|
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
||
|
|
|
Large Accelerated Filer ☐
|
Accelerated Filer ☐
|
|
Emerging growth company
|
☐
|
U.S. GAAP
|
☒
|
|
☐
|
Other
|
Page
|
||
1
|
||
8 |
||
8
|
||
8
|
||
8
|
||
A.
|
8
|
|
B.
|
8
|
|
C.
|
8
|
|
D.
|
8
|
|
66
|
||
A.
|
66
|
|
B.
|
66
|
|
C.
|
84
|
|
D.
|
84
|
|
85
|
||
85
|
||
A.
|
85
|
|
B.
|
97
|
|
C.
|
101
|
|
D.
|
101
|
|
E.
|
101
|
|
102
|
||
A.
|
102
|
|
B.
|
105
|
|
C.
|
110
|
|
D.
|
112
|
|
E.
|
112
|
|
112
|
||
A.
|
112
|
|
B.
|
114
|
|
D.
|
114
|
|
115
|
||
A.
|
115
|
|
B.
|
115
|
|
115
|
||
A.
|
115
|
|
B.
|
115
|
|
C.
|
115
|
|
D.
|
115
|
|
E.
|
115
|
|
F.
|
115
|
|
115 | ||
A.
|
115
|
|
B.
|
116
|
|
C.
|
116
|
|
D.
|
116
|
|
E.
|
116
|
|
F.
|
125
|
|
G.
|
125 | |
H.
|
125 | |
I.
|
125 | |
J.
|
125 | |
125
|
||
127
|
||
128
|
||
128
|
||
A.
|
128
|
|
B.
|
128
|
128
|
||
A.
|
128
|
|
B.
|
128
|
|
C.
|
128
|
|
D.
|
128
|
|
E.
|
128
|
|
128
|
||
A.
|
128
|
|
B.
|
129
|
|
C.
|
129
|
|
D.
|
129
|
|
129
|
||
129
|
||
129
|
||
129
|
||
130
|
||
130
|
||
130
|
||
131
|
||
132
|
||
132
|
||
132 | ||
132 | ||
133
|
||
133
|
||
133
|
||
133
|
||
F-1
|
Registered office
|
Principal place of business
|
c/o Pitcher Partners
|
Level 12, 44 Market Street
|
Level 13, 664 Collins Street
|
Sydney NSW 2000
|
Docklands VIC 3008
|
Australia
|
Australia
|
• |
Bitcoin price and foreign currency exchange rate fluctuations;
|
• |
our ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate our expansion plans;
|
• |
the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require us to comply with onerous covenants or restrictions, and our ability to service our debt
obligations, any of which could restrict our business operations and adversely impact our financial condition, cash flows and results of operations;
|
• |
our ability to successfully execute on our growth strategies and operating plans, including our ability to continue to develop our existing data center sites and to increase our diversification into the market for HPC solutions we may
offer;
|
• |
our limited experience with respect to new markets we have entered or may seek to enter, including the market for HPC solutions;
|
• |
expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network;
|
• |
expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of HPC solutions we may offer;
|
• |
our ability to secure customers on commercially reasonable terms or at all, particularly as it relates to our potential expansion into HPC solutions;
|
• |
our ability to manage counterparty risk (including credit risk) associated with potential customers and other counterparties;
|
• |
our ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all;
|
• |
the risk that counterparties may terminate, default on or underperform their contractual obligations;
|
• |
Bitcoin global hashrate fluctuations;
|
• |
delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects;
|
• |
our reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties;
|
• |
expectations regarding availability and pricing of electricity;
|
• |
our participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators;
|
• |
the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity
supply available to us;
|
• |
any variance between the actual operating performance of our hardware achieved compared to the nameplate performance including hashrate;
|
• |
our ability to curtail our electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices;
|
• |
actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which we operate;
|
• |
the availability, suitability, reliability and cost of internet connections at our facilities;
|
• |
our ability to secure additional hardware, including hardware for Bitcoin mining and HPC solutions we may offer, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the
cost of procuring such hardware;
|
• |
expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining as well as hardware for other applications, including HPC solutions we may offer);
|
• |
delays, increases in costs or reductions in the supply of equipment used in our operations;
|
• |
our ability to operate in an evolving regulatory environment;
|
• |
our ability to successfully operate and maintain our property and infrastructure;
|
• |
reliability and performance of our infrastructure compared to expectations;
|
• |
malicious attacks on our property, infrastructure or IT systems;
|
• |
our ability to maintain in good standing the operating and other permits and licenses required for our operations and business;
|
• |
our ability to obtain, maintain, protect and enforce our intellectual property rights and confidential information;
|
• |
any intellectual property infringement and product liability claims;
|
• |
whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all;
|
• |
the occurrence of any environmental, health and safety incidents at our sites, and any material costs relating to environmental, health and safety requirements or liabilities;
|
• |
damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures;
|
• |
ongoing proceedings relating to the default by two of the Company’s wholly-owned special purpose vehicles under limited recourse equipment financing facilities; ongoing securities litigation relating in part to the default; and any future
litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom;
|
• |
our failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions;
|
• |
any failure of our compliance and risk management methods;
|
• |
any laws, regulations and ethical standards that may relate to our business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other solutions we may offer (such as HPC solutions),
including regulations related to data privacy, cybersecurity and the storage, use or processing of information;
|
• |
our ability to attract, motivate and retain senior management and qualified employees;
|
• |
increased risks to our global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes,
among other things;
|
• |
climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations;
|
• |
the ongoing effects of COVID-19 or any other outbreak of an infectious disease and any governmental or industry measures taken in response;
|
• |
our ability to remain competitive in dynamic and rapidly evolving industries;
|
• |
damage to our brand and reputation;
|
• |
the costs of being a public company; and
|
• |
other risk factors disclosed under “Item 3.D.—Risk Factors” in this annual report.
|
• |
AI/ML: Artificial Intelligence and Machine Learning. Artificial Intelligence (“AI”) is computer software that mimics human cognitive abilities in order to perform complex tasks, such as decision
making, data analysis, language translation and a variety of tools and services across the emergent AI industry that have been developed to leverage AI capabilities. Machine Learning (“ML”) is a subset of AI in which algorithms are trained on
data sets to become machine learning models capable of performing specific tasks.
|
• |
ASICs: An Application Specific Integrated Circuit is a type of integrated circuit that is custom-designed for a particular use, rather than intended for general-purpose use.
|
• |
Bitcoin: A system of global, decentralized, scarce, digital money as initially introduced in a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto.
|
• |
Bitcoin Network: The collection of all nodes running the Bitcoin protocol. This includes miners that use computing power to maintain the ledger and add new blocks to the blockchain.
|
• |
Block: A bundle of transactions analogous with digital pages in a ledger. Transactions are bundled into blocks, which are then added to the ledger. Miners are rewarded for “mining” a new block.
|
• |
Blockchain: A software program containing a cryptographically secure digital ledger that maintains a record of all transactions that occur on the network, that enables peer-to-peer transmission of
transaction information, and that follows a consensus protocol for confirming new blocks to be added to the blockchain.
|
• |
CBDC: Central bank digital currency.
|
• |
Cryptocurrency or Digital Asset: Bitcoin and alternative coins, or “altcoins,” launched after the success of Bitcoin. This category is designed to serve functions including as a medium of exchange,
store of value, and/or to power applications.
|
• |
Difficulty: In the context of Bitcoin mining, a measure of the relative complexity of the algorithmic solution required for a miner to mine a block and receive the Bitcoin reward. An increase in
global hashrate will temporarily result in faster block times as the mining algorithm is solved quicker – and vice versa if the global hashrate decreases. The Bitcoin network protocol adjusts the network difficulty every 2,016 blocks
(approximately every two weeks) to maintain a target block time of 10 minutes.
|
• |
EH/s: Exahash per second. 1 EH/s equals one quintillion hashes per second (1,000,000,000,000,000,000 h/s).
|
• |
Fiat Currency: A government issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
|
• |
Fork: A fundamental change to the software underlying a blockchain which may result in two different blockchains, the original, and the new version, each with their own token.
|
• |
Founders: Daniel Roberts and William Roberts – co-founders and Co-Chief Executive Officers.
|
• |
GPUs: Graphics processing units are a type of computing technology designed for parallel processing, which can be used in a wide range of applications, including graphics and video rendering,
gaming, creative production and AI.
|
• |
Hash: To compute a function that takes an input, and then outputs an alphanumeric string known as the “hash value.”
|
• |
Hashrate: The speed at which a miner can produce computations (hashes) using the Bitcoin network’s algorithm, expressed in hashes per second. The hashrate of all miners on a particular network is
referred to as the global hashrate.
|
• |
HPC: High-performance computing, which refers to the aggregation of computing power to achieve higher performance levels, often utilized to perform complex calculations in fields including science,
engineering, finance, AI/ML, and business. It typically involves using supercomputers or clusters of computers, often employing parallel processing, to perform calculations simultaneously, thereby greatly reducing computation time.
|
• |
Miner: Individuals or entities who operate a computer or group of computers that compete to mine blocks. Bitcoin miners who successfully mine blocks are rewarded with new Bitcoin as well as any
transaction fees.
|
• |
Mining: The process by which new Bitcoin blocks are created, and thus new transactions are added to the blockchain in the Bitcoin network.
|
• |
Mining pools: Mining pools are platforms for miners to contribute their hashrate in exchange for digital assets, including Bitcoin, and in some cases regardless of whether the pool effectively mines
any block. Miners tend to join pools to increase payout frequency, with pools generally offering daily payouts, and to externalize to the pool the risk of a block taking longer than statistically expected from the network difficulty. Mining
pools offers these services in exchange for a fee.
|
• |
MW: Megawatts. 1MW equals 1,000 kilowatts.
|
• |
PH/s: Petahash per second. 1 PH/s equals one quadrillion hashes per second (1,000,000,000,000,000 h/s).
|
• |
Proof-of-work: A protocol for establishing consensus across a system that ties mining capability to computational power. Hashing a block, which is in itself an easy computational process, now
requires each miner to solve for a certain difficulty variable periodically adjusted by the Bitcoin network protocol. In effect, the process of hashing each block becomes a competition and, as a result, the overall process of hashing requires
time and computational effort.
|
• |
Proof-of-stake: An alternative consensus protocol, in which a “validator” typically may use their own digital assets to validate transactions or blocks. Validators may “stake” their digital assets on
whichever transactions they choose to validate. If a validator validates a block (group of transactions) correctly, it will receive a reward. Typically, if a validator verifies an incorrect transaction, it may lose the digital assets that it
staked. Proof-of-stake generally requires a negligible amount of computing power compared to Proof-of-work.
|
• |
Protocol: The software that governs how a blockchain operates.
|
•
|
Public key or private key: Each public address on a blockchain network has a corresponding public key and private key that are cryptographically generated. A private key allows the recipient to
access any digital assets associated with the address, similar to a bank account password. A public key helps validate transactions that are broadcasted to and from the address. Public keys are derived from private keys.
|
• |
REC: Renewable Energy Certificate.
|
• |
SEC: U.S. Securities and Exchange Commission.
|
• |
TH/s: Terahash per second. 1 TH/s equals one trillion hashes per second (1,000,000,000,000 h/s).
|
• |
Wallet: A place to store public and private keys for blockchains (similar to storage applications for usernames and passwords). Wallets are typically software, hardware, or paper-based.
|
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
|
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE
|
ITEM 3. |
KEY INFORMATION
|
• |
We have a limited operating history, with operating losses as the business has grown. If we cannot sustain greater revenues than our operating costs, we will incur operating losses, which could adversely impact our operations, strategy and
financial performance.
|
• |
We have an evolving business model and strategy.
|
• |
Our increased focus on potential HPC solutions may not be successful and may result in adverse consequences to our business, results of operations and financial condition.
|
• |
Our business, operating plans and expansion plans may be delayed or change in light of evolving market conditions and several other factors.
|
• |
We may be unable to raise additional capital needed to fulfill our capital or liquidity needs or grow our business and achieve expansion plans.
|
• |
Certain of our limited recourse wholly-owned subsidiaries have defaulted on equipment financing agreements and are subject to bankruptcy proceedings and legal action by the lender, and we may be exposed to further claims in connection with
such proceedings.
|
• |
Our future success will depend significantly on the price of Bitcoin, which is subject to risk and has historically been subject to significant price volatility, as well as several other factors.
|
• |
Our operating results have fluctuated significantly and may continue to fluctuate significantly as a result of several different factors.
|
• |
Our business is highly dependent on a small number of equipment suppliers. Failure of our suppliers to perform under the relevant supply contracts or of our ability to fulfill our obligations thereunder could adversely impact our operating
results and financial condition.
|
• |
We may not be able to procure hardware on commercially acceptable terms or sufficient funding may not be available to finance the acquisition of hardware.
|
• |
Any electricity outage, non-supply or limitation of electricity supply or increase in electricity costs could materially impact our operations and financial performance.
|
• |
Any critical failure of key electrical or data center equipment may result in material impacts to our operations and financial performance.
|
• |
Serial defects in our ASICs, GPUs and other equipment may result in failure or underperformance relative to expectations and impact our operations and financial performance.
|
• |
Adoption of custom firmware for our mining fleet could lead to failures that result in a substantial decrease in our mining fleet’s hashrate.
|
• |
Supply chain and logistics issues for us, our contractors or our suppliers may delay our expansion plans or increase the cost of constructing our infrastructure.
|
• |
Any environmental, health and safety incidents may result in material impacts to our operations and financial performance.
|
• |
We may be vulnerable to climate change, severe weather conditions and natural and man-made disasters, including earthquakes, fires, floods, hurricanes, tornadoes and severe storms (including impacts from rain, hail, snow, lightning and
wind), as well as power outages and other industrial incidents, which could severely disrupt the normal operation of our business and adversely affect our results of operations.
|
• |
Our properties and equipment may experience damages, including damages that are not covered by insurance.
|
• |
The transition of digital asset networks such as Bitcoin from proof-of-work mining algorithms to proof-of-stake validation may significantly impact the value of our capital expenditures and investments in machines and real property to
support proof-of-work mining, which could make us less competitive and ultimately adversely affect our business and the value of our Ordinary shares.
|
• |
There is a risk of additional Bitcoin mining capacity from competing Bitcoin miners, which would increase the global hashrate and decrease our effective market share.
|
• |
Bitcoin is a form of technology which may become redundant or obsolete in the future.
|
• |
There is a lack of liquid markets in digital assets, and these markets are subject to possible manipulation.
|
• |
Our operations, investment strategies and profitability may be adversely affected by competition from other methods of investing in digital assets or tracking digital asset markets.
|
• |
Bitcoin will be subject to block reward halving several times in the future and Bitcoin’s value may not adjust to compensate us for the reduction in the block rewards that we receive from our mining activities.
|
• |
Banks, financial institutions, insurance providers and other counterparties may fail, may not provide relevant goods and services including bank accounts, or may cut off certain banking or other goods and services, including to digital
assets investors or businesses that engage in Bitcoin-related activities or that accept Bitcoin as payment.
|
• |
Disruptions at over-the-counter (“OTC”) trading desks and potential consequences of an OTC trading desk’s failure could adversely affect our business. We may be required to, or may otherwise determine it is appropriate to, switch to an
alternative digital asset trading platform and/or custodian.
|
• |
The regulatory environment regarding digital asset mining is in flux, and we may become subject to changes to and/or additional laws and regulations that may limit our ability to operate.
|
• |
Our business and financial condition may be materially adversely affected by changes to and/or increased regulation of energy sources.
|
• |
As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations and policies across a variety of jurisdictions will increase and we may be subject to investigations and
enforcement actions by U.S. and non-U.S. regulators and governmental authorities.
|
• |
We currently report our financial results under IFRS, which differs from U.S. generally accepted accounting principles, or U.S. GAAP.
|
• |
As a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and are permitted to file less information with the SEC than a U.S. company.
|
• |
We are an Australian public company with limited liability. The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions and may not protect investors in the same
similar fashion afforded by incorporation in a U.S. jurisdiction.
|
• |
market conditions across the broader blockchain ecosystem;
|
• |
investment and trading activities of highly active retail and institutional users, speculators, miners and investors;
|
• |
the financial strength of market participants and our counterparties;
|
• |
changes in consumer preferences and perceived value of digital assets, including Bitcoin;
|
• |
publicity and events relating to the blockchain ecosystem, including public perception of the impact of the blockchain ecosystem on the environment as well as high-profile failures of and/or dishonest or illegal actions by market
participants;
|
• |
the correlation between the prices of digital assets, including the potential that a crash in one digital asset or widespread defaults on one digital asset exchange or trading venue may cause a crash in the price of other digital assets,
or a series of defaults by counterparties on digital asset exchanges or trading venues;
|
• |
loss of confidence in the Bitcoin market as a result of business failures in the broader digital asset ecosystem;
|
• |
fees and speed associated with processing Bitcoin transactions;
|
• |
our evolving business strategy, including the potential diversification into new markets (such as HPC solutions) and the development and introduction of existing and new products and technology by us, our competitors or others;
|
• |
increases in operating expenses that we expect to incur to grow and expand our operations and to remain competitive;
|
• |
the level of interest rates and inflation;
|
• |
changes in the legislative or regulatory environment or ethical standards, or actions by governments or regulators that impact monetary policies, fiat currency devaluations, trade restrictions, the provision of electricity to mining
operations, the digital assets industry generally, or mining operations specifically, the HPC industry generally or our plans to explore the potential offering of HPC solutions specifically;
|
• |
difficulty obtaining new hardware and related installation costs;
|
• |
access to cost-effective sources of electrical power and renewable energy or renewable energy certificates;
|
• |
evolving cryptographic algorithms and emerging trends in the technology securing blockchains, including proof-of-stake;
|
• |
adverse legal proceedings or regulatory enforcement actions, judgments, settlements or other legal proceeding and enforcement-related costs;
|
• |
system or equipment failure or outages, including with respect to our hardware, custom firmware, data center infrastructure, power supply and third party networks;
|
• |
breaches of security or data privacy;
|
• |
loss of trust in the network due to a latent fault in the Bitcoin network;
|
• |
our ability to attract and retain talent;
|
• |
our ability to hedge risks related to our ownership of digital assets;
|
• |
the introduction of new digital assets, leading to a decreased adoption of Bitcoin; and
|
• |
our ability to compete.
|
• |
difficulty finding sites that satisfy our requirements at a commercially viable price;
|
• |
planning approval processes, and permitting and licensing requirements in certain jurisdictions;
|
• |
site condition risks (for example, geotechnical, environmental, flooding, seismic and archaeological) in developing greenfield and brownfield sites;
|
• |
obtaining easements and rights of way (for example, for access or transmission lines), if required;
|
• |
local community objections or feedback preventing or limiting permits and approvals, or a ‘social license’ to operate in the community;
|
• |
availability of power and the satisfactory outcome of relevant studies, as well as completion of the process to connect to the electrical grid and execution of connection agreements and electricity supply agreements with the relevant
entities, which may also be cost prohibitive;
|
• |
interface and operational risks;
|
• |
availability, timing of delivery, and cost of construction materials and equipment to each site;
|
• |
contracting and labor issues (i.e. industry-wide labor strikes, ability to engage experienced labor and contractors/subcontractors in remote areas, labor shortages due to competing demand);
|
• |
non-performance by contractors and sub-contractors impacting quality assurance and quality control;
|
• |
lack of interest from contractors or design builders and potential increase in project costs due to competing infrastructure development worldwide;
|
• |
severe or inclement weather;
|
• |
climate change;
|
• |
construction delays generally;
|
• |
delays or impacts arising from pandemics (for example, COVID-19);
|
• |
obtaining any required regulatory or other approvals to invest or own land and infrastructure in foreign jurisdictions; and
|
• |
availability of capital to fund construction activities and associated contractual commitments.
|
• |
greater name recognition, longer operating histories and larger market shares;
|
• |
more established marketing, banking and compliance relationships;
|
• |
greater mining or data center capabilities (for example, through adoption of proprietary technology);
|
• |
more developed sales and customer management capabilities;
|
• |
more timely introduction of new technologies;
|
• |
preferred relationships with suppliers, including of mining machines and other equipment;
|
• |
better access to more competitively priced power;
|
• |
greater financial resources and access to capital to acquire new hardware, businesses, capabilities and enable growth;
|
• |
lower labor, compliance, risk mitigation and research and development costs;
|
• |
larger and more mature intellectual property portfolios;
|
• |
greater number of applicable licenses or similar authorizations;
|
• |
established core business models outside of the mining or trading of digital assets, allowing them to operate on lesser margins or at a loss;
|
• |
operations in certain jurisdictions with lower compliance costs and greater flexibility to explore new product offerings; and
|
• |
substantially greater financial, technical and other resources.
|
• |
incurrence of acquisition-related costs;
|
• |
unanticipated costs or liabilities associated with the acquisition;
|
• |
the potential loss of key employees of the target business;
|
• |
use of resources that are needed in other parts of our business; and
|
• |
use of substantial portions of our available cash to complete the acquisition.
|
• |
the presence of construction or repair defects or other structural or building damage;
|
• |
any noncompliance with, or liabilities under, applicable regulations, including but not limited to, environmental, health or safety regulations or requirements of building codes, permits and zoning requirements;
|
• |
any damage resulting from climate change, extreme weather conditions or natural or man-made disasters, such as earthquakes, fires, floods, hurricanes, tornadoes, severe storms (including impacts from rain, snow, hail, lightning and wind),
or extreme cold or hot weather; and
|
• |
claims by employees and/or others for injuries sustained at our properties.
|
• |
increases and decreases in the quantity and type of generation capacity;
|
• |
changes in network charges;
|
• |
fuel costs;
|
• |
commodity prices;
|
• |
new generation technologies;
|
• |
changes in power transmission constraints or inefficiencies;
|
• |
climate change and volatile weather conditions, particularly unusually hot or mild summers or unusually cold or warm winters, including the impacts of such on the demand or power;
|
• |
technological shifts resulting in changes in the demand for power or in patterns of power usage, including the potential development of demand-side management tools, expansion and technological advancements in power storage capability and
the development of new fuels or new technologies for the production or storage of power;
|
• |
federal, state, local and foreign power, market and environmental policy, regulation and legislation;
|
• |
changes in capacity prices and capacity markets; and
|
• |
power market structure (for example, energy-only versus energy and capacity markets).
|
• |
our product or service planning efforts may fail in resulting in the development or commercialization of new technologies or ideas;
|
• |
our research and development efforts may fail to translate new product plans into commercially feasible solutions;
|
• |
our new products or solutions (including HPC solutions we may offer) may not be well received by consumers or otherwise may fail to achieve their intended purpose or functionality;
|
• |
we may not have adequate funding and resources necessary for continual investments in product planning and research and development; and
|
• |
our products or solutions may become obsolete due to rapid advancements in technology and changes in consumer preferences.
|
• |
it is an “orthodox” investment company because it is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or
|
• |
it is an inadvertent investment company because, absent an applicable exemption, (i) it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government
securities and cash items) on an unconsolidated basis, or (ii) it owns or proposes to acquire investment securities having a value exceeding 45% of the value of its total assets (exclusive of U.S. government securities and cash items) and/or
more than 45% of its income is derived from investment securities on a consolidated basis with its wholly owned subsidiaries.
|
• |
actual or anticipated fluctuations in our financial and operating results;
|
• |
the trading price of digital assets, in particular Bitcoin;
|
• |
changes in the market valuations of our competitors;
|
• |
rumors, publicity, and market speculation involving us, our management, our competitors, or our industry;
|
• |
announcements of new investments, new products, services or solutions, capital raising initiatives, acquisitions, strategic partnerships, joint ventures, capital commitments, integrations or capabilities, technologies, or innovations by us
or our competitors;
|
• |
changes in financial estimates or recommendations by securities analysts;
|
• |
changes in laws or regulations applicable to us or our industry;
|
• |
the perception of our industry by the public, legislatures, regulators and the investment community;
|
• |
additions or departures of key personnel;
|
• |
potential litigation or regulatory investigations;
|
• |
general economic, industry, political and market conditions and overall market volatility, including resulting from COVID-19, war, incidents of terrorism, or responses to these events;
|
• |
sales of our Ordinary shares by us, our directors and officers, holders of our Ordinary shares or our shareholders in the future or the anticipation that such sales may occur in the future; and
|
• |
the trading volume of our Ordinary shares on the Nasdaq.
|
• |
require non-management directors to meet on a regular basis without management present;
|
• |
promptly disclose any waivers of the code for directors or executive officers that should address certain specified items;
|
• |
have an independent compensation committee;
|
• |
have an independent nominating committees;
|
• |
solicit proxies and provide proxy statements for all shareholder meetings; and
|
• |
seek shareholder approval for the implementation of certain equity compensation plans and issuances of Ordinary shares.
