TechFinancials Inc. - Interim Report to 30 June 2024

27 September 2024

TechFinancials, Inc.

("TechFinancials" or the "Company")

Unaudited Interim Report for the Six Months Ended 30 June 2024

TechFinancials Inc. (AQUIS: TECH), today announces its unaudited interim results for the six-month period ended 30 June 2024 ("H1 2024").

Financial Overview

Asaf Lahav, Chief Executive Board Member of TechFinancials, commented:

"We continue to look for investment opportunities to maximise the Company's value, leveraging its available cash."

The directors of the Company accept responsibility for the contents of this announcement.

For further information:

Chairman's Statement

 The Company will continue to look for new ways to increase its value exploring investment opportunities.

Outlook

We will continue to look for opportunities to materialise our assets or join forces with other companies in order to be able move forward.

I would like to thank our shareholders for their continued support in what has been a difficult period globally as well as for the Company.  

We look forward to updating the market on our progress in due course.

Eitan Yanuv

Independent Non-Executive Chairman

27 September 2024

Executive's Board Member Statement

Financial Results

The operating loss for the period was US$0.090m (H1 2023: loss of US$ 0.073m); the operating expenses for the period were attributed to general and administrative costs associated with being a publicly quoted Company.

Financial gain for the period was US$ nil.

No taxes on income were recorded in the period (H1 2023: US$ nil).

The loss after taxation for the period attributable to shareholders of the Company was US$ 0.090m (H1 2023: loss of US$ 0.073m).

The Company's cash position for the period ended 30 June 2024 was US$0.318m (31 December 2023: US$0.371m).

The unaudited interim financial results have not been reviewed by the Company's auditor.

Eitan Yanuv

Chairman

27  September 2024

Statement of Comprehensive Income

For the six months period ended 30 June 2024

Consolidated Statement of financial position

As of 30 June 2024

Consolidated Statement of changes in equity

For the six months period ended 30 June 2024

Consolidated statement of cash flows

For the six months period ended 30 June 2024

Notes to the financial statements

1.    General Information

TechFinancials, Inc, (the "Company") was engaged until the end of 2020 in the development of blockchain-based digital assets solutions and licensing of financials trading platforms to businesses. Having disposed predominantly of its businesses, the Company has been an investing company since the year 2021.

Basis of preparation

As permitted, the Company has chosen not to adopt International Accounting Standard 34 'Interim Financial

Reporting' in preparing these interim financial statements. The condensed consolidated interim financial

statements should be read in conjunction with the annual financial statements for the year ended 31

December 2023, which have been prepared in accordance with International Financial Reporting Standards

(IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts. The information has

been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union.

The accounting policies applied in preparing the interim financial information are consistent with those that

have been adopted in the Company's 2023 audited financial statements. Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 27 June 2024.

The Directors approved these condensed interim financial statements on 27 September 2024.

Risks and uncertainties

The key risks that could affect the Company's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2023 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.techfinancials.com.

2.    Accounting policies

The condensed consolidated interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financials assets and liabilities at fair value through the statement of profit and loss.

The financial information for the 6 months ended 30 June 2024 and the 6 months ended 30 June 2023 has not been audited or reviewed by the Company's auditor.

No dividends have been paid in the period (2023: $nil).

Critical accounting estimates and judgements

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates have not changed during the interim period and are set out in note 3(v) of the Company's 2023 Annual Report and Financial Statements.

3.    Earnings per share

The calculation of earnings per share is based on the following losses and number of shares:

4.    Trade and other payables