Cover
Cover | 12 Months Ended |
Jun. 30, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --06-30 |
Entity File Number | 000-51504 |
Entity Registrant Name | GENETIC TECHNOLOGIES LIMITED |
Entity Central Index Key | 0001166272 |
Entity Incorporation, State or Country Code | C3 |
Entity Address, Address Line One | 60-66 Hanover Street |
Entity Address, City or Town | Fitzroy |
Entity Address, Country | AU |
Entity Address, Postal Zip Code | 3065 |
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 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 9,016,726,743 |
ICFR Auditor Attestation Flag | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 60-66 Hanover Street |
Entity Address, City or Town | Fitzroy |
Entity Address, Country | AU |
Entity Address, Postal Zip Code | 3065 |
City Area Code | 011 61 |
Local Phone Number | 3 8412 7000 |
Contact Personnel Name | Simon Morriss |
Contact Personnel Fax Number | 011 61 3 8412 7040 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income/(Loss) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from operations | |||
Genetic testing services | $ 120,554 | $ 9,864 | $ 25,444 |
Less: cost of sales | (361,027) | (251,511) | (276,267) |
Gross loss from operations | (240,473) | (241,647) | (250,823) |
Other income | 1,564,456 | 1,140,647 | 1,019,769 |
Selling and marketing expenses | (1,119,851) | (637,295) | (576,077) |
General and administrative expenses | (4,158,319) | (4,058,557) | (3,830,198) |
Laboratory, research and development costs | (3,109,383) | (2,477,578) | (2,360,762) |
Finance costs | (14,049) | (14,823) | (20,031) |
Other gains/(losses) | (5,522) | (407,482) | |
Loss from operations before income tax | (7,077,619) | (6,294,775) | (6,425,604) |
Income tax expense | |||
Loss for the year | (7,077,619) | (6,294,775) | (6,425,604) |
Other comprehensive income/(loss) | |||
Exchange gains/(losses) on translation of controlled foreign operations | (37,468) | (33,175) | 23,668 |
Other comprehensive income/(loss) for the year, net of tax | (37,468) | (33,175) | 23,668 |
Total comprehensive loss for the year | $ (7,115,087) | $ (6,327,950) | $ (6,401,936) |
Loss per share (cents per share) | |||
Basic and diluted net loss per ordinary share | $ (0.08) | $ (0.15) | $ (0.24) |
Weighted-average shares outstanding | 8,544,157,979 | 4,155,017,525 | 2,635,454,870 |
Consolidated Balance Sheets
Consolidated Balance Sheets - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 20,902,282 | $ 14,214,160 |
Trade and other receivables | 1,074,325 | 789,354 |
Inventories | 76,927 | 91,390 |
Other current assets | 182,580 | 97,845 |
Total current assets | 22,236,114 | 15,192,749 |
Non-current assets | ||
Right-of-use assets | 180,528 | 397,945 |
Property, plant and equipment | 457,178 | 42,285 |
Other non-current assets | 97,868 | |
Total non-current assets | 735,574 | 440,230 |
Total assets | 22,971,688 | 15,632,979 |
Current liabilities | ||
Trade and other payables | 760,350 | 723,724 |
Deferred income | 635 | |
Provisions | 464,770 | 432,933 |
Lease liabilities | 179,626 | 240,915 |
Total current liabilities | 1,405,381 | 1,397,572 |
Non-current liabilities | ||
Provisions | 8,860 | 1,927 |
Borrowing | 52,252 | |
Lease liabilities | 24,412 | 188,621 |
Total non-current liabilities | 33,272 | 242,800 |
Total liabilities | 1,438,653 | 1,640,372 |
Net assets | 21,533,035 | 13,992,607 |
EQUITY | ||
Contributed equity | 153,574,974 | 140,111,073 |
Reserves | 11,033,279 | 9,928,571 |
Accumulated losses | (143,075,218) | (136,047,037) |
Total equity | $ 21,533,035 | $ 13,992,607 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from/(used in) operating activities | |||
Receipts from customers | $ 121,190 | $ 9,864 | $ 204,768 |
Payments to suppliers and employees | (7,747,186) | (6,758,484) | (6,575,163) |
R&D tax incentive and other grants received | 1,330,067 | 1,036,522 | 297,213 |
Net cash flows (used in) operating activities | (6,295,929) | (5,712,098) | (6,073,182) |
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 | (748,706) | (38,100) | (50,309) |
Interest received | 22,507 | 25,849 | |
Payments for investments in related parties | (500,000) | ||
Net cash flows from/(used in) investing activities | (748,706) | 64,787 | (524,460) |
Cash flows from/(used in) financing activities | |||
Proceeds from the issue of shares | 15,897,629 | 21,793,678 | 3,557,509 |
Equity transaction costs | (1,956,691) | (3,215,174) | (431,347) |
Proceeds from borrowings | 52,252 | ||
Principal elements of lease payments | (236,893) | (183,907) | |
Interest paid | (14,049) | (86,503) | |
Net cash flows from financing activities | 13,689,996 | 18,360,346 | 3,126,162 |
Net (decrease)/ increase in cash and cash equivalents | 6,645,361 | 12,713,035 | (3,471,480) |
Cash and cash equivalents at beginning of year | 14,214,160 | 2,131,741 | 5,487,035 |
Net foreign exchange difference | 42,761 | (630,616) | 116,186 |
Cash and cash equivalents at end of year | $ 20,902,282 | $ 14,214,160 | $ 2,131,741 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - AUD ($) | Issued capital [member] | Other reserves [member] | Retained earnings [member] | Total |
Beginning balance, value at Jun. 30, 2018 | $ 122,372,662 | $ 5,651,162 | $ (123,311,946) | $ 4,711,878 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the year | (6,425,604) | (6,425,604) | ||
Other comprehensive income | 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) | ||
Ending balance, value at Jun. 30, 2019 | 125,498,824 | 6,009,932 | (129,737,550) | 1,771,206 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the year | (6,294,775) | (6,294,775) | ||
Other comprehensive income | (33,175) | (33,175) | ||
Total comprehensive loss | (33,175) | (6,294,775) | (6,327,950) | |
Contributions of equity, net of transaction costs and tax | 14,612,249 | 14,612,249 | ||
Share-based payments | 263,387 | 263,387 | ||
Issue of options/warrants to underwriters | 3,770,411 | 3,770,411 | ||
Initial adoption of IFRS 16 | (14,712) | (14,712) | ||
Restated total equity at July 1, 2019 | 125,498,824 | 6,009,932 | (129,752,262) | 1,756,494 |
Reversal of forfeited Performance Rights | (81,984) | (81,984) | ||
Ending balance, value at Jun. 30, 2020 | 140,111,073 | 9,928,571 | (136,047,037) | 13,992,607 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the year | (7,077,619) | (7,077,619) | ||
Other comprehensive income | (37,468) | (37,468) | ||
Total comprehensive loss | (37,468) | (7,077,619) | (7,115,087) | |
Contributions of equity, net of transaction costs and tax | 11,764,379 | 11,764,379 | ||
Share-based payments | ||||
Issue of options/warrants to underwriters | ||||
Exercise of options/warrants | 1,699,522 | (973,467) | 726,055 | |
Revaluation of warrants | ||||
Issue of performance rights | 622,725 | 622,725 | ||
Options expired | (49,438) | 49,438 | ||
Issue of options/warrants | 1,542,356 | 1,542,356 | ||
Ending balance, value at Jun. 30, 2021 | $ 153,574,974 | $ 11,033,279 | $ (143,075,218) | $ 21,533,035 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Jun. 30, 2021 | |
Corporate Information | |
CORPORATE INFORMATION | 1. CORPORATE INFORMATION Genetic Technologies Limited (the “Company”) is a molecular diagnostics company that offers predictive genetic testing and risk assessment tools. The Financial Report of the Company for the year ended June 30, 2021 was authorised for issue in accordance with a resolution of the Directors dated on August 31, 2021 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, 2021 | |
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 general purpose financial statements of Genetic Technologies Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Genetic Technologies Limited is a for-profit entity for the purpose of preparing the financial statements. (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, 2021, the Company incurred a total comprehensive loss of $ 7,115,087 (2020: $ 6,327,950 ) and net cash outflow from operations of $ 6,295,929 (2020: $ 5,712,098 ). As at June 30, 2021, the Company held total cash and cash equivalents of $ 20,902,282 and total net current assets of $ 20,830,733 . 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 two successful capital raises during the financial year, the Company has $ 20,902,282 (v) Immaterial correction of error – previous year During the year ended June 30, 2021, the Company identified an error and retrospectively revised the accounting for its representative warrants as described below. Representative warrants Genetic Technologies Limited raised capital in April 2020 and May 2020, and representative warrants were included as part of these public offerings. These representative warrants had been accounted for as a financial liability and was subsequently adjusted to fair value at each subsequent reporting date. The Company determined that these representative warrants originally classified as a financial liability should have been accounted for as an equity-settled share-based payment in the consolidated financial statements as of and for the year ended June 30, 2020. The Company assessed the effects of this correction based on both quantitative and qualitative factors and determined that the correction was not material. Accordingly, the Company corrected the errors as of and for the year ended June 30, 2020 in the accompanying consolidated financial statements and related footnotes. The below tables summarise the adjustments that were made to correct the immaterial errors for the periods presented. Extract from the Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) SCHEDULE OF FINANCIAL ADJUSTMENTS Year ended June 30, 2020 Revision Year ended June 30, 2020 Revised $ $ $ Fair value gains on financial instruments 195,845 (195,845 ) — Loss from operations before income tax (6,098,930 ) (195,845 ) (6,294,775 ) Loss for the year (6,098,930 ) (195,845 ) (6,294,775 ) Total comprehensive loss for the year (6,132,105 ) (195,845 ) (6,327,950 ) Loss per share (cents per share) Basic and diluted net loss per ordinary share (0.15 ) (0.15 ) Weighted-average shares outstanding 4,155,017,525 4,155,017,525 Extract from the Consolidated Balance Sheet 2020 Revision 2020 Revised $ $ $ Non-Current Liabilities Other financial liabilities 977,237 (977,237 ) — Total Non-Current Liabilities 1,220,037 (977,237 ) 242,800 TOTAL LIABILITIES 2,617,609 (977,237 ) 1,640,372 NET ASSETS 13,015,370 977,237 13,992,607 EQUITY Reserves 8,755,489 1,173,082 9,928,571 Accumulated losses (135,851,192 ) (195,845 ) (136,047,037 ) TOTAL EQUITY 13,015,370 977,237 13,992,607 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) Other Gains / (Losses) 2020 Revision 2020 Revised Net foreign exchange gains/(losses) (5,522 ) — (5,522 ) Fair value gains on financial liabilities through profit or loss 195,845 (195,845 ) — Net impairment losses — — — Total other gains / (losses) 190,323 (195,845 ) (5,522 ) Loss per Share 2020 $ Revision $ 2020 Revised $ Loss for the year attributable to the owners of Genetic Technologies Limited (6,098,930 ) (195,845 ) (6,294,775 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 4,155,017,525 — 4,155,017,525 Reserves 2020 $ Revision $ 2020 Revised $ Foreign currency translation 756,423 — 756,423 Share-based payments 7,999,066 1,173,082 9,172,148 Total reserves 8,755,489 1,173,082 9,928,571 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 789,598 — 789,598 Add: net currency translation gain / (loss) (33,175 ) — (33,175 ) Balance at the end of the financial year 756,423 — 756,423 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 5,220,334 — 5,220,334 Add: share-based payments expense 67,542 195,845 263,387 Add: Issue of options/warrants to underwriters 2,793,174 977,237 3,770,411 Less: Reversal of Performance Rights expenses in prior year (81,984 ) — (81,984 ) Balance at the end of the financial year 7,999,066 1,173,082 9,172,148 Accumulated Losses 2021 2020 Revision 2020 Revised $ $ $ Balance at the beginning of the financial year (129,737,550 ) — (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 ) (195,845 ) (6,294,775 ) Balance at the end of the financial year (135,851,192 ) (195,845 ) (136,047,037 ) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (vi) New standards and interpretations Software-as-a-Service arrangements The IFRS Interpretations Committee (IFRIC) has issued two agenda decisions related to accounting for Software-as-a-Service (SaaS) arrangements: ● In March 2019, the IFRIC considered the accounting for SaaS arrangements (the first agenda decision) and concluded that for many such arrangements the substance is that the Company has contracted to receive services rather than the acquisition (or lease) of software assets. This is because, in a cloud-based environment, the SaaS contract generally only gives the customer the right to receive access to the cloud provider’s application software, rather than a license over the IP i.e. control over the software code itself. ● In April 2021, the IFRIC specifically considered how an entity should account for configuration and customisation costs incurred in implementing these (SaaS) service arrangements. The IFRIC concluded (the second agenda decision) that these costs should be expensed, unless the criteria for recognising a separate asset are met. The Company has historically expensed costs related to SaaS arrangements. The impact of this decision has not had a material impact on the Company’s financial statements. (vii) New standards and interpretations not yet adopted There are no standards that are not yet effective and that would be expected to have a material impact on the Company in the current or future reporting years and on foreseeable future transactions. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (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 Company and has the ability to affect those returns through its power to direct the activities of the Company. 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 unrealised gains on transactions between Company companies are eliminated. Unrealised 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. (c) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (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 Company 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 recognised 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 recognised 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 recognised 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 recognised 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 recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (e) Revenue recognition Under IFRS 15, revenue is recognised based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognised: Genetic testing revenues The Company operates facilities which provide genetic testing services. Revenue from the provision molecular risk testing for cancer (BREVAGenplus) is recognised at a point time when the Company has provided the customer with their test results, the single performance obligation. (f) Other income (i) Interest income Income is recognised as the interest accrues using the effective interest method. (ii) 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 Income from government grants is recognised in the consolidated income statement on a systematic basis over the periods in which the Company recognises 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (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 recognised 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 realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Management has assessed the tax position of the Company and concluded that any potential uncertainty does not have a material impact on the financial statements. (h) Leases Please refer to Note 17 for further information. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (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 recognised 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 recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised 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 recognised. 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 recognised for the asset in prior years. Such reversal is recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (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 recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Refer Note 28 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. (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 realisable 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 realisable 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (m) Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised 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 derecognised 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: SCHEDULE OF ESTIMATED USEFUL LIFE Plant and equipment 3 5 Furniture, fittings and equipment 3 5 Leasehold improvements 1 3 Leased plant and equipment 3 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 amortised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (o) Provisions Provisions for legal claims, service warranties and make good obligations are recognised 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 recognised 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 recognised 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 recognised 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 recognised 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 recognised in general and administrative expenses in profit or loss. The obligations are presented as current liabilities in the balance sheet if the Company 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) Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: ● Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and ● Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. (r) Contributed equity Issued and paid-up capital is recognised at the fair value of the consideration received by the Company. Transaction costs arising on the issue of Ordinary Shares are recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (s) 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, 2021 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation. (t) Goods and services tax (GST) Revenues are recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenues can be reliably measured. Revenues are recognised 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 recognised: 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. (u) 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, 2021 | |
Disclosure of changes in accounting estimates [abstract] | |
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 utilised internal resources to perform fair value by straight forward equity instruments by using Black-Scholes model. Coronavirus (COVID-19) pandemic Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may have, on the Company based on known information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing and geographic regions in which the Company operates. Other than as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the Company unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic. Lease liabilities The application of IFRS 16 requires the Company to make judgments and estimates that affect the measurement of right-of-use assets and lease liabilities. In determining the lease term, we must consider all facts and circumstances that create an economic incentive to exercise renewal options (or not exercise renewal options). Assessing whether a contract includes a lease also requires judgement. Estimates are required to determine the appropriate discount rate used to measure lease liabilities. |
COST OF SALES
COST OF SALES | 12 Months Ended |
Jun. 30, 2021 | |
Cost Of Sales | |
COST OF SALES | 4. COST OF SALES SCHEDULE OF COST OF SALES 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Inventories used 115,934 82,516 55,995 Direct labor costs 110,894 107,590 103,601 Depreciation expense 79,676 42,488 55,480 Inventories written-off 54,523 18,917 61,191 Total cost of sales 361,027 251,511 276,267 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Jun. 30, 2021 | |
