22 July 2024 ChallengerX plc ("ChallengerX", "CX" or the "Company") Management accounts for the quarters ended 30 June 2024 and 31 March 2024 ChallengerX (AQUIS: CXS), the trading company with principal activity of employing both traditional and non-traditional marketing strategies to rapidly "professionalise" amateur and semi-professional sports clubs around the world announces its unaudited management accounts reports for the quarters ended 30 June 2024 and 31 March 2024. This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement. For further information, please contact: ChallengerX plc John May, Chairman jmay@city-westminster.com Stuart Adam, CFO sjadam@city-westminster.com Directors Statement Introduction ChallengerX plc (the "Company" or "ChallengerX") is quoted on the Aquis Stock Exchange ("AQSE") Growth Market. The Company was incorporated on 7 June 2021 and its shares were admitted to trading on 23 December 2021. Activities during the periods The Company continued to advance its development of a platform for the promotion and marketing of sports clubs in both a traditional and non-traditional way to rapidly "professionalise" amateur and semi-professional sports clubs around the world. The Company has also been reviewingother products to add to its core business. On 5 June the Company was informed by First Sentinel Corporate Finance Ltd that it had resigned from the role of AQSE Corporate Adviser. As a result, trading in the Company's ordinary shares on AQSE were suspended on 6 June 2024. The Company is aware of its continuing obligations under the AQSE rules. Outlook The Company is in advance negotiations with another company in its industry sector which would represent a significant acquisition for the Company and is continuing to look at new opportunities. The Company's aim is to enhance its position and seek to restore its shares to trading as soon as possible. John May Chairman Statement of Comprehensive Income for the quarters ended 30 June 2024 and 31 March 2024 30 June 31 March 2024 2024 £'000 £'000 Revenue - - Administrative expenses (65) (59) Operating loss (65) (59) Loss before tax (65) (59) Taxation - - Loss for the period (65) (59) Total comprehensive loss (65) (59) (Loss) per share (pence) from (0.015) (0.014) continuing operations attributable to owners of the Company - Basic and diluted earnings per share Statement of Financial Position as at quarters ended 30 June 2024 and 31 March 2024 30 June 2024 31 March 2024 £'000 £'000 Intangible assets Software Licence 440 440 Current assets Trade and other receivables 10 19 Cash and cash equivalents 2 5 Total current assets 12 24 Total assets 452 464 Current liabilities Trade and other payables 196 186 Total current liabilities 196 186 Net assets 256 278 Capital and reserves Share capital: 432 422 - Issued 1 1 - Treasury Total share capital 433 423 Share premium 1,786 1,753 Retained earnings (1,963) (1,898) Total equity 256 278 Statement of Changes in Equity For the quarters ended 30 June 2024 and 31 March 2024 Share Share premium Retained earnings Total capital £'000 £'000 £'000 £'000 As at 31 December 423 1,700 (1,839) 284 2023 Restated Adjustment to Share - 53 - 53 Premium Loss for quarter - - (59) (59) ended 31 March 2024 Total Comprehensive - - (59) (59) Income As at 31 March 2024 423 1,753 (1,898) 278 Issue of share 10 33 - 43 capital Loss for the - - (65) (65) quarter ended 30 June 2024 Total Comprehensive - - (65) (65) Income As at 30 June 2024 433 1,786 (1,963) 256 Statement of Cash Flows For the quarters ended 30 June 2024 and 31 March 2024 30 June 2024 31 March 2024 £'000 £'000 Cash from operating activities Loss before tax (65) (59) Adjustments for: Decrease in trade and other receivables 9 7 Increase /(decrease) in trade and other payables 10 (9) Net cash (used) in operating activities (46) (61) Cash flows from financing activities Issue of share capital 43 - Adjustment to share premium - 53 Loans received - 10 Net cash from financing activities 43 63 Net cash flow for the period (3) 2 Cash and cash equivalents at beginning of period 5 3 Cash and cash equivalents at end of period 2 5 Net change in cash and cash equivalents (3) 2 Cash and cash equivalents comprise: Cash at bank and in hand 2 5 2 5 Notes to the financial statements 1. General information ChallengerX plc is a public limited company limited by shares and was incorporated in England on 7 June 2021 with company number 13440398. Its registered office is 16 Great Queen Street, London, WC2B 5DG. The Company's shares are currently suspended from trading on the Aquis Stock Exchange Growth Market under symbol CXS and ISIN number GB00BMD0WG01. The Company was first incorporated on 7 June 2021. The information for periods ended 30 June 2024 and 31 March 2024 are unaudited. 2. Basis of Preparation The quarterly management accounts of ChallengerX plc have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006. These management accounts are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of listed investments at fair value. The financial statements are presented in Pounds Sterling, which is the Company's presentation and functional currency. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3 to the financial statements. The financial statements have been prepared on the historical cost basis and are presented in £'000 unless otherwise stated. 3. Going Concern As at 30 June 2024, the Company had cash of £1,887. The Company has limited operating cash flow and is dependent on the performance of its trading and its cash balances for its working capital requirements. As at the date of this report, the Company had approximately £4,300 cash at bank. In making their assessment of going concern, the Directors, having made due and careful enquiry, are of the opinion that the Company will have access to adequate working capital to meet its obligations for the period of at least 12 months from the date these management accounts are authorized for issue. The Directors, have discussed the Company's position with its investors and potential investors and believes it will secure the funding required to pursue its objectives. The Directors believe in the Company's potential. However, the success of securing funding has been identified as a material uncertainty which may cast significant doubt over the going concern assessment. Whilst acknowledging this uncertainty, based upon the expectation of completing a successful fundraising in the near future, and the continued support of its investors, the Directors consider it appropriate to continue to prepare the financial statements on a going concern basis. 4. Earnings per share 30 June 2024 31 March 2024 Earnings £'000 £'000 Loss for the quarters ended (65) (59) Number of shares Number of shares for the purposes of 432,580,556 423,140,556 basic and diluted earnings per share Earnings per share (pence) (0.015) (0.014) This information was brought to you by Cision http://news.cision.com https://news.cision.com/challengerx-plc/r/management-accounts-for-the-quarters-ended-30-june-2024-and-31-march-2024,c4017366
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