Interim Results and Operation

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy

To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.

	Unaudited	Audited	Unaudited
Assets	30-Jun-10	31-Dec-09	30-Jun-09
Non-Current Assets	$	$	$
Property, Plant and Equipment	1,914,754	2,089,040	2,307,409
Intangible Assets	12,126,860	11,542,686	10,351,342
Trade and Other Receivables	622,225	603,488	1,322,846
	14,663,839	14,235,214	13,981,597
Current Assets
Inventory	233,570	275,986	242,820
Trade and Other Receivables	1,085,397	742,296	364,401
Cash and Cash Equivalents	4,236,073	1,325,088	1,043,157
	5,555,040	2,343,370	1,650,378
Assets of the disposal group classified as held for sale	4,035,911	3,646,307	4,650,966
Assets of the disposal group classified as held for sale	4,035,911	3,646,307
	9,590,951	5,989,677	6,301,344
Total assets	24,254,790	20,224,891	20,282,941
Equity attributable to owners of the parent
Ordinary Shares	404,168	389,461	292,209
Share Premium	54,446,174	53,460,880	46,944,935
Treasury Shares	(1,723,588)	(1,723,416)	-
Other Reserves	6,091,226	5,044,551	1,074,839
Retained Earnings	(45,786,862)	(40,927,071)	(32,987,651)
Total Equity	13,431,118	16,244,405	15,324,332
Liabilities
Non-Current Liabilities
Provision for Liabilities and Charges	464,349	441,257	1,067,759
	464,349	441,257	1,067,759
Current Liabilities
Trade and Other Payables	1,476,888	1,460,604	451,815
Borrowings	7,792,857	1,000,000	228,291
	9,269,745	2,460,604	680,106
Liabilities of disposal group classified as held for sale	1,089,578	1,078,625	3,210,744
Liabilities of disposal group classified as held for sale	1,089,578	1,078,625
	10,359,323	3,539,229	3,890,850
Total Liabilities	10,823,672	3,980,486	4,958,609
Total Equity and Liabilities	24,254,790	20,224,891	20,282,941

	Six months ended 30 June
	2010	2009
Continuing operations	$	$
Revenue	1,179,002	559,121
Cost of Sales	(863,538)	(649,814)
Gross Profit/(Loss)	315,464	(90,693)

Other income / (loss)	44,361	85,414
General and administrative expenses, including:
- Exchange rate differences	965,280	(5,983,528)
- Other General & Administrative Expenses	(3,850,191)	(2,392,086)
Total General and administrative expenses	(2,884,911)	(8,375,614)
Other Expenses	(7,195)	(31,105)
Finance Costs - net	(2,327,510)	(3,090)
Loss before Income Tax	(4,859,791)	(8,415,088)
Income Tax
Loss for the period	(4,859,791)	(8,415,088)
Loss Attributable to:
- Owners of the parent	(4,859,791)	(8,415,088)
Loss per share attributable to the equity holders of the company during the period
Basic loss per share	$(0.12)	$(0.29)

	Share capital	Share Premium	Treasury Shares	Other Reserves	Retained Earnings	Total
	Share capital	Share Premium	Treasury Shares	Other Reserves	Retained Earnings	Total
	$	$	$	$	$	$
At 31 December 2008	292,208	46,944,935	-	829,229	(25,925,365)	22,141,007
At 31 December 2008	292,208	46,944,935	-	829,229	(25,925,365)	22,141,007
Total comprehensive income	-	-	-	3,391,045	(15,001,706)	(11,610,661)


Transactions with owners
Issue of Shares	71,906	4,817,704	-	-	-	4,889,610
Issue of Share Options	-	-	-	805,677	-	805,677
EBT shares granted	25,347	1,698,241	(1,723,416)	18,600	-	18,772
Total transactions with owners	97,253	6,515,945	(1,723,416)	824,277	-	5,714,059
At 31 December 2009	389,461	53,460,880	(1,723,416)	5,044,551	(40,927,071)	16,244,405
Total comprehensive income	-	-	-	14,542	(4,859,791)	(4,845,249)


Transactions with owners
Gold Loan conversion into shares	14,706	985,294	-	-	-	1,000,000
Issue of Share Options	-	-	(172)	521,374	-	521,202
EBT shares granted	-	-	-	510,759	-	510,759
Total transactions with owners	14,706	985,294	(172)	1,032,133	-	2,031,961
At 30 June 2010	404,167	54,446,174	(1,723,588)	6,091,226	(45,786,862)	13,431,117

	Six months ended 30 June
	2010	2009
Cash Flows from Operating Activities	$	$
Cash (Absorbed by) / Generated from operations	(1,816,172)	(2,949,566)
Interest Paid	(1,998)	(5,576)
Income Tax Paid	-	-
Net Cash (Absorbed by) / Generated from Operating Activities	(1,818,170)	(2,955,142)
Cash Flows from Investing Activities
Purchases of Property, Plant and Equipment	(76,501)	(313,767)
Proceeds from sale of Property, Plant and Equipment	5,854	2,985
Purchase of Intangible Assets	(108,529)	(11,880)
Exploration Costs Capitalised	(563,464)	(311,085)
Interest Received	12,345	2,486
Net Cash used in Investing Activities	(730,295)	(631,261)
Cash Flows from Financing Activities
Proceeds from Issuance of Convertible Note	5,455,000	-
Purchase of treasury shares	(172)	-
Net Cash used in Financing Activity	5,454,828	-

Net (Decrease) / Increase in Cash and Cash Equivalents	2,906,363	(3,586,403)
Cash and Cash Equivalents at 1 January	1,330,476	4,629,560
Cash and Cash Equivalents at 30 June	4,236,839	1,043,157

Companies

UK 100

Latest directors dealings