Oscillate Plc - ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
AQSE: MUSH
(“Oscillate” or the “Company”)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
Director’s Statement
Dear Shareholders,
I am pleased to report on the Company’s results for the year ended
The Directors have been successful in their efforts to minimise the operating costs of the Company, since
The Company signed a conditional Heads of Term Agreement to acquire
The Board confirmed its intention to focus on the special situation's element of its investment strategy, as outlined in the Company's
The Company anticipates that through the next phase of market development, that small to medium scale opportunities will become available to the Company during the screening process.
On
On
Investee Company Update
I am pleased to provide the following summary of the investee companies in the Company’s portfolio.
Psych Capital Plc
Psych Capital Plc (“Psych”) is a publicly quoted incubation and pre-seed investment firm that deploys early-stage capital while usually operating or supporting emerging companies in the UK’s and Europe’s psychedelic science and healthcare industry.
Oscillate made its initial investment in
On
Short Wave Pharma is an Israeli-based biopharmaceutical company developing novel formulations of psilocybin and additional APIs, as well as customised delivery methods, to effect significant therapeutic benefits for patients suffering from mental health disorders, with an initial focus on eating disorders. It is conducting pre-clinical studies related to its anorexia nervosa product comprised of a novel formulation and a buccal film delivery system and plans to be ready for phase I/IIa trials in Q1 2024. Shortwave Pharma's leadership team combines years of experience in drug development and clinical research, accelerated regulatory pathways and pharmaceutical industry expertise. By leveraging advanced technologies and a commitment to scientific excellence, Shortwave Pharma aims to make a lasting impact on global mental healthcare.
The Company believes this could be a transformational acquisition for Psych and is excited to see how it develops.
On
At year end, the Company held 46,668,622 shares in Psych, making it by some distance our largest investment.
WeCap’s primary investments are a series of
Convertible Loan Notes in
Following the successful launch of the WeShop app considerable progress has been made. As announced on
This represents a 118% increase on the 3 months to
WeShop conducted a six-figure equity fundraise at a price of £4.76 per share in
At year end, the Company held 1,055,000 shares in WeCap.
Evrima plc
Evrima plc (“Evrima”) is an investment issuer focused on opportunities within the commodities, mineral exploration and development sectors. Evrima maintains a diverse portfolio of both listed and private investments across various sectors. These investments align with the Company’s strategic focus on opportunities within the commodities, mineral exploration, and development industries.
Evrima holds 951,615 shares in TSX-V listed
Evrima further holds 3,377,888 ordinary shares of
The Company holds 500,000 shares in Evrima.
Igraine plc
On
Marula Mining plc
On
In the previous year, the Company acquired 2,500,000 warrants in LaunchMyCareer for £250,000, exercisable into LaunchMyCareer shares at a price of 1 penny per share. On
Outlook
The Company sits in a strong financial position, with some minor investments which can be liquidated. We also have a very significant position in Psych Capital Plc, which we expect will develop operationally in 2024.
The Board would also like to thank the Company’s shareholders, advisers and stakeholders for their continued support.
Extracts from the Auditor’s Report
“ Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.“
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries
Company:
ir@oscillateplc.com
https://oscillateplc.com
Corporate Adviser:
Telephone: +44 (0) 20 7220 9796
Statement of Comprehensive Income
2023 2022 £ £ Administrative expenses (224,923) (380,386) (Loss) / Gain on investments at fair value through profit (849,904) 942,463 and loss (Loss) / Profit on sale of investment (104,456) 8,437 Operating (Loss) / Profit (1,179,283) 570,514 Interest income 14,204 1,852 (Loss) / Profit before tax (1,165,079) 572,366 Taxation 212,476 (235,616) (Loss) / Profit for the financial year (952,603) 336,750 Other comprehensive income for the year - - Total comprehensive (Loss) / Profit (952,603) 336,750 (Loss) / Earnings per share (pence) from continuing operations attributable to owners of the Company Basic (0.44p) 0.15p Diluted (0.44p) 0.15p
Statement of Financial Position
2023 2022 £ £ Non-current assets Investments 19,785 264,700 Total non-current assets 19,785 264,700 Current assets Investments 1,427,134 2,221,952 Trade and other receivables 5,659 9,780 Cash and cash equivalents 1,101,259 1,230,961 Total current assets 2,534,052 3,462,693 Total assets 2,553,837 3,727,393 Current liabilities Trade and other payables (23,607) (32,084) Total current liabilities (23,607) (32,084) Total liabilities (23,607) (32,084) Deferred tax liability (23,140) (235,616) Net assets 2,507,090 3,459,693 Capital and reserves Share capital 1,228,309 1,228,309 Share premium 4,705,050 4,705,050 Other reserves 29,753 29,753 Retained earnings (3,456,022) (2,503,419) Total equity 2,507,090 3,459,693
The financial statements were approved by the Board of Directors on
Director
Statement of Changes in Equity
Share capital Share premium Other reserves Retained Total earnings £ £ £ £ £ As at 1 1,228,309 4,705,050 29,753 (2,840,169) 3,122,943 December 2021 Profit for the - - - 336,750 336,750 year Other comprehensive - - - - - income for the year Total Comprehensive - - - 336,750 336,750 Income As at 30 1,228,309 4,705,050 29,753 (2,503,419) 3,459,693 November 2022 (Loss) for the - - - (952,603) (952,603) year Other comprehensive - - - - - income for the year Total Comprehensive - - - (952,603) (952,603) Income As at 30 1,228,309 4,705,050 29,753 (3,456,022) 2,507,090 November 2023
Statement of Cash Flows
2023 2022 £ £ Cash from operating activities (Loss) / Profit after taxation for the financial year (952,603) 336,750 Adjustments for: Tax on profit (212,476) 235,616 Interest earned (14,204) (1,852) Loss/ (Profit) on sale of investments 104,456 (8,438) Non-cash items – impairment loss - 160,637 Loss / (Gain) on investments at fair value 849,904 (942,463) (224,923) (219,750) Decrease in trade and other receivables 4,121 79,028 Decrease in trade and other payables (8,477) (101,413) Net cash used in operating activities (229,279) (22,385) Cash flow from investing activities Purchase of investments (19,109) (600,038) Proceeds on disposal of investments 104,482 8,438 Interest income 14,204 1,852 Net cash used in investing activities 99,577 (589,748) Net cash flow for the year (129,702) (831,883) Cash and cash equivalents at beginning of year 1,230,961 2,062,844 Cash and cash equivalents at end of year 1,101,259 1,230,961