OTHER INCOME | 5. OTHER INCOME SCHEDULE OF OTHER INCOME 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Net profit on disposal of plant and equipment — 37,000 — Research and development tax incentive income (1) 997,908 750,000 856,707 Export Marketing & Development Grant 100,000 — — Interest income 62,394 22,507 25,794 Rental income — — — Other income 116,271 78,001 137,268 Government grant income – COVID-19 relief (2) 287,883 253,139 — Total other income 1,564,456 1,140,647 1,019,769 (1) 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 recognised 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, 2021, the Company has included an item in other income of A$ 997,908 750,000 856,707 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 41 In accordance with IAS 20, government grants, including non-monetary grants at fair value, should not be recognised 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, 2021 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 relates to government assistance received during the year, from the Australian Government (at both federal and state level) and the U.S. Small Business Administration, in response to the economic and financial challenges in the current economy. |
FOREIGN EXCHANGE MOVEMENT
FOREIGN EXCHANGE MOVEMENT | 12 Months Ended |
Jun. 30, 2021 | |
Foreign Exchange Movement | |
FOREIGN EXCHANGE MOVEMENT | 6. FOREIGN EXCHANGE MOVEMENT The Company is more sensitive to movements in the AUD/USD exchange rates in 2021 than 2020 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. |
OTHER GAINS _ (LOSSES)
OTHER GAINS / (LOSSES) | 12 Months Ended |
Jun. 30, 2021 | |
Other Gains | |
OTHER GAINS / (LOSSES) | 7. OTHER GAINS / (LOSSES) During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF OTHER GAINS / (LOSSES) 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Net foreign exchange gains/(losses) — (5,522 ) 92,518 Fair value gains on financial liabilities through profit or loss — — — Net impairment losses (1) — — (500,000 ) Total other gains / (losses) — (5,522 ) (407,482 ) The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. (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 49 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax | |
INCOME TAX | 8. INCOME TAX SCHEDULE OF INCOME TAX EXPENSE 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax expense (7,077,619 ) (6,098,930 ) (6,425,604 ) Tax at the Australian tax rate of 26 % (2020: 27.50 % and 2019: 27.50 %) (1,840,181 ) (1,677,206 ) (1,767,040 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 185,790 (3,971 ) 92,153 Research and development tax incentive 588,659 446,717 541,596 Other non-deductible items — 888 590 Other assessable items — (26,764 ) — Income tax expenses before unrecognized tax losses (1,065,732 ) (1,260,336 ) (1,132,701 ) Difference in overseas tax rates 16,688 26,526 41,009 Under /(over) provision (235,653 ) 553,190 1,126,722 Temporary differences not recognised (419,965 ) (353,628 ) (121,965 ) Research and development tax credit (275,631 ) (206,250 ) (238,084 ) Tax losses not recognised 1,980,293 1,240,498 325,020 Income tax expense — — — SCHEDULE OF NET DEFERRED TAX ASSETS Net deferred tax assets Deferred tax assets not recognised Property, plant and equipment 8,004 — 863 Capital raising costs 975,270 877,584 232,328 Intangible assets 1,701,477 1,832,075 1,893,220 Provisions 297,907 306,044 187,958 Total deferred tax assets 2,982,658 3,015,703 2,314,369 Deferred tax liabilities not recognised Right-of-use assets (34,735 ) (119,384 ) — Total deferred tax liabilities (34,735 ) (119,384 ) — Net deferred tax assets on temporary differences not brought to account 2,947,923 (2,896,320 ) (2,314,369 ) Total net deferred tax assets — — — 8. INCOME TAX (cont.) SCHEDULE OF TAX LOSSES 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Tax losses Unused tax losses for which no deferred tax asset has been recognised 100,694,696 97,259,045 90,254,547 Potential tax benefit 26 19,165,603 18,727,578 17,563,730 Potential tax benefit 21 5,665,976 6,123,340 5,541,152 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, 2021, the Company had a potential tax benefit related to tax losses carried forward of A$ 24,691,039 24,850,918 23,104,882 5,665,976 6,123,340 5,541,152 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% flat rate. 20 19,025,063 18,727,578 17,563,730 24,691,039 24,850,918 23,104,882 As at balance date, there are unrecognised tax losses with a benefit of approximately A$ 24,691,039 24,850,918 23,104,882 (a) The Company derives future assessable income of a nature and amount sufficient to enable the benefits to be realised; (b) The Company continues to comply with the conditions for deductibility imposed by the law; and (c) No changes in tax legislation adversely affect the Company from realising 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 recognised 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, 2021, there are no unrecognised temporary differences associated with the Company’s investments in subsidiaries, as the Company has no liability for additional taxation should unremitted earnings be remitted (2020: $Nil, 2019:$Nil). |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jun. 30, 2021 | |
LOSS PER SHARE | 9. LOSS PER SHARE During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. The following reflects the income and share data used in the calculations of basic and diluted loss per share: SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Loss for the year attributable to the owners of Genetic Technologies Limited (7,077,619 ) (6,294,775 ) (6,425,604 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 8,544,157,979 4,155,017,525 2,635,454,870 The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. Note: None of the 725,787,500 553,000,000 114,250,000 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | 10. CASH AND CASH EQUIVALENTS During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF CASH AND CASH EQUIVALENTS 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 20,902,282 14,214,160 2,131,741 Total cash and cash equivalents 20,902,282 14,214,160 2,131,741 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 (7,077,619 ) (6,294,775 ) (6,425,604 ) Adjust for non-cash items Amortisation and depreciation expenses 265,748 65,148 156,260 Other expenses — 2,885 — Impairment of investments — — 500,000 Share-based payments expense 714,577 (14,442 ) 335,102 Interest classified as investing cash flows — — (25,850 ) Net (profit) / loss on disposal of plant and equipment — (37,000 ) — Net (gains) / losses on liquidation of subsidiary — — — Depreciation of right-of-use of assets 212,474 200,785 — Inventory written-off 54,523 18,917 — Gain on investment previously written off — (43,380 ) — Finance costs 16,338 86,503 — Interest received (62,394 ) (22,507 ) — Net foreign exchange (gains) / losses 9,755 (597,441 ) (92,518 ) Adjust for changes in assets and liabilities Decrease / (increase) in trade and other receivables (284,971 ) 29,412 (517,383 ) (Increase) / decrease in other operating assets (182,602 ) 115,455 (70,027 ) (Increase) / decrease in inventories 14,463 (59,525 ) 27,142 Increase / (decrease) in trade and other payables (14,991 ) 891,498 60,178 Increase / (Decrease) in provisions 38,770 (53,631 ) — Increase / (decrease) in operating liabilities — — (20,482 ) Net cash flows from / (used in) operating activities (6,295,929 ) (5,712,098 ) (6,073,182 ) Financing facilities available As at June 30, 2021, the following financing facilities had been negotiated and were available: Total facilities Credit cards 190,020 193,605 95,714 Facilities used as at reporting date Credit cards (9,511 ) (5,332 ) (6,516 ) Facilities unused as at reporting date Credit cards 180,509 188,272 89,198 The Company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. 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 minimise risk. |
TRADE AND OTHER RECEIVABLES (CU
TRADE AND OTHER RECEIVABLES (CURRENT) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES (CURRENT) | 11. TRADE AND OTHER RECEIVABLES (CURRENT) SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2021 A$ 2020 A$ Consolidated 2021 $ 2020 $ Trade receivables 120,237 38,871 Less: loss allowance (30,784 ) — Net trade receivables 89,453 38,871 Other receivables (1) 984,872 750,483 Total net current trade and other receivables 1,074,325 789,354 (1) Other receivables majorly consists of R&D income grant receivable. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2021 | |
Current assets | |
OTHER CURRENT ASSETS | 12. OTHER CURRENT ASSETS SCHEDULE OF OTHER ASSETS (CURRENT) 2021 A$ 2020 A$ Consolidated 2021 $ 2020 $ Prepayments 180,724 95,820 Performance bond and deposits 1,856 2,025 Total current prepayments and other assets 182,580 97,845 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 13. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Consolidated 2021 2020 $ $ Laboratory equipment, at cost 426,701 1,451,389 Less: cost written-off during the year (23,484 ) (1,047,515 ) Add: additions during the year 557,655 22,827 Less: accumulated depreciation (571,467 ) (1,453,365 ) Add: accumulated depreciation written-off during the year 23,484 1,047,515 Net laboratory equipment 412,889 20,851 Computer equipment, at cost 672,538 657,265 Less: cost written-off during the year (447,229 ) — Add: additions during the year 26,543 15,273 Less: accumulated depreciation (664,164 ) (651,104 ) Add: accumulated depreciation written-off during the year 447,229 — Net computer equipment 34,917 21,434 Office equipment, at cost — 167,564 Less: cost written-off during the year — (167,564 ) Add: additions during the year 10,495 — Less: accumulated depreciation (1,123 ) (167,564 ) Add: accumulated depreciation written-off during the year — 167,564 Net office equipment 9,372 — Equipment under hire purchase, at cost — 594,626 Less: accumulated depreciation — (594,626 ) Net equipment under hire purchase — — Leasehold improvements, at cost — 465,380 Less: cost written-off during the year — (465,380 ) Add: additions during the year — — Less: accumulated depreciation — (465,380 ) Add: accumulated depreciation written-off during the year — 465,380 Net leasehold improvements — — Total net property, plant and equipment 457,178 42,285 Reconciliation of property, plant and equipment Opening gross carrying amount 1,096,489 3,336,224 Add: additions purchased during the year 594,693 38,100 Less: cost written-off during the year (470,713 ) (2,277,835 ) Closing gross carrying amount 1,220,469 1,096,489 Opening accumulated depreciation and impairment losses (1,054,204 ) (3,266,891 ) Add: accumulated depreciation written-off during the year 470,713 2,277,835 Less: depreciation expense charged (179,800 ) (65,148 ) Closing accumulated depreciation and impairment losses (763,291 ) (1,054,204 ) Total net property, plant and equipment 457,178 42,285 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2021 SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Opening Additions Disposals Closing net Asset category carrying Amount $ during year during year Depreciation expense $ carrying amount $ Laboratory equipment 20,851 557,655 — (165,617 ) 412,889 Computer equipment 21,434 26,543 — (13,060 ) 34,917 Office equipment — 10,495 — (1,123 ) 9,372 Leasehold improvements — — — — — Totals 42,285 594,693 — (179,800 ) 457,178 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2020 Opening net Additions Disposals Closing net Asset category carrying Amount $ during during Depreciation expense $ carrying 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, 2021 | |
Trade and other payables [abstract] | |
TRADE AND OTHER PAYABLES (CURRENT) | 14. TRADE AND OTHER PAYABLES (CURRENT) SCHEDULE OF TRADE AND OTHER PAYABLES 2021 $ 2020 $ Consolidated 2021 $ 2020 $ Trade payables 269,665 350,151 Accrued expenses 485,422 330,845 Other payables 5,263 42,728 Total current trade and other payables 760,350 723,724 |
PROVISIONS (CURRENT AND NON-CUR
PROVISIONS (CURRENT AND NON-CURRENT) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of other provisions [abstract] | |
PROVISIONS (CURRENT AND NON-CURRENT) | 15. PROVISIONS (CURRENT AND NON-CURRENT) SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS Consolidated 2021 $ 2020 $ Current provisions Annual leave 171,398 152,239 Long service leave 201,782 189,104 Make good (1) 91,590 91,590 Total current provisions 464,770 432,933 Non-current provisions Long service leave 8,860 1,927 Make good (1) — — Total non-current provisions 8,860 1,927 Total provisions 473,630 434,860 (1) Make good provision 15. PROVISIONS (CURRENT AND NON-CURRENT) (cont.) SCHEDULE OF RECONCILIATION OF PROVISION Consolidated 2021 $ 2020 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 152,239 152,352 Add: obligation accrued during the year 62,461 38,270 Less: utilised during the year (43,302 ) (38,383 ) Balance at the end of the financial year 171,398 152,239 Reconciliation of long service leave provision Balance at the beginning of the financial year 191,031 244,549 Add: obligation accrued during the year 19,611 3,454 Less: utilised during the year — (56,972 ) Balance at the end of the financial year 210,642 191,031 |
BORROWING
BORROWING | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
BORROWING | 16. BORROWING SCHEDULE OF BORROWING Consolidated 2021 2020 Current Non-Current Total Current Non-Current Total $ $ $ $ $ $ Unsecured Other loan — — — — 52,252 52,252 On May 4, 2020, the Company was granted a loan from the U.S. Small Business Administration as a part of the Paycheck Protection Program (PPP) which ensures the Company could continue to pay its employees and cover certain costs for up to 8 weeks after the loan was made available to the Company. The following were the terms of the loan availed: ● PPP loan had fixed interest rate of 1 ● Loan had a maturity of 2 years. ● No collateral or personal guarantees were required. ● Neither the government nor lenders charged small businesses any fees. The loan availed had the following conditions for the Company to seek its forgiveness: ● Forgiveness was based on the Company maintaining or quickly rehiring employees and maintaining salary levels. ● Forgiveness would be reduced if full-time headcount declined, or if salaries and wages decreased. On February 8, 2021, the U.S. Small Business Administration (SBA) determined that the amount the Company requested for forgiveness on the Paycheck Protection Program loan was fully approved. The resulting credit has been recorded as a government grant in other income. |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Jun. 30, 2021 | |
Presentation of leases for lessee [abstract] | |
LEASE LIABILITIES | 17. LEASE LIABILITIES (a) Amounts recognised in the statement of financial position The statement of financial position shows the following amounts relating to leases: SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Consolidated 2021 2020 $ $ Right-of-use assets Right of use-of-assets 180,528 397,945 Lease Liabilities Lease liabilities - Current 179,626 240,915 Lease liabilities – Non-Current 24,412 188,621 Total 204,038 429,536 17. LEASE LIABILITIES (Cont.) (b) Amounts recognised 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: SCHEDULE OF EXPENSES RELATING TO LEASES 2021 2020 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 212,474 200,785 Interest expense (included in general and administrative expenses) 16,338 37,375 During the financial year ended June 30, 2021, the total cash outflow was $ 358,020 (c) The Company’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 recognised 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 recognised 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. 17. LEASE LIABILITIES (Cont.) (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 was 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 94,626 |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 12 Months Ended |
Jun. 30, 2021 | |
CONTRIBUTED EQUITY | 18. CONTRIBUTED EQUITY SCHEDULE OF ISSUED AND PAID-UP CAPITAL Consolidated 2021 $ 2020 $ Issued and paid-up capital Fully paid Ordinary Shares 153,574,974 140,111,073 Total contributed equity 153,574,974 140,111,073 Movements in shares on issue SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE Consolidated 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 Consolidated Year ended June 30, 2021 Number of Shares $ Balance at the beginning of the financial year 7,513,779,743 140,111,073 Shares issued during the year 1,502,947,000 17,409,150 Less: transaction costs arising on share issue — (3,945,249 ) Balance at the end of the financial year 9,016,726,743 153,574,974 (i) The details of securities arising on shares issued for the year ended June 30, 2021 are as below: ● On July 17, 2020, the Company issued 114,447,000 166,066,050 0.0053 ● On July 17, 2020, the Company issued 18,500,000 18,500,000 0.008 ● On July 21, 2020, the Company closed a registered direct offering of 1,025,000 365,000,000 250,000,000 156,000,000 39,975,000 ● On December 21, 2020, the Company issued 12,850,000 0.008 December 1, 2023 ● On December 21, 2020 and following the approval by shareholders at the Company’s Annual General Meeting held on December 10, 2020, the Company issued performance rights expiring on December 21, 2023 for nil consideration to the following Directors: ○ Mr. Nick Burrows issued with 5,000,000 Class A performance rights. ○ Dr. Jerzy Muchnicki issued with 7,500,000 Class A performance rights, 25,000,000 Class B performance rights and 25,000,000 Class C performance rights. ○ Mr. Peter Rubinstein issued with 7,500,000 Class A performance rights, 25,000,000 Class B performance rights and 25,000,000 Class C performance rights. ○ Dr. Lindsay Wakefield issued with 5,000,000 Class A performance rights. ● On January 25, 2021 the Company issued 750,000,000 ● On February 4, 2021 the Company issued 2,500,000 2,500,000 ● On March 10, 2021, the Company issued 2,500,000 2,500,000 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, 2021 | |
Other reserves [abstract] | |
RESERVES | 19. RESERVES During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF RESERVES Consolidated 2021 $ 2020 $ Foreign currency translation 718,955 756,423 Share-based payments 10,314,324 9,172,148 Total reserves 11,033,279 9,928,571 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 756,423 789,598 Add: net currency translation gain / (loss) (37,468 ) (33,175 ) Balance at the end of the financial year 718,955 756,423 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 9,172,148 5,220,334 Add: share-based payments expense — 263,387 Add: Issue of options/warrants to underwriters — 3,770,411 Add: Issue of performance rights 622,725 — Add: Issue of options/warrants 1,542,356 — Less: Options expired (49,438 ) — Less: Exercise of options/warrants (973,467 ) — Less: Reversal of Performance Rights expenses in prior year (1) — (81,984 ) Balance at the end of the financial year 10,314,324 9,172,148 The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. (1) During the year ended June 30, 2020, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited. 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: SCHEDULE OF WARRANT ISSUED Warrants issued to Grant date for warrants issued Number of warrants issued Aegis Corp July 16, 2019 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 A$ 0.008 Fair value of warrants at grant date A$ 0.006 Weighted average exercise price A$ 0.008 Risk free interest rate 1.05 % Model used Black-Scholes Expected life of an warrant 5 Valuation amount A$ 890,113 19. RESERVES (Cont.) During the financial year ended June 30, 2021, the following warrants were reclassified from Other Financial Liabilities to Other Reserves. See Note 2(a)(v) for additional information. 2020 Valuation date April 3, 2020 Grant Date April 3, 2020 Warrants issued 40,114,200 Underlying asset price A$ 0.0050 Risk free rate 0.411 % Volatility 140.54 % Exercise price presented in United States Dollar US$ 0.00365 Exchange rate at valuation date A$ 1 to US$0.5995 Exercise price presented in Australian Dollar A$ 0.0061 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0044 Model used Binomial Valuation amount A$ 175,137 2020 Valuation date April 23, 2020 Grant Date April 23, 2020 Warrants issued 28,177,578 Underlying asset price A$ 0.0060 Risk free rate 0.444 % Volatility 142.70 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.6369 Exercise price presented in Australian Dollar A$ 0.0065 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0053 Model used Binomial Valuation amount A$ 149,693 During the financial year ended June 30, 2021, the following warrants were reclassified from Other Financial Liabilities to Other Reserves. See Note 2(a)(v) for additional information. The following warrants were revalued as at the date of shareholder approval. 2021 2020 Valuation date July 21, 2020 June 1, 2020 Grant Date June 1, 2020 June 1, 2020 Warrants issued 156,000,000 156,000,000 Underlying asset price A$ 0.0070 A$ 0.0060 Risk free rate 0.34 % 0.397 % Volatility 135.64 % 142.94 % Exercise price presented in United States Dollar US$ 0.00417 US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 A$ 1 to US$0.6797 Exercise price presented in Australian Dollar A$ 0.00541 A$ 0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$ 0.0062 A$ 0.0054 Model used Binomial Binomial Valuation amount A$ 1,462,442 A$ 848,252 During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. 2021 Valuation date July 21, 2020 Grant Date June 1, 2020 Warrants issued 39,975,000 Underlying asset price A$ 0.0070 Risk free rate 0.42 % Volatility 148.66 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 Exercise price presented in Australian Dollar A$ 0.0146 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.009 Model used Binomial Valuation amount A$ 360,017 2021 Valuation date January 25, 2021 Grant Date January 25, 2021 Warrants issued 48,750,000 Underlying asset price A$ 0.0110 Risk free rate 0.414 % Volatility 147.29 % Exercise price presented in United States Dollar US$ 0.0109 Exchange rate at valuation date A$ 1 to US$0.7708 Exercise price presented in Australian Dollar A$ 0.0142 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0098 Model used Binomial Valuation amount A$ 476,297 19. RESERVES (Cont.) The following information relates to options granted and issued against under the Employee Option Plan for the year ended June 30, 2021; SCHEDULE OF OPTION ISSUED AND GRANTED Options issued to Grant date for options issued Number of options issued Employee Option Plan December 21, 2020 12,850,000 19. RESERVES (Cont.) 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield — Historic volatility and expected volatility 136 % Option exercise price A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.85 % Expected life of an option 3 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.78 % Expected life of an option 3 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 A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.36 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 29,340 2021 Grant Date December 21, 2020 Options issued 12,850,000 Dividend yield — Historic volatility and expected volatility 155.34 % Option exercise price A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.111 % Expected life of an option 3 Model used Binomial Valuation amount A$ 72,439 Nature and purpose of reserves Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entities are recognised 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 recognised 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, 2021 | |
