Simavita Limited Annual Report 2020

Annual Report 2020 53 Independent Auditor’s Report for the year ended June 30, 2020 PricewaterhouseCoopers, ABN 52 780 433 757 One International Towers Sydney, Watermans Quay, Barangaroo, GPO BOX 2650, SYDNEY NSW 2001 T: +61 2 8266 0000 , F: +61 2 8266 9999 , Level 11, 1PSQ, 169 Macquarie Street, Parramatta NSW 2150, PO Box 1155 Parramatta NSW 2124 T: +61 2 9659 2476 , F: +61 2 8266 9999, Liability limited by a scheme approved under Professional Standards Legislation. Independent auditor’s report To the members of Simavita Limited Our opinion In our opinion the accompanying financial report presents fairly, in all material respects, the financial position of Simavita Limited (the Company) and its controlled entities (together the Group) as at June 30, 2020 and its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards. What we have audited The Group financial report comprises: ● the consolidated statement of financial position as at June 30, 2020 ● the consolidated statement of comprehensive loss for the year then ended ● the consolidated statement of changes in equity for the year then ended ● the consolidated statement of cash flows for the year then ended ● the notes to the consolidated financial statements, which include a summary of significant accounting policies ● the director’s declaration. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Material uncertainty related to going concern We draw attention to Note 2(a) in the financial report, which indicates that the Group has incurred a loss before tax of $4,066,402 for the year ended June 30, 2020, net cash flows used in operations during the same period of $3,539,952 and was in a net current liabilities position as at June 30, 2020 of $3,495,370. As a result, the continuing viability of the Group is dependent upon successfully completing the $650,000 subscription by November 30, 2020, raising additional funds as may be necessary to enable the Group to fund its on-going operations and completing a substantive agreement with one or more commercialisation partners.