Quantify Technology Pty LtdABN 62152 384 97,,1

Annual Report - 30 June 2014

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Quantify Technology Pty LtdDirectors' report30 June 2014

The directors present their report, together with the financial statements, on the

DirectorsThe following person was a director of the company during the whole of theunless otherwise stated:

Mark Lapins

Principal activitiesDuring the financial year the company did not undertake any activities.

DividendsThere were no dividends paid, recommended or declared during the current or

Review of operationsThe loss for the company after providing for income tax amounted to $0.

Significant changes in the state of affairsThere were no significant changes in the state of affairs of the company during the

Maffers subsequent to the end of the financial yearThere were no matters subsequent to the end of the financial year.

Likely developments and expected results of operationsThis ieport was prepared retrospectively and as such developments in subsequent

respective report.

Environmental regulationThe company is not subject to any significant environmental regulation under

Shares under oPtionThere were no unissued ordinary shares of the company under option outstanding

Shares issued on the exercise of optionsThere were no ordinary shares of the company issued on the exercise of options

up to the date of this rePort.

tndemnity and insurance of officercDuring the financial year, the company has not paid a premium in respect of a

company.

tndemnity and insurance of auditorThe comfany has not, during or since the end of the financial year, indemnified

company or any related entity against a liability incurred by the auditor.

During the financial year, the company has not paid a premium in respect of a

or any related entitY.

Proceedings on behalf of the companyNo person has applied to the Court under section 237 oI the Corporations Act 2001

of the company, or to intervene in any proceedings to which the company ts a

on behalf of the company for all or part of those proceedings.

ended 30 June2014.

the date of this report,

covered in the periods'

or State law

date of report.

the year 30 June 2014 and

the sole director of the

the auditor of the

insure auditor of the comPanY

to proceedings on behalfof taking responsibilitY

for the

and up

the pu

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Quantify Technology Pty LtdDirectors' report30 June 2014

Auditor's independence declarationA copy of the auditor's independence declaration as required under section 307C ofthe following page.

is made in accordance with a resolution of directors, pursuant to section

of the directors

,l

Act 2001 is set out on

Corporations Act 2001.

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THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each memb er of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not i tself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

RSM Australia Partners

8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Quantify Technology Pty Ltd for the year ended 30 June 2014, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit.

RSM AUSTRALIA PARTNERS Perth, WA TUTU PHONG Dated: 3 November 2016 Partner

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Quantify Technology Pty LtdContents30 June 2014

Contents

Statement of profit or loss and other comprehensive incomeStatement of financial positionStatement of changes in equitYStatement of cash flowsNotes to the financialstatementsDirectors' declarationlndependent auditor's report to the members of Quantify Technology Pty Ltd

General information

The financial statements cover Quantify Technology Pty Ltd as an individual entity.

in Australian dollars, which is Quantify Technology Pty Ltd.'s functional and

Quantify Technology Pty Ltd is a company limited by shares,and principal place of business are:

Registered office

Level 1

4 Sarich WayBentley WA 6102

incorporated and

A description of the nature of the company's operations and its principal activities

is not part of the financial statements.

E

67I9

1415

Principal place of

Level '1

4 Sarich WayBentley WA 6102

are presented

registered office

uded in directors' report, which

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Quantify Technology Pty LtdStatement of profit or loss and other comprehensive incomeFor the year ended 30 June 2014

Revenue

Expenses

Profit I (Loss) before income tax expense

lncome tax expense

Profit / (Loss) after income tax expense for the year attributable to the ownelsof Quantify Technology Pty Ltd

Other comprehensive income for the year, net of tax

Total comprehensive Profit I (loss) for the year attributable tothe owners of Quantiff Technology Pty Ltd

Tlte above statement of profit orloss and other comprehenSive incomeaccompanying notes

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Quantify Technology Pty LtdStatement of financial positionAs at 30 June 2014

Assets

Current assetsCash and cash equivalentsTotal current assets

Non-current assetsTotal non -current assets

Totalassets

Liabilities

Current liabilitiesTotal current Iiabilities

Non-Current LiabilitiesTotal non-current liabilities

Total liabilities

Net assets

Equitylssued capitalTotalequity

The above statement of financial position should be read in conjunction

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Quantify Technology Pty LtdStatement of changes in equityFor the year ended 30 June 2014

