Financial Report 6 INCOME TAX (CONTINUED) Total estimated tax losses not brought to account at 30 June 2024 for the consolidated tax group, comprising INOVIQ Limited and its wholly owned subsidiary Sienna Cancer Diagnostics Ltd (Sienna), totals $7,586,090 (2023: $7,072,729). This total includes losses incurred by Sienna since 1 July 2015 being the period from which point onwards an external tax specialist determined tax losses would be accessible to the Group after application of the Income Tax Assessment Act 1997 loss transfer provisions, encompassing the requirement to satisfy either the Continuity of Ownership Test (COT) or Similar Business Test (SBT). Tax losses incurred by foreign subsidiary INOVIQ Inc. (formerly Sienna Cancer Diagnostics Inc.) are not included in estimated tax losses not brought to account. It is not probable that the Group will be in a position to utilise these tax losses in future. Some deferred tax assets have not been brought to account at 30 June 2024 because the directors do not believe it is appropriate to regard realisation of the future tax benefit as probable. These benefits will only be obtained if: (i) the Group derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deduction for the loss to be realised; (ii) the Group complies with the conditions for the deductibility imposed by law including the continuity of ownership and/or business tests; and (iii) no changes in tax legislation adversely affect the Group in realising the benefit from the deduction for the loss. 7 CASH AND CASH EQUIVALENTS & CASH FLOW INFORMATION As at 30 June 2024 $ As at 30 June 2023 $ Cash at bank 912,442 591,761 Term deposits* 8,320,750 7,220,750 Cash and cash equivalents comprise cash at bank 9,233,192 7,812,511 * All have a term of three months or less from the date of commencement of the deposit. Net loss after income tax (6,554,350) (8,969,241) Loss on deconsolidation – 124,764 Foreign currency translation reserve transfer – 213,035 Intercompany loan forgiveness – (948) Loss on disposal of property plant and equipment – 13,864 Share based payments expense 834,774 285,112 Depreciation and amortisation 1,443,926 1,393,732 Unrealised foreign exchange (gain)/loss 1,177 (240,966) Changes in Assets & Liabilities: (Increase)/decrease in receivables 17,393 455,940 (Increase)/decrease in inventories (17) (4,387) Increase/(decrease) in payables (139,438) (209,334) Increase/(decrease) in provisions 20,199 (66,770) (Increase)/decrease in prepayments 53,412 (19,375) Net cash used in operating activities (4,322,924) (7,024,574) 47 Annual Report 2024
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