Announcement PDF ASX Announcement 20 March 2023 HALF-YEAR FINANCIAL REPORT – UPDATE Parkway Corporate Limited (“Parkway” or the “Company”) (ASX: PWN) provides an updated version of the Half-Year Financial Report. The updated Half-Year Financial Report, incorporates the following minor changes: § In the Results of Operations (page 7), a spelling mistake has been corrected; § In Note 4 (page 16), the revenue associated with the “Industrial water related solutions” at 31 Dec 2022 was incorrectly stated as $834,923, instead of $1,377,097. The total revenue of $1,702,233 remains unchanged; and § In Note 7 (page 17), the goodwill associated with Multi-Wet at 31 December 2021 was incorrectly stated as $1,275,780, instead of $300,407. The closing balance of this goodwill remains unchanged from the Half-Year Financial Report released earlier today. The Company confirms that no further changes have been made to the Half-Year Financial Report. In discussions with the Auditor, the Auditor’s Independence Declaration and opinion remain unchanged from the Half Year Financial Report released earlier today, as no material changes have been made to the updated Half Year Financial Report, other than the minor spelling and transposition corrections outlined above. The Company expects its securities to resume trading on the ASX, at the commencement of trading on 21 March 2023. The release of this announcement has been approved by Parkway’s Group Managing Director & CEO, Bahay Ozcakmak. ADDITIONAL INFORMATION For further information or investor enquiries, please contact: Bahay Ozcakmak General Enquiries Group Managing Director & CEO 1300 7275929 solutions@pwnps.com 1300 PARKWAY FORWARD-LOOKING STATEMENTS This announcement may contain certain “forward-looking statements”. The words “continue”, “expect”, “forecast”, “potential” and other similar expressions are intended to identify “forward-looking statements”. Indications of (and any guidance on) future earnings, financial position, capex requirements and performance are also “forward-looking statements”, as are statements regarding internal management estimates and assessments of market outlook. Where Parkway expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, “forward-looking statements” are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Parkway, its officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. There are usually differences between forecast and actual results, because events and actual circumstances frequently do not occur as forecast and their differences may be material. Parkway does not undertake any obligation to publicly release any revisions to any "forward-looking statements" to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under the applicable securities laws. ABOUT PARKWAY CORPORATE LIMITED Parkway Corporate Limited is an Australian cleantech company focused on developing and implementing, industrial-scale innovative water treatment solutions. Parkway is listed on the Australian Securities Exchange (ASX: PWN) and is emerging as an innovative player in water related sustainability solutions. With significant inhouse technical expertise and established partnerships, Parkway is well-placed to deliver the next generation of wastewater treatment plants, incorporating the company’s portfolio of world-class technologies. Parkway operates through three (3) core business units, comprising: • Parkway Process Solutions (PPS) – Parkway’s primary operating division and an emerging provider of industrial water treatment products, services, solutions and associated technology to customers throughout Australia. PPS has recently established commercial relationships with key water industry participants, including globally recognised OEMs; • Parkway Process Technologies (PPT) – Parkway’s technology development, acquisition, and commercialisation division. PPT owns a portfolio of industrial wastewater treatment technologies, including the patented aMES® and iBC® process technologies. PPT has global aspirations and is supported by a network of strategic partners, including global engineering company Worley; and • Parkway Ventures (PV) – holds a portfolio of project equity and royalty interests, including interests relating to Parkway’s Karinga Lakes Potash Project in the Northern Territory of Australia. Additional information regarding Parkway, including an overview of the corporate structure of Parkway and the companies in its corporate group, can be found at: www.pwnps.com/pages/about-us. SOCIAL MEDIA & EMAIL ALERTS Parkway is committed to communicating with the investment community through all available channels. Whilst the ASX announcements platform remains the most appropriate channel for market-sensitive news about Parkway, investors and other interested parties are also encouraged to: www. • follow Parkway on LinkedIn, Twitter, Facebook and YouTube; and • subscribe for our email alert service, Parkway News Alerts, on our website (www.pwnps.com). pwnps.com 20 MARCH 2022 | ASX ANNOUNCEMENT | 2 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 Half-Year Financial Report 31 December 2022 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 TABLE OF CONTENTS Corporate Directory ................................................................................................................................ 