Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Jun. 30, 2020 | Oct. 01, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | GENETIC TECHNOLOGIES LTD | |
Entity Central Index Key | 0001166272 | |
Document Type | 20-F | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,261,726,743 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2020 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss And Other Comprehensive Income/(Loss) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from operations | |||
Genetic testing services | $ 9,864 | $ 25,444 | $ 189,254 |
Less: cost of sales | (251,511) | (276,267) | (300,088) |
Gross loss from operations | (241,647) | (250,823) | (110,834) |
Selling and marketing expenses | (637,295) | (576,077) | (1,066,404) |
General and administrative expenses | (4,058,557) | (3,830,198) | (3,015,818) |
Laboratory, research and development costs | (2,477,578) | (2,360,762) | (2,210,498) |
Finance costs | (14,823) | (20,031) | (28,843) |
Foreign exchange gains reclassified on liquidation of subsidiary | 527,049 | ||
Other gains/(losses) | (5,522) | (407,482) | |
Fair value gains on financial liabilities | 195,845 | ||
Non-operating income | 1,140,647 | 1,019,769 | 441,476 |
Loss from operations before income tax | (6,098,930) | (6,425,604) | (5,463,872) |
Income tax expense | |||
Loss for the year | (6,098,930) | (6,425,604) | (5,463,872) |
Other comprehensive income/(loss) | |||
Exchange gains/(losses) on translation of controlled foreign operations | (33,175) | 23,668 | (522,966) |
Other comprehensive income/(loss) for the year, net of tax | (33,175) | 23,668 | (522,966) |
Total comprehensive loss for the year | (6,132,105) | (6,401,936) | (5,986,838) |
Total loss for the year is attributable to: | |||
Owners of Genetic Technologies Limited | (6,098,930) | (6,425,604) | (5,463,872) |
Total loss for the year | (6,098,930) | (6,425,604) | (5,463,872) |
Total comprehensive loss for the year is attributable to: | |||
Owners of Genetic Technologies Limited | (6,132,105) | (6,401,936) | (5,986,838) |
Total comprehensive loss for the year | $ (6,132,105) | $ (6,401,936) | $ (5,986,838) |
Loss per share (cents per share) | |||
Basic and diluted net loss per ordinary share | $ (0.15) | $ (0.24) | $ (0.22) |
Weighted-average shares outstanding | 4,155,017,525 | 2,635,454,870 | 2,435,282,724 |
Consolidated Balance Sheets
Consolidated Balance Sheets - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 14,214,160 | $ 2,131,741 |
Trade and other receivables | 789,354 | 818,766 |
Inventories | 91,390 | 31,865 |
Other current assets | 97,845 | 213,300 |
Total current assets | 15,192,749 | 3,195,672 |
Non-current assets | ||
Right-of-use assets | 397,945 | |
Property, plant and equipment | 42,285 | 69,333 |
Total non-current assets | 440,230 | 69,333 |
Total assets | 15,632,979 | 3,265,005 |
Current liabilities | ||
Trade and other payables | 723,724 | 1,005,308 |
Provisions | 432,933 | 487,682 |
Lease liabilities | 240,915 | |
Total current liabilities | 1,397,572 | 1,492,990 |
Non-current liabilities | ||
Provisions | 1,927 | 809 |
Borrowing | 52,252 | |
Lease liabilities | 188,621 | |
Other financial liabilities | 977,237 | |
Total non-current liabilities | 1,220,037 | 809 |
Total liabilities | 2,617,609 | 1,493,799 |
Net assets | 13,015,370 | 1,771,206 |
EQUITY | ||
Contributed equity | 140,111,073 | 125,498,824 |
Reserves | 8,755,489 | 6,009,932 |
Accumulated losses | (135,851,192) | (129,737,550) |
Total equity | $ 13,015,370 | $ 1,771,206 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from/ (used in) operating activities | |||
Receipts from customers | $ 9,864 | $ 204,768 | $ 758,452 |
Payments to suppliers and employees | (6,758,484) | (6,575,163) | (6,757,243) |
R&D tax incentive and other grants received | 1,036,522 | 297,213 | 362,258 |
Net cash flows used in operating activities | (5,712,098) | (6,073,182) | (5,636,533) |
Cash flows from/(used in) investing activities | |||
Proceeds from the sale of plant and equipment | 37,000 | ||
Proceeds from sale of financial assets at fair value through other comprehensive income | 43,380 | ||
Purchases of plant and equipment | (38,100) | (50,309) | (2,385) |
Interest received | 22,507 | 25,849 | 15,218 |
Payments for investments in related parties | (500,000) | ||
Net cash flows from/(used in) investing activities | 64,787 | (524,460) | 12,833 |
Cash flows from/(used in) financing activities | |||
Proceeds from the issue of shares | 21,793,678 | 3,557,509 | |
Equity transaction costs | (3,215,174) | (431,347) | (9,963) |
Proceeds from borrowings | 52,252 | ||
Principal elements of finance lease payments | (183,907) | ||
Interest paid | (86,503) | ||
Net cash flows from/(used in) financing activities | 18,360,346 | 3,126,162 | (9,963) |
Net (decrease)/ increase in cash and cash equivalents | 12,713,035 | (3,471,480) | (5,633,663) |
Cash and cash equivalents at beginning of year | 2,131,741 | 5,487,035 | 10,988,255 |
Net foreign exchange difference | (630,616) | 116,186 | 132,443 |
Cash and cash equivalents at end of year | $ 14,214,160 | $ 2,131,741 | $ 5,487,035 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - AUD ($) | Contributed Equity [Member] | Attributable To Members of Genetic Technologies Limited Reserves [Member] | Accumulated Losses [Member] | Parent Interests [Member] | Non-controlling Interests [Member] | Total |
Balance at Jun. 30, 2017 | $ 122,382,625 | $ 6,044,493 | $ (117,848,074) | $ 10,579,044 | $ 10,579,044 | |
Loss for the year | (5,463,872) | (5,463,872) | (5,463,872) | |||
Other comprehensive income (loss) | (522,966) | (522,966) | (522,966) | |||
Total comprehensive loss | (522,966) | (5,463,872) | (5,986,838) | (5,986,838) | ||
Contributions of equity, net of transaction costs and tax | (9,963) | (9,963) | (9,963) | |||
Share-based payments | 129,635 | 129,635 | 129,635 | |||
Share facility fee rebate | ||||||
Transactions with owners in their capacity as owners | (9,963) | 129,635 | 119,672 | 119,672 | ||
Balance at Jun. 30, 2018 | 122,372,662 | 5,651,162 | (123,311,946) | 4,711,878 | 4,711,878 | |
Loss for the year | (6,425,604) | (6,425,604) | ||||
Other comprehensive income (loss) | 23,668 | 23,668 | ||||
Total comprehensive loss | 23,668 | (6,425,604) | (6,401,936) | |||
Contributions of equity, net of transaction costs and tax | 3,126,162 | 3,126,162 | ||||
Share-based payments | 341,201 | 341,201 | ||||
Issue of options/warrants to underwriters | (6,099) | (6,099) | ||||
Transactions with owners in their capacity as owners | 3,126,162 | 335,102 | 3,461,264 | |||
Balance at Jun. 30, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,771,206 | ||
Balance at Jun. 28, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,771,206 | ||
Initial adoption of IFRS 16 | (14,712) | (14,712) | ||||
Balance at Jul. 02, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,756,494 | ||
Balance at Jun. 30, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,771,206 | ||
Loss for the year | (6,098,930) | |||||
Other comprehensive income (loss) | (33,175) | |||||
Total comprehensive loss | (6,132,105) | |||||
Share-based payments | 67,542 | |||||
Issue of options/warrants to underwriters | 2,793,174 | |||||
Initial adoption of IFRS 16 | (14,712) | |||||
Balance at Jun. 30, 2020 | 140,111,073 | 8,755,489 | (135,851,192) | 13,015,370 | ||
Balance at Jul. 02, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,756,494 | ||
Loss for the year | (6,098,930) | (6,098,930) | ||||
Other comprehensive income (loss) | (33,175) | (33,175) | ||||
Total comprehensive loss | (33,175) | (6,098,930) | (6,132,105) | |||
Contributions of equity, net of transaction costs and tax | 14,612,249 | 14,612,249 | ||||
Share-based payments | 67,542 | 67,542 | ||||
Issue of options/warrants to underwriters | 2,793,174 | 2,793,174 | ||||
Reversal of forfeited Performance Rights | (81,894) | (81,894) | ||||
Transactions with owners in their capacity as owners | 14,612,249 | 2,778,732 | 17,390,981 | |||
Balance at Jun. 30, 2020 | $ 140,111,073 | $ 8,755,489 | $ (135,851,192) | $ 13,015,370 |
Corporate Information
Corporate Information | 12 Months Ended |
Jun. 30, 2020 | |
Corporate Information | |
Corporate Information | 1. CORPORATE INFORMATION The Financial Report of Genetic Technologies Limited (the “Company”) for the year ended June 30, 2020 was authorized for issue in accordance with a resolution of the Directors dated on October 22, 2020 Genetic Technologies Limited is incorporated in Australia and is a company limited by shares. The Directors have the power to amend and reissue the financial statements. The Company’s Ordinary Shares are publicly traded on the Australian Securities Exchange under the symbol GTG and, via Level II American Depositary Receipts, on the Nasdaq Capital Market under the ticker GENE. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation (i) Compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board The Financial Report complies with the International Financial Reporting Standards as issued by the International Accounting Standards Board. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) which are measured at fair value. (iii) Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are critical to the financial statements, are disclosed in Note 3. (iv) Going concern For the year ended June 30, 2020, the Company incurred a total comprehensive loss of $6,132,105 (2019: $6,401,936) and net cash outflow from operations of $5,712,098 (2019: $6,073,182). As at June 30, 2020 the Company held total cash and cash equivalents of $14,214,160 and total net current assets of $13,795,177. The Company expects to continue to incur losses and cash outflows for the foreseeable future as it continues to invest resources in expanding the research and development activities in support of the distribution of existing and new products. Following successful capital raises in the last three months of the financial year, the Company has $14.2 million cash and cash equivalents as at June 30, 2020. In the Director’s opinion this, together with further gross proceeds of US$5.1 million before transaction costs raised in July 2020, will underpin the Company’s funding requirements for approximately two years. As a result, the financial statements have been prepared on a going concern basis. (v) New accounting standards and interpretations The Company has applied the following standards and amendments for the first time for their annual reporting period commencing July 1, 2019: ● IFRS 16 Leases The impact of the adoption of this standard and the new accounting policy is disclosed below. IFRS 16 will result in almost all leases being recognized on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of July 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on July 1, 2019 was 5.37%. The associated right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as at July 1, 2019. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application. In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: ● the use of a single discount rate to a portfolio of leases with reasonably similar characteristics. ● the accounting for operating leases with a lease term of less than 12 months as short-term leases. The Company has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Company relied on its assessment made applying IAS 17 and interpretation 4 determining whether an arrangement contains a Lease. Amount Operating lease commitments disclosed as at June 30, 2019 $ 487,837 Discounted using the lessee’s incremental borrowing rate of at the date of initial application $ 461,358 Lease liability recognized as at July 1, 2019 $ 461,358 Of which are: Current lease liabilities $ 209,887 Non-current lease liabilities $ 251,471 Right of use of assets increased by $ 446,645 Lease liabilities increased by $ 461,358 The net impact on retained earnings on July 1, 2019 was a decrease of $ 14,712 (vi) New standards and interpretations not yet adopted There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting years and on foreseeable future transactions. (b) Principles of consolidation (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company 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 Company. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Company. Intercompany transactions, balances and unrealized gains on transactions between Company companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income, consolidated balance sheet and consolidated statements of changes in equity, respectively. (c) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. (d) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollar ($), which is Genetic Technologies Limited’s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each consolidated balance sheet presented are translated at the closing rate at the date of that consolidated balance sheet ● income and expenses for each consolidated statement of profit or loss and consolidated statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. (e) Revenue recognition Under IFRS 15, revenue is recognized based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognized: (i) Genetic testing revenues The Company operates facilities which provide genetic testing services. Revenue from the provision molecular risk testing for cancer (BREVAGenplus) is recognized at a point time when the Company has provided the customer with their test results, the single performance obligation. (ii) Interest income Revenue is recognized as the interest accrues using the effective interest method. (iii) Government Grants The Australian government replaced the research and development tax concession with research and development (R&D) tax incentive from July 1, 2011. The R&D tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than $20 million. Management has assessed the Company’s activities and expenditure to determine which are likely to be eligible under the incentive scheme. The Company accounts for the R&D tax incentive as a government grant. The grant is recognized as other income over the period in which the R&D expense is recognized. (f) Government Grants Revenue from government grants is recognized in the consolidated income statement on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the grants are intended to compensate in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables on our consolidated balance sheets. (g) Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. (h) Leases Please refer to Note 17 for further information. (i) Impairment of assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs of disposal or its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets and the asset’s value-in-use cannot be estimated to be close to its fair value. In such cases, the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to operations are recognized in those expense categories consistent with the function of the impaired asset unless the asset is carried at its revalued amount, in which case the impairment loss is treated as a revaluation decrease. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss unless it reverses a decrement previously charged to equity, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. (j) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated balance sheet. (k) Trade and other receivables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less loss allowance. (l) Inventories (i) Raw materials and stores, work in progress and finished goods Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. (m) Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.ss Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: Plant and equipment 3 - 5 years Furniture, fittings and equipment 3 - 5 years Leasehold improvements 1 - 3 years (lease term) Leased plant and equipment 3 years (lease term) The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 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 (note 2(i)). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. When revalued assets are sold, it is Company policy to transfer any amounts included in other reserves in respect of those assets to retained earnings. (n) Trade and other payables Trade payables and other payables are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Trade payables and other payables generally have terms of between 30 and 60 days. (o) Provisions Provisions for legal claims, service warranties and make good obligations are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. (p) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-term employee benefit obligations In some countries, the Company also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. (q) Contributed equity Issued and paid up capital is recognized at the fair value of the consideration received by the Company. Transaction costs arising on the issue of Ordinary Shares are recognized directly in equity as a deduction, net of tax, of the proceeds received. The Company has a share-based payment option plan under which options to subscribe for the Company’s shares have been granted to certain executives and other employees (r) Loss per share (i) Basic loss per share Basic loss per share is calculated by dividing: ● the loss attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, ● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (ii) Diluted loss per share Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account: ● after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and ● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. On the basis of the Company’s losses, the outstanding options as at June 30, 2020 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation. (s) Goods and services tax (GST) Revenues are recognized to the extent that it is probable that the economic benefits will flow to the entity and the revenues can be reliably measured. Revenues are recognized at the fair value of the consideration received or receivable net of the amounts of Goods and Services Tax. The following recognition criteria must also be met before revenue is recognized: 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 taxation authority is included with other receivables or payables in the consolidated balance sheet. 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 taxation authority, are presented as operating cash flows. (t) Parent entity financial information The financial information for the parent entity, Genetic Technologies Limited, disclosed in note 32 has been prepared on the same basis as the consolidated financial statements, except that accounted for at cost in the financial statements of Genetic Technologies Limited. Loans to subsidiaries are written down to their recoverable value as at balance date. |
Critical Accounting Estimates A
Critical Accounting Estimates And Judgements | 12 Months Ended |
Jun. 30, 2020 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | |
Critical Accounting Estimates and Judgements | 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are evaluated and based on historical experience and other factors, including expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances. Share-based payments transactions The Company measures the cost of equity-settled transactions with employees and service providers by reference to the value of the equity instruments at the date on which they are granted. Management has determined the fair value by engaging an independent valuer for more complex equity instruments, such as warrants and performance rights, by using Black-Scholes, Monte-Carlo Simulation and Binomial model, and utilized internal resources to perform fair value by straight forward equity instruments by using Black-Scholes model. |
Cost of Sales
Cost of Sales | 12 Months Ended |
Jun. 30, 2020 | |
COST OF SALES | |
Cost of Sales | 4. COST OF SALES Consolidated 2020 $ 2019 $ 2018 $ Inventories used 82,516 55,995 93,869 Direct labor costs 107,590 103,601 88,690 Depreciation expense 42,488 55,480 65,853 Inventories written-off (1) 18,917 61,191 51,676 Total cost of sales 251,511 276,267 300,088 ● Inventories written off include $Nil (2019: $Nil and 2018: $24,506) of items that expired during the year. |
Non-Operating Income
Non-Operating Income | 12 Months Ended |
Jun. 30, 2020 | |
Non-operating Income | |
Non-Operating Income | 5. NON-OPERATING INCOME Consolidated 2020 $ 2019 $ 2018 $ Net profit on disposal of plant and equipment 37,000 — — Research and development tax incentive income (i) 750,000 856,707 299,351 Export Marketing & Development Grant — — 126,907 Interest income 22,507 25,794 15,218 Rental income — — — Other income 78,001 137,268 — Government grant income – COVID-19 relief (ii) 253,139 — — Total non-operating income 1,140,647 1,019,769 441,476 (i) R&D tax incentive The Company’s research and development activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognized when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended June 30, 2020, the group has included an item in other income of A$750,000 (2019: A$856,707, 2018: A$299,351) to recognize income over the period necessary to match the grant on a systematic basis with the costs that they are intended to compensate. On December 5, 2019, the Treasury Laws Amendment (R&D Tax Incentive Bill 2019) was introduced into Parliament. The draft bill contains proposed amendments to the R&D tax incentive regulations. Under the proposed amendments, the refundable tax offset rate for companies with an aggregated turnover of less than $20 million would become 41%. As at June 30, 2020, the bill remains under review by the Senate Committee. In accordance with IAS 20, government grants, including non-monetary grants at fair value, should not be recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Management does not consider the rate reduction to be substantially enacted as at June 30, 2020 due to the continued legislative debate in Parliament. The Company has therefore calculated the R&D tax incentive by applying the currently legislated R&D rate to eligible expenditure. (ii) Government Grant income – COVID-19 Relief The COVID-19 relief relate to government assistance received during the year, from the Australian Government (at both federal and state level), in response to the economic and financial challenges in the current economy. |
Foreign Exchange Gain Reclassif
Foreign Exchange Gain Reclassified on Liquidation of Subsidiary | 12 Months Ended |
Jun. 30, 2020 | |
FOREIGN EXCHANGE GAIN RECLASSIFIED ON LIQUIDATION OF SUBSIDIARY | |
Foreign Exchange Gain Reclassified on Liquidation of Subsidiary | 6. FOREIGN EXCHANGE GAIN RECLASSIFIED ON LIQUIDATION OF SUBSIDIARY Consolidated 2020 $ 2019 $ 2018 $ Reclassification of net foreign exchange gains previously recognized in other comprehensive income, reclassified to profit or loss — — 527,049 Total gain is attributable to the liquidation of GeneType AG, a dormant subsidiary, that was completed on 13 December 2017 |
Other Gains _ (Losses)
Other Gains / (Losses) | 12 Months Ended |
Jun. 30, 2020 | |
OTHER GAINS / (LOSSES) | |
Other Gains / (Losses) | 7. OTHER GAINS / (LOSSES) Consolidated 2020 $ 2019 $ 2018 $ Net foreign exchange gains/(losses) (5,522 ) 92,518 — Fair value gains on financial liabilities through profit or loss 195,845 — — Net impairment losses (1) - (500,000 ) — Total other gains / (losses) (190,323 ) (407,482 ) — (1) In August 2018, the Company invested A$250,000 into Swisstec towards the proposed joint venture to enable the Company and Swisstec to collaborate to develop a medical and health service platform using blockchain technology. The Company has recorded an impairment against the investment during the financial year ended June 30, 2019, due to cessation of activities in relation to the joint venture. In December 2018, Genetic Technologies Limited entered and invested A$250,000 into a Joint Venture agreement with Blockshine Health Pty Ltd. with an ownership of 49%. The Company has recorded an impairment against the investment during the financial year ended June 30, 2019, due to the cancellation of the project. |
Income Tax
Income Tax | 12 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Income Tax | 8. INCOME TAX Consolidated 2020 $ 2019 $ 2018 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax expense (6,098,930 ) (6,425,604 ) (5,463,872 ) Tax at the Australian tax rate of 27.50% (2019: 27.50% and 2018: (1,677,206 ) (1,767,040 ) (1,502,565 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense (3,971 ) 92,153 35,650 Research and development tax incentive 446,717 541,596 148,346 Other non-deductible items 888 590 1,509 Other assessable items (26,764 ) — — (1,260,336 ) (1,132,701 ) (1,317,060 ) Difference in overseas tax rates 26,526 41,009 67,557 Under /(over) provision 553,190 1,126,722 (268,092 ) Temporary differences not recognized (353,628 ) (121,965 ) — Research and development tax credit (206,250 ) (238,084 ) (82,322 ) Tax losses not recognized 1,240,498 325,020 1,599,917 Income tax expense — — — Net deferred tax assets Deferred tax assets not recognized Property, plant and equipment — 863 1,381 Capital raising costs 877,584 232,328 347,370 Intangible assets 1,832,075 1,893,220 1,949,601 Provisions 306,044 187,958 201,492 Total deferred tax assets 3,015,703 2,314,369 2,499,844 Deferred tax liabilities not recognized Right-of-use assets (119,384 ) — — Total deferred tax liabilities — — Net deferred tax assets on temporary differences not brought to account (2,896,320 ) (2,314,369 ) (2,499,844 ) Total net deferred tax assets — — — Consolidated 2020 $ 2019 $ 2018 $ Tax losses Unused tax losses for which no deferred tax asset has been recognized 97,259,045 90,254,547 87,970,140 Potential tax benefit 27.5% (Australia) 18,727,578 17,563,730 17,441,144 Potential tax benefit 21% (USA) 6,123,340 5,541,152 5,155,038 Subject to the Company continuing to meet the relevant statutory tests, the tax losses are available for offset against future taxable income. At June 30, 2020, the Company had a potential tax benefit related to tax losses carried forward of A$24,850,918 (2019: A$23,104,882, 2018: A$22,596,185). Such amount includes net losses of A$6,123,340 (2019: A$5,541,152, 2018: A$5,155,038) related to subsidiaries in the United States (U.S.). The Tax Cuts and Jobs Act (TCJA) enacted by Congress in the U.S. on December 22, 2017 cut the top corporate income tax rate from 35% to 21%. For tax years beginning after December 31, 2017, the graduated corporate tax rate structure is eliminated and corporate taxable income will be taxed at 21-percent flat rate. Additionally, the previous 20-year limitation on carry forward net operating losses (NOL’s) has been removed, allowing the NOL’s to be carried forward indefinitely. The remaining tax losses carried forward of A$18,727,578 (2019: A$17,563,730, 2018: A$17,441,144) are indefinite and are attributable to the Company’s operations in Australia. As such the total unused tax losses available to the Company, equal A$24,850,918 (2019: A$23,104,882, 2018: A$22,596,182). As at balance date, there are unrecognized tax losses with a benefit of approximately A$24,850,918 (2019: A$23,104,882 and 2018: A$22,596,182) that have not been recognized as a deferred tax asset to the Company. These unrecognized deferred tax assets will only be obtained if: (a) The Company companies derive future assessable income of a nature and amount sufficient to enable the benefits to be realized; (b) The Company companies continue to comply with the conditions for deductibility imposed by the law; and (c) No changes in tax legislation adversely affect the Company companies from realizing the benefit. Tax consolidation legislation Genetic Technologies Limited and its wholly owned Australian subsidiaries implemented the tax consolidation legislation as from July 1, 2003. The accounting policy in relation to this legislation is set out in Note 2(g). The entities in the tax consolidated Company have entered into a Tax Sharing Agreement which, in the opinion of the Directors, limits the joint and several liabilities of the wholly-owned entities in the case of a default by the head entity, Genetic Technologies Limited. The entities have also entered into a Tax Funding Agreement under which the wholly-owned entities fully compensate Genetic Technologies Limited for any current tax payable assumed and are compensated by Genetic Technologies Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Genetic Technologies Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognized in the respective subsidiaries’ financial statements. The amounts receivable or payable under the Tax Funding Agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. As at June 30, 2020, there are no unrecognized temporary differences associated with the Company’s investments in subsidiaries, as the Company has no liability for additional taxation should unremitted earnings be remitted (2019: $Nil, 2018:$Nil). |