|
• |
substantial payments to satisfy judgments, fines or penalties, or substantial settlement payments;
|
• |
substantial external counsel legal fees and other costs;
|
• |
additional compliance and licensure requirements;
|
• |
loss or non-renewal of existing licenses or authorizations, or prohibition from or delays in obtaining additional licenses or authorizations, required for our business;
|
• |
loss of productivity and high demands on employee time;
|
• |
criminal sanctions or consent decrees;
|
• |
termination of certain employees, including members of our executive team;
|
• |
barring of certain employees from participating in our business in whole or in part;
|
• |
orders that restrict or suspend our business or prevent us from offering certain products or services;
|
• |
changes to our business model and practices;
|
• |
delays and/or interruptions to planned transactions, product launches or improvements; and
|
• |
damage to our brand and reputation.
|
ITEM 4. |
INFORMATION ON THE COMPANY
|
• |
a miner’s proportionate share of the global hashrate;
|
• |
the block reward;
|
• |
the level of global transaction fees;
|
• |
the price of Bitcoin;
|
• |
the power consumption / efficiency of mining equipment;
|
• |
the reliability / efficiency of data center infrastructure;
|
• |
the cost of electricity; and
|
• |
other operating expenses, including employee and general and administrative costs.
|
• |
providing a degree of risk mitigation during periods of Bitcoin price decline, for example, by potentially providing for higher average realized sale prices per Bitcoin during a period of declining Bitcoin prices; and
|
• |
providing a source of funding for capital and operating expenditures by reinvesting proceeds from liquidating Bitcoin mined.
|
• |
Declining demand for power:
|
• |
manufacturing and industrial loads exiting certain markets; and
|
• |
build out of residential rooftop solar photovoltaics (“PV”) lowering net retail demand (often driven by government policy).
|
• |
Increasing supply of power:
|
• |
substantial build out of intermittent renewables, often driven by government policy in the absence of a market-based price signal; and/or
|
• |
renewable energy projects face frequent network congestion and curtailment.
|
• |
announced the launch of the Community Grants Program for Childress, to invest up to $100,000 into local non-profit organizations and schools;
|
• |
presented a cheque to the Canal Flats Community Society in the amount of C$20,000 to support the annual Flats Fest outdoor music festival;
|
• |
donated C$5,000 to the Lheidli T’enneh Elders Society in Prince George, which will support an educational video production entitled “A year in the life of Lheidli”, capturing teaching from Lheidli T’enneh Elders;
|
• |
announced the Community Grants Programs in Mackenzie and Prince George (up to C$100,000 per year grant funding program for each community), which will provide funding for local initiatives that benefit the Mackenzie and Prince George
communities in the areas of community participation, sustainability, safety, technology and learning; and
|
• |
volunteered at and donated C$5,000 to the Mackenzie ‘Strong Thank You to Front Line Workers’ event, sponsored by the Mackenzie Chamber of Commerce.
|
• |
Bitfarms Ltd.;
|
• |
Cipher Mining Inc.;
|
• |
CleanSpark, Inc.;
|
• |
Hive Digital Technologies Ltd.;
|
• |
Hut 8 Mining Corp.;
|
• |
Marathon Digital Holdings, Inc.;
|
• |
Riot Platforms, Inc.; and
|
• |
TeraWulf Inc.
|
• |
CoreWeave;
|
• |
FluidStack Ltd;
|
• |
Lambda Inc.;
|
• |
Applied Digital Corporation; and
|
• |
RunPod Inc.
|
• |
leverage inclusive recruitment practices that attract talent from diverse backgrounds;
|
• |
invest in the professional growth of our employees, promoting access to learning and career development opportunities; and
|
• |
actively engage with the communities where we operate, supporting initiatives that promote inclusivity and education including partnering with schools and training authorities to develop training programs for the local workforce.
|
Site
|
Capacity
(MW)
|
Capacity
(EH/s)(1)
|
Status
|
|
Canal Flats (BC, Canada)
|
30
|
0.8
|
Operating
|
|
Mackenzie (BC, Canada)
|
80
|
2.6
|
Operating
|
|
Prince George (BC, Canada)
|
50
|
1.6
|
Operating
|
|
Total (BC, Canada)
|
160
|
5.0
|
||
Childress (Texas, USA)
|
20
|
0.6
|
Operating
|
|
Total Operating (Canada & USA)
|
180
|
5.6
|
||
Childress (Texas, USA)
|
80
|
3.5
|
Under construction
Assumes the purchase of Bitmain S19 XP miners and full utilization of such data center capacity
|
1) Reflects estimated hashrate capacity by site assuming full utilization of existing available data center capacity with Bitmain S19j Pro miners, unless
otherwise stated.
|
ITEM 4A. |
UNRESOLVED STAFF COMMENTS
|
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
|
A. |
Operating Results
|
Year Ended June 30,
|
||||||||||||
2023
|
2022
|
2021
restated
|
||||||||||
($ thousands)
|
($ thousands)
|
($ thousands)
|
||||||||||
Loss after income tax expense
|
$
|
(171,871
|
)
|
$
|
(419,770
|
)
|
$
|
(60,390
|
)
|
|||
Add/(deduct) the following:
|
||||||||||||
Non-cash fair value (gain)/loss and interest expense on hybrid financial instruments
|
-
|
418,726
|
60,656
|
|||||||||
Other finance expense
|
16,363
|
6,715
|
519
|
|||||||||
Interest income
|
(924
|
)
|
(79
|
)
|
(6
|
)
|
||||||
Depreciation and amortization
|
30,856
|
7,741
|
1,252
|
|||||||||
Income tax expense
|
2,390
|
2,724
|
1,239
|
|||||||||
EBITDA
|
$
|
(123,186
|
)
|
$
|
16,057
|
$
|
3,270
|
|||||
Bitcoin Mining Revenue
|
$
|
75,509
|
$
|
59,037
|
$
|
7,898
|
||||||
Loss after income tax expense margin(1)
|
(228%
|
)
|
(711%
|
)
|
(765%
|
)
|
||||||
EBITDA margin(2)
|
(163%
|
)
|
27%
|
|
41%
|
|
(1) |
Loss after income tax expense margin is calculated as Loss after income tax expense divided by Bitcoin Mining Revenue.
|
(2) |
EBITDA margin is calculated as EBITDA divided by Bitcoin Mining Revenue.
|
Year Ended June 30,
|
||||||||||||
2023
|
2022
|
2021
restated
|
||||||||||
($ thousands)
|
($ thousands)
|
($ thousands)
|
||||||||||
Loss after income tax expense
|
$
|
(171,871
|
)
|
$
|
(419,770
|
)
|
$
|
(60,390
|
)
|
|||
Add/(deduct) the following:
|
||||||||||||
Non-cash fair value (gain)/loss and interest expense on hybrid financial instruments
|
-
|
418,726
|
60,656
|
|||||||||
Other finance expense
|
16,363
|
6,715
|
519
|
|||||||||
Interest income
|
(924
|
)
|
(79
|
)
|
(6
|
)
|
||||||
Depreciation and amortization
|
30,856
|
7,741
|
1,252
|
|||||||||
Income tax expense
|
2,390
|
2,724
|
1,239
|
|||||||||
EBITDA
|
$
|
(123,186
|
)
|
$
|
16,057
|
$
|
3,270
|
|||||
Bitcoin Mining Revenue
|
$
|
75,509
|
$
|
59,037
|
$
|
7,898
|
||||||
Loss after income tax expense margin(1)
|
(228%
|
)
|
(711%
|
)
|
(765%
|
)
|
||||||
EBITDA margin(2)
|
(163%
|
)
|
27%
|
|
41%
|
|
||||||
Add/(deduct) the following:
|
||||||||||||
EBITDA
|
||||||||||||
Non-cash share based payment expense – founders
|
12,186
|
11,442
|
141
|
|||||||||
Non-cash share-based payment expense – other
|
2,170
|
2,454
|
664
|
|||||||||
Impairment of assets(3)
|
105,172
|
-
|
-
|
|||||||||
Foreign exchange (gain)/loss
|
191
|
(8,009
|
)
|
(2,542
|
)
|
|||||||
Other income(4)
|
(3,137
|
)
|
(12
|
)
|
(590
|
)
|
||||||
Gain on disposal of subsidiaries(5)
|
(3,258
|
)
|
-
|
-
|
||||||||
Loss on disposal of property, plant and equipment(6)
|
6,628
|
-
|
-
|
|||||||||
Other expense items(7)
|
4,613
|
4,297
|
443
|
|||||||||
Adjusted EBITDA
|
$
|
1,379
|
$
|
26,229
|
$
|
1,386
|
||||||
Adjusted EBITDA margin(8)
|
2%
|
|
44%
|
|
18%
|
|
(1) |
Loss after income tax expense margin is calculated as Loss after income tax expense divided by Bitcoin Mining Revenue.
|
(2) |
EBITDA margin is calculated as EBITDA divided by Bitcoin Mining Revenue.
|
(3) |
Impairment of assets for the year ended June 30, 2023, 2022 and 2021 was $105.2 million, $0.2 million and $0.4 million, respectively. See “—Components of our
Results of Operations—Expenses—Impairment of assets” for further information.
|
(4) |
Other income includes net gains on the sale of other assets. It also includes COVID-19 related wage subsidies and insurance recoveries received in the year ended June 30, 2021.
|
(5) |
Gain on disposal of subsidiary represents a gain recorded on the deconsolidation of the Non-Recourse SPVs on 3 February 2023.
|
(6) |
Loss on disposal of property, plant and equipment relates to a disposal of mining hardware during the year ended June 30, 2023.
|
(7) |
Other expense items include professional fees incurred in relation to the securities class action, the exploration of financing options that did not proceed, the IPO, and one-off additional remuneration.
|
(8)
|
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Bitcoin Mining Revenue.
|
2023
|
2022
|
2021
restated
|
||||||||||
($ thousands)
|
($ thousands)
|
($ thousands)
|
||||||||||
Revenue
|
||||||||||||
Bitcoin mining revenue
|
$
|
75,509
|
$
|
59,037
|
$
|
7,898
|
||||||
Other income
|
3,137
|
12
|
590
|
|||||||||
Gain/(loss) on disposal of subsidiaries
|
3,258
|
-
|
-
|
|||||||||
Expenses
|
||||||||||||
Depreciation and amortization
|
(30,856
|
)
|
(7,741
|
)
|
(1,252
|
)
|
||||||
Electricity charges
|
(35,753
|
)
|
(10,978
|
)
|
(2,654
|
)
|
||||||
Employee benefits expense
|
(17,897
|
)
|
(7,448
|
)
|
(2,221
|
)
|
||||||
Share-based payments expense
|
(14,356
|
)
|
(13,896
|
)
|
(805
|
)
|
||||||
Impairment of assets
|
(105,172
|
)
|
(167
|
)
|
(432
|
)
|
||||||
Professional fees
|
(6,271
|
)
|
(6,807
|
)
|
(980
|
)
|
||||||
Gain/(loss) on disposal of property, plant and equipment
|
(6,628
|
)
|
-
|
(202
|
)
|
|||||||
Other expenses
|
(18,822
|
)
|
(11,705
|
)
|
(466
|
)
|
||||||
Profit/(loss) before interest, foreign exchange gain/(loss) and income tax
|
(153,851
|
)
|
307
|
(524
|
)
|
|||||||
Finance expense
|
(16,363
|
)
|
(425,441
|
)
|
(61,175
|
)
|
||||||
Interest income
|
924
|
79
|
6
|
|||||||||
Foreign exchange gain/(loss)
|
(191
|
)
|
8,009
|
2,542
|
||||||||
Loss before income tax expense
|
(169,481
|
)
|
(417,046
|
)
|
(59,151
|
)
|
||||||
Income tax expense
|
(2,390
|
)
|
(2,724
|
)
|
(1,239
|
)
|
||||||
Loss after income tax expense for the year
|
(171,871
|
)
|
(419,770
|
)
|
(60,390
|
)
|
||||||
Other comprehensive income/(loss)
|
||||||||||||
Items that may be reclassified subsequently to profit or loss:
|
||||||||||||
Foreign currency translation
|
(13,641
|
)
|
(23,553
|
)
|
1,313
|
|||||||
Other comprehensive income/(loss) for the year, net of tax
|
(13,641
|
)
|
(23,553
|
)
|
1,313
|
|||||||
Total comprehensive loss for the year
|
$
|
(185,512
|
)
|
$
|
(443,323
|
)
|
$
|
(59,077
|
)
|
B. |
Liquidity and Capital Resources
|
• |
A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event in the fourth fiscal quarter of fiscal year 2024;
|
• |
Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 20MW Childress (Texas, USA); and
|
• |
Continued development and expansion of the site at Childress, Texas.
|
Year Ended June 30,
|
||||||||||||
2023
|
2022
|
2021
restated
|
||||||||||
($ thousands)
|
($ thousands)
|
($ thousands)
|
||||||||||
Net cash from/(used) in operating activities
|
6,045
|
21,557
|
1,761
|
|||||||||
Net cash used in investing activities
|
(71,467
|
)
|
(318,115
|
)
|
(81,363
|
)
|
||||||
Net cash from financing activities
|
28,240
|
372,038
|
118,025
|
|||||||||
Net cash and cash equivalents increase/(decrease)
|
(37,182
|
)
|
75,480
|
38,423
|
||||||||
Cash and cash equivalents at the beginning of the period
|
109,970
|
38,990
|
1,956
|
|||||||||
Effects of exchange rate changes on cash and cash equivalents
|
(3,894
|
)
|
(4,500
|
)
|
(1,389
|
)
|
||||||
Net cash and cash equivalents at the end of the period
|
$
|
68,894
|
$
|
109,970
|
$
|
38,990
|
1 year or
less
|
Between 1
and 2
years
|
Between 2
and 5
years
|
Over 5
years
|
Total
|
||||||||||||||||
($ thousands)
|
||||||||||||||||||||
Non-interest bearing
|
||||||||||||||||||||
Trade and other payables
|
13,541
|
-
|
-
|
-
|
13,541
|
|||||||||||||||
Lease liability
|
335
|
326
|
446
|
2,270
|
3,377
|
|||||||||||||||
Total
|
$
|
13,876
|
$
|
326
|
$
|
446
|
$
|
2,270
|
$
|
16,918
|
C. |
Research and Development, Patents and Licenses, etc.
|
D. |
Trend Information
|
E. |
Critical Accounting Estimates
|
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
|
A. |
Directors and Senior Management
|
Name
|
Age
|
Position
|
||
Executive Officers
|
|
|||
Daniel Roberts
|
39
|
Co-Chief Executive Officer and Director
|
||
William Roberts
|
33
|
Co-Chief Executive Officer and Director
|
||
Lindsay Ward*
|
59
|
President
|
||
Cesilia Kim
|
48
|
Chief Legal Officer
|
||
David Shaw
|
56
|
Chief Operating Officer
|
||
Belinda Nucifora
|
50
|
Chief Financial Officer
|
||
Independent Non-Executive Directors
|
|
|||
David Bartholomew
|
62
|
Chair
|
||
Christopher Guzowski
|
38
|
Director
|
||
Michael Alfred
|
42
|
Director
|
||
Sunita Parasuraman**
|
50
|
Director
|
B. |
Compensation
|
|
|
Salary/Fees
|
Post-
employment
Superannuation
|
Short-
term
incentive
|
Additional
Remuneration
|
RSUs(3)
|
Pre-IPO
Options(3)
|
Total
|
|||||||||||||||||||||
|
Executive Officers
|
||||||||||||||||||||||||||||
|
Daniel Roberts
|
$
|
513,158
|
$
|
16,936
|
$
|
529,229
|
$
|
1,913,554
|
(1)
|
$
|
299,023
|
-
|
$
|
3,271,900
|
||||||||||||||
|
William Roberts
|
$
|
513,158
|
$
|
16,936
|
$
|
529,229
|
$
|
1,913,554
|
(1)
|
$
|
299,023
|
-
|
$
|
3,271,900
|
||||||||||||||
|
Cesilia Kim
|
$
|
159,839
|
$
|
8,456
|
$
|
147,220
|
-
|
$
|
25,606
|
-
|
$
|
341,121
|
||||||||||||||||
|
David Shaw
|
$
|
296,021
|
$
|
2,795
|
$
|
292,885
|
-
|
$
|
79,879
|
$
|
44,376
|
(2)
|
$
|
715,956
|
||||||||||||||
|
Belinda Nucifora
|
$
|
260,945
|
$
|
16,936
|
$
|
255,912
|
-
|
$
|
77,554
|
-
|
$
|
611,347
|
||||||||||||||||
|
Lindsay Ward
|
$
|
371,996
|
-
|
-
|
-
|
$
|
575,853
|
$
|
(136,484
|
)(2)
|
$
|
811,365
|
(1) |
Additional remuneration was approved by the Board based on recommendations from an independent executive compensation specialist engaged to assess the appropriateness of executive and independent non-executive director compensation since
our IPO. This analysis included a comparison against a peer group of publicly traded companies and concluded that, among other things, our Co-CEOs’ remuneration has been significantly below peer benchmarks and as such, recommended that our
Co-CEO remuneration be aligned to market.
|
(2) |
Relates to options granted Pre-IPO in calendar 2021 and the associated amortization for the fiscal year ended June 30, 2023. All options granted to Lindsay Ward lapsed on retirement from the Company during the fiscal year ended June 30,
2023, with associated amortization reversed accordingly.
|
(3)
|
For further detail in relation to share-based payments and key management personnel disclosures (including fair value measurement of outstanding options and RSUs, refer to
Notes 31 and 33 to our audited financial statements for the year ended June 30, 2023 included in this Annual Report on Form 20-F.
|
|
|
|
Salary/Fees
|
|
|
Post-
employment
Superannuation
|
|
|
Short-
term
incentive
|
|
|
Additional
Remuneration
|
|
|
RSUs(3)
|
|
|
Pre-IPO
Options(3)
|
|
|
Total
|
|
|||||||
Directors | |||||||||||||||||||||||||||||
|
Daniel Roberts
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
5,914,723
|
(1)
|
|
$
|
5,914,723
|
|
|
William Roberts
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
5,914,723
|
(1)
|
|
$
|
5,914,723
|
|
|
David Bartholomew
|
|
$
|
95,667
|
|
|
$
|
4,772
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
26,528
|
|
|
$
|
314,555
|
(2)
|
|
$
|
441,522
|
|
|
Christopher Guzowski
|
|
$
|
69,957
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
26,528
|
|
|
$
|
314,549
|
(2)
|
|
$
|
411,034
|
|
|
Michael Alfred
|
|
$
|
105,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
41,186
|
|
|
$
|
87,868
|
(2)
|
|
$
|
234,054
|
|
|
Sunita Parasuraman
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
(1) |
Relates to the $75 Exercise Price Options granted to Daniel Roberts and Will Roberts in their capacity as directors, and associated amortization for the fiscal year ended June 30, 2023 (the Company’s share price as of June 30, 2023 was
$4.66).
|
(2) |
Relates to options granted Pre-IPO in calendar 2021 and the associated amortization for the fiscal year ended June 30, 2023.
|
(3) |
For further detail in relation to share-based payments and key management personnel disclosures (including fair value measurement of outstanding options and RSUs, refer to Notes 31 and 33 to our audited financial statements for the year
ended June 30, 2023 included in this Annual Report on Form 20-F.
|
Name
|
Position
|
Year First Appointed
|
||
David Bartholomew
|
Non-executive Director and Independent Chair
|
2021
|
||
Mike Alfred
|
Independent non-executive Director
|
2021
|
||
Chris Guzowski
|
Independent non-executive Director
|
2019
|
||
Sunita Parasuraman
|
Independent non-executive Director
|
2023
|
||
Daniel Roberts
|
Director and Co-CEO
|
2018
|
||
William Roberts
|
Director and Co-CEO
|
2018
|
Board Diversity Matrix (As of August 31, 2023)
|
||||||
Country of Principal Executive Offices:
|
Australia
|
|||||
Foreign Private Issuer
|
Yes
|
|||||
Disclosure Prohibited under Home Country Law
|
No
|
|||||
Total Number of Directors
|
6
|
|||||
Female
|
Male
|
Non-
Binary
|
Did Not
Disclose
Gender
|
|||
Part I: Gender Identity
|
||||||
Directors
|
1
|
5
|
⸺
|
⸺
|
||
Part II: Demographic Background | ||||||
Underrepresented Individual in Home Country Jurisdiction
|
2
|
|||||
LGBTQ+
|
⸺
|
|||||
Did Not Disclose Demographic Background
|
⸺
|
D. |
Employees
|
As of June 30,
|
||||||||||||
Country
|
2023
|
2022
|
2021
|
|||||||||
Australia
|
18
|
21
|
11
|
|||||||||
Canada
|
69
|
79
|
28
|
|||||||||
USA
|
13
|
2
|
0
|
|||||||||
Total
|
100
|
102
|
39
|
E. |
Share Ownership
|
F. |
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
|
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
|
A. |
Major Shareholders
|
• |
each person, or group of affiliated persons, known by us to beneficially own 5% or more of our outstanding Ordinary shares or B Class shares;
|
• |
each of member of our board of directors and each named executive officer; and
|
• |
the members of our board of directors and our executive officers as a group.
|
Ordinary Shares
|
B Class Shares
|
|||||||||||||||||||
Name
|
Number
|
Percentage of
Ordinary Shares
Beneficially
Owned
|
Number
|
Percentage of
B Class Shares
Beneficially
Owned
|
Percentage of
Total Voting
Power (1)(2)
|
|||||||||||||||
Directors and Executive Officers:
|
||||||||||||||||||||
Daniel Roberts (3)
|
6,000,000
|
8.7
|
%
|
1
|
50.0
|
%
|
36.9
|
%
|
||||||||||||
William Roberts (4)
|
6,000,000
|
8.7
|
%
|
1
|
50.0
|
%
|
36.9
|
%
|
||||||||||||
Lindsay Ward
|
12,070
|
*
|
-
|
-
|
*
|
|||||||||||||||
Cesilia Kim
|
- |
- |
- |
- |
- |
|||||||||||||||
David Shaw
|
50
|
*
|
-
|
-
|
*
|
|||||||||||||||
Belinda Nucifora
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
David Bartholomew
|
11,448
|
*
|
-
|
-
|
*
|
|||||||||||||||
Christopher Guzowski (5)
|
230,423
|
*
|
-
|
-
|
*
|
|||||||||||||||
Michael Alfred (6)
|
756,461
|
1.1
|
% |
-
|
-
|
*
|
||||||||||||||
Sunita Parasuraman
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
All executive officers and directors as a group
|
13,010,452
|
|
18.8
|
%
|
2
|
100.0
|
%
|
74.2
|
%
|
|||||||||||
Principal Shareholders:
|
||||||||||||||||||||
Nil
|
-
|
-
|
-
|
-
|
-
|
* |
Indicates less than 1%.
|
(1) |
The number of shares included on this table includes those shares owned by the beneficial owner’s spouse, and entity or trust controlled by the beneficial owner, or owned by another person in the owner’s household.
|
(2) |
Each member of the Board has been awarded options to purchase Ordinary shares for services on the Board. Shares awarded are issued to the recipient and vest over the term of services. In the event of early termination of services and not
serving for the full term for which the shares were awarded, a pro rata portion of the shares are required to be returned to the Company.
|
(3) |
Includes 6,000,000 Ordinary shares, including 1,000,000 Ordinary shares assuming the exercise of underlying vested options issued Pre-IPO, and 1 B Class share
held by Awassi Capital Holdings 2 Pty Ltd (ACN 629 819 978) (“Awassi Capital 2”) as trustee for The Awassi Capital Trust #2. Mr. Roberts is the sole shareholder of Awassi Capital 2 and manages its investments and has voting power over the
Ordinary shares of the Company held by Awassi Capital 2.
|
(4) |
Includes 6,000,000 Ordinary shares, including 1,000,000 Ordinary shares assuming the exercise of underlying vested options issued Pre-IPO, and 1 B Class share
held by Awassi Capital Holdings 1 Pty Ltd (ACN 629 820 499) (“Awassi Capital 1”) as trustee for The Awassi Capital Trust #1. Mr. Roberts is the sole shareholder of Awassi Capital 1 and manages its investments and has voting power over the
Ordinary shares of the Company held by Awassi Capital 1.
|
(5) |
Includes 46,735 Ordinary shares held directly by Mr. Guzowski, 17,021 Ordinary shares
assuming the exercise of underlying vested options issued pursuant to the Company’s Non-Executive Director Option Plan and 166,667 Ordinary shares that are held of record by Polpo Investments Pty Ltd (ACN 609 642 499) (“Polpo
Investments”) as trustee for The Cage Family Trust. Mr. Guzowski is the sole shareholder of Polpo Investments and manages its investments and has voting power over the Ordinary shares of the Company held by Polpo Investments.
|
(6) |
Includes 5,000 Ordinary shares held directly by Mr. Alfred, 1,000 Ordinary shares held in an IRA, 401(k) plan or other benefit or retirement plan and 750,461 Ordinary shares acquired by Alpine Fox LP, an entity associated with Mr.
