Oscillate Plc - Unaudited Interim Results to 31 May 2022

Oscillate Plc - Unaudited Interim Results to 31 May 2022

PR Newswire

London, August 31

31 August 2022

Oscillate PLC

("Oscillate" or the "Company")

Unaudited Interim Results for the Six Months Ended 31 May 2022

I am pleased to present the interim results for Oscillate plc (AQSE: MUSH) for the period ending 31 May 2022.

Director's Statement

During the period the Company made a loss of (£348,033) compared with a loss of (£290,692) for the same period last year. This loss reflects the change in the value of our listed investments. The Board has been working diligently to reduce the administrative costs of the Company and these were £104,040 compared to £272,252 for the comparable period. As at 31 May 2022, the Company's cash position was £1,908,336 (2021: £3,201,385) reflecting the investments made following the £3.5million fundraise completed in April 2021.

On 25 January 2022, I, Fungai Ndoro, was appointed as a director on the Board, replacing Burns Singh Tennent-Bhohi who stepped down from the Board at the same time. On 23 May 2022, Conrad Windham stepped down as a director and John Treacy joined the Board. The Company thanks Mr Singh Tennent-Bhohi and Mr Windham for their efforts whilst on the Board and wish them all the best moving forward.

Post period events

Since the end of the reported period, the Company's primary investment within the psychedelics sector has listed on the AQSE Growth Market. Prior to listing, the Company invested £300,000 for 30,000,000 Psych Capital Plc ("Psych") shares and the Company invested an additional £350,000 for 22,843,622 Psych shares when Psych floated on AQSE. The Company currently holds a total of 46,668,622 Psych shares, equating 16.1% of its share capital.

On 21 July 2022, the Company purchased 2,500,000 warrants to subscribe for ordinary shares of Dev Clever Holdings Plc ("Dev Clever") at a price of 1p per share ("Warrants") for a consideration of £250,000. The Warrants are exercisable at any time until 21 January 2024. On 22 August 2022, Dev Clever published its audited full year results for the year ended 31 October 2021. The full announcement released by Dev Clever regarding publication of the Accounts can be found at:

https://www.investegate.co.uk/dev-clever-holdings/dev/annual-financial-report/202208220700056907W/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Dev+Clever+Holdings%20Alert

On 15 July 2022, Narisha Ragoonanthun stepped down from the Board of the Company to focus on other ventures. The Company is grateful for Ms Ragoonanthun's work whilst on the Board.

The Board is cognisant of the fact that the current investment/fundraising environment is more difficult than it was last year, but we are determined to create value for shareholders and create opportunities for shareholders to materialise that value in time. We would like to thank our shareholders, stakeholders and professional advisers for their continued support.

The unaudited interim results to 31 May 2022 have not been reviewed by the Company's auditor.

Fungai Ndoro

Director, Oscillate plc

The Directors of the Company accept responsibility for the content of this announcement.

Enquiries:

Company

Oscillate PLC

Fungai Ndoro

Telephone: [phone]

Corporate Advisor

Peterhouse Capital Limited

Guy Miller & Mark Anwyl

Telephone: [phone]

Income Statement for the 6 months ended 31 May 2022

	6 months to 31 May 2022 Unaudited		Year ended 30 November 2021 Audited		6 months to 31 May 2021 Unaudited
	£		£		£
Administrative expenses	(104,040)		(227,417)		(272,252)
Losses on investments at fair value through profit and loss	(243,993)		(163,986)		(23,525)
Profit on sale of investment	-		5,085		5,085
Loss before taxation	(348,033)		(386,318)		(290,692)
Taxation	-		-		-
Loss for the period	(348,033)		(386,318)		(290,692)
Basic earnings per share	(0.3)		(0.3)		(0.004)
Diluted earnings per share	(0.3)		(0.3)		(0.003)

Balance Sheet as at 31 May and 30 November

	6 months to 31 May 2022 Unaudited		Year ended 30 November 2021 Audited		6 months to 31 May 2021 Unaudited
	£		£		£
Assets
Non-current assets
Investments	319,700		319,700		89,950
	319,700		319,700		89,950
Current assets
Trade and other receivables	228,377		249,445		31,898
Investments	380,896		624,451		146,103
Cash and cash equivalents	1,908,336		2,062,844		3,201,385
	2,517,609		2,936,740		3,379,386
Current liabilities
Creditors: amounts falling due within one year	(62,399)		(133,497)		(20,766)
	(62,399)		(133,497)		(20,766)
Net current assets	2,455,210		2,803,243		3,358,620
Net assets	2,774,910		3,122,943		3,448,570
Capital and reserves
Called up share capital	1,228,309		1,228,309		1,228,309
Share premium account	4,705,050		4,705,050		4,935,050
Other reserves	29,753		29,753		29,753
Profit and loss reserve	(3,188,202)		(2,840,169)		(2,744,542)
Total equity	2,774,910		3,122,943		3,448,570

Statement of Changes in Equity as at 31 May and 30 November

	Share	Share	Other	Profit	Total
	capital	premium	reserves	and loss
				reserve
	£	£	£	£	£
As at 1 December 2020	1,210,810	1,452,549	29,753	(2,453,851)	239,261
Loss for the period	-	-	-	(290,692)	(290,692)
Total comprehensive income	-	-	-	(290,692)	(290,692)
Issue of shares	17,450	3,482,500	-	-	3,500,000
Balance at 31 May 2021	1,228,309	4,935,050	29,573	(2,744,542)	(3,448,570)
As at 1 December 2020	1,210,810	1,452,549	29,753	(2,453,851)	239,261
Loss for the period	-	-	-	(386,318)	(386,318)
Total comprehensive income	-	-	-	(386,318)	(386,318)
Issue of shares	17,499	3,482,501	-	-	3,500,000
Transaction costs	-	(230,000)	-	-	(230,000)
Balance at 30 November 2021	1,228,309	4,705,050	29,753	(2,840,169)	3,122,943
As at 1 December 2021	1,228,309	4,705,050	29,753	(2,840,169)	3,122,943
Loss for the period	-	-	-	(348,033)	(348,033)
Total comprehensive income	-	-	-	(348,033)	(348,033)
Balance at 31 May 2022	1,228,309	4,705,050	29,753	(3,188,202)	2,774,910