60 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS CONTINUED 30 June 2023 Note 9. Income tax benefit Consolidated 2023 2022 restated $ $ Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax benefit (20,736,272) (25,382,135) Tax at the statutory tax rate of 25% (5,184,068) (6,345,534) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Amortisation of intangibles 467,357 467,355 Share-based payments 288,868 418,645 Gain/loss on remeasurement of contingent consideration (846,924) 38,063 (5,274,767) (5,421,471) Adjustment recognised for prior periods - 16,265 Adjustment to deferred tax balances as a result of change in statutory tax rate - (113,258) Tax losses and timing differences not recognised 5,003,675 5,150,384 Income tax benefit (271,092) (368,080) Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised-Australia 120,411,687 96,519,215 Potential tax benefit @ 25% 30,102,922 24,129,804 Unused tax losses for which no deferred tax asset has been recognised-US 4,304,980 2,379,604 Potential tax benefit at statutory tax rates @ 21%-US 904,046 499,717 Note 10. Cash and cash equivalents Consolidated 2023 2022 $ $ Current assets Cash at bank and on hand 5,241,197 7,361,112 Note 11. Trade and other receivables Consolidated 2023 2022 $ $ Current assets Trade receivables 610 - GBM Agile deposit 3,752,640 - Deposits held 40,870 39,622 BAS receivable 105,034 51,353 3,899,154 90,975 The GBM Agile deposit was advanced to GCAR at the start of the GBM Agile trial, and is refundable if not utilised against trial expenses. The amount will be allocated against expenditure towards the latter end of the trial. Completion of the final analysis is expected in 2H CY2023. The deposit was moved to current for this reporting period.
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