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RESERVES
 12 Months Ended
Jun. 30, 2024
Notes and other explanatory information [abstract]  
RESERVES

23. RESERVES

 SCHEDULE OF RESERVES

  

2024

A$

  

2023

A$

 
Foreign currency translation   831,142    847,408 
Share-based payments   3,557,486    5,688,148 
Total reserves   4,388,628    6,535,556 
Reconciliation of foreign currency translation reserve          
Balance at the beginning of the financial year   847,408    746,819 
Add: net currency translation gain / (loss)   (16,266)   100,589 
Balance at the end of the financial year   831,142    847,408 
Reconciliation of share-based payments reserve          
Balance at the beginning of the financial year   5,688,148    10,751,832 
Add: share-based payments expense   124,177    - 
Add: Issue of performance rights   -    125,500 
Add: Valuation of warrants   101,991    134,956 
Less: Options/warrants expired   (2,356,830)   (5,241,452)
Less: Exercise of performance rights   -    (82,688)
Balance at the end of the financial year   3,557,486    5,688,148 

 

Share Based Payments Reserve

 

Nature and Purpose

 

The share-based payment reserve records items recognized as expenses on valuation of warrants, share options, and performance shares issued to capital raising agents, key management personnel, other employees, and eligible contractors.

 

Warrants

 

During the financial year ended June 30, 2024, the following warrants were issued to as a part of capital raising costs.  

 

      2024 
Valuation date      December 22, 2023  
Grant Date      December 22, 2023 
Warrants issued      65,000 
Underlying asset price  US$   2.21 
Risk free rate      4.175%
Volatility      80%
Exercise price presented in United States Dollar  US$   2.50 
Exchange rate at valuation date  A$   1 to USD$0.680 
Exercise price presented in Australian Dollar  A$   3.676 
Time to maturity of underlying warrants (years)      5.32 
Value per warrant in Australian Dollar  A$   1.569 
Model used      Black Scholes 
Valuation amount  A$   101,991 

 

During the financial year ended June 30, 2023, the following warrants were issued to as a part of capital raising costs.

 

      2023 
Valuation date      December 20, 2022 
Grant Date      December 20, 2022 
Warrants issued      250,000 
Underlying asset price  A$   1.525 
Risk free rate      4.1%
Volatility      75%
Exercise price presented in United States Dollar  US$   1.625 
Exchange rate at valuation date  A$   1 to USD$0.669 
Exercise price presented in Australian Dollar  A$   2.429 
Time to maturity of underlying warrants (years)      5.12 
Value per warrant in Australian Dollar  A$   0.5398 
Model used      Black Scholes 
Valuation amount  A$   134,956 

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.)

 

23. RESERVES (cont.)

 

No warrants were issued for the financial year ended June 30, 2022.

 

Share Options

 

No share options were issued during the financial year ending June 30, 2024, June 30, 2023 or June 30, 2022.

 

Performance Rights

 

No Performance Rights were issued for financial years ended June 30, 2024 and June 30, 2023.

 

The following information relates to issued Performance Rights for the year ended June 30, 2022:

 

Performance rights issued to 

Grant date for

performance rights issued

  Pre share consolidation  

 

Post share consolidation

 
            
Adam Kramer (2)  March 3, 2021   3,937,500    - 
Mike Tonroe (2)  June 15, 2021   40,000,000    - 
Carl Stubbings (1)  September 22, 2021   20,000,000    200,000 
Kevin Camilleri (1)  November 22, 2021   20,000,000    200,000 

 

Note:

 

(1) As a result of the share consolidation that occurred on December 18, 2023 whereby the company’s equity securities where consolidated on the basis of one (1) ordinary share for every 100 ordinary shares held, the number of performance rights of Carl Stubbings and Kevin Camilleri were reduced to 200,000 each, as noted above.

 

(2) The performance rights issued to Adam Kramer and Mike Tonroe were forfeited in the year ended June 30, 2023 prior to the share consolidation.

 

 

  2022
Grant Date     March 3,
2021		   June 15,
2021		   September 22,
2021		   November 22,
2021		 
Performance rights issued      3,937,500    40,000,000    20,000,000    20,000,000 
Post share consolidation      39,375    400,000    200,000    200,000 
Dividend yield      -    -    -    - 
Historic volatility and expected volatility      161    152    149    150%
Performance rights exercise price  A$   0.009    0.0069    0.0047    0.0038 
Fair value of performance rights at grant date  A$   0.012    0.0073    0.0052    0.0042 
Weighted average exercise price  A$   0.008    0.008    0.008    0.008 
Risk-free interest rate      0.110    0.085    0.160    0.960%
Expected life of the performance rights      2.02 years    3 years    3 years    3 years 
Model used      Binomial    Binomial    Binomial    Binomial 
Valuation amount  A$   47,250    291,428    103,104    83,216 

 

Foreign currency translation reserve

 

Nature and Purpose

 

Exchange differences arising on translation of the foreign controlled entities are recognized in other comprehensive income as described in Note 2(e) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

 

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.)