Loss Per Share
Loss Per Share | 12 Months Ended |
Jun. 30, 2020 | |
Loss per share (cents per share) | |
Loss Per Share | 9. LOSS PER SHARE The following reflects the income and share data used in the calculations of basic and diluted loss per share: 2020 $ 2019 $ 2017 $ Loss for the year attributable to the owners of Genetic Technologies Limited (6,098,930 ) (6,425,604 ) (5,463,872 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 4,155,017,525 2,635,454,870 2,435,282,724 Note: None of the 553,000,000 (2019:114,250,000: and 2018: 55,102,778 ) options/performance rights over the Company’s Ordinary Shares that were outstanding as at the reporting date are considered to be dilutive for the purposes of calculating diluted earnings per share. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jun. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | 10. CASH AND CASH EQUIVALENTS Consolidated 2020 $ 2019 $ 2018 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 14,214,160 2,131,741 5,487,035 Total cash and cash equivalents 14,214,160 2,131,741 5,487,035 Reconciliation of loss for the year Reconciliation of loss for the year after income tax to net cash flows used in operating activities is as follows: Loss for the year after income tax 6,098,930 (6,425,604 ) (5,463,872 ) Adjust for non-cash items Amortization and depreciation expenses 65,148 156,260 303,749 Other expenses 2,885 — — Impairment of investments - 500,000 — Share-based payments expense (14,442 ) 335,102 129,635 Interest classified as investing cash flows - (25,850 ) 15,219 Net (profit) / loss on disposal of plant and equipment (37,000 ) — — Net (gains) / losses on liquidation of subsidiary - — (527,049 ) Depreciation of right-of-use of assets 200,785 - - Inventory written-off 18,917 - - Gain on investment previously written off (43,380 ) - - Finance costs 86,503 - - Interest received (22,507 ) - - Net foreign exchange (gains) / losses (597,441 ) (92,518 ) (128,360 ) Adjust for changes in assets and liabilities Decrease / (increase) in trade and other receivables 29,412 (517,383 ) 124,889 (Increase) / decrease in other operating assets 115,455 (70,027 ) 17,815 (Increase) / decrease in inventories (59,525 ) 27,142 (2,972 ) Increase / (decrease) in trade and other payables 695,653 60,178 47,027 Increase / (Decrease) in provisions (53,631 ) - Increase / (decrease) in operating liabilities — (20,482 ) (122,176 ) Net cash flows from / (used in) operating activities (5,712,098 ) (6,073,182 ) (5,636,533 ) Financing facilities available As at June 30, 2020, the following financing facilities had been negotiated and were available: Total facilities Credit cards 193,605 95,714 183,770 Facilities used as at reporting date Credit cards (5,332 ) (6,516 ) (12,031 ) Facilities unused as at reporting date Credit cards 188,272 89,198 171,739 |
Trade And Other Receivables (Cu
Trade And Other Receivables (Current) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
Trade And Other Receivables (Current) | 11. TRADE AND OTHER RECEIVABLES (CURRENT) Consolidated 2020 A$ 2019 A$ Trade receivables 38,871 16,529 Less: loss allowance — — Net trade receivables 38,871 16,529 Other receivables* 750,483 802,237 Total net current trade and other receivables 789,354 818,766 ● Other receivables majorly consists of R&D income grant receivable. Note: Trade and other receivables for the Company include amounts due in US dollars of USD Nil (2019: USD Nil). Refer Note 29 for details of aging, interest rate and credit risks applicable to trade and other receivables for which, due to their short-term nature, their carrying value approximates their fair value. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Jun. 30, 2020 | |
Other Current Assets | |
Other Current Assets | 12. OTHER CURRENT ASSETS 2020 A$ 2019 A$ Prepayments 95,820 159,844 Performance bond and deposits 2,025 53,456 Total current prepayments and other assets 97,845 213,300 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT Consolidated 2020 $ 2019 $ Laboratory equipment, at cost 1,451,389 1,451,389 Less: cost written-off during the year (1,047,515 ) — Add: additions during the year 22,827 — Less: accumulated depreciation (1,453,365 ) (1,410,877 ) Add: accumulated depreciation written-off during the year 1,047,515 — Net laboratory equipment 20,851 40,512 Computer equipment, at cost 657,265 609,551 Add: additions during the year 15,273 47,714 Less: accumulated depreciation (651,104 ) (628,868 ) Net computer equipment 21,434 28,397 Office equipment, at cost 167,564 167,564 Less: cost written-off during the year (167,564 ) — Less: accumulated depreciation (167,564 ) (167,564 ) Add: accumulated depreciation written-off during the year 167,564 — Net office equipment — — Equipment under hire purchase, at cost 594,626 594,626 Less: accumulated depreciation (594,626 ) (594,626 ) Net equipment under hire purchase — — Leasehold improvements, at cost 465,380 462,797 Less: cost written-off during the year (465,380 ) — Add: additions during the year — 2,583 Less: accumulated depreciation (465,380 ) (464,956 ) Add: accumulated depreciation written-off during the year 465,380 — Net leasehold improvements — 424 Total net property, plant and equipment 42,285 69,333 Reconciliation of property, plant and equipment Opening gross carrying amount 3,336,224 3,285,927 Add: additions purchased during the year 38,100 50,297 Less: cost written-off during the year (2,277,835 ) — Closing gross carrying amount 1,096,489 3,336,224 Opening accumulated depreciation and impairment losses (3,266,891 ) (3,110,643 ) Add: accumulated depreciation written-off during the year 2,277,835 — Less: depreciation expense charged (65,148 ) (156,248 ) Closing accumulated depreciation and impairment losses (1,054,204 ) (3,266,891 ) Total net property, plant and equipment 42,285 69,333 Reconciliation of movements in property, plant and equipment by asset category Opening net carrying Additions Disposals Depreciation Closing net carrying Asset category amount $ during during expense $ amount $ Laboratory equipment 40,512 22,827 — (42,488 ) 20,851 Computer equipment 28,397 15,273 — (22,236 ) 21,434 Leasehold improvements 424 - — (424 ) - Totals 69,333 38,100 — (65,148 ) 42,285 |
Trade and Other Payables (Curre
Trade and Other Payables (Current) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Trade and Other Payables (Current) | 14. TRADE AND OTHER PAYABLES (CURRENT) Consolidated 2020 $ 2019 $ Trade payables 350,151 590,231 Other payables 42,728 68,423 Accrued expenses 330,845 346,654 Total current trade and other payables 723,724 1,005,308 Note: Trade payables for the Company include amounts due in US dollars of USD 685 (2019: USD 126,829). Refer Note 29 for details of management of interest rate, foreign exchange and liquidity risks applicable to trade and other payables for which, due to their short-term nature, their carrying value approximates their fair value. |
Provisions (Current and Non-Cur
Provisions (Current and Non-Current) | 12 Months Ended |
Jun. 30, 2020 | |
Provisions [abstract] | |
Provisions (Current and Non-Current) | 15. PROVISIONS (CURRENT AND NON-CURRENT) Consolidated 2020 $ 2019 $ Current provisions Annual leave 152,239 152,352 Long service leave 189,104 243,740 Make good * 91,590 91,590 Total current provisions 432,933 487,682 Non-current provisions Long service leave 1,927 809 Make good * — — Total non-current provisions 1,927 809 Total provisions 434,860 488,491 * Make good provision Genetic Technologies Limited is required to restore the leased premises situated in Fitzroy, Melbourne to their original condition at the end of the lease terms. A provision has been recognized for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalized as part of the cost of leasehold improvements and are amortized over the shorter of the term of the lease or the useful life of the assets. See Note 2(o) for the Company’s other accounting policies relevant to provisions. Consolidated 2020 $ 2019 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 152,352 145,499 Add: obligation accrued during the year 38,270 91,106 Less: utilized during the year (38,383 ) (84,253 ) Balance at the end of the financial year 152,239 152,352 Reconciliation of long service leave provision Balance at the beginning of the financial year 244,549 271,933 Add: obligation accrued during the year 3,454 10,226 Less: utilized during the year (56,972 ) (37,610 ) Balance at the end of the financial year 191,031 244,549 Note: |
Borrowing
Borrowing | 12 Months Ended |
Jun. 30, 2020 | |
Borrowing - Schedule Of Borrowing | |
Borrowing | 16. Borrowing 2020 2019 Current Non-Current Total Current Non-Current Total $ $ $ $ $ $ Unsecured Other loan - 52,252 52,252 - - - Total unsecured borrowing - 52,252 52,252 - - - As of June 30, 2020, borrowing relates to loan received on May 4, 2020, from the U.S. Small Business Administration as a part of the Paycheck Protection Program (PPP) which ensures the Company can continue to pay its employees and cover certain costs for up to 8 weeks after the loan is made available to the Company. The following are the terms of the loan availed: ● PPP loan has fixed interest rate of 1%. ● Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years. ● Loan payments can be deferred for another six months. ● No collateral or personal guarantees are required. ● Neither the government nor lenders will charge small businesses any fees. The loan availed has the following conditions for the Company to seek its forgiveness: ● Forgiveness is based on the Company maintaining or quickly rehiring employees and maintaining salary levels. ● Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Lease liabilities [abstract] | |
Lease Liabilities | 17. LEASE LIABILITIES (a) Amounts recognized in the statement of financial position The statement of financial position shows the following amounts relating to leases: 2020 2019 $ $ Right-of-use assets Right of use-of-assets 397,945 - Lease Liabilities Lease liabilities - Current 240,915 - Lease liabilities – Non-Current 188,621 - Total 429,536 - (b) Amounts recognized in the statement of profit or loss The statement of profit or loss under general and administrative expenses includes the following amounts relating to leases: 2020 2019 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 200,785 - Interest expense (included in general and administrative expenses) 37,375 - During the financial year ended June 30, 2020, the total cash outflow was $221,282. (c) The group’s leasing activities and how these leases are accounted for The Company has adopted IFRS 16 Leases For any new contracts entered into on or after July 1, 2019, the Company considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition the Company assesses whether the contract meets three key evaluations which are whether: ● the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company, ● the Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract, ● the Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable, ● amounts expected to be payable by the lessee under residual value guarantees, ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company’s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: ● the amount of the initial measurement of lease liability, ● any lease payments made at or before the commencement date, less any lease incentives received, ● any initial direct costs, and ● restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. (d) COVID-19 Impact on Leases On June 25, 2020, the Company obtained a rent concession for its leased premises. The terms of the concession are as follows: ● 15% waiver for the period April 1 through to September 30, 2020. ● 15% deferral for the period April 1 through to September 30, 2020. ● 70% due and payable on the first of each month in line with the lease. ● No interest on deferred payment. ● No increase of rent during the period April 1 through to September 30, 2020. ● The lease has been extended by 6 months from September 1, 2021 to February 28, 2022. The above were treated as lease modification and adjustments were made to the right-of-use assets and corresponding current and non-current liabilities for the year ended June 30, 2020 have been according to the amendments issued by the IASB towards IFRS 16. The net impact of the variation resulted in an increase on the right -of-use assets balance amounted to A$88,103 and non-current liabilities increased by A$94,626. |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Other Financial Liabilities | |
Other Financial Liabilities | 18. OTHER FINANCIAL LIABILITIES 2020 2019 Current Non-current Total Current Non-current Total $ $ $ $ $ $ Other financial liabilities - 977,237 977,237 - - - Total - 977,237 977,237 - - - Other financial liabilities relates to warrants issued and to be issued to H.C. Wainwright & Co during capital raises in April and May 2020. The US warrants represent a written option to exchange a fixed number of the Company’s own equity instruments for a fixed amount of cash that is denominated in a foreign currency (US dollars) and is classified as a derivative financial liability in accordance with IFRS 9.The initial recognition of the warrants amounted to A$1,173,082. As of June 30, 2020, the warrants have been revalued to A$977,237, and resulted in A$195,845 recognized in profit or loss. Since the Company is expected to be in a loss making position, the expectation of the Company is that the warrants are unlikely to be exercised in the next 12 months and hence have been classified under non-current liabilities. All US warrants represent a written option to exchange a fixed number of the Company’s own equity instruments for a fixed amount of cash that is denominated in a foreign currency (US dollars) and is classified as a derivative financial liability in accordance with IFRS 9. The US warrants liability is initially recorded at fair value at issue date and subsequently measured at fair value through profit and loss at each reporting date. The warrants granted are not traded in an active market and fall under the level 2 hierarchy of the requirements for disclosure of the fair value measurements. The fair value has thus been estimated by using the Binomial pricing model based on the following assumptions based on observable market conditions that existed at the issue date and at June 30, 2020. 2020 2020 Valuation date June 30, 2020 April 3, 2020 Grant Date April 3, 2020 April 3, 2020 Warrants issued 40,114,200 40,114,200 Underlying asset price A$0.0050 A$0.0050 Risk free rate 0.398% 0.411% Volatility 134% 140.54% Exercise price presented in United States Dollar US$0.00365 US$0.00365 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0053 A$0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0043 A$0.0044 Model used Binomial Binomial Valuation amount A$172,491 A$175,137 2020 2020 Valuation date June 30, 2020 April 23, 2020 Grant Date April 23, 2020 April 23, 2020 Warrants issued 28,177,578 28,177,578 Underlying asset price A$0.0050 A$0.0060 Risk free rate 0.398% 0.444% Volatility 134% 142.70% Exercise price presented in United States Dollar US$0.00417 US$0.00417 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0060 A$0.0065 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0042 A$0.0053 Model used Binomial Binomial Valuation amount A$118,346 A$149,693 2020 2020 Valuation date June 30, 2020 June 1, 2020 Grant Date June 1, 2020 June 1, 2020 Warrants issued 156,000,000 156,000,000 Underlying asset price A$0.0050 A$0.0060 Risk free rate 0.398% 0.397% Volatility 134.00% 142.94% Exercise price presented in United States Dollar US$0.00417 US$0.00417 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0060 A$0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0044 A$0.0054 Model used Binomial Binomial Valuation amount A$686,400 A$848,252 (a) Recognized fair value measurements (i) Fair value hierarchy Level 1: Level 2: Level 3: |
Contributed Equity
Contributed Equity | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of classes of share capital [abstract] | |
Contributed Equity | 19. CONTRIBUTED EQUITY Consolidated 2020 $ 2019 $ Issued and paid-up capital Fully paid Ordinary Shares 140,111,073 125,498,824 Total contributed equity 140,111,073 125,498,824 Movements in shares on issue Year ended June 30, 2019 Number of Shares $ Balance at the beginning of the financial year 2,435,282,724 122,372,662 Shares issued during the year 502,851,419 3,557,509 Less: transaction costs arising on share issue - (431,347 ) Balance at the end of the financial year 2,938,134,143 125,498,824 Year ended June 30, 2020 Number of Shares $ Balance at the beginning of the financial year 2,938,134,143 125,498,824 Shares issued during the year 4,575,645,600 21,793,678 Less: transaction costs arising on share issue (i) - (7,181,429 ) Balance at the end of the financial year 7,513,779,743 140,111,073 (i) The transaction costs arising on shares issued for the year ended June 30, 2020 are as below:- ● 250,000,000 unlisted options issued on October 30, 2019, exercisable at $0.008 each and expiring on October 29, 2022, amounting to A$817,666. Each option is exercisable for one fully paid ordinary share. ● 125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share. ● 125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share. ● 5,000,000 unlisted options issued on March 6, 2020, exercisable at $0.008 each and expiring on March 6, 2023, amounting to A$29,340. Each option is exercisable for one fully paid ordinary share. ● 166,066,050 warrants issued at no cash consideration on July 16, 2019, exercisable at US$0.00533 each and expiring on July 16, 2024, amounting to $890,113. The warrants are exercisable for fully paid ordinary shares. ● 40,114,200 warrants issued on April 3, 2020, exercisable at US$0.00365 each and expiring on April 1, 2025, amounting to A$175,137. The warrants are exercisable for fully paid ordinary shares. ● 28,177,578 warrants issued on April 22, 2020, exercisable at US$0.00417 each and expiring on April 19, 2025, amounting to A$149,693. The warrants are exercisable for fully paid ordinary shares. ● 156,000,000 warrants to be issued at, subject to shareholder approval, exercisable at US$0.004166 expiring on 5 years after date of issue, amounting to A$848,252. The warrants are exercisable for fully paid ordinary shares. ● Apart from the above, the Company also incurred expenses paid in cash towards capital raising costs through legal, accounting and broker related fees amounting to A$3,215,174 during the year for various capital raises. Terms and conditions of contributed equity Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares, which have no par value, entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. |
Reserves
Reserves | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
Reserves | 20. RESERVES Consolidated 2020 $ 2019 $ Foreign currency translation 756,423 789,598 Share-based payments 7,999,066 5,220,334 Total reserves 8,755,489 6,009,932 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 789,598 765,930 Add: net currency translation gain / (loss) (33,175 ) 23,668 Balance at the end of the financial year 756,423 789,598 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 5,220,334 4,885,232 Add: share-based payments expense 67,542 341,201 Add: Issue of options/warrants to underwriters 2,793,174 - Less: Reversal of Performance Rights expenses in prior year* (81,984 ) (6,099 ) Balance at the end of the financial year 7,999,066 5,220,334 *During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. During the financial year ended 30 June 2020, the following warrants were issued to as a part of capital raising costs: Warrants issued to Grant date for warrants issued Number of warrants issued Aegis Corp July 16, 2019 166,066,050 Total 166,066,050 2020 Grant Date July 16, 2019 Warrants issued 166,066,050 Dividend yield - Historic volatility and expected volatility 152% Option exercise price $0.008 Fair value of warrants at grant date $0.006 Weighted average exercise price $0.008 Risk free interest rate 1.05% Model used Black-Scholes Expected life of an warrant 5 years Valuation amount $890,113 The following information relates to options granted and issued against the capital raising costs year ended June 30, 2020; Options issued to Grant date for options issued Number of options issued Mr. Peter Rubinstein November 28, 2019 125,000,000 Dr Jerzy Muchnicki November 28, 2019 125,000,000 Various underwriters October 30, 2019 250,000,000 Lodge Corporate Pty Ltd March 6, 2020 5,000,000 Total 505,000,000 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.85% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$1,056,054 2020 Grant Date October 30, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.78% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$817,666 2020 Grant Date March 6, 2020 Options issued 5,000,000 Dividend yield - Historic volatility and expected volatility 141% Option exercise price $0.008 Fair value of options at grant date $0.007 Weighted average exercise price $0.008 Risk-free interest rate 0.36% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$29,340 Nature and purpose of reserves Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entities are recognized in other comprehensive income as described in Note 2(d) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. Share-based payments reserve The share-based payment reserve records items recognized as expenses on valuation of share options issued to key management personnel, other employees and eligible contractors. |
Accumulated Losses
Accumulated Losses | 12 Months Ended |
Jun. 30, 2020 | |
ACCUMULATED LOSSES | |
Accumulated Losses | 21. ACCUMULATED LOSSES 2020 $ Balance at the beginning of the financial year (129,737,550 ) Add: Initial adoption of IFRS 16 (14,712 ) Add: net loss attributable to owners of Genetic Technologies Limited (6,098,930 ) Balance at the end of the financial year (135,851,192 ) |
Options
Options | 12 Months Ended |
Jun. 30, 2020 | |
Options | |
Options | 22. OPTIONS Employee Option Plan The fair value of options granted under an Employee Option Plan is recognized as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant date and recognized over the vesting period over which all of the specified vesting conditions are to be satisfied. The fair value at grant date is determined by management with the assistance of an independent valuer, using a Black-Scholes option pricing model or a Monte Carlo simulation analysis. The total amount to be expensed is determined by reference to the fair value of the options granted; ● including any market performance conditions (e.g. the entities share price) ● excluding the impact of any service and non-market performance vesting conditions (e.g. remaining an employee over a specified time period) The cumulative employee benefits expense recognized at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired; and (ii) the number of awards that, in the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best information available at balance date. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified. In addition, an expense is recognized for any increase in the value of the transaction as a result of the modification, as at the date of modification. Where appropriate, the dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. The Company’s policy is to treat the options of terminated employees as forfeitures. On November 30, 2001, the Directors of the Company established a Staff Share Plan. On November 19, 2008, the shareholders of the Company approved the introduction of a new Employee Option Plan. Under the terms of the respective Plans, the Directors may, at their discretion, grant options over the ordinary shares in the Genetic Technologies Limited to executives, consultants, employees, and former Non-Executive Directors, of the Company. The options, which are granted at nil cost, are not transferable and are not quoted on the ASX. As at June 30, 2020, there was 1 executive and 12 employees who held options that had been granted under the Plans. Options granted under the Plans carry no rights to dividends and no voting rights. (i) Fair value of options granted During the year ended June 30, 2020, there were no options issued under Employee Option Plan (2019: 16,000,000 unlisted options were granted at no cost). The Company, however issued various unlisted options to underwriters and sub-underwriters as a part of capital raising costs. For valuations on the unlisted options issued please refer to Note 20. Set out below are summaries of all and unlisted options, including ESOP which were issued in prior periods: 2020 2019 Average exercise price per Number of Average exercise price per Number of options Opening balance $ 0.015 38,000,000 $ 0.017 55,102,778 Granted to Kentgrove Capital - - $ 0.015 12,500,000 Granted to employees during the year - - $ 0.010 16,000,000 Granted to directors in their capacity as sub-underwriters $ 0.008 250,000,000 - - Options granted to various underwriters $ 0.008 250,000,000 - - Granted to Lodge Corporate Pty Ltd $ 0.008 5,000,000 - - Lapsed during the year $ 0.010 (5,000,000 ) $ 0.015 (19,236,111 ) Forfeited during the year - - $ 0.020 (6,000,000 ) Lapse of unlisted options attached to convertible notes - - - (20,366,667 ) Closing balance $ 0.008 538,000,000 $ 0.015 38,000,000 The movements in the number of options granted under the Employee share plans are as follows: 2020 2019 Average exercise price per share option Number of Average exercise price per share option Number of options Balance at the beginning of the financial year $ 0.015 25,500,000 $ 0.017 34,736,111 Add: options granted during the year - - $ 0.010 16,000,000 Less: options lapsed during the year $ 0.010 (5,000,000 ) $ 0.020 (19,236,111 ) Less: options forfeited during the year - - $ 0.010 (6,000,000 ) Balance at the end of the financial year $ 0.015 20,500,000 $ 0.015 25,500,000 The number of options outstanding as at June 30, 2020 by ASX code, including the respective dates of expiry and exercise prices, are tabled below. The options tabled below are not listed on ASX. 2020 2019 Unlisted options Average exercise price per share option Number of Average exercise price per share option Number of options Options to Kentgrove Capital (expiring August 8, 2021) $ 0.015 12,500,000 $ 0.015 12,500,000 GTGAD (expiring March 31, 2021) $ 0.020 5,000,000 $ 0.020 5,000,000 GTGAD (expiring February 16, 2022) $ 0.010 5,500,000 $ 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) $ 0.008 250,000,000 - - Options to directors (expiring December 20, 2022) $ 0.008 250,000,000 - - Options issued Lodge Corporate Pty Ltd (expiring March 6, 2023) $ 0.008 5,000,000 - - ESOP options (expiring December 11, 2021) $ 0.010 10,000,000 $ 0.010 15,000,000 Total $ 0.008 538,000,000 $ 0.015 38,000,000 Exercisable at the end of the financial year $ 0.008 538,000,000 $ 0.015 38,000,000 The weighted average remaining contractual life of options outstanding as at June 30, 2020 was 2.39 years (2019: 2.16 years). |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [abstract] | |