Accumulated Losses | |
ACCUMULATED LOSSES | 20. ACCUMULATED LOSSES During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF ACCUMULATED LOSSES 2021 $ Balance at the beginning of the financial year (136,047,037 ) Add: net loss attributable to owners of Genetic Technologies Limited (7,077,619 ) Less: Options expired 49,438 Balance at the end of the financial year (143,075,218 ) The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. |
OPTIONS
OPTIONS | 12 Months Ended |
Jun. 30, 2021 | |
Options | |
OPTIONS | 21. OPTIONS Employee Option Plan The fair value of options granted under an Employee Option Plan is recognised as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant date and recognised over the vesting period over which the service vesting conditions are to be satisfied. Employee Option Plan options have no other vesting conditions. 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) 21. OPTIONS (Cont.) The cumulative employee benefits expense recognised 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 recognised as if the terms had not been modified. In addition, an expense is recognised 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, 2021, 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, 2021, there were 12,850,000 no Set out below are summaries of all and unlisted options, including ESOP which were issued in prior periods: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE UNLISTED OPTIONS 2021 2020 Average exercise price per share option Number of options Average exercise price per share option Number of options Opening balance $ 0.008 538,000,000 $ 0.015 38,000,000 Exercised by various underwriters $ 0.008 (21,000,000 ) — — Exercised by Lodge Corporate Pty Ltd $ 0.008 (2,500,000 ) — — Granted to employees during the year $ 0.008 12,850,000 — — 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 $ 0.01 (5,000,000 ) $ 0.010 (5,000,000 ) Forfeited during the year $ 0.01 (500,000 ) — — Lapse of unlisted options attached to convertible notes — — — — Closing balance $ 0.008 $ 521,850,000 $ 0.008 $ 538,000,000 21. OPTIONS (Cont.) (i) Fair value of options granted (Cont.) The movements in the number of options granted under the Employee share plans are as follows: SCHEDULE OF NUMBER OF OPTIONS GRANTED UNDER THE PLANS 2021 2020 Average exercise price per share option Number of options Average exercise price per share option Number of options Balance at the beginning of the financial year $ 0.015 20,500,000 $ 0.015 25,500,000 Add: options granted during the year $ 0.008 12,850,000 — — Less: options lapsed during the year $ 0.010 (5,000,000 ) $ 0.010 (5,000,000 ) Less: options forfeited during the year $ 0.010 (500,000 ) — — Balance at the end of the financial year $ 0.011 $ 27,850,000 $ 0.015 $ 20,500,000 The number of options outstanding as at June 30, 2021 by ASX code, including the respective dates of expiry and exercise prices, are tabled below. The options tabled below are not listed on ASX. SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE 2021 2020 Unlisted options Average exercise price per share option Number of options 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 GTGAD (expiring February 16, 2022) $ 0.010 5,500,000 $ 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) $ 0.008 231,500,000 $ 0.008 250,000,000 Options to directors (expiring December 20, 2022) $ 0.008 250,000,000 $ 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 9,500,000 $ 0.010 10,000,000 ESOP options (expiring December 1, 2023) $ 0.008 12,850,000 — — Total $ 0.008 521,850,000 $ 0.008 538,000,000 Exercisable at the end of the financial year $ 0.008 $ 521,850,000 $ 0.008 $ 538,000,000 The weighted average remaining contractual life of options outstanding as at June 30, 2021 was 1.37 years (2020: 2.39 years). |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2021 | |
Segment Information | |
SEGMENT INFORMATION | 22. 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: SUMMARY OF GEOGRAPHICAL INFORMATION 2021 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 102,416 18,138 120,554 Other income 1,308,043 256,413 1,564,456 Cost of goods sold (351,971 ) (9,056 ) (361,027 ) Total segment revenue & other income 1,058,488 265,495 1,323,983 Segment expenses Depreciation and amortisation (99,719 ) (405 ) (100,124 ) Finance costs (4,360 ) (9,689 ) (14,049 ) Share-based payments (714,577 ) — (714,577 ) Laboratory and research and development (2,702,313 ) (149,155 ) (2,851,468 ) General and administrative expenses (3,381,808 ) (7,656 ) (3,389,464 ) Other operating expenses (723,890 ) (395,556 ) (1,119,446 ) Depreciation for right-of-use assets (191,671 ) (20,803 ) (212,474 ) Total segment expenses (7,818,338 ) (583,264 ) (8,401,602 ) Income tax expenses — — — Loss for the period (6,759,850 ) (317,769 ) (7,077,619 ) Total Segment Assets 22,628,506 343,182 22,971,688 Total Segment Liabilities (1,347,007 ) (91,646 ) (1,438,653 ) 22. SEGMENT INFORMATION (Cont.) (b) Geographical segments (Cont.) 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 (5,522 ) — (5,522 ) Cost of goods sold (243,506 ) (8,005 ) (251,511 ) Total segment revenue & other income 885,013 8,465 893,478 Segment expenses Depreciation and amortisation (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 (1,427,051 ) (213,321 ) (1,640,372 ) The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. |
SHARE BASED PAYMENTS
SHARE BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE BASED PAYMENTS | 23. SHARE BASED PAYMENTS (a) Employee option plan On December 21, 2020, the Company issued 12,850,000 0.008 (b) Performance Rights Issuance After receiving requisite shareholder approval on November 29, 2018, the Company has issued 76,250,000 ● 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 ● 3,750,000 In the year ended June 30, 2020, all Performance Rights previously issued to Dr. Paul Kasian and Mr. Xue Lee were forfeited. After receiving another requisite shareholder approval on December 10, 2020, the Company issued additional 125,000,000 ● 5,000,000 Class A Performance Rights to Dr. Lindsay Wakefield ● 7,500,000 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C Performance Rights to Dr. Jerzy Muchnicki ● 7,500,00 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C Performance Rights to Mr. Peter Rubinstein ● 5,000,000 Class A Performance Rights to Mr. Nicholas Burrows During the year, the Board has approved for the following Performance Rights to be issued to the Chief Executive Officer and Chief Operating Officer: ● 60,000,000 ● 3,937,500 The Company has accounted for these Performance Rights in accordance with its accounting policy for share-based payment transactions and has recorded A$ 622,725 23. SHARE BASED PAYMENTS (Cont.) (b) Performance Rights Issuance (Cont.) 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. For the Performance Rights issued in the year ended June 2019, the data relied upon in applying the Monte Carlo simulation was: a) exercise price being 0.0 b) VWAP hurdle ( 10 days c) the continuously compounded risk-free rate being 2.02 d) the expected option life of 2.8 e) a volatility measure of 80% For the Performance Rights issued during the current year, the data relied upon in applying the Monte Carlo simulation was: a) exercise price being 0.0 b) VWAP hurdle ( 10 days c) sales and market cap hurdles as listed above for Class C and Class E Performance Rights; d) the continuously compounded risk free rate being 0.111% for all classes of Performance Rights (calculated with reference to Refinitiv – closing share price as at December 21, 2020, and 3 year Australian Government yield as at December 21, 2020); e) the expected option life of 2 years f) a volatility measure of 158.23% 23. SHARE BASED PAYMENTS (Cont.) (b) Performance Rights Issuance (Cont.) Performance hurdles The Directors, being the recipients of the Performance Rights, must remain engaged by the Company at the time of satisfaction of the performance hurdle in order for the relevant Performance Right to vest. Performance Rights issued during the year ended June 30, 2021 The Class A Performance Rights vest and are exercisable upon the Share price reaching $0.012 or greater for more than 10-day consecutive ASX trading days. The Class B Performance Rights vest and are exercisable upon the Share price reaching $0.014 or greater for more than 10-day consecutive ASX trading days and sales commence on the Consumer Initiated Testing (CIT) platform in either Australia or the United States of America. The Class C Performance Rights vest and are exercisable upon a minimum of 4,000 tests being processed in any 12 month period or the market cap of the Company reaching $100 million or above and being sustained for more than 10 consecutive ASX trading days, whichever happens sooner. The Class D Performance Rights vest and are exercisable upon the Share price reaching $0.016 or greater for more than 15-day consecutive ASX trading days. The Class E Performance Rights vest and are exercisable upon the first commercial sale of the Company’s COVID-19 risk test with IBX (Infinity BioLogix). Performance Rights issued prior to the year ended June 30, 2021 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. Performance rights issued during prior years, vested during the year SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Expense accounted for during the year Dr. Lindsay Wakefield 3,750,000 0.77 $ 28,875 $ 9,625 Dr. Jerzy Muchnicki 6,250,000 0.77 $ 48,125 $ 16,042 Mr. Peter Rubinstein 5,000,000 0.77 $ 38,500 $ 12,833 Total 15,000,000 $ 115,500 $ 38,500 Performance rights cancelled/forfeited during the year ended June 30, 2020 Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Expense accounted for during the year Mr. Xue Lee (2) 3,750,000 0.77 $ 28,875 $ (5,616 ) Dr. Paul Kasian (1) 7,500,000 0.77 $ 57,750 $ (11,229 ) Total 11,250,000 $ 86,625 $ (16,845 ) Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Expense accounted for during the year Dr. Paul Kasian (1) 25,000,000 0.77 $ 192,500 $ (37,431 ) Number of Performance Rights issued Valuation per Class C (cents) Total fair value of Expense accounted for during the year Dr. Paul Kasian (1) 25,000,000 0.57 $ 142,500 $ (27,708 ) Notes: (1) Dr. Paul Kasian resigned on September 24, 2019. (2) Mr. Xue Lee resigned on July 9, 2019 No Performance Rights were cancelled/forfeited during the year ended June 30, 2021. 23. SHARE BASED PAYMENTS (cont.) (c) Expenses arising from share-based payment transactions SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: Consolidated 2021 2020 2019 $ $ $ Kentgrove options issued 16,667 16,667 15,278 Performance rights issued 622,725 38,500 104,441 Reversal of forfeited Performance Rights — (81,984 ) — Options issued under employee option plan 75,186 12,375 215,383 Total expenses arising from share-based payments 714,578 (14,442 ) 335,102 (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; SCHEDULE OF OPTION GRANTED AND ISSUED 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.85 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 1,056,054 Holder Grant date of issued options Number of options issued Various underwriters October 30, 2019 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.78 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 817,666 Holder Grant date of issued options Number of options issued Lodge Corporate Pty Ltd March 6, 2020 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 A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.36 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 29,340 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of maturity analysis of operating lease payments [abstract] | |
COMMITMENTS | 24. COMMITMENTS (a) Expense commitments SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS Consolidated Expenditure commitments 2021 2020 2019 $ $ $ Minimum expense payments - not later than one year — — 250,068 - later than one year but not later than five years — — 266,560 - later than five years — — — Total minimum expense payments — — 516,628 Due to the adoption of IFRS 16 effective July 1, 2019, the Company no longer has any non-cancellable lease to be recognised under commitments for the year ended June 30, 2021. (b) Capital commitments SCHEDULE OF CAPITAL COMMITMENT Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: 2021 2020 $ $ 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, 2021 | |
AUDITORS’ REMUNERATION | 25. AUDITORS’ REMUNERATION SCHEDULE OF AUDITOR’S REMUNERATION Consolidated 2021 $ 2020 $ 2019 $ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) 72,500 274,000 288,000 Audit related fees (2) — 200,000 — Tax fees (3) — — — All other fees (4) — — — Grant Thornton Audit Pty Ltd in respect of: Audit (1) 168,333 — — Audit related fees (2) — — — Tax fees (3) — — — All other fees (4) 65,000 — — Other audit firms in respect of: Audit of the Financial Reports of subsidiaries — — — Total remuneration in respect of audit services 305,833 474,000 288,000 (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) Audit related fees 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. (3) Tax fees include fees for all tax services other than those included in “Audit Fees” and “Audit-Related Fees”. This category includes fees for tax compliance, tax advice and tax planning. (4) All other fees consist of fees billed for financial and information technology due diligence services in respect of the Company’s acquisition of the business and assets associated with the EasyDNA brand that completed on August 13 th |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY DISCLOSURES | 26. RELATED PARTY DISCLOSURES Ultimate parent Genetic Technologies Limited is the ultimate Australian parent company. As at the date of this Report, no Transactions within the Company and with other related parties During the year ended June 30, 2021, other than compensation paid to directors and other members of key management personnel, see “Item 6.B Compensation”, the only transactions between entities within the Company and other related parties are as listed below. Except where noted, all amounts were charged on similar to market terms and at commercial rates. 26. RELATED PARTY DISCLOSURES (Cont.) 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 formalising 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 3 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 Company 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 November 29, 2018, the Company has issued 76,250,000 ● 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 ● 3,750,000 26. RELATED PARTY DISCLOSURES (Cont.) In the year ended June 30, 2020, all Performance Rights previously issued to Dr. Paul Kasian and Mr. Xue Lee were forfeited. After receiving another requisite shareholder approval on December 10, 2020, the Company issued additional 125,000,000 ● 5,000,000 Class A Performance Rights to Dr. Lindsay Wakefield ● 7,500,000 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C Performance Rights to Dr. Jerzy Muchnicki ● 7,500,00 Class A Performance Rights, 25,000,000 Class B Performance Rights and 25,000,000 Class C Performance Rights to Mr. Peter Rubinstein ● 5,000,000 Class A Performance Rights to Mr. Nicholas Burrows During the year, the Board has approved for the following Performance Rights to be issued to the Chief Executive Officer and Chief Operating Officer: ● 60,000,000 Class D Performance Rights to Mr. Simon Morris ● 3,937,500 Class E Performance Rights to Mr. Stanley Sack The Company has accounted for these Performance Rights in accordance with its accounting policy for share-based payment transactions and has recorded A$ 622,725 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 49 250,000 During the year ended June 30, 2020, the Company managed to recover A$ 43,380 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, 2021, 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 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 4 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$4 million, each in accordance with the terms of their separate sub-underwriting agreements with Lodge Corporate Pty Ltd (each a Sub-Underwriting Agreement). Dr. Muchnicki and Mr. Rubinstein reflecting the amount of their sub-writing commitment were to be granted on the same terms as all options to be granted to the relevant sub-underwriters. The number of options issued to both directors was calculated as 1 125,000,000 As announced on October 11, 2019, within the rights issue offer document, upon exercise each such option converts into 1 fully paid share on terms consistent with the ASX Listing Rules; with a 3 ● A$ 0.008 ● 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 88,000 2 5,000,000 29,340 26. RELATED PARTY DISCLOSURES (Cont.) Mr. Phillip Hains (Former 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 During the reporting period, the Company had transactions valued at A$ 224,971 527,724 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 During the reporting period, the Company had transactions valued at A$ 143,172 38,500 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$ 60,000 35,000 There were no transactions with parties related to Key Management Personnel during the year other than that disclosed above. 26. RELATED PARTY DISCLOSURES (Cont.) Details of Directors and Key Management Personnel as at balance date Directors ● Mr. Peter Rubinstein (Independent Non-Executive & Chairman) ● Dr. Jerzy Muchnicki (Executive Director & Chief Medical Officer ) ● Dr. Lindsay Wakefield (Independent Non-Executive) ● Mr. Nicholas Burrows (Independent Non-Executive) (appointed September 2, 2019) Key Management Personnel (KMPs) ● Mr. Simon Morriss (Chief Executive Officer) (appointed 1 February 2021) ● Dr. Richard Allman (Chief Scientific Officer) ● Mr. Phillip Hains (Chief Financial Officer) (July 15, 2019 to 15 June 2021) ● Mr. Mike Tonroe (Chief Financial Officer) (appointed 15 June 2021) ● Mr. Stanley Sack (Chief Operating Officer) (appointed May 18, 2020) SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Remuneration of Key Management Personnel Short-term employee benefits 1,035,302 638,659 964,162 Post-employment benefits 79,042 53,614 86,130 Share-based payments 650,911 (32,498 ) 157,886 Other long-term benefits 4,589 3,231 734 Termination benefits — — — Total remuneration of Key Management Personnel 1,787,933 663,006 1,208,912 |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES | 27. SUBSIDIARIES The following diagram is a depiction of the Company structure as at June 30, 2021. 27. SUBSIDIARIES (Cont.) SCHEDULE OF SUBSIDIARY UNDERTAKINGS Company interest (%) Net carrying value ($) Name of Company Incorporation details 2021 2020 2021 2020 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. (1) 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 (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
