28 March 2024

Flex Labs Inc

("Flex Labs" or the "Company")

Interim accounts

Flex Labs (AQSE: FLEX) announces its unaudited results for the six months ended 31 December 2023.

Comments from Michael Edwards, Chairman of Flex Labs Inc:

"I am pleased to report Flex Labs Inc.'s (the Company's) interim results spanning the financial period from 1 July 2023 to 31 December 2023. The Company was listed on the AQUIS Stock Exchange (AQSE) on 15 December 2023. No revenue was generated and a loss before tax of CAD$693,853 was incurred in the period under review.

The expenses in this period reflect the development costs of the business, professional and other costs relating to the early rounds of equity funding, followed by the Company's IPO. Cash and cash equivalents amounted to CAD$434,074 at the 31 December 2023.

I would like to take this opportunity to thank all shareholders for their support, which has enabled the Company to scale up its resources, activities, and development in a very short space of time. The key driver of our core business will be the growth of the overall Artificial Intelligence (AI) market. With Bloomberg Intelligence suggesting the generative AI market could grow from USD$40 billion to USD$1.3 trillion over the next 10 years (https://www.bloomberg.com/company/press/generative-ai-to-become-a-1-3-trillion-market-by-2032-research-finds/), we remain excited about how Flex Labs can enable development in this area.

A key element to capturing this growing market is the building of an effective and user-friendly product. I am pleased to report that our website now displays a number of publicly accessible applications alongside a number of applications in closed beta which have utilised Flex Labs to develop AI based applications.

At the current stage of development, Flex Labs Inc. uses AI-based conditional triggers with multi-model support to simplify the process of AI app development. This allows faster development alongside troubleshooting assistance making app development accessible even to non-technical individuals.

With our IPO and investment into the business in 2023 we now have a solid platform for long term growth and the value necessary to drive revenue in the year ahead and beyond. We are confident that we have laid the foundation to continue development over the coming years."

Michael Edwards - Chairman

The directors of Flex Labs accept responsibility for this announcement. 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 
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About Flex Labs

Flex Labs is a software business engaged in the development of advanced AI middleware products, intending to offer these to business customers through a "software as a service" (SaaS) model.

The Company's main product is Flex Elements, a series of software tools, libraries, and platforms that provide intermediate services and functionalities to simplify the development, deployment, and operation of AI applications. The Flex Elements product abstracts the intricacies of AI processes, enabling smoother integration into existing software applications or systems.

Flex Labs Inc.

Statement of Profit or Loss

for the Period 1st July 2023 to 31st December 2023

Flex Labs Inc.

Statement of Financial Position

31st December 2023

Flex Labs Inc.

Notes to the Financial Statements

for the six months ended 31 December 2023

1.             STATUTORY INFORMATION

Flex Labs Inc. is a public limited company (the "Company") incorporated in Canada (registration number BC1332571. The Company is domiciled in Canada and its registered office address is 700-401 West Georgia Street, Vancouver, BC, V6B 5A1. The Company's ordinary shares are traded on the AQSE Growth Market ("AQSE").

The Company's principal activity is the development and provision of Artificial Intelligence-based products.

2.             BASIS OF PREPARATION

The interim financial statements of the Company for the six months ended 31 December 2023, which are unaudited, have been prepared under the recognition and measurement principles of International Financial Reporting Standards ("IFRS") using the accounting policies consistent with those disclosed in the 30 June 2023 annual report.

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of assets and liabilities at fair value.

The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the preceding statutory reporting period is based on the unaudited statutory accounts for the year ended 30 June 2023.

As permitted, this interim report has been prepared in accordance with the AQSE Growth Market Rules for Issuers and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliant with IFRS.

These interim financial statements have not been reviewed by the Company auditor.

The financial statements are presented in Canadian Dollar (CAD) rounded to the nearest CAD1. This is the Company's functional currency.

3.             LOSS PER SHARE

Loss per share is calculated by dividing the losses available to ordinary shareholders by the weighted average of ordinary shares totalling 101,801,924 for the six months ended 31 December 2023. The earnings per share calculation is the same for basic and diluted earnings.

4.             INVESTMENTS

During the period, the Company invested in businesses specialising in Artificial Intelligence with the aim of creating future synergies.