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Vinanz Limited - Half-year Report


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Vinanz Limited · BTC

31/05/2024 11:00

Vinanz Limited - Half-year Report
RNS Number : 6555Q
Vinanz Limited
31 May 2024
 

31 May 2024

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

Vinanz Limited

 

("Vinanz" or "the Company")

 

Half-Year Report 

 

Vinanz Limited (London AQSE: BTC and US OTCQB: VINZF), the London listed Bitcoin mining company focusing on decentralised deployment of Bitcoin mining clusters in multiple data facilities throughout the US and Canada, is pleased to announce its half year unaudited results for the 6 month period to 29 February 2024.

 

A copy of the Half-Year Report will be available to view and download from the Investor section of the Company's website at https://vinanz.co.uk.

 

About Vinanz

 

Vinanz is listed on the London Aquis markets and is building out a fully-fledged Bitcoin mining company initially focusing on installing clusters of Bitcoin miners within multiple facilities throughout the US and Canada through third-party cryptocurrency mining providers. Whilst the Company will focus initially on BTC mining, it will also consider the mining of other cryptocurrencies, and operations in the DeFi and Big Data space in the future. The Company intends to be able to provide a listed UK platform to offer entry to the technology and cryptocurrency business.

 

The Company's admission document is available to view on its website www.vinanz.co.uk

 

The directors of Vinanz Limited accept responsibility for this announcement.

 

For further information please contact:

 

Vinanz Limited

David Lenigas                                      david@vinanz.co.uk

Jeremy Edelman                                  jeremy@vinanz.co.uk

 

First Sentinel (Corporate Adviser and Broker)

Brian Stockbridge                                brian@first-sentinel.com

                                                            +44 (0) 20 3855 5551

 

Clear Capital Markets (Broker)

Bob Roberts                                         bobroberts@clear-cm.co.uk

                                                            +44 (0) 20 3869 6080

 

 



 

 

Chairman Statement

 

David Lenigas, Chairman of Vinanz Limited, said:
 
"Vinanz has had an excellent 6 months as a start-up business, recording its maiden profit for a 6 month period reporting a net profit for the period of £174,859.

A great deal of groundwork was accomplished operationally with building out our North American bitcoin mining fleet and milking the best out of the assets. 

We have taken our bitcoin mining fleet from 120 ASIC miners to 300 miners, as at the date of this report, and seen our processing power dramatically increase from 12 Petahash per second ("PH/s") to around 32 PH/s across our miners in Nebraska USA and Labrador in Canada.

As part of our fleet optimisation, the Company also undertook a program of software updates on our Canadian fleet that saw hashrate increases of around 12% across the 270 miners there. This overclocking took our average 104 TH S19J Pro miner to around 120 TH. This was done just prior to the Bitcoin halving in mid-April so that we could maximise each miner's performance through the halving.

To keep up with the latest technology advances, we also ordered our first 10 of the fastest ASIC Antminers that came to the market in February to trial the units at our hosting centre at BlockLABS in Canada. These S21 Bitmain Antminer 200 Terahash/second ("TH/s") miners became fully operational in April and we are very pleased with their overall performance with all S21's spinning at better than 200 TH/s.

Our Bitcoin increased from 7.14 BTC to 13.85 BTC or 23.52 with financings (gross)/cash and inventory equivalent during the period.


On the corporate side, Vinanz has made enormous strides in getting our US listing functioning to complement our London Aquis listing. The Company sees an active and properly functioning dual trading platform in the US as being vital in achieving ultimate shareholder value. 

On the 5th September last year, Vinanz's shares were approved for trading on the OTCQB Venture Market ("OTC") in the United States under the ticker VINZF. Joining the OTCQB market provides us with access to many more investors in a major market with minimal ongoing associated costs and significantly increasing the Company's exposure and trading liquidity with no additional reporting requirements.

In February of this year, Vinanz applied to have its shares US traded made DTC eligible. Being DTC eligible in the US will make the trading of our shares on the OTCQB much easier, faster, and cheaper for a wider array of investors not only in the US but also for overseas trading platforms that trade shares on the OTC Market. Being DTC eligible would dramatically enhance the tradability and trading volume of our shares in the US.

And in early April of this year, the Company received The Depository Trust Company (the "DTC") full-service eligibility in the United States, making the Company's shares more accessible to U.S. retail and institutional investors.

The DTC is the largest securities depository in the world and facilitates electronic settlement of stock certificate transfers in the United States. The shares of the Company, trading under the symbol "VINZF" in the United States, are now eligible to be electronically cleared and settled through the DTC and are therefore considered "DTC eligible". This electronic method of clearing securities offers a more efficient, lower-cost settlement process for investors and brokers and allows more US market makers to trade in the US shares.

During the period, the Company also completed two successful capital raises. The first being a raise of £350,000 in November of last year at 3 pence per share (being at a premium price to the previous trading day's stock price close) and a second in late February of this year for £447,750 at 12 pence per share (also done at a premium to the previous trading day's closing price). These financing were used primarily to increase the number of ASIC miners in the Vinanz Bitcoin mining fleet and bolster the Company's cash on the balance sheet. 

With the Bitcoin we have at book and cash we have at bank, we are in a solid position to advance the Company forward on its way to growing out a much bigger decentralised deployment of Bitcoin mining clusters in multiple data facilities throughout the US and Canada.

With the Bitcoin halving in April of this year, where the amount of Bitcoin available of a daily basis halved from 900 a day to 450 a day, a lot of Bitcoin miners will be facing new challenges with respect to operating costs and profitability. Companies running old machines will find it difficult to make money even at US$70,000 per Bitcoin. Vinanz has an amazing electricity power supply price for its fleet, at slightly less than US 6 cents per kilo watt hour, with the power doming predominately from Green hydro power. This combined with the fact that we are mainly running newish 120 TH and very new 200 TH ASIC miners puts us in a great position going into 2024 and towards the next halving in 2028, during which period we are expecting to see a very robust increase in the Bitcoin price - if history has anything to go by. 