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT | 28. FINANCIAL RISK MANAGEMENT This note explains the Company’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 Company holds financial instruments which are other than the Australian dollar (AUD) functional currency of the Company. 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: SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES June 30, 2021 June 30, 2020 USD CAD EUR USD EUR $ $ $ $ $ Cash at Bank / on hand 7,868,978 — 36,787 2,512,767 38,020 Trade and other receivables 31,908 — — — — Trade and other payables 27,001 (1,236 ) — 99,637 — Sensitivity As shown in the table above, the Company 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, 2021, had the Australian dollar weakened/strengthened by 4.9 % (2020: 6.03 %) against the USD with all other variables held constant, the Company’s post-tax loss for the year would have been A$ 388,466 lower/higher (2020: A$ 145,520 lower/higher). ● USD: 4.9 6.03 The Company is more sensitive to movements in the AUD/USD exchange rates in 2021 than 2020 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 utilisation 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 minimised through investing surplus funds in financial institutions that maintain a high credit rating. (ii) Security For some trade receivables the Company 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. 28. FINANCIAL RISK MANAGEMENT (Cont.) (b) Credit risk (Cont.) (iii) Impairment of financial assets (Cont.) 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 realisation profile of financial assets. (i) Maturities of financial liabilities The tables below analyse 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. SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES Contractual maturities of 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 financial liabilities $ $ $ $ $ $ $ At June 30, 2021 Trade and other payables 760,350 — — — — 760,350 760,350 Lease liabilities 129,057 50,569 24,412 — — 204,038 204,038 Total 889,407 50,569 24,412 — — 964,388 964,388 Contractual maturities of 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 financial liabilities $ $ $ $ $ $ $ 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 28. FINANCIAL RISK MANAGEMENT (Cont.) (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 minimise 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, 2021, 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$ 14,775 55,828 28. FINANCIAL RISK MANAGEMENT (Cont.) The exposure to interest rate risks and the effective interest rates of financial assets and liabilities, both recognised and unrealised, for the Company is as follows: SCHEDULE OF EXPOSURE TO INTEREST RATE RISKS AND EFFECTIVE INTEREST RATES OF FINANCIAL ASSETS AND LIABILITIES Floating rate Fixed rate Carrying amount Weighted ave. effective rate Ave. maturity Period Consolidated Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2021 2,955,047 17,947,235 20,902,282 0.2 % At call 2020 11,645,389 — 11,645,389 0.5 % At call Performance bond / deposits 2021 — 1,856 1,856 — At call 2020 — 2,025 2,025 — At call Totals 2021 2,955,047 17,949,091 20,904,138 2020 11,645,389 2,025 11,647,414 Financial liabilities Borrowings 2021 — — — — — 2020 — 52,252 52,252 1 % — Leases 2021 — 204,038 204,038 5.37 % — 2020 — 429,536 429,536 5.37 % — Totals 2021 — 204,038 204,038 2020 — 481,788 481,788 Note The Company holds the balance of its cash in non-interest-bearing bank accounts. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
SUBSEQUENT EVENTS | 29. SUBSEQUENT EVENTS The Company executed an acquisition agreement (“Acquisition Agreement”) on July 19 th 100 4 2.5 1.5 |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Jun. 30, 2021 | |
Capital Management | |
CAPITAL MANAGEMENT | 30. 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 Company 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 nil nil nil |
PARENT ENTITY FINANCIAL INFORMA
PARENT ENTITY FINANCIAL INFORMATION | 12 Months Ended |
Jun. 30, 2021 | |
Parent Entity Financial Information | |
PARENT ENTITY FINANCIAL INFORMATION | 31. PARENT ENTITY FINANCIAL INFORMATION The individual financial statements for the parent entity show the following aggregate amounts: SCHEDULE OF INDIVIDUAL FINANCIAL INFORMATION 2021 $ 2020 $ Balance sheet Current assets 21,809,918 11,646,391 Non-current assets 2,011,338 345,236 Total assets 23,821,256 11,991,627 Current liabilities 1,317,378 10,095,549 Non-current liabilities 7,694,668 1,117,947 Total liabilities 9,012,046 11,213,496 Shareholders’ equity Share Capital Reserves 153,574,974 140,111,073 Other reserves (117,131 ) (117,131 ) Share-based payments 8,499,649 6,184,391 Retained earnings (147,148,282 ) (145,400,202 ) Total Equity 14,809,210 778,131 Profit/(Loss) for the year (1,601,672 ) (8,816,667 ) For the year ended June 30, 2021, A$ 4,482,965 3,782,537 |
CONTINGENT LIABILITIES AND CONT
CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 12 Months Ended |
Jun. 30, 2021 | |
Contingent Liabilities And Contingent Assets | |
CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 32. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company had no contingent liabilities at June 30, 2021 (2020: nil). |
IMPACT OF COVID-19
IMPACT OF COVID-19 | 12 Months Ended |
Jun. 30, 2021 | |
Impact Of Covid-19 | |
IMPACT OF COVID-19 | 33. IMPACT OF COVID-19 On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organisation (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. Australian Disclosure Requirements All press releases, financial reports and other information are available using the stock code GTG on the Australian Stock Exchange website: www2.asx.com.au |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
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 general purpose financial statements of Genetic Technologies Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Genetic Technologies Limited is a for-profit entity for the purpose of preparing the financial statements. (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, 2021, the Company incurred a total comprehensive loss of $ 7,115,087 (2020: $ 6,327,950 ) and net cash outflow from operations of $ 6,295,929 (2020: $ 5,712,098 ). As at June 30, 2021, the Company held total cash and cash equivalents of $ 20,902,282 and total net current assets of $ 20,830,733 . 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 two successful capital raises during the financial year, the Company has $ 20,902,282 (v) Immaterial correction of error – previous year During the year ended June 30, 2021, the Company identified an error and retrospectively revised the accounting for its representative warrants as described below. Representative warrants Genetic Technologies Limited raised capital in April 2020 and May 2020, and representative warrants were included as part of these public offerings. These representative warrants had been accounted for as a financial liability and was subsequently adjusted to fair value at each subsequent reporting date. The Company determined that these representative warrants originally classified as a financial liability should have been accounted for as an equity-settled share-based payment in the consolidated financial statements as of and for the year ended June 30, 2020. The Company assessed the effects of this correction based on both quantitative and qualitative factors and determined that the correction was not material. Accordingly, the Company corrected the errors as of and for the year ended June 30, 2020 in the accompanying consolidated financial statements and related footnotes. The below tables summarise the adjustments that were made to correct the immaterial errors for the periods presented. Extract from the Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) SCHEDULE OF FINANCIAL ADJUSTMENTS Year ended June 30, 2020 Revision Year ended June 30, 2020 Revised $ $ $ Fair value gains on financial instruments 195,845 (195,845 ) — Loss from operations before income tax (6,098,930 ) (195,845 ) (6,294,775 ) Loss for the year (6,098,930 ) (195,845 ) (6,294,775 ) Total comprehensive loss for the year (6,132,105 ) (195,845 ) (6,327,950 ) Loss per share (cents per share) Basic and diluted net loss per ordinary share (0.15 ) (0.15 ) Weighted-average shares outstanding 4,155,017,525 4,155,017,525 Extract from the Consolidated Balance Sheet 2020 Revision 2020 Revised $ $ $ Non-Current Liabilities Other financial liabilities 977,237 (977,237 ) — Total Non-Current Liabilities 1,220,037 (977,237 ) 242,800 TOTAL LIABILITIES 2,617,609 (977,237 ) 1,640,372 NET ASSETS 13,015,370 977,237 13,992,607 EQUITY Reserves 8,755,489 1,173,082 9,928,571 Accumulated losses (135,851,192 ) (195,845 ) (136,047,037 ) TOTAL EQUITY 13,015,370 977,237 13,992,607 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) Other Gains / (Losses) 2020 Revision 2020 Revised Net foreign exchange gains/(losses) (5,522 ) — (5,522 ) Fair value gains on financial liabilities through profit or loss 195,845 (195,845 ) — Net impairment losses — — — Total other gains / (losses) 190,323 (195,845 ) (5,522 ) Loss per Share 2020 $ Revision $ 2020 Revised $ Loss for the year attributable to the owners of Genetic Technologies Limited (6,098,930 ) (195,845 ) (6,294,775 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 4,155,017,525 — 4,155,017,525 Reserves 2020 $ Revision $ 2020 Revised $ Foreign currency translation 756,423 — 756,423 Share-based payments 7,999,066 1,173,082 9,172,148 Total reserves 8,755,489 1,173,082 9,928,571 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 789,598 — 789,598 Add: net currency translation gain / (loss) (33,175 ) — (33,175 ) Balance at the end of the financial year 756,423 — 756,423 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 5,220,334 — 5,220,334 Add: share-based payments expense 67,542 195,845 263,387 Add: Issue of options/warrants to underwriters 2,793,174 977,237 3,770,411 Less: Reversal of Performance Rights expenses in prior year (81,984 ) — (81,984 ) Balance at the end of the financial year 7,999,066 1,173,082 9,172,148 Accumulated Losses 2021 2020 Revision 2020 Revised $ $ $ Balance at the beginning of the financial year (129,737,550 ) — (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 ) (195,845 ) (6,294,775 ) Balance at the end of the financial year (135,851,192 ) (195,845 ) (136,047,037 ) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (vi) New standards and interpretations Software-as-a-Service arrangements The IFRS Interpretations Committee (IFRIC) has issued two agenda decisions related to accounting for Software-as-a-Service (SaaS) arrangements: ● In March 2019, the IFRIC considered the accounting for SaaS arrangements (the first agenda decision) and concluded that for many such arrangements the substance is that the Company has contracted to receive services rather than the acquisition (or lease) of software assets. This is because, in a cloud-based environment, the SaaS contract generally only gives the customer the right to receive access to the cloud provider’s application software, rather than a license over the IP i.e. control over the software code itself. ● In April 2021, the IFRIC specifically considered how an entity should account for configuration and customisation costs incurred in implementing these (SaaS) service arrangements. The IFRIC concluded (the second agenda decision) that these costs should be expensed, unless the criteria for recognising a separate asset are met. The Company has historically expensed costs related to SaaS arrangements. The impact of this decision has not had a material impact on the Company’s financial statements. (vii) New standards and interpretations not yet adopted There are no standards that are not yet effective and that would be expected to have a material impact on the Company in the current or future reporting years and on foreseeable future transactions. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
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 Company and has the ability to affect those returns through its power to direct the activities of the Company. 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 unrealised gains on transactions between Company companies are eliminated. Unrealised 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. |
Segment reporting | (c) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
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 Company 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 recognised 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 recognised 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 recognised 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 recognised 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 recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Revenue recognition | (e) Revenue recognition Under IFRS 15, revenue is recognised based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognised: Genetic testing revenues The Company operates facilities which provide genetic testing services. Revenue from the provision molecular risk testing for cancer (BREVAGenplus) is recognised at a point time when the Company has provided the customer with their test results, the single performance obligation. |
Other income | (f) Other income (i) Interest income Income is recognised as the interest accrues using the effective interest method. (ii) 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 Income from government grants is recognised in the consolidated income statement on a systematic basis over the periods in which the Company recognises 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
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 recognised 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 realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Management has assessed the tax position of the Company and concluded that any potential uncertainty does not have a material impact on the financial statements. |
Leases | (h) Leases Please refer to Note 17 for further information. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
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 recognised 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 recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised 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 recognised. 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 recognised for the asset in prior years. Such reversal is recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
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 recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Refer Note 28 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. |
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 realisable 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 realisable 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Property, plant and equipment | (m) Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised 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 derecognised 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: SCHEDULE OF ESTIMATED USEFUL LIFE Plant and equipment 3 5 Furniture, fittings and equipment 3 5 Leasehold improvements 1 3 Leased plant and equipment 3 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 amortised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Provisions | (o) Provisions Provisions for legal claims, service warranties and make good obligations are recognised 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 recognised 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 recognised 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 recognised 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 recognised 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 recognised in general and administrative expenses in profit or loss. The obligations are presented as current liabilities in the balance sheet if the Company 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. |
Fair value measurement | (q) Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: ● Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and ● Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. |
Contributed equity | (r) Contributed equity Issued and paid-up capital is recognised at the fair value of the consideration received by the Company. Transaction costs arising on the issue of Ordinary Shares are recognised 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Loss per share | (s) 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, 2021 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) | (t) Goods and services tax (GST) Revenues are recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenues can be reliably measured. Revenues are recognised 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 recognised: 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 | (u) 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, 2021 | |
Summary Of Significant Accounting Policies | |
SCHEDULE OF FINANCIAL ADJUSTMENTS | Extract from the Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) SCHEDULE OF FINANCIAL ADJUSTMENTS Year ended June 30, 2020 Revision Year ended June 30, 2020 Revised $ $ $ Fair value gains on financial instruments 195,845 (195,845 ) — Loss from operations before income tax (6,098,930 ) (195,845 ) (6,294,775 ) Loss for the year (6,098,930 ) (195,845 ) (6,294,775 ) Total comprehensive loss for the year (6,132,105 ) (195,845 ) (6,327,950 ) Loss per share (cents per share) Basic and diluted net loss per ordinary share (0.15 ) (0.15 ) Weighted-average shares outstanding 4,155,017,525 4,155,017,525 Extract from the Consolidated Balance Sheet 2020 Revision 2020 Revised $ $ $ Non-Current Liabilities Other financial liabilities 977,237 (977,237 ) — Total Non-Current Liabilities 1,220,037 (977,237 ) 242,800 TOTAL LIABILITIES 2,617,609 (977,237 ) 1,640,372 NET ASSETS 13,015,370 977,237 13,992,607 EQUITY Reserves 8,755,489 1,173,082 9,928,571 Accumulated losses (135,851,192 ) (195,845 ) (136,047,037 ) TOTAL EQUITY 13,015,370 977,237 13,992,607 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) Other Gains / (Losses) 2020 Revision 2020 Revised Net foreign exchange gains/(losses) (5,522 ) — (5,522 ) Fair value gains on financial liabilities through profit or loss 195,845 (195,845 ) — Net impairment losses — — — Total other gains / (losses) 190,323 (195,845 ) (5,522 ) Loss per Share 2020 $ Revision $ 2020 Revised $ Loss for the year attributable to the owners of Genetic Technologies Limited (6,098,930 ) (195,845 ) (6,294,775 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 4,155,017,525 — 4,155,017,525 Reserves 2020 $ Revision $ 2020 Revised $ Foreign currency translation 756,423 — 756,423 Share-based payments 7,999,066 1,173,082 9,172,148 Total reserves 8,755,489 1,173,082 9,928,571 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 789,598 — 789,598 Add: net currency translation gain / (loss) (33,175 ) — (33,175 ) Balance at the end of the financial year 756,423 — 756,423 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 5,220,334 — 5,220,334 Add: share-based payments expense 67,542 195,845 263,387 Add: Issue of options/warrants to underwriters 2,793,174 977,237 3,770,411 Less: Reversal of Performance Rights expenses in prior year (81,984 ) — (81,984 ) Balance at the end of the financial year 7,999,066 1,173,082 9,172,148 Accumulated Losses 2021 2020 Revision 2020 Revised $ $ $ Balance at the beginning of the financial year (129,737,550 ) — (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 ) (195,845 ) (6,294,775 ) Balance at the end of the financial year (135,851,192 ) (195,845 ) (136,047,037 ) |
SCHEDULE OF ESTIMATED USEFUL LIFE | SCHEDULE OF ESTIMATED USEFUL LIFE Plant and equipment 3 5 Furniture, fittings and equipment 3 5 Leasehold improvements 1 3 Leased plant and equipment 3 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Cost Of Sales | |
SCHEDULE OF COST OF SALES | SCHEDULE OF COST OF SALES 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Inventories used 115,934 82,516 55,995 Direct labor costs 110,894 107,590 103,601 Depreciation expense 79,676 42,488 55,480 Inventories written-off 54,523 18,917 61,191 Total cost of sales 361,027 251,511 276,267 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