Segment Information | 23. SEGMENT INFORMATION (a) Identification of reportable segments The Company has identified two reportable segments as reported that is consistent with the internal reporting provided to the chief operating decision maker. Management considers the business from a geographic perspective and has identified two reportable segments: Australia: USA: (b) Geographical segments The segment information for the reportable segments is as follows: 2020 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 3,160 6,704 9,864 Other income 1,130,881 9,766 1,140,647 Net other gains 190,323 - 190,323 Cost of goods sold (243,506 ) (8,005 ) (251,511 ) Total segment revenue & other income 1,080,858 8,465 1,089,323 Segment expenses Depreciation and amortization (65,148 ) - (65,148 ) Finance costs (1,221 ) (13,602 ) (14,823 ) Share-based payments 14,442 - 14,442 Laboratory and research and development (2,310,815 ) (166,763 ) (2,477,578 ) General and administrative expenses (4,046,264 ) (12,295 ) (4,058,559 ) Other operating expenses (159,009 ) (226,793 ) (385,802 ) Depreciation for right-of-use assets (200,785 ) - (200,785 ) Total segment expenses (6,768,800 ) (419,453 ) (7,188,253 ) Income tax expenses - - - Loss for the period (5,687,942 ) (410,988 ) (6,098,930 ) Total Segment Assets 15,329,955 303,024 15,632,979 Total Segment Liabilities (2,404,288 ) (213,321 ) (2,617,609 ) 2019 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 10,579 14,865 25,444 Other income 1,019,711 58 1,019,769 Net other gains (407,482 ) - (407,482 ) Cost of goods sold (265,492 ) (10,775 ) (276,267 ) Total segment revenue & other income 357,316 4,148 361,464 Segment expenses Depreciation and amortization (156,250 ) - (156,250 ) Finance costs (3,884 ) (16,147 ) (20,031 ) Share-based payments (326,952 ) - (326,952 ) Laboratory and research and development (2,181,469 ) (179,293 ) (2,360,762 ) General and administrative expenses (3,816,607 ) (13,591 ) (3,830,198 ) Other operating expenses 335,896 (428,771 ) (92,875 ) Total segment expenses (6,149,266 ) (637,802 ) (6,787,068 ) Income tax expenses - - - Loss for the period (5,791,950 ) (633,654 ) (6,425,604 ) Total Segment Assets 3,190,004 75,001 3,265,005 Total Segment Liabilities (1,370,508 ) (123,291 ) (1,493,799 ) |
Share Based Payments
Share Based Payments | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Payments | 24. SHARE BASED PAYMENTS (a) Employee option plan During the year ended June 30, 2020, there were no options issued under Employee Option Plan (2019: 16,000,000 unlisted options were granted at no cost). The Company, however issued various unlisted options to underwriters and sub-underwriters as a part of capital raising costs. Please refer to further details on options on Note 22. (b) Performance Rights Issuance After receiving requisite shareholder approval on November 29, 2018, the Company has issued 76,250,000 performance rights to Directors of the Company as follows: ● 7,500,000 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C performance Rights to Dr Paul Kasian ● 3,750,000 Class A Performance Rights to Dr Lindsay Wakefield ● 6,250,000 Class A Performance Rights to Dr Jerzy Muchnicki ● 5,000,000 Class A Performance Rights to Mr. Peter Rubinstein ● 3,750,000 Class A Performance Rights to Mr. Xue Lee The Company has accounted for these performance rights in accordance with its accounting policy for share-based payment transactions and has recorded net reversal of $43,484 of associated expense in the current year end (2019: $104,441). During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. Valuation of Performance Rights The Performance Rights are not currently quoted on the ASX and as such have no ready market value. The Performance Rights each grant the holder a right of grant of one ordinary Share in the Company upon vesting of the Performance Rights for nil consideration. Accordingly, the Performance Rights may have a present value at the date of their grant. Various factors impact upon the value of Performance Rights including: ● the period outstanding before the expiry date of the Performance Rights; ● the underlying price or value of the securities into which they may be converted; ● the proportion of the issued capital as expanded consequent upon conversion of the Performance Rights into Shares (i.e. whether or not the shares that might be acquired upon exercise of the options represent a controlling or other significant interest); and ● the value of the shares into which the Performance Rights may be converted. There are various formulae which can be applied to determining the theoretical value of options (including the formula known as the Black-Scholes Model valuation formula and the Monte Carlo simulation). The Company has commissioned an independent valuation of the Performance Rights. The independent valuer has applied the Monte Carlo simulation in providing the valuation of the Performance Rights. Inherent in the application of the Monte Carlo simulation are a number of inputs, some of which must be assumed. The data relied upon in applying the Monte Carlo simulation was: a) exercise price being 0.0 cents per Performance Right for all classes; b) VWAP hurdle (10 days consecutive share price hurdle) equaling 2.0 cents for Class A and Class B and 3.3 cents for Class C Performance Rights; c) the continuously compounded risk-free rate being 2.02% for all classes of Performance Rights (calculated with reference to the RBA quoted Commonwealth Government bonds as at 8 October 2018 of similar duration to that of the expected life of each class of Performance Right); d) the expected option life of 2.8 years for all classes of Performance Rights; and e) a volatility measure of 80%. Performance hurdles The Class A Performance Rights vest and are exercisable upon the Share price reaching $0.02 or greater for more than 10 day consecutive ASX trading days. The Directors, being the recipients of the Performance Rights, must remained engaged by the Company at the time of satisfaction of the performance hurdle in order for the relevant Performance Right to vest. Based on the independent valuation of the performance rights, the company agrees that the total value of the performance rights to be issued to each director (depending on the share price at issue) is as follows: Performance rights vested during the year Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights Expense accounted for during the year Dr. Lindsay Wakefield 3,750,000 0.77 A $ 28,875 A $ 9,625 Dr. Jerzy Muchnicki 6,250,000 0.77 A $ 48,125 A $ 16,042 Mr. Peter Rubinstein 5,000,000 0.77 A $ 38,500 A $ 12,833 Total 15,000,000 A $ 115,500 A $ 38,500 Performance rights cancelled/forfeited during the year Mr. Xue Lee 2 3,750,000 0.77 A $ 28,875 A $ (5,616 ) Dr. Paul Kasian 7,500,000 0.77 A $ 57,750 A $ (11,229 ) Total 11,250,000 A $ 86,625 A $ (16,845 ) Valuation of Class B Performance Rights Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Class B Performance Rights Expense accounted for during the year Dr Paul Kasian 1 25,000,000 0.77 A $ 192,500 A $ (37,431 ) Valuation of Class C Performance Rights Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Class B Performance Rights Expense accounted for during the year Dr Paul Kasian 1 25,000,000 0.57 A $ 142,500 A $ (27,708 ) Notes: 1 2 (c) Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense were as follows: Consolidated 2020 2019 2018 $ $ $ Kentgrove options issued 16,667 15,278 — Performance rights issued 38,500 104,441 — Reversal of forfeited Performance Rights (81,984 ) — — Options issued under employee option plan 12,375 215,383 129,635 Total expenses arising from share-based payments (14,442 ) 335,102 129,635 (d) Securities issued during capital raise The following information relates to options granted and issued against the capital raising costs year ended June 30, 2020; Director Grant date of issued options Number of options issued Mr. Peter Rubinstein November 28, 2019 125,000,000 Dr Jerzy Muchnicki November 28, 2019 125,000,000 Total 250,000,000 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.85% Expected life of an option 3 years Model used Black-Scholes Valuation amount $1,056,054 Director Grant date of issued options Number of options issued Various underwriters October 30, 2019 250,000,000 Total 250,000,000 2020 Grant Date October 30, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.78% Expected life of an option 3 years Model used Black-Scholes Valuation amount $817,666 Director Grant date of issued options Number of options issued Lodge Corporate Pty Ltd March 6, 2020 5,000,000 Total 5,000,000 2020 Grant Date March 6, 2020 Options issued 5,000,000 Dividend yield - Historic volatility and expected volatility 141% Option exercise price $0.008 Fair value of options at grant date $0.007 Weighted average exercise price $0.008 Risk-free interest rate 0.36% Expected life of an option 3 years Model used Black-Scholes Valuation amount $29,340 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of contingent liabilities [abstract] | |
Commitments | 25. COMMITMENTS (a) Non-cancellable operating leases Consolidated Operating lease expenditure commitments 2020 2019 2018 $ $ $ Minimum operating lease payments - not later than one year — 250,068 41,625 - later than one year but not later than five years — 266,560 — - later than five years — — — Total minimum operating lease payments — 516,628 41,625 Due to the adoption of IFRS 16 effective July 1, 2019, the Company no longer has any non-cancellable operating lease to be recognized under commitments for the year ended June 30, 2020. As at June 30, 2019, the above operating leases related to the following premises that are currently occupied by the Company: Location Landlord Use Date of expiry of lease Minimum payments ($) 60-66 Hanover Street Fitzroy, Victoria 3065 Australia Crude Pty. Ltd. Office / laboratory August 31, 2021 487,837 1300 Baxter Street, Suite 157, Charlotte, North Carolina Mid-Town Partners LLC Office Month to month 28,791 Total 516,628 Apart from the above, there were no other commitments as at June 30, 2020. (b) Capital commitments Significant capital expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: 2020 2019 A$ A$ Property, plant and equipment 466,560 - The above commitment relates to the purchase of laboratory equipment which will assist the Company to conduct more tests in the future. |
Auditors' Remuneration
Auditors' Remuneration | 12 Months Ended |
Jun. 30, 2020 | |
Auditor's remuneration [abstract] | |
Auditors' Remuneration | 26. AUDITORS’ REMUNERATION Consolidated 2020 A$ 2019 A$ 2018 A$ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) 274,000 288,000 288,200 Other assurance services (2) 200,000 — — Other audit firms in respect of: Audit of the Financial Reports of subsidiaries — — — Total remuneration in respect of audit services 474,000 288,000 288,200 (1) Audit fees consist of services that would normally be provided in connection with statutory and regulatory filings or engagements, including services that generally only the independent accountant can reasonably provide. (2) Other assurance services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020 financial year. All services provided are considered audit services for the purpose of SEC classification. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Disclosures | 27. RELATED PARTY DISCLOSURES Ultimate parent Genetic Technologies Limited is the ultimate Australian parent company. As at the date of this Report, no shareholder controls more than 50% of the issued capital of the Company. Transactions within the Company and with other related parties During the year ended 30 June 2020, the only transactions between entities within the Company and other related parties occurred, are as listed below. Except where noted, all amounts were charged on similar to market terms and at commercial rates. Blockchain Global Limited As announced by the Company on February 15, 2018, a non-binding terms sheet with Blockchain Global Limited(BCG) was entered to provide a framework for continuing discussions between the two companies, with the proposed transaction being subject to shareholder approval (by non-associated Shareholders); and as announced by the Company on August 2, 2018, a framework agreement with BCG was entered formalizing the non-binding terms sheet and providing a framework for a strategic alliance between the Company and BCG, with the agreement became binding on November 29, 2018 upon receiving the requisite shareholder approval. The agreement proposed the issue of 486 million shares to BCG in 3 tranches subject to the achievement of certain milestones. No shares have been issued under the framework agreements and no milestones have been achieved. Any rights to the 486 million milestone shares lapsed between December 27, 2019 and June 27, 2020. The company has accounted for these share issuances in accordance with its accounting policy for share-based payment transactions and has not recorded any associated expense in the current year given performance conditions have not been met and are not currently considering any Blockchain related projects. A number of Directors of the Company presently or previously have had involvement with BCG. Mr. Xue Lee has a direct and indirect share interest and was a CEO and managing director of BCG. Mr. Peter Rubinstein held a minority shareholding in the entity and was also a director in BCG. Dr Jerzy Muchnicki has a direct and indirect interest in BCG. Dr Paul Kasian was previously a director of BCG until July 2018. Performance Rights Issuance After receiving requisite shareholder approval on 29 November 2018, the Company has issued 76,250,000 performance rights to Directors of the Company as follows: ● 7,500,000 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C performance Rights to Dr Paul Kasian ● 3,750,000 Class A Performance Rights to Dr Lindsay Wakefield ● 6,250,000 Class A Performance Rights to Dr George Muchnicki ● 5,000,000 Class A Performance Rights to Mr. Peter Rubinstein ● 3,750,000 Class A Performance Rights to Mr. Xue Lee During the year, 3,750,000 Performance Rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 Performance Rights previously issued to Dr Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of Performance Rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. The Company has accounted for these performance rights in accordance with its accounting policy for share-based payment transactions and has recorded net reversal of A$43,484 of associated expense in the current year end. Blockshine Health Joint Venture The Company, via its subsidiary Gene Ventures Pty Ltd, entered into a joint venture with Blockshine Technology Corporation (BTC). The joint venture company, called Blockshine Health, was to pursue and develop blockchain opportunities in the biomedical sector. Blockshine Health was to have full access to BTC’s technology (royalty free) as well as all of its opportunities in the biomedical sector. The Company invested A$250,000 into the joint venture in the year ended June 30, 2019 and held 49% equity stake. The Joint Venture agreement was subsequently cancelled and the investment of A$250,000 was impaired in the year ended June 30, 2019. During the year ended June 30, 2020, the Company managed to recover A$43,380 from this investment previously written-off. Genetic Technologies HK Limited and Aocheng Genetic Technologies Co. Ltd - Joint Venture In August 2018, the Company announced a Heads of Agreement had been reached with Representatives of the Hainan Government - Hainan Ecological Smart City Company (“HESCG”), a Chinese industrial park development & operations company have formally invited Genetic Technologies Limited (“GTG”) to visit the Hainan Medical Pilot Zone to conduct a formal review and discuss opportunities for market entry into China via the Hainan Free Trade Zone initiative. The invitation was extended to GTG via Beijing Zishan Health Consultancy Limited (“Zishan”), demonstrating the potential for growth presented by the proposed Joint Venture between the parties (as announced to the market on August 14, 2018). Subsequently, the Company announced the official formation of Genetic Technologies HK Limited and Aocheng Genetic Technologies Co. Ltd in Hong Kong to the market on March 27, 2019, The Company’s previous Chairman, Dr Paul Kasian was named in the formation Heads of Agreement document to be the Chairman of the Joint Venture entity. At June 30, 2020, Genetic Technologies HK Limited has 100% ownership of Hainan Aocheng Genetic Technologies Co. Limited. At this time, no Directors fees or emoluments have been paid to Dr Kasian, nor have agreements regarding fees been reached. Issuance of options to directors towards sub-underwriting the capital raise As announced on October 4, 2019, the Company undertook an underwritten non-renounceable pro-rata entitlement offer at an Issue Price of 0.4 cents per new share. On October 11, 2019, the Company updated the market to advise that the offer was from that time agreed to be underwritten by Lodge Corporate Pty Ltd and that two of the Company’s directors (Peter Rubinstein and Dr. Jerzy Muchnicki), had agreed to sub-underwrite the offer. Both directors, in conjunction with the underwriter Lodge Corporate Pty Ltd, subsequently agreed amongst themselves to alter the respective sub-underwritten amounts, but the total to be sub-written between them (A$2 million) remained same, as did the total underwritten amount (of A$4 million). Accordingly, the underwritten offer subsequently was sub-underwritten by Mr. Peter Rubinstein and Dr. Jerzy Muchnicki (each as up to A$1 million) in conjunction with a consortium of non-associated wholesale investors (also as sub-underwriters) who in aggregate equate to the underwritten amount of A$4 million, each in accordance with the terms of their separate sub-underwriting agreements with Lodge Corporate Pty Ltd (each a Sub-Underwriting Agreement). Dr. Muchnicki and Mr. Rubinstein reflecting the amount of their sub-writing commitment were to be granted on the same terms as all options to be granted to the relevant sub-underwriters. The number of options issued to both directors was calculated as 1 Option for every 2 Shares being sub-underwritten and were issued a total of 125,000,000 unlisted options to each of the directors. As announced on October 11, 2019, within the rights issue offer document, upon exercise each such option converts into 1 fully paid share on terms consistent with the ASX Listing Rules; with a 3-year expiry date from grant and with an exercise price per underwriter and sub-underwriter option equal to the lower of: ● A$0.008 ; and ● The implicit price per share at which any raise done by Aegis capital within 3 months from the company’s shareholder meeting. but in any event with a floor exercise price equal to A$0.004. Lodge Corporate Dr. Kasian was a director of corporate finance and corporate advisor from December 2017 to February 2019 with Lodge Corporate. During the year ended, the company engaged in corporate advisory services with Lodge Corporate and had transactions worth A$154,224 which also included A$88,000 that related to 2% of the underwriting of the capital raise during the year ended June 30, 2020. Additionally, during the year, On March 6, 2020 the Company issued 5,000,000 options to Lodge Corporate Pty Ltd valued at A$29,340 which were in relation to capital raising costs. Mr. Phillip Hains (Chief Financial Officer) On July 15, 2019, the Company announced that it had appointed Mr. Phillip Hains (MBA, CA) as the Chief Financial Officer who has over 30 years of extensive experience in roles with a portfolio of ASX and NASDAQ listed companies and provides CFO services through his firm The CFO Solution. Prior to this point the Company had a similar arrangement with The CFO Solution, where it would engage and provided services of overall CFO, accounting and other finance related activities. During the reporting period, the company had transactions valued at A$527,724 (2019: A$45,459) with The CFO Solution towards provision of overall CFO, accounting and other finance related activities. Mr. Stanley Sack (Chief Operating Officer) On May 18, 2020, the Company appointed Mr. Stanley Sack who provides consulting in the capacity of Chief Operating Officer. Mr. Sack has spent 15 years in large listed entities in executive positions managing large business divisions. He has worked with a high net worth family managing all their operating businesses and private equity activities. Mr. Sack built an Allied Health Business in the aged care and community care space which became the biggest Mobile Allied Health Business in Australia, and was recently sold to a large medical insurance company. During the reporting period, the company had transactions valued at A$38,500 (2019: Nil) with Mr. Stanley Sack’s entity Cobben Investments towards provision of consulting services in relation to provision of duties related to Chief Operating Officer of the Company. Mr. Peter Rubinstein (Non-Executive Director and Chairman) During the financial year ended June 30, 2020, the board approved to obtain consulting services in relation to capital raises, compliance, Nasdaq hearings and investor relations from its Non-executive director and current Chairman, Mr. Peter Rubinstein. The services procured were through Mr. Peter Rubinstein’s associate entity ValueAdmin.com Pty Ltd and amounted to A$35,000 which remains payable and is included as part of the cash salary and fees in the remuneration report as at June 30, 2020. There were no transactions with parties related to Key Management Personnel during the year other than that disclosed above. Details of Directors and Key Management Personnel as at balance date Directors ● Mr Peter Rubinstein (Independent Non-Executive & Chairman) ● Dr Jerzy Muchnicki (Executive Director & Interim Chief Executive Officer) ● Dr Lindsay Wakefield (Independent Non-Executive) ● Mr Nicholas Burrows (Independent Non-Executive) (appointed September 2, 2019) Key Management Personnel (KMPs) ● Dr Richard Allman (Chief Scientific Officer) ● Mr Phillip Hains (Chief Financial Officer) (appointed July 15, 2019) ● Mr Stanley Sack (Chief Operating Officer) (appointed May 18, 2020) Consolidated 2020 $ 2019 $ 2018 $ Remuneration of Key Management Personnel Short-term employee benefits 638,659 964,162 1,215,632 Post-employment benefits 53,614 86,130 96,315 Share-based payments (32,498 ) 157,886 130,385 Other long-term benefits 3,231 734 2,371 Termination benefits - - 164,760 Total remuneration of Key Management Personnel 663,006 1,208,912 1,609,463 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | 28. SUBSIDIARIES The following diagram is a depiction of the Company structure as at June 30, 2020. Company interest (%) Net carrying value ($) Name of Company Incorporation details 2020 2019 2020 2019 Entities held directly by parent GeneType Pty. Ltd. (Dormant) September 5, 1990 Victoria, Australia 100 % 100 % — — Genetic Technologies Corporation Pty. Ltd. (Genetic testing) October 11, 1996 100 % 100 % 2 2 Gene Ventures Pty. Ltd. * (Dormant) March 7, 2001 100 % 100 % 10 10 GeneType Corporation (Dormant) December 18, 1989 California, U.S.A. 100 % 100 % — — Phenogen Sciences Inc. (BREVAGen TM June 28, 2010 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technologies Co Ltd Hong Kong, China 100 % 100 % — — Genetic Technologies HK Ltd March 18, 2019 100 % 100 % — — Total carrying value 11,018 11,018 * On 26 April 2018, the name of RareCellect Pty Ltd (ACN 096 135 9847) was changed to Gene Ventures Pty Ltd (ACN 096 135 947) ** Liquidation of GeneType AG was completed on 13 December 2017 |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management | 29. FINANCIAL RISK MANAGEMENT This note explains the group’s exposure to financial risks and how these risks could affect the Company’s future financial performance. The Company’s risk management is predominantly controlled by the board. The board monitors the Company’s financial risk management policies and exposures and approves substantial financial transactions. It also reviews the effectiveness of internal controls relating to market risk, credit risk and liquidity risk. (a) Market risk (i) Foreign exchange risk The Company undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange rate risk arises from financial assets and financial liabilities denominated in a currency that is not the Company’s functional currency. Exposure to foreign currency risk may result in the fair value of future cash flows of a financial instrument fluctuating due to the movement in foreign exchange rates of currencies in which the group holds financial instruments which are other than the Australian dollar (AUD) functional currency of the group. This risk is measured using sensitivity analysis and cash flow forecasting. The cost of hedging at this time outweighs any benefits that may be obtained. The consolidated financial statements are presented in Australian Dollar ($), which is Genetic Technologies Limited’s functional and presentational currency. Exposure The Company’s exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollar, was as follows: June 30, 2020 June 30, 2019 USD EUR USD EUR $ $ $ $ Cash at Bank / on hand 2,512,767 38,020 201,737 27,052 Trade and other payables 99,637 - 117,992 1,990 Sensitivity As shown in the table above, the group is primarily exposed to changes in USD/AUD exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from USD denominated financial instruments. The Company has conducted a sensitivity analysis of its exposure to foreign currency risk. Based on the financial instruments held as at June 30, 2020, had the Australian dollar weakened/strengthened by 6.03% (2019: 5.13%) against the USD with all other variables held constant, the Group’s post-tax loss for the year would have been A$145,520 lower/higher (2019: A$6,466 lower/higher). ● USD: 6.03% (2019: 5.13%) The Company is more sensitive to movements in the AUD/USD exchange rates in 2020 than 2019 because of the increased amount of USD denominated cash and cash equivalents. The US warrants financial liability will be equity-based settled upon exercise of the US warrants. However, as the exercise will be done with an exercise price in US dollars, there is a foreign exchange risk due to the subsequent translation to Australian dollars. The Company’s exposure to other foreign exchange movements is not material. (b) Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Company. (i) Risk management Credit risk is managed through the maintenance of procedures (such as the utilization of systems for the approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring the financial stability of significant customers and counterparties), ensuring to the extent possible