Balance at 1 July 2013

Profit / (Loss) after income tax expense for the period

Other comprehensive income for the period, net of tax

Total comprehensive profit / (loss) for the period

Shares issued during the Year

Balance at 30 June 2014

lssuedcapital

$

Totalequity

$

1

The above statement of changes in equity should be read in

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Quantify Technology Pty LtdStatement of cash flowsFor the year ended 30 June 2014

Gash flows from operating activities

Net cash used in operating activities

Cash flows from investing activities

Net cash used in investing activities

Cash flows from financing activities

Net cash used in Financing activities

Net increase in cash and cash equivalents

cash and cash equivalents at the beginning of the financial year/period

cash and cash equivalents at the end of the financial year/period

Ttte above statement of cash ftows should be read in coniunction

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Quantify Technology Pty LtdNotes to the financialstatements30 June 2014

Note 1. Significant accounting policies

The principal accounting policies adopted in the preparation of the financial

New, revised or amending Accounting Standards and lnterpretations adoptedThe company has adopted all of the new, revised or amending AccountingAustralian Accounting Standards Board that are mandatory for the current reporting

Any new, revised or amending Accounting Standards or lnterpretations that areadopted.

Basis of preparationln the directors' opinion, the company is not a reporting entity because there arefinancial statements.

These are special purpose financial statements that have been prepared for the puAct 2001 requirements to prepare and distribute financial statements to the ownedirectors have determined that the accounting policies adopted are appropriate toTechnology Pty Ltd.

These financial statements have been prepared in accordance with the recognitionby the Australian Accounting Standards and lnterpretations issued by the Australianand the disclosure requirements of AASB 101 'Presentation of Financial Statements'AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors','lnterpretation of Standards' and AASB 1054 'Australian Additional Disclosures', as

H istorical cost conve ntionThe financial statements have been prepared under the historical cost convention.

Revenue recognitionRevenue is recognised when it is probable that the economic benefit will flow to themeasured. Revenue is measured at the fair value of the consideration received or

Sa/e of goodsSale of goods revenue is recognised at the point of sale, which is where therisks and rewards are transferred to the customer and there is a valid sales contract.of sales returns and trade discounts.

Rendering of serwbesRendering of services revenue from computer maintenance fees is recognised bycontracts.

lnterestlnterest revenue is recognised as interest accrues using the effective interestamortised cost of a financial asset and allocating the interest income over thewhich is the rate that exactly discounts estimated future cash receipts through the enet carrying amount of the financial asset.

Other revenueOther revenue is recognised when

lncome tax

it is received or when the right to receive paymer

The income tax expense or benefit for the period is the tax payable on that period'sincome tax rate for each jurisdiction, adjusted by changes in deferred taxdifferences, unused tax losses and the adjustment reeognised for prior periods,

liabilities attributable to temporary

have

issued by the

not been early

on general purpose

ng with the Corporationsfy echnology Pty Ltd. The

needs the owners of Quantify

req u irements specifiedng Board ('AASB")

of Cash Flows',1071 031 ity', AASB 1048

for -profit oriented entities.

y and revenue can be reliably

taken livery of the goods, theas revenue are net

of completion of the

his is a of calculating theusing effective interest rate,life the financial asset to the

based on the applicable

below.

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Deferred tax assets and liabilities are always classified as non-current.

Cash and cash equivalents

Trade and other receivables

Plant and equipment

Quantify Technology Pty LtdNotes to the financial statements30 June 2014

Note 1. Significant accounting policies (continued)

Current and non-current classificationAssets and liabilities are presented in the statement of financial position based on

An asset is current when: it is expected to be realised or intended to be sold orprimarily for the purpose of trading; it is expected to be realised within 12 monthscash or cash equivalent unless restricted from being exchanged or used to settle areporting period. All other assets are classified as non-current.

