RNS Number:9149S
Applied Intellectual Capital Ltd
23 April 2008
23 April 2008
APPLIED INTELLECTUAL CAPITAL LIMITED
("AIC" or "the Company")
INTERIM RESULTS FOR SIX MONTHS ENDED 31 JANUARY 2008
Highlights for the Period
* Revenue of US$836 thousand
* Net loss of US$ 5.87 million or $0.14 per basic and diluted share
* Launch of new product ventures for waste to ethanol and other advanced
fuels and advanced batteries
* Launched successful effort to re-domicile to Jersey and obtain admission
to CREST electronic trading service
* Commenced construction of 31,000 square foot consolidated lab, rapid
prototyping shop and corporate headquarters in Alameda, California
* Agreement to acquire full rights to intellectual property of high-capacity
renewable energy storage battery company, Plurion Limited
Applied Intellectual Capital Limited, an AIM-listed company that funds,
develops, patents and commercialises electrochemical and advanced separations
technologies in clean energy,
electricity storage, water treatment, metals recovery and other emerging
markets, is pleased to report its unaudited interim results for the period 1
August 2007 to 31 January 2008.
The interim results are reported under International Financial Reporting
Standards for the first time.
The Company reported revenues of $836 thousand and a net loss of $5.87 million
or $0.14 per basic and diluted share for the six-month period ended 31 January
2008.
Dr. Steven Clarke, CEO, said "The loss for the period reflects expenditures for
research and development of $3.60 million across our four key ventures -
advanced batteries, metals recovery, high-capacity renewable energy batteries,
and bio-fuels. Infrastructure costs have grown in support of the expanded
research capability of the company.
"As we make this report, we are moving into our new laboratory and rapid
prototyping shop that enables us to bring together all of the disciplines that
we use in a single collaborative environment. We designed our new facility and
staffed up to support the growth that we have committed to deliver to our
shareholders.
"Our outlook for progress on our key ventures for the balance of the year is
good as we continue to add talent, capacity, and project backlog.
For further information, please contact:
Applied Intellectual Capital: Dr. Stephen Clarke Tel. +1 925 639 9399
Pelham Public Relations : Archie Berens Tel. +44 (0)7802 442486
Nabarro Wells: Marc Cramsie Tel. +44 (0)207 634 4705
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED BALANCE SHEETS
(unaudited)
January 31,
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 15,711,982 $ 26,210,677
Accounts receivable - 22,470
Accounts receivable, related party 502,218 -
Prepaid income taxes 78,346 126,285
Prepaid expenses and other current assets 207,397 61,377
Total current assets 16,499,943 26,420,809
Non-current assets
Property, plant and equipment, net 2,953,962 131,294
Notes receivable, related parties - 220,000
Interest receivable, related parties - 109,605
Intellectual property, net 121,624 94,934
Investment in EverClear Solutions, Inc. 6,617,922 -
Goodwill 406,140 406,140
Other assets 835,875 21,304
Total non-current assets 10,935,523 983,277
Total assets $27,435,466 $27,404,086
See accompanying notes to consolidated financial statements
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED BALANCE SHEETS (cont.)