that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment. Credit terms are normally 30 days from the invoice date. Risk is also minimized through investing surplus funds in financial institutions that maintain a high credit rating. (ii) Security For some trade receivables the group may obtain security in the form of guarantees, deeds of undertaking or letters of credit which can be called upon if the counterparty is in default under the terms of the agreement. (iii) Impairment of financial assets The Company has one type of financial asset subject to the expected credit loss model: ● trade receivables for sales of inventory While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial. Trade receivables The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables assets have been grouped based on shared credit risk characteristics and the days past due. (c) Liquidity risk Liquidity risk arises from the possibility that the Company might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk through the following mechanisms: ● preparing forward looking cash flow analyses in relation to its operating, investing and financing activities; ● obtaining funding from a variety of sources; ● maintaining a reputable credit profile; ● managing credit risk related to financial assets; ● investing cash and cash equivalents and deposits at call with major financial institutions; and ● comparing the maturity profile of financial liabilities with the realization profile of financial assets. (i) Maturities of financial liabilities The tables below analyze the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Contractual maturities of financial liabilities Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contractual cash flows Carrying At June 30, 2020 $ $ $ $ $ $ $ Trade and other payables 723,724 - - - - 723,724 723,724 Lease liabilities 108,924 131,991 188,621 - - 429,536 429,536 Borrowings - - 52,252 - - 52,252 52,252 TOTAL 832,648 131,991 240,873 - - 1,205,512 1,205,512 Contractual maturities of financial liabilities Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contractual cash flows Carrying At June 30, 2019 $ $ $ $ $ $ $ Trade and other payables 1,005,305 - - - - 1,005,305 1,005,305 TOTAL 1,005,305 - - - - 1,005,305 1,005,305 (d) Interest rate risk The Company’s main interest rate risk arises in relation to its short-term deposits with various financial institutions. If rates were to decrease, the Company may generate less interest revenue from such deposits. However, given the relatively short duration of such deposits, the associate risk is relatively minimal. The Company has a Short-Term Investment Policy which was developed to manage the Company’s surplus cash and cash equivalents. In this context, the Company adopts a prudent approach that is tailored to cash forecasts rather than seeking high returns that may compromise access to funds as and when they are required. Under the policy, the Company deposits its surplus cash in a range of deposits / securities over different time frames and with different institutions in order to diversify its portfolio and minimize risk. On a monthly basis, Management provides the Board with a detailed list of all cash and cash equivalents, showing the periods over which the cash has been deposited, the name and credit rating of the institution holding the deposit and the interest rate at which the funds have been deposited. At June 30, 2020, if interest rates had changed by +/- 50 basis points from the year-end rates, with all other variables held constant, the Company’s loss for the year would have been A$55,828 lower / higher (2019: loss A$8,969 lower / higher), as a result of higher / lower interest income from cash and cash equivalents and deposits in place. The exposure to interest rate risks and the effective interest rates of financial assets and liabilities, both recognized and unrealized, for the Company is as follows: Floating rate Fixed rate Carrying amount Weighted ave. Ave. maturity Period Consolidated Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2020 11,645,389 11,645,389 0.5 % At call 2019 2,131,741 2,131,741 1.74 % At call Performance bond / deposits 2020 — 2,025 2,025 — At call 2019 — 53,456 53,456 — At call Totals 2020 11,645,389 2,025 11,647,414 2019 2,131,741 53,456 2,185,197 Financial liabilities Borrowings 2020 — 52,252 52,252 1 % — Leases 2020 — 429,536 429,536 5.37 % 2019 — — — — — Totals 2020 — 481,788 481,788 2019 — — — Note The Company holds the balance of its cash in non-interest-bearing bank accounts. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 30. SUBSEQUENT EVENTS On July 20, 2020, 166,066,050 warrants issued during the capital raise in May 2019 exercisable at United States Dollars (US$) US$0.00533, each expiring May 23, 2024 were exercised and converted to 114,447,000 Ordinary Shares. These warrants have no cash consideration upon conversion and were consistent with the cashless exercise arrangement under the terms of their issue Furthermore, 18,500,000 options issued to an underwriter exercisable at $0.008, each expiring October 29, 2022 were exercised and converted to 18,500,000 Ordinary Shares. These options were issued for a cash consideration of A$148,000. On July 21, 2020, the Company closed a registered direct offering of 1,025,000 American Depository Shares (ADS’s), each representing six hundred (600) of the Company’s ordinary shares, at a purchase price of United States Dollars (US$) US$5.00 per ADS - or in Australian dollars $0.012 per ordinary share. The gross proceeds for this offering was approximately US$5.1 million. Against the offering, the Company agreed to issue 39,975,000 warrants exercisable at US$0.0104 each, expiring in 5 years from issue date, to H.C. Wainwright & Co which would form part of cost of raising capital. The said warrants have not been issued as of the date of report as they are subject to shareholder approval. As of August 25, 2020, the Company has regained compliance with the equity requirement of NASDAQ Listing Rule 5550(b)(1), as required by the Hearings Panel decision dated May 12, 2020. |
Capital Management
Capital Management | 12 Months Ended |
Jun. 30, 2020 | |
Capital Management | |
Capital Management | 31. CAPITAL MANAGEMENT (a) Risk management The Company’s objectives when managing capital are to ● safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and ● maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may issue new shares or reduce its capital, subject to the provisions of the Company’s constitution. The capital structure of the Company consists of equity attributed to equity holders of the Company, comprising contributed equity, reserves and accumulated losses. By monitoring undiscounted cash flow forecasts and actual cash flows provided to the board by the Company’s management, the board monitors the need to raise additional equity from the equity markets. (b) Dividends No dividends were declared or paid to members for the year ended June 30, 2020 (2019: nil). The Company’s franking account balance was nil at June 30, 2020 (2019: nil). |
Parent Entity Financial Informa
Parent Entity Financial Information | 12 Months Ended |
Jun. 30, 2020 | |
Parent Entity Financial Information | |
Parent Entity Financial Information | 32. PARENT ENTITY FINANCIAL INFORMATION The individual financial statements for the parent entity show the following aggregate amounts: 2020 $ 2019 $ Balance sheet Current assets 11,646,391 3,003,871 Non-current assets 345,236 25,126 Total assets 11,991,627 3,028,997 Current liabilities 10,095,549 10,795,245 Non-current liabilities 1,117,947 809 Total liabilities 11,213,496 10,796,054 Shareholders’ equity Share Capital Reserves 140,111,073 125,498,824 Other reserves (117,131 ) (117,131 ) Share-based payments 6,184,391 3,405,659 Retained earnings (145,400,202 ) (136,554,409 ) Total Equity 778,131 (7,767,057 ) Loss for the year (8,816,667 ) (5,949,827 ) As of June 30, 2020, there were A$3,782,537 (2019: A$18,456,661) impairment loss recognized for intercompany loan balances between the parent and its subsidiaries |
Contingent Liabilities and Cont
Contingent Liabilities and Contingent Assets | 12 Months Ended |
Jun. 30, 2020 | |
Contingent Liabilities And Contingent Assets | |
Contingent Liabilities and Contingent Assets | 33. Contingent liabilities and contingent assets The group had no contingent liabilities at June 30, 2020 (2019: nil). |
Impact of Covid-19
Impact of Covid-19 | 12 Months Ended |
Jun. 30, 2020 | |
Impact Of Covid-19 | |
Impact of Covid-19 | 34. Impact of COVID-19 On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the novel coronavirus disease 2019 (“COVID-19”) outbreak a public health emergency of international concern and on March 12, 2020 the WHO announced the outbreak was a pandemic. Continuing concerns over economic and business prospects in the United States and other countries have contributed to increased volatility and diminished expectations for the global economy. These factors, coupled with the prospect of decreased business and consumer confidence and increased unemployment resulting from the recent COVID-19 outbreak, may precipitate an economic slowdown and recession. If the economic climate deteriorates, the Company’s business, including its access to patient samples and the addressable market for diagnostic tests that it may successfully develop, as well as the financial condition of its suppliers and its third-party payors, could be adversely affected, resulting in a negative impact on the Company’s business, financial condition, results of operations and cash flows. On a micro level, the COVID-19 pandemic is having a negative impact on global markets and business activity, which has had an effect on the operations of the Company, including but not limited to that sales of the Company’s products have been impacted not only by the inability for consumers to visit their practitioners but also the difficulty its sales team is having in arranging face to face meetings with practitioners. The Company’s sales team has found it very difficult to reach practitioners to build on the sales momentum created prior to the pandemic, with the launch into the Australian market being halted after less than 60 days of operations thus, sales have effectively ceased for the short term. During the period of the pandemic commencing March 2020, the Company undertook a number of capital raises both public and private placements managed by H.C. Wainwright & Co. in the United States of America. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Summary Of Significant Accounting Policies | |
Basis of Preparation | (a) Basis of preparation (i) Compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board The Financial Report complies with the International Financial Reporting Standards as issued by the International Accounting Standards Board. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) which are measured at fair value. (iii) Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are critical to the financial statements, are disclosed in Note 3. (iv) Going concern For the year ended June 30, 2020, the Company incurred a total comprehensive loss of $6,132,105 (2019: $6,401,936) and net cash outflow from operations of $5,712,098 (2019: $6,073,182). As at June 30, 2020 the Company held total cash and cash equivalents of $14,214,160 and total net current assets of $13,795,177. The Company expects to continue to incur losses and cash outflows for the foreseeable future as it continues to invest resources in expanding the research and development activities in support of the distribution of existing and new products. Following successful capital raises in the last three months of the financial year, the Company has $14.2 million cash and cash equivalents as at June 30, 2020. In the Director’s opinion this, together with further gross proceeds of US$5.1 million before transaction costs raised in July 2020, will underpin the Company’s funding requirements for approximately two years. As a result, the financial statements have been prepared on a going concern basis. (v) New accounting standards and interpretations The Company has applied the following standards and amendments for the first time for their annual reporting period commencing July 1, 2019: ● IFRS 16 Leases The impact of the adoption of this standard and the new accounting policy is disclosed below. IFRS 16 will result in almost all leases being recognized on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of July 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on July 1, 2019 was 5.37%. The associated right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as at July 1, 2019. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application. In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: ● the use of a single discount rate to a portfolio of leases with reasonably similar characteristics. ● the accounting for operating leases with a lease term of less than 12 months as short-term leases. The Company has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Company relied on its assessment made applying IAS 17 and interpretation 4 determining whether an arrangement contains a Lease. Amount Operating lease commitments disclosed as at June 30, 2019 $ 487,837 Discounted using the lessee’s incremental borrowing rate of at the date of initial application $ 461,358 Lease liability recognized as at July 1, 2019 $ 461,358 Of which are: Current lease liabilities $ 209,887 Non-current lease liabilities $ 251,471 Right of use of assets increased by $ 446,645 Lease liabilities increased by $ 461,358 The net impact on retained earnings on July 1, 2019 was a decrease of $ 14,712 (vi) New standards and interpretations not yet adopted There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting years and on foreseeable future transactions. |
Principles of Consolidation | (b) Principles of consolidation (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company 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 Company. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Company. Intercompany transactions, balances and unrealized gains on transactions between Company companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income, consolidated balance sheet and consolidated statements of changes in equity, respectively. |
Segment Reporting | (c) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. |
Foreign Currency Translation | (d) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollar ($), which is Genetic Technologies Limited’s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of profit or loss on a net basis within other gains/(losses). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each consolidated balance sheet presented are translated at the closing rate at the date of that consolidated balance sheet ● income and expenses for each consolidated statement of profit or loss and consolidated statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. |
Revenue Recognition | (e) Revenue recognition Under IFRS 15, revenue is recognized based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognized: (i) Genetic testing revenues The Company operates facilities which provide genetic testing services. Revenue from the provision molecular risk testing for cancer (BREVAGenplus) is recognized at a point time when the Company has provided the customer with their test results, the single performance obligation. (ii) Interest income Revenue is recognized as the interest accrues using the effective interest method. (iii) Government Grants The Australian government replaced the research and development tax concession with research and development (R&D) tax incentive from July 1, 2011. The R&D tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than $20 million. Management has assessed the Company’s activities and expenditure to determine which are likely to be eligible under the incentive scheme. The Company accounts for the R&D tax incentive as a government grant. The grant is recognized as other income over the period in which the R&D expense is recognized. |
Government Grants | (f) Government Grants Revenue from government grants is recognized in the consolidated income statement on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the grants are intended to compensate in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables on our consolidated balance sheets. |
Income Tax | (g) Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. |
Leases | (h) Leases Please refer to Note 17 for further information. |
Impairment of Assets | (i) Impairment of assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs of disposal or its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets and the asset’s value-in-use cannot be estimated to be close to its fair value. In such cases, the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to operations are recognized in those expense categories consistent with the function of the impaired asset unless the asset is carried at its revalued amount, in which case the impairment loss is treated as a revaluation decrease. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss unless it reverses a decrement previously charged to equity, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. |
Cash and Cash Equivalents | (j) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated balance sheet. |
Trade and Other Receivables | (k) Trade and other receivables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less loss allowance. |
Inventories | (l) Inventories (i) Raw materials and stores, work in progress and finished goods Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. |
Property, Plant and Equipment | (m) Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.ss Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: Plant and equipment 3 - 5 years Furniture, fittings and equipment 3 - 5 years Leasehold improvements 1 - 3 years (lease term) Leased plant and equipment 3 years (lease term) The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. 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 (note 2(i)). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. When revalued assets are sold, it is Company policy to transfer any amounts included in other reserves in respect of those assets to retained earnings. |
Trade and Other Payables | (n) Trade and other payables Trade payables and other payables are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Trade payables and other payables generally have terms of between 30 and 60 days. |
Provisions | (o) Provisions Provisions for legal claims, service warranties and make good obligations are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. |
Employee Benefits | (p) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-term employee benefit obligations In some countries, the Company also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. |
Contributed Equity | (q) Contributed equity Issued and paid up capital is recognized at the fair value of the consideration received by the Company. Transaction costs arising on the issue of Ordinary Shares are recognized directly in equity as a deduction, net of tax, of the proceeds received. The Company has a share-based payment option plan under which options to subscribe for the Company’s shares have been granted to certain executives and other employees |
Loss Per Share | (r) Loss per share (i) Basic loss per share Basic loss per share is calculated by dividing: ● the loss attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, ● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (ii) Diluted loss per share Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account: ● after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and ● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. On the basis of the Company’s losses, the outstanding options as at June 30, 2020 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation. |
Goods and Services Tax (GST) | (s) Goods and services tax (GST) Revenues are recognized to the extent that it is probable that the economic benefits will flow to the entity and the revenues can be reliably measured. Revenues are recognized at the fair value of the consideration received or receivable net of the amounts of Goods and Services Tax. The following recognition criteria must also be met before revenue is recognized: 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 taxation authority is included with other receivables or payables in the consolidated balance sheet. 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 taxation authority, are presented as operating cash flows. |
Parent Entity Financial Information | (t) Parent entity financial information The financial information for the parent entity, Genetic Technologies Limited, disclosed in note 32 has been prepared on the same basis as the consolidated financial statements, except that accounted for at cost in the financial statements of Genetic Technologies Limited. Loans to subsidiaries are written down to their recoverable value as at balance date. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Summary Of Significant Accounting Policies | |
Schedule of Operating Lease Liability | Amount Operating lease commitments disclosed as at June 30, 2019 $ 487,837 Discounted using the lessee’s incremental borrowing rate of at the date of initial application $ 461,358 Lease liability recognized as at July 1, 2019 $ 461,358 Of which are: Current lease liabilities $ 209,887 Non-current lease liabilities $ 251,471 Right of use of assets increased by $ 446,645 Lease liabilities increased by $ 461,358 The net impact on retained earnings on July 1, 2019 was a decrease of $ 14,712 |
Schedule of Estimated Useful Life | Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: Plant and equipment 3 - 5 years Furniture, fittings and equipment 3 - 5 years Leasehold improvements 1 - 3 years (lease term) Leased plant and equipment 3 years (lease term) |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
COST OF SALES | |
Schedule of Cost of Sales | Consolidated 2020 $ 2019 $ 2018 $ Inventories used 82,516 55,995 93,869 Direct labor costs 107,590 103,601 88,690 Depreciation expense 42,488 55,480 65,853 Inventories written-off (1) 18,917 61,191 51,676 Total cost of sales 251,511 276,267 300,088 ● Inventories written off include $Nil (2019: $Nil and 2018: $24,506) of items that expired during the year. |
Non-Operating Income (Tables)
Non-Operating Income (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Non-operating Income | |
Schedule of Non-Operating Income | Consolidated 2020 $ 2019 $ 2018 $ Net profit on disposal of plant and equipment 37,000 — — Research and development tax incentive income (i) 750,000 856,707 299,351 Export Marketing & Development Grant — — 126,907 Interest income 22,507 25,794 15,218 Rental income — — — Other income 78,001 137,268 — Government grant income – COVID-19 relief (ii) 253,139 — — Total non-operating income 1,140,647 1,019,769 441,476 (i) R&D tax incentive The Company’s research and development activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognized when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended June 30, 2020, the group has included an item in other income of A$750,000 (2019: A$856,707, 2018: A$299,351) to recognize income over the period necessary to match the grant on a systematic basis with the costs that they are intended to compensate. On December 5, 2019, the Treasury Laws Amendment (R&D Tax Incentive Bill 2019) was introduced into Parliament. The draft bill contains proposed amendments to the R&D tax incentive regulations. Under the proposed amendments, the refundable tax offset rate for companies with an aggregated turnover of less than $20 million would become 41%. As at June 30, 2020, the bill remains under review by the Senate Committee. In accordance with IAS 20, government grants, including non-monetary grants at fair value, should not be recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Management does not consider the rate reduction to be substantially enacted as at June 30, 2020 due to the continued legislative debate in Parliament. The Company has therefore calculated the R&D tax incentive by applying the currently legislated R&D rate to eligible expenditure. (ii) Government Grant income – COVID-19 Relief The COVID-19 relief relate to government assistance received during the year, from the Australian Government (at both federal and state level), in response to the economic and financial challenges in the current economy. |
Foreign Exchange Gain Reclass_2
Foreign Exchange Gain Reclassified on Liquidation of Subsidiary (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
FOREIGN EXCHANGE GAIN RECLASSIFIED ON LIQUIDATION OF SUBSIDIARY | |
Schedule of Foreign Exchange Gain Reclassified On Liquidation of Subsidiary | Consolidated 2020 $ 2019 $ 2018 $ Reclassification of net foreign exchange gains previously recognized in other comprehensive income, reclassified to profit or loss — — 527,049 |
Other Gains _ (Losses) (Tables)
Other Gains / (Losses) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
OTHER GAINS / (LOSSES) | |
Schedule of Other Gains / (Losses) | Consolidated 2020 $ 2019 $ 2018 $ Net foreign exchange gains/(losses) (5,522 ) 92,518 — Fair value gains on financial liabilities through profit or loss 195,845 — — Net impairment losses (1) - (500,000 ) — Total other gains / (losses) (190,323 ) (407,482 ) — (1) In August 2018, the Company invested A$250,000 into Swisstec towards the proposed joint venture to enable the Company and Swisstec to collaborate to develop a medical and health service platform using blockchain technology. The Company has recorded an impairment against the investment during the financial year ended June 30, 2019, due to cessation of activities in relation to the joint venture. |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Schedule of Income Tax Expense | Consolidated 2020 $ 2019 $ 2018 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax expense (6,098,930 ) (6,425,604 ) (5,463,872 ) Tax at the Australian tax rate of 27.50% (2019: 27.50% and 2018: (1,677,206 ) (1,767,040 ) (1,502,565 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense (3,971 ) 92,153 35,650 Research and development tax incentive 446,717 541,596 148,346 Other non-deductible items 888 590 1,509 Other assessable items (26,764 ) — — (1,260,336 ) (1,132,701 ) (1,317,060 ) Difference in overseas tax rates 26,526 41,009 67,557 Under /(over) provision 553,190 1,126,722 (268,092 ) Temporary differences not recognized (353,628 ) (121,965 ) — Research and development tax credit (206,250 ) (238,084 ) (82,322 ) Tax losses not recognized 1,240,498 325,020 1,599,917 Income tax expense — — — |
Schedule of Net Deferred Tax Assets | Net deferred tax assets Deferred tax assets not recognized Property, plant and equipment — 863 1,381 Capital raising costs 877,584 232,328 347,370 Intangible assets 1,832,075 1,893,220 1,949,601 Provisions 306,044 187,958 201,492 Total deferred tax assets 3,015,703 2,314,369 2,499,844 Deferred tax liabilities not recognized Right-of-use assets (119,384 ) — — Total deferred tax liabilities — — Net deferred tax assets on temporary differences not brought to account (2,896,320 ) (2,314,369 ) (2,499,844 ) Total net deferred tax assets — — — |
Schedule of Tax Losses | Consolidated 2020 $ 2019 $ 2018 $ Tax losses Unused tax losses for which no deferred tax asset has been recognized 97,259,045 90,254,547 87,970,140 Potential tax benefit 27.5% (Australia) 18,727,578 17,563,730 17,441,144 Potential tax benefit 21% (USA) 6,123,340 5,541,152 5,155,038 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Loss per share (cents per share) | |
