There is no material difference between the fair value and the book value of cash and cash equivalents.

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTH PERIOD ENDING 31 JULY 2022; FURTHER DETAIL IS SET OUT IN THE GROUP'S FULL YEAR ACCOUNTS AND FINANCIAL STATEMENT OF 31 JANUARY 2022, THE METHODOLOGY BEING UNCHANGED SINCE THEN

Tintra PLC is a public company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales under the Companies Act 2006.

 The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").  The parent company financial statements present information about the Company as a separate entity and not about its group.

The Group financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards in conformity with the requirements of the Companies Act 2006. 

1   Basis of Preparation

These interim results for the six months ended 31 July 2022 have been prepared using the historical cost and fair value conventions on the basis of the accounting policies set out below.  This interim report has been prepared in accordance with International Financial Reporting Standards ("IFRSs"); it is not in accordance with IAS 34 and therefore is not fully compliant with IFRS.

These interim results have been prepared under the historical cost convention. Areas where other bases are applied are identified in the accounting policies below.

The financial information for the year ended 31 January 2022 does not constitute the Company's statutory accounts for that year but is derived from those accounts.  Statutory accounts for 31 January 2022 have been delivered to the Registrar of Companies.  The auditors reported on those accounts, which can be found on our website.

This announcement contains certain forward-looking statements with respect to the operations, performance and financial position of the Group.  By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated.  The forward-looking statements reflect knowledge and information available at the date of the preparation of this announcement and the Company undertakes no obligation to update these forward-looking statements.  Nothing in this Interim Financial Report should be construed as a profit forecast.

The unaudited interim financial report, which is the responsibility of the directors and was approved by them on 25 October 2022, does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

This report is available on Tintra PLC's website at www.tintra.com. Copies are available from the Company at its registered office: 2nd Floor Berkeley Square House, Berkeley Square, London, W1J 6BD.

1.1       Change in accounting policy

There have been no changes in accounting policies since 31 January 2022 apart from those due to the adoption of new or amended accounting standards. These include adoption of certain IFRS standards that are not yet effective will be adopted by the Group in future periods, as set out in the Group's full year accounts dated 31 January 2022.

1.2       Going concern

In these financial statements the Group reported an operating loss of £446,000 (H1 2021: Profit £94,000) and has net assets of £1,414,000 (H1 2021: net liabilities £1,179,000). The Company is well capitalised for its current burn rate and is currently in the process of raising $25,000,000 as part of our next funding round announced in July 2022.

The current funding round once completed will provide a runway for the build of the banking technology and licensing that will last 15-18 months and take the Company to early revenue and into our next funding round.

The Directors are therefore confident that the Group will be able to generate sufficient resources to meet the Group's future cash flow requirements and settle its liabilities as they fall due. Therefore, the Directors are of the opinion that the Group has adequate resources to continue in operation for the foreseeable future and they consider it appropriate to adopt the going concern basis in preparing the financial statements.

2   Earnings per share

The calculation of basic earnings per share and diluted earnings per share is based on the results and weighted average number of ordinary shares as follows:

The denominator as of 31 July 2022 is calculated as the weighted average of the 14,514,519 equity shares as at 1 February 2022 plus 37,128 shares issued in April 2022, 148,511 shares issued in April 2022, and a further 148,511 shares issued in April 2022.

As of 31 July 2022, the Shareholdings of the Board and Significant Shareholders (as defined in the AIM Rules for Companies) was as follows, to the best of the Company's knowledge:

3   Equity Share Capital

Deferred shares carry no voting rights, have no rights to participate in dividend distributions, have the right to participate in capital distributions on winding up to a maximum of £1,000,000 paid in respect of each ordinary share and are non-redeemable.

As of 31 July 2022, the issued share capital comprised 14,848,669 ordinary shares of 1 pence each with one voting right per share ("Ordinary Shares").  The Company does not hold any Ordinary Shares in treasury.  The total number of Ordinary Shares and voting rights in the Company is therefore 14,848,669.

4   Discontinued operations

5  Related Parties

The transactions set out below took place following the end of the half year period to 31^st July 2022.

Exercise of Options

Further, on 21 September 2022, the Company announced that it received a notice to exercise options from a former director of the Company, the details of which were originally announced on 24 April 2018. The option required the payment of £20,000 to the Company. As such it is today issuing 20,000 ordinary shares of 1 pence each ("Ordinary Shares") at an exercise price of 100p per Ordinary Share following receipt of payment.

Tintra Acquisitions Limited

As set out in the regulatory news announcement of 21^st September 2022, the Company had on that day received a notice from Tintra Acquisitions Limited ("TAL") which is a party that is indirectly controlled by Richard Shearer, that in accordance with the financing agreement announced on 25 March 2021 (as amended by the announcement of 15 July 2021), that TAL wishes to settle £100,000 of its existing loan facility to the Company (the "Loan" - current balance £467,500 plus accrued interest) through the issue of £100,000 of 5%, 3-year, convertible loan notes, convertible at a price of 10 pence per Ordinary Share (the "Convertible Loan Notes").

Immediately following the issue of the Convertible Loan Notes, TAL requested to convert £25,000 of the Convertible Loan Notes into 250,000 Ordinary Shares (the "Conversion Shares"). Following the issue of the Convertible Loan Notes and the Issue of the Conversion Shares, the balance of the Loan will be £367,500 (plus accrued interest) and TAL will hold £75,000 on Convertible Loan Notes.

PCA Dealing

On 21 September 2022, TAL informed the Company that it has sold 90,000 Ordinary Shares in order to settle tax liabilities related to past Ordinary Share transactions.  On Admission (and subsequent to this sale), TAL will hold 3,978,611 Ordinary Shares, equivalent to 26.32% of the current issued Ordinary Shares.

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