SCHEDULE OF OTHER INCOME | SCHEDULE OF OTHER INCOME 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Net profit on disposal of plant and equipment — 37,000 — Research and development tax incentive income (1) 997,908 750,000 856,707 Export Marketing & Development Grant 100,000 — — Interest income 62,394 22,507 25,794 Rental income — — — Other income 116,271 78,001 137,268 Government grant income – COVID-19 relief (2) 287,883 253,139 — Total other income 1,564,456 1,140,647 1,019,769 (1) 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 recognised 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, 2021, the Company has included an item in other income of A$ 997,908 750,000 856,707 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 41 In accordance with IAS 20, government grants, including non-monetary grants at fair value, should not be recognised 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, 2021 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 relates to government assistance received during the year, from the Australian Government (at both federal and state level) and the U.S. Small Business Administration, in response to the economic and financial challenges in the current economy. |
OTHER GAINS _ (LOSSES) (Tables)
OTHER GAINS / (LOSSES) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other Gains | |
SCHEDULE OF OTHER GAINS / (LOSSES) | During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF OTHER GAINS / (LOSSES) 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Net foreign exchange gains/(losses) — (5,522 ) 92,518 Fair value gains on financial liabilities through profit or loss — — — Net impairment losses (1) — — (500,000 ) Total other gains / (losses) — (5,522 ) (407,482 ) The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. (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, 2021 | |
Income Tax | |
SCHEDULE OF INCOME TAX EXPENSE | SCHEDULE OF INCOME TAX EXPENSE 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax expense (7,077,619 ) (6,098,930 ) (6,425,604 ) Tax at the Australian tax rate of 26 % (2020: 27.50 % and 2019: 27.50 %) (1,840,181 ) (1,677,206 ) (1,767,040 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 185,790 (3,971 ) 92,153 Research and development tax incentive 588,659 446,717 541,596 Other non-deductible items — 888 590 Other assessable items — (26,764 ) — Income tax expenses before unrecognized tax losses (1,065,732 ) (1,260,336 ) (1,132,701 ) Difference in overseas tax rates 16,688 26,526 41,009 Under /(over) provision (235,653 ) 553,190 1,126,722 Temporary differences not recognised (419,965 ) (353,628 ) (121,965 ) Research and development tax credit (275,631 ) (206,250 ) (238,084 ) Tax losses not recognised 1,980,293 1,240,498 325,020 Income tax expense — — — |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS Net deferred tax assets Deferred tax assets not recognised Property, plant and equipment 8,004 — 863 Capital raising costs 975,270 877,584 232,328 Intangible assets 1,701,477 1,832,075 1,893,220 Provisions 297,907 306,044 187,958 Total deferred tax assets 2,982,658 3,015,703 2,314,369 Deferred tax liabilities not recognised Right-of-use assets (34,735 ) (119,384 ) — Total deferred tax liabilities (34,735 ) (119,384 ) — Net deferred tax assets on temporary differences not brought to account 2,947,923 (2,896,320 ) (2,314,369 ) Total net deferred tax assets — — — |
SCHEDULE OF TAX LOSSES | SCHEDULE OF TAX LOSSES 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Tax losses Unused tax losses for which no deferred tax asset has been recognised 100,694,696 97,259,045 90,254,547 Potential tax benefit 26 19,165,603 18,727,578 17,563,730 Potential tax benefit 21 5,665,976 6,123,340 5,541,152 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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: SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Loss for the year attributable to the owners of Genetic Technologies Limited (7,077,619 ) (6,294,775 ) (6,425,604 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 8,544,157,979 4,155,017,525 2,635,454,870 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents [abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 20,902,282 14,214,160 2,131,741 Total cash and cash equivalents 20,902,282 14,214,160 2,131,741 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 (7,077,619 ) (6,294,775 ) (6,425,604 ) Adjust for non-cash items Amortisation and depreciation expenses 265,748 65,148 156,260 Other expenses — 2,885 — Impairment of investments — — 500,000 Share-based payments expense 714,577 (14,442 ) 335,102 Interest classified as investing cash flows — — (25,850 ) Net (profit) / loss on disposal of plant and equipment — (37,000 ) — Net (gains) / losses on liquidation of subsidiary — — — Depreciation of right-of-use of assets 212,474 200,785 — Inventory written-off 54,523 18,917 — Gain on investment previously written off — (43,380 ) — Finance costs 16,338 86,503 — Interest received (62,394 ) (22,507 ) — Net foreign exchange (gains) / losses 9,755 (597,441 ) (92,518 ) Adjust for changes in assets and liabilities Decrease / (increase) in trade and other receivables (284,971 ) 29,412 (517,383 ) (Increase) / decrease in other operating assets (182,602 ) 115,455 (70,027 ) (Increase) / decrease in inventories 14,463 (59,525 ) 27,142 Increase / (decrease) in trade and other payables (14,991 ) 891,498 60,178 Increase / (Decrease) in provisions 38,770 (53,631 ) — Increase / (decrease) in operating liabilities — — (20,482 ) Net cash flows from / (used in) operating activities (6,295,929 ) (5,712,098 ) (6,073,182 ) Financing facilities available As at June 30, 2021, the following financing facilities had been negotiated and were available: Total facilities Credit cards 190,020 193,605 95,714 Facilities used as at reporting date Credit cards (9,511 ) (5,332 ) (6,516 ) Facilities unused as at reporting date Credit cards 180,509 188,272 89,198 |
TRADE AND OTHER RECEIVABLES (_2
TRADE AND OTHER RECEIVABLES (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other current receivables [abstract] | |
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) | SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2021 A$ 2020 A$ Consolidated 2021 $ 2020 $ Trade receivables 120,237 38,871 Less: loss allowance (30,784 ) — Net trade receivables 89,453 38,871 Other receivables (1) 984,872 750,483 Total net current trade and other receivables 1,074,325 789,354 (1) Other receivables majorly consists of R&D income grant receivable. |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Current assets | |
SCHEDULE OF OTHER ASSETS (CURRENT) | SCHEDULE OF OTHER ASSETS (CURRENT) 2021 A$ 2020 A$ Consolidated 2021 $ 2020 $ Prepayments 180,724 95,820 Performance bond and deposits 1,856 2,025 Total current prepayments and other assets 182,580 97,845 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Consolidated 2021 2020 $ $ Laboratory equipment, at cost 426,701 1,451,389 Less: cost written-off during the year (23,484 ) (1,047,515 ) Add: additions during the year 557,655 22,827 Less: accumulated depreciation (571,467 ) (1,453,365 ) Add: accumulated depreciation written-off during the year 23,484 1,047,515 Net laboratory equipment 412,889 20,851 Computer equipment, at cost 672,538 657,265 Less: cost written-off during the year (447,229 ) — Add: additions during the year 26,543 15,273 Less: accumulated depreciation (664,164 ) (651,104 ) Add: accumulated depreciation written-off during the year 447,229 — Net computer equipment 34,917 21,434 Office equipment, at cost — 167,564 Less: cost written-off during the year — (167,564 ) Add: additions during the year 10,495 — Less: accumulated depreciation (1,123 ) (167,564 ) Add: accumulated depreciation written-off during the year — 167,564 Net office equipment 9,372 — Equipment under hire purchase, at cost — 594,626 Less: accumulated depreciation — (594,626 ) Net equipment under hire purchase — — Leasehold improvements, at cost — 465,380 Less: cost written-off during the year — (465,380 ) Add: additions during the year — — Less: accumulated depreciation — (465,380 ) Add: accumulated depreciation written-off during the year — 465,380 Net leasehold improvements — — Total net property, plant and equipment 457,178 42,285 Reconciliation of property, plant and equipment Opening gross carrying amount 1,096,489 3,336,224 Add: additions purchased during the year 594,693 38,100 Less: cost written-off during the year (470,713 ) (2,277,835 ) Closing gross carrying amount 1,220,469 1,096,489 Opening accumulated depreciation and impairment losses (1,054,204 ) (3,266,891 ) Add: accumulated depreciation written-off during the year 470,713 2,277,835 Less: depreciation expense charged (179,800 ) (65,148 ) Closing accumulated depreciation and impairment losses (763,291 ) (1,054,204 ) Total net property, plant and equipment 457,178 42,285 |
SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY | SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Opening Additions Disposals Closing net Asset category carrying Amount $ during year during year Depreciation expense $ carrying amount $ Laboratory equipment 20,851 557,655 — (165,617 ) 412,889 Computer equipment 21,434 26,543 — (13,060 ) 34,917 Office equipment — 10,495 — (1,123 ) 9,372 Leasehold improvements — — — — — Totals 42,285 594,693 — (179,800 ) 457,178 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2020 Opening net Additions Disposals Closing net Asset category carrying Amount $ during during Depreciation expense $ carrying 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, 2021 | |
Trade and other payables [abstract] | |
SCHEDULE OF TRADE AND OTHER PAYABLES | SCHEDULE OF TRADE AND OTHER PAYABLES 2021 $ 2020 $ Consolidated 2021 $ 2020 $ Trade payables 269,665 350,151 Accrued expenses 485,422 330,845 Other payables 5,263 42,728 Total current trade and other payables 760,350 723,724 |
PROVISIONS (CURRENT AND NON-C_2
PROVISIONS (CURRENT AND NON-CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of other provisions [abstract] | |
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS | SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS Consolidated 2021 $ 2020 $ Current provisions Annual leave 171,398 152,239 Long service leave 201,782 189,104 Make good (1) 91,590 91,590 Total current provisions 464,770 432,933 Non-current provisions Long service leave 8,860 1,927 Make good (1) — — Total non-current provisions 8,860 1,927 Total provisions 473,630 434,860 (1) Make good provision |
SCHEDULE OF RECONCILIATION OF PROVISION | SCHEDULE OF RECONCILIATION OF PROVISION Consolidated 2021 $ 2020 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 152,239 152,352 Add: obligation accrued during the year 62,461 38,270 Less: utilised during the year (43,302 ) (38,383 ) Balance at the end of the financial year 171,398 152,239 Reconciliation of long service leave provision Balance at the beginning of the financial year 191,031 244,549 Add: obligation accrued during the year 19,611 3,454 Less: utilised during the year — (56,972 ) Balance at the end of the financial year 210,642 191,031 |
BORROWING (Tables)
BORROWING (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
SCHEDULE OF BORROWING | SCHEDULE OF BORROWING Consolidated 2021 2020 Current Non-Current Total Current Non-Current Total $ $ $ $ $ $ Unsecured Other loan — — — — 52,252 52,252 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Presentation of leases for lessee [abstract] | |
SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | The statement of financial position shows the following amounts relating to leases: SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Consolidated 2021 2020 $ $ Right-of-use assets Right of use-of-assets 180,528 397,945 Lease Liabilities Lease liabilities - Current 179,626 240,915 Lease liabilities – Non-Current 24,412 188,621 Total 204,038 429,536 |
SCHEDULE OF EXPENSES RELATING TO LEASES | The statement of profit or loss under general and administrative expenses includes the following amounts relating to leases: SCHEDULE OF EXPENSES RELATING TO LEASES 2021 2020 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 212,474 200,785 Interest expense (included in general and administrative expenses) 16,338 37,375 |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
SCHEDULE OF ISSUED AND PAID-UP CAPITAL | SCHEDULE OF ISSUED AND PAID-UP CAPITAL Consolidated 2021 $ 2020 $ Issued and paid-up capital Fully paid Ordinary Shares 153,574,974 140,111,073 Total contributed equity 153,574,974 140,111,073 |
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE | SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE Consolidated 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 Consolidated Year ended June 30, 2021 Number of Shares $ Balance at the beginning of the financial year 7,513,779,743 140,111,073 Shares issued during the year 1,502,947,000 17,409,150 Less: transaction costs arising on share issue — (3,945,249 ) Balance at the end of the financial year 9,016,726,743 153,574,974 (i) The details of securities arising on shares issued for the year ended June 30, 2021 are as below: ● On July 17, 2020, the Company issued 114,447,000 166,066,050 0.0053 ● On July 17, 2020, the Company issued 18,500,000 18,500,000 0.008 ● On July 21, 2020, the Company closed a registered direct offering of 1,025,000 365,000,000 250,000,000 156,000,000 39,975,000 ● On December 21, 2020, the Company issued 12,850,000 0.008 December 1, 2023 ● On December 21, 2020 and following the approval by shareholders at the Company’s Annual General Meeting held on December 10, 2020, the Company issued performance rights expiring on December 21, 2023 for nil consideration to the following Directors: ○ Mr. Nick Burrows issued with 5,000,000 Class A performance rights. ○ Dr. Jerzy Muchnicki issued with 7,500,000 Class A performance rights, 25,000,000 Class B performance rights and 25,000,000 Class C performance rights. ○ Mr. Peter Rubinstein issued with 7,500,000 Class A performance rights, 25,000,000 Class B performance rights and 25,000,000 Class C performance rights. ○ Dr. Lindsay Wakefield issued with 5,000,000 Class A performance rights. ● On January 25, 2021 the Company issued 750,000,000 ● On February 4, 2021 the Company issued 2,500,000 2,500,000 ● On March 10, 2021, the Company issued 2,500,000 2,500,000 |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Other reserves [abstract] | |
SCHEDULE OF RESERVES | During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF RESERVES Consolidated 2021 $ 2020 $ Foreign currency translation 718,955 756,423 Share-based payments 10,314,324 9,172,148 Total reserves 11,033,279 9,928,571 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 756,423 789,598 Add: net currency translation gain / (loss) (37,468 ) (33,175 ) Balance at the end of the financial year 718,955 756,423 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 9,172,148 5,220,334 Add: share-based payments expense — 263,387 Add: Issue of options/warrants to underwriters — 3,770,411 Add: Issue of performance rights 622,725 — Add: Issue of options/warrants 1,542,356 — Less: Options expired (49,438 ) — Less: Exercise of options/warrants (973,467 ) — Less: Reversal of Performance Rights expenses in prior year (1) — (81,984 ) Balance at the end of the financial year 10,314,324 9,172,148 The company revised the previous audited financial statements to reflect the correction of an immaterial error. See Note 2(a)(v) for additional information. (1) During the year ended June 30, 2020, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited. 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 WARRANT ISSUED | During the financial year ended 30 June 2020, the following warrants were issued to as a part of capital raising costs: SCHEDULE OF WARRANT ISSUED Warrants issued to Grant date for warrants issued Number of warrants issued Aegis Corp July 16, 2019 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 A$ 0.008 Fair value of warrants at grant date A$ 0.006 Weighted average exercise price A$ 0.008 Risk free interest rate 1.05 % Model used Black-Scholes Expected life of an warrant 5 Valuation amount A$ 890,113 19. RESERVES (Cont.) During the financial year ended June 30, 2021, the following warrants were reclassified from Other Financial Liabilities to Other Reserves. See Note 2(a)(v) for additional information. 2020 Valuation date April 3, 2020 Grant Date April 3, 2020 Warrants issued 40,114,200 Underlying asset price A$ 0.0050 Risk free rate 0.411 % Volatility 140.54 % Exercise price presented in United States Dollar US$ 0.00365 Exchange rate at valuation date A$ 1 to US$0.5995 Exercise price presented in Australian Dollar A$ 0.0061 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0044 Model used Binomial Valuation amount A$ 175,137 2020 Valuation date April 23, 2020 Grant Date April 23, 2020 Warrants issued 28,177,578 Underlying asset price A$ 0.0060 Risk free rate 0.444 % Volatility 142.70 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.6369 Exercise price presented in Australian Dollar A$ 0.0065 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0053 Model used Binomial Valuation amount A$ 149,693 During the financial year ended June 30, 2021, the following warrants were reclassified from Other Financial Liabilities to Other Reserves. See Note 2(a)(v) for additional information. The following warrants were revalued as at the date of shareholder approval. 2021 2020 Valuation date July 21, 2020 June 1, 2020 Grant Date June 1, 2020 June 1, 2020 Warrants issued 156,000,000 156,000,000 Underlying asset price A$ 0.0070 A$ 0.0060 Risk free rate 0.34 % 0.397 % Volatility 135.64 % 142.94 % Exercise price presented in United States Dollar US$ 0.00417 US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 A$ 1 to US$0.6797 Exercise price presented in Australian Dollar A$ 0.00541 A$ 0.0061 Time to maturity of underlying warrants (years) 5 5 Value per warrant in Australian Dollar A$ 0.0062 A$ 0.0054 Model used Binomial Binomial Valuation amount A$ 1,462,442 A$ 848,252 During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. 2021 Valuation date July 21, 2020 Grant Date June 1, 2020 Warrants issued 39,975,000 Underlying asset price A$ 0.0070 Risk free rate 0.42 % Volatility 148.66 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 Exercise price presented in Australian Dollar A$ 0.0146 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.009 Model used Binomial Valuation amount A$ 360,017 2021 Valuation date January 25, 2021 Grant Date January 25, 2021 Warrants issued 48,750,000 Underlying asset price A$ 0.0110 Risk free rate 0.414 % Volatility 147.29 % Exercise price presented in United States Dollar US$ 0.0109 Exchange rate at valuation date A$ 1 to US$0.7708 Exercise price presented in Australian Dollar A$ 0.0142 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0098 Model used Binomial Valuation amount A$ 476,297 |
SCHEDULE OF OPTION ISSUED AND GRANTED | The following information relates to options granted and issued against under the Employee Option Plan for the year ended June 30, 2021; SCHEDULE OF OPTION ISSUED AND GRANTED Options issued to Grant date for options issued Number of options issued Employee Option Plan December 21, 2020 12,850,000 19. RESERVES (Cont.) 2020 Grant Date November 28, 2019 Options issued 250,000,000 Dividend yield — Historic volatility and expected volatility 136 % Option exercise price A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.85 % Expected life of an option 3 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.78 % Expected life of an option 3 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 A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.36 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 29,340 2021 Grant Date December 21, 2020 Options issued 12,850,000 Dividend yield — Historic volatility and expected volatility 155.34 % Option exercise price A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.111 % Expected life of an option 3 Model used Binomial Valuation amount A$ 72,439 |
ACCUMULATED LOSSES (Tables)
ACCUMULATED LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Accumulated Losses | |
SCHEDULE OF ACCUMULATED LOSSES | During the year ended June 30, 2021 the Company identified an error in the accounting for its representative warrants and the table below reflected the correction of an immaterial prior period error. SCHEDULE OF ACCUMULATED LOSSES 2021 $ Balance at the beginning of the financial year (136,047,037 ) Add: net loss attributable to owners of Genetic Technologies Limited (7,077,619 ) Less: Options expired 49,438 Balance at the end of the financial year (143,075,218 ) |
OPTIONS (Tables)
