Results for announcement to the market – Form 6-K
Results for announcement to the market.
| 6 months ending | ||||
| Operating Performance |
31 Dec 2022 A$ |
31 Dec 2021 
A$ |
Movement A$ |
Movement % |
| Revenue from continuing activities | 620,364 | 374,949 | 245,415 | 65.5% |
| Profit/(loss) from continuing activities after income tax | (3,906,271) | (14,472,222) | 10,565,951 | -73.0% |
| Dividends |
|
It is not proposed to pay dividends. There are no dividend or distribution reinvestment plans in operation and there has been no dividend or distribution payments during the financial half year ended |
| Appendix 4D | |
| Half-year report | |
| Period ended |
- Brief Explanation
The net loss after income tax for the half year was
| ● |
| ● | ||
| ● |
Entities that were acquired during the period contributed a loss of
| 6 months ending | ||||
| Net Tangible Assets |
31 Dec 2022 $ |
31 Dec 2021 $ |
Movement $ |
Movement % |
| Net tangible assets/(liabilities) per security | -88.99% |
| Control gained or lost over Entities during the period |
|
On On ● ● ● ● ● Refer to note 2 of the attached financial statements for the half-year ended |
| Ownership interest as at | ||
| Controlled Entities and joint ventures |
31 December 2022 % |
31 December 2021 % |
|
Parent Entity: ADVANCED HEALTH INTELLIGENCE LTD |
||
|
Joint venture entities: Joint venture entity: Body Composition Technologies Pte Limited Percentage holding in JV entity |
50% |
50% |
| Controlled entities: | ||
| ● |
100% | 100% |
| ● |
100% | - |
| ● |
100% | - |
| ● |
100% | - |
| ● |
100% | - |
| ● |
100% | - |
| ● |
100% | - |
| Appendix 4D | |
| Half-year report | |
| Period ended |
| Accounting Standards |
| The financial report has been prepared in accordance with Australian Equivalents to International Financial Reporting Standards. |
| Auditor's review report |
| Our half-year report is based on the financial report of |
| Appendix 4D Requirements | Reference |
| 1. Reporting period and the previous corresponding period. | Refer to page 1 of this report. |
| 2. Results for announcement to the market. | Refer to page 1 of this report "Results for announcement to the market" and Items 1, 2 and 3 of this report. |
| 3. Net tangible assets per security. | Refer to Item 4 of this report. |
| 4. Details of entities where control has been gained or lost during the period. | Refer to Item 5 of this report. |
| 5. Details of individual and total dividends or distributions and dividend or distribution payments. | Refer to Item 2 of this report. |
| 6. Details of dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for participation in a dividend or distribution reinvestment plan. | Refer to Item 2 of this report. |
| 7. Details of joint venture and associated entities. | Refer to Item 6 of this report. |
| 8. For foreign entities, accounting standards used in compiling reports. | Not applicable. |
| 9. If the accounts are subject to audit dispute or qualification, a description of the dispute or qualification. | Refer to attachment being the half-year report below this table. |
ACN 602 111 115
(formerly
Financial Statements
For the Half Year ended
| (Formerly known as |
|
| Corporate directory | |
| Directors | |
Dr |
|
| Company Secretary & CFO | Simon Durack JP |
| Registered office and | Unit 5, 71-73 South Perth Esplanade |
| South Perth WA 6151 | |
| Share register | Automic Registry Services |
| Level 2, 267 |
|
| Perth WA 6000 | |
| Tel: +61 8 9324 2099 | |
| Fax: +61 8 9321 2337 | |
| Auditor | PKF Brisbane Audit |
| 6/ |
|
| Stock exchange listing | |
| Website and email addresses | www.ahi.tech |
| [email protected] | |
| Corporate Governance | A summary statement reporting against the 4th Edition of the ASX Corporate Governance Recommendations which has been approved by the Board, together with current policies and charters, is available on the Company website: www.ahi.tech. |
1
| (Formerly known as |
|
|
Directors' report |
|
The Directors present their report, together with the financial statements, of the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of
Directors
The following persons were Directors of
| Interim Non-Executive Chairman | |
| Dr |
Executive Director |
| Executive Director and CEO - appointed |
|
| Non-Executive Director | |
| Non-Executive Director | |
| Non-Executive Director | |
| Non-Executive Director - appointed |
|
| Non-Executive Director - appointed |
Company Secretary / Chief Financial Officer
Simon Durack JP
Review of operations
The loss for the consolidated entity after providing for income tax amounted to
The consolidated entity generated operating revenue of
Before non-cash and one-off expenditure, the consolidated entity's adjusted net loss for the year was
The non-IFRS reconciliation described in Table 1 below, is intended to supplement the consolidated entity's IFRS financial information by providing additional insight regarding results of operations of the consolidated entity. The adjusted total net loss for the year is intended to provide an enhanced understanding of the underlying operational measures used to manage the Company's business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals. Adjusted total net loss should not be considered in isolation or as a substitute for performance measures calculated in accordance with IFRS.