Alfred.
|
B. |
Related Party Transactions
|
D. |
Interests of Experts and Counsel
|
ITEM 8. |
FINANCIAL INFORMATION
|
A. |
Consolidated Statements and Other Financial Information
|
B. |
Significant Changes
|
ITEM 9. |
THE OFFER AND LISTING
|
A. |
Offering and Listing Details
|
B. |
Plan of Distribution
|
C. |
Markets
|
D. |
Selling Shareholders
|
E. |
Dilution
|
F. |
Expenses of the Issue
|
A. |
Share Capital
|
B. |
Memorandum and Articles of Association
|
C. |
Material Contracts
|
D. |
Exchange controls
|
E. |
Taxation
|
• |
banks and certain other financial institutions;
|
• |
regulated investment companies;
|
• |
real estate investment trusts;
|
• |
insurance companies;
|
• |
broker-dealers;
|
• |
traders that elect to mark our Ordinary shares to market for U.S. federal income tax purposes;
|
• |
tax-exempt entities;
|
• |
persons liable for alternative minimum tax or the Medicare contribution tax on net investment income;
|
• |
U.S. expatriates;
|
• |
persons holding our Ordinary shares as part of a straddle, hedging, constructive sale, conversion, or integrated transaction;
|
• |
persons that actually or constructively own 10% or more of the Company’s stock by vote or value;
|
• |
persons that are resident or ordinarily resident in or have a permanent establishment in a jurisdiction outside the United States;
|
• |
persons who acquired our Ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation; or
|
• |
persons holding our Ordinary shares through partnerships or other pass-through entities or arrangements.
|
• |
an individual who is a citizen or resident of the United States;
|
• |
a corporation created or organized in or under the laws of the United States, any state thereof or the District of Columbia; or
|
• |
an estate or trust whose income is subject to U.S. federal income taxation regardless of its source.
|
• |
One-half if the Australian Resident Holder is an individual or trustee: meaning generally only 50% of the capital gain will be included in the Australian Resident Holder’s assessable income; and
|
• |
One-third if the Australian Resident Holder is a trustee of a complying superannuation entity: meaning generally only two-thirds of the capital gain will be included in the Australian Resident Holder’s assessable income.
|
• |
they, together with their associates as defined for Australian tax purposes, hold 10% or more of our issued capital, at the time of disposal or for a 12-month period during the two years prior to disposal; and
|
• |
more than 50% of our assets held directly or indirectly, determined by reference to market value, consists of Australian real property (which includes land and leasehold interests) or Australian mining, quarrying or prospecting rights at
the time of disposal.
|
F. |
Dividends and Paying Agents
|
G. |
Statement by Experts
|
H. |
Documents on Display
|
I. |
Subsidiary Information
|
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
|
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
|
A. |
Defaults
|
B. |
Arrears and Delinquencies
|
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
|
A. |
Material Modifications to Instruments
|
B. |
Material Modifications to Rights
|
C. |
Withdrawal or Substitution of Assets
|
D. |
Change in Trustees or Paying Agents
|
E. |
Use of Proceeds
|
ITEM 15. |
CONTROLS AND PROCEDURES
|
A. |
Disclosure Controls and Procedures
|
B. |
Management’s Annual Report on Internal Control Over Financial Reporting
|
C. |
Attestation Report of the Registered Public Accounting Firm
|
D. |
Changes in Internal Control Over Financial Reporting
|
ITEM 16. |
[RESERVED]
|
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT
|
ITEM 16B. |
CODE OF ETHICS
|
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Year Ended June 30,
|
||||||||
2023
|
2022
|
|||||||
(in $ thousands)
|
||||||||
Audit fees
|
795
|
515
|
||||||
Audit-related fees
|
116
|
126
|
||||||
Tax fees
|
-
|
-
|
||||||
All other fees
|
-
|
-
|
||||||
Total
|
911
|
641
|
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
|
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
|
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
|
ITEM 16G. |
CORPORATE GOVERNANCE
|
• |
exemption from the requirement to have a compensation committee and a nominating and corporate governance committee composed solely of independent members of the board of directors;
|
• |
exemption from quorum requirements applicable to meetings of shareholders under Nasdaq rules. In accordance with generally accepted business practice and Australian law, our Constitution provides quorum requirements that are generally
applicable to meetings of shareholders under Australian law (see Exhibit 2.1 “Description of Securities registered under Section 12 of the Exchange Act” to this annual report for more detail);
|
• |
exemption from the Nasdaq corporate governance listing standards applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors
and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq corporate governance listing standards, as permitted by the foreign private issuer
exemption; and
|
• |
exemption from the requirement to obtain shareholder approval for certain issuances of securities, including shareholder approval of employee share plans.
|
ITEM 16H. |
MINE SAFETY DISCLOSURE
|
ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
|
ITEM 16J. |
INSIDER TRADING POLICIES
|
ITEM 17. |
FINANCIAL STATEMENTS
|
ITEM 18. |
FINANCIAL STATEMENTS
|
ITEM 19. |
EXHIBITS
|
Exhibit No.
|
Exhibit
|
|
Description of Securities registered under Section 12 of the Exchange Act.
|
||
Constitution of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Company’s Registration Statement on Form F-1 (File No. 333-260488) filed with the SEC on October 25, 2021).
|
||
Certificate of Registration on Change of Name and Conversion to a Public Company dated October 7, 2021 (incorporated herein by reference to Exhibit 3.3 to the Company’s Registration Statement on Form F-1
(File No. 333-260488) filed with the SEC on October 25, 2021).
|
||
List of subsidiaries of the Registrant.
|
||
2021 Non-Executive Director Option Plan, and forms of award agreements thereunder (incorporated herein by reference to Exhibit 10.1 to the Company’s Registration Statement on Form F-1 (File No. 333-260488)
filed with the SEC on October 25, 2021).
|
||
Form of Indemnification Agreement entered into by and between Iris Energy Limited and each director and executive officer (incorporated herein by reference to Exhibit 10.2 to the Company’s Registration
Statement on Form F-1 (File No. 333-260488) filed with the SEC on October 25, 2021).
|
||
Ordinary Shares Purchase Agreement, dated as of September 23, 2022, by and between Iris Energy Ltd. and B. Riley Principal Capital II, LLC (incorporated herein by reference to Exhibit 10.1
to the Registrant’s Form 6-K furnished to the SEC on September 23, 2022).
|
||
Registration Rights Agreement, dated as of September 23, 2022, by and between Iris Energy Ltd. and B. Riley Principal Capital II, LLC (incorporated herein by reference to Exhibit 10.2 to
the Registrant’s Form 6-K furnished to the SEC on September 23, 2022).
|
||
Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Co-Chief Executive Officer.
|
||
Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Co-Chief Executive Officer.
|
||
Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.
|
||
Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Co-Chief Executive Officer.
|
||
Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Co-Chief Executive Officer.
|
||
Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer.
|
||
Consent of Armanino LLP.
|
||
Consent of Raymond Chabot Grant Thornton LLP.
|
||
Letter from Armanino LLP, dated September 13, 2023.
|
||
101.INS
|
Inline XBRL Instance Document. (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
104
|
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).
|
* |
Incorporated by reference.
|
** |
Filed with this annual report on Form 20-F.
|
+ |
Indicates management contract or compensatory plan.
|
IRIS ENERGY LIMITED
|
|||
September 13, 2023
|
|||
By:
|
/s/ Daniel Roberts
|
||
Name:
|
Daniel Roberts | ||
Title:
|
Co-Chief Executive Officer and Director |
By:
|
/s/ William Roberts
|
||
Name:
|
William Roberts | ||
Title:
|
Co-Chief Executive Officer and Director |
By:
|
/s/ Belinda Nucifora
|
||
Name:
|
Belinda Nucifora | ||
Title:
|
Chief Financial Officer |
Iris Energy Limited
|
|
Contents
|
|
30 June 2023 |
Page |
|
Audited Consolidated Financial Statements — 30 June 2023, Iris Energy Limited
|
|
F-2 |
|
Report of Independent Registered Public Accounting Firm from |
F-5 |
F-9
|
|
F-10
|
|
F-11
|
|
F-12
|
|
F-13
|
•
|
Significant judgement in the determination of how existing IFRS should be applied in the accounting for and disclosure of Bitcoin mining revenue
|
•
|
Complexities involved in auditing completeness and occurrence of the revenue recognized
|
•
|
Evaluated management's rationale for the application of IFRS 15 to account for its Bitcoin awards earned, which included evaluating the provisions of
the contract between the Group and the mining pools;
|
•
|
Evaluated management's disclosures of its Bitcoin mining activity in the consolidated financial statements;
|
•
|
Independently confirmed key financial and performance data directly with the blockchain network, the cryptocurrency exchange, and the mining pools;
|
•
|
Tested a sample of Bitcoin awards and the corresponding cash settlement using the third-party exchange data, the blockchain network, and the Group's
bank statements; and
|
•
|
Performed certain substantive analytical procedures to determine completeness and occurrence of digital assets earned by the Group as consideration for
services rendered.
|
•
|
Estimating the future cash inflows and outflows to be derived from continuing use of the asset and from its ultimate disposal.
|
•
|
Developing significant assumptions such as future Bitcoin prices, global hash rate, and electricity costs.
|
•
|
Applying the appropriate discount rate to future cash flows.
|
•
|
With the assistance of our valuation specialists, evaluated the reasonableness of managements forecast methodology, calculations, and certain
assumptions, such as the discount rate;
|
•
|
Inquired with the management team and evaluated the adequacy of management's forecasts by comparing all significant assumptions to historical
performance and current industry trends; and
|
•
|
Performed sensitivity analyses over significant assumptions to evaluate the changes in valuation that would result from changes in the assumptions.
|
|
|
|
|
/s/
LLP |
|
|
|
September 13, 2022
|
|
We served as the Group's auditor from 2021 to 2023.
|
|
Report of Independent Registered
Public Accounting Firm
Board of Directors and Shareholders of
Iris Energy Limited
|
Raymond Chabot
Grant Thornton LLP
Suite 2000
National Bank Tower
600 De La Gauchetière Street West
Montréal, Quebec
H3B 4L8
T 514-878-2691
|
Member of Grant Thornton International Ltd
|
rcgt.com |
– |
We evaluated management’s rationale for the application of IFRS 15 to account for its Bitcoin received, which included evaluating the provisions of the contract between the
Company and the mining pools;
|
– |
We assessed the adequacy of the Company’s disclosures in the financial statements about Bitcoin mining revenue;
|
– |
We tested Bitcoin received directly to the blockchain using our own node and the corresponding cash settlement using the third-party exchange data and the Company’s bank
statements; and
|
– |
We conducted substantive analytical procedures, with high degree of precision, which
include tests of the accuracy and completeness of the underlying data, such as confirmation of certain data with third parties.
|
– |
We evaluated the reasonableness of the assumptions and data used by management in the impairment assessment by comparing the replacement costs considered with independent
market data and industry benchmarks, where available;
|
– |
With the assistance of our valuation specialists, we evaluated the reasonableness of management forecast methodology and performed sensitivity analyses over significant
assumptions to evaluate the changes in valuation that would result from changes in the assumptions;
|
– |
We evaluated the reasonableness of the Company’s cash flows by comparing all significant assumptions to historical performance and current industry trends; and
|
– |
We tested the accuracy and completeness of the underlying data used to calculate the impairment.
|
Consolidated
|
||||||||||||||||
Note |
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
|||||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||||||
Revenue
|
||||||||||||||||
Bitcoin mining revenue
|
|
|||||||||||||||
Other income
|
5 | |||||||||||||||
Gain/(loss) on disposal of subsidiaries |
27 | |||||||||||||||
Expenses
|
||||||||||||||||
Depreciation
|
6
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Electricity charges
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Employee benefits expense
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Share-based payments expense
|
31
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Impairment of assets
|
16 |
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Professional fees
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Gain/(loss) on disposal of property, plant and equipment
|
( |
) | ( |
) | ||||||||||||
Other operating expenses
|
7 |
( |
) | ( |
) | ( |
) | |||||||||
Operating profit/(loss)
|
( |
) | ( |
) | ||||||||||||
Finance expense
|
8 |
(
|
)
|
( |
) | ( |
) | |||||||||
Interest income
|
||||||||||||||||
Foreign exchange gain/(loss)
|
(
|
)
|
||||||||||||||
Loss before income tax expense
|
(
|
)
|
( |
) |
(
|
)
|
||||||||||
Income tax expense | 9 |
(
|
)
|
( |
) | ( |
) | |||||||||
Loss after income tax expense for the year
|
(
|
)
|
( |
) | ( |
) | ||||||||||
Other comprehensive income/(loss)
|
||||||||||||||||
Items that may be reclassified subsequently to profit or loss
|
||||||||||||||||
Foreign currency translation
|
( |
) | ( |
) | ||||||||||||
Other comprehensive income/(loss) for the year, net of tax
|
(
|
)
|
(
|
)
|
|
|||||||||||
Total comprehensive loss for the year
|
( |
) | ( |
) | ( |
) |
Cents
|
Cents
|
Cents
|
||||||||||||||
Basic earnings per share
|
23 |
( |
) |
(
|
)
|
( |
) | |||||||||
Diluted earnings per share
|
23 |
( |
) |
(
|
)
|
(
|
)
|
|
Consolidated | |||||||||||
Note
|
30 June 2023
|
30 June 2022
|
||||||||||
US$’000
|
US$’000
|
|||||||||||
Assets
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
10
|
|
|
|||||||||
Other receivables
|
11
|
|
|
|||||||||
Prepayments and other assets
|
13
|
|
|
|||||||||
Total current assets
|
|
|
||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
14
|
|
|
|||||||||
Right-of-use assets
|
15
|
|
|
|||||||||
Goodwill
|
16
|
|
|
|||||||||
Deferred tax assets
|
9
|
|
|
|||||||||
Mining hardware prepayments
|
12
|
|
|
|||||||||
Other assets
|
|
|
||||||||||
Total non-current assets
|
|
|
||||||||||
Total assets
|
|
|
Liabilities
|
||||||||||||
Current liabilities
|
||||||||||||
Borrowings and lease liabilities
|
17
|
|
|
|||||||||
Income tax
|
|
|
||||||||||
Employee benefits
|
|
|
||||||||||
Trade and other payables
|
19
|
|
|
|||||||||
Provisions
|
18
|
|
|
|||||||||
Total current liabilities
|
|
|
||||||||||
Non-current liabilities
|
||||||||||||
Borrowings and lease liabilities
|
17
|
|
|
|||||||||
Deferred tax liabilities
|
9
|
|
|
|||||||||
Employee benefits |
||||||||||||
Total non-current liabilities
|
|
|
||||||||||
Total liabilities
|
|
|
Equity
|
||||||||||||
Issued capital
|
20
|
|
|
|||||||||
Reserves
|
21
|
(
|
)
|
(
|
)
|
|||||||
Accumulated losses
|
(
|
)
|
(
|
)
|
||||||||
Total equity
|
|
|
||||||||||
Total liabilities and equity
|
Issued
capital
(restated*)
|
Reserves
(restated*)
|
Accumulated
losses
(restated*)
|
Total equity
(deficit)
(restated*)
|
|||||||||||||
|
US$’000 | US$’000 |
US$’000 |
US$’000 | ||||||||||||
Balance at 1 July 2020
|
|
|
(
|
)
|
|
|||||||||||
Loss after income tax expense for the year
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Other comprehensive income for the year, net of tax
|
|
|
|
|
||||||||||||
Total comprehensive income/(loss) for the year
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Transactions with owners in their capacity as owners:
|
||||||||||||||||
Share-based payments
|
|
|
|
|
||||||||||||
Balance at 30 June 2021
|
|
|
(
|
)
|
(
|
)
|
Issued
capital
|
Reserves
|
Accumulated
losses
|
Total equity
|
|||||||||||||
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||
Balance at 1 July 2021
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Loss after income tax expense for the year
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Other comprehensive loss for the year, net of tax
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Total comprehensive loss for the year
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Transactions with owners in their capacity as owners:
|
||||||||||||||||
Share-based payments (note 31)
|
|
|
|
|
||||||||||||
Issue of ordinary shares (note 20) |
||||||||||||||||
Conversion of hybrid financial instruments (note 20) |
||||||||||||||||
Share-based payments, prepaid in advance (note 20) |
||||||||||||||||
Balance at 30 June 2022
|
|
(
|
)
|
(
|
)
|
|
Issued
capital |
Reserves
|
Accumulated
losses
|
Total equity
|
|||||||||||||
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||
Balance at 1 July 2022
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Loss after income tax expense for the year
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Other comprehensive loss for the year, net of tax
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Total comprehensive loss for the year
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Transactions with owners in their capacity as owners:
|
||||||||||||||||
Share-based payments (note 31)
|
|
|
|
|
||||||||||||
Share issuances under Committed Equity Facility (note 20)
|
|
|
|
|
||||||||||||
Capital raise costs (note 20)
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Balance at 30 June 2023
|
|
(
|
)
|
(
|
)
|
|
Consolidated | ||||||||||||||||
Note |
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
|
|||||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Receipts from Bitcoin mining activities
|
|
|
|
|||||||||||||
Payments for electricity, suppliers and employees (inclusive of GST)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
|
|
|
||||||||||||||
Interest received
|
|
|
|
|||||||||||||
Other income received
|
|
|
|
|||||||||||||
Interest paid
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Net cash from operating activities
|
28
|
|
|
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Payments for property, plant and equipment net of mining hardware prepayments
|
14 |
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Payments for mining hardware prepayments
|
|
(
|
)
|
( |
) | |||||||||||
Payments for prepayments and other assets
|
(
|
)
|
(
|
)
|
( |
) | ||||||||||
Repayments/(advancement) of loan proceeds |
( |
) | ||||||||||||||
Deconsolidation of Non-Recourse SPVs |
( |
) | ||||||||||||||
Proceeds from disposal of property, plant and equipment
|
14 |
|||||||||||||||
Proceeds from release of deposits |
||||||||||||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from hybrid financial instruments
|
20 |
|
|
|
||||||||||||
Capital raising costs
|
20 |
(
|
)
|
( |
) |
|
||||||||||
Proceeds from mining hardware finance
|
|
|
|
|||||||||||||
Repayment of borrowings
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Proceeds from Initial Public Offering (net of underwriting fees)
|
20 |
|
|
|
||||||||||||
Payment of borrowing transaction costs
|
( |
) |
|
(
|
)
|
|||||||||||
Proceeds from committed equity facility |
||||||||||||||||
Repayment of lease liabilities
|
(
|
)
|
( |
) |
(
|
)
|
||||||||||
Net cash from financing activities
|
|
|
|
|||||||||||||
Net increase/(decrease) in cash and cash equivalents
|
(
|
)
|
|
|
||||||||||||
Cash and cash equivalents at the beginning of the financial year
|
|
|
|
|||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Cash and cash equivalents at the end of the financial year
|
10
|
|
|
|
Registered office
|
Principal place of business
|
c/o Pitcher Partners
|
Level 12, 44 Market Street
|
Level 13, 664 Collins Street
|
Sydney NSW 2000
|
Docklands VIC 3008
|
Australia
|
Australia
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
● |
A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected
in Q4 FY2024;
|
● |
Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George
(BC, Canada), and 20MW Childress (Texas, USA); and
|
● |
Continued development and expansion of the 600MW site at Childress, Texas.
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
●
|
Statement of profit or loss and other comprehensive income and statement of cash flows for each group entity were consolidated into US
dollars using average foreign currency rates prevailing for the relevant period.
|
●
|
Assets and liabilities in the consolidated statement of financial position were translated into US dollars at the closing foreign currency
rates on the relevant balance sheet dates.
|
●
|
The equity section of the consolidated statement of financial position, including foreign currency translation reserve, accumulated losses,
share capital and the other reserves, were translated into US dollars using the historical rates, being the rate on the date of the transaction.
|
●
|
Earnings per share and dividend disclosure were also restated to US dollars to reflect the change in presentation currency.
