Optiscan Imaging : 2020–2021 Annual Report (1 MB)
OIL.AX
Optiscan Imaging Limited
Appendix 4E
Preliminary final report
1. Company details
Name of entity:
Optiscan Imaging Limited
ABN:
81 077 771 987
Reporting period:
For the year ended 30 June 2021
Previous period:
For the year ended 30 June 2020
2. Results for announcement to the market
$
Revenues from ordinary activities
down
25.3%
to
889,526
Loss from ordinary activities after tax attributable to the owners of
Optiscan Imaging Limited
up
20.5%
to
(2,126,695)
Loss for the year attributable to the owners of Optiscan Imaging Limited up
20.5%
to
(2,126,695)
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the consolidated entity after providing for income tax amounted to $2,126,695 (30 June 2020: $1,765,353).
Financial performance
During the financial year ending 30 June 2021 (FY21), the consolidated entity generated ordinary revenue of $889,526 from sales, system rentals and the provision of services (2020: $1,190,712) and other income of $1,651,928 (2020: $785,714).
Other income comprised $511,979 received from the BioMedtech Horizons Program which forms part of the Federal Government's Medical Research Future Fund to support the Oral Cancer Study at the University of Melbourne, Melbourne Dental School (MDS Oral Cancer Trial). The consolidated entity also recorded research and development incentive income of $847,324, an increase of $146,082 from the previous corresponding period (2020: $701,242).
Total expenses for FY21 increased to $4,668,149, an increase of $926,370 from the corresponding period (2020: $3,741,779). These expenses include those relating to the cost of the MDS Oral Cancer Trial; preparations for the application to the United States Food & Drug Administration (FDA) to market the InVivage® device for sale in the United States (US based consultants and local and overseas contract testing agencies); and five (5) additional employees and contractors recruited and engaged during FY21 as the company increased its resources in production, quality assurance and human resources.
The net operating cash outflow for FY21 was $2,126,309 compared to $1,396,563 for the previous financial year.
Financial Position
The net assets increased by $8,668,783 to $10,217,106 at 30 June 2021 (30 June 2020: $1,548,323). The working capital position of the consolidated entity at 30 June 2021 was an excess of current assets over current liabilities of $9,995,498 (30 June 2020: $1,264,761).
The increase in the net asset position of the consolidated entity was primarily as a result of the capital raising completed by the Company during the financial year amounting to $9,813,499 before costs.
Optiscan Imaging Limited
Appendix 4E
Preliminary final report
3. Net tangible assets
Reporting
Previous
period
period
Cents
Cents
Net tangible assets per ordinary security
1.67
0.34
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
Optiscan Imaging Limited
Appendix 4E
Preliminary final report
11. Attachments
Details of attachments (if any):
The Annual Report of Optiscan Imaging Limited for the year ended 30 June 2021 is attached.
12. Signed
Signed ___________________________
Date: 30 August 2021
Robert Cooke
Non-executive Chairman
Optiscan Imaging Limited
ABN 81 077 771 987
Annual Report - 30 June 2021
Optiscan Imaging Limited
Contents
30 June 2021
Corporate directory
2
Chairman's Letter
3
Directors' report
5
Auditor's independence declaration
22
Statement of profit or loss and other comprehensive income
23
Statement of financial position
24
Statement of changes in equity
25
Statement of cash flows
26
Notes to the financial statements
27
Directors' declaration
52
Independent auditor's report to the members of Optiscan Imaging Limited
53
Shareholder information
56
1
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Disclaimer
Optiscan Imaging Limited published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 02:41:06 UTC.