Announcement PDF Appendix 4D Adisyn Ltd (ASX: AI1) ABN 30 155 473 304 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2024 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 2024 For the half-year ended 31 December 2023 2. Results for announcement to the market 31 December 31 December 2024 2023 $ $ Change $ Change % Revenues from ordinary activities 1,953,613 3,747,341 (1,793,728) (48%) Loss from ordinary activities after tax attributable to the Owners of Adisyn Ltd (2,665,538) (841,162) (1,824,376) 217% Loss for the half-year attributable to the Owners of Adisyn Ltd (2,665,538) (841,162) (1,824,376) 217% 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 $2,665,538 (31 December 2023: $841,162). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 1.04 Previous period Cents 1.99 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: 26 February 2025 Adisyn Ltd ABN 30 155 473 304 Interim Report - 31 December 2024 Adisyn Ltd Directors' report 31 December 2024 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 2024. Principal activities Adisyn is a leading provider of managed technology solutions, primarily serving the SME market. The Group leverages cuttingedge technologies, including artificial intelligence and cybersecurity, to deliver bespoke solutions. The Group secured groundbreaking technology through its acquisition of 2D Generation and its advanced capability to apply a layer of graphene coating to a semiconductor interface. The 2G semiconductor leverages graphene’s unique electrical and thermal properties to deliver a processor which can potentially be scaled to even smaller size but with faster, more efficient computing times. Review of operations The half-year represents a transformational period for the Group which has rationalised its operations and significantly enhanced its focus on developing an advanced semiconductor technology. The Group commenced its focus on the semiconductor opportunity in July 2024, following a strategic review of current operations and the signing of a collaboration agreement with global semiconductor IP business 2D Generation (2DG). The agreement sought to leverage Adisyn’s expertise in data centre management, managed IT services, and cybersecurity, alongside 2DG’s industry-leading capabilities in developing advanced semiconductor solutions. Following successful collaboration to identify significant opportunities, Adisyn announced in October that the Group had entered formal negotiations to acquire 2DG, in addition to an associated capital raise. In November, a Binding Agreement for the acquisition was announced in addition to the completion of a $3 million (before costs) equity capital placement. Post-period end, the Group completed the acquisition of a 100% interest in 2D Generation Ltd and subsequently 2DG Founder and CEO, Arye Kohavi was appointed to the Adisyn Board. In addition, a $10 million heavily oversubscribed placement was completed, with support from recently appointed Non-Executive Director Kevin Crofton, to accelerate development of graphene-enhanced semiconductor technologies. The Group is currently advancing its understanding of graphene coating for semiconductors through the procurement of a new generation atomic layer deposition machine (ALD). An ALD machine is utilised in the semiconductor industry to deposit extremely thin layers (down to the atomic layer) of material on to chips. 2D has already successfully developed a patented solution enabling in-situ ALD graphene deposition on the interconnect at below 300 degrees Celsius – which has never been achieved successfully prior to 2DG. Adisyn intends to use its incoming ALD machine to achieve further breakthroughs and has targeted uniform deposition of graphene onto a 1cm-by-1cm coupon. The development of the coupon is anticipated provide a benchmark for further semiconductor interconnect production and assist in overcoming a number of industry challenges, including signal delay, high power consumption and scaling limits. While the Group has been aggressively pursuing this new opportunity, the Board have also been diligent in streamlining its existing services offering to data centres, cybersecurity and managed IT. In September, Adisyn announced it had successfully negotiated the surrender of a lease agreement for a data centre located in Bibra Lake, Western Australia. The negotiation sees the Group further simplify its services business, with data centre solutions now being provided solely through third party providers. As part of the negotiation, all existing, profitable customers were offered to relocate to alternative data centres in Perth to continue to be serviced by Adisyn. The surrender of the lease has assisted in freeing up capital for the semiconductor opportunity and is also estimated to deliver approximately $350k in savings per year. Further rationalisation of the business occurred during the period via the divestment of its Miner Hosting Assets. The Miner Hosting Assets, which provide infrastructure and services for clients to facilitate mining of cryptocurrency, were determined to be non-core during an internal review, announced 28 February 2024. 