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
● |
when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction
that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
|
● |
when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the
reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Buildings
|
|
Plant and equipment
|
|
Mining hardware
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000 | US$’000 | |||||||
Australia
|
|
|
||||||
North America
|
|
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Net gain on disposal of other assets | ||||||||||||
Government grants
|
|
|
|
|||||||||
Insurance recoveries
|
|
|
|
|||||||||
Other
|
||||||||||||
Other income |
|
|
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Depreciation of property, plant and equipment
|
|
|
|
|||||||||
Depreciation of right-of-use assets
|
|
|
|
|||||||||
|
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Insurance
|
|
|
|
|||||||||
Sponsorship and marketing
|
|
|
|
|||||||||
Short term office and equipment rental
|
|
|
|
|||||||||
Charitable donations | ||||||||||||
Site expenses
|
|
|
|
|||||||||
Filing fees
|
|
|
|
|||||||||
Site identification costs
|
|
|
|
|||||||||
Non-refundable sales tax (See Note 18 - Provisions)
|
|
|
|
|||||||||
Non-refundable provincial sales tax | ||||||||||||
Other expenses
|
|
|
|
|||||||||
|
|
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Interest expense on borrowings
|
|
|
|
|||||||||
Interest expense on hybrid financial instruments
|
|
|
|
|||||||||
Interest expense on lease liabilities
|
|
|
|
|||||||||
Amortization of capitalized borrowing costs
|
|
|
|
|||||||||
Loss on embedded derivatives held at fair value through profit or loss
|
|
|
|
|||||||||
|
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||||||
Year ended
30 June 2023 |
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Numerical reconciliation of income tax expense and tax at the statutory rate
|
||||||||||||
Loss before income tax expense
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Tax at the statutory tax rate of
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Tax effect amounts which are not deductible in calculating taxable income:
|
||||||||||||
Non-deductible/non-allowable items
|
|
|
|
|||||||||
(
|
)
|
|
|
|||||||||
Current year tax losses not recognized
|
|
|
|
|||||||||
Recognition of previously unrecognized tax losses
|
|
(
|
)
|
(
|
)
|
|||||||
Difference in overseas tax rates
|
|
|
(
|
)
|
||||||||
Impact of future tax rate changes
|
|
|
|
|||||||||
Current year temporary differences not recognised
|
|
|
|
|||||||||
Prior year tax over/(under) provisions
|
(
|
)
|
(
|
)
|
|
|||||||
Deconsolidation
of Non-recourse SPVs |
||||||||||||
Income tax expense
|
|
|
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
(restated*) |
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Income tax expense
|
||||||||||||
Current tax expense/(benefit)
|
(
|
)
|
|
|
||||||||
Deferred tax expense
|
|
|
|
|||||||||
Income tax expense
|
|
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||||||
30 June 2023
|
30 June 2022
|
30 June 2021
(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Unrecognized deferred tax assets | ||||||||||||
Available tax losses
|
|
|
|
|||||||||
Tax effect at the applicable tax rate for each jurisdiction
|
|
|
|
|||||||||
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences
|
|
|
|
|||||||||
Deferred tax asset on losses not recognized
|
|
|
|
|
Tax losses
|
Employee
benefits
|
Property,
plant and
equipment
|
Unrealized
foreign
exchange
losses
|
Capital
raising
costs
|
Other
deferred tax
assets
|
Total
|
|||||||||||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||||||||
Movement in balances |
||||||||||||||||||||||||||||
As at 1 July 2021
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(Charge)/credit to profit or loss
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
(Charge)/credit direct to equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
As at 30 June 2022
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Offset against deferred tax liabilities
|
( |
) | ||||||||||||||||||||||||||
As at 30 June 2022
|
||||||||||||||||||||||||||||
As at 1 July 2022 |
||||||||||||||||||||||||||||
(Charge)/credit to profit or loss
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
|||||||||||||||||
As at 30 June 2023 |
|
(
|
)
|
|
|
|
|
|
||||||||||||||||||||
Offset against deferred tax liabilities
|
(
|
)
|
||||||||||||||||||||||||||
As at 30 June 2023
|
|
|
Property,
plant and
equipment
|
Unrealized
foreign
exchange
gains
|
Other
deferred tax
liabilities
|
Total
|
||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||
Deferred tax liabilities | ||||||||||||||||
Movement in balances | ||||||||||||||||
As at 1 July 2021
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
(Charge)/credit to profit or loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Charge direct to equity
|
|
|
|
|
||||||||||||
As at 30 June 2022
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Offset against deferred tax assets
|
||||||||||||||||
As at 30 June 2022
|
( |
) | ||||||||||||||
As at 1 July 2022 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
(Charge)/credit to profit or loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Charge direct to equity
|
|
|
|
|
||||||||||||
As at 30
June 2023 |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Offset against deferred tax assets
|
|
|||||||||||||||
As at 30 June 2023
|
(
|
)
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated | ||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Cash at bank
|
||||||||
Cash on deposit (cash equivalents)
|
|
|
||||||
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Current assets
|
||||||||
Share issuances proceeds
|
||||||||
Advanced loan proceeds
|
|
|
||||||
Provincial sales tax receivable
|
|
|
||||||
Interest receivable
|
|
|
||||||
Other receivable |
||||||||
GST receivable
|
|
|
||||||
|
|
Consolidated | ||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Non-current assets
|
||||||||
Mining hardware prepayments
|
|
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Current assets
|
||||||||
Security deposits
|
|
|
||||||
Prepayments
|
|
|
||||||
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Land - at cost
|
|
|
||||||
Buildings - at cost
|
|
|
||||||
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Plant and equipment - at cost
|
|
|
||||||
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Mining hardware - at cost
|
|
|
||||||
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
Less: Accumulated impairment
|
(
|
)
|
|
|||||
|
|
|||||||
Development assets - at cost
|
|
|
||||||
|
|
Land
|
Buildings
|
Plant and
equipment
|
Mining
hardware
|
Development
assets
|
Total
|
|||||||||||||||||||
Consolidated
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||||||||
Balance at 1 July 2021
|
|
|
|
|
|
|
||||||||||||||||||
Additions
|
|
|
|
|
|
|
||||||||||||||||||
Disposals
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Exchange differences
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Depreciation expense (note 6)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||
Balance at 30 June 2022
|
|
|
|
|
|
|
||||||||||||||||||
Additions
|
|
|
|
|
|
|
||||||||||||||||||
Deconsolidation of subsidiaries |
( |
) | ( |
) | ||||||||||||||||||||
Disposals
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||
Exchange differences
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
Impairment of assets |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transfers in/(out) |
( |
) | ||||||||||||||||||||||
Depreciation expense (note 6)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
||||||||||||||
Balance at 30 June 2023
|
|
|
|
|
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Non-current assets
|
||||||||
Land and buildings - right-of-use asset
|
|
|
||||||
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
|
|
Prepaid
hosting fees |
Land and
buildings
|
Total
|
||||||||||
Consolidated
|
US$’000
|
US$’000
|
US$’000
|
|||||||||
Balance at 1 July 2021
|
|
|
|
|||||||||
Additions
|
|
|
|
|||||||||
Disposals
|
(
|
)
|
|
(
|
)
|
|||||||
Exchange differences | ( |
) | ( |
) | ||||||||
Impairment of assets | ( |
) | ( |
) | ||||||||
Depreciation (note 6)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Balance at 30 June 2022
|
|
|
|
|||||||||
Additions
|
|
|
|
|||||||||
Exchange differences
|
|
(
|
)
|
(
|
)
|
|||||||
Depreciation (note 6)
|
|
(
|
)
|
(
|
)
|
|||||||
Balance at 30 June 2023
|
|
|
|
Consolidated | ||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Non-current assets
|
||||||||
Goodwill -
at cost
|
|
|
||||||
Less: Impairment |
( |
) | ||||||
|
Goodwill
|
|||
US$’000
|
||||
Balance at 1 July 2021
|
|
|||
Exchange differences
|
(
|
)
|
||
Balance at 30 June 2022
|
|
|||
Exchange differences
|
(
|
)
|
||
Impairment |
( |
) | ||
Balance at 30 June 2023
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Year ended
30 June 2023
|
||||
US$'000
|
||||
Goodwill
|
|
|||
Mining hardware
|
|
|||
Mining hardware – Non-Recourse SPVs
|
|
|||
Mining hardware prepayments
|
|
|||
Mining hardware prepayments – Non-Recourse SPVs
|
|
|||
Development assets
|
|
|||
|
||||
Impairment of assets
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Current liabilities
|
||||||||
Mining hardware finance
|
|
|
||||||
Capitalized borrowing costs - mining hardware finance
|
|
(
|
)
|
|||||
Mining hardware finance accrued interest
|
|
|
||||||
Lease liability
|
|
|
||||||
|
|
|||||||
Non-current liabilities
|
||||||||
Mining hardware finance
|
|
|
||||||
Capitalized borrowing costs – mining hardware finance
|
|
(
|
)
|
|||||
Lease liability
|
|
|
||||||
|
|
|||||||
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Reconciliation
|
US$’000
|
|||
Balance as at 1 July 2021
|
|
|||
Additions
|
|
|||
Lease charges
|
(
|
)
|
||
Finance charges
|
|
|||
Exchange differences
|
(
|
)
|
||
Balance as at 30 June 2022
|
|
|||
Additions
|
|
|||
Lease charges
|
(
|
)
|
||
Finance charges
|
|
|||
Exchange differences
|
(
|
)
|
||
Balance as at 30 June 2023
|
|
|||
Current portion
|
|
|||
Non-current portion
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated | ||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Current liabilities
|
||||||||
Non-refundable sales tax
|
|
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$'000
|
US$'000
|
|||||||
Current liabilities
|
||||||||
Trade payables
|
|
|
||||||
Other payables
|
|
|
||||||
Employment tax payables
|
|
|
||||||
Accrued expenses
|
|
|
||||||
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||||||||||
30 June 2023
|
30 June 2022
|
30 June 2023
|
30 June 2022
|
|||||||||||||
Shares
|
Shares
|
US$’000
|
US$’000
|
|||||||||||||
Ordinary shares - fully paid and unrestricted
|
|
|
|
|
Details
|
Date
|
Shares
|
US$’000
|
||||||
Balance
|
1 July 2021
|
|
|
||||||
Conversion of hybrid financial instruments
|
|
|
|
||||||
Ordinary shares issued (IPO)
|
|
|
|
||||||
Share-based payments, prepaid in advance
|
|
|
|
||||||
IPO capital raise costs, net of tax
|
|
(
|
)
|
||||||
Balance
|
1 July 2022
|
|
|
||||||
Shares issued under Committed Equity Facility |
|||||||||
Unpaid shares
issued under Committed Equity Facility |
|||||||||
Shares issued for services |
|||||||||
Equity settled
share-based payments |
|||||||||
Capital raise
costs |
( |
) | |||||||
Balance | 30 June 2023 |
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Foreign currency translation reserve
|
(
|
)
|
(
|
)
|
||||
Share-based payments reserve (note 31)
|
|
|
||||||
(
|
)
|
(
|
)
|
Year ended
30 June 2023 |
Year ended
30 June 2022 |
Year ended
30 June 2021(restated*)
|
||||||||||
US$’000
|
US$’000
|
US$’000
|
||||||||||
Loss after income tax
|
|
(
|
)
|
(
|
)
|
(
|
)
|
Number
|
Number
|
Number
|
||||||||||
Weighted average number of shares used in calculating basic earnings
per share
|
|
|
|
|||||||||
Weighted average number of shares used in calculating diluted
earnings per share
|
|
|
|
Cents
|
Cents
|
Cents
|
||||||||||
Basic earnings per share
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Diluted earnings per share
|
(
|
)
|
(
|
)
|
(
|
)
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Financial assets
|
Financial
liabilities
|
|||||||||||||||
30 June 2023
|
30 June 2022
|
30 June 2023
|
30 June 2022
|
|||||||||||||
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||
US dollars
|
|
|
|
|
||||||||||||
Canadian dollars
|
|
|
|
|
||||||||||||
|
|
|
|
Strengthened
|
Weakened
|
|||||||||||||||||||||||
30 June 2023
|
Change
%
|
Effect on
profit before
tax
US$’000
|
Effect on
equity US$’000
|
Change
%
|
Effect on
profit before
tax
US$’000
|
Effect on
equity
US$’000
|
||||||||||||||||||
US dollar
|
10
|
%
|
|
|
10
|
%
|
(
|
)
|
(
|
)
|
||||||||||||||
Canadian dollar
|
10
|
%
|
|
|
10
|
%
|
(
|
)
|
(
|
)
|
||||||||||||||
Australian dollar
|
10
|
%
|
(
|
)
|
(
|
)
|
10
|
%
|
|
|
||||||||||||||
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
Weighted
average
contractual
interest rate
|
1 year or less
|
Between 1
and 2 years
|
Between 2
and 5 years
|
Over 5 years
|
Remaining
contractual
maturities
|
|||||||||||||||||||
30 June 2023
|
%
|
US$'000
|
US$'000
|
US$'000
|
US$'000
|
US$'000
|
||||||||||||||||||
|
||||||||||||||||||||||||
Non-derivatives
|
||||||||||||||||||||||||
Trade and other payables
|
|
|
|
|
|
|
||||||||||||||||||
Lease liabilities
|
|
|
|
|
|
|
||||||||||||||||||
Total non-derivatives
|
|
|
|
|
|
Weighted
average
contractual
interest rate
|
1 year
or less
|
Between 1
and 2 years
|
Between 2
and 5 years
|
Over 5
years
|
Remaining
contractual
maturities
|
|||||||||||||||||||
30 June 2022
|
%
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
US$’000
|
||||||||||||||||||
Non-derivatives
|
||||||||||||||||||||||||
Trade and other payables
|
|
|
|
|
|
|
||||||||||||||||||
Mining hardware finance |
% | |||||||||||||||||||||||
Lease liabilities
|
|
|
|
|
|
|
||||||||||||||||||
Total non-derivatives
|
|
|
|
|
|
Iris Energy Limited
|
|
Notes to the consolidated financial
statements
|
|
30 June 2023
|
Consolidated
|
||||||||
30 June 2023
|
30 June 2022
|
|||||||
US$’000
|
US$’000
|
|||||||
Amounts payable within 12 months
of balance date:
|
|
|
||||||
Amounts payable after 12 months of
balance date:
|
|
|
||||||
|
|
Iris
Energy Limited
|
|
Notes to the consolidated
financial statements
|
|
30 June 2023
|
Beneficial
Ownership
interest
|
|||||||||
Name
|
Principal
place of business /
Country of incorporation |
30 June 2023
% |
30 June 2022
% |
||||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
|
%
|
|||||
|
|
|
|
%
|
|||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
% | % | ||||||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
||||
|
|
|
%
|
|
%
|
Iris
Energy Limited
|
|
Notes to the consolidated
financial statements
|
|
30 June 2023
|
Consolidated
|
||||||||||||
Year ended
30 June 2023 |
Year ended
30 June 2022
|
Year ended
30 June 2021
|
||||||||||
US$'000
|
US$'000
|
US$'000
|
||||||||||
Loss after
income tax expense for the year
|
( |
) | ( |
) | ( |
) | ||||||
Adjustments
for:
|
||||||||||||
Depreciation
|
|
|
|
|||||||||
Capital
raising costs
|
|
|
|
|||||||||
Impairment of
assets
|
|
|
|
|||||||||
Other income |
( |
) | ||||||||||
Gain on disposal
of subsidiaries |
( |
) | ||||||||||
Gain/(loss)
on disposal of property, plant and equipment
|
|
(
|
)
|
|
||||||||
Foreign
exchange loss/(gain)
|
|
(
|
)
|
(
|
)
|
|||||||
Loss on
embedded derivatives held at fair value through profit
or loss
|
|
|
|
|||||||||
Accrued
interest
|
|
|
|
|||||||||
Amortization
of capitalized borrowing costs
|
|
|
|
|||||||||
Share-based
payment expense
|
|
|
|
|||||||||
Change in
operating assets and liabilities:
|
||||||||||||
Decrease/(increase)
in other receivables
|
|
(
|
)
|
(
|
)
|
|||||||
Increase in
deferred tax assets
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Increase/(decrease)
in trade and other payables
|
(
|
)
|
|
|
||||||||
Increase/(decrease)
in provision for income tax
|
(
|
)
|
|
|
||||||||
Increase in
deferred tax liabilities
|
|
|
|
|||||||||
Increase/(decrease)
in employee benefits
|
(
|
)
|
|
|
||||||||
Increase in
other provisions
|
|
|
|
|||||||||
Decrease in
operating deposits
|
|
|
|
|||||||||
Increase for
prepayments and deposits
|
(
|
)
|
(
|
)
|
|
|||||||
Net cash from
operating activities
|
|
|
Consolidated
|
||||||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
Year ended
30 June 2021
|
||||||||||
US$'000
|
US$'000
|
US$'000
|
||||||||||
Convertible
notes issued in lieu of interest/referral fees
|
|
|
(
|
)
|
||||||||
Mining
hardware finance additional fee payable in cash or
equity
|
|
(
|
)
|
(
|
)
|
|||||||
Mining hardware
finance prepayments made directly by third party
financier
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Additions to
right of use assets
|
|
|
|
|||||||||
Share issuance
proceeds under Committed Equity Facility
|
|
|
|
|||||||||
(
|
)
|
(
|
)
|
( |
) |
Iris Energy Limited
|
|
Notes to the consolidated financial statements
|
|
30 June 2023
|
●
|
If the
VWAP of an ordinary share over the
immediately preceding
|
●
|
If the
VWAP of an ordinary share over the
immediately preceding
|
●
|
If the
VWAP of an ordinary share over the
immediately preceding
|
●
|
If the
VWAP of an ordinary share over the
immediately preceding
|
Iris Energy Limited
|
|
Notes to the
consolidated financial statements
|
|
30 June 2023
|
●
|
-
-
|
●
|
|
●
|
Daniel
Roberts and William Roberts also
received a CEO grant of
|
●
|
|
Iris Energy Limited
|
|
Notes to the
consolidated financial statements
|
|
30 June 2023
|
Number of
options
|
Weighted
average
exercise price
|
Number of
options
|
Weighted
average
exercise price
|
|||||||||||||
30 June 2023
|
30 June 2023
|
30 June 2022
|
30 June 2022
|
|||||||||||||
Outstanding as at 1 July
|
|
|
US$
|
|
|
US$
|
||||||||||
Granted during the year
|
|
|
|
US$
|
||||||||||||
Forfeited during the year
|
(
|
)
|
|
US$
|
(
|
)
|
|
US$
|
||||||||
Exercised during the year
|
US$ |
|||||||||||||||
Outstanding at the end of the
financial year
|
|
|
US$
|
|
|
US$
|
||||||||||
Exercisable at the end of the
financial year
|
|
|
US$
|
|
|
US$
|
|
Number of
RSUs
|
|||
|
30
June 2023
|
|||
|
||||
Outstanding
as at 1
July
|
|
|||
Granted
during the year
|
|
|||
Forfeited
during the year
|
(
|
)
|
||
Exercised
during the year
|
(
|
)
|
||
|
||||
Outstanding
at the end of the financial year
|
|
|||
|
||||
Exercisable
at the end of the financial year
|
|
Iris Energy
Limited
|
|
Notes
to the consolidated financial
statements
|
|
30
June 2023
|
Grant date
|
Dividend
yield
|
Expected
volatility
|
Risk-free
interest rate
|
Expected
life
(weighted
average)
|
Grant date
share price
|
Exercise
price
(weighted
average)
|
Fair value
(weighted
average)
|
Number of
options/RSUs
granted
|
||||||||||||||||||||||||
%
|
%
|
%
|
years
|
US$
|
US$
|
US$
|
||||||||||||||||||||||||||
NED Options Plan | ||||||||||||||||||||||||||||||||
28 July 2021 | % | % | ||||||||||||||||||||||||||||||
21 October 2021
|
% | % | ||||||||||||||||||||||||||||||
Employee
Option Plan
|
||||||||||||||||||||||||||||||||
28
July 2021
|
|
|
%
|
|
%
|
|
|
|
|
|
||||||||||||||||||||||
20 October 2021
|
% | % | ||||||||||||||||||||||||||||||
17 June 2022
|
|
|
%
|
|
%
|
|
|
|
|
|
||||||||||||||||||||||
$
|
||||||||||||||||||||||||||||||||
14 September 2021
|
% | % | ||||||||||||||||||||||||||||||
Long Term Incentive Plan
|
||||||||||||||||||||||||||||||||
1 July 2022
|
||||||||||||||||||||||||||||||||
Service RSUs
|
||||||||||||||||||||||||||||||||
TSR RSUs (
|
% | % | ||||||||||||||||||||||||||||||
TSR RSUs (
|
% | % | ||||||||||||||||||||||||||||||
Share Price
Target RSU
|
% | % | ||||||||||||||||||||||||||||||
22 December 2022
|
||||||||||||||||||||||||||||||||
Service RSUs
|
||||||||||||||||||||||||||||||||
11 January 2023
|
||||||||||||||||||||||||||||||||
Service RSUs
|
||||||||||||||||||||||||||||||||
TSR RSUs
|
% | % | ||||||||||||||||||||||||||||||
19 June 2023 | ||||||||||||||||||||||||||||||||
Service RSUs
|
|
|
|
|
|
|
|
|
Iris Energy Limited
|
|
Notes to
the consolidated financial statements
|
|
30 June
2023
|
Individual
|
Position
|
Date of
Commencement
|
Date
ceased to be KMP
|
Daniel Roberts
|
Executive Director and Co-CEO
|
|
-
|
William Roberts
|
Executive Director and Co-CEO
|
|
-
|
David Batholomew
|
Non-Executive
Director
|
|
-
|
Christopher
Guzowski
|
Non-Executive Director
|
|
-
|
Michael
Alfred
|
Non-Executive Director
|
|
-
|
Sunita
Parasuraman
|
Non-Executive
Director
|
|
-
|
Individual
|
Position
|
Date of
Commencement
|
Date
ceased to be KMP
|
Lindsay
Ward
|
President
|
|
|
David Shaw
|
Chief
Operating Officer
|
|
-
|
Belinda
Nucifora
|
Chief
Financial Officer
|
|
-
|
Cesilia Kim
|
Chief
Legal Officer
|
|
-
|
Iris Energy
Limited
|
|
Notes
to the consolidated financial
statements
|
|
30
June 2023
|
Consolidated
|
||||||||
Year ended
30 June 2023
|
Year ended
30 June 2022
|
|||||||
US$
|
US$
|
|||||||
Short-term
employee benefits
|
|
|
||||||
Post-employment
benefits
|
|
|
||||||
Share-based
payments
|
|
|
||||||
|
|
|
Number
of
options/RSUs
|
Weighted
average
exercise
price
|
Number
of
options/RSUs
|
Weighted
average
exercise
price
|
||||||||||||
|
30 June 2023
|
30 June 2023
|
30 June 2022
|
30 June 2022
|
||||||||||||
|
||||||||||||||||
Outstanding
as at 1 July
|
|
$
|
|
|
$
|
|
||||||||||
Granted
during the year
|
|
$
|
|
|
$
|
|
||||||||||
Forfeited
during the year
|
(
|
)
|
$
|
|
(
|
)
|
$
|
|
||||||||
Exercised
during the year
|
(
|
)
|
|
|
|
|||||||||||
|
||||||||||||||||
Outstanding
at the end of the financial year
|
|
$
|
|
|
$
|
|
||||||||||
|
||||||||||||||||
Exercisable
at the end of the financial year
|
|
$
|
|
|
$
|
|
• |
each holder of our Ordinary shares is entitled to one vote per Ordinary share on all matters to be voted on by shareholders generally;
|
• |
the holders of our Ordinary shares shall be entitled to receive notice of, attend, speak and vote at our general meetings; and
|
• |
the holders of our Ordinary shares shall be entitled to received such dividends as are recommended by our directors and declared by our shareholders.
|
• |
each holder of our B Class shares is entitled to 15 votes per Ordinary share holder by such holder of a B class share;
|
• |
the holders of our B Class shares shall be entitled to receive notice of, attend, speak and vote at our general meetings; and
|
• |
the holders of our B Class shares shall not be entitled to receive any dividends as are recommended by our directors and declared by our shareholders.
|
• |
voting for a variation of class rights that only affect a single share class;
|
• |
voting for a compromise or arrangement proposed that would affect a certain class of holder, e.g. a plan of arrangement to transfer a class of share to a bidder; and
|
• |
voting in response to a takeover bid for a specific class of shares.
|
• |
by a foreign person (as defined in the FATA) or associated foreign persons that would result in such persons having an interest in 20% or more of the issued shares of, or control of 20% or more of the voting power in, an Australian
company; or
|
• |
by a foreign government investor (as defined in the FATA) that would result in such a person having any direct interest (as defined in the FATA) in an Australian company.
|
• |
are the holder of the securities (other than if the person holds those securities as a bare trustee);
|
• |
have power to exercise, or control the exercise of, a right to vote attached to the securities; or
|
• |
have the power to dispose of, or control the exercise of a power to dispose of, the securities (including any indirect or direct power or control).
|
• |
has entered or enters into an agreement with another person with respect to the securities;
|
• |
has given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to the securities (whether the right is enforceable presently or in the future and whether or not on
the fulfillment of a condition); or
|
• |
has granted or grants an option to, or has been or is granted an option by, another person with respect to the securities and the other person would have a relevant interest in the securities if the agreement were performed, the right
enforced or the option exercised,
|
• |
when the acquisition results from the acceptance of an offer under a formal takeover bid;
|
• |
when the acquisition is conducted on market by or on behalf of the bidder under a takeover bid and the acquisition occurs during the bid period;
|
• |
when the disinterested shareholders of the target company approve the takeover by resolution passed at general meeting;
|
• |
an acquisition by a person if, throughout the six months before the acquisition, that person, or any other person, has had voting power in the company of at least 19% and as a result of the acquisition, none of the relevant persons
would have voting power in the company more than 3% higher than they had six months before the acquisition;
|
• |
as a result of a rights issue;
|
• |
as a result of dividend reinvestment schemes or bonus share plan;
|
• |
through operation of law;
|
• |
an acquisition which arises through the acquisition of a relevant interest in another listed company which is listed on a prescribed financial market;
|
• |
arising from an auction of forfeited shares conducted on-market; or
|
• |
arising through a compromise, arrangement, liquidation or buy-back.
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
Special Meetings of Shareholders
|
|
|
Shareholders generally do not have the right to call meetings of shareholders unless that right is granted in the certificate of incorporation or by-laws.
However, if a corporation fails to hold its annual meeting within a period of 30 days after the date designated for the annual meeting, or if no date has been designated for a period of 13 months after its last annual meeting, the
Delaware Court of Chancery may order a meeting to be held upon the application of a shareholder.
|
|
|
The Corporations Act requires the directors to call a general meeting on the request of shareholders with at least 5% of the vote that may be cast at the general meeting. Shareholders with at least 5% of the votes that may be cast at
the general meeting may also call and arrange to hold a general meeting. The shareholders calling the meeting must pay the expenses of calling and holding the meeting.
|
Interested Director Transactions
|
|
|
Interested director transactions are permissible and may not be legally voided if:
• either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation’s capital shares entitled to vote upon the matter, approves the
transaction upon disclosure of all material facts;
or
• the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof or the
shareholders.
|
|
|
A director or that director’s alternate who has a material personal interest in a matter that is being considered at a directors’ meeting must not be present while the matter is being considered at the meeting or vote in respect of
that matter unless permitted to do so by the Corporations Act, in which case such director may:
• be counted in determining whether or not a quorum is present at any meeting of directors considering that contract or arrangement or proposed contract or
arrangement;
• sign or countersign any document relating to that contract or arrangement or proposed contract or
arrangement; and
• vote in respect of, or in respect of any matter arising out of, the contract or arrangement or proposed contract or arrangement
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
|
|
|
|
Unless a relevant exception applies, the Corporations Act requires our directors to provide disclosure of any material personal interest, and prohibits directors from voting on matters in which they have a material personal interest
and from being present at the meeting while the matter is being considered, unless directors who do not have a material personal interest in the relevant matter have passed a resolution that identifies the director, the nature and extent
of the director’s interest in the matter and its relation to our affairs and states that those directors are satisfied that the interest should not disqualify the director from voting or being present. In addition, the Corporations Act
may require shareholder approval of any provision of related party benefits to our directors, unless a relevant exception applies.
|
||
|
|
|
|
|||
Cumulative Voting
|
|
|
The certificate of incorporation of a Delaware corporation may provide that shareholders of any class or classes or of any series may vote cumulatively either at all elections or at elections under specified circumstances.
|
|
|
No cumulative voting concept for director elections. Voting rights can vary by share class, depending on the terms attaching to the shares under the constitution of the company. Ordinary shares carry one vote (by poll) per share.
|
|
|
|
|
|||
Approval of Corporate Matters by Written Consent
|
|
|
Unless otherwise specified in a corporation’s certificate of incorporation, shareholders may take action permitted to be taken at an annual or special meeting, without a meeting, notice, or a vote, if consents, in writing, setting
forth the action, are signed by shareholders with not less than the minimum number of votes that would be necessary to authorize the action at a meeting. All consents must be dated and are only effective if the requisite signatures are
collected within 60 days of the earliest dated consent delivered.
|
|
|
Australian public companies cannot pass resolutions by circulating written resolutions.
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
|
|
|
|
|||
Business Combinations
|
|
|
With certain exceptions, a merger, consolidation, or sale of all or substantially all the assets of a Delaware corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon.
|
|
|
No requirement for shareholder approval under Australian law, unless the transaction involves a transfer or issue or new shares or other securities to existing shareholders (for example, a business combination through a scrip-for-scrip
merger) or a related party (generally, a director or its associates).
|
|
|
|
|
|||
Limitations on Director’s Liability and Indemnification of Directors and Officers
|
|
|
A Delaware corporation may include in its certificate of incorporation provisions limiting the personal liability of its directors to the corporation or its shareholders for monetary damages for many types of breach of fiduciary duty.
However, these provisions may not limit liability for any breach of the duty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, the authorization of unlawful dividends,
stock purchases, or redemptions, or any transaction from which a director derived an improper personal benefit. Moreover, these provisions would not be likely to bar claims arising under U.S. federal securities laws.
