Announcement PDF Appendix 4D Adisyn Ltd (ASX: AI1) ABN 30 155 473 304 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 Adisyn Ltd Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Adisyn Ltd 30 155 473 304 For the half-year ended 31 December 2023 For the half-year ended 31 December 2022 2. Results for announcement to the market 31 December 2023 $ Company 31 Dec 2022 (Restated) $ Revenues from ordinary activities 3,747,341 2,175,973 1,571,368 72% Loss from ordinary activities after tax attributable to the Owners of Adisyn Ltd (841,162) (1,683,690) 842,528 (50%) Loss for the half-year attributable to the Owners of Adisyn Ltd (841,162) (1,683,690) 842,528 (50%) Change $ Change % Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $841,162 (31 December 2022: $1,683,690). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 0.05 Previous period Cents 0.07 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Details of associates and joint venture entities Not applicable. 7. Audit qualification or review The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. Adisyn Ltd Appendix 4D Half-year report 8. Signed Signed ___________________________ Blake Burton Managing Director Date: 28 February 2024 Adisyn Ltd (Formerly known as DC2 Limited) ABN 30 155 473 304 Interim Report - 31 December 2023 Adisyn Ltd Directors' report 31 December 2023 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Adisyn Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023. Principal activities The Group is a technology and data sciences company that provides a suite of vertically integrated solutions driven by cuttingedge AI powered microservices. With divisions focused on cybersecurity, development, infrastructure, and managed services, Adisyn gives businesses the necessary tools to enhance control, flexibility, and automation. The Group is actively working to create proprietary solutions built on generative AI models which are focused on contextual data that is unique to each business. Review of operations During the period, the Group continued to build upon its FY23 next phase of growth strategy (ASX: 31 October 2022). Revenue from ordinary activities for the half year increased by 72% to $3.747m (31 December 2022: $2.176m), while Net Loss attributable to members decreased by 50% to $0.841m (31 December 2022: Net Loss $1.684m). In October 2023, the name of the group changed to Adisyn Ltd (ASX: AI1) to provide a new corporate identity as the Group expands its product offering beyond data centre and cloud services. Under the Group’s new strategy, Adisyn has concentrated its attention on developing solutions focused on cybersecurity and generative AI. The Group is confident that these two verticals will provide strong growth avenues moving forward as the data centre and cloud markets evolve, allowing the Group to adapt swiftly to emerging technologies, client demands, and regulatory changes, while positioning itself as an aspiring leader in the industry. In July 2023, the Group announced the acquisition (ASX:10 July 2023) and completion (ASX: 17 July 2023) of Thomas Cyber, with the formation of a new cyber division within the Group. The acquisition has allowed the Group to expand the current cyber security services offered through Thomas Cyber by utilising the Group’s existing infrastructure and AI capabilities. This includes developing new systems using AI technology. The Group has continued working on integrating various functions between its business divisions, consolidating a number of suppliers and terminating duplicate services which is expected to result in $750,000 per annum of costs savings moving forward. As announced on 25 January 2024, these restructuring initiatives are now complete, and are in addition to the more than $500,000 in annual cost savings implemented in FY23. As announced on 12 October 2023, the Group terminated the sale agreement with DComm for the sale of the Group's DC Modular assets. During the period, the Group has worked to streamline the operations of the DC Modular business to create a separate operational division within the Group under the banner ‘Miner Hosting Australia’. Outlook The Group continues to focus on its next phase of growth strategy. A considerable amount of restructuring has been undertaken by the Group to ensure all new initiatives are scalable and can be optimised for profitable delivery. A strong emphasis is being placed on partnerships in order to allow the Group to grow the scope of it’s services and the Group will continue to assess value accretive M&A transactions to acquire technology and talented individuals, expand its capabilities and enhance its market position. Separately, an ongoing internal review