2
| (Formerly known as |
|
| Directors' report | |
| Consolidated | ||||||||
| 31 December | 31 December | |||||||
| Table 1: | 2022 | 2021 | ||||||
| $ | $ | |||||||
| Total comprehensive loss for the year | (3,906,271 | ) | (14,472,222 | ) | ||||
| Share-based non-cash payments adjusted for: | - | - | ||||||
| Directors and employees remuneration | - | 6,434,344 | ||||||
| Investor relations | - | 391,000 | ||||||
| (3,906,271 | ) | (7,646,878 | ) | |||||
| Other significant non-cash items: | ||||||||
| Fair value adjustment of investments in various entities | - | 2,266,187 | ||||||
| NASDAQ listing expenses - fair value loss on convertible notes | - | 781,492 | ||||||
| - | 3,047,679 | |||||||
| One-off expenditure: | ||||||||
| NASDAQ listing expenses - cash based | - | 1,212,986 | ||||||
| US Office Set up Expenses | - | 86,599 | ||||||
| - | 1,299,585 | |||||||
| Adjusted total net loss for the period before one-off and non-cash items | (3,906,271 | ) | (3,299,614 | ) |
The non-IFRS reconciliation described in Table 2 below, is intended to supplement the consolidated entity's IFRS financial information by providing additional insight regarding AHI and its acquired businesses. As a result of the acquisition of the Vertica and wellteq businesses, the total net loss for the consolidated group has been dissected by contributing business since the date of acquisition. This is intended to provide an enhanced understanding of the underlying operational result of AHI against the prior comparative period.
| Table 2: |
31 December 2022 |
|||
| $ | ||||
| (3,063,582 | ) | |||
| wellteq group - from |
(315,292 | ) | ||
| (527,397 | ) | |||
| (3,906,271 | ) |
Cash assets at the end of the financial period were
Company Overview
3
| (Formerly known as |
|
| Directors' report | |
AHI has a deep understanding of the complexities of health and care systems, and the global appetite for convergence and interoperability of systems and the data they need to share, which is not only required by but needed to reduce cost, scale care, and remotely deliver for the overloaded health and care providers around the world.
AHI is dedicated to using on-device data assessment capabilities to drive better patient outcomes. The integrated platform combines disparate data sources, including wearable, and other user derived data, with its unique technology to provide a complete view of an individual's health.
AHI delivers its technology through proprietary artificial intelligence on-device, image processing, cloud, and machine learning. AHI is able to extract valuable insights from the capture sequence and data on an individualised basis, enabling insurers, health, and care providers to make more informed decisions when providing care. AHI's commitment to collaboration and partnership with governments, insurers and healthcare providers will enable them to be at the forefront of the rapidly evolving field of
AHI is well-positioned to not only advance but to be a leader in
AHI expanded leadership team in H1 FY23
With the expansion of the team from 23 to 61 personnel, AHI has expanded internal expertise across technology, science, medical and design. The expanded team, now broken into team objectives, sees the following industry leaders drive the success of the business units and AHI's unwavering commitment to its shareholders in FY23 and beyond. These positions are in addition to Founder and Head of Strategy,
Ms
CEO, Mr
Mr
4
| (Formerly known as |
|
| Directors' report | |
Mr
Dr
Mr Jeames Gillett.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
Additional Events and Matters
Throughout the half year, AHI released several announcements to the ASX and NASDAQ, keeping shareholders apprised of events across the consolidated entity.
On
On 23 November 2022, AHI received a deficiency notice from the NASDAQ listing Qualification Staff regarding the late filings of the consolidated entity's SEC Form 20-F 2022 Annual Report. This followed the consolidated entity's decision to engage an accredited Canadian valuer to value the consolidated entity's investment in
5
| (Formerly known as |
|
| Directors' report | |
On
The consolidated entity has several options available to it. These options are to trade above
Importantly, Nasdaq's written notice does not affect the listing or trading of the consolidated entity's common stock at this time, and the consolidated entity will continue evaluating its alternatives to resolve this listing deficiency.
On the
Matters subsequent to the end of the financial half-year
Upvio Healthtech Agreement
On
Upvio is a healthcare technology company that builds software designed to empower medical, health and wellness professionals to tech-enable and adopt ground-breaking tech-tools that redefine hybrid, virtual and remote care. These features include human imaging, feature rich appointment scheduling, digital forms, video calls, virtual waiting rooms, asynchronous and synchronous chat, a patient portal, and the ability to integrate into any existing software. Upvio enables geocloud storage for securely storing sensitive patient information, ensuring that patients' data is always kept safe and secure. Upvio aims to be the first telehealth platform in the world with in-built contactless human imaging tools that can provide a scientifically validated health risk assessment in real-time. This is a game-changing development, as it means that healthcare professionals can now obtain an accurate picture of a patient's health and risk status more easily, conveniently, and affordably without the need for physical contact, drastically reducing the risk of malpractice. The platform is built on a digital-first ethos, with both patients and healthcare professionals in mind and brings together the best-of-breed technologies, including AHI's scanning and risk assessment capabilities.
6
| (Formerly known as |
|
| Directors' report | |
R&D Tax offset receipt and new loan facility
As announced on
In addition to the R&D Grant funding payment, AHI has secured a
The loan facility was entered into an entity associated with Mr
In lieu of no interest being payable on amount drawn down from the facility, the Company has agreed to allot and issue 500,000 fully paid ordinary shares to the lender.
Upon receipt of its R&D Grant funding, AHI has since repaid the lender
Augmented Reality Concierge agreement
On
ARC is a unique company that builds and implements state-of-the-art applications that empower consumers and companies to simplify and enhance their surroundings whilst improving the lives of their consumers. Using the latest proprietary, innovative technologies, The ARC's creative tools are fun and exciting, allowing people to engage with them to realize their goals. The ARC was created in 2019 to build a fitness application that uses augmented reality navigation to guide users in the gym and show them what to do and how to do it based on each gym's specific equipment range. During this time, the ARC realized that the technology would solve similar problems confronting universities, airports, malls, grocery stores, and theme parks, to mention a few. The ARC then went a step further and designed a true "concierge" concept that caters to any wants or needs of a company or its consumer.
AHI and ARC have executed a standard AHI MSA, which entails the legal and contractual terms in which AHI agrees to grant the ARC the right to use AHI's licensed Software Development Kits (SDKs) and related intellectual property once integrated into the ARC application/platform.
No other matter or circumstance has arisen since
7
| (Formerly known as |
|
| Directors' report | |
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 Directors' report.
This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the Directors
| /s/ |
|
| Interim Non-Executive Chairman | |
8
AUDITOR'S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF
ADVANCED HEALTH INTELLIGENCE LTD
I declare that, to the best of my knowledge and belief, during the half-year ended
| (a) | no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and |
| (b) | no contraventions of any applicable code of professional conduct in relation to the review. |
This declaration is in respect of
| /s/ PKF | |
| PKF Brisbane Audit | |
| /s/ |
|
PKF Brisbane Audit ABN 33 873 151 348
Level 6,
Liability limited by a scheme approved under Professional Standards Legislation.
9
| (Formerly known as |
|
| Contents | |
General information
The financial statements cover
Unit 5, 71-73 South Perth Esplanade
A description of the nature of the consolidated entity'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
10
| (Formerly known as |
|
| Statement of profit or loss and other comprehensive income | |
| For the half-year ended |
| Consolidated | ||||||||||||
| 31 December | 31 December | |||||||||||
| Note | 2022 | 2021 | ||||||||||
| $ | $ | |||||||||||
| Software income | 4 | 117,504 | 8,854 | |||||||||
| Integration and development income | 240,410 | 132,800 | ||||||||||
| Operating revenue | 357,914 | 141,654 | ||||||||||
| Other revenue | 5 | 162,796 | 156,465 | |||||||||
| Expenses | ||||||||||||
| General administration | (2,677,364 | ) | (1,709,338 | ) | ||||||||
| Employee expenses | 6 | (2,181,981 | ) | (8,609,482 | ) | |||||||
| Sales and marketing | (501,944 | ) | (1,022,829 | ) | ||||||||
| Impairment of assets and receivables | (229,391 | ) | (2,266,187 | ) | ||||||||
| Infrastructure costs | (82,471 | ) |
-
|
|||||||||
| NASDAQ listing expenses |
-
|
(1,994,478 | ) | |||||||||
| Total expenses | (5,673,151 | ) | (15,602,314 | ) | ||||||||
| Operating loss | (5,152,441 | ) | (15,304,195 | ) | ||||||||
| Finance income | 99,654 | 76,830 | ||||||||||
| Finance costs | (62,828 | ) | (134,970 | ) | ||||||||
| Net finance income / (costs) | 36,826 | (58,140 | ) | |||||||||
| Loss before income tax benefit | (5,115,615 | ) | (15,362,335 | ) | ||||||||
| Income tax benefit | 1,209,344 | 890,113 | ||||||||||
| Loss after income tax benefit for the half-year attributable to the owners of |
(3,906,271 | ) | (14,472,222 | ) | ||||||||
| Other comprehensive income | ||||||||||||
| Items that may be reclassified subsequently to profit or loss | 17 | 7,347 | (2,280 | ) | ||||||||
| Foreign currency translation | ||||||||||||
| Other comprehensive income for the half-year, net of tax | 7,347 | (2,280 | ) | |||||||||
| Total comprehensive income for the half-year attributable to the owners of |
(3,898,924 | ) | (14,474,502 | ) | ||||||||
| Cents | Cents | |||||||||||
| Basic earnings per share | (2.43 | ) | (10.22 | ) | ||||||||
| Diluted earnings per share | (2.43 | ) | (10.22 | ) |
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
11
| (Formerly known as |
|
| Statement of financial position | |
| As at |
| Consolidated | ||||||||||||
| 31 December | 30 June | |||||||||||
| Note | 2022 | 2022 | ||||||||||
| $ | $ | |||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 608,515 | 6,011,368 | ||||||||||
| Trade and other receivables | 7 | 1,646,093 | 51,176 | |||||||||
| Prepayments | 1,357,425 | 895,813 | ||||||||||
| Total current assets | 3,612,033 | 6,958,357 | ||||||||||
| Non-current assets | ||||||||||||
| Other financial assets | 65,443 | 37,500 | ||||||||||
| Right-of-use assets | 8 | 400,140 | 35,199 | |||||||||
| Property, plant, and equipment | 171,688 | 94,767 | ||||||||||
| Investments | 9 | 2,565,082 | 2,565,082 | |||||||||
| Intangibles | 10 | 4,678,714 | 972,732 | |||||||||
| Total non-current assets | 7,881,067 | 3,705,280 | ||||||||||
| Total assets | 11,493,100 | 10,663,637 | ||||||||||
| Liabilities | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 1,519,437 | 500,769 | ||||||||||
| Lease liabilities | 11 | 55,676 | 51,213 | |||||||||