A Delaware corporation may indemnify a director or officer of the corporation against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in defense of an action,
suit, or proceeding by reason of his or her position if (i) the director or officer acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and (ii) with respect
to any criminal action or proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful.
|
|
|
Australian law provides that a company or a related body corporate of the company may provide for indemnification of officers and directors, except to the extent of any of the following liabilities incurred as an officer or director of
the company:
• a liability owed to the company or a related body corporate of
the company;
• a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M, 1317H, 1317HA or 1317HB of the Corporations
Act;
• a liability that is owed to someone other than the company or a related body corporate of the company and did not arise out of conduct in
good faith; or
• legal costs incurred in defending an action for a liability incurred as an officer or director of the company if
the costs are incurred:
○ in defending or resisting proceedings in which the officer or director is found to have a liability for which they cannot be indemnified
as set out above;
○ in defending or resisting criminal proceedings in which the officer or director
is found guilty;
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
|
|
|
|
|
○ in defending or resisting proceedings brought by the Australian Securities & Investments Commission or a liquidator for a
court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the Australian Securities & Investments Commission or a liquidator as part of an
investigation before commencing proceedings for a court order); or
○ in connection with proceedings for relief to the officer or a director under the Corporations Act, in which the court denies the relief.
|
|
|
|
|
|
|||
Appraisal Rights
|
|
|
A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights under which the shareholder may receive cash in the amount of the fair
value of the shares held by that shareholder (as determined by a court) in lieu of the consideration the shareholder would otherwise receive in the transaction.
|
|
|
No equivalent concept under Australian law, subject to general minority oppression rights under which shareholders can apply to the Courts for an order in respect of Company actions that are unfairly prejudicial to a shareholder.
|
|
|
|
|
|||
Shareholder Suits
|
|
|
Class actions and derivative actions generally are available to the shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste, and actions not taken in accordance with applicable law. In
such actions, the court has discretion to permit the winning party to recover attorneys’ fees incurred in connection with such action.
|
|
|
Shareholders have a number of statutory protections and rights available to them, regardless of the quantity of shares they hold. These include:
• The ability to bring legal proceedings in the company's name, including against the directors of the company, with the permission of the court.
• The ability to inspect the company's books, with the permission of the court.
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
|
|
|
|
• The ability to apply to the court for orders in cases where the company has been run in a manner that is unfairly prejudicial to a shareholder, or contrary to the
interest of the shareholders as a whole.
• The ability to call a meeting of the company and propose resolutions
• The right to apply to the court for orders in cases where majority shareholders, or the directors, act in an oppressive or unfairly prejudicial manner towards a single shareholder
does not have a minimum shareholding requirement, and can result in a broad range of orders, including:
• The winding up of the company.
• Modification of the company's constitution
• Any other order the court determines to be appropriate.
|
||
|
|
|
|
|||
Inspection of Books and Records
|
|
|
All shareholders of a Delaware corporation have the right, upon written demand, to inspect or obtain copies of the corporation’s shares ledger and its other books and records for any purpose reasonably related to such person’s interest
as a shareholder.
|
|
|
Any shareholder of the Company has the right to inspect or obtain copies of our share register on the payment of a prescribed fee.
Books containing the minutes of general meetings will be kept at our registered office and will be open to inspection of shareholders at all times when the office is required to be open to the public. Other corporate records, including
minutes of directors’ meetings, financial records and other documents, are not open for inspection by shareholders (who are not directors). Where a shareholder is acting in good faith and an inspection is deemed to be made for a proper
purpose, a shareholder may apply to the court to make an order for inspection of our books.
All public companies are required to prepare annual financial reports and directors' reports for each financial year, and to file these reports with the Australian Securities and Investments Commission.
|
Corporate law issue
|
|
|
Delaware law
|
|
|
Australian law
|
|
|
|
|
|||
Amendments to Charter
|
|
|
Amendments to the certificate of incorporation of a Delaware corporation require the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon or such greater vote as is provided for in the
certificate of incorporation. A provision in the certificate of incorporation requiring the vote of a greater number or proportion of the directors or of the holders of any class of shares than is required by Delaware corporate law may
not be amended, altered or repealed except by such greater vote.
|
|
|
Amending or replacing the company's constitution, requires a special resolution (75%) of the shareholders.
|
Name
|
State or Other Jurisdiction of Incorporation
Or Organization
|
|
Iris Energy Custodian Pty Ltd
|
New South Wales, Australia
|
|
Iris Energy Holdings Pty Ltd
|
New South Wales, Australia
|
|
SA 1 Holdings Pty Ltd
|
Victoria, Australia
|
|
SA 2 Holdings Pty Ltd
|
Victoria, Australia
|
|
TAS 1 Holdings Pty Ltd
|
Victoria, Australia
|
|
IE CA 1 Holdings Ltd.
|
British Columbia, Canada
|
|
IE CA 2 Holdings Ltd.
|
British Columbia, Canada
|
|
IE CA 5 Holdings Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings 2 Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings 3 Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings 4 Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings 5 Ltd.
|
British Columbia, Canada
|
|
IE CA Development Holdings 7 Ltd.
|
British Columbia, Canada
|
|
PodTech Data Centers Inc.
|
British Columbia, Canada
|
|
IE US Development Holdings 1 Inc.
|
Delaware, United States
|
|
IE US Holdings Inc.
|
Delaware, United States
|
|
IE US 1, Inc.
|
Delaware, United States
|
|
IE US Development Holdings 3 Inc.
|
Delaware, United States
|
|
IE US Development Holdings 4 Inc.
|
Delaware, United States
|
|
IE US Operations Inc.
|
Delaware, United States
|
|
IE US Hardware 1 Inc.
|
Delaware, United States
|
|
IE US Hardware 2 Inc.
|
Delaware, United States
|
|
IE US Hardware 3 Inc.
|
Delaware, United States
|
|
IE US Hardware 4 Inc.
|
Delaware, United States
|
1. |
I have reviewed this annual report on Form 20-F of Iris Energy Limited (the “Company”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this report;
|
4. |
The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the company’s internal control over financial reporting; and
|
5. |
The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the
company’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record,
process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
|
Date:
|
September 13, 2023
|
|
/s/ Daniel Roberts
|
||
Signature
|
||
Co-Chief Executive Officer
|
||
Title
|
1. |
I have reviewed this annual report on Form 20-F of Iris Energy Limited (the “Company”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this report;
|
4. |
The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the company’s internal control over financial reporting; and
|
5. |
The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the
company’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to
record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
|
Date:
|
September 13, 2023
|
|
/s/ William Roberts
|
||
Signature
|
||
Co-Chief Executive Officer
|
||
Title
|
1. |
I have reviewed this annual report on Form 20-F of Iris Energy Limited (the “Company”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the company as of, and for, the periods presented in this report;
|
4. |
The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the company’s internal control over financial reporting; and
|
5. |
The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the
company’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record,
process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
|
Date:
|
September 13, 2023
|
|
/s/ Belinda Nucifora
|
||
Signature
|
||
Chief Financial Officer
|
||
Title
|
Date: September 13, 2023
|
||
/s/ Daniel Roberts
|
||
Name: Daniel Roberts
|
||
Co-Chief Executive Officer
|
Date: September 13, 2023
|
||
/s/ William Roberts
|
||
Name: William Roberts
|
||
Co-Chief Executive Officer
|
Date: September 13, 2023
|
||
/s/ Belinda Nucifora
|
||
Name: Belinda Nucifora
|
||
Chief Financial Officer
|
Raymond Chabot Grant Thornton LLP
Suite 2000
National Bank Tower
600 De La Gauchetière Street West
Montréal, Quebec
H3B 4L8
T 514-878-2691
|
Member of Grant Thornton International Ltd
|
rcgt.com
|
Armanino LLP
15950 N. Dallas Parkway
Suite 600
Dallas, TX 75248-6685
972 661 1843 main
armanino.com
|
7BQ+YI'7C-6)O&-A';:?+';7L
M\E]
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end
6G]T?E1Y:?W1^5/F%R%&BKWEI_='Y4>6G]T?E1S!R%&BKWEI_='Y4
M>6G]T?E1S!R%&BKWEI_='Y4>6G]T?E1S!R%&G(I=@!5SRT_NC\J4 #H /I2Y
M@Y0VBBEHJ2PHK,T_6(K[4K^R2&9'LV 9V7"MGT/Y_E6#H_CRRO9+?[7;M90W
M$4DT /$1K_K&0*6SUQ\H./6E_X0M'N-\^H321&8W31>6J
M@SF/RR^>N,<[?6BBCV<>P?5:6]@D\%1F?1Y([^:(Z=!# I1 K.L9_O#!P>X.
M1SP*G\4>#[3Q#?17<\\L,L4+1KL_O<['^JEF(^M%%'LXVM8/JU*SC;1D"^"+
M:&2![6ZDA,!M3'\@('DJZC/KD2'-,G\"6\MO;1&\E A\W!VCG?.LQ_(KBBBC
MV<>P?5:6W*:%GX7AM=4@O5N)&:*YN;D*5&"9NH_"HK/PC!:ZG>7@N9&:Y6X4
MJ5&%\YU8_EMQ113Y(]A^PI]BOI7@J/3M6L;V*_F_T:*.(HJ!/,"1>6 Q'4<
M\Y.>^*GN/"K/XAN=5@OA$UP\;M&UM')@HH489AD=.U%%+V<=A+#4TK)=;_,I
M2> +62PCM6O)L1VBVJL%&?EE$@;\QC'I4EOX*AL[/45BF:>6ZL9+1@0(PQ9G
M;.0#C[V.AZ9YHHH]G'L+ZK2O=1.<_P"$,UF]MI$O@JS7,\ :83KNAB2,QO\
M=4 [E9EQ^)KL_%'AF+7+&UMEG-JMN
M4Z*Z,E5&^AW2.KYV,K8.#@YQ3J\S\(3RZ=)?:?;?:+>2[M_M4;WL;1@ M3?QXW?G75>&=5B:R$=Y=2FY\XPG[0ZDL^,X4KP1]*52BXWL$*BD;TL\4./.E M2//3
YCMY89K=+>-< *&VY"C'(Y-)4[I6*Y[/4[>HK>YAN5S
MI#!D#>QXYZ56.NZ8)8(S>1AYP#QNSTI^ZF2I5I+2]CD-2\)W<&JK+I<4C+
M' D5O)YJ#RRI/+A@2>O;%=G>:;'J%K;1WQ+-"ZRY0XRP_I5/3O$VG7UUJ$"2
MA&LF*R%N!@8R?UJ=/$&E/9/=K>Q&W1MK/GH?3%1",(IV>YM5J8B5E).Z_4@@
M\-645RLN^X=$9FC@=\QQELY*C'N?SJ&S\):=:R%@]S*ODM;K'))E4C8@E0,>
MPK9-];"R%VTJBV(#"0\#!Z4RYU*SMEE-Q<1QB)0\A8XV@]":OE@9*M6V39G6
MGAJWM7EDCO+XS/$(1*TH+(HZ <8J]H^EPZ7!)' \LAD
:;(=J5(W2J%Y/LC/- %66HA9#
MS4VF:@))@,T =@GW:DJ.$YC!J2@ HHHH **3- H &Z5%GYJE;I46/FH E'2H
M+@X%3CI5>X&10!51^:L%OW3?2JRKS23R^7$WTH \6^) 7V?S7(^M>N^!H_\ 2(S[B@#Z!TD8LH_I6@>E4=,XLT^E6V<8
MH X?QA_JW^E?//C#_6M]:^@_CRW^E?/?B\YE;ZT 8NC_\ 'PGUKZ$\"KFV
M3Z5\^:*,W"?6OHSP''_HB?2@#T>T&(Q5FH+<86IZ "BBB@ HHHH *#110!$1
MS0P^2G$1Z?\ ->CZU[7X&BQ)&<>E 'N6GC%HGTJU5:R_X]D^E6: "BBB@!*:QP*?
M4$[80T 59K@(>35&XU) I&ZJ&J7OE*QS7$WVOA9"N^@#JY]27*Y/2X/,D7CO7K/A;2]Z*=M '5:#I_R+E:[JPLU"#BLW2;'RT7BN
MEMH]H% $\4 Z5.% IRCBE- *6F \T^@!*6F,:530 ZDQ2T4 %%%% !1110
M 4444 %%%% "'I43=:E/2HF'- #V!/2K$]
MKM3I5C34\Q@*U+RSQ#G':@#E0?+S6%J\F]JW-0_=9KE;V;=)U[T ='X:M?,D
M0X[U[]X0A\NW7CM7C/@NW\S8<5[OX.U '2)PM,;K4@'%,8L^#+C]Y&,U]
MZ&J=Q?B->M5;NZVD\US.L:IY2'YJ (_$FK@HPW5
MY3K.H;V;FM'7=<+[ANKB;J\,K'F@"C?.TC&H;6S:20<=ZM)$96KI-'TKS&7Y
M: -CPOIAW1G;7M6C((+$>PKCO#VD;$4[:["5_LUBW; H Y[QAJ"BRD7/:O!9
M&\W5V_WJ] \7ZP3YB;J\YTX^?JF?4T >N>![?]XAQ7>>(+?=9].U
F,=Z^5_CAXZL_$GBB./2=LEG8(85N%_Y;,3EB#_=X 'XGO7+@JM6I-Q>
MJ,Z
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end
General information |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||
General information [Abstract] | |||||||||||||
General information |
Note 1. General
information
The consolidated financial statements cover Iris Energy Limited as a Group consisting of Iris Energy Limited
(Company or Parent Entity) and the entities it controlled at the end of, or during, the year (collectively the Group).
Iris Energy Limited was previously known as Iris Energy Pty Ltd until 7 October 2021, when it converted to
an Australian public unlisted company limited by shares. Iris Energy Limited is incorporated and domiciled in Australia. Its registered office and principal place of business are:
The Group completed an initial public offering (IPO) on 17 November 2021. The IPO was led by lead
book-runners J.P. Morgan, Canaccord Genuity and Citigroup and raised total gross proceeds of $231,538,468.
Following this issuance, the Company’s shares trade on the NASDAQ under the ticker symbol “IREN”.
The Group is an owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data
centers powered by renewable energy.
The consolidated financial statements were authorized and approved for issue, in accordance with a
resolution of Directors, on 13 September 2023. The Directors have the power to amend and reissue the consolidated financial statements.
Reverse share split
On 4 November 2021, the Company effected a 1-for-
reverse share split of its ordinary shares. Unless otherwise indicated, the per ordinary share information has been retroactively adjusted to reflect
the 1-for- reverse share split. |
Significant accounting policies |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||
Significant accounting policies [Abstract] | |||||||||||||||||||||||||
Significant accounting policies |
Note 2. Significant
accounting policies
The principal accounting policies adopted in the preparation of the consolidated financial statements are
set out below.
Going concern
The Group has determined there is material uncertainty that may cast significant doubt on the Group’s
ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities,
the realization of assets and settlement of liabilities in the ordinary course of business. The operating cash flows generated by the Group are inherently linked to several key uncertainties and risks
including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan.
For the year ended 30 June 2023, the Group incurred a loss after tax of $171,871,000 (2022: $419,770,000)
and net operating cash inflows of $6,045,000 (2022: $21,557,000). As at 30 June 2023, the Group had net current assets of $65,229,000 (2022: net current assets of $75,148,000)
and net assets of $305,361,000 (2022: net assets of $437,362,000).
As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline
in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards
that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event
expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other
aforementioned factors, there can be no guarantee that future mining operations will be profitable.
The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at
operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing
additional financing, as needed, through one or more debt and/or equity capital raisings.
The continuing viability of the Group and its ability to continue as a going concern and meet its debts
and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going
concern of the Group. The key assumptions include:
The key assumptions have been stress tested using a range of Bitcoin price and global
hashrate scenarios including with respect to the halving event expected in Q4 FY2024. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cash flow
management where it practicably makes sense, including ongoing internal cash flow monitoring and projection analysis performed to identify potential liquidity risks arising and to try to respond
accordingly.
As a result, the Group has concluded there is material uncertainty related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the
normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has
prepared the consolidated financial statements on a going concern basis.
Basis of preparation
These consolidated financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Historical cost basis
The consolidated financial statements have been prepared on a historical cost basis, except for
financial assets and liabilities at fair value through profit or loss.
Critical accounting estimates
The preparation of the consolidated financial statements requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.
Principles of consolidation
The principles outlined below are guided by IFRS 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited
and its subsidiaries.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris
Energy Limited as at 30 June 2023 and 30 June 2022 and the results of all subsidiaries for the years ended 30 June 2023, 30 June 2022, and 30 June 2021.
Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation
differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.
Intercompany transactions, balances and unrealized gains on transactions between entities in the Group
are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling
interest acquired is recognized directly in equity attributable to the parent.
Operating segments
Operating segments are presented using the ‘management approach’, where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.
Functional and presentation currency
During the year ended 30 June 2022,
the Directors elected to change the Group’s presentation currency from Australian dollars (A$) to United States dollars ($, US$ or US dollars) effective from 1 July 2021. The change in presentation
currency was a voluntary change which has been accounted for retrospectively. The consolidated financial statements for 30 June 2022 have been restated to US dollars using the procedures outlined
below:
The functional currency of the Parent is Australian dollars, whilst the presentation currency of the
Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has
been adopted to suit the needs of the primary users of the financial statements.
Transactions in currencies other than an entity’s functional currency are initially recorded in the
functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are
retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss.
Foreign exchange differences that arise on the
translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position.
Non-monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial
transaction.
Foreign operations
The assets and liabilities of foreign operations are translated into US dollars using the relevant
exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the
transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity.
The foreign currency reserve, reflecting the cumulative translation differences, is
recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of.
Revenue and other income recognition
The Group recognizes revenue and other income as follows:
Revenue from contracts with customers
Revenue is recognized at an amount that reflects the consideration to which the Group is expected to
be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in
the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner
that depicts the transfer to the customer of the goods or services promised.
Bitcoin mining revenue
The Group operates data center infrastructure supporting the verification and validation of Bitcoin
blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Group has entered into arrangements with mining pools, whereby computing
power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining
pool operators.
In the mining pools which the Group participated in during the years ended 30 June 2023, 30 June 2022 and 30 June 2021, the
Group is not directly exposed to the pool’s success in mining blocks. The Group is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by
the Group is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees.
Bitcoin mining revenue comprises of the block reward and transaction
fees bundled together in a gross daily deposit of Bitcoin into the Group’s exchange wallet. Bitcoin received from the mining pool operator are remitted to the pool participants’ wallets net of the
fees of the mining pool operator. The mining pool operator fees is reflected in the quantity of Bitcoin received by the Group and recorded as a reduction in Bitcoin mining revenue.
The Group measures the non-cash consideration received at the fair market value of the Bitcoin
received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on www.kraken.com (‘Kraken’) on
the day it was received. Management considers the prices quoted on Kraken to be a level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 30 June 2023 (30 June 2022: ).
Other income
Other income is recognized when it is probable that the economic benefits will flow to the Group,
and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the
control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction.
Income tax
The income tax expense for the period is the tax payable on that period’s taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment
recognized for prior periods, where applicable.
Deferred tax assets and liabilities are recognized for temporary differences at the tax rates
expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
Deferred tax assets are recognized for deductible temporary difference only if the Group considers
it probable that future taxable amounts will be available to utilize those temporary differences and losses.
The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each
reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously
unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to
offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or
different taxable entities which intend to settle simultaneously.
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax
laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred
tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or
all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and
other comprehensive income.
Current and non-current classification
Assets and liabilities are presented in the consolidated statement of financial position based on
current and non-current classification.
An asset is classified as current when it is either expected to be realized or intended to be sold
or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when it is either expected to be settled in the Group’s
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement
of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank, deposits that can be withdrawn
without notice held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value.
Financial assets
Financial assets are initially
measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at
either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business
model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been
transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying
value is written off.
Financial assets at amortized cost
A financial asset is measured at
amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the
contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.The financial assets at amortized cost include cash and cash equivalents
and other receivables (except sales tax receivables).
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are
either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to
whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to
obtain.
Where there has not been a significant increase in exposure to credit risk since initial
recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible
within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s
lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the
instrument discounted at the original effective interest rate.
Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of
property, plant and equipment (excluding land) over their expected useful lives as follows:
The residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
An item of property, plant and equipment is derecognized upon disposal or when there is no
future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Development assets consist of data center sites under development. Development assets are not
depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful
economic life.
Mining hardware includes both installed hardware units and units that have been delivered but
are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use.
Repair and maintenance costs incurred are expensed to ‘other operating expenses’ in the
consolidated statements of profit or loss.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is,
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for
all leases, except for short-term leases and leases of low-value assets.
The Group has elected not to
recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated
with these leases as an expense on a straight-line basis over the lease term.
A right-of-use asset is
recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, adjusted for, as applicable, any lease payments made at or before the commencement date net of
any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the
underlying asset, and restoring the site or asset. Right-of-use assets are depreciated from the commencement of the lease on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.
At the
commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value
guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
lease term reflects the Group exercising the option to terminate.
In calculating the present value of the lease payments, the Group uses the interest rate
implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.The lease
liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is
a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options.
Goodwill
Goodwill arises on the acquisition of a business. Goodwill is not amortized.
Instead, the cash-generating unit (CGU) to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be
impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.
Impairment of other non-financial assets
At the end of reporting period, property, plant and equipment and right-of-use assets are
reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected
asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount
exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCOD) or the value in use (VIU). In assessing VIU, the estimated
future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market
assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash
inflows from other assets or groups of assets (cash-generating unit (CGU)).
A recognized impairment loss
on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only
when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have
been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the
end of the financial year and which are unpaid.They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.
However, due to their short-term nature, they are not discounted.
Hybrid financial instruments (SAFE
and convertible notes)
Hybrid financial instruments
are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially
recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair
value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable
transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount.
Financial liabilities
Trade and other payables and borrowings are initially recognized at the fair value of the
consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method.
The Group de-recognizes financial liabilities when, and only when, the Group’s obligations are
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Finance costs
Finance costs attributable to qualifying assets are capitalized as part of the asset. All other
finance costs are expensed using the effective interest rate method.
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a
result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision
is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time
value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a
finance expense.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long
service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be
settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using
the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.
Share-based payments
Equity-settled share-based compensation benefits are provided to employees. Equity-settled
transactions are awards of shares, or options over shares and restricted stock units (‘RSUs’), that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is
independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of
dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with
non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment.
The cost of equity-settled transactions are recognized as an expense with a corresponding
increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are
likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognized in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore, any awards
subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum, an expense is recognized as if the
modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation
benefit as at the date of modification.
If equity-settled awards are
cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the
amount that otherwise would have been recognised for services received over the remainder of the vesting period will be recognized immediately through share-based payments expense in the profit or
loss.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for
recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the
asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use, determined by
maximization of value by way of continuing use or sale to third party.Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair
value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on
a reassessment of the lowest level of input that is significant to the fair value measurement.Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period
in which they occur.
For recurring and non-recurring fair value measurements, external valuers may be used when
internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant
change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a
comparison, where applicable, with external sources of data.
Issued capital
Ordinary shares are classified
as equity because they represent ownership in the company and do not have an obligation to be repurchased or settled in cash or other financial assets. Incremental costs directly attributable to the
issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Iris
Energy Limited, by the weighted average number of ordinary shares outstanding during the financial year. The weighted average number of shares is also adjusted for any ordinary shares to be issued
under mandatorily convertible instruments issued by the Group.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to
have been issued for no consideration in relation to dilutive potential ordinary shares.
Goods and Services Tax (GST) and other similar taxes
Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST
incurred is not recoverable from the tax authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The
net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the consolidated statements of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from
investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the tax authority.
Mining hardware prepayments
Mining hardware prepayments represent payments made by the Group for the purchase of mining hardware that were yet to be delivered as of the end of the financial
year. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.
Rounding of amounts
Amounts in this report have been rounded off to the nearest thousand dollars, or in certain
cases, the nearest dollar.
New or amended Accounting
Standards and Interpretations adopted
The
Group has adopted all of the new or amended IFRS and Interpretations as issued by the IASB that are mandatory for the current reporting period.
Any new or amended Accounting
Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that
are not yet effective will not have a material impact on the Group’s consolidated financial statements.
|
Critical accounting judgements, estimates and assumptions |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Critical accounting judgements, estimates and assumptions [Abstract] | |
Critical accounting judgements, estimates and assumptions |
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities,
contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future
events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the
fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes-Merton option-pricing model and Monte-Carlo simulations which take
into account the terms and conditions upon which the instruments were granted. Management has exercised its best judgements in determining the key inputs for the valuation models used which includes
volatility, grant-date share price, expected term and the risk-free rate. Refer note 31 for further information and key assumptions.
Estimation of useful lives of assets
The Group determines the estimated useful lives and related depreciation charges for its
property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are
less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Impairment of non-financial assets
The Group assesses impairment of non-financial assets other than goodwill at each reporting date
by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This
involves assessing the value of the asset at FVLCOD or using VIU models which incorporate a number of key estimates and assumptions. No triggers existed at the reporting date which suggested any
additional impairment of assets was necessary.
