Overview of Wellfully's financial report

Wellfully Limited (ASX: $WFL) has released its Appendix 4E Preliminary final report for the year ended 30 June 2023. The report provides an overview of the company's operations, including the development of its premium beauty brand RÉDUIT and the successful registration of the Swisswell Knee PatchTM as a medical device in Australia. The company also completed a successful placement to raise $1.49 million to support its commercial footprint and working capital needs. The report also details changes in the board of directors and key management personnel, as well as the company's corporate governance and indemnity and insurance arrangements for officers and auditors.

Executive Commentary on Financial Report

The financial report reflects our commitment to diversifying our operations and expanding into the healthcare space with the Swisswell Knee PatchTM. We are pleased with the successful placement, which strengthens our financial position and supports our growth initiatives. The changes in the board of directors align with our strategic objectives, and our corporate governance practices adhere to the best practice recommendations set by the ASX Corporate Governance Council. We remain focused on driving innovation and delivering value to our stakeholders.

Summary of Wellfully's Financial Report

Wellfully Limited (WFL) has released its consolidated financial statements for the financial year ended 30 June 2023. The report includes details of the company's operations, including the development of its premium beauty brand RÉDUIT and the successful registration of the Swisswell Knee PatchTM as a medical device in Australia. The company completed a successful placement to raise $1.49 million to support its commercial footprint and working capital needs. The financial statements have been prepared in accordance with Australian Accounting Standards and comply with International Financial Reporting Standards (IFRS). The report also covers critical accounting estimates and judgments, as well as the company's controlled entities, foreign currency transactions and balances, and fair value measurement. The company's ability to continue as a going concern is dependent on a Potential Transaction completing and the directors securing additional funding through debt or equity. The financial report was audited by Moore Australia Audit (WA), which issued a disclaimer of opinion due to incomplete records and material uncertainty regarding going concern. The report also includes information on the company's share-based payments, revenue and other income, income tax, cash and cash equivalents, trade and other receivables, inventories, plant and equipment, leases, trade and other payables, borrowings, commitments, cash flow information, key management personnel, auditor's remuneration, issued capital, reserves, loss per share, risk management objectives and policies, and events subsequent to the reporting date.