Loss and total comprehensive loss for the period - - - - (1,970) (1,970) Share option charge - - 40 - - 40 Transfer of balances relating to expired share options - - (324) - 324 - Shareholders’ equity at 31 December 2017 8,622 73,642 3,420 522 (78,842) 7,364 Issued share capital £’000 Share premium £’000 Share option reserve £’000 Reverse acquisition reserve £’000 Accumulated losses £’000 Total £’000 As at 1 July 2016 8,096 69,216 4,704 522 (74,349) 8,189 Loss and total comprehensive loss for the period - - - - (2,421) (2,421) Share option charge - - 162 - - 162 New shares issued net of issue costs 526 4,426 - - - 4,952 Transfer of balances relating to expired share options - - (468) - 468 - Shareholders’ equity at 31 December 2016 8,622 73,642 4,398 522 (76,302) 10,882 Issued share capital £’000 Share premium £’000 Share option reserve £’000 Reverse acquisition reserve £’000 Accumulated losses £’000 Total £’000 As at 1 January 2017 8,622 73,642 4,398 522 (76,302) 10,882 Loss and total comprehensive loss for the period - - - - (1,668) (1,668) Share option charge - - 80 - - 80 Transfer of balances relating to expired share options - - (774) - 774 - Shareholders’ equity at 30 June 2017 8,622 73,642 3,704 522 (77,196) 9,294 Condensed Consolidated Statement of Cash Flows For the 6 months ended 31 December 2017 Note 6 months ended 31 December 2017 Unaudited £’000 6 months ended 31 December 2016 Unaudited £’000 Year ended 30 June 2017 Audited £’000 Operating activities
Loss before tax from continuing operations (1,970) (2,421) (4,302) Finance costs 4 5 10 Finance income (16) (6) (19) Depreciation 5 106 106 211 Share option charge 40 162 242 Working capital adjustments Decrease/(increase) in trade and other receivables 57 34 (5) Decrease/(increase) in prepayments 55 (10) (33) Increase/(decrease) in trade and other payables 178 62 (329) Increase in stock - (69) (61) Cash utilised in operations (1,546) (2,137) (4,286) Finance costs (4) (5) (10) Taxation received - - 213 Net cash outflow from operating activities (1,550) (2,142) (4,083) Investing activities Finance income 16 6 19 Purchase of fixed assets 5 (74) (36) (111) Net cash outflow from investing activities (58) (30) (92) Financing activities Issue of ordinary share capital - 4,952 4,952 Net cash inflow from financing activities - 4,952 4,952 Net (decrease)/ increase in cash and cash equivalents (1,608) 2,780 777 Cash and cash equivalents at the beginning of the period 5,045 4,268 4,268 Cash and cash equivalents at the end of the period 3,437 7,048 5,045 Notes to the Group Condensed Financial Statements General Information Quadrise Fuels International plc (“QFI”, “Quadrise”, or the “Company”) and its subsidiaries (together with the Company, the “Group”) are engaged principally in the manufacture and marketing of emulsified fuel for use in power generation, industrial and marine diesel engines and steam generation applications. The Company’s ordinary shares are quoted on the AIM market of the London Stock Exchange. QFI was incorporated on 22 October 2004 as a limited company under UK Company Law with registered number 05267512. It is domiciled and registered at Gillingham House, 38-44 Gillingham Street, London, SW1V 1HU. Summary of Significant Accounting Policies 2.1 Basis of Preparation