par Coinsilium Group Limited (isin : VGG225641015)
Coinsilium Group Limited: Final Results for the year ended 31 December 2022
Coinsilium Group Limited (COIN) 21 June 2023
COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Final Results for the year ended 31 December 2022
STATEMENT OF THE BOARD OF DIRECTORS
Coinsilium Group Limited (“Coinsilium”, the “Group” or the “Company”), the Web3 investor, advisor, and venture builder, is pleased to announce its Final Results for the year ended 31 December 2022.
Financial Summary
* Loss for the current year includes loss in value of tokens over the period of £1,289,903.
Operational Highlights
The Directors present their report, together with the Group Financial Statements and Auditor’s Report, for the year ended 31 December 2022. The comparative period is the year ended 31 December 2021.
Review of the Year
2022 will undoubtably go on record as one of most challenging periods for the Digital Asset industry to date, driven in the main by deteriorating global macroeconomic conditions and regulatory concerns, with the crypto markets remaining highly volatile throughout the period and the price of Bitcoin and Ethereum ending the year down by some 58% and 64% respectively.
The news in June 2022 of the collapse of the Terra Labs ecosystem proved to be the catalyst for several significant large-scale failures including Three Arrows Capital, a backer of Terra Labs, that was holding hundreds of millions of dollars in cryptocurrency for other funds, exchanges and blockchain companies. The contagion caused multiple bankruptcies and extraordinary losses for certain private and public companies who were providing unsecured loans to third parties such as Genesis Trading, Voyager Digital, BlockFi and Blockchain.com. Then in November came the collapse of cryptocurrency exchange FTX, the third-largest cryptocurrency exchange by volume with over one million users.
As we have stated previously, neither Coinsilium nor any of its investees or advisory clients had any direct exposure to these failures, though as one would expect, the fall-out from these events resulted in significant ongoing uncertainties for the broader digital asset markets for the remainder of 2022.
In contrast, the year saw Coinsilium making solid operational progress across its investment and advisory activities. In this respect, several significant investments and advisory contract wins were announced throughout the year namely, Blvck Paris (advisory agreement), Yellow Network (SAFT or Simple Agreement for Future Tokens), Silta Finance (Early Contribution Agreement and advisory agreement), GGS.io (SAFT and advisory agreement), and Metalinq (Token Purchase Agreement and advisory agreement). Full details of all these investments and client wins are provided in the ‘New Advisory and Investments Agreement’ section below.
Over the course of the reporting period, we continued to manage our resources pragmatically with a determination to remain on the right side of this extremely challenging market cycle, in preparation for more favourable market conditions which, post period, have now started to emerge. Having survived the worst that the market had to throw at us, we now find ourselves well positioned and ready to resume the drive for growth with an expanding portfolio of exciting Web3 advisory clients and investments.
The Company ended the period with the value of crypto assets held as at 31 December 2022 £1,002,159 comprising tradable tokens of £478,211 and rights to future tokens of £475,285. Cash and cash equivalents amounted to £667,816.
Director Share Purchases
During the period, Executive Chairman Malcolm Palle and Chief Executive Eddy Travia purchased a total of 1.75m Coinsilium shares on the market:
Director No. Shares Price
4 October 2022 Malcolm Palle 500,000 1.90p 7 October 2022 Eddy Travia 500,000 1.95p 28 October 2022 Malcolm Palle 250,000 1.90p 28 October 2022 Eddy Travia 250,000 1.95p 31 October 2022 Eddy Travia 250,000 1.90p
New Advisory and Investment Agreements in the Year
On 18 February 2022 we announced that Coinsilium had been appointed as advisor to global lifestyle fashion brand Blvck Paris for the launch of its ‘Blvck Genesis’ NFT collection. Under the agreement, Coinsilium provided expert advice in respect of the NFT market and the promotion of their NFT collection. The collection features 9,999 unique NFTs, each design element has been crafted by Blvck Paris founder, Julian O'hayon, with the avatars created through the random combination of these graphical elements through a Blvck randomiser. The collection successfully sold out within one day of the launch.
