Company: IXHL
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013783
Chunk: 62

Company: Incannex Healthcare Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 Victoria, Australia  Psychennex Pty Ltd   Victoria, Australia  APIRx Pharmaceutical USA, LLC   Delaware, United States of America  APIRx Pharmaceuticals Holding BV   IJsselstein, Netherlands  Clarion Clinics Group Pty Ltd   Victoria, Australia  Clarion Model Clinic Pty Ltd   Victoria, Australia  Psychennex Licensing and Franchising Pty Ltd   Victoria, Australia 

Note 2 – Basis of Presentation and Summary of Significant
Accounting Policies

Basis of Presentation

On November 28, 2023, the Company implemented the transaction to redomicile
from Australia to United States and became the parent of Incannex Australia and the wholly owned subsidiaries listed in Note 1. The historical
financial statements of Incannex Australia became the historical financial statements of the combined company upon consummation of the
Re-domiciliation. As a result, the financial statements included in this report reflect (i) the historical operating results of Incannex
Australia and subsidiaries prior to the Re-domiciliation; (ii) the combined results of the Company, Incannex Australia, and subsidiaries
following the completion of the Re-domiciliation; and (iii) the Company’s equity structure for all periods presented, including
adjusting the issued and outstanding shares of Common Stock to reflect the 100:1 exchange ratio as if it had occurred on July 1, 2022. 

5

Note 2 – Basis of Presentation and Summary of Significant
Accounting Policies (continued)

The Company’s unaudited condensed consolidated
financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally
accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Prior to the Re-domiciliation,
Incannex Australia reported its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”).
Following the Re-domiciliation, the Company transitioned to U.S. GAAP and applied U.S. GAAP retrospectively for all prior periods presented.

Reference is frequently made herein to the Financial
Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative
U.S. GAAP recognized by the FASB to be applied to non-governmental entities.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying
unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring