Ciboney Group Limited (CBNY) for the six months ended November 30, 2023, recorded no revenue relative to the $1,000 reported for the prior financial year. No revenue was recorded for the quarter relative to total revenue of $1,000 a year prior.

“On November 15th, the Company announced its intention in a resolution to shareholders at the Annual General Meeting on December 6, 2023, to change the company’s name from Ciboney Group Limited to “Innovative Energy Group Limited”. This resolution was passed by the shareholders at the meeting, and for the purposes of this report Ciboney Group Ltd will be referred to by its new name Innovative Energy Group Limited (formerly Ciboney Group Limited) or “the Company”.

Other income of $500,000 was recorded for the six-month period which The Company noted is the contribution towards prior year audit fees by party to sale agreement dated June 29, 2023.

Expenses closed the year at $3.86 million, a 161% increase from the $1.48 million recorded in 2022. Within the quarter, the group’s expenses closed at $3.79 million (2022: $1.13 million).

Operating Loss closed the period under review at $3.36 million (2022: $1.48 million). While operating loss for the quarter amounted to $3.79 million versus an operating loss of $1.13 million for the similar quarter of 2022.

Net Loss after tax closed at $3.36 million, relative to the $1.48 million net loss recorded in 2022. Within the quarter, the group’s Net loss after tax closed at $3.79 million (2022: $1.13 million).

The Company noted, “These losses are mainly attributable to steps being taken to move the Company out of dormancy consequent on the acquisition of the majority of its shares by IEC Energy Company Ltd. Costs incurred during this quarter related primarily to expenditures on the website, public relations and corporate governance activities which were financed by advances by the related party, Innovative Energy Company DBA IEC SPEI Limited.”

Consequently, Loss Per Share for the six months amounted to $0.01 (2022: LPS: $0.00), while Loss Per Share for the quarter totaled $0.01 (2022: LPS of $0.00). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 546,000,000.

Notably, CBNY’s stock price closed the trading period on January 15, 2024, at a price of $1.46.

Balance Sheet Highlights

The company’s assets totalled $208,000 (2022: $2.03 million). This was mainly due to a 94% decline in ‘Income tax recoverable’ closing at $93,000 (2022: $1.43 million).

Shareholder’s deficit was $13.98 million (2022: Shareholder’s deficit of $8.38 million), representing a shareholder’s deficit per share of $0.03 (2022: shareholder’s deficit per share of $0.02).

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