Ann: Preliminary Final Report, page-2

Going Concern
The financial statements have been prepared on the going concern basis, which contemplates continuity of normal
business activities and the realisation of assets and discharge of liabilities in the normal course of business.
As disclosed in the financial statements, the Group incurred a loss of $52,446,000 (2022: $32,782,000) and had net cash
outflows from operating activities of $8,141,000 (2022: $17,306,000) for the year ended 31 December 2023. The Group
had a deficiency between current assets and current liabilities of $17,498,000 (2022: $3,818,000) as at 31 December
2023.

As a result of these matters, there is a material uncertainty related to events or conditions that may cast significant
doubt on whether the company will continue as a going concern and, therefore, whether it will realise its assets and
settle its liabilities and commitments in the normal course of business and at the amounts stated in the financial report.

The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments
as they fall due are dependent upon the Group being successful with the following factors:

 The ability of the Group to raise additional funds from shareholders, new investors and debt markets. The
Group has successfully conducted a number of capital raises in both the current and recent years. When taking
these into account, there is a reasonable expectation that alternative sources of funding can be sourced, as
and when required. Further, the Company understands it will require further funding to continue to execute
on its growth strategy as planned and is in negotiations with various parties to secure these funds and it is the
Directors view that one or more of these funding arrangements will be successful;

 Increased revenue from opportunities with existing and new customers and sales arrangements as they are
realised into sales revenue in the Group’s Canadian, European and Australian operations, or should this fail the
closure of underperforming business units; and

 Effective monitoring and reduction of the Group’s overhead expenditures, including the continued realisation
of head office cost reductions.

In the event that the Group is unable to achieve the matters detailed above, it may not be able to continue as a going
concern and therefore the Group may not be able to realise its assets and extinguish its liabilities in the ordinary course
of operations and at the amounts stated in the financial statements.