

Increase in interactive broker cash investment

79,926

-

Net cash generated from operating activities

(19,549)

(295,194)

 

Cash flows from investing activities

Purchase of digital assets

(14,150)

(623,457)

Sale of digital assets

9,236

532,958

Purchase of unlisted and other investments

(60,036)

(75,275)

Net cash from investing activities

(64,950)

(165,774)

Cash flows from financing activities

Issue of ordinary shares

-

164,099

Net cash used in financing activities

-

164,099

Net (decrease) in cash and cash equivalents

(84,499)

(296,869)

Cash and cash equivalents at beginning of period

351,469

648,338

Cash and cash equivalents at the end of period

266,970

351,469

Cash and cash equivalents at the end of period comprise:

 

 

Cash at bank and in hand

266,970

351,469

 

266,970

351,469

 

The notes form part of these financial statements.

 

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2024

 

 

  1. General information

 

Kasei Digital Assets Plc ("the Company") is a public limited company limited by shares and incorporated in England. Its registered office is 72 Charlotte Street Ground Floor, London, England, W1T 4QQ, United Kingdom.

 

The Company's shares are traded on the Aquis Stock Exchange Growth Market under ticker KASH and ISIN number GB00BN950D98.

 

The Company's aim is to provide investors with exposure to the digital assets ecosystem and an attractive rate of return by leveraging the Board's expertise, experience and networks in the cryptocurrency sector. The Company also intends to invest in venture capital and private equity investments in the blockchain ecosystem.

 

  1. Accounting policies
    1.      Basis of preparation of financial statements

 

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 

The following principal accounting policies have been applied:

 

2.2     Revenue

 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

2.3     Current and deferred taxation

 

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 

2.4     Debtors

 

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2. Accounting policies (continued)

 

2.5     Cash and cash equivalents

 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 

2.6     Creditors

 

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 

 

3.

Turnover

 

 

An analysis of turnover by class of business is as follows:

 

 

Unaudited period to 31

 

 

AUDITED

 

 

January

 

year to 31

 

 

2024

£

 

July 2023

£

 

Staking income

8,439

 

12,997

 

Option income

4,190

 

20,469

 

Interest income

6,174

 

7,052

 

 

18,803

 

40,518

 

 

4.

Directors' remuneration

 

 

 

Unaudited period to 31

 

 

AUDITED

 

 

January

 

year to 31

 

 

2024

£

 

July 2023

£

 

Directors' emoluments

27,000

 

48,000

 

 

27,000

 

48,000

 

 

5. Intangible assets

 

 

 

 

 

 

 

 

 

Digital Assets

£

Cost

 

 

 

 

At 1 August 2023

 

 

 

1,434,003

Additions

 

 

 

14,150

Disposals

 

 

 

(9,236)

Revaluation surplus

 

 

 

541,187

At 31 January 2024

 

 

 

1,980,104

 

 

Net book value

 

 

 

 

At 31 January 2024

 

 

 

1,980,104

 

At 31 July 2023

 

 

 

 

1,434,003

 

 

 

 

6. Fixed asset investments

 

 

 

 

 

 

Investments

in

 

 

 

Other fixed

 

 

subsidiary companies

 

asset investments

Total

 

£

 

£

£

Cost or valuation

 

 

 

 

At 1 August 2023

50,000

 

89,679

139,679

Additions

-

 

60,036

60,036

At 31 January 2024

50,000

 

149,715

199,715

7. Debtors

Unaudited period to 31
January
Audited period to 31
January
2024 £ 2023 £
Other debtors 13,940 37,559
Deferred taxation 599,071 599,071
613,011 636,630

 

 

 

8.

 

 

Cash and cash equivalents

 

 

 

 

 

Unaudited period to 31

January

2024

£

 

AUDITED

year to 31

July 2023

£

 

Cash at bank and in hand

266,970

 

351,469

 

 

266,970

 

351,469

 

 

9.

 

 

Creditors: Amounts falling due within one year

 

 

 

 

 

Unaudited period to 31

January

2024

£

 

AUDITED

year to 31

July 2023

£

 

Trade creditors

878

 

316

 

Amounts owed to group companies

207,200

 

207,200

 

Other taxation and social security

7,016

 

6,287

 

Other creditors

6,273

 

6,272

 

Accruals and deferred income

30,351

 

30,351

 

 

251,718

 

250,426

 

  1. Share capital

Unaudited period to 31
January
Audited period to 31
January
2024 £ 2023 £
Allotted, called up and fully paid
30,429,193 (2023 - 30,429,193) Ordinary Share Capital (subscribed shares) 304,292 304,292
shares of £0.01 each
2,799,157 (2023 - 2,799,157) Treasury Shares (unsubscribed shares)
shares of £0.01 each
27,992 27,992
332,284 332,284

 

 

 

  1. Earnings per share

 

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

 

Diluted earnings per share are calculated by dividing the profit attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

 

The following reflects the income and share data used and dilutive earnings per share computations to the period 31 January 2024:

 

Unaudited period to 31

January

2024

£

 

Profit / (loss) for the period attributable to owners of the Company (147,263)

 

Number of shares

Basic weighted average number of shares 30,429,193

Effect of dilutive share options -

 

Diluted weighted average number of shares 30,429,193

 

 

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