OPTIONS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE UNLISTED OPTIONS 2021 2020 Average exercise price per share option Number of options Average exercise price per share option Number of options Opening balance $ 0.008 538,000,000 $ 0.015 38,000,000 Exercised by various underwriters $ 0.008 (21,000,000 ) — — Exercised by Lodge Corporate Pty Ltd $ 0.008 (2,500,000 ) — — Granted to employees during the year $ 0.008 12,850,000 — — 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 $ 0.01 (5,000,000 ) $ 0.010 (5,000,000 ) Forfeited during the year $ 0.01 (500,000 ) — — Lapse of unlisted options attached to convertible notes — — — — Closing balance $ 0.008 $ 521,850,000 $ 0.008 $ 538,000,000 |
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: SCHEDULE OF NUMBER OF OPTIONS GRANTED UNDER THE PLANS 2021 2020 Average exercise price per share option Number of options Average exercise price per share option Number of options Balance at the beginning of the financial year $ 0.015 20,500,000 $ 0.015 25,500,000 Add: options granted during the year $ 0.008 12,850,000 — — Less: options lapsed during the year $ 0.010 (5,000,000 ) $ 0.010 (5,000,000 ) Less: options forfeited during the year $ 0.010 (500,000 ) — — Balance at the end of the financial year $ 0.011 $ 27,850,000 $ 0.015 $ 20,500,000 |
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE | The number of options outstanding as at June 30, 2021 by ASX code, including the respective dates of expiry and exercise prices, are tabled below. The options tabled below are not listed on ASX. SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE 2021 2020 Unlisted options Average exercise price per share option Number of options 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 GTGAD (expiring February 16, 2022) $ 0.010 5,500,000 $ 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) $ 0.008 231,500,000 $ 0.008 250,000,000 Options to directors (expiring December 20, 2022) $ 0.008 250,000,000 $ 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 9,500,000 $ 0.010 10,000,000 ESOP options (expiring December 1, 2023) $ 0.008 12,850,000 — — Total $ 0.008 521,850,000 $ 0.008 538,000,000 Exercisable at the end of the financial year $ 0.008 $ 521,850,000 $ 0.008 $ 538,000,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Segment Information | |
SUMMARY OF GEOGRAPHICAL INFORMATION | SUMMARY OF GEOGRAPHICAL INFORMATION 2021 Australia USA Total Consolidated entity $ $ $ Segment revenue & other income Revenue from contracts with customers 102,416 18,138 120,554 Other income 1,308,043 256,413 1,564,456 Cost of goods sold (351,971 ) (9,056 ) (361,027 ) Total segment revenue & other income 1,058,488 265,495 1,323,983 Segment expenses Depreciation and amortisation (99,719 ) (405 ) (100,124 ) Finance costs (4,360 ) (9,689 ) (14,049 ) Share-based payments (714,577 ) — (714,577 ) Laboratory and research and development (2,702,313 ) (149,155 ) (2,851,468 ) General and administrative expenses (3,381,808 ) (7,656 ) (3,389,464 ) Other operating expenses (723,890 ) (395,556 ) (1,119,446 ) Depreciation for right-of-use assets (191,671 ) (20,803 ) (212,474 ) Total segment expenses (7,818,338 ) (583,264 ) (8,401,602 ) Income tax expenses — — — Loss for the period (6,759,850 ) (317,769 ) (7,077,619 ) Total Segment Assets 22,628,506 343,182 22,971,688 Total Segment Liabilities (1,347,007 ) (91,646 ) (1,438,653 ) 22. SEGMENT INFORMATION (Cont.) (b) Geographical segments (Cont.) 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 (5,522 ) — (5,522 ) Cost of goods sold (243,506 ) (8,005 ) (251,511 ) Total segment revenue & other income 885,013 8,465 893,478 Segment expenses Depreciation and amortisation (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 (1,427,051 ) (213,321 ) (1,640,372 ) |
SHARE BASED PAYMENTS (Tables)
SHARE BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED | SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Expense accounted for during the year Dr. Lindsay Wakefield 3,750,000 0.77 $ 28,875 $ 9,625 Dr. Jerzy Muchnicki 6,250,000 0.77 $ 48,125 $ 16,042 Mr. Peter Rubinstein 5,000,000 0.77 $ 38,500 $ 12,833 Total 15,000,000 $ 115,500 $ 38,500 Performance rights cancelled/forfeited during the year ended June 30, 2020 Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Expense accounted for during the year Mr. Xue Lee (2) 3,750,000 0.77 $ 28,875 $ (5,616 ) Dr. Paul Kasian (1) 7,500,000 0.77 $ 57,750 $ (11,229 ) Total 11,250,000 $ 86,625 $ (16,845 ) Number of Performance Rights issued Valuation per Class B (cents) Total fair value of Expense accounted for during the year Dr. Paul Kasian (1) 25,000,000 0.77 $ 192,500 $ (37,431 ) Number of Performance Rights issued Valuation per Class C (cents) Total fair value of Expense accounted for during the year Dr. Paul Kasian (1) 25,000,000 0.57 $ 142,500 $ (27,708 ) Notes: (1) Dr. Paul Kasian resigned on September 24, 2019. (2) Mr. Xue Lee resigned on July 9, 2019 |
SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE | SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: Consolidated 2021 2020 2019 $ $ $ Kentgrove options issued 16,667 16,667 15,278 Performance rights issued 622,725 38,500 104,441 Reversal of forfeited Performance Rights — (81,984 ) — Options issued under employee option plan 75,186 12,375 215,383 Total expenses arising from share-based payments 714,578 (14,442 ) 335,102 |
SCHEDULE OF OPTION GRANTED AND ISSUED | SCHEDULE OF OPTION GRANTED AND ISSUED 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.85 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 1,056,054 Holder Grant date of issued options Number of options issued Various underwriters October 30, 2019 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 A$ 0.008 Fair value of options at grant date A$ 0.003 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.78 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 817,666 Holder Grant date of issued options Number of options issued Lodge Corporate Pty Ltd March 6, 2020 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 A$ 0.008 Fair value of options at grant date A$ 0.007 Weighted average exercise price A$ 0.008 Risk-free interest rate 0.36 % Expected life of an option 3 Model used Black-Scholes Valuation amount A$ 29,340 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of maturity analysis of operating lease payments [abstract] | |
SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS | SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS Consolidated Expenditure commitments 2021 2020 2019 $ $ $ Minimum expense payments - not later than one year — — 250,068 - later than one year but not later than five years — — 266,560 - later than five years — — — Total minimum expense payments — — 516,628 |
SCHEDULE OF CAPITAL COMMITMENT | SCHEDULE OF CAPITAL COMMITMENT Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: 2021 2020 $ $ Property, plant and equipment — 466,560 |
AUDITORS_ REMUNERATION (Tables)
AUDITORS’ REMUNERATION (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
SCHEDULE OF AUDITOR’S REMUNERATION | SCHEDULE OF AUDITOR’S REMUNERATION Consolidated 2021 $ 2020 $ 2019 $ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) 72,500 274,000 288,000 Audit related fees (2) — 200,000 — Tax fees (3) — — — All other fees (4) — — — Grant Thornton Audit Pty Ltd in respect of: Audit (1) 168,333 — — Audit related fees (2) — — — Tax fees (3) — — — All other fees (4) 65,000 — — Other audit firms in respect of: Audit of the Financial Reports of subsidiaries — — — Total remuneration in respect of audit services 305,833 474,000 288,000 (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) Audit related fees 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. (3) Tax fees include fees for all tax services other than those included in “Audit Fees” and “Audit-Related Fees”. This category includes fees for tax compliance, tax advice and tax planning. (4) All other fees consist of fees billed for financial and information technology due diligence services in respect of the Company’s acquisition of the business and assets associated with the EasyDNA brand that completed on August 13 th |
RELATED PARTY DISCLOSURES (Tabl
RELATED PARTY DISCLOSURES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of transactions between related parties [abstract] | |
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL | SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL 2021 $ 2020 $ 2019 $ Consolidated 2021 $ 2020 $ 2019 $ Remuneration of Key Management Personnel Short-term employee benefits 1,035,302 638,659 964,162 Post-employment benefits 79,042 53,614 86,130 Share-based payments 650,911 (32,498 ) 157,886 Other long-term benefits 4,589 3,231 734 Termination benefits — — — Total remuneration of Key Management Personnel 1,787,933 663,006 1,208,912 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of subsidiaries [abstract] | |
SCHEDULE OF SUBSIDIARY UNDERTAKINGS | SCHEDULE OF SUBSIDIARY UNDERTAKINGS Company interest (%) Net carrying value ($) Name of Company Incorporation details 2021 2020 2021 2020 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. (1) 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 (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 (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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: SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES June 30, 2021 June 30, 2020 USD CAD EUR USD EUR $ $ $ $ $ Cash at Bank / on hand 7,868,978 — 36,787 2,512,767 38,020 Trade and other receivables 31,908 — — — — Trade and other payables 27,001 (1,236 ) — 99,637 — |
SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES | The tables below analyse 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. SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES Contractual maturities of 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 financial liabilities $ $ $ $ $ $ $ At June 30, 2021 Trade and other payables 760,350 — — — — 760,350 760,350 Lease liabilities 129,057 50,569 24,412 — — 204,038 204,038 Total 889,407 50,569 24,412 — — 964,388 964,388 Contractual maturities of 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 financial liabilities $ $ $ $ $ $ $ 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 |
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 recognised and unrealised, for the Company is as follows: SCHEDULE OF EXPOSURE TO INTEREST RATE RISKS AND EFFECTIVE INTEREST RATES OF FINANCIAL ASSETS AND LIABILITIES Floating rate Fixed rate Carrying amount Weighted ave. effective rate Ave. maturity Period Consolidated Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2021 2,955,047 17,947,235 20,902,282 0.2 % At call 2020 11,645,389 — 11,645,389 0.5 % At call Performance bond / deposits 2021 — 1,856 1,856 — At call 2020 — 2,025 2,025 — At call Totals 2021 2,955,047 17,949,091 20,904,138 2020 11,645,389 2,025 11,647,414 Financial liabilities Borrowings 2021 — — — — — 2020 — 52,252 52,252 1 % — Leases 2021 — 204,038 204,038 5.37 % — 2020 — 429,536 429,536 5.37 % — Totals 2021 — 204,038 204,038 2020 — 481,788 481,788 |
PARENT ENTITY FINANCIAL INFOR_2
PARENT ENTITY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Parent Entity Financial Information | |
SCHEDULE OF INDIVIDUAL FINANCIAL INFORMATION | The individual financial statements for the parent entity show the following aggregate amounts: SCHEDULE OF INDIVIDUAL FINANCIAL INFORMATION 2021 $ 2020 $ Balance sheet Current assets 21,809,918 11,646,391 Non-current assets 2,011,338 345,236 Total assets 23,821,256 11,991,627 Current liabilities 1,317,378 10,095,549 Non-current liabilities 7,694,668 1,117,947 Total liabilities 9,012,046 11,213,496 Shareholders’ equity Share Capital Reserves 153,574,974 140,111,073 Other reserves (117,131 ) (117,131 ) Share-based payments 8,499,649 6,184,391 Retained earnings (147,148,282 ) (145,400,202 ) Total Equity 14,809,210 778,131 Profit/(Loss) for the year (1,601,672 ) (8,816,667 ) |
SCHEDULE OF FINANCIAL ADJUSTMEN
SCHEDULE OF FINANCIAL ADJUSTMENTS (Details) - AUD ($) | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
IfrsStatementLineItems [Line Items] | |||||
Fair value gains on financial liabilities through profit or loss | |||||
Loss from operations before income tax | $ (7,077,619) | (6,294,775) | $ (6,425,604) | ||
Loss for the year attributable to the owners of Genetic Technologies Limited | (7,077,619) | (6,294,775) | (6,425,604) | ||
Total comprehensive loss for the year | $ (7,115,087) | $ (6,327,950) | $ (6,401,936) | ||
Loss per share (cents per share) | |||||
Basic and diluted net loss per ordinary share | $ (0.08) | $ (0.15) | $ (0.24) | ||
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 8,544,157,979 | 4,155,017,525 | 2,635,454,870 | ||
Non-Current Liabilities | |||||
Other financial liabilities | |||||
Total Non-Current Liabilities | $ 33,272 | 242,800 | |||
TOTAL LIABILITIES | 1,438,653 | 1,640,372 | |||
NET ASSETS | 21,533,035 | 13,992,607 | |||
EQUITY | |||||
Total reserves | 11,033,279 | 9,928,571 | |||
Accumulated losses | (143,075,218) | (136,047,037) | $ (129,737,550) | ||
TOTAL EQUITY | 21,533,035 | 13,992,607 | 1,771,206 | $ 4,711,878 | |
Net foreign exchange gains/(losses) | (5,522) | 92,518 | |||
Net impairment losses | [1] | 500,000 | |||
Total other gains / (losses) | (5,522) | (407,482) | |||
Foreign currency translation | 718,955 | 756,423 | 789,598 | ||
Share-based payments | 10,314,324 | 9,172,148 | 5,220,334 | ||
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 756,423 | 789,598 | |||
Reconciliation of foreign currency translation reserve, Add: net currency translation gain / (loss) | (37,468) | (33,175) | 23,668 | ||
Reconciliation of foreign currency translation reserve, Balance at the end of the financial year | 718,955 | 756,423 | 789,598 | ||
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 9,172,148 | 5,220,334 | |||
Reconciliation of share-based payments reserve, Add: share-based payments expense | 263,387 | 341,201 | |||
Reconciliation of share-based payments reserve, Add: Issue of options/warrants to underwriters | 3,770,411 | (6,099) | |||
Reconciliation of share-based payments reserve, Less: Reversal of Performance Rights expenses in prior year* | [2] | (81,984) | |||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | 10,314,324 | 9,172,148 | 5,220,334 | ||
Balance at the beginning of the financial year | (136,047,037) | (129,737,550) | |||
Add: Initial adoption of IFRS 16 | (14,712) | ||||
Add: net loss attributable to owners of Genetic Technologies Limited | (7,077,619) | (6,294,775) | |||
Balance at the end of the financial year | (143,075,218) | (136,047,037) | (129,737,550) | ||
Revised Of Prior Period [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value gains on financial liabilities through profit or loss | 195,845 | ||||
Loss from operations before income tax | (6,098,930) | ||||
Loss for the year attributable to the owners of Genetic Technologies Limited | (6,098,930) | ||||
Total comprehensive loss for the year | $ (6,132,105) | ||||
Loss per share (cents per share) | |||||
Basic and diluted net loss per ordinary share | $ (0.15) | ||||
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 4,155,017,525 | ||||
Non-Current Liabilities | |||||
Other financial liabilities | $ 977,237 | ||||
Total Non-Current Liabilities | 1,220,037 | ||||
TOTAL LIABILITIES | 2,617,609 | ||||
NET ASSETS | 13,015,370 | ||||
EQUITY | |||||
Total reserves | 8,755,489 | ||||
Accumulated losses | (135,851,192) | (129,737,550) | |||
TOTAL EQUITY | 13,015,370 | ||||
Net foreign exchange gains/(losses) | (5,522) | ||||
Net impairment losses | |||||
Total other gains / (losses) | 190,323 | ||||
Foreign currency translation | 756,423 | 789,598 | |||
Share-based payments | 7,999,066 | 5,220,334 | |||
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 756,423 | 789,598 | |||
Reconciliation of foreign currency translation reserve, Add: net currency translation gain / (loss) | (33,175) | ||||
Reconciliation of foreign currency translation reserve, 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 | 7,999,066 | 5,220,334 | |||
Reconciliation of share-based payments reserve, Add: share-based payments expense | 67,542 | ||||
Reconciliation of share-based payments reserve, Add: Issue of options/warrants to underwriters | 2,793,174 | ||||
Reconciliation of share-based payments reserve, Less: Reversal of Performance Rights expenses in prior year* | (81,984) | ||||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | 7,999,066 | 5,220,334 | |||
Balance at the beginning of the financial year | (135,851,192) | (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) | (129,737,550) | |||
Revision of Prior Period [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value gains on financial liabilities through profit or loss | (195,845) | ||||
Loss from operations before income tax | (195,845) | ||||
Loss for the year attributable to the owners of Genetic Technologies Limited | (195,845) | ||||
Total comprehensive loss for the year | $ (195,845) | ||||
Loss per share (cents per share) | |||||
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | |||||
Non-Current Liabilities | |||||
Other financial liabilities | $ (977,237) | ||||
Total Non-Current Liabilities | (977,237) | ||||
TOTAL LIABILITIES | (977,237) | ||||
NET ASSETS | 977,237 | ||||
EQUITY | |||||
Total reserves | 1,173,082 | ||||
Accumulated losses | (195,845) | ||||
TOTAL EQUITY | 977,237 | ||||
Net foreign exchange gains/(losses) | |||||
Net impairment losses | |||||
Total other gains / (losses) | (195,845) | ||||
Foreign currency translation | |||||
Share-based payments | 1,173,082 | ||||
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | |||||
Reconciliation of foreign currency translation reserve, Add: net currency translation gain / (loss) | |||||
Reconciliation of foreign currency translation reserve, Balance at the end of the financial year | |||||
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 1,173,082 | ||||
Reconciliation of share-based payments reserve, Add: share-based payments expense | 195,845 | ||||
Reconciliation of share-based payments reserve, Add: Issue of options/warrants to underwriters | 977,237 | ||||
Reconciliation of share-based payments reserve, Less: Reversal of Performance Rights expenses in prior year* | |||||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | 1,173,082 | ||||
Balance at the beginning of the financial year | $ (195,845) | ||||
Add: Initial adoption of IFRS 16 | |||||
Add: net loss attributable to owners of Genetic Technologies Limited | (195,845) | ||||
Balance at the end of the financial year | $ (195,845) | ||||
[1] | In August 2018, the Company invested A$ 250,000 | ||||
[2] | During the year ended June 30, 2020, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited. 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 ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIFE (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Property Plant and Equipment [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 3 years |
Property Plant and Equipment [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 5 years |
Fixtures and fittings [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 3 years |
Fixtures and fittings [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 5 years |
Leasehold improvements [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 1 year |
Leasehold improvements [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 3 years |
Leased Plant and Equipment [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | ||||
Comprehensive income | $ 7,115,087 | $ 6,327,950 | $ 6,401,936 | |
Cash flows from (used in) operating activities | 6,295,929 | 5,712,098 | 6,073,182 | |
Cash and cash equivalents | (20,902,282) | (14,214,160) | (2,131,741) | $ (5,487,035) |
[custom:CurrentAssetsNet-0] | 20,830,733 | |||
Total cash and cash equivalents | 20,902,282 | $ 14,214,160 | $ 2,131,741 | $ 5,487,035 |
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 |
SCHEDULE OF COST OF SALES (Deta
SCHEDULE OF COST OF SALES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cost Of Sales | |||
Inventories used | $ 115,934 | $ 82,516 | $ 55,995 |
Direct labor costs | 110,894 | 107,590 | 103,601 |
Depreciation expense | 79,676 | 42,488 | 55,480 |
Inventories written-off | 54,523 | 18,917 | 61,191 |
Total cost of sales | $ 361,027 | $ 251,511 | $ 276,267 |
SCHEDULE OF OTHER INCOME (Detai
SCHEDULE OF OTHER INCOME (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net profit on disposal of plant and equipment | $ 37,000 | |||
Research and development tax incentive income | [1] | 997,908 | 750,000 | 856,707 |
Export Marketing & Development Grant | 100,000 | |||
Interest income | 62,394 | 22,507 | 25,794 | |
Rental income | ||||
Other income | 116,271 | 78,001 | 137,268 | |