A liability is current when: it is expected to be settled in normal operating cycle; it isit is due to be settled within 12 months after the reporting period; or there is nothe liability for at least 12 months after the reporting period. All other liabilities are

Other receivables are recognised at amortised cost, less any provision for

Plant and equipmentPlant and equipment is stated at historical cost less accumulated deprtexpenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each(excluding land) over their expected useful lives as follows:

2-7 years

The residualvalues, useful lives and depreciation methods are reviewed, and

An item of plant and equipment is derecognised upon disposal or when there is no

Gains and losses between the carrying amount and the disposal proceeds are

and non classification

ting cycle; it is heldperiod; or the asset is

12 months after the

the purpose of trading;defer the settlement of

cost using the effectivewithin 30 days.

are writtenis when there is objective

of the receivables.or ial reorganisation and

trade receivable may beamount and the present

Cash relating to shortterm

Historical cost includes

plant and equipment

at each reporting date.

benefit to the company.

reportifor at

stitutions, other short-term, highlyrle to known amounts of cash and

Cash and cash equivalents includes cash on hand, deposits held at call withliquid investments with original maturities of three months or less that are readilywhich are subject to an insignificant risk of changes in value.

Trade receivables are initially recognised at fair value and subsequently measuinterest method, less any provision for impairment. Trade receivables are generally

Collectability of trade receivables is reviewed on an ongoing basis. Debts which to beoff by reducing the carrying amount directly. A provision for impairment of tradeevidence that the company will not be able to collect all amounts due according originalSignificant financial difficulties of the debtor, probability that the debtor will enterdefault or delinquency in payments (more than 60 days overdue) are considered i thatimpaired. The amount of the impairment allowance is the ditference between thevalue of estimated future cash flows, discounted at the original effective interestreceivables are not discounted if the effect of discounting is immaterial.

right

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Quantify Technology Pty LtdNotes to the financial statements30 June 2014

Note {. Significant accounting policies (continued)

Trade and other payablesThese amounts represent liabilities for goods and services provided to the companywhich are unpaid. Due to their shortterm nature they are measured at amortised costare unsecured and are usually paid within 30 days of recognition.

Employee benefits

Sh ortle rm e m p I oyee be n efitsLiabilities for wages and salaries, including non-monetary benefits, annual leavesettled within 12 months of the reporting date are recognised in current liabilities inreporting date and are measured at the amounts expected to be paid when the

Other long-term employee benefitsThe liability for annual leave and long service leave not expected to be settledrecognised in non-current liabilities, provided there is an unconditional right to defermeasured as the present value of expected future payments to be made in respect ofthe reporting date using the projected unit credit method. Consideration is given toexperience of employee departures and periods of service. Expected futurethe reporting date on national government bonds with terms to maturity and currencyestimated future cash outflows.

Defined contribution superannuation expenseContributions to defined contribution superannuation plans are expensed in the

Fair value measurementWhen an asset or liability, financial or non-financial, is measured at fair value forvalue is based on the price that would be received to sell an asset or paid tobetween market participants at the measurement date; and assumes that themarket; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would usethey act in their economic best interest. For non-financial assets, the fair valueuse. Valuation techniques that are appropriate in the circumstances and for whichfair value, are used, maximising the use of relevant observable inputs and

lssued capitalOrdinary shares are classified as equity.

lncremental costs directly attributable to the issue of new shares or optionsfrom the proceeds.

lntangible assetslntellectual property rights are recognised at cost of acquisition less accumulatedFor intellectual property rights not yet in use, they are tested for impairment annuallyin circumstances indicate that they might be impaired, and are carried at cost less

Expenditure during the research phase of a project is recognised as an expensecapitalised only when technical feasibility studies identify that the project is expectedthese benefits can be measured reliably.

lntangible assets have a finite useful life and are amortised on a systematic basisover the useful tife of the project following commercialisation of the assets.

Goods and Services Tax ('GST') and other similar taxesRevenues, expenses and assets are recognised net of the amount of associate{recoverable from the tax authority. ln this case it is recognised as part of the cost ofthe expense.

the end the flnancial year andare not . The amounts

leave expected to beof em services up to the

monthsof

the reporting date areliability. The liability is

by employees up tofuture and salary levels,

using market yields atmatch, closely as possible, the

are incurred.

or purposes, the fairliability an orderly transactiontake either: in the principat

the or liability, assumingis on its highest and bestdata available to measure

use of inputs.

equity a deduction, net of tax,

any impairment losses.if events or changes

losses.

Development costs areeconomic benefits and

economic benefits

the GST incurred is notof the asset or as part of

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Quantify Technology Pty LtdNotes to the financialstatements30 June 2014

Note 1. Significant accounting policies (continued)

Receivables and payables are stated inclusive of the amount of GSTrecoverable from, or payable to, the tax authority is included in otherfinancial position.