(unaudited)
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 1,188,580 $ 1,668,372
Accrued expenses:
Trade 173,641 594,484
Related parties - 62,684
Income taxes payable - 126,285
Deferred revenues 577,837 824,704
Current portion, long term debt - 104,467
Total current liabilities 1,940,058 3,380,996
Non-current liabilities
Notes payable - 49,148
Total Non-current liabilities - 49,148
Shareholders' equity:
Common stock; no par; 100,000,000 shares 38,169,847 36,913,293
authorized; 42,740,115 and 42,290,115
shares issued and outstanding, respectively
Subscriptions receivable - (9,751,534)
Other comprehensive income 2,428 -
Accumulated deficit (12,676,867) (3,187,817)
Total shareholders' equity 25,495,408 23,973,942
Total liabilities and shareholders' equity $27,435,466 $27,404,086
See accompanying notes to consolidated financial statements
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Six-months Ended January 31,
2008 2007
Revenues:
Trade $60,886 $179,473
Related parties 775,220 1,045,105
Total revenues 836,106 1,224,578
Operating expenses:
Research and Development 3,606,056 2,213,848
Administration costs 3,106,356 988,354
Total operating expenses 6,712,412 3,202,202
Loss from operations (5,876,306) (1,977,624)
Other income (expenses):
Gain on disposal of equipment - 17,006
Loss on investment in EverClear Solutions, Inc. - (271,808) -
equity method
Finance expense:
Interest expense - (20,809)
Foreign currency exchange loss (213,601) -
Interest income 489,635 14,460
Total other income (expenses) 4,226 10,657
Net loss $ (5,872,080) $ (1,966,967)
Loss per share - basic and diluted $(0.14) $(0.09)
Weighted average shares outstanding - basic and 42,740,115 21,694,243
diluted
See accompanying notes to consolidated financial statements
See accompanying notes to consolidated financial statements
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)
Six-Months Ended January 31, 2008 and 2007
(unaudited)
Common Stock Subscriptions Other Accumulated Total
Comprehensive Deficit Shareholders'
Shares Amount Receivable Income Equity (Deficit)
$ $ $ $
Balance at 21,000,000 523,494 - - (1,220,850) $(697,356)
July 31, 2006
Loss for the - - - - (1,966,967) (1,966,967)
period
Total - - - - (1,966,967) (1,966,967)
comprehensive
loss for the
period
Issuance of 21,000,000 35,570,094 - - - 35,570,094
common
shares, net
of issue
costs
Stock - - (9,751,534) - - (9,751,534)
subscribed
for but not
paid as of
January 31,
2007
Stock based - 279,705 - - - 279,705
compensation
Conversion of 290,115 540,000 - - - 540,000
debt into
common stock
Balance at 42,290,115 36,913,293 (9,751,534) - (3,187,817) 23,973,942
January 31,
2007
Loss for the - - - - (3,616,970) (3,616,970)
period
Total - - - - (3,616,970) (3,616,970)
comprehensive
loss for the
period
Additional - (57,623) - - - (57,623)
cost of
issuance of
common shares
Stock - - 9,751,534 - - 9,751,534
subscribed
for and paid
since January
31, 2007
Exercise of 450,000 840,294 - - - 840,294
common stock
warrants
Stock based - 139,854 - - - 139,854
compensation
Balance at 42,740,115 37,835,818 - - (6,804,787) 31,031,031
July 31, 2007
Currency gain - - - 2,428 - 2,428
by AIC Labs -
Europe Ltd.
Loss for the - - - - (5,872,080) (5,872,080)
period
Total - - - 2,428 (5,872,080) (5,869,652)
comprehensive
loss for the
period
Stock based - 334,029 - - - 334,029
compensation
Balance at 42,740,115 38,169,847 - $2,428 (12,676,867) 25,495,408
January 31,
2008
See accompanying notes to consolidated financial statements
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
Six-months Ended January 31,
2008 2007
Operating Activities
Net loss $(5,872,080) $(1,966,967)
Adjustments to reconcile net loss to net cash
provided by
(used in) operating activities:
Depreciation and amortization 176,087 34,800
Stock based compensation 334,029 279,705
Minority interest - EverClear Solutions, Inc. 271,808 -
Gain on disposal of equipment - (17,006)
Deferred revenue (84,200) 224,194
Changes in operating assets and liabilities:
Accounts receivable, includes (413,930) (32,701)
related parties
Prepaid expenses and other assets (97,069) (23,546)
Accounts payable (1,574,104) 1,387,715
Accrued expenses, trade and related - 126,802
parties
Net cash generated by (used in) operating (7,259,459) 12,996
activities
Investing Activities
Purchase of property, plant and equipment (1,947,408) (4,104)
Capital expenditures for intellectual (30,120) (53,751)
property
Investment in other assets (320,175) -
Acquisition of subsidiary - (750,000)
Net cash used in investing activities (2,297,703) (807,855)
See accompanying notes to consolidated financial statements
APPLIED INTELLECTUAL CAPITAL LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOW (cont.)
