LONDON - Hot Rocks Investments plc, an investment company focusing on small high-growth potential entities, reported a comprehensive profit of GBP 176,162 for the six months ending September 30, 2024. The company, which does not plan to distribute dividends, disclosed a cash balance of GBP 341,960 as of the end of the reporting period.
The interim statement highlighted that Hot Rocks holds equity, loan, and warrant positions in various companies, including D3 Energy, Elephant Oil Corp, and Electrum Discovery (NASDAQ:WBD) Corp, among others. The profit registered marks a recovery from the previous year's loss of GBP 41,367 for the same period.
Operating expenses for the six-month period were reported at GBP 42,908, while the company recognized fair value gains on financial assets amounting to GBP 45,917. No revenue was generated during the period, maintaining the trend from the previous year.
The company's financial position showed total assets of GBP 1,008,994 as of September 30, 2024, an increase from GBP 727,034 in the same period of the previous year. The equity section of the balance sheet indicated a retained loss of GBP 766,312, an improvement from the previous period's GBP 1,030,822.
The cash flow statement revealed that the company's cash and cash equivalents increased significantly from GBP 5,386 at the beginning of the period to GBP 341,960 at the end. This increase is attributed to the proceeds from the disposal of financial assets, which amounted to GBP 377,376 for the six months.
Hot Rocks' financial information was prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. The company's accounting policies are consistent with those used in the annual financial statements for the year ended March 31, 2024.
The press release statement also mentioned that the interim financial information has not been reviewed and that the company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The directors of Hot Rocks Investments plc are responsible for the content of the announcement.
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