Cash flows are presented on a gross basis. The GST components of cash flowswhich are recoverable from, or payable to the tax authority, are presented as

Commitments and contingencies are disclosed net of the amount of GST

ComparativesNo comparative figures are presented as this is the first year the company presencompany was dormant until 1 February 2015 since it was incorporated on 17

When required by accounting standards, comparative figures have been adjustedthe current financial year.

New Accounting Standards and lnterpretations not yet mandatory or earlyAustralian Accounting Standards and lnterpretations that have recently beenhave not been early adopted by the company for the annual reporting period endedassessed the impact of these new or amended Accounting Standards and I

Note 2. Current assets - cash and cash equivalents

Cash at bank

Note 3. Equity - issued caPital

Ordinary shares - fully Paid

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on

proportion to the number of and amounts paid on the shares held. The fully paid <

and the company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy

each share shall have one vote.

audited2412.

net amount of GSTin the statement of

or financing activities

to, the tax authority.

I statements. The

in presentation for

are not yet mandatory,company has not yet

the company inno par value

ling upshares

and upon a poll

Ir

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Quantify Technology Pty LtdNotes to the financial statements30 June 2014

Note 4. Contingent liabilities

The company had no contingent liabilities as at 30 June2014.

Note 5. Commitments

The company had no commitments for expenditure as at 30 June 2014.

Note 6. Events after the reporting date

Since 1 July 2014 the company issued the following shares:

o issued 122,500,000 shares at $0.04 per share to Lapins Holdings Pty LtdLapins Family Trust;

. Performance shares issued to Lapins Holdings Pty Ltd- 1,000 A Class Shares issued to Lapins Holdings Pty Ltd- 1,000 B Class Shares issued to Lapins Holdings Pty Ltd

. issued 1,250,000 shares at $0.04 per share to raise a total of $50,000 for

Other than the above, the directors are not aware of any significant events sinceotherwise covered in subsequent financial years' financial reports.

for purchase of lP from

date except as

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Quantify Technology Pty LtdDirectors' declaration30 June 2014

In the directors' opinion:

o the company is not a reporting entity because there are no users dependentAccordingly, as described in Note 1 to the financial statements, the attachedbeen prepared for the purposes of complying with the Corporations Act 2001financial statements to the owners of Quantify Technology Pty Ltd;

o the attached financial statements and notes thereto comply with theas described in Note 1 to the financial statements, the Corporations Regulations I

reporting requirements;

the attached financial statements and notes thereto give a true and fair view ofJune 2014 and of its performance for the year ended on that date; and

there fre reasonable grounds to believe that the company will be able to pay

Signed in a\cordance with a resolution of directors made pursuant to section 295(5X

financial statementspurpose ncialstatements have

prepare and distribute

2001, Accounting Standardsand mandatory professional

position as at 30

when they become due

Act 2001.

On behalf

a

-)

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THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each memb er of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not i tself a separate legal entity in any jurisdiction.

RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

RSM Australia Partners

8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111

www.rsm.com.au

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

QUANTIFY TECHNOLOGY PTY LTD We have audited the accompanying financial report, being a special purpose financial report, of Quantify Technology Pty Ltd, which comprises the statement of financial position as at 30 June 2014, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory notes and the directors' declaration. Directors’ Responsibility for the Financial Report The directors of the company are responsible for the preparation of the financial report and have determined that the basis of preparation described in Note 1 to the financial statements, is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors' responsibility also includes such internal control as the directors determine is necessary to enable the preparation of a financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. F

or p

erso

nal u

se o

nly

Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Quantify Technology Pty Ltd, would be in the same terms if given to the directors as at the time of this auditor's report. Opinion In our opinion, the financial report of Quantify Technology Pty Ltd, is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company's financial position as at 30 June 2014 and of its performance for

the year ended on that date; and (b) complying with Australian Accounting Standards to the extent described in Note 1 to the financial

statements and the Corporations Regulations 2001. Basis of Accounting Without modifying our opinion, we draw attention to Note 1 to the financial statements, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose.

RSM AUSTRALIA PARTNERS

Perth, WA TUTU PHONG Dated: 7 November 2016 Partner

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