29 SIGNIFICANT EVENTS AND TRANSACTIONS Disposal of Subsidiary As announced to the market on the 28 November 2022, INOVIQ reached a settlement regarding the legal proceedings against it. The settlement included a payment of $1,000,000 to the plaintiffs which was accrued as at 31 December 2022 and subsequently paid in January 2023. The settlement terms also included an agreement to transfer the Intellectual Property associated with the BARD1 Lung Cancer Test which was held within the Group’s wholly owned Swiss subsidiary, BARD1AG SA. Accordingly, INOVIQ handed control of this entity to the plaintiffs by transferring the shares in the subsidiary on 19 December 2022 and ceased consolidation at this point in time. As a result of the deconsolidation of BARD1AG SA a number of income statement impacts arose in addition to the $1m settlement payment noted above, including – The transfer of the BARD1AG specific component of the Foreign Currency Translation Reserve to the income statement for the 6 months ending 31 December. This resulted in an additional expense item being booked in the current period for $213,035; and – A loss on deconsolidation of $124,764 representing the net asset position of the entity immediately prior to control being passed to the plaintiffs. This amount primarily related to the written down value of the Patents. 67 Annual Report 2023
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