| Employee benefits | 12 | 618,471 | 383,236 | |||||||||
| Other | 13 | 123,889 | - | |||||||||
| 2,317,473 | 935,218 | |||||||||||
| Interest bearing borrowings | 14 | 1,711,853 | 1,110,171 | |||||||||
| Total current liabilities | 4,029,326 | 2,045,389 | ||||||||||
| Non-current liabilities | ||||||||||||
| Lease liabilities | 11 | 344,464 | - | |||||||||
| Employee benefits | 12 | 130,574 | 62,861 | |||||||||
| Other payables | 15 | 656,928 | - | |||||||||
| Total non-current liabilities | 1,131,966 | 62,861 | ||||||||||
| Total liabilities | 5,161,292 | 2,108,250 | ||||||||||
| Net assets | 6,331,808 | 8,555,387 | ||||||||||
| Equity | ||||||||||||
| Issued capital | 16 | 71,803,404 | 61,822,859 | |||||||||
| Reserves | 17 | 1,040,247 | 9,338,100 | |||||||||
| Accumulated losses | (66,511,843 | ) | (62,605,572 | ) | ||||||||
| Total equity | 6,331,808 | 8,555,387 |
The above statement of financial position should be read in conjunction with the accompanying notes
12
| (Formerly known as |
|
| Statement of changes in equity | |
| For the half-year ended |
| Foreign | ||||||||||||||||||||
| Equity | currency | |||||||||||||||||||
| Issued | compensation | translation | Accumulated | Total | ||||||||||||||||
| capital | reserve | reserve | losses | equity | ||||||||||||||||
| Consolidated | $ | $ | $ | $ | $ | |||||||||||||||
| Balance at |
39,213,794 | 5,293,019 |
-
|
(42,528,729 | ) | 1,978,084 | ||||||||||||||
| Loss after income tax benefit for the half-year |
-
|
-
|
-
|
(14,472,222 | ) | (14,472,222 | ) | |||||||||||||
| Other comprehensive income for the half-year, net of tax |
-
|
-
|
(2,280 | ) |
-
|
(2,280 | ) | |||||||||||||
| Total comprehensive income for the half-year |
-
|
-
|
(2,280 | ) | (14,472,222 | ) | (14,474,502 | ) | ||||||||||||
| Performance rights exercised | 556,500 | (556,500 | ) |
-
|
-
|
-
|
||||||||||||||
| Options exercised | 1,665,668 | (490,767 | ) |
-
|
-
|
1,174,901 | ||||||||||||||
| Ordinary shares - NASDAQ | 16,674,963 | 31,820 |
-
|
-
|
16,706,783 | |||||||||||||||
| Costs of capital raising - NASDAQ | (2,856,323 | ) |
-
|
-
|
-
|
(2,856,323 | ) | |||||||||||||
| Repayment of notes | 3,125,964 |
-
|
-
|
-
|
3,125,964 | |||||||||||||||
| - Service providers | 935,238 |
-
|
-
|
-
|
935,238 | |||||||||||||||
| - Employees / Directors |
-
|
6,434,344 |
-
|
-
|
6,434,344 | |||||||||||||||
| Balance at |
59,315,804 | 10,711,916 | (2,280 | ) | (57,000,951 | ) | 13,024,489 |
| Foreign | ||||||||||||||||||||
| Equity | currency | |||||||||||||||||||
| Issued | compensation | translation | Accumulated | Total | ||||||||||||||||
| capital | reserve | reserve | losses | equity | ||||||||||||||||
| Consolidated | $ | $ | $ | $ | $ | |||||||||||||||
| Balance at |
61,822,859 | 9,338,100 |
-
|
(62,605,572 | ) | 8,555,387 | ||||||||||||||
| Loss after income tax benefit for the half-year |
-
|
-
|
-
|
(3,906,271 | ) | (3,906,271 | ) | |||||||||||||
| Other comprehensive income for the half-year, net of tax |
-
|
-
|
7,347 |
-
|
7,347 | |||||||||||||||
| Total comprehensive income for the half-year |
-
|
-
|
7,347 | (3,906,271 | ) | (3,898,924 | ) | |||||||||||||
| Shares issued for Vertica acquisition | 180,000 |
-
|
-
|
-
|
180,000 | |||||||||||||||
| Shares issued for Wellteq acquisition | 1,673,631 |
-
|
-
|
-
|
1,673,631 | |||||||||||||||
| Capital raising costs | (178,286 | ) |
-
|
-
|
-
|
(178,286 | ) | |||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||
| Performance rights exercised | 8,305,200 | (8,305,200 | ) |
-
|
-
|
-
|
||||||||||||||
| Balance at |
71,803,404 | 1,032,900 | 7,347 | (66,511,843 | ) | 6,331,808 |
The above statement of changes in equity should be read in conjunction with the accompanying notes
13
| (Formerly known as |
|
| Statement of cash flows | |
| For the half-year ended |
| Consolidated | ||||||||||||
| 31 December | 31 December | |||||||||||
| Note | 2022 | 2021 | ||||||||||
| $ | $ | |||||||||||
| Cash flows from operating activities | ||||||||||||
| Receipts from customers | 168,550 | 188,371 | ||||||||||
| Research & Development tax incentive grant |
-
|
890,113 | ||||||||||
| Interest received |
-
|
36 | ||||||||||
| Interest and other costs of finance paid | (25,939 | ) | (54,905 | ) | ||||||||
| Payments to suppliers and employees | (4,516,119 | ) | (4,471,599 | ) | ||||||||
| Net cash used in operating activities | (4,373,508 | ) | (3,447,984 | ) | ||||||||
| Cash flows from investing activities | ||||||||||||
| Payments for property, plant and equipment | (6,470 | ) | (89,524 | ) | ||||||||
| Loans to other entities | 2 | (1,000,000 | ) | (261,912 | ) | |||||||
| Payments for investments | (187,300 | ) | (2,076,826 | ) | ||||||||
| Payments for application development costs |
-
|
(15,980 | ) | |||||||||
| Cash acquired from acquisition of Investee companies | 2 | 343,607 |
-
|
|||||||||
| Net cash used in investing activities | (850,163 | ) | (2,444,242 | ) | ||||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from issue of shares | 16 |
-
|
16,706,783 | |||||||||
| Proceeds from exercise of options |
-
|
1,174,903 | ||||||||||
| Proceeds from borrowings |
-
|
700,000 | ||||||||||
| Share issue transaction costs | (178,250 | ) | (2,357,284 | ) | ||||||||
| Repayment of borrowings |
-
|
(218,047 | ) | |||||||||
| Repayment of lease liabilities |
-
|
(40,355 | ) | |||||||||
| Net cash from/(used in) financing activities | (178,250 | ) | 15,966,000 | |||||||||
| Net increase/(decrease) in cash and cash equivalents | (5,401,921 | ) | 10,073,774 | |||||||||
