(c) A reconciliation of deferred income tax liability at the statutory income tax rate for the periods ended 30 June 2023 and 30 June 2022 is as follows: For the year ended 30 June 2023 $ For the year ended 30 June 2022 $ Deferred tax liability on intangible assets – (2,830,197) Deferred tax asset on losses brought to account – 2,830,197 Per Statement of Financial Position – – 7 CASH AND CASH EQUIVALENTS & CASH FLOW INFORMATION As at 30 June 2023 $ As at 30 June 2022 $ Cash at bank 591,761 374,097 Term deposits* 7,220,750 15,020,750 Cash and cash equivalents comprise cash at bank. 7,812,511 15,394,847 * All have a term of three months or less from the date of commencement of the deposit. As at 30 June 2023 $ As at 30 June 2022 $ Net loss after income tax (8,969,241) (18,195,977) Income tax credit – (2,058,513) Impairment of intangible asset – hTERT – 1,790,842 Impairment of intangible asset – Goodwill on acquisition – 11,030,560 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 285,112 239,651 Depreciation and amortisation 1,393,732 2,101,591 Unrealised foreign exchange (gain)/loss (240,966) 25,084 Changes in Assets & Liabilities: (Increase)/decrease in receivables 455,940 (1,486,286) (Increase)/decrease in inventories (4,387) 34,076 Increase/(decrease) in payables (209,334) 284,109 Increase/(decrease) in provisions (66,770) 61,505 (Increase)/decrease in prepayments (19,375) 30,235 Net cash used in operating activities (7,024,574) (6,143,123) 6 INCOME TAX (CONTINUED) Notes to the Financial Statements for the year ended 30 June 2023 52 INOVIQ Limited
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