Nyrada Inc Annual Report 2020

Annual Report FY20 43 13. Equity – accumulated losses Consolidated 2020 2019 $ $ Accumulated losses at the beginning of period (6,511,406) (2,416,276) Loss after income tax expense for the year (5,773,667) (4,095,130) Accumulated losses at the end of the financial year (12,285,073) (6,511,406) 14. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial year. 15. Tax expense a) Tax expense Consolidated 2020 2019 $ $ Current Tax - - Deferred Tax - - Income Tax expense - b) Tax reconciliation Consolidated 2020 2019 $ $ Profit/ loss before tax expense (5,773,667) (4,095,130) Prima facie tax payable at 27.5% (1,587,758) (1,126,143) Non-deductable expenses 349,227 186,678 Tax effect of equity raising costs debited to equity (49,791) - Tax effect of tax losses and temporary differences not recognised 1,288,322 939,465 Benefits of tax losses not brought into account - - The Company has revenue losses of approximately $5,769,875 for which no deferred tax asset has been recognised. The Company has no franking credits currently available for future offset.