Hows that declining costs looking?2021The Group has reported a...

Hows that declining costs looking?

2021
The Group has reported a net loss for the period of $2,562,962 (2020: $2,840,213) and a cash outflow from operating
activities of $2,309,683 (2020: $2,946,940). The directors are confident that the Group, subject to being able to raise
further capital, will be able to continue its operations as a going concern.

2022
The Group has reported a net loss of $12,995,558 (which includes $9,348,075 by way of a non-cash impairment of the carrying
value of the Group’s intellectual property, which may be reversed in the event of increases to the Group’s revenue as provided
under the provisions of AASB136) for the period (2021: $2,562,962), a cash outflow from operating activities of $3,133,472 for
the period (2021: $2,309,683) and a net working capital deficit as at 31 December 2022 of $3,077,273 (2021: $1,159,248). The
directors are confident that the Group, subject to being able to raise further capital by way of further equity raising and/or the
sale of the Group’s real estate located in Georgia USA, will be able to continue its operations as a going concern.