2 Directors’ Report .................................................................................................................................... 3 Consolidated Statement of Comprehensive Income .............................................................................. 9 Consolidated Statement of Financial Position ......................................................................................10 Consolidated Statement of Changes in Equity .....................................................................................11 Consolidated Statement of Cash Flows ................................................................................................13 Condensed Notes to the Financial Statements ....................................................................................14 Directors’ Declaration ...........................................................................................................................23 1 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 CORPORATE DIRECTORY Directors Bahay Ozcakmak Stephen van der Sluys Penelope Creswell Ayten Saridas Company Secretary Amanda Wilton-Heald Registered and Principal Office Warehouse 5, 45 Bunnett Street Sunshine North VIC 3020 AUSTRALIA Telephone 03 9069 3200 Website www.parkway-corp.com Email ir@pwnps.com Share Registry Advanced Share Registry 110 Stirling Highway Nedlands WA 6009 AUSTRALIA Telephone (+61 8) 9389 8033 Facsimile (+61 8) 9389 7871 Auditor Nexia Perth Audit Services Pty Ltd 3/88 William St Perth WA 6000 Telephone (+61 8) 9463 2463 Email: info@nexiaperth.com.au Stock Exchange Listing Parkway Corporate Limited shares are listed on the Australian Securities Exchange (ASX: PWN). 2 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT The Directors submit their report on Parkway Corporate Limited (the “Company”) and the entities it controls (“Consolidated Entity” or “Group”) for the half-year ended 31 December 2022. Directors The names of the Company’s Directors in office during the half-year and until the date of this report are set out below. Directors were in office for the entire period unless otherwise stated. Stephen van der Sluys (Non-executive Chairman) - appointed Chariman 19 September 2022 & appointed Nonexecutive Director 31 August 2022 Bahay Ozcakmak (Group Managing Director & CEO) Penelope Creswell (Non-executive Director) Ayten Saridas (Non-executive Director) - appointed 12 October 2022 Adrian Griffin (Non-executive Chairman) - resigned 19 September 2022 Alexander Cook (Executive Director & Joint Company Secretary) - resigned 26 September 2022 Names, experience and special responsibilities Stephen van der Sluys – Non-Executive Chairman (appointed 19 September 2022) Mr van der Sluys is a highly credentialed investment banker and business executive, with extensive international experience in capital markets and strategic transactions, including mergers & acquisitions. Mr van der Sluys has held a number of senior investment banking roles (predominantly in Australia and the United States of America), including with Citibank, JP Morgan Chase & Co, Bank of New Zealand and as CEO of CIBC Wood Gundy Australia. In addition to his investment banking experience, Mr van der Sluys has also held various senior executive roles, at a range of large companies which operate in the mining and resources industry, including as executive director of Queensland Nickel at the time during which the company successfully listed as an ASX100 company. More recently, Mr van der Sluys has assisted a number of junior resources companies achieve corporate success. In particular, Mr van der Sluys was executive chairman and subsequently managing director of Jervois Mining Limited (now Jervois Global Limited, ASX: JRV), having played a pivotal role in a successful transformation of the company. Other listed company directorships during the last 3 years: None Bahay Ozcakmak - Group Managing Director & CEO Mr Bahay Ozcakmak is the founder of Activated Water Technologies Pty Ltd and the CEO of its parent company, Consolidated Potash Corporation Ltd. In addition to two decades of successful technology commercialisation experience, Mr Ozcakmak has extensive corporate development expertise, including M&A in the energy and mining sectors, where he has led the successful acquisition of several flagship projects and major corporate transactions, particularly with listed companies. 