On 21 April 2022 we announced that Coinsilium had entered a Simple Agreement for Future Tokens ("SAFT") with Layer3 FinTech Ltd to purchase USD200,000 of YELLOW tokens, the native token of Yellow Network. Yellow Network is a decentralised finance (DeFi) infrastructure that aims to provide a suite of financial tools and services to its participants. One of the services offered by Yellow Network is a decentralised clearing system for trading firms called ClearSync. ClearSync is a system for trading firms that reduces counterparty risk and helps settle trades quickly and efficiently using smart contracts on the Ethereum blockchain. Traders deposit collateral into an Adjudicator smart contract to ensure trades are settled, offering a secure and transparent way to trade without traditional clearing houses. Yellow Network aims to enable trade between firms without pre-funding and without immediate settlement required. The platform increases the capital efficiency for accessing spot markets by a factor of 5 to 10 times. By using netting and batching of transactions, Yellow Network aims to improve performance and lower costs. The generalised problems they are aiming to address are Market and liquidity fragmentation, lack of decentralisation and lack of regulatory frameworks. Yellow Network is a highly ambitious venture and potential game changer, headed up by a very capable and impressive team of experienced trading software and blockchain industry veterans. In a private token sale that took place on 1 September 2022, in collaboration with Launchblock, the $YELLOW token allocation sold out in under a minute where 1,388,888 $YELLOW tokens were sold at a price of USD0.036 each. On 28 January 2023, Yellow Network successfully completed a VIP sale round on the LaunchBlock platform selling 2,631,578 Yellow tokens at a unit price of USD0.038. At this stage we cannot confirm a price for tokens to be granted to Coinsilium under the SAFT allocation, however the LaunchBlock VIP sale price achieved of USD0.38, is indicative of an expected minimum uplift of 400% from the price at which Coinsilium’s Yellow tokens are expected to be allocated. Further information about Yellow Network can be found on their website https://www.yellow.org/
On 5 May 2022 we announced that Coinsilium had been appointment as advisor to Switzerland-registered Silta Finance AG (“Silta”) and that the Company had entered into an Early Contribution Agreement (“ECA'') with Silta to purchase USD75,000 of future SILTA tokens, the utility token of the Silta ecosystem. Silta is another exciting and highly ambitious project with the objective of building a bridge connecting DeFi protocols across multiple chains to real world assets (RWA) infrastructure. Silta aims to provide developers of real-world assets with a new and easier line of credit for funding impact-conscious infrastructure. The Silta Score, which reflects the creditworthiness as well as the social and environmental impact of an infrastructure project, is encapsulated in a dynamic and periodically updating NFT (non-fungible token).
Coinsilium provides strategic advisory services to Silta in relation to market trends, innovations, and new developments in DeFi and blockchain-powered project finance. Further information can be found on the Silta Website https://silta.finance/
On 22 June 2022 we announced Coinsilium’s appointment as advisor to Delaware-registered Company GGs.io (“GGs.io”) and that it has entered into a Simple Agreement for Future Tokens (“SAFT”) with GGS.io, to purchase USD100,000 of future GGs.io tokens, the utility token of the GGs.io gaming ecosystem. GGs.io aims to build Latin America’s first ‘Play and Earn’ blockchain gaming hub while promoting Web3 education and social mobility. The GGs.io founding team members have considerable experience in this space having contributed to the build of successful e-sports ventures in the Latin-American (Latam) markets, launching and operating successful communities and events for brands such as Razer, Red Bull, Claro Gaming, ViacomCBS, Supercell, among others over the past 5 years. GGs.io has been accepted as the first gaming project to join the Origami program, an accelerator for Decentralised Autonomous Organisations (“DAOs”) operated and founded by Y Combinator alumni and founding members of Orange DAO. Other early investors in GGs.io alongside Coinsilium include Boost VC an early-stage VC firm in California founded by Adam Draper – and Ripio Ventures, the venture arm of Ripio the access gateway to the new digital economy in Latin America.
Play-to-earn has now evolved into ‘Play and Earn’ where the game is not seen as a ‘job’ but as an activity which is fun first, and potentially lucrative second. With the inclusion of blockchain technology, Web3 games now use NFTs as leverage and provide true ownership of in-game assets, something missing from Web2 video games.
On 25 July 2022 we announced Coinsilium's appointment as advisor to Metalinq Labs Inc (“Metalinq Labs”) and a Token Purchase Agreement to purchase USD200,000 of future Metalinq tokens (“MLINQ”), the utility token of Metalinq, a next generation metaverse interoperability Layer3 protocol, backed by the founding team behind portfolio company Indorse Pte. Ltd. (“Indorse”) enabling interoperability between metaverses. Under the terms of the Token Purchase Agreement, Coinsilium should receive USD200,000 in value of MLINQ digital tokens. The tokens should vest over a period of time following the MLINQ token generating event (“TGE”).