| Cash and cash equivalents at the beginning of the financial half-year | 6,011,368 | 2,172,499 | ||||||||||
| Effects of exchange rate changes on cash and cash equivalents | (932 | ) | 39,409 | |||||||||
| Cash and cash equivalents at the end of the financial half-year | 608,515 | 12,285,682 |
The above statement of cash flows should be read in conjunction with the accompanying notes
14
| (Formerly known as |
|
|
Notes to the financial statements |
|
Note 1. Significant accounting policies
These general purpose financial statements for the interim half-year reporting period ended
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
The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.
Basis of preparation and Going Concern
The half-year financial statements have been prepared on a historical cost basis except for derivative financial instruments which have been measured at fair value. Cost is based on the fair values of consideration given in exchange for assets. The Company is domiciled in
For the half-year ended
| ● | Following the Company's successful dual listing on the NASDAQ securities exchange in |
|
| ● | As stated in the Company's Appendix 4C Quarterly Cash Flow report for entities subject to Listing Rule 4.7, as announced to the ASX on |
|
| ● | The consolidated entity has executed numerous agreements with channel partners across its business verticals and as such, is transitioning to a "growth" phase. The consolidated entity is in the process of expanding its operations with the recent acquisitions of |
|
| ● | It is expected that 7 of the current partners will launch with the AHI technology within their apps throughout the current financial year, subject to any unforeseen delays. |
The consolidated entity's ability to continue as a going conceand meet future working capital requirements is dependent on the above points being realised. Should the Company not be successful in generating the required cash flows, there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
15
| (Formerly known as |
|
|
Notes to the financial statements |
|
Note 1. Significant accounting policies (continued)
Business Combinations
The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments issued, or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss.
On the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the consolidated entity remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of the contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.
Accounting policies and methods of computation
The same accounting policies and methods of computation have consistently been followed in these half-year financial statements as compared with the most recent annual financial statements.
Significant accounting judgements and key estimates
The preparation of financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expense. Actual results may differ from these estimates. The same judgments, estimates and assumptions were used in preparing the half year financial report as those used in preparing the financial report for the year ended
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
16
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Notes to the financial statements |
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Note 2. Business combinations
Wellteq Acquisition
On
In conjunction with the Arrangement Agreement, AHI and Wellteq also entered into a loan agreement whereby AHI agreed to advance to wellteq up to
The loan between AHI and Wellteq settled on business combination for
Wellteq was listed on the Canadian Securities Exchange (CSE: WTEQ) and is a leading provider of corporate wellness solutions developed to provide data-driven personalized health and wellness coaching to engage its users in healthier behaviours. As an enterprise (business-to-business) model Wellteq currently has two main sectors of customers, employers, and insurance companies.
Due to the proximity of the acquisition to the balance date of
Details of the acquisition are as follows:
| Fair value | ||||
| $ | ||||
| Cash and cash equivalents | 422,331 | |||
| Trade receivables | 238,866 | |||
| Other current assets | 109,235 | |||
| Equipment | 94,833 | |||
| Trade payables and accrued liabilities | (652,239 | ) | ||
| Employee benefits | (49,537 | ) | ||
| Other provisions | (180,356 | ) | ||
| Deferred revenue | (150,016 | ) | ||
| Net liabilities acquired | (166,883 | ) | ||
| 2,840,514 | ||||
| Acquisition-date fair value of the total consideration transferred | 2,673,631 | |||
| Representing: | ||||
| 1,673,631 | ||||
| Loan between AHI and Wellteq settled on business combination | 1,000,000 | |||
| 2,673,631 |
17
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Notes to the financial statements |
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Note 2. Business combinations (continued)
Vertica Acquisition
On
| ● | 1,500,000 AHI fully paid ordinary shares issued on closing, escrowed for 24 months from issue; | |
| ● | ||
| ● | ||
| ● |
AHI shares were valued at a market price of
The business combination has been accounted for on a provisional basis. Should new information obtained about the facts and circumstances that existed at the acquisition-date come to light, AHI may retrospectively adjust the provisional amounts recognised and also recognise additional assets or liabilities during the measurement period. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.