3 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT Bahay Ozcakmak - Group Managing Director & CEO (continued) Mr Ozcakmak has broad corporate experience ranging from corporate strategy development through to CEO and director level roles in the energy and mining sectors. Recent experience with resources companies have focused on gold, copper, nickel, cobalt, lithium, potash and uranium projects. Mr Ozcakmak has held directorships with several private and public companies in Australia, Europe and North America and is currently a director of several private companies. Other listed company directorships during the last 3 years: TSX Venture exchange listed: Lions Bay Capital Inc. (Director May 2018 – October 2019), Fidelity Minerals Corp. (Director June 2019 – March 2021). Penelope Creswell - Non-executive Director Ms Creswell is a highly experienced lawyer, with more than 25 years of professional experience, including 10 years at Allens (one of Australia’s most prestigious top-tier law firms) and most recently 7 years as the leading in-house legal counsel for all planning and environmental legal matters at Cleanaway Waste Management Limited (ASX:CWY), Australia’s largest waste management company. Ms Creswell also brings 4 years of experience at the Northern Land Council in the Northern Territory, as well as experience as a secondee General Counsel at Melbourne Water, to her role with the Company. While her professional career has spanned diverse areas of law, her key focus over the last 15 years has been infrastructure projects, planning and environmental law, including in the waste and water sectors. Other listed company directorships during the last 3 years: None. Ayten Saridas - Non-executive Director (appointed 12 October 2022) Ms Saridas is a results-driven finance executive with over 30 years of international experience across a broad range of industries including in oil and gas, mining, retail, infrastructure, property, and financial services. Ms Saridas is a proven leader with an established reputation in the financial markets, with a solid track record in the investment community and brings commercial acumen and strength in strategic thinking and delivering solutions for complex financial situations. Ms Saridas has until recently held CFO and executive roles with Coronado Global Resources, Santos Ltd, AWE Limited and Woolworths amongst other ASX listed companies. Ms Saridas’s core strengths include working with companies to develop disciplined capital allocation strategies, drive growth through strategic positioning and execution of business plans to deliver sustainable profits. Ms Saridas has led the development of corporate strategy, M&A and IPO transactions, corporate defence and multibillion dollar capital raisings in support of these achievements. Other listed company directorships during the last 3 years: Australian Pacific Coal Ltd (Director November 2022 – Present) 4 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT Adrian Griffin - Non-Executive Chairman (resigned 19 September 2022) Adrian Griffin, an Australian-trained mining professional, has had exposure to metal mining and processing worldwide during a career spanning more than three decades. A pioneer of the lateritic nickel processing industry, he has helped develop extraction technologies for a range of minerals over the years. Today, Adrian specialises in mine management and production. He was a founding director and executive of Washington Resources Limited and also a founding director of Empire Resources Limited and Ferrum Crescent Limited. Mr Griffin was also a founding director of ASX-listed Northern Minerals Limited and Reedy Lagoon Corporation Limited, was also previously the managing director of ASX-listed Lithium Australia NL. Other listed company directorships during the last 3 years: Northern Minerals Ltd (Director June 2006 – November 2020), Lithium Australia NL (Director February 2011 – May 2022), Reedy Lagoon Corporation Limited (Director June 2014 – Present) and Charger Metals NL (May 2022 – present). Alexander Cook - Executive Director & Joint Company Secretary (resigned 26 September 2022) Mr Alexander Cook is an experienced commercial lawyer, with both top tier law firm and in-house legal experience. Alexander started his legal career at King & Wood Mallesons and since that time has held various senior in-house