P41
The 2009 diluted shares outstanding do not assume the conversion of stock appreciation rights or warrants outstanding of 1,927,309 (2008: 1,670,249) common shares as it would have an anti-dilutive effect on earnings per share.
(15) REPORTABLE SEGMENT INFORMATION
The Company's reportable segments are strategic business units that offer different products. They are managed separately because each business requires different knowledge, skills and marketing strategies. Information concerning the various segments of the Company for the years December 31, 2009 and 2008 is summarized as follows:
2009
2008
Revenues
Pesticides
$ 6,330,840
$ 6,069,731
Sustainable solutions
311,004
(130,860
)
$ 6,641,844
$ 5,938,871
Loss
Pesticides
$ (11,083,364
)
$ (15,306,603
)
Sustainable solutions
(2,797,950
)
(2,098,208
)
$ (13,881,314
)
$ (17,404,811
)
Identifiable assets
Pesticides
$ 3,065,678
$ 11,856,606
Sustainable solutions
464,700
1,626,170
$ 3,530,378
$ 13,482,776
Depreciation and amortisation
Pesticides
$ 453,595
$ 479,618
Sustainable solutions
-
-
$ 453,595
$ 479,618
Capital expenditures
Pesticides
$ 33,659
$ 404,626
Sustainable solutions
-
-
$ 33,600
$ 404,626
Interest income
Pesticides
$ 15,271
$ 442,299
Sustainable solutions
-
-
$ 15,271
$ 442,299
Stock compensation
Pesticides
$ 3,302,530
$ 3,778,525
Sustainable solutions
-
312,306
$ 3,302,530
$ 4,090,831
All significant revenue and identifiable assets of the Company are currently in the United States of America.
(16) CONTINGENCIES
Litigation
In November, Molecular Securities, Inc. ("Molecular") filed
a Complaint against TyraTech, Inc. ("Company") asserting claims for breach of contract. Molecular alleges that it is owed US$2,760,470 for services it allegedly provided to TyraTech plus interest. TyraTech strongly refutes this claim and is vigorously defending itself in the lawsuit. As a result, the Company has not recorded any liability.
(17) POST-BALANCE SHEET EVENTS
Subsequent to the year end on May 20, 2010, the Company issued 24,443,888 of new common shares of US$0.001 each for a gross cash consideration amount of £2.2 million US$3.2 million and £1.9 million US$2.8 million net of cash expenses. A further 749,112 of new common shares of US$0.001 each were issued in settlement of other expenses of £67,420 US$99,781. These shares are subject to a lock up agreement of six months, which expires on 20 November 2010. Certain subscribers for these shares constituted related parties for
the purposes of the AIM Rules being, Mr. Alan Reade and Mr. Barry Riley, both directors of the Company, who subscribed for 3,690,108 and 136,667 shares respectively and SAM Sustainable Asset Management, a substantial shareholder which subscribed for a total of 4,444,444. Three associates of Mr. Riley, also constituting related parties under the AIM Rules, being (i) MC Trustees Ltd. and Mr. Riley as trustees of MCTPP re Riley (ii) HALB Nominees Ltd. and (iii)
Mrs. Brenda Riley subscribed for 755,556, 226,666 and 136,667 shares respectively. In all cases the subscription price per share was 9 pence.
Subsequent to the year end the Company made the decision to close its Sustainable Solutions business.
