17 ACCUMULATED LOSSES As at 30 June 2023 $ As at 30 June 2022 $ Balance at the beginning of the year (41,857,526) (23,954,720) Value of vested options that lapsed without being exercised 63,666 154,253 Value of exercised options – 138,918 Transfer of distribution reserve to accumulated losses on disposal of subsidiary (309,421) – Net loss after income tax (8,969,241) (18,195,977) (51,072,522) (41,857,526) 18 LOSS PER SHARE Basic loss per share is calculated by dividing net loss after tax for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period adjusted by any bonus issue. Diluted loss per share is calculated by dividing the net loss after tax attributable to ordinary equity holders of the parent adjusted for the weighted average number of ordinary shares and dilutive potential ordinary shares of the Company adjusted by any bonus issue. The following reflects the income and share data used in the basic and diluted earnings per share computations: For the year ended 30 June 2023 $ For the year ended 30 June 2022 $ Net Loss used in calculating basic and diluted loss per share (8,969,241) (18,195,977) Weighted average number of ordinary shares for basic loss per share 92,018,702 90,857,933 Effect of dilution: Share options and performance shares* – – Weighted average number of ordinary shares adjusted for the effect of dilution 92,018,702 90,857,933 Basic and diluted loss per share (cents per share) for the year attributable to members of INOVIQ Life Sciences Limited (9.75) (20.03) * At 30 June 2023 the Company had on issue 3,944,682 options under INOVIQ’s Incentive Option Plan (2022: 3,427,023) and 5,909,965 options issued to those shareholders who participated in the Share Placement and Share Purchase Plan in July and August 2021. Given the Group made a loss during the current financial year, and comparative financial year, the issue of shares from the exercise of options is considered non-dilutive and therefore not included in the diluted loss per share calculation. 19 SEGMENT INFORMATION In accordance with Australian Accounting Standard AASB 8 Operating Segments, the Company has determined that it has one reporting segment, consistent with the manner in which the business is managed. The chief operating decision maker receives financial information on a consolidated basis. This is the manner in which the chief operating decision maker receives information for the purpose of resource allocation and assessment of performance. The Group operates predominantly in one business segment, the research and development of cancer diagnostics, and two geographical segments, Victoria, Australia, and Minneapolis, United States. In the prior reporting period, the Company had a third geographical segment, Geneva, Switzerland, where operations ceased in February 2021. Product revenues reported for the financial year were sourced from foreign countries, specifically the United States and South Korea. More than 10% of product revenue is sourced from one customer in the United States, a total of $157,518 (2022: $273,897) was received from this customer during reporting period. This customer was the previous distributor of the Group’s hTERT product. Since 1 January 2023, the group now sells hTERT direct to its customers. Other income recorded in the reporting period was sourced in Australia. 59 Annual Report 2023
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