Ascension Capital has reported a loss of $86,370 for the six months to September 30 2023.
The loss was primarily attributed to directors' fees, NZX listing costs, and legal and accounting costs.
However, it is worth noting that the loss increased by $2,984 compared to the same period last year.
The company financed its operating cashflow requirements of $61,595 through the issuance of 2,350,000 new ordinary fully paid shares to wholesale investors in April.
The directors have agreed to forgo payment of directors' fees until the company has sufficient funds.
There were no changes to the board of directors during the period, and director Sean Joyce has been providing financial support to meet the company's cash flow needs.
Ascension Capital is actively seeking a suitable business opportunity for investment or acquisition through a reverse takeover transaction.
The company has had discussions with potential acquisition parties, but no tangible transactions have developed yet.
In addition to the RTO process, the company would also seek to raise additional growth capital.