1 Adisyn Ltd Directors' report 31 December 2024 In December, Adisyn announced it had entered into formal negotiations for the divestment with Metacorp Developments Pty Ltd (“Metacorp”) a private Australian Group that provides cryptocurrency mining services to clients under the banner ‘Metamining’. Post period-end, the Group announced AI1 formally entered into a binding agreement with Metacorp, with completion of the agreement subject to various condition precedent. The divestment is for $300k (plus GST) cash consideration, with up to $300k (plus GST) in additional consideration subject to various earn-out criteria. The sale is for the Miner Hosting business physical assets only and does not include any intellectual property developed by the Group within the Miner Hosting business. The loss for the Group after providing for income tax amounted to $2,665,538 (31 December 2023: $841,162). Outlook The semiconductor industry represents a key target market for the future of the Group and is driven by a number positive fundamentals (refer to references in ASX Announcement dated: 15 July 2024). According to a PwC report, the AI market is expected to reach $15.7 trillion by 2030, with an annual growth rate of 26.4% between 2020 and 2024. This growth underscores the importance of semiconductors in enabling AI technologies. In 2020, the US invested $23.2 billion in AI research and development, with China following at $16.6 billion. The EU has also set an ambitious goal of investing €20 billion annually in AI over the next decade. The global AI chip market is projected to grow from $10.1 billion in 2020 to $253 billion by 2030, with a compound annual growth rate of 35%. With these positive tailwinds, Adisyn’s wholly acquired business 2DG will continue to make developments via its current and incoming ALD machines and will also progress its ConnectingChips projects with innovation partners including NVIDIA, IMEC, Valeo, Applied Minerals, NXP, and Unity. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Matters subsequent to the end of the financial half-year On 21 January 2025, the Company has appointed Mr. Kevin Crofton to its Board of Directors as a Non-Executive Director. On January 9, 2025, the Group completed the acquisition of a 100% interest in 2D Generation Ltd and subsequently 2DG Founder and CEO, Arye Kohavi was appointed to the Adisyn Board. (a) (Consideration): the consideration payable by the Company to 2D Generation Shareholders (Sellers) comprise: (i) 300,000,000 fully paid ordinary shares in the capital of the Company (Consideration Shares); (ii) a total of 300,000,000 performance rights (Performance Rights) which will convert into Shares on a one for one basis subject to satisfaction of the milestone in the relevant class before the expiry date, as follows: (A) (Class A): 100,000,000 Class A Performance Rights which convert into Shares upon an independently verified demonstration (by a suitably qualified professor from a recognised technological university in Australia or Israel, as determined by the AI1 board of directors) of the successful deposition of an organic substrate on to a metallic or non-metallic material at below 300 degrees Celsius using an Atomic Lawyer Deposition machine, within 12 months; (B) (Class B): 100,000,000 Class B Performance Rights which convert into Shares upon an independently verified demonstration (by a suitably qualified professor from a recognised technological university in Australia or Israel, as determined by the AI1 board of directors) of the successful deposition of an organic substrate capping layer on Copper (Cu) or Reuthenium (Ru) coupons 1cm by 1cm in size at below 300 degrees Celsius, within 18 months; and (C) (Class C): 100,000,000 Class C Performance Rights which convert into Shares following the signing of a binding agreement with a global semiconductor corporation and AI1 receiving income of more than $AU1M (determined in accordance with applicable accounting standards as received and confirmed by AI1’s auditor), within 36 months. The Consideration Shares and the Performance Rights will be subject to a voluntary escrow period of 6 months from the date of issue. On 28 January 2025, the Company has entered into a binding agreement to divest 100% of its Miner Hosting business excluding any intellectual property developed by the Company to Metacorp. The divestment is for $300k (plus GST) cash consideration, with up to $300k (plus GST) in additional consideration subject to several earn-out criteria. 2 Adisyn Ltd Directors' report 31 December 2024 On 12 February 2025, Mr. Justin Thomas stepped down from the Board. On 24 January 2025, the Company successfully concluded a heavily oversubscribed $10 million placement, issuing 105,263,158 new fully paid ordinary shares at $0.95 each. Additionally, 20,000,000 unlisted options, exercisable at $0.15 per share and expiring in 36 months, were granted to the brokers for the placement On 24 February 2025, Non-Executive Chairman Shane wee has informed the Board of his intention to step down in the coming three months, as part of a planned leadership transition. No other matter or circumstance has arisen since 31 December 2024 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 26 February 2025 3 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 and its controlled entities for the half year ended 31 December 2024, 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 this 26th day of February 2025 Perth, Western Australia MARK DELAURENTIS CA Director Adisyn Ltd Contents 31 December 2024 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 6 8 9 10 11 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 Unit 3, 4 McGrath Road Henderson WA 6166 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 26 February 2025. The Directors do not have the power to amend and reissue the financial statements. 