legal roles at ASX-listed companies in the mining & resources and industrial services industries. Alexander was first admitted to practice as a Solicitor of the Supreme Court of Victoria and High Court of Australia on 14 October 2014. Mr Cook was appointed General Counsel of Parkway on 5 July 2021. Mr Cook was separately appointed Joint Company Secretary and Executive Director of Parkway on 26 October 2021. Other listed company directorships during the last 3 years: None. Company Secretary Amanda Wilton-Heald Amanda is a Chartered Accountant with over 20 years of accounting, auditing (of both listed and non-listed companies) and company secretarial experience within Australia and the UK. Amanda has been involved in the listing of junior explorer companies on the ASX and has experience in corporate advisory and company secretarial services. 5 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT RESULTS OF OPERATIONS The net loss of the Group for the half year to 31 December 2022 is $1,310,654 (2021: loss of $1,331,965). During the period, the Group continued to make progress towards its mission of building a leading industrial water treatment technology company. The Group primarily operates, through two core divisions: • The process technology division – Parkway Process Technologies (PPT), and the • Conventional water treatment division – Parkway Process Solution (PPS). Through PPT, the Group continued to make significant progress in leveraging its proprietary process technology platform to support existing and emerging business development initiatives. During the reporting period, the Group continued to engage with a range of existing and prospective clients requiring industrial process expertise, particularly in processing concentrated wastes, including brines, from a diverse range of industrial-scale operations. Recent evaluations by the Group continue to provide encouragement that in addition to achieving significant wastewater volume reductions, the application of the Group’s proprietary technologies, including the iBC® technology are likely to be able to achieve a highly desirable zero-liquid discharge (ZLD) solution for certain applications. The advantages of a ZLD approach, incorporating an iBC® based processing route, also has the potential to create a valuable revenue stream, through the sale of industrial chemicals, particularly sodium hydroxide. Following recent agreements involving the iBC® technology with global engineering company Worley and a major global energy company, the Group is also exploring several large-scale and high-value applications of the iBC® technology with a range of other industrial companies. During the period Parkway provided services to Shell in Australia. As a result of ongoing process development activities, the Group recently announced it had achieved a breakthrough in relation to the treatment of concentrated coal seam gas (CSG) derived brines, through a proprietary iBC® based flowsheet. These highly encouraging results were initially achieved at an experimental scale, and later validated at bench scale on larger concentrated brine samples. Following confirmation that the bench scale testing had achieved all key process parameters, testing of the flowsheet was subsequently scaledup further in a recently commissioned large scale iBC® pilot plant, where bulk brine samples were tested. The large scale iBC® piloting provides further confidence that the proprietary iBC® based flowsheets developed by the Group, are capable of being scaled-up and successfully operated at an industrial scale. By leveraging the process engineering capabilities of the Group, PPT has also been able to develop innovative applications of additional water treatment processes, to achieve improvements in the processing and treatment of challenging industrial wastewater streams. In addition, the Group continues to develop new technologies as well as identify additional applications for its portfolio of proprietary process technologies, to solve high-value problems facing industry. More broadly, the Group continues to perform a range of evaluations to demonstrate the substantial operational, financial and sustainability advantages of the technology portfolio, incorporating both core and third-party technologies. During the period the Group also explored strategic opportunities for collaboration with a major global engineering company, with a focus on sustainable production of battery materials, by leveraging Parkway’s core capabilities in process development, optimisation and validation. 