46 INOVIQ Limited 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used tomeasure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cashgenerating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. 3 PRODUCT INCOME For the year ended 30 June 2022 $ For the year ended 30 June 2021 $ Product revenue – hTERT – at a point in time 273,897 468,096* Product revenue – Molecular NETs – at a point in time 2,848 – 276,745 468,096 * The comparative period represents sales of vials of the Company’s hTERT product from the date of the acquisition of Sienna Cancer Diagnostics Ltd, 28 July 2020. 4 OTHER INCOME For the year ended 30 June 2022 $ For the year ended 30 June 2021 $ Research and Development Tax Incentive refund 1,316,437 643,542 Grants income* 404,025 317,533 Interest and miscellaneous income 65,668 42,882 1,786,130 1,003,957 * Grant income comprises $368,137 in BTB grant income (2021: $59,133) and $35,888 (2021: $100,000) from the Export Market Development Grant (EMDG). The prior year also included $133,400 from the federal government’s Cash Flow Boost and Jobkeeper programs and $25,000 in COVID-19 support payments from the Victorian government. Notes to the Financial Statements for the year ended 30 June 2022
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