Details of the acquisition are as follows:
| Fair value | ||||
| $ | ||||
| Cash and cash equivalents | 32 | |||
| Trade receivables | 2,616 | |||
| Trade payables | (2,477 | ) | ||
| Net assets acquired | 171 | |||
| 981,176 | ||||
| Acquisition-date fair value of the total consideration transferred | 981,347 | |||
| Representing: | ||||
| Cash paid to vendor | 144,419 | |||
| 180,000 | ||||
| Deferred cash payable to vendor | 656,928 | |||
| 981,347 |
Note 3. Operating segments
The consolidated entity has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors in assessing performance and determining the allocation of resources.
Reportable segments disclosed are based on aggregating operating segments, where the segments have similar characteristics. The consolidated entity's sole activity is mobile application and technology development. Therefore, it has aggregated all operating segments into the one reportable segment being technological development.
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Notes to the financial statements |
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Note 4. Software income
| Consolidated | ||||||||
| 31 December | 31 December | |||||||
| 2022 | 2021 | |||||||
| $ | $ | |||||||
| Software development kits - per user | 34,986 | 8,709 | ||||||
| Software development kits - per scan | 2,032 | 145 | ||||||
| Software subscriptions | 80,486 |
-
|
||||||
| 117,504 | 8,854 |
Note 5. Other revenue
| Consolidated | ||||||||
| 31 December | 31 December | |||||||
| 2022 | 2021 | |||||||
| $ | $ | |||||||
| Joint venture income | 67,472 | 96,208 | ||||||
| Grant income | 89,585 |
-
|
||||||
| Other income | 5,739 | 60,257 | ||||||
| Other revenue | 162,796 | 156,465 |
Note 6. Employee expenses
| Consolidated | ||||||||
| 31 December | 31 December | |||||||
| 2022 | 2021 | |||||||
| $ | $ | |||||||
| Salaries and wages | 2,138,159 | 1,687,280 | ||||||
| Superannuation contributions | 214,856 | 165,201 | ||||||
| Share based payments |
-
|
6,434,344 | ||||||
| Employment taxes and insurances | (200,991 | ) | 267,665 | |||||
| Other employment expenses | 29,957 | 54,992 | ||||||
| 2,181,981 | 8,609,482 |
Note 7. Trade and other receivables
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Trade receivables | 746,325 | 286,533 | ||||||
| Less: Provision for doubtful debts | (309,576 | ) | (235,357 | ) | ||||
| 436,749 | 51,176 | |||||||
| R&D tax incentive refund | 1,209,344 |
-
|
||||||
| 1,646,093 | 51,176 |
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Notes to the financial statements |
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Note 8. Right-of-use assets
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Land and buildings - right-of-use | 400,140 | 105,597 | ||||||
| Less: Accumulated depreciation |
-
|
(70,398 | ) | |||||
| 400,140 | 35,199 |
The consolidated entity had a 3-year lease agreement for office premises in
The consolidated entity extended its lease over the premises for an additional 3 years, with options for a 4th and 5th year. The total payments under the lease amounting to
Note 9. Investments
The recoverable amounts of the Company's investments are reviewed at each reporting date. As the Company's investments are in unlisted entities, the determination of recoverable value is subject to various estimates and assumptions. As an accurate assessment of recoverable value is not available at the reporting date, the Company has elected to continue with provisions for impairment against each of its investments, as shown in the table below. When the Company can make a more accurate determination of recoverable value, the Company will re-assess whether a provision for impairment is still required for its investments.
