Annual Report 2022 27 Consolidated Note 2022 $ 2021 $ Cash flows from operating activities Receipts from customers 36,000 16,000 Payments to suppliers and employees (19,694,617) (13,623,156) Interest received 60,181 122,464 Receipt from R&D tax rebate 5,864,838 4,642,251 Receipts from Government Grants 25,000 - (13,708,598) (8,842,441) Interest and other finance costs paid (24,929) (8,000) Net cash used in operating activities 24 (13,733,527) (8,850,441) Cash flows from investing activities Proceeds from short term loan Nyrada Inc. - 225,232 Net cash from investing activities - 225,232 Cash flows from financing activities Proceeds from the issue of shares 12 - 30,097,660 Proceeds from the exercise of options 12 1,204,868 - Lease Payments - building (229,143) (244,821) Share issue transaction costs - (1,528,350) Net cash from financing activities 975,725 28,324,489 Net increase/(decrease) in cash and cash equivalents (12,757,802) 19,699,280 Cash and cash equivalents at the beginning of the financial year 26,795,785 7,100,202 Effects of exchange rate changes on cash and cash equivalents (27,315) (3,697) Cash and cash equivalents at the end of the financial year 7 14,010,668 26,795,785 Statement of Cash Flows
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