Deferred tax
Deferred tax assets relating to temporary differences and unused tax losses are recognized only
to the extent that it is probable that the future taxable profit will be available against which the benefits of the deferred tax can be utilized. At the reporting date, deferred tax assets have
only been recognized to the extent of deferred tax liabilities if they are related to the same tax jurisdiction. Deferred tax assets in relation to losses have not been recognized in the
consolidated statement of financial position and will not be recognized until such time when there is more certainty in relation to the availability of future taxable profits.
Income tax
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in
tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of
deferred tax assets and deferred tax liabilities recognized in the consolidated statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In
such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to profit or loss or
other comprehensive income/(loss).
Going concern
The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis. Refer to Note 2 for further information. Provisions Provisions are recorded for present obligations arising from past events where settlement is expected to result in an outflow of resources. The Group has recorded provisions for sales tax at the best estimate of expenditure required to settle the obligation. Management makes assessments of provisions based on the expectations of probability of outcome and expectations of settlement which is inherently subject to uncertainty. Refer to Note 18 for further information. Functional currency determination The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency is conducted through an analysis of the consideration factors identified in IAS 21 “The Effects of Changes in Foreign Exchange Rates” and may involve certain judgements to determine the primary economic environment. The Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Significant changes to those underlying factors could cause a change to the functional currency. |
Operating segments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating segments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating segments |
Note 4. Operating segments
Identification of reportable operating segments
The Group operates within one operating segment, being the operation of building and operating data center sites for the purpose of Bitcoin mining and
reports to the Chief Operating Decision Maker on the performance of the Group as a whole.
Major customers
The Group generated 100% (2022: 100%,
2021: 100%) of Bitcoin mining revenues through the provision of computing power to two (2022: two, 2021: three) Bitcoin mining pools for the year
ended 30 June 2023.
Geographical information
Non-current assets, excluding deferred tax assets, are located in the following geographical locations:
|
Other income |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income |
Note 5. Other income
|
Depreciation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation |
Note 6. Depreciation
|
Other operating expenses |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses |
Note 7. Other operating expenses
|
Finance expense |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense |
Note 8. Finance expense
Interest expense on borrowings includes late fees
and interest charged on third-party loans held by IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd. See note 17 for further information.
|
Income tax expense |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense |
Note 9. Income tax expense
The total available tax losses above have not been recognized in the
consolidated statement of financial position. These tax losses can only be utilized against availability of future available profits. These tax losses are not expected to expire.
Recognized deferred tax assets and liabilities
The following are the deferred tax assets and
liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022:
|
Cash and cash equivalents |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
Note 10. Cash and cash equivalents
|
Other receivables |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables |
Note 11. Other receivables
|
Mining hardware prepayments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining hardware prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining hardware prepayments |
Note 12. Mining hardware prepayments
As a result of an agreement signed on 8 February 2023, the Group
utilized all remaining prepayments under its 10 EH/s
contract with Bitmain, which included a concurrent sale of 2.3
EH/s of the remaining 6.7 EH/s contracted miners to a
third party, to acquire 4.4 EH/s with no additional cash outlay.
During the year ended 30 June 2023, an impairment of $12,961,000 was recorded in relation to mining hardware prepayments of which $11,301,000 related to the above utilization of all prepayments under
the 10 EH/s contract with Bitmain. An impairment of
$1,660,000 was recorded against mining hardware
prepayments held by IE CA 3 Holdings Ltd reducing the underlying carrying amount of the mining hardware prepayments held by IE CA 3 Holdings Ltd to $2,381,000 which were derecognized by the Group on deconsolidation of
the entity on 03 February 2023. See note 16.
|
Prepayments and other assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other assets |
Note 13.
Prepayments and other assets
|
Property, plant and equipment |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment |
Note 14. Property, plant and equipment
Reconciliations
Reconciliations of the written down values at the
beginning and end of the current and previous financial year are set out below:
Depreciation of mining hardware commences once units are
installed onsite and available for use.
Development assets include costs related to the
development of data center infrastructure at Childress, Texas along with other early-stage development costs. Details of impairment expense recorded is set out
in note 16.
|
Right-of-use assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets |
Note 15. Right-of-use assets
Reconciliations
Reconciliations of the written
down values at the beginning and end of the current and previous financial year are set out below:
The land and buildings right-of-use asset represents a 30-year lease of a site in Prince George, B.C., Canada, a 3-year lease of a corporate office in Sydney, Australia and a 5-year corporate office lease in Vancouver, B.C., Canada.
|
Goodwill and impairment |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and impairment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and impairment |
Note
16. Goodwill
and impairment
Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below:
The Group tests whether goodwill is impaired on an
annual basis or when indicators of impairment exist. To determine if goodwill is impaired, the carrying value of the identified Cash Generating Unit
(CGU) to which the goodwill is allocated is compared to its recoverable amount. For the years ended 30 June 2023 and 30 June 2022 the Group operated
as a single CGU.
The recoverable amount of the CGU is based on
‘value in use’ (‘VIU’) calculations, determined by discounting the future cash flows to be generated from continuing the use of the CGU.
As at 31 December 2022 an impairment analysis was
prepared as it was determined that impairment indicators existed for the CGU.
Cash flow projections were prepared based on
management’s best estimates covering a three-year
period. Cash flows beyond this three-year
period were extrapolated using a growth rate of 2.5%
which did not exceed the long-term average growth rate for the business. The Group applied a pre-tax discount rate of 19.5% to discount the forecast future cash flows
attributable to the CGU.
In forecasting cash flows over the three-year
period, management assumed a Bitcoin price and global hashrate based on historic data, completion of key construction sites within the Group, and
electricity costs remain within the current regulated levels in British Columbia, Canada and at forecasted external market pricing in unregulated
markets.
Based on the assessment performed, management
determined that the Group’s carrying value was not supported by its recoverable amount. Based on the associated VIU projections, the Group impaired its
goodwill of $617,000 to $
. The impairment expense described above had been
recognized in the consolidated statements of profit or loss as impairment of assets.
Given the VIU did not support the carrying amount
of the CGU, management also estimated the fair value less cost of disposal ('FVLCOD') of the assets in the CGU. This was performed using the market
approach, based on observable market prices for similar assets. As a result, an impairment of $25,700,000 was recognized on the Group’s mining hardware. The analysis supported the carrying
value of the Group’s infrastructure assets (Land, Buildings, Plant and equipment). Refer note 14.
The Group separately assessed the assets held by
IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) for impairment. In performing this assessment, the Group determined that the
Non-Recourse SPVs were unlikely to generate future cash flows for the Group and therefore assessed the Non-Recourse SPVs as a separate CGU for
impairment testing. This separate impairment assessment resulted in impairment of $66,484,000 recorded in relation to the Non-Recourse SPVs.
Reconciliation
Impairment recorded during the year ended 30 June 2023 comprised of the following:
The impairment expense described above has been recognized in the consolidated statements of profit or
loss as impairment of assets. For the years ended 30 June 2022 and 30 June 2021 the Group recorded $167,000 and $432,000 of impairment respectively in relation to right of use assets, buildings and older
generation mining hardware assets.
As at June 30, 2023, the Company has not observed any new factors that would require a new impairment
test for the property, plant and equipment.
|
Borrowings and lease liabilities |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and lease liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and lease liabilities |
Note 17. Borrowings and lease liabilities
Mining hardware finance
Prior to 30 June 2022, three of the Group’s subsidiaries (namely, IE CA 2 Holdings
Ltd., IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd) entered into separate limited recourse equipment finance and security agreements with third-party
financiers. During the year ended 30 June 2023, IE CA 2 Holdings Ltd. repaid the outstanding amounts under its respective facilities with the third-party
lender.
On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4
Holdings Ltd received notices of defaults from the lender under their respective limited recourse facilities alleging the occurrence of certain defaults and
potential events of default and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The Group
subsequently lost control of IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. on appointment of a receiver to these entities (refer to note 27 for further
details).
Lease liabilities
The Group’s lease
liabilities include a 30-year lease of a
site in Prince George, B.C., Canada, a 3-year
lease of a corporate office in Sydney, Australia and a 5-year
corporate office lease in Vancouver, B.C., Canada. A reconciliation
of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24.
|
Provisions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions |
Note 18. Provisions
Non-Refundable Sales
Tax
The Canada Revenue
Agency (‘CRA’) is currently conducting an audit of input tax credits (‘ITCs’) claimed by several of the Group’s Canadian subsidiaries. The CRA
has issued an assessment in relation to one of the subsidiaries which, the Directors believe may be applied across the Group’s Canadian
subsidiaries. Under the proposed decision, the CRA has noted that ITCs claimed by the Group would be allowed. However, the Canadian
subsidiaries would also be required to remit an amount of 5% on services exported to the Australian parent under an intercompany service agreement. The export of
services typically attract a 0%
rate of GST in Canada. If GST were to apply to these services at a rate of 5%, the Australian parent may not be permitted to recover this tax.
The Group has
submitted additional information to the CRA to further support the ITCs claimed and the 0% rate applied to the exported services and
submitted a formal notice of objection to the CRA in November 2022. The CRA has acknowledged receipt of the appeal application however has
not yet provided any further correspondence to the Group.
Recent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant
subsidiaries and the CRA. To date, the CRA has not issued any interpretation guidance on the new legislation or proposed any potential
changes to previous conclusions communicated to subsidiaries of the Group. Consequently, the affected subsidiaries continue to accrue a
provision in line with the aforementioned methodology.
|
Trade and other payables |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables |
Note 19. Trade and other
payables
|
Issued capital |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued capital |
Note 20. Issued capital
Movements in ordinary share capital
Refer note 33 for
further information on B Class restricted shares issued.
Ordinary
shares
Ordinary shares entitle the holder to
participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The
fully paid ordinary shares have no
par value and the Company does not have a limited amount of authorized capital.
Committed Equity Facility
On 23 September 2022 Iris Energy
entered into a share purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley”) to establish a committed equity facility (“ELOC”), pursuant to which Iris Energy may, at its option, sell up
to US$100 million of ordinary
shares to B. Riley over a two-year
period. A resale registration statement relating to shares sold to B. Riley under the ELOC was declared effective by the SEC on 26 January 2023.
During the year 11,454,324 shares
were issued under the facility raising gross proceeds of $41,581,000. An additional $1,802,000 was raised through the sale of 388,845 shares from trades which were executed in June 2023 and
subsequently issued and settled in July 2023.
Initial
Public offering
The Company listed 55,036,108 ordinary shares on Nasdaq as part of an
IPO on 17 November 2021. 8,269,231
ordinary shares were issued as part of this offering at a price of $28.00. Total proceeds (net of underwriting fees) of $215,331,000 were raised by the Group as part of this offering.
Conversion
of hybrid financial instruments
On 16 November 2021, immediately prior to the
IPO on Nasdaq, all hybrid financial instruments (convertible notes and simple agreement for future equity ‘SAFE’) converted to equity in accordance
with the underlying deeds. 24,835,118
ordinary shares were issued to noteholders on conversion of these instruments resulting in a corresponding increase in issued capital of $695,383,000 (based on a conversion share price fair
value of $28.00 on 16 November 2021).
There are no outstanding convertible
instruments as at 30 June 2023 (30 June 2022: none).
Loan-funded
shares
As at 30 June 2023, there are 1,954,049 (30 June 2022: 1,954,049) restricted ordinary shares issued to
management under the Employee Share Plan as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares
outstanding (including the loan funded shares) is 66,701,526
as at 30 June 2023 (30 June 2022: 54,982,916).
Capital
risk management
The Group’s objectives when managing capital
is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.
Capital is regarded as
total equity, as recognized in the consolidated statement of financial position, plus net debt. Net debt is calculated as total borrowings
less cash and cash equivalents.
In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, issue new debt
or sell assets to reduce debt.
|
Reserves |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves |
Note 21. Reserves
Foreign currency translation reserve
The reserve is used to recognize exchange differences arising from the translation of the financial
statements of foreign operations to United States dollar.
Share-based payments reserve
The reserve is used to recognize the value of equity benefits provided to employees and Directors
as part of their remuneration, and other parties as part of their compensation for services.
|
Dividends |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Dividends [Abstract] | |
Dividends |
Note 22. Dividends
There were no dividends paid, recommended or declared during the current or
previous financial year.
|
Earnings per share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share |
Note 23. Earnings per share
As
the Group has recorded a loss after tax for all years presented, any potential ordinary shares are
antidilutive.
|
Financial instruments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments |
Note 24. Financial instruments
Financial risk management objectives
The Group has a simple capital structure and its principal financial assets are
cash and cash equivalents and other receivables (except for sales tax receivables). The Group is
subject to market risk by way of being exposed to daily volatility in the Bitcoin price and variations
in foreign exchange rates. The Group has limited exposure to credit risk. The Group primarily holds
cash and cash equivalents with regulated authorized deposit taking institutions which have strong
credit ratings. The Group may also be exposed to liquidity and capital risk, due to the nature of
operations and the requirements to incur capital expenditure.
Risk management is carried out by senior executives who identify, evaluate and
hedge financial risks.
Market risk
Foreign currency risk
The Group undertakes certain transactions denominated in foreign currency and is
exposed to foreign currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognized
financial assets and financial liabilities denominated in a currency that is not the entity’s
functional currency. The risk is measured using sensitivity analysis and cash flow forecasting.
The Group’s exposure to foreign currency risk arises when a Group entity holds a financial
asset or liability in a currency other than the functional currency of that entity. At the end of
the reporting period, the Group’s exposure to foreign currency risk was as follows (denominated in
US Dollars):
Sensitivity analysis
The following table illustrates sensitivities to the Group’s exposure to changes in
exchange rates. The table
indicates the impact on how profit and equity values reported at the end of the reporting period
would have been affected by changes in the relevant risk variables that management considers to
be reasonably possible. These sensitivities assume that the movement in a particular variable is
independent of other variables, each scenario assumes no change to other variables.
Price risk
The Group is exposed to daily price risk on Bitcoin rewards it
generates through contributing computing power to mining pools. Bitcoin rewards are
typically liquidated on a daily basis and no Bitcoin is held
as at the reporting period end (30 June 2022:
). Bitcoin currency prices are affected by various forces including global supply and
demand, interest rates, exchange rates, inflation or deflation and the global political
and economic conditions. The profitability of the Group is directly related to the
current and future market price of digital currencies. A decline in the market prices
for digital currencies could negatively impact the Group’s future operations. The Group
has not hedged the conversion of any of its sales of Bitcoin.
Interest rate risk
The Group is has limited exposure to interest rate risk, which is
the risk that a financial instrument’s value will fluctuate as a result of changes in the
market interest rates on variable interest-bearing financial instruments. The Group does
not, at this time, use derivatives to mitigate these exposures. The Group’s cash and cash
equivalents consist of balances available on demand which are held with regulated
financial institutions and do not expose the Group to significant interest rate risk.
Credit risk
The Group’s exposure to credit risk is primarily related to its
potential counterparty credit risk with exchanges, mining pools and regulated financial
institutions. It mitigates credit risk associated with mining pools and exchanges by
maintaining relationships with various alternative mining pools and transferring fiat
currency to its Australian bank account on a regular basis. The Group cash and cash
equivalents consists of balances held with regulated, listed financial institutions. The
Group regularly monitors industry developments, actively monitors concentration risks with
each financial institution and primarily holds balances on demand with A-1 rated
institutions (based on Standard & Poor’s ratings).
Liquidity risk
The Group is exposed to liquidity risk and is required to maintain
sufficient liquid assets (mainly cash and cash equivalents) and available borrowing
facilities to be able to pay contractual obligations as and when they become due and
payable. The Group manages liquidity risk by continuously monitoring forecast and actual
cash flows and matching the maturity profiles of financial assets and liabilities. The
Group regularly updates cash projections for changes in business and fluctuations in the
Bitcoin price. Refer to the Going Concern section within note 2 for further information in
relation to how the Group intends to meet its short-term contractual obligations.
Remaining contractual maturities
The following table details the Group’s remaining contractual
maturity for its financial instruments and other liabilities. The table presents the
undiscounted cash flows of financial liabilities based on the earliest date on which the
financial liabilities are required to be paid. The table includes both interest and
principal cash flows disclosed as remaining contractual maturities and therefore these
totals may differ from their carrying amount in the consolidated statement of financial
position.
|
Fair value measurement |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Fair value measurement [Abstract] | |
Fair value measurement |
Note 25. Fair value measurement
Fair value hierarchy
Assets and
Liabilities that are measured in the consolidated statements of financial position
at fair value are categorized into a three-level hierarchy based on the priority
of the inputs to the valuation. The categorization within the hierarchy is based
on the lowest level input that is significant to the fair value measurement,
being:
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities that the entity can access at the measurement date
Level 2: Inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly or
indirectly
Level 3: Unobservable inputs for the asset or liability
There were no transfers between levels during
the financial years ended 30 June 2022 and 30 June 2023. The carrying
amounts of other receivables, trade and other payables and borrowings are
assumed to approximate their fair values due to their short-term nature and
are excluded from the hierarchy.
|
Commitments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments |
Note 26. Commitments
As at 30 June 2023, the Group had
commitments of $7,481,000 (30 June 2022: $346,623,000) which are payable within the year ended 30 June 2024. These commitments include committed capital expenditure on
infrastructure related to site development.
The committed amounts are payable as set out below:
|
Interests in subsidiaries |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests in subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests in subsidiaries |
Note 27. Interests in subsidiaries
The consolidated financial statements incorporate
the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2:
*On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings
Ltd. (‘Non-Recourse SPVs’) received notices of defaults from the
lenders under their respective limited recourse facilities
alleging the occurrence of certain defaults and potential events
of default, and purporting to declare the loans under each of the
Non-Recourse SPV facilities immediately due and payable. The
lender filed a petition with the British Columbia Supreme Court,
primarily seeking the appointment of PwC as receiver over the
assets and undertakings of the Non-Recourse SPVs, which the court
accepted, subsequently appointing PwC as the receiver of the
Non-Recourse SPVs on 3 February 2023. The Group ceased control of
the Non-Recourse SPVs on 3 February 2023, being the date of appointment of
the receiver, and as such the entities have been deconsolidated
from this date recording a gain on disposal of subsidiaries of $3,258,000.
|
Reconciliation of loss after income tax to net cash from/(used in) operating activities |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of loss after income tax to net cash from/(used in) operating activities |
Note 28. Reconciliation of loss after
income tax to net cash from/(used in) operating activities
|
Non-cash investing and financing activities |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities |
Note 29. Non-cash
investing and financing activities
|
Contingent Liabilities |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities |
Note 30. Contingent Liabilities
In addition to PwC continuing in their capacity as receiver
in respect of the Non-Recourse SPVs, a hearing was held in June 2023 in The Supreme Court of British Columbia with respect to, among other things, claims brought
by the lender, NYDIG ABL LLC, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on these proceedings was delivered on 10 August 2023 which declared, among other things, that the transactions pursuant to hashpower services provided by
the Non-Recourse SPVs to the Company to be void. On 21 August 2023, the
Company filed a notice to appeal the judgement.
|
Share-based payments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments |
Note 31. Share-based
payments
The Group has entered into a number of
share-based compensation arrangements. Details of these
arrangements, which are considered as options for
accounting purposes, are described below:
Employee Share Plan
The Group’s Employee Share Plan is a
loan-funded share scheme. These loan-funded shares
generally vest subject to satisfying employment service
periods (and in some cases, non-market-based performance
milestones). The employment service periods are generally
met in three
equal tranches on the third, fourth and fifth anniversary
of the grant date. Under this scheme, the Company issues a
limited recourse loan (that has a maximum term of up to 9 years and 11 months) to employees for the sole
purpose of acquiring shares in the Company. Upon disposal
of any loan-funded shares by employees, the aggregate
purchase price for the shares shall be applied by the
Company to pay down the outstanding loan payable.
The recourse on the loan is limited to the
lower of the initial amount of the loan granted to the
employee and the proceeds from the sale of the underlying
shares. Employees are entitled to exercise the voting and
dividend rights attached to the shares from the date of
allocation. If the employee leaves the Company within the
vesting period, the shares may be bought back by the
Company at the original issue price and the loan is
repaid. Loan-funded shares have been treated as options as
required under IFRS 2 Share-based Payments. Vesting of
instruments granted under the Employee Share Plan is
dependent on specific service thresholds being met by the
employee.
2021 Executive Director Liquidity and
Price Target Options
On 20 January 2021, the Group’s board
approved the grant of 1,000,000
options each to entities controlled by Daniel Roberts and
William Roberts (each an Executive Director) to acquire
ordinary shares at an exercise price of $3.868
(A$5.005)
with an expiration date of
.
All ‘Executive Director Liquidity and Price Target
Options’ vested on completion of the IPO on 17 November
2021.Employee Option Plan
The Board approved an Employee Option Plan on
28 July 2021. The terms of the Employee Option Plan are
substantially similar to the Employee Share Plan, with the
main difference being that the incentives are issued in
the form of options and loans are not provided to
participants. If the employee leaves the Company within
the vesting period of the options granted, the Board
retains the absolute discretion to cancel any unvested
options held by the employee. Vesting of options granted
under the Employee Option Plan is dependent on specific
service thresholds being met by the employee.
Non-Executive Director Option Plan
The Board
approved a Non-Executive Director Option Plan (‘NED
Option Plan’) on 28 July 2021. The terms of the NED Option Plan are
substantially similar to the Employee Option Plan.
Vesting of instruments granted under the NED Option Plan
is dependent on specific service thresholds being met by
the Non-Executive Director. Where an option holder
ceases to be a Director of the Company within the
vesting period, the options granted to that Director
will vest on a pro-rata basis of the associated service
period. The Board retains the absolute discretion to
cancel any remaining unvested options held by the option
holder.
$75 Exercise Price Options
On 18 August 2021, the Group’s
shareholders approved the grant of 2,400,000
long-term options each to entities controlled by Daniel
Roberts and William Roberts to acquire ordinary shares
at an exercise price of $75
per option (‘$75 Exercise Price Options’).
These options were granted on 14 September 2021, and
have a contractual exercise period of 12
years.
The $75 Exercise Price Options will
vest in four
tranches following listing of the Company, if the
relevant ordinary share price is equal to or exceeds
the corresponding vesting threshold and the relevant
executive director has not voluntarily resigned as a
director of the Company. The initial vesting
thresholds are detailed below:
Note 31. Share-based payments
(continued)
The VWAP vesting thresholds may
also be triggered by a sale or takeover of the Company
based upon the price per ordinary share received in
such transaction.
The option holder is entitled to
receive in its capacity as a holder of the options, a
distribution paid by the Company per ordinary share as
if the vested options were exercised and ordinary
shares issued to the option holder at the relevant
time of such distribution.
The options are subject to
customary adjustments to reflect any reorganization of
the Company’s capital, as well as adjustments to
vesting thresholds including any future issuance of
ordinary shares by the Company.
2022 Long-Term
Incentive Plan Restricted Stock Units
On July 1, 2022, our Board approved a new
long term incentive plan under which
participating employees have been granted RSUs
in two equal tranches after and four years of continued service,
including a portion the vesting of which is also
subject to the achievement of specified
performance goals over this time period. RSUs
issued under the new long term incentive plan
are subject to other terms and conditions
contained in the plan.
Under
the terms of the plan, the Board maintains sole
discretion over the administration, eligibility
and vesting criteria of instruments issued under
the LTIP.
During the year ended 30 June
2023, the following grants were made under the 2022
LTIP:
Note
31. Share-based payments (continued)
Reconciliation
of outstanding share options
Set out below are summaries of
options granted under all plans:
As at 30 June 2023, the weighted
average remaining contractual life of options
outstanding is 7.57 years (30 June 2022: 8.69 years). As at 30 June 2023, the exercise
prices associated with the options outstanding
ranges from $1.53 to $75.00 (30 June 2022: $1.53 to $75.00)
Reconciliation of
outstanding RSUs
Set out below are
summaries of RSUs granted under all plans:
As at 30 June 2023, the weighted
average remaining contractual life of RSUs
outstanding is 4.55 years. All RSUs
have a 30
weighted average exercise price. There were
no
RSUs issued or outstanding as at June 2022.
Note
31.
Share-based payments (continued)
Valuation
methodology
The fair value of instruments
issued under the Employee Share Plan, Employee Option
Plan and NED Option Plan have been measured using a
Black-Scholes-Merton valuation model. The fair value
of the Executive Director Liquidity and Price Target
Options, $75
Exercise Price Options, and Long-Term Incentive Plan
RSUs have been measured using a Monte-Carlo
simulation. Service and non-market performance
conditions attached to the arrangements were not taken
into account when measuring fair value.
The following table lists the inputs
used in measuring the fair value of arrangements granted
during the years ended 30 June 2023 and 30 June 2022:
The share-based payment expense
for the year was $14,356,000
(2022: $13,896,000,
2021: $805,000).
|
Related party transactions |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Related party transactions [Abstract] | |
Related party transactions |
Note 32.
Related party transactions
Parent entity
Iris Energy Limited is the
ultimate parent entity.
Subsidiaries
Interests in subsidiaries are
set out in note 27.