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Investment in |
2,565,082 | 2,565,082 |
| Body | ||||||||||||
| Triage | Jana | Composition | ||||||||||
| Technologies | Care | Technologies | ||||||||||
| $ | $ | $ | ||||||||||
| Balance at |
1,362,717 | 690,153 | 680,008 | |||||||||
| 3,126,950 |
-
|
-
|
||||||||||
| Interest and other costs |
-
|
83,031 | 16,771 | |||||||||
| Foreign exchange movement | (10,779 | ) | (20,903 | ) |
-
|
|||||||
| Provision for impairment | (1,913,806 | ) | (752,281 | ) | (696,779 | ) | ||||||
| - | - | - | ||||||||||
| Balance at |
2,565,082 |
-
|
-
|
|||||||||
| Balance at |
2,565,082 |
-
|
-
|
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Notes to the financial statements |
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Note 10. Intangibles
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| 3,821,690 |
-
|
|||||||
| Development - at cost | 851,555 |
-
|
||||||
| Less: Accumulated amortisation | (28,727 | ) |
-
|
|||||
| Less: Impairment | (816,944 | ) |
-
|
|||||
| 5,884 |
-
|
|||||||
| Application development - at cost | 1,317,542 | 1,317,542 | ||||||
| Less: Accumulated amortisation | (870,358 | ) | (806,474 | ) | ||||
| 447,184 | 511,068 | |||||||
| Development - new capabilities - at cost | 227,682 | 227,682 | ||||||
| Less: Accumulated amortisation | (84,243 | ) | (63,751 | ) | ||||
| 143,439 | 163,931 | |||||||
| Development - enhancements - at cost | 77,128 | 77,128 | ||||||
| Less: Accumulated amortisation | (28,537 | ) | (21,596 | ) | ||||
| 48,591 | 55,532 | |||||||
| Development - research - at cost | 336,390 | 336,390 | ||||||
| Less: Accumulated amortisation | (124,464 | ) | (94,189 | ) | ||||
| 211,926 | 242,201 | |||||||
| 4,678,714 | 972,732 |
Note 11. Lease liabilities
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Current liability | 55,676 | 51,213 | ||||||
| Non-current liability | 344,464 |
-
|
||||||
| 400,140 | 51,213 |
The consolidated entity had a 3-year lease agreement for office premises in
The consolidated entity extended its lease over the premises for an additional 3 years, with options for a 4th and 5th year. The total payments under the lease amounting to
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Notes to the financial statements |
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Note 12. Employee benefits
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| Current | $ | $ | ||||||
| Long service leave | 36,746 |
-
|
||||||
| Employee benefits | 581,725 | 383,236 | ||||||
| 618,471 | 383,236 |
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| Non-current | $ | $ | ||||||
| Long service leave | 130,574 | 62,861 |
Note 13. Other
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Deferred revenue | 123,889 |
-
|
Note 14. Interest bearing borrowings
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| R&D prepayment loan (1) | 700,000 | 700,000 | ||||||
| Other loans (2) | 1,011,853 | 410,171 | ||||||
| 1,711,853 | 1,110,171 |
| (1) | The Company received a |
| (2) | Other loans are unsecured and interest bearing. |
Note 15. Other payables
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Deferred acquisition consideration | 656,928 |
-
|
The deferred acquisition consideration relates to the acquisition of
22
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Notes to the financial statements |
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Note 16. Issued capital
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. There are no externally imposed capital requirements.
| Consolidated | ||||||||||||||||
| 31 December | 30 June | 31 December | 30 June | |||||||||||||
| 2022 | 2022 | 2022 | 2022 | |||||||||||||
| Shares | Shares | $ | $ | |||||||||||||
| Issued Capital Ordinary | 196,053,969 | 166,749,382 | 71,803,404 | 61,822,859 |
| 31 December | 30 June | 31 December | 30 June | |||||||||||||
| 2022 | 2022 | 2022 | 2022 | |||||||||||||
| Share movements during the period - ordinary shares | Shares | Shares | $ | $ | ||||||||||||
| At the start of the period | 166,749,382 | 136,362,538 | 61,822,859 | 39,213,794 | ||||||||||||
| Shares issued on exercise of Performance rights | 10,000,000 | 5,000,000 | 8,305,200 | 1,996,500 | ||||||||||||
| Shares issued on exercise of Options |
-
|
3,103,622 |
-
|
1,665,905 | ||||||||||||
| Shares issued to related party |
-
|
2,000,000 |
-
|
920,000 | ||||||||||||
| Share based payments |
-
|
1,172,812 |
-
|
1,050,237 | ||||||||||||
| Share issue - NASDAQ IPO |
-
|
16,100,000 |
-
|
16,706,786 | ||||||||||||
| Share issue - conversion of convertible note |
-
|
3,010,410 |
-
|
3,125,964 | ||||||||||||
| Share issue - Vertica acquisition | 1,500,000 |
-
|
180,000 |
-
|
||||||||||||
| Share issue - Wellteq acquisition | 17,804,587 |
-
|
1,673,631 |
-
|
||||||||||||
| Less share issue costs |
-
|
-
|
(178,286 | ) | (2,856,327 | ) | ||||||||||
| 196,053,969 | 166,749,382 | 71,803,404 | 61,822,859 |
Note 17. Reserves
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| $ | $ | |||||||
| Equity Remuneration Reserve | 1,032,900 | 9,338,100 | ||||||
| Foreign currency reserve | 7,347 |
-
|
||||||
| 1,040,247 | 9,338,100 |
Equity compensation reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their remuneration, and other parties as part of their compensation for services.
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Notes to the financial statements |
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Note 17. Reserves (continued)
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| Movement in equity compensation reserve | $ | $ | ||||||
| Balance at the beginning of the year | 9,338,100 | 5,293,019 | ||||||
| Fair value vesting expense of options and performance rights |
-
|
6,532,583 | ||||||
| Fair value of options/performance rights exercised during the year | (8,305,200 | ) | (2,487,502 | ) | ||||
| Balance at the end of the period | 1,032,900 | 9,338,100 |
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
| Consolidated | ||||||||
| 31 December | 30 June | |||||||
| 2022 | 2022 | |||||||
| Movement in foreign currency reserve | $ | $ | ||||||
| Balance at the beginning of the period |
-
|
-
|
||||||
| Movement in the value of foreign subsidiary losses and intercompany loan balances | 7,347 |
-
|
||||||
| Balance at the end of the period | 7,347 |
-
|
Note 18. Dividends
There were no dividends paid, recommended, or declared during the current or previous financial half-year. There are no franking credits available as at
Note 19. Contingencies
There are no material contingent assets or liabilities at the reporting date.