5 Adisyn Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024 Note Revenue from continuing operations 31 December 31 December 2024 2023^ $ $ 1,572,186 1,920,138 4,317 20,775 (666,908) (51,567) (603,395) (224,697) (1,267,063) (72,994) (623,815) (72,991) (300,174) (27,583) (1,359,884) (180,510) (1,310,121) (624,044) - - (1,310,121) (624,044) (1,355,417) (217,118) (2,665,538) (841,162) Items that may be reclassified subsequently to profit or loss Foreign currency translation (668) (7,088) Other comprehensive income for the half-year, net of tax (668) (7,088) Total comprehensive income for the half-year attributable to the Owners of Adisyn Ltd (2,666,206) (848,250) Total comprehensive income for the half-year is attributable to: Continuing operations Discontinued operations (1,310,789) (1,355,417) (631,132) (217,118) (2,666,206) (848,250) Other income Expenses Cost of goods sold Selling and distribution expenses Administrative expenses Share-based payments Other operating expenses Finance costs 13 Loss before income tax expense from continuing operations Income tax expense Loss after income tax expense from continuing operations Loss after income tax expense from discontinued operations 4 Loss after income tax expense for the half-year attributable to the Owners of Adisyn Ltd Other comprehensive income The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Adisyn Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2024 Cents Cents Earnings per share for loss from continuing operations attributable to the Owners of Adisyn Ltd Basic earnings per share Diluted earnings per share 12 12 (0.53) (0.53) (0.45) (0.45) Earnings per share for loss from discontinued operations attributable to the Owners of Adisyn Ltd Basic earnings per share Diluted earnings per share 12 12 (0.55) (0.55) (0.16) (0.16) Earnings per share for loss attributable to the Owners of Adisyn Ltd Basic earnings per share Diluted earnings per share 12 12 (1.08) (1.08) (0.61) (0.61) ^ The comparative information is restated due to the non-current asset classified as held for sale and discontinued operation. The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 7 Adisyn Ltd Condensed consolidated statement of financial position As at 31 December 2024 Note 31 December 2024 $ 30 June 2024^ $ Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other assets 1,754,955 861,059 1,160 62,995 2,680,169 2,614,776 5,294,945 299,141 725,105 11,860 173,419 1,209,525 3,470,099 4,679,624 86,889 187,261 981,513 23,305 1,278,968 746,310 1,179,449 105,600 2,031,359 6,573,913 6,710,983 736,035 196,361 65,303 421,899 96,144 197,860 1,713,602 551,645 2,265,247 930,200 232,932 348,607 563,794 113,699 293,117 2,482,349 909,545 3,391,894 3,607 62,189 61,824 127,620 244,362 877,658 49,286 74,311 1,245,617 Total liabilities 2,392,867 4,637,511 Net assets 4,181,046 2,073,472 15,999,685 2,816,066 (14,634,705) 11,324,454 2,718,184 (11,969,166) 4,181,046 2,073,472 Assets of disposal groups classified as held for sale Total current assets 6 Non-current assets Right-of-use assets Property, plant and equipment Intangibles Other assets Total non-current assets 5 7 8 Total assets Liabilities Current liabilities Trade and other payables Contract liabilities Lease liabilities Borrowings Employee benefits Other liabilities 9 Liabilities directly associated with assets classified as held for sale Total current liabilities Non-current liabilities Borrowings Lease liabilities Employee benefits Other liabilities Total non-current liabilities 9 Equity Issued capital Reserves Accumulated losses 10 11 Total equity ^ The comparative information is restated due to the non-current asset and liabilities classified as held for sale. The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 8 Adisyn Ltd Condensed consolidated statement of changes in equity For the half-year ended 31 December 2024 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 38,230 27,583 - - 400,000 65,813 176,639 11,967 - - - 176,639 11,967 - 86,567 - - 86,567 10,694,133 2,810,025 (15,728) (11,111,833) 2,376,597 Issued capital $ Share-based payment reserve $ 11,324,454 2,729,414 (11,230) (11,969,166) 2,073,472 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (2,665,538) (2,665,538) - - (668) - (668) Total comprehensive income for the half-year - - (668) (2,665,538) (2,666,206) Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs (note 10) Share-based payments (note 13) Loss on extinguishing liability Issue of shares to director (note 10) Exercise of options (note 10) 4,230,936 126,148 21,000 267,146 30,000 98,550 - - - 4,230,936 224,698 21,000 267,146 30,000 Balance at 31 December 2024 15,999,684 2,827,964 (11,898) (14,634,704) 4,181,046 Balance at 1 July 2023 Transactions with Owners in their capacity as Owners: Contributions of equity, net of transaction costs Share-based payments (note 13) Issue of shares to vendor for settlement of Attained consideration (note 10) Issue of shares to interest note holders Issue of performance rights to vendor for the acquisition of Thomas Cyber (note 13) Balance at 31 December 2023 Balance at 1 July 2024 Translation Accumulated reserve losses Total equity $ $ $ Translation Accumulated reserve losses Total equity $ $ $ The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 9 Adisyn Ltd Condensed consolidated statement of cash flows For the half-year ended 31 December 2024 Note 31 December 31 December 2024 2023 $ $ 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 1,990,202 (3,440,274) 4,317 (65,068) 4,599,806 (4,414,387) 121,256 (136,531) Net cash from/(used in) operating activities (1,510,823) 170,144 (692,514) (15,929) 100,000 77,532 (38,582) - (530,911) (38,582) 4,548,000 (287,064) (500,841) (262,548) 400,000 2,519 (537,777) (386,925) Net cash from/(used in) financing activities 3,497,547 (522,183) Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year 1,455,813 299,142 (390,621) 676,806 Cash and cash equivalents at the end of the financial half-year 1,754,955 286,185 Cash flows from investing activities Payments for loan to 2DG Payments for property, plant and equipment Proceeds from disposal of business Proceeds from disposal of property, plant and equipment 7 Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs Proceeds from borrowings Repayment of borrowings Payment of lease principal 10 The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 10 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2024 Note 1. Material accounting policy information These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 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 2024 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 $2,665,538 (31 December 2023: $841,162) and had net cash inflows from operating of $1,510,823 (31 December 2023 : $170,144) and investing activities outflows of $530,911 (31 December 2023 : $38,582) respectively for the half-year ended 31 December 2024. As at that date, the Group had net assets of $4,181,046 (30 June 2024: $2,073,472). During January 2025 the Company completed the acquisition of 2D Generation, a semiconductor IP business based in Israel. The Company also had a successful placement of $10M. The placement funds will substantially strengthen the Company’s financial position and provide the resources to support growth initiatives which include the acquisition of cutting-edge equipment, technological innovation, particularly in advancing 2D Generation’s patented technologies, commercialisation and strategic partnerships, as well as operational readiness and working capital. 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 2024. 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 2024 unless otherwise mentioned. 11 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2024 Note 3. Operating segments 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. As a result of disposal of the “Miner Hosting” segment including regional modular hosting. The Group operates only in one segment. 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. Note 4. Discontinued operations Financial performance information 31 December 31 December 2024 2023^ $ $ Discontinued cloud services Discontinued modular hosting revenue Discontinued modular sales revenue Discontinued other income Total revenue 1,664 359,033 20,730 381,427 626,073 1,158,779 34,086 8,265 1,827,203 Discontinued other income 93,924 100,480 Discontinued cost of sales Discontinued impairment and depreciation expense Discontinued operating expenses Discontinued other expenses Total expenses (503,737) (731,401) (565,593) (30,037) (1,830,768) (1,047,570) (93,756) (967,614) (35,861) (2,144,801) Loss before income tax expense Income tax expense (1,355,417) - (217,118) - Loss after income tax expense from discontinued operations (1,355,417) (217,118) Note 5. Right-of-use assets 31 December 2024 30 June 2024 $ $ Non-current assets Land and buildings - right-of-use 86,889 12 - Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2024 Note 5. Right-of-use assets (continued) The Group initially leased office buildings in Bibra Lake, with the lease commencing on November 1, 2020, and set to expire on October 31, 2027. During the reporting period, the Group surrendered this lease and entered into a new lease agreement for premises in Henderson, effective from September 16, 2024, to September 15, 2026. Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Other finance leased assets $ Total $ 1,165,079 (1,165,079) 86,889 502,051 (442,908) (59,143) - 1,667,130 (442,908) (1,165,079) (59,143) 86,889 86,889 - 86,889 Property $ Balance at 1 July 2024 Assets held for sale (note 6) Surrendered of lease Discontinued depreciation expense Additions Balance at 31 December 2024 Note 6. Assets of disposal groups classified as held for sale 31 December 2024 30 June 2024 $ $ Current assets Trade and other receivables Inventories Rights of use assets Property, plant and equipment 13 549,898 112,336 442,908 1,509,634 134,965 112,336 1,624,805 1,597,993 2,614,776 3,470,099 Adisyn Ltd Notes to the condensed consolidated financial statements 31 December 2024 Note 7. Property, plant and equipment 31 December 2024 $ Non-current assets Plant and equipment - at cost Less: Accumulated depreciation Less: Impairmen