Onwards and upward is our plan for 2024."

 

 

Vinanz Limited

Statement of profit or loss and other comprehensive income

For the half-year ended 29 February 2024

 

 


Note


6 months ended 29 Feb 2024


6 months ended 28 Feb 2023

From continuing activities


 


£


£



 







Revenue


 


 


 

Other income


 


200,378


Revaluation gain


 


309,732


Gain on disposal of BTC


 


81,026


 


 


 


 

Expenses


 


 


 

Administration expenses


 


(265,930)


Professional fees


 


(52,352)


4,808

Directors remuneration


 


(46,000)


Depreciation and amortisation expense


3


(51,995)


 


 


 


 

Profit before income tax expense


 


174,859


4,808

 


 


 


 

Income tax expense


 



 


 


 


 

Profit after income tax expense for the half-year attributable to the owners of Vinanz Limited


 


174,859


4,808

 


 


 


 

Other comprehensive income for the half-year, net of tax


 



 


 


 


 

Total comprehensive income for the half-year attributable to the owners of Vinanz Limited


 


174,859


4,808

 


 


 


 


 


 


Pence


Pence

 


 


 


 

Basic earnings per share


8


0.18


480,800

Diluted earnings per share


8


0.18


480,800

 

 

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes


 

 


Note


6 months ended 29 Feb 2024


Year ended 31 Aug 2023

 


 


£


£

 


 


 


 

 

          

Assets


 


 


 

 


 


 


 

Current assets


 


 


 

Trade and other receivables


 


506,016


109,266

Cash and cash equivalents


 


87,326


155,840

Total current assets


 


593,342


265,106

 


 


 


 

Non-current assets


 


 


 

Property, plant and equipment


3


320,335


235,236

Intangibles


4


657,070


146,959

Total non-current assets


 


977,405


382,195

 


 


 


 

Total assets


 


1,570,747


647,301

 


 


 


 

Liabilities


 


 


 

 


 


 


 

Current liabilities


 


 


 

Trade and other payables


 


16,771


54,634

Accrued payables


 


48,600


18,000

Amount owing to director


 


2,778


2,678

Total current liabilities


 


68,149


75,312

 


 


 


 

Total liabilities


 


68,149


75,312

 


 


 


 

Net assets


 


1,502,598


571,989

 


 


 


 

Equity


 


 


 

Issued capital


5


1,934,630


1,178,880

Share based payments, warrants and options reserves


6


1,939,170


1,939,170

Retained earnings


 


(2,371,202)


(2,546,061)

 


 


 


 

Total equity


 


1,502,598


571,989


 


Share


Option


Warrant


Retain


Total Equity

 


capital


reserve


reserve


Earnings


 


£


£


£


£


£

 


 


 


 


 


 

Balance at 1 September 2022


-


-


-


(38,000)


(38,000)

 


 


 


 


 


 

Profit after income tax expense for the half-year


-


-


-


4,808


4,808

Other comprehensive income for the half-year, net of tax


-


-


-


-


-

 


 


 


 


 


 

Total comprehensive income for the half-year


-


-


-


4,808


4,808

 


 


 


 


 


 

Balance at 28 February 2023


-


-


-


(33,192)


(33,192)

 

 


Share


Option


Warrant


Retain


Total Equity

 


capital


reserve


reserve


Earnings


 


£


£


£


£


£












Balance at 1 September 2023


1,178,880


646,390


1,292,780


(2,546,061)


571,989

 


 


 


 


 


 

Profit after income tax expense for the half-year


-


-


-


174,859


174,859

Other comprehensive income for the half-year, net of tax


-


-


-


-


-

 


 


 


 


 


 

Total comprehensive income for the half-year


-


-


-


174,859


174,859

 


 


 


 


 


 

Transactions with owners in their capacity as owners:


 


 


 


 


 

Contributions of equity(note 5)


755,750


-


-


-


755,750

 


 


 


 


 


 

Balance at 29 February 2024


1,934,630


646,390


1,292,780


(2,371,202)


1,502,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Note


6 months ended 29 Feb 2024


6 months ended 28 Feb 2023

 


 


£


£

 


 


 


 

Cash generated from operations


 


 


 

Receipts from customers


 


200,377


Payments to suppliers and employees


 


(499,170)


(192)

 


 


 


 

Net cash flow from operating activities


 


(298,793)


(192)

 


 


 


 

Cash flows from investing activities


 


 


 

Payments to acquire property, plant & equipment


3


(137,093)


Proceeds from disposal of intangibles


 


81,026


Other cash items from financing activities


 



10,192

 


 


 


 

Net cashflow from investing activities


 


(56,067)


10,192

 


 


 


 

Cash flows from financing activities


 


 


 

Net receipts from issue of shares


 


308,000


Other cash items from financing activities


 


100


(9,000)

 


 


 


 

Net cash from/(used in) financing activities


 


308,100


(9,000)

 


 


 


 

Net increase/(decrease) in cash and cash equivalents


 


(46,760)


1,000

Cash and cash equivalents at the beginning of the financial half-year


 


134,299


Effects of exchange rate changes on cash and cash equivalents


 


(213)


 


 


 


 

Cash and cash equivalents at the end of the financial half-year


 


87,326


1,000

 

Cash and cash equivalents consists of:


 

Cash at bank and in hand


87,326

Cash and cash equivalents at 29 February 2024


87,326

 

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