Key management
personnel
Disclosures relating to key
management personnel are set out in note 33.
Transactions with
related parties
There were no
transactions with related parties during the
current and previous financial year.
Receivable from and
payable to related parties
There were no trade
receivables from or trade payables to related
parties at the current and previous reporting date.
Loans to/from
related parties
There were no loans to or
from related parties at the current and previous
reporting date.
|
Key management personnel disclosures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Management Personnel Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key management personnel disclosures |
Note
33. Key
management personnel disclosures
Details of Directors and
key management personnel
The
following persons were Directors of Iris Energy
Limited at any time during the year, up to the
date of this report:
The
following persons were considered to be KMP of
Iris Energy Limited at any time during the year:
Significant
Transactions with key management personnel
On or around 18 August 2021, the
shareholders of the Company approved the issue
of one
B Class share each (for consideration of A$1.00 per B
Class share) to entities controlled by Daniel
Roberts and William Roberts, respectively. The B
Class shares were formally issued on 7 October
2021. Each B Class share confers on the holder fifteen
votes for each ordinary share in the Company
held by the holder. In addition, a B Class share
confers a right for the holder to nominate a
director to put forward for election to the
Board. Because of the increased voting power of
the B Class shares, the holders of the B Class
shares collectively could continue to control a
significant percentage of the combined voting
power of the Company's shares and therefore be
able to control all matters submitted to the
Company’s shareholders for approval until the
redemption of the B Class shares by the Company
on the earlier of (i) when the holder ceases to
be a director due to voluntary retirement; (ii)
a transfer of B Class shares in breach of the
Constitution; (iii) liquidation or winding up of
the Company; or (iv) at any time which is 12
years after the Company’s ordinary shares are
first listed on a recognized stock exchange.
Aside from these governance rights, the B Class
shares do not provide the holder with any
economic rights (e.g. the B Class shares do not
confer on its holder any right to receive
dividends). The B Class shares are not
transferable by the holder (except in limited
circumstances to affiliates of the holder).
Note 33.
Key management personnel
disclosures (continued)
Deed of access,
insurance and indemnity
The
Group has entered into deeds of access,
insurance and indemnity with each of our
directors and certain of our officers. These
deeds provide the directors and officers with
contractual rights to indemnification and
expense advancement and are governed by the
laws of Victoria, Australia.
Compensation
The
aggregate compensation made to Directors and
other members of key management personnel of
the Group is set out below:
The following table
summarizes the movement in options and
RSUs outstanding issued to Directors and
other members of KMP:
|
Events after the reporting period |
12 Months Ended |
---|---|
Jun. 30, 2023 | |
Events after the reporting period [Abstract] | |
Events after the reporting period |
Note 34.
Events after the reporting period
Changes to key
management personnel
On July 18,
2023, the Group announced the appointment
of Sunita Parasuraman to its board of
directors and as Chair of the Audit and
Risk Committee.
Limited
recourse equipment financing
In June 2023, a hearing was held
in in The Supreme Court of British
Columbia between NYDIG ABL LLC and the
Non-Recourse SPVs. A judgement on the
proceedings was delivered on 10 August
2023 which declared, among other things,
that the transactions pursuant to
hashpower services provided by the
Non-Recourse SPVs to the Company to be
void. On 21 August 2023, the Company
filed a notice to appeal the judgement.
Purchases
NVIDIA H100 GPUs to target generative
AI
On 29 August 2023, the
Group announced the initial purchase of 248
of NVIDIA’s latest-generation artificial
intelligence (“AI”) H100 GPUs for ~US$10
million.
No other matter
or circumstance has arisen since 30 June
2023 that has significantly affected, or
may significantly affect the Group's
operations, the results of those
operations, or the Group's state of
affairs in future financial years.
|
Significant accounting policies (Policies) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||
Significant accounting policies [Abstract] | |||||||||
Going concern |
Going concern
The Group has determined there is material uncertainty that may cast significant doubt on the Group’s
ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities,
the realization of assets and settlement of liabilities in the ordinary course of business. The operating cash flows generated by the Group are inherently linked to several key uncertainties and risks
including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan.
For the year ended 30 June 2023, the Group incurred a loss after tax of $171,871,000 (2022: $419,770,000)
and net operating cash inflows of $6,045,000 (2022: $21,557,000). As at 30 June 2023, the Group had net current assets of $65,229,000 (2022: net current assets of $75,148,000)
and net assets of $305,361,000 (2022: net assets of $437,362,000).
As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline
in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards
that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event
expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other
aforementioned factors, there can be no guarantee that future mining operations will be profitable.
The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at
operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing
additional financing, as needed, through one or more debt and/or equity capital raisings.
The continuing viability of the Group and its ability to continue as a going concern and meet its debts
and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going
concern of the Group. The key assumptions include:
The key assumptions have been stress tested using a range of Bitcoin price and global
hashrate scenarios including with respect to the halving event expected in Q4 FY2024. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cash flow
management where it practicably makes sense, including ongoing internal cash flow monitoring and projection analysis performed to identify potential liquidity risks arising and to try to respond
accordingly.
As a result, the Group has concluded there is material uncertainty related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the
normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has
prepared the consolidated financial statements on a going concern basis.
|
||||||||
Basis of preparation |
Basis of preparation
These consolidated financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
Historical cost basis
The consolidated financial statements have been prepared on a historical cost basis, except for
financial assets and liabilities at fair value through profit or loss.
Critical accounting estimates
The preparation of the consolidated financial statements requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.
|
||||||||
Principles of consolidation |
Principles of consolidation
The principles outlined below are guided by IFRS 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited
and its subsidiaries.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris
Energy Limited as at 30 June 2023 and 30 June 2022 and the results of all subsidiaries for the years ended 30 June 2023, 30 June 2022, and 30 June 2021.
Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation
differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.
Intercompany transactions, balances and unrealized gains on transactions between entities in the Group
are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling
interest acquired is recognized directly in equity attributable to the parent.
|
||||||||
Operating segments |
Operating segments
Operating segments are presented using the ‘management approach’, where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.
|
||||||||
Functional and presentation currency |
Functional and presentation currency
During the year ended 30 June 2022,
the Directors elected to change the Group’s presentation currency from Australian dollars (A$) to United States dollars ($, US$ or US dollars) effective from 1 July 2021. The change in presentation
currency was a voluntary change which has been accounted for retrospectively. The consolidated financial statements for 30 June 2022 have been restated to US dollars using the procedures outlined
below:
The functional currency of the Parent is Australian dollars, whilst the presentation currency of the
Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has
been adopted to suit the needs of the primary users of the financial statements.
Transactions in currencies other than an entity’s functional currency are initially recorded in the
functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are
retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss.
Foreign exchange differences that arise on the
translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position.
Non-monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial
transaction.
Foreign operations
The assets and liabilities of foreign operations are translated into US dollars using the relevant
exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the
transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity.
The foreign currency reserve, reflecting the cumulative translation differences, is
recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of.
|
||||||||
Revenue and other income recognition |
Revenue and other income recognition
The Group recognizes revenue and other income as follows:
Revenue from contracts with customers
Revenue is recognized at an amount that reflects the consideration to which the Group is expected to
be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in
the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner
that depicts the transfer to the customer of the goods or services promised.
Bitcoin mining revenue
The Group operates data center infrastructure supporting the verification and validation of Bitcoin
blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin mining”. The Group has entered into arrangements with mining pools, whereby computing
power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining
pool operators.
In the mining pools which the Group participated in during the years ended 30 June 2023, 30 June 2022 and 30 June 2021, the
Group is not directly exposed to the pool’s success in mining blocks. The Group is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by
the Group is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees.
Bitcoin mining revenue comprises of the block reward and transaction
fees bundled together in a gross daily deposit of Bitcoin into the Group’s exchange wallet. Bitcoin received from the mining pool operator are remitted to the pool participants’ wallets net of the
fees of the mining pool operator. The mining pool operator fees is reflected in the quantity of Bitcoin received by the Group and recorded as a reduction in Bitcoin mining revenue.
The Group measures the non-cash consideration received at the fair market value of the Bitcoin
received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on www.kraken.com (‘Kraken’) on
the day it was received. Management considers the prices quoted on Kraken to be a level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 30 June 2023 (30 June 2022: ).
Other income
Other income is recognized when it is probable that the economic benefits will flow to the Group,
and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the
control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction.
|
||||||||
Income tax |
Income tax
The income tax expense for the period is the tax payable on that period’s taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment
recognized for prior periods, where applicable.
Deferred tax assets and liabilities are recognized for temporary differences at the tax rates
expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
Deferred tax assets are recognized for deductible temporary difference only if the Group considers
it probable that future taxable amounts will be available to utilize those temporary differences and losses.
The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each
reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously
unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to
offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or
different taxable entities which intend to settle simultaneously.
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax
laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred
tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or
all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and
other comprehensive income.
|
||||||||
Current and non-current classification |
Current and non-current classification
Assets and liabilities are presented in the consolidated statement of financial position based on
current and non-current classification.
An asset is classified as current when it is either expected to be realized or intended to be sold
or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when it is either expected to be settled in the Group’s
normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement
of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.
|
||||||||
Cash and cash equivalents |
Cash and cash equivalents
Cash and cash equivalents includes cash at bank, deposits that can be withdrawn
without notice held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value.
|
||||||||
Financial assets |
Financial assets
Financial assets are initially
measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at
either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business
model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been
transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying
value is written off.
Financial assets at amortized cost
A financial asset is measured at
amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the
contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.The financial assets at amortized cost include cash and cash equivalents
and other receivables (except sales tax receivables).
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are
either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to
whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to
obtain.
Where there has not been a significant increase in exposure to credit risk since initial
recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible
within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s
lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the
instrument discounted at the original effective interest rate.
|
||||||||
Property, plant and equipment |
Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of
property, plant and equipment (excluding land) over their expected useful lives as follows:
The residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, at each reporting date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
An item of property, plant and equipment is derecognized upon disposal or when there is no
future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Development assets consist of data center sites under development. Development assets are not
depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful
economic life.
Mining hardware includes both installed hardware units and units that have been delivered but
are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use.
Repair and maintenance costs incurred are expensed to ‘other operating expenses’ in the
consolidated statements of profit or loss.
|
||||||||
Leases |
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is,
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for
all leases, except for short-term leases and leases of low-value assets.
The Group has elected not to
recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated
with these leases as an expense on a straight-line basis over the lease term.
A right-of-use asset is
recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, adjusted for, as applicable, any lease payments made at or before the commencement date net of
any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the
underlying asset, and restoring the site or asset. Right-of-use assets are depreciated from the commencement of the lease on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.
At the
commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value
guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
lease term reflects the Group exercising the option to terminate.
In calculating the present value of the lease payments, the Group uses the interest rate
implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.The lease
liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is
a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options.
|
||||||||
Goodwill |
Goodwill
Goodwill arises on the acquisition of a business. Goodwill is not amortized.
Instead, the cash-generating unit (CGU) to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be
impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.
|
||||||||
Impairment of other non-financial assets |
Impairment of other non-financial assets
At the end of reporting period, property, plant and equipment and right-of-use assets are
reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected
asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount
exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCOD) or the value in use (VIU). In assessing VIU, the estimated
future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market
assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash
inflows from other assets or groups of assets (cash-generating unit (CGU)).
A recognized impairment loss
on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only
when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have
been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years.
|
||||||||
Trade and other payables |
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the
end of the financial year and which are unpaid.They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.
However, due to their short-term nature, they are not discounted.
|
||||||||
Hybrid financial instruments (SAFE and convertible notes) |
Hybrid financial instruments (SAFE
and convertible notes)
Hybrid financial instruments
are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially
recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair
value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable
transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount.
|
||||||||
Financial liabilities |
Financial liabilities
Trade and other payables and borrowings are initially recognized at the fair value of the
consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method.
The Group de-recognizes financial liabilities when, and only when, the Group’s obligations are
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
|
||||||||
Finance costs |
Finance costs
Finance costs attributable to qualifying assets are capitalized as part of the asset. All other
finance costs are expensed using the effective interest rate method.
|
||||||||
Provisions |
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a
result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision
is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time
value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a
finance expense.
|
||||||||
Employee benefits |
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long
service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be
settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using
the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.
Share-based payments
Equity-settled share-based compensation benefits are provided to employees. Equity-settled
transactions are awards of shares, or options over shares and restricted stock units (‘RSUs’), that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is
independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of
dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with
non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment.
The cost of equity-settled transactions are recognized as an expense with a corresponding
increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are
likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognized in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore, any awards
subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum, an expense is recognized as if the
modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation
benefit as at the date of modification.
If equity-settled awards are
cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the
amount that otherwise would have been recognised for services received over the remainder of the vesting period will be recognized immediately through share-based payments expense in the profit or
loss.
|
||||||||
Fair value measurement |
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for
recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the
asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use, determined by
maximization of value by way of continuing use or sale to third party.Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair
value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on
a reassessment of the lowest level of input that is significant to the fair value measurement.Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period
in which they occur.
For recurring and non-recurring fair value measurements, external valuers may be used when
internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant
change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a
comparison, where applicable, with external sources of data.
|
||||||||
Issued capital |
Issued capital
Ordinary shares are classified
as equity because they represent ownership in the company and do not have an obligation to be repurchased or settled in cash or other financial assets. Incremental costs directly attributable to the
issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
|
||||||||
Earnings per share |
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Iris
Energy Limited, by the weighted average number of ordinary shares outstanding during the financial year. The weighted average number of shares is also adjusted for any ordinary shares to be issued
under mandatorily convertible instruments issued by the Group.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to
have been issued for no consideration in relation to dilutive potential ordinary shares.
|
||||||||
Goods and Services Tax (GST) and other similar taxes |
Goods and Services Tax (GST) and other similar taxes
Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST
incurred is not recoverable from the tax authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The
net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the consolidated statements of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from
investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the tax authority.
|
||||||||
Mining hardware prepayments |
Mining hardware prepayments
Mining hardware prepayments represent payments made by the Group for the purchase of mining hardware that were yet to be delivered as of the end of the financial
year. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers.
|
||||||||
New or amended Accounting Standards and Interpretations adopted |
New or amended Accounting
Standards and Interpretations adopted
The
Group has adopted all of the new or amended IFRS and Interpretations as issued by the IASB that are mandatory for the current reporting period.
Any new or amended Accounting
Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that
are not yet effective will not have a material impact on the Group’s consolidated financial statements.
|
Significant accounting policies (Tables) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||
Significant accounting policies [Abstract] | |||||||
Expected Useful Lives |
Depreciation is calculated on a straight-line basis to write off the net cost of each item of
property, plant and equipment (excluding land) over their expected useful lives as follows:
|
Operating segments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating segments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets, excluding deferred tax assets by geographical locations | Non-current assets, excluding deferred tax assets, are located in the following geographical locations:
|
Other income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income |
|
Depreciation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation |
|
Other operating expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expenses |
|
Finance expense (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Expense |
|
Income tax expense (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income Tax Expense and Tax at the Statutory Rate |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized Deferred Tax Assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movement in Deferred Tax Assets and Liability Balances |
Recognized deferred tax assets and liabilities
The following are the deferred tax assets and
liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022:
|
Cash and cash equivalents (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents |
|
Other receivables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Receivables |
|
Mining hardware prepayments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining hardware prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining Hardware Prepayments |
|
Prepayments and other assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other assets |
|
Property, plant and equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Property, Plant and Equipment |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations of Written Down Values of Property, Plant and Equipment |
Reconciliations
Reconciliations of the written down values at the
beginning and end of the current and previous financial year are set out below:
|
Right-of-use assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use Assets, Reconciliations of Written Down Values |
Reconciliations of the written
down values at the beginning and end of the current and previous financial year are set out below:
|
Goodwill and impairment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and impairment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Goodwill |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations of Goodwill Balance |
Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Assets |
Impairment recorded during the year ended 30 June 2023 comprised of the following:
|
Borrowings and lease liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and lease liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Borrowings |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Lease Liabilities | A reconciliation
of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24.
|
Provisions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions |
|
Trade and other payables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Payables |
|
Issued capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements in Ordinary Share Capital |
Movements in ordinary share capital
|
Reserves (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves |
|
Earnings per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Basic and Diluted |
|
Financial instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Asset or Liability by Currency |
The Group’s exposure to foreign currency risk arises when a Group entity holds a financial
asset or liability in a currency other than the functional currency of that entity. At the end of
the reporting period, the Group’s exposure to foreign currency risk was as follows (denominated in
US Dollars):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sensitivity Analysis |
The following table illustrates sensitivities to the Group’s exposure to changes in
exchange rates. The table
indicates the impact on how profit and equity values reported at the end of the reporting period
would have been affected by changes in the relevant risk variables that management considers to
be reasonably possible. These sensitivities assume that the movement in a particular variable is
independent of other variables, each scenario assumes no change to other variables.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity for Financial Instrument Liabilities |
The following table details the Group’s remaining contractual
maturity for its financial instruments and other liabilities. The table presents the
undiscounted cash flows of financial liabilities based on the earliest date on which the
financial liabilities are required to be paid. The table includes both interest and
principal cash flows disclosed as remaining contractual maturities and therefore these
totals may differ from their carrying amount in the consolidated statement of financial
position.
|
Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity of Committed Amount Payable |
The committed amounts are payable as set out below:
|
Interests in subsidiaries (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests in subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interests in Subsidiaries |
The consolidated financial statements incorporate
the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 2:
|
Reconciliation of loss after income tax to net cash from/(used in) operating activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Loss After Income Tax to Net Cash from Used in Operating Activities |
|
Non-cash investing and financing activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash Investing and Financing Activities |
|
Share-based payments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Outstanding Share Options |
Set out below are summaries of
options granted under all plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Outstanding RSUs |
Set out below are
summaries of RSUs granted under all plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement of Fair Value Arrangements Granted |
The following table lists the inputs
used in measuring the fair value of arrangements granted
during the years ended 30 June 2023 and 30 June 2022:
|
Key management personnel disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Management Personnel Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors and Key Management Personnel |
The
following persons were Directors of Iris Energy
Limited at any time during the year, up to the
date of this report:
The
following persons were considered to be KMP of
Iris Energy Limited at any time during the year:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation made to Directors and Key Management Personnel |
The
aggregate compensation made to Directors and
other members of key management personnel of
the Group is set out below:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP |
The following table
summarizes the movement in options and
RSUs outstanding issued to Directors and
other members of KMP:
|
General information (Details) |
Nov. 17, 2021
USD ($)
|
Nov. 04, 2021 |
---|---|---|
General information [Abstract] | ||
Gross proceeds from Initial public offering | $ 231,538,468 | |
Reverse stock split ratio | 0.2 |
Significant accounting policies, Going Concern (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Going concern [Abstract] | |||
Loss after income tax | $ (171,871) | $ (419,770) | $ (60,390) |
Net operating cash inflows | 6,045 | 21,557 | $ 1,761 |
Net current assets | 65,229 | 75,148 | |
Net assets | $ 305,361 | $ 437,362 | |