Metalinq is the first Layer 3 protocol built to enable interoperability between Metaverses. The Metalinq protocol will allow projects to launch wearable (NFT) collections across multiple metaverses simultaneously. For the first time, users will be able to purchase truly interoperable wearables. The protocol is built with a focus on interoperability and with the objective to remain blockchain agnostic; this will allow users to transfer their digital assets across multiple metaverses and applications. NFT traders will be able to track their wearables and assets across all platforms, chains and wallets. The interoperability is encoded into the “Meta NFTs”, including the 3D file formats and ownership details specific to each metaverse.
Coinsilium has agreed to provide strategic advisory services to Metalinq Labs over a period up to and beyond the MLINQ’s TGE. The services will include strategic advice on token economics, strategic development, and partnerships.
New Advisory and Investment Agreements Post Year End On 14 March 2023 – Coinsilium announced that the Company had entered into Heads of Terms (“HoT”) with Tokenomi, a blockchain and Web3 advisory services firm (“Tokenomi”) established in 2017, and with its owner and managing director, Alexis Nicosia, to acquire the advisory service business and certain intellectual property assets of Tokenomi. On 19 May 2023 the Company reported that the acquisition of the Tokenomi business had completed and that Tokenomi’s owner and managing director, Alexis Nicosia, has joined Coinsilium’s Advisory Team. Furthermore, Tokenomi’s advisory client book currently consists of seven retained Web3 blockchain project clients, including three additional deals closed since the announcement of signed Heads of Terms on 14 March 2023, with a prospective pipeline of ten further project clients. With the addition of these three new agreements, based on the agreed terms, projected revenues from all signed Tokenomi advisory service agreements as at the date of completion can be expected to reach up to USD1,268,400 (GBP1,018,005) over the subsequent 12 to 24 months, subject to those clients successfully completing their Token Generating Events (“TGE”’s) within this period. Investors should note that projected revenues are principally success based and contingent on the successful completion of a project client’s TGE or public token sale. The TGEs are generally expected to occur during the forthcoming 12 months, with a proportion of success fees, in certain cases, to be received over a subsequent 12 month vesting period. The timing of these events is usually contingent on conducive market conditions. In the event of any deterioration in market conditions, the TGEs may be subject to delays or postponement which would in turn impact on the timeline and projected revenue flows. Consideration for the acquisition of the Tokenomi buinsess was GBP116,500, of which GBP19,000 was paid in cash and GBP97,500 is payable through the future issue of 3.25m Shares in the Company at a price of 3.0 pence per share, subject to a 6-month lock-in agreement, with a follow on further 6-month orderly market arrangement.
Partnerships
IOV Labs Asia JV
On 26 October 2022 the Company announced that IOV Labs had advised the Company that it has been re-structuring its goals, targets and strategy and proposed that Coinsilium considers terms under which the Company would be prepared for the current JVA to be replaced with an alternative business model. The Company advised IOV Labs that it would be willing to review the objectives of the JVA with a view to commencing negotiations towards a mutually agreeable outcome which may or may not include an alternative business model.
Post year end, on 28 February 2023 the Company provided a further update stating that it has since reaffirmed its position to IOV Labs that a prerequisite to progressing an alternative business model would be the satisfactory resolution of the existing JVA arrangements and that the Company had received a substantive written response from IOV Labs to a formal proposal made by the Company on 1 December 2022.
Any further material updates will be provided by the Company to the market as required in a timely fashion.
Nifty Labs
Nifty Labs was established as an NFT development studio in Gibraltar, under a partnership with portfolio company Indorse. Indorse’s tech team has significant experience in drafting smart contracts and designing Web3 decentralised applications. The first product built under Nifty Labs was an NFT Marketplace software solution, initially developed to be compatible with any EVM (Ethereum Virtual Machine) blockchain such as Layer 2 blockchains. Later in the course of 2022, the Indorse tech team proposed and successfully launched the ERC-5606 Multiverse NFT standard. Nifty Labs initially aimed to commercialise the Nifty Marketplace as a ‘white labelled’ Software as a Service (SaaS) business solution, however, due to the uncertainties and complexities around the evolving regulatory landscape, the commercial model is now being revisited with a focus on Web3 social media applications where NFTs play a central role.
