Shares of Catenae Innovation (LON: CTEA) are trading lower on Monday after the company said it will be unable to post its annual audited accounts to shareholders for the year to 30 September 2020 by the 31 March 2021 deadline due to the coronavirus pandemic.
The company has been able to extend the reporting deadline to 30 June 2021.
Catenae shares are trading at 2.52p, down over 9% following the update.
The digital media and technology firm said its unaudited statement shows a loss for the year of £832,187, compared to £825,230 during the same period in 2019 due to no material revenue being generated as the company focused on product development, pilot testing of prototypes and deploying fit for purpose products into various market sectors.
Revenue generated from legacy products were impacted by the pandemic.
Catenae’s net cash position is around £1.2 million as of Monday, while it has net assets of £502,426, compared to net liabilities of £727,077 in 2019 and cash at bank of £714,043.
Guy Meyer, CEO of Catenae, commented: “The Board acknowledges the unprecedented challenges posed by COVID-19 during 2020.
“The Company responded with agility to the pandemic by diversifying its offering and creating an effective, fully GDPR-compliant blockchain-based platform to enable organisations and businesses to securely record employees' and customers' COVID-19 test results and vaccination status.
“Whilst receiving positive feedback, to date our platform has not generated any material revenues for the Company due to high levels of uncertainty caused by government-imposed lockdowns to control the pandemic.”
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