Schedule of Weighted Average Number of Shares Used as Denominator | The following reflects the income and share data used in the calculations of basic and diluted loss per share: 2020 $ 2019 $ 2017 $ Loss for the year attributable to the owners of Genetic Technologies Limited (6,098,930 ) (6,425,604 ) (5,463,872 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 4,155,017,525 2,635,454,870 2,435,282,724 Note: None of the 553,000,000 (2019:114,250,000: and 2018: 55,102,778 ) options/performance rights over the Company’s Ordinary Shares that were outstanding as at the reporting date are considered to be dilutive for the purposes of calculating diluted earnings per share. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | Consolidated 2020 $ 2019 $ 2018 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 14,214,160 2,131,741 5,487,035 Total cash and cash equivalents 14,214,160 2,131,741 5,487,035 Reconciliation of loss for the year Reconciliation of loss for the year after income tax to net cash flows used in operating activities is as follows: Loss for the year after income tax 6,098,930 (6,425,604 ) (5,463,872 ) Adjust for non-cash items Amortization and depreciation expenses 65,148 156,260 303,749 Other expenses 2,885 — — Impairment of investments - 500,000 — Share-based payments expense (14,442 ) 335,102 129,635 Interest classified as investing cash flows - (25,850 ) 15,219 Net (profit) / loss on disposal of plant and equipment (37,000 ) — — Net (gains) / losses on liquidation of subsidiary - — (527,049 ) Depreciation of right-of-use of assets 200,785 - - Inventory written-off 18,917 - - Gain on investment previously written off (43,380 ) - - Finance costs 86,503 - - Interest received (22,507 ) - - Net foreign exchange (gains) / losses (597,441 ) (92,518 ) (128,360 ) Adjust for changes in assets and liabilities Decrease / (increase) in trade and other receivables 29,412 (517,383 ) 124,889 (Increase) / decrease in other operating assets 115,455 (70,027 ) 17,815 (Increase) / decrease in inventories (59,525 ) 27,142 (2,972 ) Increase / (decrease) in trade and other payables 695,653 60,178 47,027 Increase / (Decrease) in provisions (53,631 ) - Increase / (decrease) in operating liabilities — (20,482 ) (122,176 ) Net cash flows from / (used in) operating activities (5,712,098 ) (6,073,182 ) (5,636,533 ) Financing facilities available As at June 30, 2020, the following financing facilities had been negotiated and were available: Total facilities Credit cards 193,605 95,714 183,770 Facilities used as at reporting date Credit cards (5,332 ) (6,516 ) (12,031 ) Facilities unused as at reporting date Credit cards 188,272 89,198 171,739 |
Trade and Other Receivables (_2
Trade and Other Receivables (Current) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
Schedule of Trade and Other Receivables (Current) | Consolidated 2020 A$ 2019 A$ Trade receivables 38,871 16,529 Less: loss allowance — — Net trade receivables 38,871 16,529 Other receivables* 750,483 802,237 Total net current trade and other receivables 789,354 818,766 ● Other receivables majorly consists of R&D income grant receivable. Note: Trade and other receivables for the Company include amounts due in US dollars of USD Nil (2019: USD Nil). |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other Current Assets | |
Schedule of Other Assets (Current) | 2020 A$ 2019 A$ Prepayments 95,820 159,844 Performance bond and deposits 2,025 53,456 Total current prepayments and other assets 97,845 213,300 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Consolidated 2020 $ 2019 $ Laboratory equipment, at cost 1,451,389 1,451,389 Less: cost written-off during the year (1,047,515 ) — Add: additions during the year 22,827 — Less: accumulated depreciation (1,453,365 ) (1,410,877 ) Add: accumulated depreciation written-off during the year 1,047,515 — Net laboratory equipment 20,851 40,512 Computer equipment, at cost 657,265 609,551 Add: additions during the year 15,273 47,714 Less: accumulated depreciation (651,104 ) (628,868 ) Net computer equipment 21,434 28,397 Office equipment, at cost 167,564 167,564 Less: cost written-off during the year (167,564 ) — Less: accumulated depreciation (167,564 ) (167,564 ) Add: accumulated depreciation written-off during the year 167,564 — Net office equipment — — Equipment under hire purchase, at cost 594,626 594,626 Less: accumulated depreciation (594,626 ) (594,626 ) Net equipment under hire purchase — — Leasehold improvements, at cost 465,380 462,797 Less: cost written-off during the year (465,380 ) — Add: additions during the year — 2,583 Less: accumulated depreciation (465,380 ) (464,956 ) Add: accumulated depreciation written-off during the year 465,380 — Net leasehold improvements — 424 Total net property, plant and equipment 42,285 69,333 Reconciliation of property, plant and equipment Opening gross carrying amount 3,336,224 3,285,927 Add: additions purchased during the year 38,100 50,297 Less: cost written-off during the year (2,277,835 ) — Closing gross carrying amount 1,096,489 3,336,224 Opening accumulated depreciation and impairment losses (3,266,891 ) (3,110,643 ) Add: accumulated depreciation written-off during the year 2,277,835 — Less: depreciation expense charged (65,148 ) (156,248 ) Closing accumulated depreciation and impairment losses (1,054,204 ) (3,266,891 ) Total net property, plant and equipment 42,285 69,333 |
Schedule of Reconciliation of Movements in Property, Plant and Equipment by Asset Category | Reconciliation of movements in property, plant and equipment by asset category Opening net carrying Additions Disposals Depreciation Closing net carrying Asset category amount $ during during expense $ amount $ Laboratory equipment 40,512 22,827 — (42,488 ) 20,851 Computer equipment 28,397 15,273 — (22,236 ) 21,434 Leasehold improvements 424 - — (424 ) - Totals 69,333 38,100 — (65,148 ) 42,285 |
Trade and Other Payables (Cur_2
Trade and Other Payables (Current) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Schedule of Trade and Other Payables | Consolidated 2020 $ 2019 $ Trade payables 350,151 590,231 Other payables 42,728 68,423 Accrued expenses 330,845 346,654 Total current trade and other payables 723,724 1,005,308 Note: Trade payables for the Company include amounts due in US dollars of USD 685 (2019: USD 126,829). |
Provisions (Current and Non-C_2
Provisions (Current and Non-Current) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Provisions [abstract] | |
Schedule of Current and Non-current Provisions | Consolidated 2020 $ 2019 $ Current provisions Annual leave 152,239 152,352 Long service leave 189,104 243,740 Make good * 91,590 91,590 Total current provisions 432,933 487,682 Non-current provisions Long service leave 1,927 809 Make good * — — Total non-current provisions 1,927 809 Total provisions 434,860 488,491 * Make good provision |
Schedule of Reconciliation of Provision | Consolidated 2020 $ 2019 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 152,352 145,499 Add: obligation accrued during the year 38,270 91,106 Less: utilized during the year (38,383 ) (84,253 ) Balance at the end of the financial year 152,239 152,352 Reconciliation of long service leave provision Balance at the beginning of the financial year 244,549 271,933 Add: obligation accrued during the year 3,454 10,226 Less: utilized during the year (56,972 ) (37,610 ) Balance at the end of the financial year 191,031 244,549 |
Borrowing (Tables)
Borrowing (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Borrowing - Schedule Of Borrowing | |
Schedule of Borrowing | 2020 2019 Current Non-Current Total Current Non-Current Total $ $ $ $ $ $ Unsecured Other loan - 52,252 52,252 - - - Total unsecured borrowing - 52,252 52,252 - - - |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Lease liabilities [abstract] | |
Schedule of Right-of-use Assets and Lease Liabilities | The statement of financial position shows the following amounts relating to leases: 2020 2019 $ $ Right-of-use assets Right of use-of-assets 397,945 - Lease Liabilities Lease liabilities - Current 240,915 - Lease liabilities – Non-Current 188,621 - Total 429,536 - |
Schedule of Expenses Relating to Leases | The statement of profit or loss under general and administrative expenses includes the following amounts relating to leases: 2020 2019 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 200,785 - Interest expense (included in general and administrative expenses) 37,375 - |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other Financial Liabilities | |
Schedule of Other Financial Liabilities | 2020 2019 Current Non-current Total Current Non-current Total $ $ $ $ $ $ Other financial liabilities - 977,237 977,237 - - - Total - 977,237 977,237 - - - |
Schedule of Fair Value Assumptions of Financial Liabilities | The fair value has thus been estimated by using the Binomial pricing model based on the following assumptions based on observable market conditions that existed at the issue date and at June 30, 2020. 2020 2020 Valuation date June 30, 2020 April 3, 2020 Grant Date April 3, 2020 April 3, 2020 Warrants issued 40,114,200 40,114,200 Underlying asset price A$0.0050 A$0.0050 Risk free rate 0.398% 0.411% Volatility 134% 140.54% Exercise price presented in United States Dollar US$0.00365 US$0.00365 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0053 A$0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0043 A$0.0044 Model used Binomial Binomial Valuation amount A$172,491 A$175,137 2020 2020 Valuation date June 30, 2020 April 23, 2020 Grant Date April 23, 2020 April 23, 2020 Warrants issued 28,177,578 28,177,578 Underlying asset price A$0.0050 A$0.0060 Risk free rate 0.398% 0.444% Volatility 134% 142.70% Exercise price presented in United States Dollar US$0.00417 US$0.00417 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0060 A$0.0065 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0042 A$0.0053 Model used Binomial Binomial Valuation amount A$118,346 A$149,693 2020 2020 Valuation date June 30, 2020 June 1, 2020 Grant Date June 1, 2020 June 1, 2020 Warrants issued 156,000,000 156,000,000 Underlying asset price A$0.0050 A$0.0060 Risk free rate 0.398% 0.397% Volatility 134.00% 142.94% Exercise price presented in United States Dollar US$0.00417 US$0.00417 Exchange rate at valuation date A$1 to US$0.689 A$1 to US$0.712 Exercise price presented in Australian Dollar A$0.0060 A$0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$0.0044 A$0.0054 Model used Binomial Binomial Valuation amount A$686,400 A$848,252 |
Contributed Equity (Tables)
Contributed Equity (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Issued and Paid-up Capital | Consolidated 2020 $ 2019 $ Issued and paid-up capital Fully paid Ordinary Shares 140,111,073 125,498,824 Total contributed equity 140,111,073 125,498,824 |
Schedule of Movements in Shares on Issue | Movements in shares on issue Year ended June 30, 2019 Number of Shares $ Balance at the beginning of the financial year 2,435,282,724 122,372,662 Shares issued during the year 502,851,419 3,557,509 Less: transaction costs arising on share issue - (431,347 ) Balance at the end of the financial year 2,938,134,143 125,498,824 Year ended June 30, 2020 Number of Shares $ Balance at the beginning of the financial year 2,938,134,143 125,498,824 Shares issued during the year 4,575,645,600 21,793,678 Less: transaction costs arising on share issue (i) - (7,181,429 ) Balance at the end of the financial year 7,513,779,743 140,111,073 (i) The transaction costs arising on shares issued for the year ended June 30, 2020 are as below:- ● 250,000,000 unlisted options issued on October 30, 2019, exercisable at $0.008 each and expiring on October 29, 2022, amounting to A$817,666. Each option is exercisable for one fully paid ordinary share. ● 125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share. ● 125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share. ● 5,000,000 unlisted options issued on March 6, 2020, exercisable at $0.008 each and expiring on March 6, 2023, amounting to A$29,340. Each option is exercisable for one fully paid ordinary share. ● 166,066,050 warrants issued at no cash consideration on July 16, 2019, exercisable at US$0.00533 each and expiring on July 16, 2024, amounting to $890,113. The warrants are exercisable for fully paid ordinary shares. ● 40,114,200 warrants issued on April 3, 2020, exercisable at US$0.00365 each and expiring on April 1, 2025, amounting to A$175,137. The warrants are exercisable for fully paid ordinary shares. ● 28,177,578 warrants issued on April 22, 2020, exercisable at US$0.00417 each and expiring on April 19, 2025, amounting to A$149,693. The warrants are exercisable for fully paid ordinary shares. ● 156,000,000 warrants to be issued at, subject to shareholder approval, exercisable at US$0.004166 expiring on 5 years after date of issue, amounting to A$848,252. The warrants are exercisable for fully paid ordinary shares. ● Apart from the above, the Company also incurred expenses paid in cash towards capital raising costs through legal, accounting and broker related fees amounting to A$3,215,174 during the year for various capital raises. |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Reserves | Consolidated 2020 $ 2019 $ Foreign currency translation 756,423 789,598 Share-based payments 7,999,066 5,220,334 Total reserves 8,755,489 6,009,932 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 789,598 765,930 Add: net currency translation gain / (loss) (33,175 ) 23,668 Balance at the end of the financial year 756,423 789,598 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 5,220,334 4,885,232 Add: share-based payments expense 67,542 341,201 Add: Issue of options/warrants to underwriters 2,793,174 - Less: Reversal of Performance Rights expenses in prior year* (81,984 ) (6,099 ) Balance at the end of the financial year 7,999,066 5,220,334 *During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. |
Schedule of Warrants Issued | During the financial year ended 30 June 2020, the following warrants were issued to as a part of capital raising costs: Warrants issued to Grant date for warrants issued Number of warrants issued Aegis Corp July 16, 2019 166,066,050 Total 166,066,050 2020 Grant Date July 16, 2019 Warrants issued 166,066,050 Dividend yield - Historic volatility and expected volatility 152% Option exercise price $0.008 Fair value of warrants at grant date $0.006 Weighted average exercise price $0.008 Risk free interest rate 1.05% Model used Black-Scholes Expected life of an warrant 5 years Valuation amount $890,113 |
Schedule of Option Issued and granted | The following information relates to options granted and issued against the capital raising costs year ended June 30, 2020; Options issued to Grant date for options issued Number of options issued Mr. Peter Rubinstein November 28, 2019 125,000,000 Dr Jerzy Muchnicki November 28, 2019 125,000,000 Various underwriters October 30, 2019 250,000,000 Lodge Corporate Pty Ltd March 6, 2020 5,000,000 Total 505,000,000 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.85% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$1,056,054 2020 Grant Date October 30, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.78% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$817,666 2020 Grant Date March 6, 2020 Options issued 5,000,000 Dividend yield - Historic volatility and expected volatility 141% Option exercise price $0.008 Fair value of options at grant date $0.007 Weighted average exercise price $0.008 Risk-free interest rate 0.36% Expected life of an option 3 years Model used Black-Scholes Valuation amount A$29,340 |
Accumulated Losses (Tables)
Accumulated Losses (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
ACCUMULATED LOSSES | |
Schedule of Accumulated Losses | 2020 $ Balance at the beginning of the financial year (129,737,550 ) Add: Initial adoption of IFRS 16 (14,712 ) Add: net loss attributable to owners of Genetic Technologies Limited (6,098,930 ) Balance at the end of the financial year (135,851,192 ) |
Options (Tables)
Options (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Options | |
Schedule of Number and Weighted Average Exercise Prices of Share Unlisted Options | Set out below are summaries of all and unlisted options, including ESOP which were issued in prior periods: 2020 2019 Average exercise price per Number of Average exercise price per Number of options Opening balance $ 0.015 38,000,000 $ 0.017 55,102,778 Granted to Kentgrove Capital - - $ 0.015 12,500,000 Granted to employees during the year - - $ 0.010 16,000,000 Granted to directors in their capacity as sub-underwriters $ 0.008 250,000,000 - - Options granted to various underwriters $ 0.008 250,000,000 - - Granted to Lodge Corporate Pty Ltd $ 0.008 5,000,000 - - Lapsed during the year $ 0.010 (5,000,000 ) $ 0.015 (19,236,111 ) Forfeited during the year - - $ 0.020 (6,000,000 ) Lapse of unlisted options attached to convertible notes - - - (20,366,667 ) Closing balance $ 0.008 538,000,000 $ 0.015 38,000,000 |
Schedule of Number of Options Granted Under the Plans | The movements in the number of options granted under the Employee share plans are as follows: 2020 2019 Average exercise price per share option Number of Average exercise price per share option Number of options Balance at the beginning of the financial year $ 0.015 25,500,000 $ 0.017 34,736,111 Add: options granted during the year - - $ 0.010 16,000,000 Less: options lapsed during the year $ 0.010 (5,000,000 ) $ 0.020 (19,236,111 ) Less: options forfeited during the year - - $ 0.010 (6,000,000 ) Balance at the end of the financial year $ 0.015 20,500,000 $ 0.015 25,500,000 |
Schedule of Members of Options Outstanding by ASX Code | The number of options outstanding as at June 30, 2020 by ASX code, including the respective dates of expiry and exercise prices, are tabled below. The options tabled below are not listed on ASX. 2020 2019 Unlisted options Average exercise price per share option Number of Average exercise price per share option Number of options Options to Kentgrove Capital (expiring August 8, 2021) $ 0.015 12,500,000 $ 0.015 12,500,000 GTGAD (expiring March 31, 2021) $ 0.020 5,000,000 $ 0.020 5,000,000 GTGAD (expiring February 16, 2022) $ 0.010 5,500,000 $ 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) $ 0.008 250,000,000 - - Options to directors (expiring December 20, 2022) $ 0.008 250,000,000 - - Options issued Lodge Corporate Pty Ltd (expiring March 6, 2023) $ 0.008 5,000,000 - - ESOP options (expiring December 11, 2021) $ 0.010 10,000,000 $ 0.010 15,000,000 Total $ 0.008 538,000,000 $ 0.015 38,000,000 Exercisable at the end of the financial year $ 0.008 538,000,000 $ 0.015 38,000,000 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [abstract] | |
Summary of Geographical Information | The segment information for the reportable segments is as follows: 2020 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 3,160 6,704 9,864 Other income 1,130,881 9,766 1,140,647 Net other gains 190,323 - 190,323 Cost of goods sold (243,506 ) (8,005 ) (251,511 ) Total segment revenue & other income 1,080,858 8,465 1,089,323 Segment expenses Depreciation and amortization (65,148 ) - (65,148 ) Finance costs (1,221 ) (13,602 ) (14,823 ) Share-based payments 14,442 - 14,442 Laboratory and research and development (2,310,815 ) (166,763 ) (2,477,578 ) General and administrative expenses (4,046,264 ) (12,295 ) (4,058,559 ) Other operating expenses (159,009 ) (226,793 ) (385,802 ) Depreciation for right-of-use assets (200,785 ) - (200,785 ) Total segment expenses (6,768,800 ) (419,453 ) (7,188,253 ) Income tax expenses - - - Loss for the period (5,687,942 ) (410,988 ) (6,098,930 ) Total Segment Assets 15,329,955 303,024 15,632,979 Total Segment Liabilities (2,404,288 ) (213,321 ) (2,617,609 ) 2019 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 10,579 14,865 25,444 Other income 1,019,711 58 1,019,769 Net other gains (407,482 ) - (407,482 ) Cost of goods sold (265,492 ) (10,775 ) (276,267 ) Total segment revenue & other income 357,316 4,148 361,464 Segment expenses Depreciation and amortization (156,250 ) - (156,250 ) Finance costs (3,884 ) (16,147 ) (20,031 ) Share-based payments (326,952 ) - (326,952 ) Laboratory and research and development (2,181,469 ) (179,293 ) (2,360,762 ) General and administrative expenses (3,816,607 ) (13,591 ) (3,830,198 ) Other operating expenses 335,896 (428,771 ) (92,875 ) Total segment expenses (6,149,266 ) (637,802 ) (6,787,068 ) Income tax expenses - - - Loss for the period (5,791,950 ) (633,654 ) (6,425,604 ) Total Segment Assets 3,190,004 75,001 3,265,005 Total Segment Liabilities (1,370,508 ) (123,291 ) (1,493,799 ) |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of Independent Valuation of Performance Rights Granted | Performance rights vested during the year Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights Expense accounted for during the year Dr. Lindsay Wakefield 3,750,000 0.77 A $ 28,875 A $ 9,625 Dr. Jerzy Muchnicki 6,250,000 0.77 A $ 48,125 A $ 16,042 Mr. Peter Rubinstein 5,000,000 0.77 A $ 38,500 A $ 12,833 Total 15,000,000 A $ 115,500 A $ 38,500 Performance rights cancelled/forfeited during the year Mr. Xue Lee 2 3,750,000 0.77 A $ 28,875 A $ (5,616 ) Dr. Paul Kasian 7,500,000 0.77 A $ 57,750 A $ (11,229 ) Total 11,250,000 A $ 86,625 A $ (16,845 ) Valuation of Class B Performance Rights Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Class B Performance Rights Expense accounted for during the year Dr Paul Kasian 1 25,000,000 0.77 A $ 192,500 A $ (37,431 ) Valuation of Class C Performance Rights Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Class B Performance Rights Expense accounted for during the year Dr Paul Kasian 1 25,000,000 0.57 A $ 142,500 A $ (27,708 ) Notes: 1 2 Mr. Xue Lee resigned on July 9, 2019 |
Schedule of Expenses Arising from Share-based Payment Transactions Recognized Part of Employee Benefit Expense | Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense were as follows: Consolidated 2020 2019 2018 $ $ $ Kentgrove options issued 16,667 15,278 — Performance rights issued 38,500 104,441 — Reversal of forfeited Performance Rights (81,984 ) — — Options issued under employee option plan 12,375 215,383 129,635 Total expenses arising from share-based payments (14,442 ) 335,102 129,635 |
Schedule of Option Granted and Issued | The following information relates to options granted and issued against the capital raising costs year ended June 30, 2020; Director Grant date of issued options Number of options issued Mr. Peter Rubinstein November 28, 2019 125,000,000 Dr Jerzy Muchnicki November 28, 2019 125,000,000 Total 250,000,000 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.85% Expected life of an option 3 years Model used Black-Scholes Valuation amount $1,056,054 Director Grant date of issued options Number of options issued Various underwriters October 30, 2019 250,000,000 Total 250,000,000 2020 Grant Date October 30, 2019 Options issued 250,000,000 Dividend yield - Historic volatility and expected volatility 136% Option exercise price $0.008 Fair value of options at grant date $0.003 Weighted average exercise price $0.008 Risk-free interest rate 0.78% Expected life of an option 3 years Model used Black-Scholes Valuation amount $817,666 Director Grant date of issued options Number of options issued Lodge Corporate Pty Ltd March 6, 2020 5,000,000 Total 5,000,000 2020 Grant Date March 6, 2020 Options issued 5,000,000 Dividend yield - Historic volatility and expected volatility 141% Option exercise price $0.008 Fair value of options at grant date $0.007 Weighted average exercise price $0.008 Risk-free interest rate 0.36% Expected life of an option 3 years Model used Black-Scholes Valuation amount $29,340 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of contingent liabilities [abstract] | |
Schedule of Operating Lease Expenditure Commitments | Consolidated Operating lease expenditure commitments 2020 2019 2018 $ $ $ Minimum operating lease payments - not later than one year — 250,068 41,625 - later than one year but not later than five years — 266,560 — - later than five years — — — Total minimum operating lease payments — 516,628 41,625 |
Schedule of Operating Lease Payments | As at June 30, 2019, the above operating leases related to the following premises that are currently occupied by the Company: Location Landlord Use Date of expiry of lease Minimum payments ($) 60-66 Hanover Street Fitzroy, Victoria 3065 Australia Crude Pty. Ltd. Office / laboratory August 31, 2021 487,837 1300 Baxter Street, Suite 157, Charlotte, North Carolina Mid-Town Partners LLC Office Month to month 28,791 Total 516,628 |
Schedule of Capital Commitment | Significant capital expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: 2020 2019 A$ A$ Property, plant and equipment 466,560 - |
Auditors' Remuneration (Tables)
Auditors' Remuneration (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Auditor's remuneration [abstract] | |
Schedule of Auditor's Remuneration | Consolidated 2020 A$ 2019 A$ 2018 A$ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) 274,000 288,000 288,200 Other assurance services (2) 200,000 — — Other audit firms in respect of: Audit of the Financial Reports of subsidiaries — — — Total remuneration in respect of audit services 474,000 288,000 288,200 (1) Audit fees consist of services that would normally be provided in connection with statutory and regulatory filings or engagements, including services that generally only the independent accountant can reasonably provide. (2) Other assurance services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020 financial year. All services provided are considered audit services for the purpose of SEC classification. |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Remuneration of Key Management Personnel | Consolidated 2020 $ 2019 $ 2018 $ Remuneration of Key Management Personnel Short-term employee benefits 638,659 964,162 1,215,632 Post-employment benefits 53,614 86,130 96,315 Share-based payments (32,498 ) 157,886 130,385 Other long-term benefits 3,231 734 2,371 Termination benefits - - 164,760 Total remuneration of Key Management Personnel 663,006 1,208,912 1,609,463 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Subsidiary Undertakings | Company interest (%) Net carrying value ($) Name of Company Incorporation details 2020 2019 2020 2019 Entities held directly by parent GeneType Pty. Ltd. (Dormant) September 5, 1990 Victoria, Australia 100 % 100 % — — Genetic Technologies Corporation Pty. Ltd. (Genetic testing) October 11, 1996 100 % 100 % 2 2 Gene Ventures Pty. Ltd. * (Dormant) March 7, 2001 100 % 100 % 10 10 GeneType Corporation (Dormant) December 18, 1989 California, U.S.A. 100 % 100 % — — Phenogen Sciences Inc. (BREVAGen TM June 28, 2010 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technologies Co Ltd Hong Kong, China 100 % 100 % — — Genetic Technologies HK Ltd March 18, 2019 100 % 100 % — — Total carrying value 11,018 11,018 * On 26 April 2018, the name of RareCellect Pty Ltd (ACN 096 135 9847) was changed to Gene Ventures Pty Ltd (ACN 096 135 947) ** Liquidation of GeneType AG was completed on 13 December 2017 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Financial Assets and Liabilities in Foreign Currencies | The Company’s exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollar, was as follows: June 30, 2020 June 30, 2019 USD EUR USD EUR $ $ $ $ Cash at Bank / on hand 2,512,767 38,020 201,737 27,052 Trade and other payables 99,637 - 117,992 1,990 |