Income from government grants | [2] | 287,883 | 253,139 | |
Total other income | $ 1,564,456 | $ 1,140,647 | $ 1,019,769 | |
[1] | R&D tax incentive | |||
[2] | Government Grant income – COVID-19 Relief |
SCHEDULE OF OTHER INCOME (Det_2
SCHEDULE OF OTHER INCOME (Details) (Parenthetical) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Other income | $ 116,271 | $ 78,001 | $ 137,268 |
Maximum annual aggregate turnover to avail refundable tax offset | 20,000,000 | ||
Australian Government Tax Incentive [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Other income | 997,908 | $ 750,000 | $ 856,707 |
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 | ||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41.00% |
SCHEDULE OF OTHER GAINS _ (LOSS
SCHEDULE OF OTHER GAINS / (LOSSES) (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Other Gains | ||||
Net foreign exchange gains/(losses) | $ (5,522) | $ 92,518 | ||
Fair value gains on financial liabilities through profit or loss | ||||
Impairment loss | [1] | (500,000) | ||
Total other gains / (losses) | $ (5,522) | $ (407,482) | ||
[1] | In August 2018, the Company invested A$ 250,000 |
SCHEDULE OF OTHER GAINS _ (LO_2
SCHEDULE OF OTHER GAINS / (LOSSES) (Details) (Parenthetical) | Aug. 31, 2018AUD ($) |
Swisstec [Member] | |
IfrsStatementLineItems [Line Items] | |
Investments in joint ventures accounted for using equity method | $ 250,000 |
OTHER GAINS _ (LOSSES) (Details
OTHER GAINS / (LOSSES) (Details Narrative) - Blockshine Health Pty Ltd [Member] - AUD ($) | 12 Months Ended | 13 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
IfrsStatementLineItems [Line Items] | ||
Investment in joint venture | $ 250,000 | $ 250,000 |
Ownership interest (as a percent) | 49.00% | 49.00% |
SCHEDULE OF INCOME TAX EXPENSE
SCHEDULE OF INCOME TAX EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax | |||
Loss before income tax expense | $ 7,077,619 | $ 6,098,930 | $ 6,425,604 |
Tax at the Australian tax rate of 26% (2020: 27.50% and 2019: 27.50%) | (1,840,181) | (1,677,206) | (1,767,040) |
Share-based payments expense | 185,790 | (3,971) | 92,153 |
Research and development tax incentive | 588,659 | 446,717 | 541,596 |
Other non-deductible items | 888 | 590 | |
Other assessable items | (26,764) | ||
Income tax expenses before unrecognized tax losses | (1,065,732) | (1,260,336) | (1,132,701) |
Difference in overseas tax rates | 16,688 | 26,526 | 41,009 |
Under /(over) provision | (235,653) | 553,190 | 1,126,722 |
Temporary differences not recognised | (419,965) | (353,628) | (121,965) |
Research and development tax credit | (275,631) | (206,250) | (238,084) |
Tax losses not recognised | (1,980,293) | (1,240,498) | (325,020) |
Income tax expense |
SCHEDULE OF INCOME TAX EXPENS_2
SCHEDULE OF INCOME TAX EXPENSE (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax | |||
Applicable tax rate | 26.00% | 27.50% | 27.50% |
SCHEDULE OF NET DEFERRED TAX AS
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | $ 2,982,658 | $ 3,015,703 | $ 2,314,369 |
Total deferred tax liabilities | (34,735) | (119,384) | |
Net deferred tax assets on temporary differences not brought to account | 2,947,923 | (2,896,320) | (2,314,369) |
Total net deferred tax assets | |||
Property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 8,004 | 863 | |
Capital Raising Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 975,270 | 877,584 | 232,328 |
Intangible assets and goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 1,701,477 | 1,832,075 | 1,893,220 |
Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 297,907 | 306,044 | 187,958 |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | $ (34,735) | $ (119,384) |
SCHEDULE OF TAX LOSSES (Details
SCHEDULE OF TAX LOSSES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset has been recognised | $ 100,694,696 | $ 97,259,045 | $ 90,254,547 |
Potential tax benefit @ 21% (USA) | $ 24,691,039 | $ 24,850,918 | $ 23,104,882 |
Applicable tax rate | 26.00% | 27.50% | 27.50% |
AU [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit @ 21% (USA) | $ 19,165,603 | $ 18,727,578 | $ 17,563,730 |
AUSTRALIA | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26.00% | 26.00% | 26.00% |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit @ 21% (USA) | $ 5,665,976 | $ 6,123,340 | $ 5,541,152 |
Applicable tax rate | 21.00% | 21.00% | 21.00% |
SCHEDULE OF TAX LOSSES (Detai_2
SCHEDULE OF TAX LOSSES (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26.00% | 27.50% | 27.50% |
AUSTRALIA | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26.00% | 26.00% | 26.00% |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 21.00% | 21.00% | 21.00% |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 24,691,039 | $ 24,850,918 | $ 23,104,882 |
Total unused tax losses | 24,691,039 | 24,850,918 | 23,104,882 |
Unrecognized temporary differences associated with the Group's investments in subsidiaries | 24,691,039 | 24,850,918 | 23,104,882 |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 5,665,976 | 6,123,340 | 5,541,152 |
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% flat rate. | ||
Expiration period limitation on carry forward net operating losses | 20 years | ||
Subsidiaries United States [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 5,665,976 | 6,123,340 | 5,541,152 |
Subsidiaries Australia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 19,025,063 | $ 18,727,578 | $ 17,563,730 |
SCHEDULE OF WEIGHTED AVERAGE NU
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Loss for the year attributable to the owners of Genetic Technologies Limited | $ (7,077,619) | $ (6,294,775) | $ (6,425,604) |
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 8,544,157,979 | 4,155,017,525 | 2,635,454,870 |
LOSS PER SHARE (Details Narrati
LOSS PER SHARE (Details Narrative) - shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Number of options outstanding excluded from calculation diluted earnings per share | 725,787,500 | 553,000,000 | 114,250,000 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash and cash equivalents [abstract] | ||||
Cash at bank and on hand | $ 20,902,282 | $ 14,214,160 | $ 2,131,741 | |
Total cash and cash equivalents | 20,902,282 | 14,214,160 | 2,131,741 | $ 5,487,035 |
Loss for the year after income tax | (7,077,619) | (6,294,775) | (6,425,604) | |
Amortisation and depreciation expenses | 265,748 | 65,148 | 156,260 | |
Other expenses | 2,885 | |||
Impairment of investments | 500,000 | |||
Share-based payments expense | 714,577 | (14,442) | 335,102 | |
Interest classified as investing cash flows | 25,850 | |||
Net (profit) / loss on disposal of plant and equipment | 37,000 | |||
Net (gains) / losses on liquidation of subsidiary | ||||
Depreciation of right-of-use of assets | 212,474 | 200,785 | ||
Inventory written-off | 54,523 | 18,917 | ||
Gain on investment previously written off | (43,380) | |||
Finance costs | 16,338 | 86,503 | ||
Interest received | (62,394) | (22,507) | ||
Net foreign exchange (gains) / losses | 9,755 | (597,441) | (92,518) | |
Decrease / (increase) in trade and other receivables | (284,971) | 29,412 | (517,383) | |
(Increase) / decrease in other operating assets | (182,602) | 115,455 | (70,027) | |
(Increase) / decrease in inventories | 14,463 | (59,525) | 27,142 | |
Increase / (decrease) in trade and other payables | (14,991) | 891,498 | 60,178 | |
Increase / (Decrease) in provisions | 38,770 | (53,631) | ||
Increase / (decrease) in operating liabilities | (20,482) | |||
Net cash flows from / (used in) operating activities | (6,295,929) | (5,712,098) | (6,073,182) | |
Total facilities - Credit cards | 190,020 | 193,605 | 95,714 | |
Facilities used as at reporting date - Credit cards | (9,511) | (5,332) | (6,516) | |
Facilities unused as at reporting date - Credit cards | $ 180,509 | $ 188,272 | $ 89,198 |
SCHEDULE OF TRADE AND OTHER REC
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |||
Trade receivables | $ 120,237 | $ 38,871 | |
Less: loss allowance | (30,784) | ||
Net trade receivables | 89,453 | 38,871 | |
Other current receivables | [1] | 984,872 | 750,483 |
Total net current trade and other receivables | $ 1,074,325 | $ 789,354 | |
[1] | Other receivables majorly consists of R&D income grant receivable. |
SCHEDULE OF OTHER ASSETS (CURRE
SCHEDULE OF OTHER ASSETS (CURRENT) (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets | ||
Prepayments | $ 180,724 | $ 95,820 |
Performance bond and deposits | 1,856 | 2,025 |
Total current prepayments and other assets | $ 182,580 | $ 97,845 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Add: accumulated depreciation written-off during the year | $ 470,713 | $ 2,277,835 |
Property, plant and equipment | 457,178 | 42,285 |
Opening net carrying amount | 42,285 | 69,333 |
Closing net carrying amount | 457,178 | 42,285 |
Opening accumulated depreciation and impairment losses | (1,054,204) | (3,266,891) |
Less: depreciation expense charged | (179,800) | (65,148) |
Closing accumulated depreciation and impairment losses | (763,291) | (1,054,204) |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Less: cost written-off during the year | 594,693 | 38,100 |
Property, plant and equipment | 1,220,469 | 1,096,489 |
Opening net carrying amount | 1,096,489 | 3,336,224 |
Add: additions during the year | (470,713) | (2,277,835) |
Closing net carrying amount | 1,220,469 | 1,096,489 |
Laboratory Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 426,701 | 1,451,389 |
Less: cost written-off during the year | (23,484) | (1,047,515) |
Add: additions during the year | 557,655 | 22,827 |
Less: accumulated depreciation | (571,467) | (1,453,365) |
Add: accumulated depreciation written-off during the year | 23,484 | 1,047,515 |
Closing net carrying amount | 412,889 | 20,851 |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 672,538 | 657,265 |
Less: cost written-off during the year | (447,229) | |
Add: additions during the year | 26,543 | 15,273 |
Less: accumulated depreciation | (664,164) | (651,104) |
Add: accumulated depreciation written-off during the year | 447,229 | |
Closing net carrying amount | 34,917 | 21,434 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 167,564 | |
Less: cost written-off during the year | (167,564) | |
Add: additions during the year | 10,495 | |
Less: accumulated depreciation | (1,123) | (167,564) |
Add: accumulated depreciation written-off during the year | 167,564 | |
Closing net carrying amount | 9,372 | |
Property, plant and equipment | 9,372 | |
Opening net carrying amount | ||
Closing net carrying amount | 9,372 | |
Less: depreciation expense charged | (1,123) | |
Equipment Under Hire Purchase [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 594,626 | |
Less: accumulated depreciation | (594,626) | |
Closing net carrying amount | ||
Leasehold improvements [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 465,380 | |
Less: cost written-off during the year | (465,380) | |
Add: additions during the year | ||
Less: accumulated depreciation | (465,380) | |
Add: accumulated depreciation written-off during the year | 465,380 | |
Closing net carrying amount |
SCHEDULE OF RECONCILIATION OF M
SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | $ 42,285 | $ 69,333 |
Additions during year | 594,693 | 38,100 |
Disposals during year | ||
Depreciation expense | (179,800) | (65,148) |
Closing net carrying amount | 457,178 | 42,285 |
Laboratory Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 20,851 | 40,512 |
Additions during year | 557,655 | 22,827 |
Disposals during year | ||
Depreciation expense | (165,617) | (42,488) |
Closing net carrying amount | 412,889 | 20,851 |
Computer Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 21,434 | 28,397 |
Additions during year | 26,543 | 15,273 |
Disposals during year | ||
Depreciation expense | (13,060) | (22,236) |
Closing net carrying amount | 34,917 | 21,434 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | ||
Additions during year | 10,495 | |
Disposals during year | ||
Depreciation expense | (1,123) | |
Closing net carrying amount | 9,372 | |
Leasehold Improvements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 424 | |
Additions during year | ||
Disposals during year | ||
Depreciation expense | (424) | |
Closing net carrying amount |
SCHEDULE OF TRADE AND OTHER PAY
SCHEDULE OF TRADE AND OTHER PAYABLES (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Trade and other payables [abstract] | ||
Trade payables | $ 269,665 | $ 350,151 |
Accrued expenses | 485,422 | 330,845 |
Other payables | 5,263 | 42,728 |
Total current trade and other payables | $ 760,350 | $ 723,724 |
SCHEDULE OF CURRENT AND NON-CUR
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Current provisions | $ 464,770 | $ 432,933 | |
Non-current provisions | 8,860 | 1,927 | |
Provisions | 473,630 | 434,860 | |
Annual Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current provisions | 171,398 | 152,239 | |
Long Service Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current provisions | 201,782 | 189,104 | |
Non-current provisions | 8,860 | 1,927 | |
Make Good Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current provisions | [1] | 91,590 | 91,590 |
Non-current provisions | [1] | ||
[1] | Make good provision |
SCHEDULE OF RECONCILIATION OF P
SCHEDULE OF RECONCILIATION OF PROVISION (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Annual Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other provisions at beginning of period | $ 152,239 | $ 152,352 |
Add: obligation accrued during the year | 62,461 | 38,270 |
Provision used, other provisions | (43,302) | (38,383) |
Other provisions at end of period | 171,398 | 152,239 |
Long Service Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other provisions at beginning of period | 191,031 | 244,549 |
Add: obligation accrued during the year | 19,611 | 3,454 |
Provision used, other provisions | (56,972) | |
Other provisions at end of period | $ 210,642 | $ 191,031 |
SCHEDULE OF BORROWING (Details)
SCHEDULE OF BORROWING (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about borrowings [abstract] | ||
Other loan Current | ||
Other loan Non-current | 52,252 | |
Other loan Current and Non-Current | $ 52,252 |
BORROWING (Details Narrative)
BORROWING (Details Narrative) - PPP Loan [Member] | 12 Months Ended |
Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |
Fixed interest rate | 1.00% |
Maturity period | Loan had a maturity of 2 years. |
SCHEDULE OF RIGHT-OF-USE ASSETS
SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Presentation of leases for lessee [abstract] | ||
Right of use-of-assets | $ 180,528 | $ 397,945 |
Lease liabilities - Current | 179,626 | 240,915 |
Lease liabilities – Non-Current | 24,412 | 188,621 |
Total | $ 204,038 | $ 429,536 |
SCHEDULE OF EXPENSES RELATING T
SCHEDULE OF EXPENSES RELATING TO LEASES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Presentation of leases for lessee [abstract] | |||
Depreciation Expense (for Leased Assets) | $ 212,474 | $ 200,785 | |
Interest expense (included in general and administrative expenses) | $ 16,338 | $ 37,375 |
LEASE LIABILITIES (Details Narr
LEASE LIABILITIES (Details Narrative) | 12 Months Ended |
Jun. 30, 2021AUD ($) | |
Presentation of leases for lessee [abstract] | |
Cash outflow | $ 358,020 |
Description on 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. |
Lease extension description | The lease has been extended by 6 months from September 1, 2021 to February 28, 2022. |
Right -of-use assets | $ 88,103 |
non-current liabilities increased | $ 94,626 |
SCHEDULE OF ISSUED AND PAID-UP
SCHEDULE OF ISSUED AND PAID-UP CAPITAL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fully paid Ordinary Shares | $ 153,574,974 | $ 140,111,073 | |
Total contributed equity | $ 153,574,974 | $ 140,111,073 | $ 125,498,824 |
SCHEDULE OF MOVEMENTS IN SHARES
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Balance at the beginning of the financial year | 7,513,779,743 | 2,938,134,143 | |
Contributed equity | $ 140,111,073 | $ 125,498,824 | |
Shares issued during the year (in shares) | 1,502,947,000 | 4,575,645,600 | |
Shares issued during the year | $ 17,409,150 | $ 21,793,678 | |
Less: transaction costs arising on share issue (in shares) | [1] | ||
Less: transaction costs arising on share issue | $ (3,945,249) | $ (7,181,429) | [1] |
Balance at the end of the financial year | 9,016,726,743 | 7,513,779,743 | |
Contributed equity | $ 153,574,974 | $ 140,111,073 | |
[1] | The details of securities arising on shares issued for the year ended June 30, 2021 are as below: |
CONTRIBUTED EQUITY - SCHEDULE O
CONTRIBUTED EQUITY - SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE (Details) (Parenthetical) | Jul. 17, 2021$ / shares | Mar. 10, 2021shares | Feb. 04, 2021shares | Jan. 25, 2021shares | Jul. 21, 2020shares | Jul. 21, 2020shares | Jul. 17, 2020$ / sharesshares | Dec. 21, 2020$ / sharesshares | Jun. 30, 2021$ / shares | Jun. 30, 2020$ / shares |
IfrsStatementLineItems [Line Items] | ||||||||||
Options exercise price | $ / shares | $ 0.008 | $ 0.008 | ||||||||
Number of ordinary shares issued | 750,000,000 | |||||||||
Underwriters [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Ordinary shares description | On March 10, 2021, the Company issued 2,500,000 new ordinary shares at the exercise of 2,500,000 options issued on October 30, 2019, at $0.008 (0.8 cents) per option, expiring October 29, 2022 to various underwriters. | On February 4, 2021 the Company issued 2,500,000 new ordinary shares at the exercise of 2,500,000 options issued on March 5, 2020, at $0.008 (0.8 cents) per option, expiring March 5, 2023 to various underwriters. | ||||||||
Options issued | 2,500,000 | 2,500,000 | ||||||||
Number of ordinary shares issued | 2,500,000 | 2,500,000 | ||||||||
Investors One [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 365,000,000 | |||||||||
Investors Two [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 250,000,000 | |||||||||
Offering One [Member] | HC Wainwright and Co [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 156,000,000 | |||||||||
Offering Two [Member] | HC Wainwright and Co [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 39,975,000 | |||||||||
Options one [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 12,850,000 | |||||||||
Options exercise price | $ / shares | $ 0.008 | |||||||||
Options expire date | Dec. 1, 2023 | |||||||||
Class A Performance Rights [Member] | Mr.Nick Burrows [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 5,000,000 | |||||||||
Class A Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 7,500,000 | |||||||||
Class A Performance Rights [Member] | Mr Peter Rubinstein [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 7,500,000 | |||||||||
Class A Performance Rights [Member] | Dr Lindsay Wakefield [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 5,000,000 | |||||||||
Class B Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 25,000,000 | |||||||||
Class B Performance Rights [Member] | Mr Peter Rubinstein [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 25,000,000 | |||||||||
Class C Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 25,000,000 | |||||||||
Class C Performance Rights [Member] | Mr Peter Rubinstein [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Options issued | 25,000,000 | |||||||||
Non-adjusting Events After Reporting Period [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Ordinary shares description | the Company closed a registered direct offering of 1,025,000 American Depositary Shares (“ADSs”), each representing six hundred (600) of the Company’s ordinary shares, at the purchase price of United States Dollars (US$) US$5.00 per ADS – or in Australian Dollars $0.012 per ordinary share. H.C Wainwright & Co acted as the placement agent for this offering. Against the offering, the Company issued 365,000,000 shares to several US institutional investors pursuant to Listing Rule 7.1. The Company issued 250,000,000 shares to several US institutional investors pursuant to Listing Rule 7.1A. The Company issued 156,000,000 warrants exercisable at US$0.004166 and 39,975,000 warrants exercisable at US$0.00104 each (unless exercised using the Cashless Exercise), both expiring December 21, 2025 to H.C. Wainwright & Co, which formed part of cost of raising capital which were approved at the AGM held on 10 December 2020. | On July 17, 2020, the Company issued 18,500,000 new ordinary shares at the exercise of 18,500,000 options issued on October 30, 2019, at $0.008 (0.8 cents) per option, expiring October 29, 2022 to various underwriters. | ||||||||
Number of options shares issued | 18,500,000 | |||||||||
Options shares converted into ordinary shares | 18,500,000 | |||||||||
Options exercisable price | $ / shares | $ 0.008 | |||||||||
