Wide Open Agriculture's Financial Update

Wide Open Agriculture Ltd (ASX:WOA) has released a statement regarding material changes in its unaudited preliminary final report for the financial year ended 30 June 2024. The company has made adjustments to its assets, liabilities, and equity, impacting its financial position.

Executive Commentary

Due to the adjustments outlined in the announcement, Wide Open Agriculture has reclassified various financial elements, including the NAB bank overdraft account, receivables from the sale of the Dirty Clean Food business, and inventory acquired through the purchase of Prolupin GmbH. These adjustments have also affected the total loss for the period after income tax, primarily due to the recognition of additional accrued expenses and additional impairment of property, plant & equipment related to the sale of Dirty Clean Food Pty Ltd. The company remains committed to creating ingredients for food and drink products that contribute to a better future for people and the planet.

Summary of Changes and Outlook

Wide Open Agriculture's announcement highlights significant reclassifications in its financial report, impacting its statement of financial position and total loss for the period after income tax. The company's focus on creating plant protein ingredients for food and drink manufacturers globally remains unchanged. With its flagship product, Buntine Protein, gaining recognition, Wide Open Agriculture is dedicated to generating sales and scaling production at its manufacturing facility in Grimmen, Germany. The reclassifications reflect the company's commitment to transparency and adherence to ASX Listing Rule 4.3D. Wide Open Agriculture continues to pursue its goal of building a better future through innovative food and drink products.