Note 20. Commitments
Lease commitments
The company has a lease for its principal place of business at Unit 5, 71-73 South Perth Esplanade,
24
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Notes to the financial statements |
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Note 20. Commitments (continued)
Other commitments
| (i) | During the year ended |
| (ii) | As disclosed in AHI's 2022 Annual report, AHI has an Agreement with |
| ● | AHI has the right to acquire up to 40% of Tinjoy's Winscan Platform, priced at a valuation of |
|
| ● | 12-24 month option to take up the 40% at AHI's option to acquire a holding in WinScan. The option would be triggered should WinScan achieve user numbers of 5 million users a month. This would trigger a 20% investment of |
| ● | If WinScan achieves a user base of 10 million monthly users, AHI would be required to take up a 40% stake in WinScan at an agreed investment of |
|
| ● | In the event AHI exercises its option, the |
|
| ● | At the date of this report, |
To the date of this report, AHI has paid
Note 21. Events after the reporting period
Upvio Healthtech agreement
On
Upvio is a healthcare technology company that builds software designed to empower medical, health and wellness professionals to tech-enable and adopt ground-breaking tech-tools that redefine hybrid, virtual and remote care. These features include human imaging, feature rich appointment scheduling, digital forms, video calls, virtual waiting rooms, asynchronous and synchronous chat, a patient portal, and the ability to integrate into any existing software. Upvio enables geocloud storage for securely storing sensitive patient information, ensuring that patients' data is always kept safe and secure. Upvio aims to be the first telehealth platform in the world with in-built contactless human imaging tools that can provide a scientifically validated health risk assessment in real-time. This is a game-changing development, as it means that healthcare professionals can now obtain an accurate picture of a patient's health and risk status more easily, conveniently, and affordably without the need for physical contact, drastically reducing the risk of malpractice. The platform is built on a digital-first ethos, with both patients and healthcare professionals in mind and brings together the best-of-breed technologies, including AHI's scanning and risk assessment capabilities.
R&D Tax offset receipt and new loan facility
As announced on
25
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Notes to the financial statements |
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Note 21. Events after the reporting period (continued)
In addition to the R&D Grant funding payment, AHI has secured a
The loan facility was entered into an entity associated with Mr
In lieu of no interest being payable on amount drawn down from the facility, the Company has agreed to allot and issue 500,000 fully paid ordinary shares to the lender.
Upon receipt of its R&D Grant funding, AHI has since repaid the lender
Augmented Reality Concierge agreement
On
ARC is a unique company that builds and implements state-of-the-art applications that empower consumers and companies to simplify and enhance their surroundings whilst improving the lives of their consumers. Using the latest proprietary, innovative technologies, The ARC's creative tools are fun and exciting, allowing people to engage with them to realize their goals. The ARC was created in 2019 to build a fitness application that uses augmented reality navigation to guide users in the gym and show them what to do and how to do it based on each gym's specific equipment range. During this time, the ARC realized that the technology would solve similar problems confronting universities, airports, malls, grocery stores, and theme parks, to mention a few. The ARC then went a step further and designed a true "concierge" concept that caters to any wants or needs of a company or its consumer.
AHI and ARC have executed a standard AHI MSA, which entails the legal and contractual terms in which AHI agrees to grant the ARC the right to use AHI's licensed Software Development Kits (SDKs) and related intellectual property once integrated into the ARC application/platform.
No other matter or circumstance has arisen since
26
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Directors' declaration |
|
The Directors of
(a) the attached half year financial statements and notes thereto of the consolidated entity, are in accordance with Corporations Act 2001, including
1. complying with the Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001; and
2. giving a true and fair view of the financial position as at
(b) there are reasonable grounds to believe that the consolidated entity will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of Directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the Directors
| /s/ |
|
| Interim Non-Executive Chairman |
27
INDEPENDENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS OF ADVANCED HEALTH INTELLIGENCE LTD
Conclusion
We have reviewed the accompanying half-year financial report of
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of
| (a) | giving a true and fair view of the consolidated entity's financial position as at |
|
| (b) | complying with the Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. |
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the Financial Report section of our report. We are independent of the consolidated entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Independence
In conducting our review, we have complied with the auditor independence requirements of the Corporations Act 2001. In accordance with the Corporations Act 2001, we have given the directors of the company a written Auditor's Independence Declaration.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 of the financial statements which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the consolidated entity's ability to continue as a going conceand therefore it's ability to realise its assets and discharge its liabilities in the normal course of business. Our conclusion is not modified in respect of this matter.
PKF Brisbane Audit ABN 33 873 151 348
Level 6,
Liability limited by a scheme approved under Professional Standards Legislation.
28
Responsibility of the Directors for the Financial Report
The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Regulations 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.
Auditor's Responsibilities for the Review of the Financial Report
Our responsibility is to express a conclusion on the half year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity's financial position as at
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
| /s/ PKF | |
| PKF Brisbane Audit |
| /s/ |
|
| Partner | |
| 28 February2023 | |
29
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