The Web3 social media space has been growing fast over the last 12 months powered by the development of infrastructure solutions such as Lens Protocol, the scalability and cost efficiency brought by Layer 2 blockchains and the emergence of new Ethereum standards such as ERC-4337 enabling crypto wallet log in using Web2 credentials. One feature of Web3 social media platforms is their reliance on NFTs and smart contracts, both of which are core areas of expertise for Nifty Labs. We believe that, through a pragmatic, incentivised and compelling model, the numerous benefits of Web3 will attract a wave of Web2 users currently focusing on the efficiency and network effect of Web2 platforms. We believe that tomorrow’s social networking will be done via open source, blockchain-powered, decentralised applications and Nifty Labs is ideally positioned to develop leading market-relevant applications in the growing Web3 social media space. Further details about the potential commercial models to drive users to Web3 to be unveiled in a timely manner to the market.
Post Year End Funding Update On 21 April 2023, Coinsilium announced that it had raised GBP258,150 gross of expenses via a company share subscription and broker placing through Peterhouse Capital and SI Capital, of 17,209,999 new ordinary shares of no-par value at a price of 1.5 pence per share from existing and new shareholders and directors of the Company. The funds raised will predominantly be used for investment purposes and specifically for follow-on funding rounds in certain ventures of the Company’s portfolio. Following the issue of the 17,209,999 Ordinary Shares, the Company has 191,958,234 Ordinary Shares in issue, which also represents the total number of voting rights in the Company. Each Placing Share has an attaching warrant to subscribe for a further new ordinary share at an exercise price of 3p ("Warrants"), valid for two years from the expected date of admission of the Placing Shares, being 27 April 2023.
The Directors' participation in the Subscription was as follows:
The funds raised are to be used predominantly for investment purposes and specifically for follow-on funding rounds in certain ventures within the Company’s portfolio. Financial Review Total comprehensive income, including fair value gains and losses on financial assets and digital assets, reported a loss for the period of £2,056,974 compared to a gain of £13,774 in the previous year. This result is largely driven by a decrease in the fair value of digital asset tokens of £1,289,903 and impairments of equity investments totalling £273,292. Administrative expenses in the year of £936,931 represent a significant decrease on the prior year figure of £1,693,041. As at 31 December 2022, cash and cash equivalents amounted to £667,816 (2021: £1,513,892). Outlook The Company ended the reporting period with the value of crypto assets held as at 31 December 2022 at £1,002,159, comprising tradable tokens of £478,211 and rights to future tokens (valued at cost) of £475,285. Cash and cash equivalents amounted to £667,816. The period end also marked a low watermark for the Digital Asset Markets which have recovered significantly since January 2023. This in turn has had a materially positive impact on the Company’s crypto treasury position since the end of 2022. Whilst volatility in the market remains, the marked improvement we have witnessed since January 2023 gives us optimism that the worst of the bear market may be behind us and that we are now in the early stages of a building recovery phase.
We are also most encouraged to see the growing level of activity building in the wider Web3 venture space, and the steady stream of demand we are witnessing for our Web3 advisory services, particularly in the SE Asia region. The timely completion of the Tokenomi Web3 Advisory Business acquisition brings its founder, Alexis Nicosia, into our advisory team as we now look to scaling up and further developing our Advisory Service capabilities as a revenue generating adjunct to Coinsilium’s investment and venture building activities.
As market conditions continue to improve, we will also be looking to add to and broaden our growing portfolio of investments, notably in the Metaverse, Asset Tokenisation and the Web3 space. The Web3 social media space has been growing fast over the last 12 months powered by the development of infrastructure solutions such as Lens Protocol, the scalability and cost efficiency brought by Layer 2 blockchains and the emergence of new Ethereum standards such as ERC-4337 enabling crypto wallet log in using Web2 credentials. We are looking closely at this space as we believe we can tap into our NFT experience and into some of our portfolio companies’ talent to develop market-relevant applications. We will update the market in a timely manner with news of developments in that direction.
Artificial Intelligence (AI)
We are also very excited by some of the opportunities we are starting to see emerge within Artificial Intelligence (AI) applications, and notably at points where they intersect with blockchain applications. AI has been in development some time but, with the release of ChatGPT4, its adoption has been much faster than anything humanity has ever seen before, going from zero to 100m users in under 2 months and with the potential to bring infinite scalable knowledge into the economic system.