Schedule of Maturities of Financial Liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows. Contractual maturities of financial liabilities Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contractual cash flows Carrying At June 30, 2020 $ $ $ $ $ $ $ Trade and other payables 723,724 - - - - 723,724 723,724 Lease liabilities 108,924 131,991 188,621 - - 429,536 429,536 Borrowings - - 52,252 - - 52,252 52,252 TOTAL 832,648 131,991 240,873 - - 1,205,512 1,205,512 Contractual maturities of financial liabilities Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contractual cash flows Carrying At June 30, 2019 $ $ $ $ $ $ $ Trade and other payables 1,005,305 - - - - 1,005,305 1,005,305 TOTAL 1,005,305 - - - - 1,005,305 1,005,305 |
Schedule of Exposure to Interest Rate Risks and Effective Interest Rates of Financial Assets and Liabilities | The exposure to interest rate risks and the effective interest rates of financial assets and liabilities, both recognized and unrealized, for the Company is as follows: Floating rate Fixed rate Carrying amount Weighted ave. Ave. maturity Period Consolidated Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2020 11,645,389 11,645,389 0.5 % At call 2019 2,131,741 2,131,741 1.74 % At call Performance bond / deposits 2020 — 2,025 2,025 — At call 2019 — 53,456 53,456 — At call Totals 2020 11,645,389 2,025 11,647,414 2019 2,131,741 53,456 2,185,197 Financial liabilities Borrowings 2020 — 52,252 52,252 1 % — Leases 2020 — 429,536 429,536 5.37 % 2019 — — — — — Totals 2020 — 481,788 481,788 2019 — — — |
Parent Entity Financial Infor_2
Parent Entity Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Parent Entity Financial Information | |
Schedule of Individual Financial Information | The individual financial statements for the parent entity show the following aggregate amounts: 2020 $ 2019 $ Balance sheet Current assets 11,646,391 3,003,871 Non-current assets 345,236 25,126 Total assets 11,991,627 3,028,997 Current liabilities 10,095,549 10,795,245 Non-current liabilities 1,117,947 809 Total liabilities 11,213,496 10,796,054 Shareholders’ equity Share Capital Reserves 140,111,073 125,498,824 Other reserves (117,131 ) (117,131 ) Share-based payments 6,184,391 3,405,659 Retained earnings (145,400,202 ) (136,554,409 ) Total Equity 778,131 (7,767,057 ) Loss for the year (8,816,667 ) (5,949,827 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - AUD ($) | Jul. 02, 2019 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Summary Of Significant Accounting Policies | |||||||
Total comprehensive loss | $ (6,132,105) | $ (6,132,105) | $ (6,401,936) | $ (5,986,838) | |||
Net cash outflow from operations | (5,712,098) | (6,073,182) | (5,636,533) | ||||
Total cash and cash equivalents | 14,214,160 | 14,214,160 | 2,131,741 | $ 5,487,035 | $ 10,988,255 | ||
Total net current assets | $ 13,015,370 | $ 13,015,370 | $ 1,771,206 | ||||
Gross proceeds from research and development | $ 5,100,000 | ||||||
Weighted average lessee's incremental borrowing rate | 5.37% | ||||||
Description on short-term leases | Operating leases with a lease term of less than 12 months as short-term leases. | Short-term leases are leases with a lease term of 12 months or less | |||||
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Operating Lease Liability (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2020 | Jul. 02, 2019 | |
Summary Of Significant Accounting Policies | |||
Operating lease commitments disclosed as at June 30, 2019 | $ 487,837 | ||
Discounted using the lessee's incremental borrowing rate of at the date of initial application | 461,358 | ||
Lease liability recognized as at July 1, 2019 | 461,358 | $ 429,536 | |
Current lease liabilities | 240,915 | $ 209,887 | |
Non-current lease liabilities | $ 188,621 | $ 251,471 | |
Right of use of assets increased by | 446,645 | ||
Lease liabilities increased by | 461,358 | ||
The net impact on retained earnings on July 1, 2019 was a decrease of | $ 14,712 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Property Plant and Equipment [Member] | Bottom of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 3 years |
Property Plant and Equipment [Member] | Top of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
Furniture, Fittings and Equipment [Member] | Bottom of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 3 years |
Furniture, Fittings and Equipment [Member] | Top of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
Leasehold Improvements [Member] | Bottom of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 1 year |
Leasehold Improvements [Member] | Top of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 3 years |
Leased Plant and Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 3 years |
Cost of Sales - Schedule of Cos
Cost of Sales - Schedule of Cost of Sales (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
COST OF SALES | ||||
Inventories used | $ 82,516 | $ 55,995 | $ 93,869 | |
Direct labor costs | 107,590 | 103,601 | 88,690 | |
Depreciation expense | 42,488 | 55,480 | 65,853 | |
Inventories written off | [1] | 18,917 | 61,191 | 51,676 |
Total cost of sales | $ 251,511 | $ 276,267 | $ 300,088 | |
[1] | Inventories written off include $Nil (2019: $Nil and 2018: $24,506) of items that expired during the year. |
Cost of Sales - Schedule of C_2
Cost of Sales - Schedule of Cost of Sales (Details) (Parenthetical) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
COST OF SALES | |||
Inventories expired during the year | $ 24,506 |
Non-Operating Income - Schedule
Non-Operating Income - Schedule of Non-Operating Income (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Non-operating Income | ||||
Net profit on disposal of plant and equipment | $ 37,000 | |||
Research and development tax incentive income | [1] | 750,000 | 856,707 | 299,351 |
Export Marketing & Development Grant | 126,907 | |||
Interest income | 22,507 | 25,794 | 15,218 | |
Rental income | ||||
Other income | 78,001 | 137,268 | ||
Government grant income - COVID-19 relief | [2] | 253,139 | ||
Total non-operating income | $ 1,140,647 | $ 1,019,769 | $ 441,476 | |
[1] | Fair value of R&D tax incentive. The Company's research and development activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognized when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended June 30, 2020, the group has included an item in other income of A$750,000 (2019: A$856,707, 2018: A$299,351) to recognize income over the period necessary to match the grant on a systematic basis with the costs that they are intended to compensate.On December 5, 2019, the Treasury Laws Amendment (R&D Tax Incentive Bill 2019) was introduced into Parliament. The draft bill contains proposed amendments to the R&D tax incentive regulations. Under the proposed amendments, the refundable tax offset rate for companies with an aggregated turnover of less than $20 million would become 41%. As at June 30, 2020, the bill remains under review by the Senate Committee. In accordance with IAS 20, government grants, including non-monetary grants at fair value, should not be recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Management does not consider the rate reduction to be substantially enacted as at June 30, 2020 due to the continued legislative debate in Parliament. The Company has therefore calculated the R&D tax incentive by applying the currently legislated R&D rate to eligible expenditure. | |||
[2] | Government Grant income - COVID-19 Relief. The COVID-19 relief relate to government assistance received during the year, from the Australian Government (at both federal and state level), in response to the economic and financial challenges in the current economy. |
Non-Operating Income - Schedu_2
Non-Operating Income - Schedule of Non-Operating Income (Details) (Parenthetical) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Other income | $ 78,001 | $ 137,268 | |
Maximum annual aggregate turnover to avail refundable tax offset | 20,000,000 | ||
Australian Government Tax Incentive [Member] | |||
Statement Line Items [Line Items] | |||
Other income | 750,000 | $ 856,707 | $ 299,351 |
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 | ||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41.00% |
Foreign Exchange Gain Reclass_3
Foreign Exchange Gain Reclassified on Liquidation of Subsidiary - Schedule of Foreign Exchange Gain Reclassified on Liquidation of Subsidiary (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
FOREIGN EXCHANGE GAIN RECLASSIFIED ON LIQUIDATION OF SUBSIDIARY | |||
Reclassification of net foreign exchange gains previously recognized in other comprehensive income, reclassified to profit or loss | $ 527,049 |
Other Gains _ (Losses) - Schedu
Other Gains / (Losses) - Schedule of Other Gains / (Losses) (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
OTHER GAINS / (LOSSES) | ||||
Net foreign exchange gains/(losses) | $ (5,522) | $ 92,518 | ||
Fair value gains on financial liabilities through profit or loss | 195,845 | |||
Net impairment losses | [1] | (500,000) | ||
Total other gains / (losses) | $ (5,522) | $ (407,482) | ||
[1] | In August 2018, the Company invested A$250,000 into Swisstec towards the proposed joint venture to enable the Company and Swisstec to collaborate to develop a medical and health service platform using blockchain technology. The Company has recorded an impairment against the investment during the financial year ended June 30, 2019, due to cessation of activities in relation to the joint venture. In December 2018, Genetic Technologies Limited entered and invested A$250,000 into a Joint Venture agreement with Blockshine Health Pty Ltd. with an ownership of 49%. The Company has recorded an impairment against the investment during the financial year ended June 30, 2019, due to the cancellation of the project. |
Other Gains _ (Losses) - Sche_2
Other Gains / (Losses) - Schedule of Other Gains / (Losses) (Details) (Parenthetical) - AUD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | Aug. 31, 2018 | |
Swisstec [Member] | |||
Statement Line Items [Line Items] | |||
Investment in joint venture | $ 250,000 | ||
Blockshine Health Pty Ltd [Member] | |||
Statement Line Items [Line Items] | |||
Investment in joint venture | $ 250,000 | $ 250,000 | |
Ownership interest (as a percent) | 49.00% | 49.00% |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income tax disclosure [line items] | |||
Potential tax benefit | $ 24,850,918 | $ 23,104,882 | $ 22,596,182 |
Total unused tax losses | 24,850,918 | 23,104,882 | 22,596,182 |
Unrecognized temporary differences associated with the Group's investments in subsidiaries | |||
U.S | |||
Income tax disclosure [line items] | |||
Potential tax benefit | $ 6,123,340 | 5,541,152 | 5,155,038 |
Corporate income tax rate description | The Tax Cuts and Jobs Act (TCJA) enacted by Congress in the U.S. on December 22, 2017 cut the top corporate income tax rate from 35% to 21%. For tax years beginning after December 31, 2017, the graduated corporate tax rate structure is eliminated and corporate taxable income will be taxed at 21-percent flat rate. | ||
Expiration period limitation on carry forward net operating losses | 20 years | ||
Subsidiaries United States [Member] | |||
Income tax disclosure [line items] | |||
Potential tax benefit | $ 6,123,340 | 5,541,152 | 5,155,038 |
Subsidiaries Australia [Member] | |||
Income tax disclosure [line items] | |||
Potential tax benefit | $ 18,727,578 | $ 17,563,730 | $ 17,441,144 |
Income Tax - Schedule of Income
Income Tax - Schedule of Income Tax Expense (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Major components of tax expense (income) [abstract] | |||
Loss before income tax expense | $ (6,098,930) | $ (6,425,604) | $ (5,463,872) |
Tax at the Australian tax rate of 27.50% (2019: 27.50% and 2018: 27.5%) | (1,677,206) | (1,767,040) | (1,502,565) |
Share-based payments expense | (3,971) | 92,153 | 35,650 |
Research and development tax incentive | 446,717 | 541,596 | 148,346 |
Other non-deductible items | 888 | 590 | 1,509 |
Other assessable items | (26,764) | ||
Income tax expenses before unrecognized tax losses | (1,260,336) | (1,132,701) | (1,317,060) |
Difference in overseas tax rates | 26,526 | 41,009 | 67,557 |
Under /(over) provision | 553,190 | 1,126,722 | (268,092) |
Temporary differences not recognized | (353,628) | (121,965) | |
Research and development tax credit | (206,250) | (238,084) | (82,322) |
Tax losses not recognized | 1,240,498 | 325,020 | 1,599,917 |
Income tax expense |
Income Tax - Schedule of Inco_2
Income Tax - Schedule of Income Tax Expense (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Major components of tax expense (income) [abstract] | |||
Tax effect amounts which are not deductible/(taxable) in calculating taxable income | 27.50% | 27.50% | 27.50% |
Income Tax - Schedule of Net De
Income Tax - Schedule of Net Deferred Tax Assets (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax assets | $ 3,015,703 | $ 2,314,369 | $ 2,499,844 |
Total deferred tax liabilities | |||
Net deferred tax assets on temporary differences not brought to account | (2,896,320) | (2,314,369) | (2,499,844) |
Total net deferred tax assets | |||
Property Plant and Equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax assets | 863 | 1,381 | |
Capital Raising Costs [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax assets | 877,584 | 232,328 | 347,370 |
Intangible Assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax assets | 1,832,075 | 1,893,220 | 1,949,601 |
Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax assets | 306,044 | 187,958 | 201,492 |
Right-of-use Assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total deferred tax liabilities | $ (119,384) |
Income Tax - Schedule of Tax Lo
Income Tax - Schedule of Tax Losses (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Income tax disclosure [line items] | |||
Unused tax losses for which no deferred tax asset has been recognized | $ 97,259,045 | $ 90,254,547 | $ 87,970,140 |
Potential tax benefit @ 27.50% (2016: 28.50%) | 24,850,918 | 23,104,882 | 22,596,182 |
Australia [Member] | |||
Income tax disclosure [line items] | |||
Potential tax benefit @ 27.50% (2016: 28.50%) | 18,727,578 | 17,563,730 | 17,441,144 |
U.S | |||
Income tax disclosure [line items] | |||
Potential tax benefit @ 27.50% (2016: 28.50%) | $ 6,123,340 | $ 5,541,152 | $ 5,155,038 |
Income Tax - Schedule of Tax _2
Income Tax - Schedule of Tax Losses (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Applicable tax rate | 27.50% | 27.50% | 27.50% |
Australia [Member] | |||
Statement Line Items [Line Items] | |||
Applicable tax rate | 27.50% | 27.50% | 27.50% |
U.S | |||
Statement Line Items [Line Items] | |||
Applicable tax rate | 21.00% | 21.00% | 21.00% |
Loss Per Share - Schedule of We
Loss Per Share - Schedule of Weighted Average Number of Shares Used as Denominator (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loss per share (cents per share) | |||
Loss for the year attributable to the owners of Genetic Technologies Limited | $ (6,098,930) | $ (6,425,604) | $ (5,463,872) |
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 4,155,017,525 | 2,635,454,870 | 2,435,282,724 |
Loss Per Share - Schedule of _2
Loss Per Share - Schedule of Weighted Average Number of Shares Used as Denominator (Details) (Parenthetical) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loss per share (cents per share) | |||
Number of options outstanding excluded from calculation diluted earnings per share | 553,000,000 | 114,250,000 | 55,102,778 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - AUD ($) | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash and cash equivalents [abstract] | |||||
Cash at bank and on hand | $ 14,214,160 | $ 14,214,160 | $ 2,131,741 | $ 5,487,035 | |
Total cash and cash equivalents | 14,214,160 | 14,214,160 | 2,131,741 | 5,487,035 | $ 10,988,255 |
Loss for the year after income tax | (6,098,930) | (6,098,930) | (6,425,604) | (5,463,872) | |
Amortization and depreciation expenses | 65,148 | 156,260 | 303,749 | ||
Other expenses | 2,885 | ||||
Impairment of investments | 500,000 | ||||
Share-based payments expense | (14,442) | 335,102 | 129,635 | ||
Interest classified as investing cash flows | (25,850) | 15,219 | |||
Net (profit) / loss on disposal of plant and equipment | (37,000) | ||||
Net (gains) / losses on liquidation of subsidiary | (527,049) | ||||
Depreciation of right-of-use of assets | 200,785 | ||||
Inventory written-off | 18,917 | ||||
Gain on investment previously written off | (43,380) | ||||
Finance costs | 86,503 | ||||
Interest received | (22,507) | ||||
Net foreign exchange (gains) / losses | (597,441) | (92,518) | (128,360) | ||
Decrease / (increase) in trade and other receivables | 29,412 | (517,383) | 124,889 | ||
(Increase) / decrease in other operating assets | 115,455 | (70,027) | 17,815 | ||
(Increase) / decrease in inventories | (59,525) | 27,142 | (2,972) | ||
Increase / (decrease) in trade and other payables | 695,653 | 60,178 | 47,027 | ||
Increase / (Decrease) in provisions | (53,631) | ||||
Increase / (decrease) in operating liabilities | (20,482) | (122,176) | |||
Net cash flows from / (used in) operating activities | (5,712,098) | (6,073,182) | (5,636,533) | ||
Total facilities - Credit cards | 193,605 | 193,605 | 95,714 | 183,770 | |
Facilities used as at reporting date - Credit cards | (5,332) | (5,332) | (6,516) | (12,031) | |
Facilities unused as at reporting date - Credit cards | $ 188,272 | $ 188,272 | $ 89,198 | $ 171,739 |
Trade and Other Receivables (_3
Trade and Other Receivables (Current) (Details Narrative) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other current receivables [abstract] | ||
Trade and other receivables, amounts due |
Trade and Other Receivables (_4
Trade and Other Receivables (Current) - Schedule of Trade and Other Receivables (Current) (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Trade and other current receivables [abstract] | |||
Trade receivables | $ 38,871 | $ 16,529 | |
Less: loss allowance | |||
Net trade receivables | 38,871 | 16,529 | |
Other receivables | [1] | 750,483 | 802,237 |
Total net current trade and other receivables | $ 789,354 | $ 818,766 | |
[1] | Other receivables majorly consists of R&D income grant receivable. |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Assets (Current) (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Other Current Assets | ||
Prepayments | $ 95,820 | $ 159,844 |
Performance bond and deposits | 2,025 | 53,456 |
Total current prepayments and other assets | $ 97,845 | $ 213,300 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | $ 69,333 | $ 175,284 |
Add: accumulated depreciation written-off during the year | 2,277,835 | |
Opening accumulated depreciation and impairment losses | (3,266,891) | (3,110,643) |
Closing accumulated depreciation and impairment losses | (1,054,204) | (3,266,891) |
Less: depreciation expense charged | (65,148) | (156,248) |
Closing net carrying amount | 42,285 | 69,333 |
Gross Carrying Amount [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 3,336,224 | 3,285,926 |
Less: cost written-off during the year | (2,277,835) | |
Add: additions during the year | 38,100 | 50,297 |
Closing net carrying amount | 1,096,489 | 3,336,224 |
Laboratory Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 40,512 | 1,451,389 |
Less: cost written-off during the year | (1,047,515) | |
Add: additions during the year | 22,827 | |
Less: accumulated depreciation | (1,453,365) | (1,410,877) |
Add: accumulated depreciation written-off during the year | 1,047,515 | |
Closing net carrying amount | 20,851 | 40,512 |
Computer Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 657,265 | 609,551 |
Add: additions during the year | 15,273 | 47,714 |
Less: accumulated depreciation | (651,104) | (628,868) |
Less: depreciation expense charged | (66,416) | |
Closing net carrying amount | 21,434 | 657,265 |
Office Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 167,564 | |
Less: cost written-off during the year | (167,564) | |
Less: accumulated depreciation | (167,564) | (167,564) |
Add: accumulated depreciation written-off during the year | 167,564 | |
Closing net carrying amount | ||
Equipment Under Hire Purchase [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 594,626 | |
Less: accumulated depreciation | (594,626) | (594,626) |
Closing net carrying amount | ||
Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 424 | 462,797 |
Less: cost written-off during the year | (465,380) | |
Add: additions during the year | 2,583 | |
Less: accumulated depreciation | (465,380) | (464,956) |
Add: accumulated depreciation written-off during the year | 465,380 | |
Less: depreciation expense charged | (34,352) | |
Closing net carrying amount | $ 424 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Reconciliation of Movements in Property, Plant and Equipment by Asset Category (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | $ 69,333 | $ 175,284 |
Additions during year | 38,100 | |
Disposals during year | ||
Depreciation expense | (65,148) | (156,248) |
Closing net carrying amount | 42,285 | 69,333 |
Laboratory Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 40,512 | |
Additions during year | 22,827 | |
Disposals during year | ||
Depreciation expense | (42,488) | |
Closing net carrying amount | 20,851 | 40,512 |
Computer Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 28,397 | |
Additions during year | 15,273 | |
Disposals during year | ||
Depreciation expense | (22,236) | |
Closing net carrying amount | 21,434 | 28,397 |
Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Opening net carrying amount | 424 | |
Additions during year | ||
Disposals during year | ||
Depreciation expense | (424) | |
Closing net carrying amount | $ 424 |
Trade and Other Payables (Cur_3
Trade and Other Payables (Current) (Details Narrative) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other payables [abstract] | ||
Trade payables, amounts due | $ 685 | $ 126,829 |
Trade and Other Payables (Cur_4
Trade and Other Payables (Current) - Schedule of Trade and Other Payables (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other payables [abstract] | ||
Trade payables | $ 350,151 | $ 590,231 |
Other payables | 42,728 | 68,423 |
Accrued expenses | 330,845 | 346,654 |
Total current trade and other payables | $ 723,724 | $ 1,005,308 |
Provisions (Current and Non-C_3
Provisions (Current and Non-Current) (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||
Current provisions | $ 432,933 | $ 487,682 |
Estimated term for provision settlement | 12 months | |
Annual Leave And Long Service Leave [Member] | ||
Statement Line Items [Line Items] | ||
Current provisions | $ 432,933 | $ 487,682 |
Provisions (Current and Non-C_4
Provisions (Current and Non-Current) - Schedule of Current and Non-current Provisions (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of other provisions [line items] | |||
Current provisions | $ 432,933 | $ 487,682 | |
Non-current provisions | 1,927 | 809 | |
Total provisions | 434,860 | 488,491 | |
Annual Leave Provision [Member] | |||
Disclosure of other provisions [line items] | |||
Current provisions | 152,239 | 152,352 | |
Long Service Leave Provision [Member] | |||
Disclosure of other provisions [line items] | |||
Current provisions | 189,104 | 243,740 | |
Non-current provisions | 1,927 | 809 | |
Make Good Provision [Member] | |||
Disclosure of other provisions [line items] | |||
Current provisions | [1] | 91,590 | 91,590 |
Non-current provisions | [1] | ||
[1] | Make good provision |
Provisions (Current and Non-C_5
Provisions (Current and Non-Current) - Schedule of Reconciliation of Provision (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Annual Leave Provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at the beginning of the financial year | $ 152,352 | $ 145,499 |
Add: obligation accrued during the year | 38,270 | 91,106 |
Less: utilized during the year | (38,383) | (84,253) |
Balance at the end of the financial year | 152,239 | 152,352 |
Long Service Leave Provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at the beginning of the financial year | 244,549 | 271,933 |
Add: obligation accrued during the year | 3,454 | 10,226 |
Less: utilized during the year | (56,972) | (37,610) |
Balance at the end of the financial year | $ 191,031 | $ 244,549 |
Borrowing (Details Narrative)
Borrowing (Details Narrative) - PPP Loan [Member] | 12 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Fixed interest rate | 1.00% |
Maturity period | Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years. |
Borrowing - Schedule of Borrowi
Borrowing - Schedule of Borrowing (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Borrowing - Schedule Of Borrowing | ||
Other loan Current | ||
Other loan Non-current | 52,252 | |
Other loan Current and Non-Current | 52,252 | |
Total unsecured borrowing Current | ||
Total unsecured borrowing Non-current | 52,252 | |
Total unsecured borrowing | $ 52,252 |
Lease Liabilities (Details Narr
Lease Liabilities (Details Narrative) - AUD ($) | Jul. 02, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Lease liabilities [abstract] | |||
Cash outflow | $ 221,282 | ||
Description on short-term leases | Operating leases with a lease term of less than 12 months as short-term leases. | Short-term leases are leases with a lease term of 12 months or less | |
Lease concession description | 15% waiver for the period April 1 through to September 30, 2020.15% deferral for the period April 1 through to September 30, 2020.70% due and payable on the first of each month in line with the lease. | ||
Lease extension description | The lease has been extended by 6 months from September 1, 2021 to February 28, 2022. | ||
Right -of-use assets | $ 397,945 | ||
Non-current lease liabilities | $ 251,471 | $ 188,621 |
Lease Liabilities - Schedule of
Lease Liabilities - Schedule of Right-of-use Assets and Lease Liabilities (Details) - AUD ($) | Jun. 30, 2020 | Jul. 02, 2019 | Jun. 30, 2019 |
Lease liabilities [abstract] | |||
Right of use-of-assets | $ 397,945 | ||
Lease liabilities - Current | 240,915 | $ 209,887 | |
Lease liabilities - Non-Current | 188,621 | $ 251,471 | |
Total | $ 429,536 | $ 461,358 |
Lease Liabilities - Schedule _2
Lease Liabilities - Schedule of Expenses Relating to Leases (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lease liabilities [abstract] | |||
Depreciation Expense (for Leased Assets) | $ 200,785 | ||
Interest expense (included in general and administrative expenses) | $ 37,375 |
Other Financial Liabilities (De
Other Financial Liabilities (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Financial Liabilities | |||
Recognition of warrants | $ 1,173,082 | ||
Warrants revalued | 977,237 | ||
Fair value gains on financial liabilities | $ 195,845 |
Other Financial Liabilities - S
Other Financial Liabilities - Schedule of Other Financial Liabilities (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Other Financial Liabilities | ||
Other financial liabilities Current | ||
Other financial liabilities Non-Current | 977,237 | |
Other financial liabilities | 977,237 | |
Total Other financial liabilities Current | ||
Total Other financial liabilities Non-current | 977,237 | |
Total Other financial liabilities | $ 977,237 |
Other Financial Liabilities -_2
Other Financial Liabilities - Schedule of Fair Value Assumptions of Financial Liabilities (Details) | 12 Months Ended | |
Jun. 30, 2020AUD ($)$ / sharesshares | Jun. 30, 2020$ / sharesshares | |