6 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT RESULTS OF OPERATIONS (continued) In parallel with advancing the commercialisation of its portfolio of innovative technologies, the Group continued to strategically expand the operations of PPS, by pursuing a range of commercial opportunities relating to industrial water and wastewater treatment, predominantly in Australia. In addition to generating sales through the provision of conventional water and wastewater treatment solutions, PPS is increasingly supporting the commercialisation of Parkway’s next-generation technology portfolio, including the delivery of highly differentiated integrated water treatment and industrial process solutions. During the reporting period, PPS continued to improve its market penetration by securing new business from a diverse range of clients, for the provision of industrial water treatment related products, services and solutions. Through PPS, the Group continued to grow its client base, which includes large mining and energy companies, a diverse range of industrial companies, as well as engineering services, government, and municipal clients, amongst others. During the reporting period, the Group continued to focus on strategically important projects, particularly technology focused, with less focus on short-term revenue generation. Importantly, the growing inhouse product development capabilities, are increasingly assisting the Group, in designing modular water treatment (and related process) plants, incorporating technologies being commercialised by PPT. In addition to the industrial water treatment related activities, the Group also holds an equity interest in the Karinga Lakes Potash Project (KLPP), in the Northern Territory of Australia. As a result of various access related challenges, during the period, no substantive mining exploration activities occurred in relation to this project. Events subsequent to reporting date Subsequent to the reporting date, the Parkway Integrated Management System (PIMS), was assessed (on the 1st year anniversary since initial certification) by an external ISO auditor, which provided a positive assessment and recommended the ongoing certification of the PIMS. The ordinary operations of the Group continue to progress well, with year to date (CY2023-YTD) revenue generation tracking ahead of internal budget estimates, providing encouragement regarding ongoing operational performance. The previously disclosed feasibility related activities have now been completed, and currently undergoing a final review in collaboration with the client, a process that is anticipated to be finalised imminently. The Group is engaging with a range of stakeholders, to assist in the successful advancement of the project. The Group continues to invest and expand its core technology platform and capabilities, in collaboration with strategic partners, to enable the Group to provide a pathway to an integrated solution, to potentially treat the majority of Queensland CSG industry’s waste brine and salts, an opportunity the Group has previously estimated to be in the order of $300 million a year. Other than the above, there have not been any other matters that have arisen after the reporting date that have significantly affected, or may significantly affect, the operations and activities of the Group, the results of those operations or the state of affairs of the Group in future financial years other than disclosed elsewhere in this half-year report. Going Concern The financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business. The Group has reported a loss for the period of $1,310,654 (2021: $1,331,965) and a cash outflow from operating 7 PARKWAY CORPORATE LIMITED AND ITS CONTROLLED ENTITIES ABN 62 147 346 334 DIRECTORS’ REPORT Going Concern (continued) activities of $1,447,173 (2021:$1,347,996). At the end of the half year, the Group had $2,290,835 (30 June 2022: $4,003,404) in cash and cash equivalents and a working capital surplus of $3,092,126 (30 June 2022: $4,290,727). The Directors also manage discretionary expenditure in line with the Group’s cash flow and are confident that there are sufficient funds to meet the Group’s working capital and funding requirements for a minimum of 12 months from the date of this report. The Directors consider the going concern basis of preparation to be appropriate based on forecast cash flows. AUDITORS’ INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act is set out on page 24. Signed in accordance with a resolution of the Directors __________________________________ Bahay Ozcakmak Group Managing Director & CEO Melbourne, 20 March 2023 8 PARKWAY CORPORATE LIMITED ABN 62 147 346 334 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2022 Note Half-year ended 31 December 2022 $ Half-year ended 31 December 2021 $ 4 8,606 1,702,233 108,182 347 