is being conducted to assess the potential for disposal of any non-core assets within the Group which do not align with the Group's new strategy. The Group is continuing to assess options for the ‘Miner Hosting Australia’ division, predominately focusing on strategic partnerships which may add further value to the division. Results for the period The Group incurred a net loss after tax for the half-year ended 31 December 2023 of $841,162 (31 December 2022: $1,683,690). As at 31 December 2023, the Group recorded a net asset position of $2,376,597 (30 June 2023: $2,483,861). Net operating cash inflows of $170,144 (31 December 2022: outflows of $802,465). Adisyn ends the financial period with a cash balance of $286,185 (30 June 2023: $676,806). Significant changes in the state of affairs During the period, the Group raised $400,000 as part of a capital raising and provided details on the use of funds to the market in the announcement dated 24 November 2023. 1 Adisyn Ltd Directors' report 31 December 2023 On 27 February 2023, the Group announced to the market it had entered into an agreement to dispose of its Modular Business to D Comm Infrastructure Pty Ltd, a subsidiary of D Comm Ventures Pty Ltd, a leading Web 3.0 technology company (D Comm) for a total consideration of $3m in cash. On 8 June 2023, the Group announced to the market that the agreement achieved satisfaction of buyer's due diligence but remained subject to the satisfaction of the remaining conditions precedent. On 31 July 2023 the Group announced to the market that the Group provided DComm with continued exclusivity and an extension to the completion date. In exchange for the continued exclusivity and completion date extension the total nonrefundable deposit increased from $20,000 to $100,000. On 12 October 2023, the Group announced to the market that it provided DComm with notice terminating the sale agreement on the basis that the remaining conditions precedent to completion have not been satisfied in a reasonable timeframe. On 23 October 2023, the Group announced to the market that, following shareholder approval obtained at the shareholder meeting held on 10 October 2023, the name of the Group changed to Adisyn Ltd, with trading under the new name and ticket code “AI1” commencing from 24 October 2023. On 26 October 2023, the Group announced that it had restricted ~$736k of deferred consideration to unrelated parties from the acquisition of Attained. As part of the agreement, the Company agreed to issue up to 8,831,950 shares at a deemed issued price of $0.02 per share to Esidium Group and Aviso IT to offset $176,639 of cash consideration, with the remaining cash consideration deemed a loan payable over twelve to twenty-four months. There were no other significant changes in the state of affairs of the Group during the financial half-year. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Listing Rule Waiver 7.3.4 239,344 interest shares had been issued during the half year. There were no issues of Convertible Notes Options or Conversion of Convertible notes. As at 31 December 2023 the maximum number of convertible note options and Interest Shares which may be issued on or before the date of maturity in accordance with terms of Tranche 1 Convertible Notes are as follows, further information contained in Note 7 of the financial report : Security Maximum Number Convertible Note Options 2,462,500 Interest Shares 945,894 Matters subsequent to the end of the financial half-year On 19 February 2024, the Group announced a share placement to raise $298,000 and provided details on the use of funds in the announcement. On 26 February 2024, the Group closed the Placement and issued 14.9 million shares at $0.02 per share. No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Director's report. This report is made in accordance with a resolution of the Board of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors ___________________________ Blake Burton Managing Director 28 February 2024 2 To the Board of Directors Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 As lead audit Director for the review of the financial statements of Adisyn Ltd for the half year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of: • • the auditor independence requirements of the Corporations Act 2001 in relation to the review; and any applicable code of professional conduct in relation to the review. Yours Faithfully, HALL CHADWICK WA AUDIT PTY LTD Dated 28th day of February 2024 Perth, Western Australia MARK DELAURENTIS CA Director Adisyn Ltd Contents 31 December 2023 Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements Directors' declaration Independent auditor's review report to the members of Adisyn Ltd 5 6 7 8 9 21 22 General information The financial statements cover Adisyn Ltd as a Group consisting of Adisyn Ltd and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Adisyn Ltd's functional and presentation currency. Adisyn Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business Suite 7, 63 Shepperton Rd, Victoria Park, Western Australia 6100 27 Aspiration Circuit Bibra Lake WA 6163 A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 28 February 2024. The Directors do not have the power to amend and reissue the financial statements. 