Note to the consolidated financial statements

For the year ended 31 march 2016

revenue
	notes	2016 nZ$	2015 nZ$
operating revenue sale of goods	20	1,421,795	–
distribution fees	20, 21	150,000	–
total operating revenue		1,571,795	–
other income		1,386	–
gain on forgiveness of debt recovery on liquidation group subsidiaries	19	1,071,677 –	12,058
recovery of loans receivable		–	2961
		1,073,063	15,019
total Income		2,644,858	15,019
Expenses
		2016 nZ$	2015 nZ$
Profit / (loss) before income tax has been determined after: Accounting		45,006	4,250
Consultants		49,355	–
depreciation		4,773	–
directors		78,667	–
legal fees		53,064	–
listing costs		31,201	5,975
management		79,333	–
realised FX		34,068	–
rent		20,723	–
salaries		27,540	9,212
selling and distribution expenses		26,816	–
share registry		19,484	9,697
unrealised FX		6,408	–
Auditor’s remuneration Audit of financial statements – Audit of financial statements		45,290	9,500

Expenses (continued)
	2016 nZ$	2015 nZ$
Other services -tax compliance fees	2,422	–
total other services	2,422	–
total fees paid to auditor	47,712	9,500
Finance costs: interest received on bank account	18,141	1,742
interest paid on bank overdraft	(4)	(51)
interest paid on borrowings from related parties (refer note 21)	(15,462)	(63,692)
net finance income / (costs)	2,675	(62,001)
InComE tAX EXPEnSE
Components of Income tax expense	2016	2015
	nZ$	nZ$
Current year tax expense deferred tax movements	– –	– –
Income tax expense	–	–
reconciliation of effective tax rate	2016	2015
	nZ$	nZ$
profit / (loss) before income tax	449,258	(118,853)
income tax expense calculated at 28%	125,792	(33,279)
Adjustments non deductable expenses	22,301	(3,988)
non deductible timng differences	69,074
tax losses utilised	(300,070)	–
tax losses carried forward	82,902	37,267
Income tax expense	–	–