1,362,634 1,710,838 1,471,163 3,945 636,771 309,534 208,138 5,965 67,522 5,290 300,407 1,483,921 1,670 639,905 492,046 118,664 112,643 74,190 10,152 52,241 100,000 1,201,617 (1,310,654) (1,331,965) - - (1,310,654) (1,331,965) OTHER COMPREHENSIVE INCOME Items that may be subsequently reclassified to profit or loss: - Income tax on items that may be reclassified to profit or loss Equity accounted investments – Share of other comprehensive income - - TOTAL OTHER COMPREHENSIVE (LOSS)/INCOME - - (1,310,654) (1,331,965) (0.06) (0.06) INCOME FROM CONTINUING ACTIVITIES Other income Interest Sales revenue TOTAL INCOME EXPENSES FROM CONTINUING ACTIVITIES Loss from the disposal of depreciated assets Cost of goods sold Administration Depreciation Equity based payments Exploration Research and Development Legal Occupancy Impairment loss on goodwill Remuneration (excluding equity based payments) 11 (LOSS)/PROFIT BEFORE INCOME TAX Income tax expense NET (LOSS)/PROFIT FOR THE PERIOD TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD Basic and diluted loss per share (cents per share) 3 The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 9 PARKWAY CORPORATE LIMITED ABN 62 147 346 334 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 CURRENT ASSETS Cash and cash equivalents Trade and other receivables Other assets Inventory Total Current Assets NON CURRENT ASSETS Trade and other receivables Intangible assets Plant and equipment Right of use assets Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Provisions Lease Liability Deferred payment Total Current Liabilities NON CURRENT LIABILITIES Lease liabilities Total Non-Current Liabilities TOTAL LIABILITIES Note 6 6 7 10 8 9 NET ASSETS 31-Dec-22 $ 30-Jun-22 $ 2,290,835 363,174 139,678 1,563,806 4,357,493 4,003,404 615,266 89,652 1,518,088 6,226,410 76,097 4,624,426 230,326 2,886,240 7,817,089 12,174,582 89,847 4,899,486 265,305 1,192,095 6,446,733 12,673,143 580,119 207,551 347,698 130,000 1,265,368 1,121,749 185,888 173,046 455,000 1,935,683 2,527,152 2,527,152 3,792,520 1,044,944 1,044,944 2,980,627 8,382,062 9,692,516 35,475,644 1,178,047 (28,271,629) 8,382,062 35,475,444 1,178,047 (26,960,975) 9,692,516 EQUITY Issued capital Reserves Accumulated losses TOTAL EQUITY 11 The consolidated statement of financial position should be read in conjunction with the accompanying notes. 10 PARKWAY CORPORATE LIMITED ABN 62 147 346 334 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2022 Balance at 1 July 2022 Loss for the period Other comprehensive income: Equity accounted investments – share of other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners: Shares issued Share issued transaction costs Share-based payments (Note 11) Balance as at 31 December 2022 Issued Capital $ 35,475,444 Accumulated Losses $ (26,960,975) Share and Option Based Payment Reserve $ 1,178,047 - (1,310,654) - Partly Paid Shares Reserve $ AFS Reserve $ - - Total $ 9,692,516 - - - (1,310,654) - - - - - - (1,310,654) - - - (1,310,654) 200 - - - - - 200 - 35,475,644 (28,271,629) 1,178,047 - - 8,382,062 The consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 11 PARKWAY CORPORATE LIMITED ABN 62 147 346 334 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2021 Balance at 1 July 2021 Loss for the period Other comprehensive income: Equity accounted investments – share of other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners: Shares issued Share issued transaction costs Share-based payments (Note 11) Balance as at 31 December 2021 Issued Capital $ 35,383,574 Accumulated Losses $ (25,665,525) Share and Option Based Payment Reserve $ 990,493 AFS Reserve $ 1,036,746 Partly Paid Shares Reserve $ 123,300 Total $ 11,868,588 - (1,331,965) - - - (1,331,965) - - - - - - - (1,331,965) - - - (1,331,965) 12,713 98,389 - 123,300 64,254 - (123,300) - 12,713 162,643 35,494,676 (26,997,490) 1,178,047 1,036,746 - 10,711,979 The consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 12 PARKWAY CORPORATE LIMITED ABN 62 147 346 334 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022 Half-year ended 31-Dec-22 $ Half-year ended 31-Dec-21 $ OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received 2,124,548 (3,580,326) 8,606 525,707 (1,874,003) 300 NET CASH FLOWS USED IN OPERATING ACTIVITIES (1,447,173) (1,347,996) INVESTING ACTIVITIES Proceeds from sale of fixed asset Purchase of plant and equipment Payment to acquire Mawpump 2,413 (10,449) (257,560) 8,182 (54,683) (1,228,423) NET CASH USED IN INVESTING ACTIVITIES (265,596) (1,274,924) FINANCING ACTIVITIES Proceeds from issue of shares Share issue costs 200 - 12,713 - NET CASH FLOWS FROM FINANCING ACTIVITIES 200 12,713 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS C