INVITROCUE LIMITED APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2017 The following information is given to the ASX under listing rule 4.3A. 1. Reporting period Current Period Prior Period 12 months ended 30 June 2017 6 months ended 30 June 2016 2. Results for announcement to the market (All amounts are presented in Singapore Dollars) 6 month 30 June 2016 % Change 12 month 30 June 2017 2.1 Revenue from ordinary activities 83,205 up 791% to 740,951 2.2 Loss after tax attributable to members (20,473,566) Down 91% to (1,835,472) 2.3 Net Loss attributable to members (20,473,566) Down 91% to (1,835,472) 2.4 Dividends 2.5 Record date for determining entitlements to the dividends 2.6 Explanatory information The presentation currency for the financial statements is expressed in Singapore dollars, which is the functional currency of Invitrocue Pte Limited (the accounting parent). 3. Statement of Profit or Loss and Other Comprehensive Income Refer accompanying financial statement 4. Statement of Financial Position Refer accompanying financial statement 5. Statement of Cash Flow Refer accompanying financial statement 6. Dividends Paid or Recommended 7. Details of any Dividend or distribution reinvestment plans 8. Statement of movements in Retained Earnings Refer statement of changes in equity in the accompanying financial statement
9. Net tangible assets per security 30 June 2016 30 June 2017 Number of securities (Invitrocue Ltd) 444,089,053 452,652,636 Net tangible assets per security in cents 0.27 (0.01) 10. Changes in controlled entities 11. Details of associates and joint venture entities 12. Any other significant information needed by an investor to make an informed assessment of the entity s financial performance and financial position Refer accompanying financial statements. 13. Foreign entities disclosures 14. Additional information 14.1 Earnings per Share Refer accompanying financial statements 14.2 Returns to Shareholders Refer accompanying financial statements 14.3 Significant features of operating performance The Group s revenue has increased to 740,951 from 83,205 in FY2016, while having a net loss of 1,835,472 (FY16: 20,473,566). 14.4 Results of segments Refer accompanying financial statements. 14.5 Trends in performance On an annualised comparison, the Group recorded a 345% increase in annualised revenue and at the same time achieved a higher gross margin of 50% (FY16: 27%). 14.6 Subsequent events No matter or circumstance has arisen since 30 June 2017 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. 15. Compliance Statement The financial statements are in the process of being audited. 16. If the accounts are subject to audit dispute or qualification, details are described below None noted. 2
ACN 009 366 009 PRELIMINARY FINAL REPORT For the year ended 30 June 2017 (Amounts presented in Singapore Dollars) 3
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 12 months to 30 June 2017 6 months to 30 June 2016 Revenue 740,951 83,205 Cost of Sales (368,159) (60,536) Gross profit 372,792 22,669 Other income 204,915 279,423 Depreciation and amortisation expenses (101,794) (52,696) Staff costs (1,109,320) (491,620) Administrative expenses (1,172,122) (817,896) Finance costs (29,943) (349,208) Listing cost - (19,064,238) Loss before income tax expense (1,835,472) (20,473,566) Income tax expense - - Loss for the year (1,835,472) (20,473,566) Other comprehensive income Items that may be reclassified subsequently to profit or loss Exchange difference on translation of foreign subsidiary 746 279,915 Total comprehensive loss for the year (1,834,726) (20,193,651) Loss per share Basic (cents per share) (0.413) (6.805) Diluted (cents per share) (0.413) (6.805) The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. 4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 30 June 2017 30 June 2016 ASSETS CURRENT ASSETS Cash and cash equivalents 601,797 1,772,539 Trade and other receivables 2 344,509 156,498 Current tax receivable - 6,595 Finished goods 106,081 85,380 TOTAL CURRENT ASSETS 1,052,387 2,021,012 NON CURRENT ASSETS Intangible assets 3 141,830 34,000 Plant and equipment 4 142,328 233,397 TOTAL NON CURRENT ASSETS 284,158 267,397 TOTAL ASSETS 1,336,545 2,288,409 LIABILITIES CURRENT LIABILITIES Trade and other payables 5 409,782 276,199 Finance leases 6 1,573 10,095 Deferred capital grant 53,049 10,316 Provisions 169,648 210,735 TOTAL CURRENT LIABILTIES 634,052 507,345 NON CURRENT LIABILITIES Amount due to a director 548,516 470,012 Provisions 44,918 44,918 Deferred rent - 8,934 Finance leases 6-1,683 Deferred capital grant 23,211 33,526 TOTAL NON CURRENT LIABILTIES 616,645 559,073 TOTAL LIABILTIES 1,250,697 1,066,418 NET ASSETS 85,848 1,221,991 5
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) Note 30 June 2017 30 June 2016 EQUITY Share capital 7 22,927,455 22,241,656 Options and warrant reserves 372,037 359,253 Contributions reserve 42,360 42,360 Accumulated losses (23,536,624) (21,701,152) Foreign currency translation reserve 280,620 279,874 TOTAL EQUITY 85,848 1,221,991 The above Statement of Financial Position should be read in conjunction with the accompanying notes. 6
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital Options and warrants reserves Contributions Reserve Accumulated losses Foreign currency translation reserve Total Balance at 1 January 2016 960,665-42,360 (1,227,586) (41) (224,602) Shares issued on acquisition of accounting subsidiary 18,029,936 - - - - 18,029,936 Issue of shares 3,675,731 - - - - 3,675,731 Share issue costs (424,676) - - - - (424,676) Issue of options and warrants - 359,253 - - - 359,253 Loss for the year - - - (20,473,566) - (20,473,566) Other comprehensive income - - - - 279,915 279,915 Total comprehensive loss - - - (20,473,566) 279,915 (20,193,651) Balance at 30 June 2016 22,241,656 359,253 42,360 (21,701,152) 279,874 1,221,991 Issue of shares 685,799 - - - - 685,799 Issue of warrants - 12,784 - - - 12,784 Loss for the year - - - (1,835,472) - (1,835,472) Other comprehensive income - - - - 746 746 Total comprehensive loss - - - (1,835,472) 746 (1,834,726) Balance at 30 June 2017 22,927,455 372,037 42,360 (23,536,624) 280,620 85,848 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. 7
CONSOLIDATED STATEMENT OF CASH FLOWS 12 months to 30 June 2017 6 months to 30 June 2016 CASH FLOWS RELATING TO OPERATING ACTIVITIES Receipt from customers 708,321 778,941 Payment to suppliers and employees (2,553,265) (3,713,275) Interest paid (787) (409) Interest received 4,022 12,124 Income tax paid - (6,595) Total cash used in operating activities (1,841,709) (2,929,214) CASH FLOWS RELATING TO INVESTING ACTIVITIES Purchase of plant and equipment (6,181) (5,883) Purchase of intangible assets (72,229) - Repayment of finance lease (10,205) (5,047) Net cash acquired on reverse acquisition - 1,993,264 Total cash (used in)/from investing activities (88,615) 1,982,334 CASH FLOWS RELATING TO FINANCING ACTIVITIES Proceeds from issue of shares, net of costs 698,583 2,734,141 Loan from director 52,777 - Total cash from financing activities 751,360 2,734,141 Net (decrease)/increase in cash and cash equivalent (1,178,964) 1,787,261 Cash and cash equivalent at beginning of financial year 1,772,539 25,215 Effect of foreign exchange rate on the balance of cash held in foreign currencies 8,222 (39,937) Cash and cash equivalent at end of financial year 601,797 1,772,539 The above Statement of Cash Flows should be read in conjunction with the accompanying notes. 8
Notes to the Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION This preliminary final report has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E. The accounting policies have been consistently applied by the entity and are consistent with those disclosed in 30 June 2016 annual financial report of unless otherwise stated. REVERSE ACQUISITION ACCOUNTING On 6th November 2015, issued a Prospectus for the offer of up to 35 million shares at a price of $0.10 per Share to raise up to $3,500,000. Included in the prospectus was a proposal for to acquire all the shares of Invitrocue Pte Limited subject to certain conditions. On 14 January 2016, Invitrocue Limited acquired all the shares of Invitrocue Pte Limited by means of a scrip offer of 227,941,637 shares as consideration. Although is the legal acquirer of Invitrocue Pte Limited, is deemed not to meet the definition of a business under AASB 3: Business Combinations. Consequently, AASB 3 does not apply to this transaction. However, an acquirer still needs to be identified. Based on the facts and circumstances, the acquirer is deemed to be Invitrocue Pte Limited and the transaction is treated as a reverse takeover. Invitrocue Pte Limited therefore becomes the Accounting acquirer and parent and is the Accounting acquiree and subsidiary. Because this transaction is not deemed to be within the scope of AASB 3, the transaction is considered to be a share based payment and has been accounted for in accordance with AASB 2: Share Based Payments. Refer Note 7 for further details. FOREIGN CURRENCY The financial statements of the each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the financial statements, the results and financial position of the entity are expressed in Singapore dollars, which is the functional currency of Invitrocue Pte Limited (the accounting parent), and the presentation currency for the financial statements. The functional currency of (the accounting subsidiary) is Australian dollars. In preparing the financial statements of each individual group entity, transactions in currencies other than the entity s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Nonmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Nonmonetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for: exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; AASB139.72 exchange differences on transactions entered into in order to hedge certain foreign currency risks; and AASB121.15 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items. 9
Notes to the Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) FOREIGN CURRENCY (Continued) For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group s foreign operations are translated into Singapore dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate). COMPARATIVES During 2016, Invitrocue Pte Ltd changed its financial year end to 30 June to be congruent with that of the legal parent Invitrocue Ltd. The comparative information presented in these financial statements are for the 6 month period ended 30 June 2016. NOTE 2: TRADE AND OTHER RECEIVABLES 2017 2016 CURRENT Trade receivables 125,613 27,985 Other receivables 165,930 104,736 Deposits 21,306 17,106 Prepayments 31,660 6,671 344,509 156,498 NOTE 3: INTANGIBLE ASSETS License Development Total Cost Cost At 31 December 2015 54,164-54,164 Additions - - - At 30 June 2016 54,164-54,164 Additions 10,000 102,695 112,695 At 30 June 2017 64,164 102,695 166,859 Accumulated depreciation At 31 December 2015 16,102-16,102 Amortisation 4,062-4,062 At 30 June 2016 20,164-20,164 Amortisation 4,865-4,865 At 30 June 2017 25,029-25,029 Carrying amount At 30 June 2017 39,135 102,695 141,830 At 30 June 2016 34,000-34,000 10
Notes to the Financial Statements NOTE 4: PLANT AND EQUIPMENT Computers Leasehold Office Tools and TOTAL Improvements equipment equipment Cost At 31 December 2015 12,113 212,616 32,873 60,681 318,283 Additions 4,247-418 1,216 5,881 At 30 June 2016 16,360 212,616 33,291 61,897 324,164 Additions 3,580-1,818 783 6,181 At 30 June 2017 19,940 212,616 35,109 62,680 330,345 Accumulated depreciation At 31 December 2015 5,730 29,980 3,391 3,034 42,135 Depreciation 2,421 35,300 4,843 6,068 48,632 At 30 June 2016 8,151 65,280 8,234 9,102 90,767 Depreciation 4,094 70,601 10,088 12,467 97,250 At 30 June 2017 12,245 135,881 18,322 21,569 188,017 Carrying amount At 30 June 2017 7,695 76,735 16,787 41,111 142,328 At 30 June 2016 8,209 147,336 25,057 52,795 233,397 NOTE 5: TRADE AND OTHER PAYABLES 2017 2016 CURRENT Trade payables 174,895 236,253 Other payables 234,887 39,946 409,782 276,199 NOTE 6: FINANCE LEASES 2017 2017 Minimum lease payment Within 1 year 1,700 10,914 2 to 5 years - 1,819 1,700 12,733 Less: future finance charges (127) (955) Present value of minimum lease payments 1,573 11,778 Repayable as follows: Current liabilities within 1 year 1,573 10,095 Non-current liabilities 2 to 5 years - 1,683 1,573 11,778 11
Notes to the Financial Statements NOTE 7: SHARE CAPITAL 2017 2016 Issued and fully paid ordinary shares 22,927,455 22,241,656 Number of shares Movements in ordinary shares At 1 January 2016 13,786 960,665 Reverse acquisition adjustments: - Shares issued by accounting subsidiary (Invitrocue Ltd) on requotation 31,478,000 3,158,817 - Convertible notes issued by accounting subsidiary (Invitrocue Ltd) converted to shares* 5,000,000 516,914 - Deemed shares issued by accounting parent (Invitrocue Pte Ltd) to acquire accounting subsidiary (Invitrocue Ltd) 179,669,416 18,029,936 - Share issue costs - (424,676) - Shares issued to shareholders of accounting subsidiary () to acquire the accounting parent (Invitrocue Pte Ltd) 227,927,851 - At 30 June 2016 444,089,053 22,241,656 Share placements during the year ordinary shares 8,563,583 685,799 At 30 June 2017 452,652,636 22,927,455 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. 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. NOTE 8: EARNINGS PER SHARE 2017 2016 (a) Reconciliation of Earnings to Net Loss Net loss (1,835,472) (20,473,566) Earnings used in the calculation of basic EPS (1,835,472) (20,473,566) Earnings used in the calculation of dilutive EPS (1,835,472) (20,473,566) Number Number Weighted average number of ordinary shares outstanding during the year used in calculation of earnings per share and diluted earnings per share. 444,112,515 300,847,797 (b) The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purposes of diluted earnings per share: Weighted average number of warrants and options 11,005,637 5,063,014 12
Notes to the Financial Statements NOTE 9: SEGMENT INFORMATION The directors have considered the requirements of AASB 8 Operating Segments and the internal reports that are received by the Board in allocating resources and have concluded at this time that there are no separately identifiable segments. NOTE 10: COMPANY DETAILS The registered office of is Level 2, 350 Kent Street, Sydney, NSW 2000, Australia. 13