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Catenae Innovation PLC on Friday resumed trading on AIM after publishing its delayed financial report for 2021.
Shares in Catenae were trading 22% lower at 0.22 pence each on Friday morning.
In the year ending September 30, 2021, Catenae recorded a pretax loss of £1.2 million, widened from £769,000 the year before, as the company recorded impairment losses of £319,000, up from none the year before.
The Newcastle-based digital media and technology company recorded a revenue of £30,200, more than double the £14,900 it reported the year before.
The company acknowledged that the commercial benefits from the acquisition of Hyperneph Software Ltd have not materialised as promised, but said it was taking a ‘robust approach’ to remedying this.
In May, Hyperneph submitted a claim for a specified sum of £49,875 along with specific performance of various clauses under the acquisition agreement. In September, Catenae submitted a counterclaim of £290,000, saying that it would continue to defend against the claim.
Catenae also released its interim results for the months to March 31 on Friday.
The company's pretax loss narrowed to £287,000 from £587,000 as its administrative expenses had halved.
The company's revenue crept up to £17,500 from £12,300 in the same period last year.
Catenae noted that it had secured the renewal of the Charlton Athletic Community Trust 'On Side' licence with a contract value of £37,500.
It also continued its participation with the UK's Department for Digital, Culture, Media and Sport in the development of Digital Identity and Trust Attributes Framework policy.
Post-period end, the company entered into an agreement for a convertible loan facility worth up to £250,000 with Sanderson Capital Partners Ltd.
This will consist of a drawdown of £125,000 followed by a second, three months later. At each drawdown, the company will issue new shares equal to 10% of the drawdown value at an issue price of the 10-day average share price before the date of drawdown.
Sanderson Capital will be able to convert part or all of the convertible loan facility in minimum increments of £5,000.
Regarding the most recent results, Chief Executive Officer Guy Meyer said: ‘Given the challenging trading conditions as a result of the Covid-19 pandemic and market uncertainty, the company has been very prudent with our resources and has focused on securing contract wins.’
‘Catenae's ongoing consultation with DCMS in the development of the Digital Identity and Trust Attributes Framework Policy reflects the company's standing in the sector. Our investment in software IP development also contributes to the future-proofing of our competitive product set offerings, not just within the Geo-spatial sector.’
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