(unaudited)
Financing Activities
Proceeds from (payments on) line-of-credit, - (75,000)
net
Proceeds from (payments on) long-term debt - 563,502
Payments on notes payable, related parties - (69,500)
Proceeds from stock issuance, net of issue - 25,818,560
costs
Net cash provided by financing activities - 26,237,562
Effect of foreign currency exchange rates 2,428 -
Net increase (decrease) in cash and cash (9,554,734) 25,442,703
equivalents
Cash and cash equivalents at beginning of 25,266,715 767,974
period
Cash and cash equivalents at end of period $15,711,981 $26,210,677
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for interest $- $ 20,800
Cash paid for income taxes $- $800
See accompanying notes to consolidated financial statements
Notes to the Interim Results for the Six Months ended 31 January 2008
1 General Notes and Accounting Policies
The consolidated financial statements include the accounts of Applied
Intellectual Capital and its wholly owned subsidiaries, AIC Labs Inc, AIC Labs -
Europe Ltd, AIC Properties Ltd, RedOx Biofuels Ltd. and majority owned Plurion
Systems Inc. All intercompany amounts have been eliminated in the financial
statement consolidation, and minority interest ownership in such subsidiaries
has been recorded as appropriate.
The next Annual report of the group will be prepared in accordance with
International Financial reporting Standards (IFRS) and IFRIC interpretations.
The interim Results have therefore been prepared using policies on a basis
consistent with the accounting policies expected to be applied at 31 July 2008.
Previously, the group reported under US GAAP. The group's transition date to
IFRS is 1 August 2006. There have been no adjustments required on conversion
from US GAAP to IFRS.
2 Subsequent Events
Plurion Ltd: On 1 February 2008 AIC Properties Ltd. (AICP) entered into an
agreement to purchase ITI Scotland Limited's (ITI) economic interest in Plurion
Ltd. ITI was a party to a Joint Venture Agreement that could be converted into
44% ownership of Plurion Ltd as of 1 February 2008. AICP is to pay ITI
�5,560,000, �1,700,000 on 6 February 2008 and the balance of �3,860,000 in the
form of a deferred payment. If ITI receives the deferred payment before 1 June
2008, then no interest shall be due. If ITI receives the deferred payment after
1 June 2008 and no later than 1 February 2009, interest will be calculated at
13.5% per annum. The combination of AICP's 44% ownership and Plurion Systems
Inc's (PSI) 37% (net of minority interest) ownership in Plurion Ltd. gives the
group a total 81% ownership interest in Plurion Ltd. This transaction will be
accounted for using the purchase accounting method per IFRS 3. As of the
February 2008 accounting period Plurion Ltd will be part of the group's
consolidation.
At a Special Meeting of the shareholders held on March 3, 2008, a proposal to
re-domicile the group under a new holding company incorporated in Jersey,
Channel Islands, was unanimously passed, and without dissent. The purpose of the
re-domiciling is to grant shareholders the ability to settle their shares in
CREST creating greater liquidity of the Company's shares. Applied Intellectual
Capital Limited, a Jersey corporation, owns 100% of AIC Nevada Inc., a Nevada
corporation. AIC Nevada Inc. merged with Applied Intellectual Capital, a Nevada
corporation, and became the surviving entity. Shares of Applied Intellectual
Capital Limited were issued in the merger as consideration to the shareholders
of Applied Intellectual Capital. On March 12, 2008 Applied Intellectual Capital
Limited began trading on the AIM Exchange (AIM: AINC) in place of Applied
Intellectual Capital, a Nevada corp.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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