62 INOVIQ Limited 26 PARENT ENTITY Information relating to INOVIQ Limited For the year ended 30 June 2022 $ For the year ended 30 June 2021 $ Current assets 16,806,333 4,157,744 Non-current assets 12,012,254 25,993,083 Total assets 28,818,587 30,150,827 Current liabilities 487,629 1,069,766 Non-current liabilities 38,121 24,331 Total liabilities 525,750 1,094,097 Issued capital 131,152,944 113,931,573 Accumulated losses (104,318,278) (86,386,534) Share based payment reserve 1,458,171 1,511,691 Total shareholders’ equity 28,292,837 29,056,730 Loss of the parent entity (15,747,959) (11,384,397) Total comprehensive loss of the parent entity (15,747,959) (11,384,397) Refer to Note 28 for disclosure of any contingent asset and liabilities of the parent entity. 27 FINANCIAL RISKMANAGEMENT OBJECTIVES AND POLICIES (a) Financial Risk Management Objectives & Policies The Group’s principal financial instruments comprise cash and equity instruments. The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial assets and liabilities such as receivables and payables, which arise directly from its operations. The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, equity price risk, foreign currency risk and liquidity risk. The Group uses different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to interest rate, foreign exchange risk and assessments of market forecasts for interest rate, foreign exchange, and commodity prices. Ageing analysis and monitoring of receivables are undertaken to manage credit risk. Liquidity risk is monitored through the development of future rolling cash flow forecasts. The Chairman is responsible for managing the risks associated with the Group’s financial investments and reporting to the board of directors. The board reviews and agrees policies for managing each of these risks as summarised below: Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 2 to the financial statements. (b) Interest Rate Risk - Consolidated The Group’s exposure to interest rate risks and the effective interest rates of financial assets (excluding investments in controlled entities and associates) and financial liabilities are as follows: Financial Instrument Floating Interest Rate Non-Interest Bearing Total 30 June 2022 $ 30 June 2021 $ 30 June 2022 $ 30 June 2021 $ 30 June 2022 $ 30 June 2021 $ (i) Financial Assets Cash and cash equivalents 15,394,847 4,998,564 - - 15,394,847 4,998,564 Trade and other receivables - - 1,705,853 219,567 1,705,853 219,567 Total financial assets 15,394,847 4,998,564 1,705,853 219,567 17,100,700 5,218,131 (ii) Financial Liabilities Trade and other payables - - 1,046,251 762,142 1,046,251 762,142 Total financial liabilities - - 1,046,251 762,142 1,046,251 762,142 Notes to the Financial Statements for the year ended 30 June 2022
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