FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables)

12 Months Ended

Jun. 30, 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES [Abstract]

Credit Risk

The carrying amount of the Group’s financial assets represents the maximum credit risk exposure, as represented below:

		2023		2022
	Note	US$		US$
Cash and cash equivalents	5		11,937,941		5,672,551
Trade and other receivables			228,395		22,540
Other financial assets			–		250,000
			12,166,336		5,945,091

Contractual Maturities of Financial Liabilities

The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There are no netting arrangements in respect of financial liabilities.

	≤1 year		1-5 years		≥5 years		Total contractual cash flows		Carrying amount of liabilities
	US$		US$		US$		US$		US$
2023
Financial liabilities
Trade and other payables		1,180,984		-		-		1,180,984		1,180,984
Lease liabilities		376,655		613,773		-		990,427		943,035
Other loans and borrowings		5,970		27,988		-		33,958		30,862
		1,563,609		641,761		-		2,205,370		2,154,881
2022
Financial liabilities
Trade and other payables		1,899,348		-		-		1,899,348		1,899,348
Lease liabilities		167,619		421,142		-		588,761		506,573
Other loans and borrowings		7,811		31,242		4,556		43,609		36,457
		2,074,778		452,384		4,556		2,531,718		2,442,378

Interest-Bearing Financial Instruments

At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was:

		2023		2022
	Note	US$		US$
Interest-bearing financial instruments
Cash at bank and on hand	5		11,937,941		5,672,551
			11,937,941		5,672,551

Disclosure of nature and extent of risks arising from financial instruments [line items]

Financial Instruments Denominated in Currencies Other Than Functional Currency

At the reporting date, the Group’s exposure to financial instruments denominated in currencies other than the functional currency of the group entity:

Assets and liabilities denominated in currencies other than the functional currency of the group entity	2023 US$ Equivalent			2022 US$ Equivalent
Financial assets
Cash and cash equivalents		8,498,094			2,040,266
Financial liabilities
Trade and other payables		(171,559	)		(438,282	)
Net exposure		8,326,535			1,601,984

Interest Rate Risk [Member]

Disclosure of nature and extent of risks arising from financial instruments [line items]

Sensitivity Analysis

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

	Profit or loss					Equity
	+0.5% US$		-0.5% US$			+0.5% US$		-0.5% US$
2023
Cash and cash equivalents		59,690		(59,690	)		59,690		(59,690	)
2022
Cash and cash equivalents		28,363		(28,363	)		28,363		(28,363	)

Foreign Currency Risk [Member]

Disclosure of nature and extent of risks arising from financial instruments [line items]

Sensitivity Analysis

This analysis assumes that all other variables remain constant.

	Profit or loss					Equity
	+10% US$		-10% US$			+10% US$		-10% US$
2023
Group		832,653		(832,653	)		832,653		(832,653	)
2022
Group		160,198		(160,198	)		160,198		(160,198	)