Binomial Pricing Model One [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Jun. 30, 2020 | |
Grant Date | Apr. 3, 2020 | |
Warrants issued | shares | 40,114,200 | 40,114,200 |
Underlying asset price | $ 0.0050 | |
Risk free rate | 0.398% | |
Volatility | 134.00% | |
Exercise price presented in United States Dollar | $ 0.00365 | |
Exercise price presented in Australian Dollar | $ 0.0053 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0043 | |
Model used | Binomial | |
Valuation amount | $ | $ 172,491 | |
Binomial Pricing Model One [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Binomial Pricing Model One [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.689 | |
Observable Market Conditions One [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Apr. 3, 2020 | |
Grant Date | Apr. 3, 2020 | |
Warrants issued | shares | 40,114,200 | 40,114,200 |
Underlying asset price | $ 0.0050 | |
Risk free rate | 0.411% | |
Volatility | 140.54% | |
Exercise price presented in United States Dollar | $ 0.00365 | |
Exercise price presented in Australian Dollar | $ 0.0061 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0044 | |
Model used | Binomial | |
Valuation amount | $ | $ 175,137 | |
Observable Market Conditions One [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Observable Market Conditions One [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.712 | |
Binomial Pricing Model Two [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Jun. 30, 2020 | |
Grant Date | Apr. 23, 2020 | |
Warrants issued | shares | 28,177,578 | 28,177,578 |
Underlying asset price | $ 0.0050 | |
Risk free rate | 0.398% | |
Volatility | 134.00% | |
Exercise price presented in United States Dollar | $ 0.00417 | |
Exercise price presented in Australian Dollar | $ 0.0060 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0042 | |
Model used | Binomial | |
Valuation amount | $ | $ 118,346 | |
Binomial Pricing Model Two [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Binomial Pricing Model Two [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.689 | |
Observable Market Conditions Two [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Apr. 23, 2020 | |
Grant Date | Apr. 23, 2020 | |
Warrants issued | shares | 28,177,578 | 28,177,578 |
Underlying asset price | $ 0.0060 | |
Risk free rate | 0.444% | |
Volatility | 142.70% | |
Exercise price presented in United States Dollar | $ 0.00417 | |
Exercise price presented in Australian Dollar | $ 0.0065 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0053 | |
Model used | Binomial | |
Valuation amount | $ | $ 149,693 | |
Observable Market Conditions Two [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Observable Market Conditions Two [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.712 | |
Binomial Pricing Model Three [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Jun. 30, 2020 | |
Grant Date | Jun. 1, 2020 | |
Warrants issued | shares | 156,000,000 | 156,000,000 |
Underlying asset price | $ 0.0050 | |
Risk free rate | 0.398% | |
Volatility | 134.00% | |
Exercise price presented in United States Dollar | $ 0.00417 | |
Exercise price presented in Australian Dollar | $ 0.0060 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0044 | |
Model used | Binomial | |
Valuation amount | $ | $ 686,400 | |
Binomial Pricing Model Three [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Binomial Pricing Model Three [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.689 | |
Observable Market Conditions Three [Member] | ||
Statement Line Items [Line Items] | ||
Valuation date | Jun. 1, 2020 | |
Grant Date | Jun. 1, 2020 | |
Warrants issued | shares | 156,000,000 | 156,000,000 |
Underlying asset price | $ 0.0060 | |
Risk free rate | 0.397% | |
Volatility | 142.94% | |
Exercise price presented in United States Dollar | $ 0.00417 | |
Exercise price presented in Australian Dollar | $ 0.0061 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0054 | |
Model used | Binomial | |
Valuation amount | $ | $ 848,252 | |
Observable Market Conditions Three [Member] | Top of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 1 | |
Observable Market Conditions Three [Member] | Bottom of Range [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate at valuation date | $ 0.712 |
Contributed Equity - Schedule o
Contributed Equity - Schedule of Issued and Paid-up Capital (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of classes of share capital [abstract] | ||
Fully paid Ordinary Shares | $ 140,111,073 | $ 125,498,824 |
Contributed equity | $ 140,111,073 | $ 125,498,824 |
Contributed Equity - Schedule_2
Contributed Equity - Schedule of Movements in Shares on Issue (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure of classes of share capital [abstract] | |||
Balance at the beginning of the financial year | 2,938,134,143 | 2,435,282,724 | |
Shares issued during the year (in shares) | 4,575,645,600 | 502,851,419 | |
Less: transaction costs arising on share issue (in shares) | [1] | ||
Balance at the end of the financial year | 7,513,779,743 | 2,938,134,143 | |
Contributed equity | $ 125,498,824 | $ 122,372,662 | |
Shares issued during the year | 21,793,678 | 3,557,509 | |
Less: transaction costs arising on share issue | (7,181,429) | (431,347) | |
Contributed equity | $ 140,111,073 | $ 125,498,824 | |
[1] | The transaction costs arising on shares issued for the year ended June 30, 2020 are as below:-250,000,000 unlisted options issued on October 30, 2019, exercisable at $0.008 each and expiring on October 29, 2022, amounting to A$817,666. Each option is exercisable for one fully paid ordinary share.125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share.125,000,000 unlisted options issued on December 20, 2019, exercisable at $0.008 each and expiring on December 20,2022, amounting to A$528,027. Each option is exercisable for one fully paid ordinary share.5,000,000 unlisted options issued on March 6, 2020, exercisable at $0.008 each and expiring on March 6, 2023, amounting to A$29,340. Each option is exercisable for one fully paid ordinary share.166,066,050 warrants issued at no cash consideration on July 16, 2019, exercisable at US$0.00533 each and expiring on July 16, 2024, amounting to $890,113. The warrants are exercisable for fully paid ordinary shares.40,114,200 warrants issued on April 3, 2020, exercisable at US$0.00365 each and expiring on April 1, 2025, amounting to A$175,137. The warrants are exercisable for fully paid ordinary shares.28,177,578 warrants issued on April 22, 2020, exercisable at US$0.00417 each and expiring on April 19, 2025, amounting to A$149,693. The warrants are exercisable for fully paid ordinary shares.156,000,000 warrants to be issued at, subject to shareholder approval, exercisable at US$0.004166 expiring on 5 years after date of issue, amounting to A$848,252. The warrants are exercisable for fully paid ordinary shares.Apart from the above, the Company also incurred expenses paid in cash towards capital raising costs through legal, accounting and broker related fees amounting to A$3,215,174 during the year for various capital raises. |
Contributed Equity - Schedule_3
Contributed Equity - Schedule of Movements in Shares on Issue (Details) (Parenthetical) | Apr. 22, 2020AUD ($) | Apr. 03, 2020AUD ($) | Mar. 06, 2020AUD ($) | Dec. 20, 2019AUD ($) | Oct. 30, 2019AUD ($) | Jul. 16, 2019AUD ($) | Jun. 30, 2020AUD ($) | Jun. 30, 2020shares$ / shares | Apr. 22, 2020$ / sharesshares | Apr. 03, 2020$ / sharesshares | Mar. 06, 2020shares$ / shares | Dec. 20, 2019shares$ / shares | Oct. 30, 2019shares$ / shares | Jul. 16, 2019$ / sharesshares | Jun. 30, 2019shares$ / shares |
Statement Line Items [Line Items] | |||||||||||||||
Options issued | shares | 538,000,000 | 38,000,000 | |||||||||||||
Options exercise price | $ / shares | $ 0.008 | $ 0.015 | |||||||||||||
Capital raising expenses | $ | $ 3,215,174 | ||||||||||||||
Unlisted Options One [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Options issued | shares | 250,000,000 | ||||||||||||||
Options exercise price | $ / shares | $ 0.008 | ||||||||||||||
Options expire date | Oct. 29, 2022 | ||||||||||||||
Value of option issued | $ | $ 817,666 | ||||||||||||||
Unlisted Options Two [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Options issued | shares | 125,000,000 | ||||||||||||||
Options exercise price | $ / shares | $ 0.008 | ||||||||||||||
Options expire date | Dec. 20, 2022 | ||||||||||||||
Value of option issued | $ | $ 528,027 | ||||||||||||||
Unlisted Options Three [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Options issued | shares | 125,000,000 | ||||||||||||||
Options exercise price | $ / shares | $ 0.008 | ||||||||||||||
Options expire date | Dec. 20, 2022 | ||||||||||||||
Value of option issued | $ | $ 528,027 | ||||||||||||||
Unlisted Options Four [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Options issued | shares | 5,000,000 | ||||||||||||||
Options exercise price | $ / shares | $ 0.008 | ||||||||||||||
Options expire date | Mar. 6, 2023 | ||||||||||||||
Value of option issued | $ | $ 29,340 | ||||||||||||||
Warrants One [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Warrants issued | shares | 166,066,050 | ||||||||||||||
Warrant excerise price | $ / shares | $ 0.00533 | ||||||||||||||
Warrant expire date | Jul. 16, 2024 | ||||||||||||||
Value of warrants outstanding | $ | $ 890,113 | ||||||||||||||
Warrants Two [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Warrants issued | shares | 40,114,200 | ||||||||||||||
Warrant excerise price | $ / shares | $ 0.00365 | ||||||||||||||
Warrant expire date | Apr. 1, 2025 | ||||||||||||||
Value of warrants outstanding | $ | $ 175,137 | ||||||||||||||
Warrants Three [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Warrants issued | shares | 28,177,578 | ||||||||||||||
Warrant excerise price | $ / shares | $ 0.00417 | ||||||||||||||
Warrant expire date | Apr. 19, 2025 | ||||||||||||||
Value of warrants outstanding | $ | $ 149,693 | ||||||||||||||
Warrants expire term | 5 years | ||||||||||||||
Warrants Four [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Warrants issued | shares | 156,000,000 | ||||||||||||||
Warrant excerise price | $ / shares | $ 0.004166 | ||||||||||||||
Value of warrants outstanding | $ | $ 848,252 |
Reserves - Schedule of Reserves
Reserves - Schedule of Reserves (Details) - AUD ($) | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure of reserves within equity [abstract] | |||||||
Foreign currency translation | $ 756,423 | $ 756,423 | $ 765,930 | $ 765,930 | $ 756,423 | $ 789,598 | |
Share-based payments | 7,999,066 | 7,999,066 | 4,885,232 | 4,885,232 | 7,999,066 | 5,220,334 | |
Total reserves | $ 8,755,489 | $ 6,009,932 | |||||
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 789,598 | 765,930 | |||||
Reconciliation of foreign currency translation reserve, Add: net currency translation gain / (loss) | (33,175) | 23,668 | (522,966) | ||||
Reconciliation of foreign currency translation reserve, Balance at the end of the financial year | 756,423 | 756,423 | 789,598 | 765,930 | |||
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 5,220,334 | 4,885,232 | |||||
Reconciliation of share-based payments reserve, Add: share-based payments expense | 67,542 | 67,542 | 341,201 | 129,635 | |||
Reconciliation of share-based payments reserve, Add: Issue of options/warrants to underwriters | 2,793,174 | 2,793,174 | (6,099) | ||||
Reconciliation of share-based payments reserve, Less: Reversal of forfeited/lapsed options | [1] | (81,984) | (6,099) | ||||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | $ 7,999,066 | $ 7,999,066 | $ 5,220,334 | $ 4,885,232 | |||
[1] | During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. |
Reserves - Schedule of Reserv_2
Reserves - Schedule of Reserves (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2020AUD ($)shares | Jun. 30, 2019AUD ($)shares | ||
Statement Line Items [Line Items] | |||
Reversal of forfeited options | $ | [1] | $ 81,984 | $ 6,099 |
Mr. Xue Lee [Member] | |||
Statement Line Items [Line Items] | |||
Number of rights issued | 3,750,000 | 3,750,000 | |
Dr. Paul Kaisian [Member] | |||
Statement Line Items [Line Items] | |||
Number of rights issued | 57,500,000 | 57,500,000 | |
[1] | During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. |
Reserves - Schedule of Warrants
Reserves - Schedule of Warrants Issued (Details) - 12 months ended Jun. 30, 2020 - Aegis Corp [Member] | AUD ($) | $ / sharesshares |
Statement Line Items [Line Items] | ||
Grant date for warrants issued | Jul. 16, 2019 | |
Number of warrants issued | shares | 166,066,050 | |
Dividend yield | ||
Historic volatility and expected volatility | 152.00% | |
Option exercise price | $ 0.008 | |
Fair value of warrants at grant date | 0.006 | |
Weighted average exercise price | $ 0.008 | |
Risk free interest rate | 1.05% | |
Model used | Black-Scholes | |
Expected life of an warrant | 5 years | |
Valuation amount | $ | $ 890,113 |
Reserves - Schedule of Option I
Reserves - Schedule of Option Issued and granted (Details) - 12 months ended Jun. 30, 2020 | AUD ($)shares | $ / shares |
Lodge Corporate Pty Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Mar. 6, 2020 | |
Number of options issued | shares | 5,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 141.00% | |
Option exercise price | $ 0.008 | |
Fair value of options at grant date | 0.007 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.36% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 29,340 | |
Mr Peter Rubinstein [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Nov. 28, 2019 | |
Number of options issued | shares | 125,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.85% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 1,056,054 | |
Dr Jerzy Muchnicki [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Nov. 28, 2019 | |
Number of options issued | shares | 125,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.85% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 1,056,054 | |
Various Underwriters [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Oct. 30, 2019 | |
Number of options issued | shares | 250,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.78% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 817,666 |
Accumulated Losses - Schedule o
Accumulated Losses - Schedule of Accumulated Losses (Details) - AUD ($) | Jul. 02, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
ACCUMULATED LOSSES | ||||
Balance at the beginning of the financial year | $ (129,737,550) | |||
Add: Initial adoption of IFRS 16 | $ (14,712) | (14,712) | ||
Add: net loss attributable to owners of Genetic Technologies Limited | (6,098,930) | $ (6,425,604) | $ (5,463,872) | |
Balance at the end of the financial year | $ (135,851,192) | $ (129,737,550) |
Options (Details Narrative)
Options (Details Narrative) | 12 Months Ended |
Jun. 30, 2019shares | |
Statement Line Items [Line Items] | |
Weighted average remaining contractual life of options | 2 years 1 month 27 days |
Employee Option Plan [Member] | |
Statement Line Items [Line Items] | |
Number of options issued | 16,000,000 |
Weighted average remaining contractual life of options | 2 years 4 months 20 days |
Options - Schedule of Number an
Options - Schedule of Number and Weighted Average Exercise Prices of Share Unlisted Options (Details) | 12 Months Ended | |
Jun. 30, 2020shares$ / shares | Jun. 30, 2019shares$ / shares | |
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | $ 0.015 | |
Average exercise price per share option, Closing balance | $ 0.008 | $ 0.015 |
Number of options, Opening balance | shares | 38,000,000 | |
Number of options, Closing balance | shares | 538,000,000 | 38,000,000 |
Lodge Corporate Pty Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Number of options, granted during the year | shares | 5,000,000 | |
Employee Option Plan [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | $ 0.015 | $ 0.017 |
Average exercise price per share option, lapsed during the year | 0.010 | 0.015 |
Average exercise price per share option, forfeited during the year | 0.020 | |
Average exercise price per share option, Lapse of unlisted options attached to convertible notes | ||
Average exercise price per share option, Closing balance | $ 0.008 | $ 0.015 |
Number of options, Opening balance | shares | 38,000,000 | 55,102,778 |
Number of options, granted during the year | shares | 16,000,000 | |
Number of options, lapsed during the year | shares | (5,000,000) | (19,236,111) |
Number of options, forfeited during the year | shares | (6,000,000) | |
Number of options, Lapse of unlisted options attached to convertible notes | shares | (20,366,667) | |
Number of options, Closing balance | shares | 538,000,000 | 38,000,000 |
Employee Option Plan [Member] | Kentgrove Capital Pty Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | ||
Average exercise price per share option, granted during the year | $ 0.015 | |
Average exercise price per share option, Closing balance | ||
Number of options, granted during the year | shares | 12,500,000 | |
Employee Option Plan [Member] | Employees [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | ||
Average exercise price per share option, granted during the year | $ 0.010 | |
Average exercise price per share option, Closing balance | ||
Number of options, granted during the year | shares | 16,000,000 | |
Employee Option Plan [Member] | Sub-Underwriters [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, granted during the year | $ 0.008 | |
Number of options, granted during the year | shares | 250,000,000 | |
Employee Option Plan [Member] | Underwriters [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, granted during the year | $ 0.008 | |
Number of options, granted during the year | shares | 250,000,000 | |
Employee Option Plan [Member] | Lodge Corporate Pty Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, granted during the year | $ 0.008 | |
Number of options, granted during the year | shares | 5,000,000 |
Options - Schedule of Number of
Options - Schedule of Number of Options Granted Under the Employee Share Plans (Details) | 12 Months Ended | |
Jun. 30, 2020shares$ / shares | Jun. 30, 2019shares$ / shares | |
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.015 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.015 |
Number of options, Opening balance | shares | 38,000,000 | |
Number of options, Closing balance | shares | 538,000,000 | 38,000,000 |
Employee Share Plans [Member] | ||
Statement Line Items [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.015 | $ 0.017 |
Average exercise price per share option, Add: options granted during the year | $ / shares | 0.010 | |
Average exercise price per share option, Less: options lapsed during the year | $ / shares | 0.010 | 0.020 |
Average exercise price per share option, Less: options forfeited during the year | $ / shares | 0.010 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.015 | $ 0.015 |
Number of options, Opening balance | shares | 25,500,000 | 34,736,111 |
Number of options, Add: options granted during the year | shares | 16,000,000 | |
Number of options, Less: options lapsed during the year | shares | (5,000,000) | (19,236,111) |
Number of options, Less: options forfeited during the year | shares | (6,000,000) | |
Number of options, Closing balance | shares | 20,500,000 | 25,500,000 |
Options - Schedule of Members o
Options - Schedule of Members of Options outstanding by ASX code (Details) | Jun. 30, 2020shares$ / shares | Jun. 30, 2019shares$ / shares |
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | $ 0.015 |
Average exercise price of options, exercisable at the end of the financial year | $ / shares | $ 0.008 | $ 0.015 |
Number of options, Balance at the end of the financial year | shares | 538,000,000 | 38,000,000 |
Exercisable at the end of the financial year | shares | 538,000,000 | 38,000,000 |
Unlisted Option to Kentgrove (Expiring August 8, 2021) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.015 | $ 0.015 |
Number of options, Balance at the end of the financial year | shares | 12,500,000 | 12,500,000 |
Unlisted Option to GTGAD (Expiring March 31, 2021) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.020 | $ 0.020 |
Number of options, Balance at the end of the financial year | shares | 5,000,000 | 5,000,000 |
Unlisted Option to GTGAD (Expiring February 16, 2022) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.010 | $ 0.010 |
Number of options, Balance at the end of the financial year | shares | 5,500,000 | 5,500,000 |
Unlisted Options to Various Underwriters (Expiring October 30, 2022) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | |
Number of options, Balance at the end of the financial year | shares | 250,000,000 | |
Unlisted Options to Directors (Expiring December 20, 2022) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | |
Number of options, Balance at the end of the financial year | shares | 250,000,000 | |
Unlisted Options Issued Lodge Corporate Pty Ltd (Expiring March 6, 2023) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | |
Number of options, Balance at the end of the financial year | shares | 5,000,000 | |
Unlisted ESOP Options (Expiring December 11, 2021) | ||
Statement Line Items [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.010 | $ 0.010 |
Number of options, Balance at the end of the financial year | shares | 10,000,000 | 15,000,000 |
Segment Information - Summary o
Segment Information - Summary of Geographical Information (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Net other gains | $ (5,522) | $ (407,482) | |
Cost of goods sold | 251,511 | 276,267 | 300,088 |
Finance costs | (14,823) | (20,031) | (28,843) |
Share-based payments | (14,442) | 335,102 | 129,635 |
Laboratory, research and development costs | (2,477,578) | (2,360,762) | (2,210,498) |
General and administrative expenses | (4,058,557) | (3,830,198) | (3,015,818) |
Income tax expenses | |||
Loss for the period | (6,098,930) | (6,425,604) | $ (5,463,872) |
Business Segments [Member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 9,864 | 25,444 | |
Other income | 1,140,647 | 1,019,769 | |
Net other gains | 190,323 | (407,482) | |
Cost of goods sold | (251,511) | (276,267) | |
Total segment revenue & other income | 1,089,323 | 361,464 | |
Depreciation and amortization | (65,148) | (156,250) | |
Finance costs | (14,823) | (20,031) | |
Share-based payments | 14,442 | (326,952) | |
Laboratory, research and development costs | (2,477,578) | (2,360,762) | |
General and administrative expenses | (4,058,559) | (3,830,198) | |
Other operating expenses | (385,802) | (92,875) | |
Depreciation for right-of-use assets | (200,785) | ||
Total segment expenses | (7,188,253) | (6,787,068) | |
Income tax expenses | |||
Loss for the period | (6,098,930) | (6,425,604) | |
Total Segment Assets | 15,632,979 | 3,265,005 | |
Total Segment Liabilities | (2,617,609) | (1,493,799) | |
Business Segments [Member] | Australia [Member] | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 3,160 | 10,579 | |
Other income | 1,130,881 | 1,019,711 | |
Net other gains | 190,323 | (407,482) | |
Cost of goods sold | (243,506) | (265,492) | |
Total segment revenue & other income | 1,080,858 | 357,316 | |
Depreciation and amortization | (65,148) | (156,250) | |
Finance costs | (1,221) | (3,884) | |
Share-based payments | 14,442 | (326,952) | |
Laboratory, research and development costs | (2,310,815) | (2,181,469) | |
General and administrative expenses | (4,046,264) | (3,816,607) | |
Other operating expenses | (159,009) | 335,896 | |
Depreciation for right-of-use assets | (200,785) | ||
Total segment expenses | (6,768,800) | (6,149,266) | |
Income tax expenses | |||
Loss for the period | (5,687,942) | (5,791,950) | |
Total Segment Assets | 15,329,955 | 3,190,004 | |
Total Segment Liabilities | (2,404,288) | (1,370,508) | |
Business Segments [Member] | U.S | |||
Statement Line Items [Line Items] | |||
Revenue from contracts with customers | 6,704 | 14,865 | |
Other income | 9,766 | 58 | |
Net other gains | |||
Cost of goods sold | (8,005) | (10,775) | |
Total segment revenue & other income | 8,465 | 4,148 | |
Depreciation and amortization | |||
Finance costs | (13,602) | (16,147) | |
Share-based payments | |||
Laboratory, research and development costs | (166,763) | (179,293) | |
General and administrative expenses | (12,295) | (13,591) | |
Other operating expenses | (226,793) | (428,771) | |
Depreciation for right-of-use assets | |||
Total segment expenses | (419,453) | (637,802) | |
Income tax expenses | |||
Loss for the period | (410,988) | (633,654) | |
Total Segment Assets | 303,024 | 75,001 | |
Total Segment Liabilities | $ (213,321) | $ (123,291) |
Share Based Payments (Details N
Share Based Payments (Details Narrative) | Nov. 29, 2018shares | Jun. 30, 2020AUD ($)shares$ / shares | Jun. 30, 2020$ / shares | Jun. 30, 2019AUD ($)shares$ / shares | Jun. 30, 2018AUD ($) | Jun. 30, 2019$ / shares | ||
Statement Line Items [Line Items] | ||||||||
Expenses arising from share-based payments | $ | $ (14,442) | $ 335,102 | $ 129,635 | |||||
Reversal of forfeited options | $ | [1] | $ 81,984 | $ 6,099 | |||||
Dr. Paul Kaisian [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 57,500,000 | 57,500,000 | ||||||
Dr Jerzy Muchnicki [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of options issued | 125,000,000 | |||||||
Option exercise price | $ / shares | $ 0.008 | |||||||
Risk-free interest rate | 0.85% | |||||||
Expected life of an option | 3 years | |||||||
Expected volatility | 136.00% | |||||||
Mr Peter Rubinstein [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of options issued | 125,000,000 | |||||||
Option exercise price | $ / shares | 0.008 | |||||||
Risk-free interest rate | 0.85% | |||||||
Expected life of an option | 3 years | |||||||
Expected volatility | 136.00% | |||||||
Mr. Xue Lee [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 3,750,000 | 3,750,000 | ||||||
Employee Stock Option [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of options issued | 16,000,000 | |||||||
Option expire date | Dec. 11, 2021 | |||||||
Performance Rights [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Option exercise price | $ / shares | $ 0 | |||||||
Number of rights issued | 76,250,000 | |||||||
Expenses arising from share-based payments | $ | $ 38,500 | $ 104,441 | ||||||
Consecutive share price hurdle | 10 days | 10 days | ||||||
Risk-free interest rate | 2.02% | |||||||
Expected life of an option | 2 years 9 months 18 days | |||||||
Expected volatility | 80.00% | |||||||
Performance Rights [Member] | Mr. Xue Lee [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Expenses arising from share-based payments | $ | $ 43,484 | |||||||
Class A Performance Rights [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 15,000,000 | |||||||
Expenses arising from share-based payments | $ | $ 38,500 | |||||||
Share price vested and exercisable | $ / shares | $ 0.02 | |||||||
Class A Performance Rights [Member] | Dr. Paul Kaisian [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 7,500,000 | 7,500,000 | ||||||
Expenses arising from share-based payments | $ | $ (11,229) | |||||||
Class A Performance Rights [Member] | Dr. Lindsay Wakefield [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 3,750,000 | 3,750,000 | ||||||
Expenses arising from share-based payments | $ | $ 9,625 | |||||||
Class A Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 6,250,000 | 6,250,000 | ||||||
Expenses arising from share-based payments | $ | $ 16,042 | |||||||
Class A Performance Rights [Member] | Mr Peter Rubinstein [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 5,000,000 | 5,000,000 | ||||||
Expenses arising from share-based payments | $ | $ 12,833 | |||||||
Class A Performance Rights [Member] | Mr. Xue Lee [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 3,750,000 | 3,750,000 | [2] | |||||
Expenses arising from share-based payments | $ | [2] | $ (5,616) | ||||||
Class B Performance Rights [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Share price, VWAP hurdle | $ / shares | 2 | |||||||
Class B Performance Rights [Member] | Dr. Paul Kaisian [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 25,000,000 | 25,000,000 | [3] | |||||
Expenses arising from share-based payments | $ | [3] | $ (37,431) | ||||||
Class C Performance Rights [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Share price, VWAP hurdle | $ / shares | 3.3 | |||||||
Class C Performance Rights [Member] | Dr. Paul Kaisian [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 25,000,000 | 25,000,000 | [3] | |||||
Expenses arising from share-based payments | $ | [3] | $ (27,708) | ||||||
Class A Performance Rights [Member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of rights issued | 11,250,000 | |||||||
Expenses arising from share-based payments | $ | $ (16,845) | |||||||
Share price, VWAP hurdle | $ / shares | 2 | |||||||
[1] | During the year, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited during the year ended June 30, 2020. Additionally, 57,500,000 performance rights previously issued to Dr. Paul Kasian in the year ended June 30, 2019 were forfeited in the year ended June 30, 2020. Due to the forfeiture of performance rights, a reversal amounting to A$81,984 relating to previously expensed amounts was accounted for during the current reporting period. | |||||||
[2] | Mr. Xue Lee resigned on July 9, 2019 | |||||||
[3] | Dr Paul Kasian resigned on September 24, 2019. |
Share Based Payments - Schedule
Share Based Payments - Schedule of Independent Valuation of Performance Rights Granted (Details) | Nov. 29, 2018shares | Jun. 30, 2020AUD ($)shares | Jun. 30, 2020AUD ($)$ / shares | Jun. 30, 2019AUD ($)shares | Jun. 30, 2018AUD ($) | ||
Statement Line Items [Line Items] | |||||||
Expenses arising from share-based payments | $ (14,442) | $ 335,102 | $ 129,635 | ||||
Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 15,000,000 | ||||||
Total fair value of performance rights | $ 115,500 | $ 115,500 | |||||
Expenses arising from share-based payments | $ 38,500 | ||||||
Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 11,250,000 | ||||||
Total fair value of performance rights | $ 86,625 | $ 86,625 | |||||
Expenses arising from share-based payments | $ (16,845) | ||||||
Dr. Lindsay Wakefield [Member] | Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 3,750,000 | 3,750,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.77 | ||||||
Total fair value of performance rights | $ 28,875 | $ 28,875 | |||||
Expenses arising from share-based payments | $ 9,625 | ||||||
Dr Jerzy Muchnicki [Member] | Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 6,250,000 | 6,250,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.77 | ||||||
Total fair value of performance rights | $ 48,125 | $ 48,125 | |||||
Expenses arising from share-based payments | $ 16,042 | ||||||
Mr Peter Rubinstein [Member] | Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 5,000,000 | 5,000,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.77 | ||||||
Total fair value of performance rights | $ 38,500 | $ 38,500 | |||||
Expenses arising from share-based payments | $ 12,833 | ||||||
Mr. Xue Lee [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 3,750,000 | 3,750,000 | |||||
Mr. Xue Lee [Member] | Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 3,750,000 | 3,750,000 | [1] | ||||
Valuation per options (cents) | $ / shares | [1] | $ 0.77 | |||||
Total fair value of performance rights | [1] | $ 28,875 | $ 28,875 | ||||
Expenses arising from share-based payments | [1] | $ (5,616) | |||||
Dr. Paul Kaisian [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 57,500,000 | 57,500,000 | |||||
Dr. Paul Kaisian [Member] | Class A Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 7,500,000 | 7,500,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.77 | ||||||
Total fair value of performance rights | $ 57,750 | $ 57,750 | |||||
Expenses arising from share-based payments | $ (11,229) | ||||||
Dr. Paul Kaisian [Member] | Class B Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 25,000,000 | 25,000,000 | [2] | ||||
Valuation per options (cents) | $ / shares | [2] | $ 0.77 | |||||
Total fair value of performance rights | [2] | $ 192,500 | $ 192,500 | ||||
Expenses arising from share-based payments | [2] | $ (37,431) | |||||
Dr. Paul Kaisian [Member] | Class C Performance Rights [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of Performance Rights issued | shares | 25,000,000 | 25,000,000 | [2] | ||||
Valuation per options (cents) | $ / shares | [2] | $ 0.57 | |||||
Total fair value of performance rights | [2] | $ 142,500 | $ 142,500 | ||||
Expenses arising from share-based payments | [2] | $ (27,708) | |||||
[1] | Mr. Xue Lee resigned on July 9, 2019 | ||||||
[2] | Dr Paul Kasian resigned on September 24, 2019. |
Share Based Payments - Schedu_2
Share Based Payments - Schedule of Expenses Arising from Share-based Payment Transactions Recognized as Part of Employee Benefit Expense (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | $ (14,442) | $ 335,102 | $ 129,635 |
Performance Rights [Member] | |||
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | 38,500 | 104,441 | |
Employee Option Plan [Member] | |||
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | 12,375 | 215,383 | |
Employee Stock Option [Member] | |||
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | 129,635 | ||
Kentgrove Capital Pty Ltd [Member] | |||
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | 16,667 | 15,278 | |
Reversal of Forfeited Performance Rights [Member] | |||
Statement Line Items [Line Items] | |||
Total expenses arising from share-based payments | $ (81,984) |
Share Based Payments - Schedu_3
Share Based Payments - Schedule of Fair Value of Each Option Granted by an External Valuer (Details) - 12 months ended Jun. 30, 2020 | AUD ($)shares | $ / shares |
Lodge Corporate Pty Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Mar. 6, 2020 | |
Number of options issued | shares | 5,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 141.00% | |
Option exercise price | $ 0.008 | |
Fair value of options at grant date | 0.007 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.36% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 29,340 | |
Mr Peter Rubinstein [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Nov. 28, 2019 | |
Number of options issued | shares | 125,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.85% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 1,056,054 | |
Dr Jerzy Muchnicki [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Nov. 28, 2019 | |
Number of options issued | shares | 125,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | 0.008 | |
Risk-free interest rate | 0.85% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 1,056,054 | |
Various Underwriters [Member] | ||
Statement Line Items [Line Items] | ||
Grant date for options issued | Oct. 30, 2019 | |
Number of options issued | shares | 250,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 136.00% | |
Option exercise price | 0.008 | |
Fair value of options at grant date | 0.003 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.78% | |
Expected life of an option | 3 years | |
Model used | Black-Scholes | |
Valuation amount | $ | $ 817,666 |
Commitments - Schedule of Opera
Commitments - Schedule of Operating Lease Expenditure Commitments (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Total minimum operating lease payments | $ 516,628 | $ 516,628 | $ 41,625 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total minimum operating lease payments | 250,068 | 41,625 | |
Later than one year but not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total minimum operating lease payments | 266,560 | ||
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total minimum operating lease payments |
Commitments - Schedule of Ope_2
Commitments - Schedule of Operating Lease Payments (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Minimum payments | $ 516,628 | $ 516,628 | $ 41,625 |
Crude Pty. Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Location | 60-66 Hanover Street Fitzroy, Victoria 3065 Australia | ||
Landlord | Crude Pty. Ltd. | ||
Use | Office / laboratory | ||
Date of expiry of lease | August 31, 2021 | ||
Minimum payments | $ 487,837 | ||
Mid-Town Partners LLC [Member] | |||
Statement Line Items [Line Items] | |||
Location | 1300 Baxter Street, Suite 157, Charlotte, North Carolina | ||
Landlord | Mid-Town Partners LLC | ||
Use | Office | ||
Date of expiry of lease | Month to month | ||
Minimum payments | $ 28,791 |
Commitments - Schedule of Capit
Commitments - Schedule of Capital Commitment (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Statement Line Items [Line Items] | |||
Property, plant and equipment | $ 42,285 | $ 69,333 | $ 175,284 |
Property Plant and Equipment [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | $ 466,560 |
Auditors' Remuneration - Schedu
Auditors' Remuneration - Schedule of Auditors' Remuneration (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Statement Line Items [Line Items] | ||||
Total remuneration in respect of audit services | $ 474,000 | $ 288,000 | $ 288,200 | |
Price Water House Coopers [Member] | ||||
Statement Line Items [Line Items] | ||||
Audit | [1] | 274,000 | 288,000 | 288,200 |
Audit related | ||||
Other Audit Firms [Member] | ||||
Statement Line Items [Line Items] | ||||
Audit | [2] | $ 200,000 | ||
[1] | Audit fees consist of services that would normally be provided in connection with statutory and regulatory filings or engagements, including services that generally only the independent accountant can reasonably provide. | |||
[2] | Other assurance services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020 financial year. All services provided are considered audit services for the purpose of SEC classification. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | May 18, 2020 | Mar. 06, 2020AUD ($)shares | Oct. 11, 2019AUD ($)$ / sharesshares | Jul. 15, 2019 | Nov. 29, 2018shares | Aug. 02, 2018Tranchesshares | Dec. 31, 2018AUD ($) | Jun. 30, 2020AUD ($)sharesShareholder | Jun. 30, 2019AUD ($)shares | Jun. 30, 2018AUD ($) | Oct. 04, 2019$ / shares | ||
Statement Line Items [Line Items] | |||||||||||||
Number of shareholders that control more than 50% of the issued capital | Shareholder | |||||||||||||
Share-based payments expense | $ (14,442) | $ 335,102 | $ 129,635 | ||||||||||
Investment | $ 11,018 | $ 11,018 | |||||||||||
Number of shares issued price per share | $ / shares | $ 0.40 | ||||||||||||
Options issued | shares | 538,000,000 | 38,000,000 | |||||||||||
Blockshine Health Pty Ltd [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Investments in joint ventures accounted for using equity method | $ 250,000 | $ 250,000 | |||||||||||
Ownership interest, percentage | 49.00% | 49.00% | |||||||||||
Genetic Technologies HK Limited [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Ownership interest, percentage | 100.00% | ||||||||||||
Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 76,250,000 | ||||||||||||
Share-based payments expense | $ 38,500 | $ 104,441 | |||||||||||
Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 15,000,000 | ||||||||||||
Share-based payments expense | $ 38,500 | ||||||||||||
Framework Agreement With Blockchain Global Limited [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of shares proposed to be issued upon achievement of milestone | shares | 486,000,000 | ||||||||||||
Number of tranches | Tranches | 3 | ||||||||||||
Dr. Paul Kaisian [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 57,500,000 | 57,500,000 | |||||||||||
Dr. Paul Kaisian [Member] | Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights cancelled during period | shares | 57,500,000 | ||||||||||||
Value of forfeiture of performance rights | $ 81,984 | ||||||||||||
Dr. Paul Kaisian [Member] | Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 7,500,000 | 7,500,000 | |||||||||||
Share-based payments expense | $ (11,229) | ||||||||||||
Dr. Paul Kaisian [Member] | Class B Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 25,000,000 | 25,000,000 | [1] | ||||||||||
Share-based payments expense | [1] | $ (37,431) | |||||||||||
Dr. Paul Kaisian [Member] | Class C Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 25,000,000 | 25,000,000 | [1] | ||||||||||
Share-based payments expense | [1] | $ (27,708) | |||||||||||
Dr. Lindsay Wakefield [Member] | Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 3,750,000 | 3,750,000 | |||||||||||
Share-based payments expense | $ 9,625 | ||||||||||||
Mr. George Muchnicki [Member] | Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 6,250,000 | ||||||||||||
Mr Peter Rubinstein [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Services received, related party transactions | $ 35,000 | ||||||||||||
Mr Peter Rubinstein [Member] | Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 5,000,000 | 5,000,000 | |||||||||||
Share-based payments expense | $ 12,833 | ||||||||||||
Mr. Xue Lee [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 3,750,000 | 3,750,000 | |||||||||||
Mr. Xue Lee [Member] | Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Share-based payments expense | $ 43,484 | ||||||||||||
Mr. Xue Lee [Member] | Class A Performance Rights [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of rights issued | shares | 3,750,000 | 3,750,000 | [2] | ||||||||||
Number of rights cancelled during period | shares | 3,750,000 | ||||||||||||
Share-based payments expense | [2] | $ (5,616) | |||||||||||
Blockshine Technology Corporation [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Investment | 43,380 | ||||||||||||
Peter Rubinstein and Dr. George Muchnicki [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Description on transaction with related parties | On October 11, 2019, the Company updated the market to advise that the offer was from that time agreed to be underwritten by Lodge Corporate Pty Ltd and that two of the Company's directors (Peter Rubinstein and Dr. Jerzy Muchnicki), had agreed to sub-underwrite the offer. Both directors, in conjunction with the underwriter Lodge Corporate Pty Ltd, subsequently agreed amongst themselves to alter the respective sub-underwritten amounts, but the total to be sub-written between them (A$2 million) remained same, as did the total underwritten amount (of A$4 million). Accordingly, the underwritten offer subsequently was sub-underwritten by Mr. Peter Rubinstein and Dr. Jerzy Muchnicki (each as up to A$1 million) in conjunction with a consortium of non-associated wholesale investors (also as sub-underwriters) who in aggregate equate to the underwritten amount of A$4 million, each in accordance with the terms of their separate sub-underwriting agreements with Lodge Corporate Pty Ltd (each a Sub-Underwriting Agreement). | ||||||||||||
Sub-underwritten amount | $ 2,000,000 | ||||||||||||
Total underwritten amount | $ 4,000,000 | ||||||||||||
Number of options issued calculated for every two shares | shares | 1 | ||||||||||||
Peter Rubinstein [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of unlisted options issued | shares | 125,000,000 | ||||||||||||
Dr. George Muchnicki [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of unlisted options issued | shares | 125,000,000 | ||||||||||||
Underwriter Option [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Options expiration term | 3 years | ||||||||||||
Exercise price of options | $ / shares | $ 0.008 | ||||||||||||
Floor exercise price of options | $ / shares | $ 0.004 | ||||||||||||
Lodge Corporate [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Underwriting of capital raise | $ 88,000 | ||||||||||||
Percentage of underwriting capital raise | 2.00% | ||||||||||||
Options issued | shares | 5,000,000 | ||||||||||||
Value of option issued | $ 29,340 | ||||||||||||
Mr. Philips Hains [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Services received, related party transactions | $ 527,724 | $ 45,459 | |||||||||||
Number of years of extensive experience | 30 years | ||||||||||||
Mr. Stanley Sack [Member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Services received, related party transactions | $ 38,500 | ||||||||||||
Number of years of extensive experience | 15 years | ||||||||||||
[1] | Dr Paul Kasian resigned on September 24, 2019. | ||||||||||||
[2] | Mr. Xue Lee resigned on July 9, 2019 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Remuneration of Key Management Personnel (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 638,659 | $ 964,162 | $ 1,215,632 |
Post-employment benefits | 53,614 | 86,130 | 96,315 |
Share-based payments | (32,498) | 157,886 | 130,385 |
Other long-term benefits | 3,231 | 734 | 2,371 |
Termination benefits | 164,760 | ||
Total remuneration of Key Management Personnel | $ 663,006 | $ 1,208,912 | $ 1,609,463 |
Subsidiaries - Schedule of Subs
Subsidiaries - Schedule of Subsidiary Undertakings (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Statement Line Items [Line Items] | |||
Net carrying value | $ 11,018 | $ 11,018 | |
GeneType Pty. Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | September 5, 1990 Victoria, Australia | September 5, 1990 Victoria, Australia | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | |||
Genetic Technologies Corporation Pty. Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | October 11, 1996 N.S.W., Australia | October 11, 1996 N.S.W., Australia | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | $ 2 | $ 2 | |
Gene Ventures Pty. Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | [1] | March 7, 2001 N.S.W., Australia | March 7, 2001 N.S.W., Australia |
Company interest (%) | [1] | 100.00% | 100.00% |
Net carrying value | [1] | $ 10 | $ 10 |
GeneType Corporation [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | December 18, 1989 California, U.S.A. | December 18, 1989 California, U.S.A. | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | |||
Phenogen Sciences Inc. [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | June 28, 2010 Delaware, U.S.A | June 28, 2010 Delaware, U.S.A | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | $ 11,006 | $ 11,006 | |
Hainan Aocheng Genetic Technologies Co Ltd [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | Hong Kong, China | Hong Kong, China | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | |||
Genetic Technologies HK Ltd [Member] | |||
Statement Line Items [Line Items] | |||
Incorporation details | March 18, 2019 Hong Kong, China | March 18, 2019 Hong Kong, China | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | |||
[1] | On 26 April 2018, the name of RareCellect Pty Ltd (ACN 096 135 9847) was changed to Gene Ventures Pty Ltd (ACN 096 135 947) |
Financial Risk Management (Deta
Financial Risk Management (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||
Increase in post tax loss | $ 145,520 | $ 6,466 |
Decrease in post tax loss | $ (145,520) | $ (6,466) |
Currency Risk [Member] | Australia [Member] | ||
Statement Line Items [Line Items] | ||
Percentage of foreign exchange rate decrease | 6.03% | 5.13% |
Currency Risk [Member] | U.S | ||
Statement Line Items [Line Items] | ||
Percentage of foreign exchange rate decrease | 6.03% | 5.13% |
Interest Rate Risk [Member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | $ 55,828 | $ 8,969 |
Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | $ (55,828) | $ (8,969) |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Financial Assets and Liabilities in Foreign Currencies (Details) | Jun. 30, 2020AUD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2019AUD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) |
Cash at Bank / on Hand [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets | $ 11,645,389 | $ 2,131,741 | ||||
Cash at Bank / on Hand [Member] | USD [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets | $ 2,512,767 | $ 201,737 | ||||
Cash at Bank / on Hand [Member] | EUR [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets | € | € 38,020 | € 27,052 | ||||
Trade and Other Payables [Member] | USD [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial liabilities | $ 99,637 | $ 117,992 | ||||
Trade and Other Payables [Member] | EUR [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial liabilities | € | € 1,990 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Maturities of Financial Liabilities (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | $ 723,724 | $ 1,005,308 |
Lease liabilities | 429,536 | 461,358 |
Borrowings | 52,252 | |
Total Contractual Cash Flows [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | 723,724 | 1,005,305 |
Lease liabilities | 429,536 | |
Borrowings | 52,252 | |
TOTAL | 1,205,512 | 1,005,305 |
Carrying Amount (assets)/liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | 723,724 | 1,005,305 |
Lease liabilities | 429,536 | |
Borrowings | 52,252 | |
TOTAL | 1,205,512 | 1,005,305 |
Less than 6 Months [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | 723,724 | 1,005,305 |
Lease liabilities | 108,924 | |
Borrowings | ||
TOTAL | 832,648 | 1,005,305 |
6 - 12 Months [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | ||
Lease liabilities | 131,991 | |
Borrowings | ||
TOTAL | 131,991 | |
Between 1 and 2 years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | ||
Lease liabilities | 188,621 | |
Borrowings | 52,252 | |
TOTAL | 240,873 | |
Between 2 and 5 years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | ||
Lease liabilities | ||
Borrowings | ||
TOTAL | ||
Over 5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade and other payables | ||
Lease liabilities | ||
Borrowings | ||
TOTAL |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Exposure to Interest Rate Risks and Effective Interest Rates of Financial Assets and Liabilities (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Borrowings [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | $ 52,252 | |
Weighted ave. effective rate % | 1.00% | |
Leases [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | $ 429,536 | |
Weighted ave. effective rate % | 5.37% | 0.00% |
Floating Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 11,645,389 | $ 2,131,741 |
Financial liabilities | ||
Floating Interest Rate [Member] | Borrowings [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Floating Interest Rate [Member] | Leases [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Fixed Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 2,025 | 53,456 |
Financial liabilities | 481,788 | |
Fixed Interest Rate [Member] | Borrowings [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 52,252 | |
Fixed Interest Rate [Member] | Leases [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 429,536 | |
Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 11,647,414 | 2,185,197 |
Financial liabilities | 481,788 | |
Cash at Bank / on Hand [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 11,645,389 | $ 2,131,741 |
Weighted ave. effective rate % | 0.50% | 1.74% |
Cash at Bank / on Hand [Member] | Floating Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 11,645,389 | $ 2,131,741 |
Cash at Bank / on Hand [Member] | Fixed Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Performance Bond and Deposits [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 2,025 | $ 53,456 |
Weighted ave. effective rate % | 0.00% | 0.00% |
Performance Bond and Deposits [Member] | Floating Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Performance Bond and Deposits [Member] | Fixed Interest Rate [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 2,025 | $ 53,456 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Non-adjusting events after reporting period [member] | Jul. 21, 2020shares | Jul. 20, 2020AUD ($)shares | Jul. 20, 2020$ / shares |
Statement Line Items [Line Items] | |||
Expired date | Oct. 29, 2022 | ||
Number of options shares issued | 18,500,000 | ||
Options exercisable price | $ / shares | $ 0.008 | ||
Options shares converted into ordinary shares | 18,500,000 | ||
Cash consideration | $ | $ 148,000 | ||
Proceeds for offering | 1,025,000 | ||
Ordinary shares description | The Company closed a registered direct offering of 1,025,000 American Depository Shares (ADS's), each representing six hundred (600) of the Company's ordinary shares, at a purchase price of United States Dollars (US$) US$5.00 per ADS - or in Australian dollars $0.012 per ordinary share. The gross proceeds for this offering was approximately US$5.1 million. Against the offering, the Company agreed to issue 39,975,000 warrants exercisable at US$0.0104 each, expiring in 5 years from issue date, to H.C. Wainwright & Co which would form part of cost of raising capital. The said warrants have not been issued as of the date of report as they are subject to shareholder approval. | ||
U.S | |||
Statement Line Items [Line Items] | |||
Number of shares issued for warrants | 166,066,050 | ||
Warrant exercise price | $ / shares | $ 0.00533 | ||
Expired date | May 23, 2024 | ||
Warrant shares converted into ordinary shares | 114,447,000 |
Capital Management (Details Nar
Capital Management (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Capital Management | ||
Dividends | ||
Franking account balance |
Parent Entity Financial Infor_3
Parent Entity Financial Information (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Parent Entity Financial Information | ||
Recognized impairment loss | $ 3,782,537 | $ 18,456,661 |
Parent Entity Financial Infor_4
Parent Entity Financial Information - Schedule of Individual Financial Information (Details) - AUD ($) | Jun. 30, 2020 | Jul. 02, 2019 | Jun. 30, 2019 | Jun. 28, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Line Items [Line Items] | ||||||
Current assets | $ 15,192,749 | $ 3,195,672 | ||||
Non-current assets | 440,230 | 69,333 | ||||
Total assets | 15,632,979 | 3,265,005 | ||||
Current liabilities | 1,397,572 | 1,492,990 | ||||
Non-current liabilities | 1,220,037 | 809 | ||||
Total liabilities | 2,617,609 | 1,493,799 | ||||
Share Capital Reserves | 140,111,073 | 125,498,824 | $ 122,372,662 | |||
Other reserves | 8,755,489 | 6,009,932 | ||||
Retained earnings | (135,851,192) | (129,737,550) | ||||
Total Equity | 13,015,370 | $ 1,756,494 | 1,771,206 | $ 1,771,206 | $ 4,711,878 | $ 10,579,044 |
Parent Entity [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Current assets | 11,646,391 | 3,003,871 | ||||
Non-current assets | 345,236 | 25,126 | ||||
Total assets | 11,991,627 | 3,028,997 | ||||
Current liabilities | 10,095,549 | 10,795,245 | ||||
Non-current liabilities | 1,117,947 | 809 | ||||
Total liabilities | 11,213,496 | 10,796,054 | ||||
Share Capital Reserves | 140,111,073 | 125,498,824 | ||||
Other reserves | (117,131) | (117,131) | ||||
Share-based payments | 6,184,391 | 3,405,659 | ||||
Retained earnings | (145,400,202) | (136,554,409) | ||||
Total Equity | 778,131 | (7,767,057) | ||||
Loss for the year | $ (8,816,667) | $ (5,949,827) |
Contingent Liabilities and Co_2
Contingent Liabilities and Contingent Assets (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Contingent Liabilities And Contingent Assets | ||
Contingent liabilities |