65 Annual Report 2022 29 BUSINESS COMBINATIONS (CONTINUED) The details of the merger are as follows: Fair value of consideration transferred $ Amount settled in INOVIQ scrip – 1,027,345,381 ordinary shares. INOVIQ’s 7 day Volume Weighted Average Price (VWAP) of its ordinary shares, as listed on the ASX, up until the date of the transaction was $0.0314 32,258,644 Value of INOVIQ options issued to the holders of options in Sienna 461,899 32,720,543 Recognised amounts of identifiable net assets Cash and cash equivalents 3,764,434 Trade and other receivables 257,975 Inventories 23,507 Other assets 419,403 Total current assets 4,465,319 Intangible assets acquired: - hTERT 2,896,773 - Molecular Nets 15,686,496 - SubB2M 1,150,000 Property, plant, and equipment 260,687 Right-of-use assets 1,415,295 Total non-current assets 21,409,251 Provisions (124,821) Trade and other payables (432,545) Total current liabilities (557,366) Provisions (96,879) Lease liability (1,486,243) Total non-current liabilities (1,583,122) Identifiable net assets 23,734,082 Deferred tax liability (4,933,318) Goodwill on acquisition 13,919,779 32,720,543 Expenditure associated with Scheme of Arrangement was recognised under administration expenses within the Statement of Comprehensive Income. Intangible assets acquired via the business combination INOVIQ engaged the services of a professional firm to undertake valuation of the Sienna acquisition which resulted in the recognition of values for the three identifiable intangible assets (hTERT, Molecular Nets and SubB2M), a resulting Deferred Tax Liability (DTL), and goodwill on acquisition. Accounting Standard ‘AASB 3 Business Combinations’ requires the recognition of the DTL, calculated on the total value of the identifiable intangible assets. This resulted in an increase of goodwill on acquisition of the same amount.
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