As noted above, on 21 April 2023 we announced a successful share subscription and broker placing through Peterhouse Capital and SI Capital raising GBP258,150 gross of expenses from existing and new shareholders and directors of the Company. The funds raised are predominantly to be used for investment purposes and specifically for follow-on funding rounds in certain ventures of the Company’s portfolio. On 15 June 2023, we announced the first of these, where we participated in Greengage’s latest funding round with an investment of GBP25,000. At the same time, we also reported the conversion of the principal and interest of the GBP200,000 convertible loan notes made to Greengage in September 2021 by Coinsilium, via its wholly owned Gibraltar registered subsidiary Seedcoin Limited. We look forward to providing shareholders with updates on further new and follow-on investments over the remainder of the year.
The strong recovery from the December lows in the Digital Asset markets provides us with a renewed level of optimism that a continuing recovery process is now underway, albeit at a slow and steady pace, and as we head towards the next Bitcoin halving in Spring 2024, a time which has historically catalysed previous bull phases of the Digital Assets value cycle.
Finally, the Board would like to thank our valued shareholders, partners and team members for their continued support, and we look forward to continuing to provide the market with regular exciting progress updates for the remainder of the period and beyond.
Eddy Travia Chief Executive Officer 19 June 2023
Investee Companies Update Indorse On 27 January 2022 Coinsilium Group’s CEO Eddy Travia, together with Gaurang Torvekar, CEO of Indorse co-presented an online web event entitled "The Metaverse, Play to Earn & BlockBots" hosted by Startup Grind Gibraltar. This showcase and educational session were designed to provide attendees with an entry level understanding of these emerging technology applications. The event was streamed through the Startup Grind platform and simultaneously in the Metaverse, at the Indorse virtual headquarters in CryptoVoxels.
On 19 April 2022, Indorse announced the launch of the Public Alpha version of its BlockBots NFT Play-to-Earn (“P2E”) game called “Block Bouts” with a prize pool of USD33,000 and various BlockBot NFTs. On 13 May 2022, Indorse announced the successful completion of the 2-week Public Alpha of the BlockBots NFT game with more than 360,000 gameplay during the period. On 17 May 2022, Indorse announced the V1 of the BlockBots P2E game to be launched in June and through which players can stake and earn IND tokens and PowerUps. The team also announced an upcoming BlockBots x Minecraft Battle Royal Game for Summer 2022. On 25 July 2022, Coinsilium Group announced its appointment as advisor to Metalinq Labs Inc (“Metalinq Labs”) and that it has entered into a Token Purchase Agreement to purchase USD200,000 of future Metalinq tokens (“MLINQ”), the utility token of Metalinq, a next generation Layer 3 protocol solution enabling interoperability between metaverses.
In the year, Metalinq Labs announced the launch of development work on Metalinq, the Metaverse interoperability Layer3 protocol, backed by the founding team behind portfolio company Indorse Pte. Ltd. (“Indorse”) and the BlockBots NFT-based Play-to-earn game.
Post Year End Updates 20 March 2023 New Multiverse NFT standard submitted by some members of the Indorse tech team becomes the ERC-5606 NFT standard with the potential to benefit the entire Web3 Ecosystem. Following submission of the EIP-5606 (Ethereum Improvement Proposal) in September 2022, the new ‘Multiverse’ non-fungible token (NFT) standard ERC-5606, successfully completed the Ethereum community approval process. What is ERC-5606? ERC-5606 is a new standard for creating multiverse NFTs on multiple metaverses, Web3 games and platforms. These tokens can represent unique assets across different virtual worlds, enabling interoperability between these worlds. With ERC-5606, creators can design NFTs that are not limited to a single blockchain or platform, unlocking new possibilities for the use of NFTs in gaming, art, and other industries. The standard provides guidelines for implementing NFTs on different blockchains, ensuring compatibility and ease of use for developers and users alike. In addition, ERC-5606 offers a range of features that enhance the functionality and flexibility of NFTs. For example, it supports the creation of composite NFTs, which combine multiple assets into a single token. This allows for the creation of more complex and valuable NFTs that can represent entire collections or sets of assets. To become a new NFT standard, EIP-5606 was initially submitted as an Ethereum Improvement Proposal (“EIP”) on 6 September 2022. After review by members of the Ethereum Protocol Developers and the Ethereum community, the proposal became the ERC-5606 NFT standard.