4 Adisyn Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023 Company 31 31 December Dec 2022 Note 2023 (Restated)^ $ $ Revenue 3,747,341 2,175,973 121,255 40,693 Expenses Cost of goods sold Selling and distribution expenses Administrative expenses Other operating expenses Finance costs (1,671,385) (72,991) (327,757) (2,457,115) (180,510) (1,349,554) (56,632) (295,515) (1,990,004) (208,651) Loss before income tax expense (841,162) (1,683,690) - - (841,162) (1,683,690) Items that may be reclassified subsequently to profit or loss Foreign currency translation (7,088) - Other comprehensive income for the half-year, net of tax (7,088) - (848,250) (1,683,690) Cents Cents Other income Income tax expense Loss after income tax expense for the half-year attributable to the Owners of Adisyn Ltd Other comprehensive income Total comprehensive income for the half-year attributable to the Owners of Adisyn Ltd Basic earnings per share Diluted earnings per share 10 10 (0.61) (0.61) (2.04) (2.04) ^ The comparative information is restated due to the non-current asset classified as held for sale no longer meet the definition of discontinued operation and resulted a change in classification. The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 5 Adisyn Ltd Condensed consolidated statement of financial position As at 31 December 2023 Consolidated 31 December 30 June 2023 Note 2023 (Restated)^ $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other assets Total current assets 286,185 443,774 146,539 65,609 942,107 676,806 1,457,779 145,787 80,208 2,360,580 3,226,744 2,244,138 1,622,473 118,382 7,211,737 3,368,823 2,474,423 1,586,845 118,382 7,548,473 8,153,844 9,909,053 1,276,442 237,629 839,372 143,275 256,327 275,755 326,550 3,355,350 1,675,400 399,169 820,966 211,423 217,226 385,455 1,208,816 4,918,455 94,822 454,942 1,665,419 27,936 178,778 2,421,897 45,073 361,000 2,070,750 29,914 2,506,737 Total liabilities 5,777,247 7,425,192 Net assets 2,376,597 2,483,861 10,694,133 2,794,297 (11,111,833) 10,067,297 2,687,235 (10,270,671) 2,376,597 2,483,861 Non-current assets Property, plant and equipment Right-of-use assets Intangibles Other assets Total non-current assets 4 5 6 Total assets Liabilities Current liabilities Trade and other payables Contract liabilities Lease liabilities Borrowings Convertible notes Employee benefits Other liabilities Total current liabilities 7 8 Non-current liabilities Trade and other payables Borrowings Lease liabilities Provisions Other liabilities Total non-current liabilities 8 Equity Issued capital Reserves Accumulated losses 9 11 Total equity ^ The comparative information is restated due to the non-current asset classified as held for sale no longer meet the definition of discontinued operation and resulted a change in classification. The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 6 Adisyn Ltd Condensed consolidated statement of changes in equity For the half-year ended 31 December 2023 Share-based payment reserve $ Issued capital $ Balance at 1 July 2022 Translation Accumulated reserve losses Total equity $ $ $ 8,072,098 2,679,978 - (8,530,106) 2,221,970 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (1,683,690) (1,683,690) - - - - - Total comprehensive income for the half-year - - - (1,683,690) (1,683,690) Transactions with Owners in their capacity as Owners: Public offer Share purchase plan Share issue costs Conversion of convertible notes Options issued to directors and employees 1,110,900 145,000 (2,358) 267,859 - 15,897 - - 1,110,900 145,000 (2,358) 267,859 15,897 Balance at 31 December 2022 9,593,499 2,695,875 - (10,213,796) 2,075,578 Issued capital $ Share-based payment reserve $ 10,067,297 2,695,875 (8,640) (10,270,671) 2,483,861 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (841,162) (841,162) - - (7,088) - (7,088) Total comprehensive income for the half-year - - (7,088) (841,162) (848,250) 400,000 - - - 400,000 176,639 - - - 176,639 38,230 11,967 86,567 27,583 - - - 86,567 65,813 11,967 10,694,133 2,810,025 (15,728) (11,111,833) 2,376,597 Balance at 1 July 2023 Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs (note 9) Issue