Pineapple Power : Interim Results

Pineapple Power Corporation Plc / Index: LSE / Epic : PNPL / Sector: Utilities

30 September 2022

Pineapple Power Corporation Plc

("Pineapple" or "the Company")

Interim Results

Pineapple Power Corporation Plc, a special purpose acquisition company, is pleased to present its interim unaudited results for the six-month period ended 30 June 2022.

Highlights:

• The proposed acquisition of BVP Imvestments Ltimited which was announced iduring August 2021 was terminated on February 28, 2022 since the final terms of the acquisition could not be agreed.
• Subsequent to the period end, the Company was successful in raising additional funds during a

very difficult period economically for markets	worldwide,	which closed during the	month	of	July. In
total £357,000 was raised	at a	price of	£0.03 per share.	A	Director,	Andrew	Holland
and Corporate Finance Advisor, Clive de	Larrabeiti	subscribed,	in	aggregate, for	2,000,000
shares in the issue to add	to their	holdings.

• Cash balance at the end of the period was £243,384. The majority of the Company's expenditure during the period were due to the significant expenses incurred in legal and due diligence costs involved in the proposed transaction with BVP.

Chairman's Statement

I am pleased to present the Company's interim unaudited financial statements to shareholders for the six months ended 30 June 2022.

The period under review was	extremely	busy	and	productive	and, apart	from	the
fundraising	mentioned above, was	focused	on	the	search and identification	of	a
suitable	reverse takeover candidate following the breakdowm of talks with BVP.	We are grateful for

the support of our numerous shareholders and will continue to diligently pursue an RTO transaction and closing with the correct candidate.

FinancialReview

For the six months to 30 June 2022, the Company reports a net loss of £186,763 (2021: £238,797). During the six months to 30 June 2022, the Company continued its strict financial discipline, incurring a net operating cash outflow of £317,050 (2021: inflow £902,240). The Company held cash at 30 June 2022 of £243,384 (2021: £930,035).

Directors

The following directors have held office during the period:

Claudio Morandi

Andrew Holland

Corporate Governance

The UK Corporate Governance Code (July 2018) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.

Responsibility Statement

The	Directors	are	responsible	for	preparing	the	Unaudited	Interim	Condensed Financial
Statements in accordance with the	Disclosure and Transparency Rules of	the	United	Kingdom's
Financial Conduct	Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting
("IAS	34").	The	directors	confirm	that, to the best of their knowledge,	this	condensed interim
report	has	been	prepared	in accordance	with IAS	34 as contained in UK adopted IFRS..	The interim

management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

• an indication of important events that have occurred during the six months ended 30 June 2022 and their impact on the condensed financial statements for the period, and a description of the

principal risks and uncertainties for the remaining six months of the financial year; and

• related party transactions that have taken place in the six months ended 30 June 2022 and that have materially affected the financial position of the performance of the business during that period.

On behalf of the board

Claudio Morandi

Director

30 September 2022

PINEAPPLE POWER CORPORATION PLC Interim Statement of Comprehensive Income (Unaudited) For the six months ended 30 June 2022

Notes

Revenue
Administrative expenses
Operating loss
Interest receivable
Loss on ordinary activities before
taxation
Income tax expense	3
Loss for the period
Other comprehensive income / (loss)
Total comprehensive loss for the
period attributable to equity holders
Loss per share (basic and diluted)	4
attributable to equity holders (p)

Six months ended

30 June 2022

Unaudited

£

-

(186,782)

_______

(186,782)

19

_______

(186,763)

-

_______

(186,763)

-

_______

(186,763)

_______

(0.0031)p

Six months ended

30 June 2021

Unaudited

£

-

(238,840)

_______

_

(238,840)

43

_______

(238,797)

-

_______

(238,797)

-

_______

(238,797)

_______

(0.0064)p

Year ended 31 December 2021 Audited

£

-

(1,011,437)

_______

-------

(1,011,437)

84

_________

(1,011,353)

-

_________

(1,011,353)

-

_________

(1,011,353)

_________

(0.0170)p

The income statement has been prepared on the basis that all operations are continuing operations.

PINEAPPLE POWER CORPORATION PLC

Interim Statement of Financial Position

(Unaudited) As at 30 June 2022

Notes

Fixed Assets

Equipment

Current assets

Prepayments and other receivables Cash at bank and in hand

TOTAL ASSETS
Current liabilities
Trade and other payables
TOTAL LIABILITIES
NET ASSETS/(LIABILITIES)
EQUITY	5
Share capital
Share premium	5
Share based payment reserve

Retained loss

TOTAL EQUITY

At 30 June

2022

Unaudited

£

935

______

6,345

243,384

_______

249,729

_______

250,664

_______

138,056

______

138,056

_______

112,608

_______

597,362

809,852

168,240

(1,462,846)

________

112,608

_________

At 30June 2021 Unaudited

£

1,523

_______

3,621

930,035

_______

933,656

_______

935,179

_______

31,374

______

31,374

_______

903,805

_______

597,362

781,908

28,062

(503,527)

______

903,805

_______

At 31

December

2021 Audited

£

1,229

_______

6,344

560,434

_______

566,778

568,007

----------

268,636

_______

268,636

________

299,371

_______

597,362

809,852

168,240

(1,276,083

________

299,371

_______

PINEAPPLE POWER CORPORATION PLC Statements of changes in equity (Unaudited) For the six months ended 30 June 2022

Balance at 31 December 2020

Issue of new shares

Exercise of warrants

Issue of options

Total comprehensive loss for the year

Balance at 31 December 2021

Total comprehensive loss for the period

Balance at 30 June 2022

Share	Share	Share Based	Retained
Premium	Payment	TOTAL
Capital	Loss
Account	Reserve
£	£	£	£	£
573,672	687,148	28,062	(264,730)	1,024,152
23,690	94,760	-	-	118,450
-	27,944	(27,944)	-	-
-	-	168,122	-	168,122
-	-	-	(1,011,353)	1,011,353
_____________________________________________________________
597,362	809,852	168,240	(1,276,083)	299,371
			(186,763)	(186,763)
____________________________________________________________
597,362	809,852	168,240	(1,482,846)	112,608

____________________________________________________________