We have audited the financial report of Magnis Energy Technologies Limited and Controlled Entities (the Group), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement of profit and loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information, and the directors’ declaration.In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, includinga) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial performance for the year then ended; and(b) complying with Australian Accounting Standards and the Corporations Regulations 2001; andBasis for Qualified OpinionAt the date of this audit report, the auditor of the subsidiary iM3NY LLC has completed its audit with the exception of recorded equity transactions between it and Magnis Energy Technologies, principally being the accounting for convertible notes issued by iM3NY LLC, including the consequences for iM3NY LLC under the United States income tax law. The component auditor expects to provide its complete opinion when the advice it has sought on those consequences is received. As a result, the auditor of iM3NY LLC has not provided any assurance in respect of:• Equity transactions between the group and iM3NY LLC• Group Consolidation and Financial Reporting- including intercompany transactions or elimination entries(where applicable)• Tax implication arising out of these transactionsIn the group financial statements, the items potentially affected are the classification and value of converted notes, the apportionment of equity between parent entity interest and non-controlling interest as disclosed in Note 27 of the financial statements and unrecognised group tax losses as disclosed in Note 5 of the financial statements.
layman’s = Something dodgy, rabbit out of a hat or kiss your money good bye.
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a) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial performance for the year then ended; and(b) complying with Australian Accounting Standards and the Corporations Regulations 2001; andBasis for Qualified OpinionAt the date of this audit report, the auditor of the subsidiary iM3NY LLC has completed its audit with the exception of recorded equity transactions between it and Magnis Energy Technologies, principally being the accounting for convertible notes issued by iM3NY LLC, including the consequences for iM3NY LLC under the United States income tax law. The component auditor expects to provide its complete opinion when the advice it has sought on those consequences is received. As a result, the auditor of iM3NY LLC has not provided any assurance in respect of:• Equity transactions between the group and iM3NY LLC• Group Consolidation and Financial Reporting- including intercompany transactions or elimination entries(where applicable)• Tax implication arising out of these transactionsIn the group financial statements, the items potentially affected are the classification and value of converted notes, the apportionment of equity between parent entity interest and non-controlling interest as disclosed in Note 27 of the financial statements and unrecognised group tax losses as disclosed in Note 5 of the financial statements.
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