TechFinancials reports loss of $0.368 million for 2021
TechFinancials Inc today posted its Preliminary non audited Annual Report for the year ended 31 December 2021.
The company decided to close all its subsidiaries and initiated the strike-off of its entities in Israel in 2021. The strike off of both TechFinancials Israel 2014 Ltd and Softbox was initiated in H2 2021 and concluded in 2022.
As of today, the company has only one legal entity – TechFinancials Inc.
The company did not have any revenues in 2021 as it shut down all its operation businesses and closed all subsidiaries. However, TechFinancials will continue to look for business and investment opportunities.
The loss for the period attributable to shareholders of the company was US$ 0.368m (2020: US$ 1.00m).
The Group’s cash position for the period ended 31 December 2021 was US$0.92m (31 December 2020: US$1.42m).
In October 2021, TechFinancials sold its 99.84% holding of Cedex in order to consolidate cash and reduce operating expenses.
According to the terms of the Agreement, the Company will be entitled to future consideration upon the Buyer succeeding to raise US$20 million in a single or series of related transactions, for the future operation of Cedex, or selling Cedex for a minimum of US$2 million. In certain circumstances of a sale of Cedex, or the assets of Cedex, by the Buyer, the Company will be entitled to receive 50% of that consideration above US$ 2 million. Between US$5 million and US$50 million, the Company will be entitled to receive US$1.6 million out of the first US$5 million and 4% out of the remainder, but no more than US$2 million. US$50 million and above, the Company will be entitled to receive 4% of the proceeds.
The Group has closed all its operating activities.
Since the company has laid off its last few employees in 2020, the Board is focused on attempts to generate value to the shareholders by locating investment opportunities. The Company has invested in London placings. The Board will also continue to search for additional investment opportunities that may have a positive outcome on the Company’s cashflow.