Carrying Value in GBP as at 31 December 2022: £991,899 (2021: £889,587)
SSV Network (formerly Blox Staking) In February 2022 it was announced that SSV Network (the decentralised protocol) had raised USD10m from reputable crypto companies such as Coinbase, Lukka, OKX and Digital Currency Group. At the time, media reported that SSV Network’s test net included 2,661 operators and 7,954 validators with 254,528 ETH staked. It is important to note that these companies did not acquire shares in Israeli-registered Coin-Dash Limited (Coindash), nor entered the cap table of Coindash as shareholders but acquired $SSV tokens at an undisclosed price.$SSV tokens were valued at USD9.9321 as of 31 December 2022 (SSV tokens are not considered in the Company’s valuation method). Given the high number of SSV Network tokens held by Coindash and the focus of its team to develop SSV Network it is clear for Coinsilium’s management that Coindash and SSV Network are intrinsically linked and the success of SSV Network should have a positive effect on Coindash. Post Period Updates On 20 January 2023, SSV Network announced a USD50m ecosystem fund to support Ethereum proof-of-stake decentralization and ETH staking technologies. On 5 April 2023, SSV Network announced the release of JATO (Jat Assisted Take Off) as the last testnet version before Mainnet release. On 12 April 2023, Alon Muroch, CEO of Coindash, tweeted in reference to the significance of the Ethereum ‘Shappella’ upgrade: “Today’s Shappella fork marks a huge milestone for ethereum and @ssv_network. It marks a full circle from beacon chain genesis in Dec 2020 to withdrawals activation today. For SSV, a necessary milestone for mainnet rollout. Huge things are about to happen after 2 years of work.” As no new valuation data has been found in the current year, and there is no indication that the operations of the investment company suggest impairment of the current carrying value, the Company has decided to maintain the brought forward valuation for the purposes of the current year of account. Consequently, the investment is held at the carrying value of £185,981 as at 31 December 2022 (having been revalued for movements in the GBP/USD exchange rate from the initial cost of USD225,000). Carrying Value in GBP as at 31 December 2022: £185,981 (2021: £166,798)
Elevate Health As the proposed project could not be pursued under the initially planned Gibraltar legal structure, the Gibraltar incorpoprated project company is being wound up by its founders, with Coinsilium’s economic interest in the project being novated into a receivable token to be received in 2023 and 2024. Coinsilium should consequently receive 30m Elevate tokens over a vesting period of 18 months. The Elevate tokens should be worth USD300,000 according to the project’s public price. Dates and price can vary. Given the level of uncertainty over the realisable value of the Elevate tokens to be received in settlement of novation of the Company’s investment in Elevate, the Directors have determined not to revalue this investment above its historic cost level of USD100,000. Consequently, only foreign exchange revaluations have been booked to the carrying value of this investment, which at the reporting date stands at £82,658. Following regular communications with and updates from the founders of the investment project, the directors do not believe there is any indication that the carrying value of this project should be impaired. Carrying Value in GBP as of 31 December 2022: £82,658 (2021: £74,132)
StartupToken
Throughout 2022, StartupToken has been looking at developing customisable NFT storefronts and enterprise solutions for SMEs in the Southeast Asia region. 2022 has been an annus horribilis for the crypto space in general with several headline-grabbing collapses of multi-billiondollar firms, depressed cryptocurrency prices and a negative sentiment across the crypto markets. It has been particularly difficult for NFTs with declining trading volume and prices. In these difficult times the liquidity of MINTY tokens has fallen below a threshold the Company considers adequate to maintain the value of its MINTY denominated assets and has decided to fully impair the value of its MINTY Token holdings of £78,484 (recognised in “Loss on token value” in the current year), and partially impair the investment in StartupToken to reduce the carrying valuer to the historic cost of the initial investment. Although several tokens have managed to recover from very low liquidity levels in the past, the Coinsilium Board prefers to adopt a cautionary approach with regards to the value of the MINTY tokens and their knock on impact on the value of the investment in StartupToken. Consequentially, an impairment charge of £273,292 has been recognised in the current year against the value of the investment in StartupToken, bringing the year end carrying value to £360,905.
Carrying Value at 31 Dec 2022: £360,905 (2021: 595,001)
Greengage Global Holding Ltd
On 19 April 2022, Greengage announced its acquisition of Silver Lined Solutions Limited (SLS). SLS is a highly rated Salesforce consultancy in the financial services space and has been actively engaged in building a differentiated core IT architecture for Greengage. Silver Lined Solutions has been rebranded as Greengage Solutions Ltd (GGS).
On 21 December 2022, Greengage shared an Investor Update, the main points of which are list |