Catenae Innovation PLC (AIM:CTEA) said it continues to work with its auditors on its financial statements for the year to 30 September 2021, but it shared details of its income statement for the half-year to 31 March.
On an unaudited basis, the company’s first-half loss was reduced 53.5% to £273,069.
Work has started on the order announced at the end of May and the initial invoice has been issued, it added.
As a consequence of not having an opening audited balance sheet, the company is unable to provide its full unaudited results for the half year, which it said will be published at the same time as the audited 2021 annual results.
At the end of March, Catenae said it had net assets of £438,956 compared to £1.04mln a year ago, and cash at bank of £332,209, compared to £1.25mln.
Since the period end, no further capital has been raised, and as of the date of this announcement the company said its net cash position is circa £274,000.
It said it company continues to defend the claim made by certain minority shareholders of Hyperneph and has submitted a counterclaim for the amount of circa £0.29mln.
The shares were temporarily suspended from trading on 1 April and, under AIM rules company's shares can remain suspended up to six months from the date of suspension, following which its shares would be cancelled from trading on AIM.