Minimum [Member] | |||
Going concern [Abstract] | |||
Period to adequate cash reserves to enable to meet its obligations from date of approval | 1 year |
Significant accounting policies, Revenue and Other Income Recognition and Property, Plant and Equipment (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenue and other income recognition [Abstract] | ||
Bitcoin on hand | $ 0 | $ 0 |
Buildings [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 20 years | |
Plant and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 3 years | |
Plant and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 10 years | |
Mining Hardware [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 4 years |
Operating segments, Reportable Operating Segments and Major Customers (Details) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
Customer
segment
|
Jun. 30, 2022
Customer
|
Jun. 30, 2021
Customer
|
|
Operating segments [Abstract] | |||
Number of operating segment | segment | 1 | ||
Bitcoin Mining Revenues [Member] | |||
Operating segments [Abstract] | |||
Percent of mining revenues | 100.00% | 100.00% | 100.00% |
Number of bitcoin mining pools | Customer | 2 | 2 | 3 |
Operating segments, Geographical information (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | $ 242,844 | $ 410,206 |
Australia [Member] | ||
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | 867 | 810 |
North America [Member] | ||
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | $ 241,969 | $ 406,820 |
Other income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Other income [Abstract] | |||
Net gain on disposal of other assets | $ 3,117 | $ 0 | $ 0 |
Government grants | 0 | 0 | 165 |
Insurance recoveries | 0 | 0 | 418 |
Other | 20 | 12 | 7 |
Other income | $ 3,137 | $ 12 | $ 590 |
Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Depreciations [Abstract] | |||
Depreciation of property, plant and equipment | $ 30,636 | $ 7,682 | $ 1,209 |
Depreciation of right-of-use assets | 220 | 59 | 43 |
Depreciation | $ 30,856 | $ 7,741 | $ 1,252 |
Other operating expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Other operating expenses [Abstract] | |||
Insurance | $ 5,687 | $ 5,065 | $ 95 |
Sponsorship and marketing | 716 | 305 | 29 |
Short term office and equipment rental | 773 | 177 | 92 |
Charitable donations | 164 | 464 | 0 |
Site expenses | 3,789 | 1,644 | 170 |
Filing fees | 76 | 462 | 1 |
Site identification costs | 15 | 258 | 0 |
Non-refundable sales tax (See Note 18 - Provisions) | 4,972 | 2,469 | 0 |
Non-refundable provincial sales tax | 371 | 0 | 0 |
Other expenses | 2,259 | 861 | 79 |
Other operating expenses | $ 18,822 | $ 11,705 | $ 466 |
Finance expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Finance expense [Abstract] | |||
Interest expense on borrowings | $ 15,213 | $ 5,343 | $ 311 |
Interest expense on hybrid financial instruments | 0 | 26,748 | 14,182 |
Interest expense on lease liabilities | 112 | 99 | 22 |
Amortization of capitalized borrowing costs | 1,038 | 2,508 | 1,968 |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 390,743 | 44,692 |
Finance expense | $ 16,363 | $ 425,441 | $ 61,175 |
Income tax expense, Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income tax expense [Abstract] | |||
Current tax expense/(benefit) | $ (1,013) | $ 672 | $ 532 |
Deferred tax expense | 3,403 | 2,052 | 707 |
Income tax expense | $ 2,390 | $ 2,724 | $ 1,239 |
Income tax expense, Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Unrecognized deferred tax assets [Abstract] | |||
Available tax losses | $ 136,849 | $ 19,268 | $ 7,239 |
Tax effect at the applicable tax rate for each jurisdiction | 39,238 | 5,117 | 1,887 |
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences | 10,761 | 3,854 | 798 |
Deferred tax asset on losses not recognized | $ 28,477 | $ 1,263 | $ 1,089 |
Cash and cash equivalents (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|---|---|
Current assets [Abstract] | ||||
Cash at bank | $ 38,657 | $ 109,970 | ||
Cash on deposit (cash equivalents) | 30,237 | 0 | ||
Cash and cash equivalents | $ 68,894 | $ 109,970 | $ 38,990 | $ 1,956 |
Other receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Current assets [Abstract] | ||
Share issuances proceeds | $ 1,581 | $ 0 |
Advanced loan proceeds | 0 | 2,320 |
Provincial sales tax receivable | 122 | 10,023 |
Interest receivable | 0 | 75 |
Other receivables | 97 | 1 |
GST receivable | 4,743 | 11,235 |
Other receivables | $ 6,543 | $ 23,654 |
Mining hardware prepayments (Details) |
12 Months Ended | |||
---|---|---|---|---|
Feb. 08, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Feb. 03, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
|
Non-current assets [abstract] | ||||
Mining hardware prepayments | $ 68,000 | $ 158,184,000 | ||
Mining Hardware [Member] | Third Purchase Agreement with Bitmain [Member] | ||||
Mining Hardware Prepayments [Abstract] | ||||
Contracted EH under agreement | 10 | 10 | ||
Concurrent sale of operating capacity hash rate | 2.3 | |||
Additional hash rate purchased by utilizing prepayments in Feb 2023 | 6.7 | |||
Purchase of operating capacity hash rate | 4.4 | |||
Additional payment made for miners acquired | $ 0 | |||
Mining hardware impairment | $ 12,961,000 | |||
Mining hardware prepayments impairment | 11,301,000 | |||
Mining Hardware [Member] | IE CA 3 Holdings Ltd. [Member] | ||||
Mining Hardware Prepayments [Abstract] | ||||
Mining hardware remaining prepayment amount | $ 1,660,000 | |||
Derecognition of mining hardware | $ 2,381,000 |
Prepayments and other assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Current assets [Abstract] | ||
Security deposits | $ 2,420 | $ 18,972 |
Prepayments | 11,373 | 7,658 |
Prepayments and deposits | $ 13,793 | $ 26,630 |
Right-of-use assets, Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Non-current assets [abstract] | |||
Right-of-use assets | $ 1,374 | $ 1,253 | $ 1,404 |
Land and Buildings [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | 1,374 | 1,253 | $ 1,043 |
Land and Buildings [Member] | Gross Carrying Amount [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | 1,649 | 1,309 | |
Land and Buildings [Member] | Accumulated Depreciation [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | $ (275) | $ (56) |
Goodwill and impairment, Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Non-current assets [abstract] | |||
Goodwill | $ 0 | $ 634 | $ 659 |
At Cost [Member] | |||
Non-current assets [abstract] | |||
Goodwill | 617 | 634 | |
Impairment [Member] | |||
Non-current assets [abstract] | |||
Goodwill | $ (617) | $ 0 |
Goodwill and impairment, Reconciliations of Goodwill Balance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at beginning of the period | $ 634 | $ 659 | |
Exchange differences | (31) | (25) | |
Impairment | (603) | ||
Goodwill at ending of the period | $ 0 | 634 | $ 659 |
Estimated cash flows period | 3 years | ||
Growth rate | 2.50% | ||
Pre-tax discount rate | 19.50% | ||
Impairment of assets | $ 105,172 | 167 | $ 432 |
Non-Recourse SPVs [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Impairment of assets | 66,484 | ||
Mining Hardware [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Impairment of assets | 25,700 | ||
Impairment [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at beginning of the period | 0 | ||
Goodwill at ending of the period | (617) | $ 0 | |
Impairment [Member] | VIU Projections [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at ending of the period | $ 0 |
Goodwill and impairment, Reconciliations of Impairment of Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Impairment of Assets [Abstract] | |||
Goodwill | $ 603 | ||
Development assets | 1,084 | ||
Impairment of assets | 105,172 | $ 167 | $ 432 |
Non-Recourse SPVs [Member] | |||
Impairment of Assets [Abstract] | |||
Mining hardware | 64,824 | ||
Mining hardware prepayments | 1,660 | ||
Impairment of assets | 66,484 | ||
Mining Hardware [Member] | |||
Impairment of Assets [Abstract] | |||
Mining hardware | 25,700 | ||
Mining hardware prepayments | 11,301 | ||
Impairment of assets | $ 25,700 |
Borrowings and lease liabilities, Components of Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Current liabilities [abstract] | ||
Current liabilities | $ 192 | $ 60,484 |
Non-current liabilities [abstract] | ||
Non-current liabilities | 1,256 | 47,803 |
Liabilities | 1,448 | 108,287 |
Mining Hardware Finance [Member] | ||
Current liabilities [abstract] | ||
Current borrowings before capitalized borrowing costs | 0 | 61,988 |
Capitalized borrowing costs, current | 0 | (1,774) |
Non-current liabilities [abstract] | ||
Non-current borrowings before capitalized borrowing costs | 0 | 47,421 |
Capitalized borrowing costs, non current | 0 | (803) |
Mining Hardware Finance Accrued Interest [Member] | ||
Current liabilities [abstract] | ||
Current liabilities | 0 | 189 |
Lease Liability [Member] | ||
Current liabilities [abstract] | ||
Current liabilities | 192 | 81 |
Non-current liabilities [abstract] | ||
Non-current liabilities | $ 1,256 | $ 1,185 |
Borrowings and lease liabilities, Summary (Details) |
12 Months Ended |
---|---|
Jun. 30, 2023
Subsidary
| |
Mining Hardware Finance [Member] | |
Borrowings [Abstract] | |
Number of subsidiaries entered into separate limited recourse equipment finance and security agreements | 3 |
Lease Liabilities [Member] | Prince George, British Columbia, Canada [Member] | |
Borrowings [Abstract] | |
Lease term | 30 years |
Lease Liabilities [Member] | Sydney, Australia [Member] | |
Borrowings [Abstract] | |
Lease term | 3 years |
Lease Liabilities [Member] | Vancouver, British Columbia, Canada [Member] | |
Borrowings [Abstract] | |
Lease term | 5 years |
Borrowings and lease liabilities, Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Borrowings and lease liabilities [Abstract] | ||
Balance at beginning of the period | $ 1,267 | $ 1,010 |
Additions | 390 | 297 |
Lease charges | (332) | (106) |
Finance charges | 166 | 101 |
Exchange differences | (42) | (36) |
Balance at ending of the period | 1,448 | 1,267 |
Current portion | 192 | 60,484 |
Non-current portion | $ 1,256 | $ 47,803 |
Provisions (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Current liabilities [Abstract] | ||
Non-refundable sales tax | $ 6,172 | $ 2,469 |
CANADA [Member] | ||
Current liabilities [Abstract] | ||
Percentage of GST required to remit | 5.00% | |
Percentage of GST on exported services | 0.00% |
Trade and other payables (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Current liabilities [Abstract] | ||
Trade payables | $ 11,544 | $ 13,230 |
Other payables | 0 | 197 |
Employment tax payables | 2,207 | 0 |
Accrued expenses | 2,893 | 5,386 |
Trade and other payables | $ 16,644 | $ 18,813 |
Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Ordinary share capital [abstract] | |||
Ordinary shares - fully paid and unrestricted | $ 965,857 | $ 926,581 | |
Issued Capital [Member] | |||
Ordinary share capital [abstract] | |||
Ordinary shares - fully paid and unrestricted (in shares) | 64,747,477 | 53,028,867 | 19,828,593 |
Ordinary shares - fully paid and unrestricted | $ 965,857 | $ 926,581 | $ 10,338 |
Reserves (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Reserves [Abstract] | ||
Foreign currency translation reserve | $ (34,655) | $ (21,014) |
Share-based payments reserve (note 31) | 28,435 | 14,200 |
Reserves | $ (6,220) | $ (6,814) |
Dividends (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Dividends [Abstract] | ||
Dividends paid | $ 0 | $ 0 |
Dividends recommended or declared | $ 0 | $ 0 |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings per share [Abstract] | |||
Loss after income tax | $ (171,871) | $ (419,770) | $ (60,390) |
Weighted average number of shares used in calculating basic earnings per share (in shares) | 54,775,571 | 40,941,074 | 20,629,327 |
Weighted average number of shares used in calculating diluted earnings per share (in shares) | 54,775,571 | 40,941,074 | 20,629,327 |
Basic earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Diluted earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Financial instruments, Foreign Currency Risk (Details) - Foreign Currency Risk [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Financial assets and liabilities [Abstract] | ||
Financial assets | $ 221,437 | $ 250,976 |
Financial liabilities | 70,009 | 140,400 |
US Dollars [Member] | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 96,888 | 96,648 |
Financial liabilities | 32,619 | 110,265 |
Canadian Dollars [Member] | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 124,549 | 154,328 |
Financial liabilities | $ 37,390 | $ 30,135 |
Financial instruments, Price Risk (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Price Risk [Member] | ||
Price Risk [abstract] | ||
Bitcoin held | $ 0 | $ 0 |
Fair value measurement (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair value measurement [Abstract] | ||
Transfers into level 3 | $ 0 | $ 0 |
Transfers out of level 3 | $ 0 | $ 0 |
Commitments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Committed Amounts Payable [Abstract] | ||
Commitments | $ 7,481 | $ 346,623 |
Amounts Payable within 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | 7,481 | 322,706 |
Amounts Payable After 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | $ 0 | $ 23,917 |
Reconciliation of loss after income tax to net cash from/(used in) operating activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | |||
Loss after income tax expense for the year | $ (171,871) | $ (419,770) | $ (60,390) |
Adjustments for [Abstract] | |||
Depreciation | 30,856 | 7,741 | 1,252 |
Capital raising costs | 0 | 4,212 | 0 |
Impairment of assets | 105,172 | 167 | 432 |
Other income | (3,137) | 0 | 0 |
Gain on disposal of subsidiaries | (3,258) | 0 | 0 |
Gain/(loss) on disposal of property, plant and equipment | 6,628 | (12) | 202 |
Foreign exchange loss/(gain) | 5,055 | (8,889) | (2,729) |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 390,743 | 44,692 |
Accrued interest | 11,223 | 26,748 | 14,182 |
Amortization of capitalized borrowing costs | 1,038 | 2,508 | 1,968 |
Share-based payment expense | 14,356 | 13,896 | 805 |
Change in operating assets and liabilities [Abstract] | |||
Decrease/(increase) in other receivables | 17,641 | (72) | (416) |
Increase in deferred tax assets | (6,271) | (9,645) | (911) |
Increase/(decrease) in trade and other payables | (5,800) | 6,476 | 367 |
Increase/(decrease) in provision for income tax | (1,172) | 671 | 533 |
Increase in deferred tax liabilities | 9,674 | 6,892 | 1,618 |
Increase/(decrease) in employee benefits | (1,175) | 2,026 | 66 |
Increase in other provisions | 3,703 | 2,469 | 0 |
Decrease in operating deposits | 0 | 0 | 90 |
Increase for prepayments and deposits | (6,617) | (4,604) | 0 |
Net cash from operating activities | $ 6,045 | $ 21,557 | $ 1,761 |
Non-cash investing and financing activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Non-cash investing and financing activities [Abstract] | |||
Convertible notes issued in lieu of interest/referral fees | $ 0 | $ 0 | $ (463) |
Mining hardware finance additional fee payable in cash or equity | 0 | (1,424) | (2,426) |
Mining hardware finance prepayments made directly by third party financier | (3,420) | (37,980) | (1,458) |
Additions to right of use assets | 373 | 298 | 1,051 |
Share issuance proceeds under Committed Equity Facility | 1,642 | 0 | 0 |
Non-cash investing and financing activities | $ (1,405) | $ (39,106) | $ (3,296) |
Share-based payments, Employee Share Plan (Details) |
12 Months Ended |
---|---|
Jun. 30, 2023
Tranche
| |
Employee Share Plan [Abstract] | |
Number of tranches | 3 |
Maximum [Member] | |
Employee Share Plan [Abstract] | |
Term of limited recourse loan | 9 years 11 months |
Share-based payments, 2021 Executive Director Liquidity and Price Target Options (Details) - 2021 Executive Director Liquidity and Price Target Options [Member] |
12 Months Ended | ||
---|---|---|---|
Jan. 20, 2021
shares
$ / shares
|
Jan. 20, 2021
shares
$ / shares
|
Jun. 30, 2023 |
|
Share-based payments [Abstract] | |||
Expiration date of share based payment arrangement grants | Dec. 20, 2025 | ||
Entities Controlled by Daniel Roberts [Member] | |||
Share-based payments [Abstract] | |||
Number of share options granted (in shares) | 1,000,000 | 1,000,000 | |
Exercise price (in dollars per share) | (per share) | $ 3.868 | $ 5.005 | |
Entities Controlled by William Roberts [Member] | |||
Share-based payments [Abstract] | |||
Number of share options granted (in shares) | 1,000,000 | 1,000,000 | |
Exercise price (in dollars per share) | (per share) | $ 3.868 | $ 5.005 |
Share-based payments, $75 Exercise Price Options (Details) |
12 Months Ended | |
---|---|---|
Sep. 14, 2021
shares
$ / shares
|
Jun. 30, 2023
Tranche
$ / shares
|
|
Share-based payments [Abstract] | ||
Number of tranches | Tranche | 3 | |
$75 Exercise Price Options [Member] | ||
Share-based payments [Abstract] | ||
Exercise price (in dollars per share) | $ 75 | |
Contractual exercise period | 12 years | |
Number of tranches | Tranche | 4 | |
$75 Exercise Price Options [Member] | Entities Controlled by Daniel Roberts [Member] | ||
Share-based payments [Abstract] | ||
Number of share options granted (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ 75 | |
$75 Exercise Price Options [Member] | Entities Controlled by William Roberts [Member] | ||
Share-based payments [Abstract] | ||
Number of share options granted (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ 75 | |
$75 Exercise Price Options [Member] | Tranche One [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 370 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Two [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 650 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Three [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 925 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Four [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 1,850 | |
Number of share options expected to vest (in shares) | shares | 600,000 |
Share-based payments, 2022 Long-Term Incentive Plan Restricted Stock Units (Details) |
12 Months Ended |
---|---|
Jun. 30, 2023
Tranche
$ / shares
shares
| |
Share-based payment [Abstract] | |
Number of tranches | 3 |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Percentage of grants vested | 50.00% |
Vesting period | 3 years 3 months |
Percentage of remaining grants vested | 50.00% |
Remaining vesting period | 4 years 3 months |
Percentage of vesting based on continued service | 80.00% |
Percentage of vesting based on total shareholder return | 20.00% |
Volume weighted average market price (in dollars per share) | $ / shares | $ 28 |
Number of trading days | 10 days |
Number of consecutive trading days | 15 days |
Number of tranches | 2 |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | Tranche One [Member] | |
Share-based payment [Abstract] | |
Vesting period | 3 years |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | Tranche Two [Member] | |
Share-based payment [Abstract] | |
Vesting period | 4 years |
Daniel Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs granted (in shares) | 305,630 |
Number of tranches | 3 |
Number of RSUs vested (in shares) | 713,166 |
William Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs granted (in shares) | 305,630 |
Number of tranches | 3 |
Number of RSUs vested (in shares) | 713,166 |
Non-Executive Director [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Vesting period | 10 days |
Number of RSUs vested (in shares) | 108,559 |
Key Management Personnel [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 1,594,215 |
Key Management Personnel [Member] | Daniel Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 229,223 |
Key Management Personnel [Member] | William Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 229,223 |
Share-based payments, Reconciliation of Outstanding Share Options (Details) - Share Options [Member] |
12 Months Ended | |
---|---|---|
Jun. 30, 2023
shares
$ / shares
|
Jun. 30, 2022
shares
$ / shares
|
|
Number of Options [Abstract] | ||
Outstanding at beginning of year (in shares) | shares | 9,010,547 | 4,143,415 |
Granted during the year (in shares) | shares | 0 | 5,126,484 |
Forfeited during the year (in shares) | shares | (103,708) | (259,352) |
Exercised during the period (in shares) | shares | 0 | 0 |
Outstanding at end of year (in shares) | shares | 8,906,839 | 9,010,547 |
Exercisable at end of year (in shares) | shares | 3,485,302 | 3,351,327 |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ 41.67 | $ 3.03 |
Granted during the year (in dollars per share) | 0 | 71.19 |
Forfeited during the year (in dollars per share) | 20.03 | 8.01 |
Exercised during the period (in dollars per share) | 0 | 0 |
Outstanding at end of year (in dollars per share) | 41.93 | 41.67 |
Exercisable at end of year (in dollars per share) | $ 2.97 | $ 3.04 |
Weighted average remaining contractual life | 7 years 6 months 25 days | 8 years 8 months 8 days |
Minimum [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ 1.53 | |
Outstanding at end of year (in dollars per share) | 1.53 | $ 1.53 |
Maximum [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | 75 | |
Outstanding at end of year (in dollars per share) | $ 75 | $ 75 |
Share-based payments, Reconciliation of Outstanding RSUs (Details) - Restricted Share Units [Member] |
12 Months Ended | |
---|---|---|
Jun. 30, 2023
shares
$ / shares
|
Jun. 30, 2022
shares
|
|
Number of RSUs [Abstract] | ||
Outstanding at beginning of year (in shares) | 0 | |
Granted during the year (in shares) | 3,740,366 | |
Forfeited during the year (in shares) | (112,499) | |
Exercised during the period (in shares) | (4,000) | |
Outstanding at end of year (in dollars per share) | 3,623,867 | |
Exercisable at the end of year (in dollars per share) | 0 | |
Weighted average remaining contractual life of RSUs outstanding | 4 years 6 months 18 days | |
Exercise price of RSUs (in dollars per share) | $ / shares | $ 0 | |
Number of RSUs issued (in shares) | 0 |
Share-based payments, Measuring Fair Value of Arrangements Granted (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
USD ($)
shares
$ / shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
Fair Value of Arrangements Granted [Abstract] | |||
Share-based payment expense | $ | $ 14,356 | $ 13,896 | $ 805 |
NED Options Plan Grant Date 28 July 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 90.00% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 6 years 6 months 29 days | ||
Grant date share price (in dollars per share) | $ 34.73 | ||
Exercise price (in dollars per share) | 8.76 | ||
Weighted average of fair value (in dollars per share) | $ 30.8 | ||
Number of share options granted (in shares) | shares | 161,707 | ||
NED Options Plan Grant Date 21 October 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 90.00% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.8 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 26.5 | ||
Number of share options granted (in shares) | shares | 14,266 | ||
Employee Option Plan Grant Date 28 July 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 90.00% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.73 | ||
Exercise price (in dollars per share) | 8.76 | ||
Weighted average of fair value (in dollars per share) | $ 31.05 | ||
Number of share options granted (in shares) | shares | 89,541 | ||
Employee Option Plan Grant Date 20 October 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 90.00% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.8 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 26.5 | ||
Number of share options granted (in shares) | shares | 53,223 | ||
Employee Option Plan Grant Date 17 June 2022 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 122.00% | ||
Risk-free interest rate | 0.85% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 3.74 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 2.71 | ||
Number of share options granted (in shares) | shares | 7,750 | ||
$75 Exercise Price Options [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Exercise price (in dollars per share) | $ 75 | ||
$75 Exercise Price Options Grant Date 14 September 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 90.00% | ||
Risk-free interest rate | 1.28% | ||
Weighted average expected life | 9 years | ||
Grant date share price (in dollars per share) | $ 34.17 | ||
Exercise price (in dollars per share) | 75 | ||
Weighted average of fair value (in dollars per share) | $ 23.87 | ||
Number of share options granted (in shares) | shares | 4,800,000 | ||
Long Term Incentive Plan Date 1 July 2022, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Weighted average expected life | 3 years 8 months 26 days | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.73 | ||
Number of share options granted (in shares) | shares | 1,109,500 | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 120.00% | ||
Risk-free interest rate | 3.00% | ||
Weighted average expected life | 3 years 3 months | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.22 | ||
Number of share options granted (in shares) | shares | 138,189 | ||
Vesting period | 3 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 120.00% | ||
Risk-free interest rate | 3.25% | ||
Weighted average expected life | 4 years 3 months | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.38 | ||
Number of share options granted (in shares) | shares | 138,189 | ||
Vesting period | 4 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, Share Price Target RSU [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 120.00% | ||
Risk-free interest rate | 3.60% | ||
Weighted average expected life | 15 years | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.72 | ||
Number of share options granted (in shares) | shares | 611,260 | ||
Long Term Incentive Plan Date 22 December 2022, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Weighted average expected life | 1 year | ||
Grant date share price (in dollars per share) | $ 1.13 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.13 | ||
Number of share options granted (in shares) | shares | 104,559 | ||
Long Term Incentive Plan Date 11 January 2023, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Weighted average expected life | 3 years 9 months | ||
Grant date share price (in dollars per share) | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.53 | ||
Number of share options granted (in shares) | shares | 169,870 | ||
Long Term Incentive Plan Date 11 January 2023, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 120.00% | ||
Risk-free interest rate | 3.25% | ||
Weighted average expected life | 3 years 9 months | ||
Grant date share price (in dollars per share) | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.32 | ||
Number of share options granted (in shares) | shares | 42,467 | ||
Long Term Incentive Plan Date 19 June 2023, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0.00% | ||
Expected volatility | 0.00% | ||
Risk-free interest rate | 0.00% | ||
Weighted average expected life | 2 years | ||
Grant date share price (in dollars per share) | $ 3.42 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.42 | ||
Number of share options granted (in shares) | shares | 1,426,332 |
Related party transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Outstanding balances for related party transactions [abstract] | ||
Transactions with related parties | $ 0 | $ 0 |
Trade receivables from related parties | 0 | 0 |
Trade payables to related parties | 0 | 0 |
Loans from related parties | 0 | 0 |
Loans to related parties | $ 0 | $ 0 |
Key management personnel disclosures, Directors and Key Management (Details) |
12 Months Ended | |
---|---|---|
Aug. 18, 2021
Vote
$ / shares
shares
|
Jun. 30, 2023 |
|
Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Number of holder votes | Vote | 15 | |
Number of years company's ordinary shares are first listed on a recognized stock exchange | 12 years | |
Entities Controlled by Daniel Roberts [Member] | Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Shares issued (in shares) | shares | 1 | |
Share price (in dollars per share) | $ / shares | $ 1 | |
Entities Controlled by William Roberts [Member] | Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Shares issued (in shares) | shares | 1 | |
Share price (in dollars per share) | $ / shares | $ 1 | |
Daniel Roberts [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Nov. 06, 2018 | |
William Roberts [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Nov. 06, 2018 | |
David Bartholomew [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Sep. 24, 2021 | |
Christopher Guzowski [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Dec. 19, 2019 | |
Michael Alfred [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 21, 2021 | |
Sunita Parasuraman [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Jul. 18, 2023 | |
Lindsay Ward [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 18, 2021 | |
Date ceased to be KMP | Jun. 30, 2023 | |
David Shaw [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 22, 2021 | |
Belinda Nucifora [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | May 16, 2022 | |
Cesilia Kim [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Jan. 01, 2023 |
Key management personnel disclosures, Compensation (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Key Management Personnel Disclosures [Abstract] | ||
Short-term employee benefits | $ 7,967,322 | $ 1,610,088 |
Post-employment benefits | 66,830 | 81,550 |
Share-based payments | 13,905,489 | 13,314,679 |
Total compensation | $ 21,939,641 | $ 15,006,317 |
Key management personnel disclosures, Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP (Details) - Share Options and Restricted Share Units [Member] |
12 Months Ended | |
---|---|---|
Jun. 30, 2023
shares
$ / shares
|
Jun. 30, 2022
shares
$ / shares
|
|
Number of Options and RSUs [Abstract] | ||
Outstanding at beginning of year (in shares) | shares | 6,973,516 | 2,136,171 |
Granted during the year (in shares) | shares | 3,070,379 | 5,014,834 |
Forfeited during the year (in shares) | shares | (31,671) | (177,489) |
Exercised during the period (in shares) | shares | (4,000) | 0 |
Outstanding at end of year (in shares) | shares | 10,008,224 | 6,973,516 |
Exercisable at end of year (in shares) | shares | 2,017,021 | 2,035,278 |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 53.16 | $ 4.1 |
Granted during the year (in dollars per share) | $ / shares | 2.97 | 72.46 |
Forfeited during the year (in dollars per share) | $ / shares | 36.45 | 7.9 |
Exercised during the period (in dollars per share) | $ / shares | 0 | 0 |
Outstanding at end of year (in dollars per share) | $ / shares | 37.84 | 53.16 |
Exercisable at end of year (in dollars per share) | $ / shares | $ 3.87 | $ 3.95 |
Events after the reporting period (Details) - Subsequent Events [Member] $ in Millions |
Aug. 29, 2023
USD ($)
ArtificialIntelligence
|
---|---|
Events after the reporting periods [Abstract] | |
Number of artificial intelligence purchased | ArtificialIntelligence | 248 |
Initial purchase of NVIDIA's latest-generation artificial intelligence "AI" H100 GPUs | $ | $ 10 |
=">"=\QB:-"$KB1;P9QBES(W9%:>(D[
MK$_#*'4QQ ,ZD?40SV?[GOR>(I_<6J!'Z1@T\^* ?#P4U4&475[OR^II@!YX
MM">M>[/\B/=FW464TH\SRU_$1^I%PKV]!%[L#M33U'=4YEZ21K^!#_:0?GAS
M02DXE!B'N+Y>(#BN9'"+H19RP(X^_USV7ST>IO??CCY@[_".5VJ)I?Y)&D]XVW^/Z6^LWKAO('-M
MK:[=Y5I)'/9I IXO-5Z8AQLRL/LH=O%O4$L#!!0 ( F%+5=3'D_-6@(
M '<% 9 >&PO=V]R:W-H965T PT)DFP_;O6_K./';',N!53G?U+IFYY
MW;GHL%3,>9FY+WKUBZCB.2-]B !I]NOGA]:MSEE=OLBP[*OVNK06^=D1'J%JW"([?12=YE2?G51Z=1B=E
M/DFJ*O/;LRPI)G[WH6^7:/ZS? Y7CFCQ6S0T04 %/>CUD*F%WI)5**BYK'O)
M'57"WV%1 ^[J$CW695Q2V'$R)A9EEDS*/,FJ,F)9 %AN\?9-;QGN(Z#3"=VN$EJ$Z$G?M&ZS'M 1RW=OQ/^'10Q)86><8
M@XJU*O;-6.!NG>?QV**#9Y"A*'/6TJYJA(8!+;+0=J +&J0^"<@44P^26&VFKP3&627 $R.M&*C[06\5W$#Y7H
MDB1LDSB,DSMXR\964M<[2>M)ZNSL[.P'B(0DK$F !4#+ZJ_?
L([E-(3D8S/ V<\AO3 \_6)_>>0.^6RXQ;OM/Q3E*Y>
MQ\L82JQX)]V#/OR"0SYSSU=H:<,3#KTO2V,H.NMT,X!)02-4_^;/0QW. ,MO
M =@ 8$%W'RBH?,\=WZR,/H#QWL3F%R'5@"9Q0OF/LG6&3@7AW.8!+9HGM*O$
M$9O?2XH!>=LCV3>0&8./6KG:PD^JQ/*_! G)&+6PDY9;=I'Q0Z>FD*<38"G+
M+_#E8VYYX,N_DQO\=;.SSE #_/U2FCW)[&42?RFN;