of shares to vendor for settlement of Attained consideration (note 9) Issue of performance rights to vendor for the acquisition of Thomas Cyber (note 12) Share-based payments (note 12) Issue of shares to interest note holders Balance at 31 December 2023 Translation Accumulated reserve losses Total equity $ $ $ The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 7 Adisyn Ltd Condensed consolidated statement of cash flows For the half-year ended 31 December 2023 Consolidated Company 31 December 31 December Note 2023 2022 $ $ Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Other revenue Interest and other finance costs paid 4,599,806 (4,414,387) 121,256 (136,531) 2,218,385 (2,960,066) 40,693 (101,477) 170,144 (802,465) (38,582) (126,159) (38,582) (126,159) 400,000 (386,925) 2,519 (537,777) 1,247,034 (82,720) - Net cash from/(used in) financing activities (522,183) 1,164,314 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year (390,621) 676,806 235,690 600,675 Cash and cash equivalents at the end of the financial half-year 286,185 836,365 Net cash from/(used in) operating activities Cash flows from investing activities Payments for property, plant and equipment 4 Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares (net) Payment of lease principal Proceeds from borrowings Repayment of borrowings 9 The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 8 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2023 Note 1. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2023 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 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 $841,162 (Company 31 Dec 2022: $1,683,690) and had net cash inflows from operating of $170,144 (Company 31 Dec 2022 : $802,465) and investing activities outflows of $38,582 (Company 31 Dec 2022: $126,159) respectively for the half-year ended 31 December 2023. As at that date, the Group had net assets of $2,376,597 (Company 30 June 2023: $2,483,861). The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to secure funds by raising additional capital from equity markets and managing cash flows in line with available funds. The Group has the ability to reduce forecast expenditure if required and it is anticipated that additional capital can be raised in the future if required. The financial report has been prepared on a going concern basis which assumes that the Company will continue to pay its debts as and when they fall due. The validity of this assumption depends on: The Company’s ability to raise additional capital as required, proven by recent successful raised of $298,000 though a Company led placement. The Company’s ability to generate cash flows from the successful operations of its primary activities. The continued support of creditors. Should the Group be unable to maintain sufficient funding as outlined above, there is material uncertainty whether or not the Company will be able to continue as a going concern and therefore, whether it will realise its assets and extinguish its liabilities and commitments in the normal course of business and at the amounts stated in the financial report. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern. The Directors believe that the Group will be successful in the above matters and accordingly, have prepared the financial report on a going concern basis. At this time, the Directors are of the opinion that no asset is likely to be realised for an amount less than the amount at which it is recorded in the financial report at 31 December 2023. 9 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2023 Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The judgments, estimates and assumptions applied in the half-year financial statements, including the key sources of estimation uncertainty were the same as those applied in the Company's last annual financial statements for the year ended 30 June 2023 unless otherwise mentioned below. Going Concern Note 1 - whether there are material uncertainties that may cast significant doubt on the Company's ability to continue as going concern. Share-based payment transactions Note 12 - The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Monte-Carlo or BlackScholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Acquisition of Thomas Cyber Note 13 - The accounting for this transaction required judgements and estimates to determine the values of the consideration transferred and the identification and measurement of the fair value of assets acquired and liabilities assumed. Note 3. Operating segments Operating segment information The Group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in each of the following respects: ● Nature of products and services; ● Nature of the production processes; ● Type of class of customer for the products and services; ● Methods used to distribute the products or provide the services, and if applicable. ● Nature of the regulatory environment. Operating segments that meet the quantitative criteria as prescribed by AASB 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to users of the financial statements. Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”. The Group disaggregates revenue from contracts with customers. The Board has identified its operating segments based on the internal reports that are used by the Board in assessing performance and in determining the allocation of resources. The information presented in the financial statements approximates the information of the operating segment. The Group operates two different segments. The “Infrastructure and Managed Services” segment includes Managed Support Services, Cyber Security Services, Cloud and data centre co-location, as well as Network and Back Up services. The “Miner Hosting” segment includes regional modular hosting services for client crypto currency mining equipment. 10 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2023 Note 3. Operating segments (continued) Infrastructure and Managed Services $ Miner Hosting Services $ Revenue Sales to external customers Other revenue Total revenue 2,974,356 20,776 2,995,132 772,984 100,480 873,464 3,747,340 121,256 3,868,596 Gross Profit 1,875,493 200,460 2,075,953 5,465,954 2,401,705 7,867,659 31 December 2023 Assets Segment assets Unallocated assets: Cash and cash equivalents Total assets Total $ 286,185 8,153,844 Liabilities Segment liabilities Unallocated liabilities: Borrowings Convertible notes payable Total liabilities 4,359,934 586,046 4,945,980 574,940 256,327 5,777,247 Infrastructur e and Managed Services $ Company 31 Dec 2022 (Restated) Revenue Sales to external customers Other revenue Total revenue Gross Profit Miner Hosting Other Services $ segments $ Total $ 1,002,145 40,693 1,042,838 1,173,828 1,173,828 - 2,175,973 40,693 2,216,666 550,243 276,176 - 826,419 5,889,141 3,343,106 - 9,232,247 30 June 2023 (Restated) Assets Segment assets Unallocated assets: Cash and cash equivalents Total assets 676,806 9,909,053 Liabilities Segment liabilities Unallocated liabilities: Convertible notes payable Deferred tax liability Total liabilities 5,769,107 872,375 - 6,641,482 566,487 217,223 7,425,192 11 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2023 Note 4. Property, plant and equipment 31 December 30 June 2023 2023 (Restated)^ $ $ Non-current assets Plant and equipment - at cost Less: Accumulated depreciation 4,458,617 (1,481,032) 2,977,585 4,524,057 (1,388,538) 3,135,519 Property Improvements - at cost Less: Accumulated depreciation 338,494 (89,335) 249,159 314,427 (81,123) 233,304 CloudSigma equipment - at cost Less: Accumulated depreciation 147,913 (147,913) - 147,913 (147,913) - 3,226,744 3,368,823 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Property improvements $ Plant and equipment $ Total $ Balance at 1 July 2023 Restated assets held for sale^ Additions Additions through business combinations (note 13) Depreciation expense 233,304 4,237 18,987 (7,369) 1,101,760 2,029,522 19,595 3,950 (177,242) 1,335,064 2,033,759 38,582 3,950 (184,611) Balance at 31 December 2023 249,159 2,977,585 3,226,744 ^ Prior balance was restated due to non-current asset classified as held for sale no longer meet the definition of discontinued operation and resulted a change in classification. Note 5. Right-of-use assets 31 December 2023 30 June 2023 $ $ Non-current assets Other finance leased assets - right-of-use Less: Accumulated depreciation Property - right-of-use Less: Accumulated depreciation 12 1,921,297 (1,017,000) 904,297 1,853,409 (905,767) 947,642 2,604,984 (1,265,143) 1,339,841 2,604,984 (1,078,203) 1,526,781 2,244,138 2,474,423 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2023 Note 5. Right-of-use assets (continued) The Group leases buildings for its offices in Osborne Park (commencement date 31 October 2018 and expired 31 October 2023) and Bibra Lake (commencement date 1 November 2020 and expiring 31 October 2027). The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. The Group also leases plant and equipment under agreements of between 3 to 5 years. Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Property $ Other finance leased assets $ Total $ Balance at 1 July 2023 Additions Depreciation expense 1,526,781 (186,940) 947,642 67,888 (111,233) 2,474,423 67,888 (298,173) Balance at 31 December 2023 1,339,841 904,297 2,244,138 Note 6. Intangibles 31 December 30 June 2023 2023 (Restated)^ $ $ Non-current assets Good