Proceeds for offering | 1,025,000 | |||||||||
Non-adjusting Events After Reporting Period [Member] | UNITED STATES | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Ordinary shares description | On July 17, 2020, the Company issued 114,447,000 new ordinary shares at the exercise of 166,066,050 warrants issued on 16 July, 2019, at no cash consideration and exercisable at United States Dollars (US$) 0.0053 that were issued to underwriters along with capital raised in May 2019. | |||||||||
Warrant shares converted into ordinary shares | 114,447,000 | |||||||||
Number of shares issued for warrants | 166,066,050 | |||||||||
Warrant exercise price | $ / shares | $ 0.0053 |
SCHEDULE OF RESERVES (Details)
SCHEDULE OF RESERVES (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Other reserves [abstract] | ||||
Foreign currency translation | $ 718,955 | $ 756,423 | $ 789,598 | |
Share-based payments | 10,314,324 | 9,172,148 | 5,220,334 | |
Total reserves | 11,033,279 | 9,928,571 | ||
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 756,423 | 789,598 | ||
Add: net currency translation gain / (loss) | (37,468) | (33,175) | 23,668 | |
Reconciliation of foreign currency translation reserve, Balance at the end of the financial year | 718,955 | 756,423 | 789,598 | |
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 9,172,148 | 5,220,334 | ||
Add: share-based payments expense | 263,387 | 341,201 | ||
Add: Issue of options/warrants to underwriters | 3,770,411 | (6,099) | ||
Add: Issue of performance rights | 622,725 | |||
Add: Issue of options/warrants | 1,542,356 | |||
Less: Options expired | (49,438) | |||
Less: Exercise of options/warrants | (973,467) | |||
Less: Reversal of Performance Rights expenses in prior year | [1] | (81,984) | ||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | $ 10,314,324 | $ 9,172,148 | $ 5,220,334 | |
[1] | During the year ended June 30, 2020, 3,750,000 performance rights previously issued to Mr. Xue Lee in the year ended June 30, 2019 were forfeited. 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 RESERVES
RESERVES - SCHEDULE OF RESERVES (Details) (Parenthetical) | 12 Months Ended | |
Jun. 30, 2021AUD ($) | Jun. 30, 2020shares | |
IfrsStatementLineItems [Line Items] | ||
Reversal of Forfeited Options | $ | $ 81,984 | |
Mr Xue Lee [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of other equity instruments granted in share-based payment arrangement | 3,750,000 | |
Dr. Paul Kaisian [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of other equity instruments granted in share-based payment arrangement | 57,500,000 |
SCHEDULE OF WARRANT ISSUED (Det
SCHEDULE OF WARRANT ISSUED (Details) | 12 Months Ended | |||
Jun. 30, 2021AUD ($)$ / sharesshares | Jun. 30, 2021$ / shares$ / sharesshares | Jun. 30, 2020AUD ($)$ / sharesshares | Jun. 30, 2020$ / sharesshares | |
Warrants One [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Warrants issued | shares | 39,975,000 | 39,975,000 | 40,114,200 | 40,114,200 |
Valuation date | Jul. 21, 2020 | Apr. 3, 2020 | ||
Grant Date | Jun. 1, 2020 | Apr. 3, 2020 | ||
Underlying asset price | $ 0.0070 | $ 0.0050 | ||
Risk free rate | 0.42% | 0.411% | ||
Volatility | 148.66% | 140.54% | ||
Exercise price presented in United States Dollar | $ 0.00417 | $ 0.00365 | ||
Exchange rate at valuation date | 1 to US$0.7127 | 1 to US$0.5995 | ||
Exercise price presented in Australian Dollar | $ 0.0146 | $ 0.0061 | ||
Time to maturity of underlying warrants (years) | 5 years | 5 years | ||
Value per warrant in Australian Dollar | $ 0.009 | $ 0.0044 | ||
Model used | Binomial | Binomial | ||
Valuation amount | $ | $ 360,017 | $ 175,137 | ||
Warrants Two [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Warrants issued | shares | 48,750,000 | 48,750,000 | 28,177,578 | 28,177,578 |
Valuation date | Jan. 25, 2021 | Apr. 23, 2020 | ||
Grant Date | Jan. 25, 2021 | Apr. 23, 2020 | ||
Underlying asset price | $ 0.000110 | $ 0.0060 | ||
Risk free rate | 0.414% | 0.444% | ||
Volatility | 147.29% | 142.70% | ||
Exercise price presented in United States Dollar | $ 0.0109 | $ 0.00417 | ||
Exchange rate at valuation date | 1 to US$0.7708 | 1 to US$0.6369 | ||
Exercise price presented in Australian Dollar | $ 0.0142 | $ 0.0065 | ||
Time to maturity of underlying warrants (years) | 5 years | 5 years | ||
Value per warrant in Australian Dollar | $ 0.0098 | $ 0.0053 | ||
Model used | Binomial | Binomial | ||
Valuation amount | $ | $ 476,297 | $ 149,693 | ||
Warrants [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Warrants issued | shares | 156,000,000 | 156,000,000 | 156,000,000 | 156,000,000 |
Valuation date | Jul. 21, 2020 | Jun. 1, 2020 | ||
Grant Date | Jun. 1, 2020 | Jun. 1, 2020 | ||
Underlying asset price | $ 0.0070 | $ 0.0060 | ||
Risk free rate | 0.34% | 0.397% | ||
Volatility | 135.64% | 142.94% | ||
Exercise price presented in United States Dollar | $ 0.00417 | $ 0.00417 | ||
Exchange rate at valuation date | 1 to US$0.7127 | 1 to US$0.6797 | ||
Exercise price presented in Australian Dollar | $ 0.00541 | $ 0.0061 | ||
Time to maturity of underlying warrants (years) | 5 years | 5 years | ||
Value per warrant in Australian Dollar | $ 0.0062 | $ 0.0054 | ||
Model used | Binomial | Binomial | ||
Valuation amount | $ | $ 1,462,442 | $ 848,252 | ||
Aegis Corp [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Grant date for warrants issued | Jul. 16, 2019 | |||
Warrants issued | shares | 166,066,050 | 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 | $ 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 G
SCHEDULE OF OPTION ISSUED AND GRANTED (Details) | 12 Months Ended | ||
Jun. 30, 2021AUD ($)shares$ / shares | Jun. 30, 2020AUD ($)shares$ / shares | Jun. 30, 2020$ / shares | |
Lodge Corporate Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Mar. 6, 2020 | ||
Number of options issued | shares | 5,000,000 | ||
Dividend yield | 0.00% | ||
Historic volatility and expected volatility | 141.00% | ||
Option exercise price | $ 0.008 | ||
Fair value of options at grant date | (per share) | $ 0.007 | 0.007 | |
Weighted average exercise price | (per share) | $ 0.008 | $ 0.008 | |
Risk-free interest rate | 0.36% | ||
Expected life of an option | 3 years | ||
Model used | Black-Scholes | ||
Valuation amount | $ | $ 29,340 | ||
Peter Rubinstein [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Nov. 28, 2019 | ||
Number of options issued | shares | 250,000,000 | ||
Dividend yield | 0.00% | ||
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] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Oct. 30, 2019 | ||
Number of options issued | shares | 250,000,000 | ||
Dividend yield | 0.00% | ||
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 | ||
Dr Jerzy Muchnicki [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Dec. 21, 2020 | Nov. 28, 2019 | |
Number of options issued | shares | 12,850,000 | 125,000,000 | |
Dividend yield | |||
Historic volatility and expected volatility | 155.34% | 136.00% | |
Option exercise price | $ 0.008 | ||
Fair value of options at grant date | 0.007 | $ 0.003 | |
Weighted average exercise price | $ 0.008 | $ 0.008 | |
Risk-free interest rate | 0.111% | 0.85% | |
Expected life of an option | 3 years | 3 years | |
Model used | Binomial | Black-Scholes | |
Valuation amount | $ | $ 72,439 | $ 1,056,054 | |
Employee Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
[custom:GrantDateForWarrantsIssued] | Dec. 21, 2020 | ||
[custom:WarrantsIssued-0] | shares | 12,850,000 |
SCHEDULE OF ACCUMULATED LOSSES
SCHEDULE OF ACCUMULATED LOSSES (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Losses | ||
Balance at the beginning of the financial year | $ (136,047,037) | $ (129,737,550) |
Add: net loss attributable to owners of Genetic Technologies Limited | (7,077,619) | (6,294,775) |
Less: Options expired | 49,438 | |
Balance at the end of the financial year | $ (143,075,218) | $ (136,047,037) |
SCHEDULE OF NUMBER AND WEIGHTED
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE UNLISTED OPTIONS (Details) | 12 Months Ended | ||
Jun. 30, 2021shares$ / shares | Jun. 30, 2020shares$ / shares | Jun. 30, 2020shares$ / shares | |
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | ||
Number of options, Opening balance | 538,000,000 | ||
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 | |
Number of options, Closing balance | 521,850,000 | 538,000,000 | 538,000,000 |
Lodge Corporate Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, exercised during the year | $ / shares | $ 0.008 | ||
Number of options, granted during the year | 5,000,000 | 5,000,000 | |
Employee Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | $ 0.015 | |
Number of options, Opening balance | 538,000,000 | 38,000,000 | 38,000,000 |
Number of options, granted during the year | 12,850,000 | 0 | 0 |
Average exercise price per share option, lapsed during the year | $ / shares | $ 0.01 | $ 0.010 | |
Number of options, lapsed during the year | (5,000,000) | (5,000,000) | (5,000,000) |
Average exercise price per share option, forfeited during the year | $ / shares | $ 0.01 | ||
Number of options, forfeited during the year | (500,000) | ||
Average exercise price per share option, Lapse of unlisted options attached to convertible notes | $ / shares | |||
Number of options, Lapse of unlisted options attached to convertible notes | |||
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 | |
Number of options, Closing balance | 521,850,000 | 538,000,000 | 538,000,000 |
Employee Option Plan [Member] | Underwriters [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, exercised during the year | $ / shares | $ 0.008 | ||
Number of options, exercised during the year | (21,000,000) | ||
Average exercise price per share option, granted during the year | $ / shares | $ 0.008 | ||
Number of options, granted during the year | 250,000,000 | 250,000,000 | |
Employee Option Plan [Member] | Lodge Corporate Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, exercised during the year | $ / shares | $ 0.008 | ||
Number of options, exercised during the year | (2,500,000) | ||
Average exercise price per share option, granted during the year | $ / shares | $ 0.008 | ||
Number of options, granted during the year | 5,000,000 | 5,000,000 | |
Employee Option Plan [Member] | Employees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, granted during the year | $ / shares | $ 0.008 | ||
Number of options, granted during the year | 12,850,000 | ||
Employee Option Plan [Member] | Sub-Underwriters [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average exercise price per share option, granted during the year | $ / shares | $ 0.008 | ||
Number of options, granted during the year | 250,000,000 | 250,000,000 |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED UNDER THE PLANS (Details) | 12 Months Ended | |
Jun. 30, 2021shares$ / shares | Jun. 30, 2020shares$ / shares | |
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | |
Number of options, Opening balance | shares | 538,000,000 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 521,850,000 | 538,000,000 |
Employee Share Plans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.015 | $ 0.015 |
Number of options, Opening balance | shares | 20,500,000 | 25,500,000 |
Average exercise price per share option, Add: options granted during the year | $ / shares | $ 0.008 | |
Number of options, Add: options granted during the year | shares | 12,850,000 | |
Average exercise price per share option, Less: options lapsed during the year | $ / shares | $ 0.010 | $ 0.010 |
Number of options, Less: options lapsed during the year | shares | (5,000,000) | (5,000,000) |
Average exercise price per share option, Less: options forfeited during the year | $ / shares | $ 0.010 | |
Number of options, Less: options forfeited during the year | shares | (500,000) | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.011 | $ 0.015 |
Number of options, Closing balance | shares | 27,850,000 | 20,500,000 |
SCHEDULE OF MEMBERS OF OPTIONS
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE (Details) | Jun. 30, 2021shares$ / shares | Jun. 30, 2020shares$ / shares |
IfrsStatementLineItems [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Balance at the end of the financial year | shares | 521,850,000 | 538,000,000 |
Average exercise price of options, exercisable at the end of the financial year | $ / shares | $ 0.008 | $ 0.008 |
Exercisable at the end of the financial year | shares | 521,850,000 | 538,000,000 |
Unlisted Option to Kentgrove (Expiring August 8, 2021) [Member] | ||
IfrsStatementLineItems [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 Options to GTGAD [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.020 | |
Number of options, Balance at the end of the financial year | shares | 5,000,000 | |
Unlisted Options to GTGAD [Member] | ||
IfrsStatementLineItems [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) [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Balance at the end of the financial year | shares | 231,500,000 | 250,000,000 |
Unlisted Options to Directors (Expiring December 20, 2022) [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Balance at the end of the financial year | shares | 250,000,000 | 250,000,000 |
Unlisted Options Issued Lodge Corporate Pty Ltd (Expiring March 6, 2023) [Member] | ||
IfrsStatementLineItems [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 Options ESOP Options One [Member] | ||
IfrsStatementLineItems [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 | 9,500,000 | 10,000,000 |
Unlisted Options ESOP Options Two [Member] | ||
IfrsStatementLineItems [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 | 12,850,000 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) - Employee Option Plan [Member] - shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Number of options issued | 12,850,000 | 0 |
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 13 days | 2 years 4 months 20 days |
SUMMARY OF GEOGRAPHICAL INFORMA
SUMMARY OF GEOGRAPHICAL INFORMATION (Details) | 12 Months Ended | ||||||
Jun. 30, 2021AUD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020AUD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
IfrsStatementLineItems [Line Items] | |||||||
Other income | $ 1,564,456 | $ 1,140,647 | $ 1,019,769 | ||||
Cost of goods sold | (361,027) | (251,511) | (276,267) | ||||
Finance costs | (14,049) | (14,823) | (20,031) | ||||
Laboratory, research and development costs | (3,109,383) | (2,477,578) | (2,360,762) | ||||
General and administrative expenses | (4,158,319) | (4,058,557) | (3,830,198) | ||||
Income tax expenses | |||||||
Loss for the period | (7,077,619) | (6,294,775) | |||||
Net other gains | (5,522) | $ (407,482) | |||||
Operating segments [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Revenue from contracts with customers | 120,554 | 9,864 | |||||
Other income | 1,564,456 | 1,140,647 | |||||
Cost of goods sold | (361,027) | (251,511) | |||||
Total segment revenue & other income | 1,323,983 | 893,478 | |||||
Depreciation and amortization | (100,124) | (65,148) | |||||
Finance costs | (14,049) | (14,823) | |||||
Share-based payments | (714,577) | 14,442 | |||||
Laboratory, research and development costs | (2,851,468) | (2,477,578) | |||||
General and administrative expenses | (3,389,464) | (4,058,559) | |||||
Other operating expenses | (1,119,446) | (385,802) | |||||
Depreciation for right-of-use assets | (212,474) | (200,785) | |||||
Total segment expenses | (8,401,602) | (7,188,253) | |||||
Income tax expenses | |||||||
Loss for the period | (7,077,619) | (6,098,930) | |||||
Total Segment Assets | 22,971,688 | 15,632,979 | |||||
Total Segment Liabilities | (1,438,653) | (1,640,372) | |||||
Net other gains | (5,522) | ||||||
Operating segments [member] | AUSTRALIA | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Revenue from contracts with customers | 102,416 | 3,160 | |||||
Other income | 1,308,043 | 1,130,881 | |||||
Cost of goods sold | (351,971) | (243,506) | |||||
Total segment revenue & other income | 1,058,488 | 885,013 | |||||
Depreciation and amortization | (99,719) | (65,148) | |||||
Finance costs | (4,360) | (1,221) | |||||
Share-based payments | (714,577) | 14,442 | |||||
Laboratory, research and development costs | (2,702,313) | (2,310,815) | |||||
General and administrative expenses | (3,381,808) | (4,046,264) | |||||
Other operating expenses | (723,890) | (159,009) | |||||
Depreciation for right-of-use assets | (191,671) | (200,785) | |||||
Total segment expenses | (7,818,338) | (6,768,800) | |||||
Income tax expenses | |||||||
Loss for the period | (6,759,850) | (5,687,942) | |||||
Total Segment Assets | 22,628,506 | 15,329,955 | |||||
Total Segment Liabilities | $ (1,347,007) | (1,427,051) | |||||
Net other gains | $ (5,522) | ||||||
Operating segments [member] | UNITED STATES | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Revenue from contracts with customers | $ 18,138 | $ 6,704 | |||||
Other income | 256,413 | 9,766 | |||||
Cost of goods sold | (9,056) | (8,005) | |||||
Total segment revenue & other income | 265,495 | 8,465 | |||||
Depreciation and amortization | (405) | ||||||
Finance costs | (9,689) | (13,602) | |||||
Share-based payments | |||||||
Laboratory, research and development costs | (149,155) | (166,763) | |||||
General and administrative expenses | (7,656) | (12,295) | |||||
Other operating expenses | (395,556) | (226,793) | |||||
Depreciation for right-of-use assets | (20,803) | ||||||
Total segment expenses | (583,264) | (419,453) | |||||
Income tax expenses | |||||||
Loss for the period | $ (317,769) | (410,988) | |||||
Total Segment Assets | $ 343,182 | $ 303,024 | |||||
Total Segment Liabilities | $ (91,646) | $ (213,321) | |||||
Net other gains |
SCHEDULE OF INDEPENDENT VALUATI
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED (Details) | Dec. 10, 2020shares | Nov. 29, 2019shares | Nov. 29, 2018shares | Jun. 30, 2021AUD ($)shares$ / shares | Jun. 30, 2020AUD ($)shares$ / shares | Jun. 30, 2019AUD ($) | ||
IfrsStatementLineItems [Line Items] | ||||||||
Expenses arising from share-based payments | $ 714,578 | $ (14,442) | $ 335,102 | |||||
Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 15,000,000 | |||||||
Total fair value of performance rights | $ 115,500 | |||||||
Expenses arising from share-based payments | $ 38,500 | |||||||
Classa Performance Rights One [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 11,250,000 | |||||||
Total fair value of performance rights | $ 86,625 | |||||||
Expenses arising from share-based payments | $ (16,845) | |||||||
Dr Lindsay Wakefield [Member] | Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 5,000,000 | 3,750,000 | 3,750,000 | 3,750,000 | ||||
Valuation per options (cents) | $ / shares | $ 0.77 | |||||||
Total fair value of performance rights | $ 28,875 | |||||||
Expenses arising from share-based payments | $ 9,625 | |||||||
Dr Jerzy Muchnicki [Member] | Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 7,500,000 | 6,250,000 | 6,250,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.77 | |||||||
Total fair value of performance rights | $ 48,125 | |||||||
Expenses arising from share-based payments | $ 16,042 | |||||||
Dr Jerzy Muchnicki [Member] | Class B Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | |||||||
Dr Jerzy Muchnicki [Member] | Class C Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | |||||||
Mr Peter Rubinstein [Member] | Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 7,500 | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Valuation per options (cents) | $ / shares | $ 0.77 | |||||||
Total fair value of performance rights | $ 38,500 | |||||||
Expenses arising from share-based payments | $ 12,833 | |||||||
Mr Peter Rubinstein [Member] | Class B Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | |||||||
Mr Peter Rubinstein [Member] | Class C Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | |||||||
Mr Xue Lee [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 3,750,000 | |||||||
Mr Xue Lee [Member] | Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 3,750,000 | 3,750,000 | 3,750,000 | [1] | ||||
Valuation per options (cents) | $ / shares | [1] | $ 0.77 | ||||||
Total fair value of performance rights | [1] | $ 28,875 | ||||||
Expenses arising from share-based payments | [1] | $ (5,616) | ||||||
Dr. Paul Kaisian [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 57,500,000 | |||||||
Dr. Paul Kaisian [Member] | Class A Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 7,500,000 | 7,500,000 | 7,500,000 | [2] | ||||
Valuation per options (cents) | $ / shares | [2] | $ 0.77 | ||||||
Total fair value of performance rights | [2] | $ 57,750 | ||||||
Expenses arising from share-based payments | [2] | $ (11,229) | ||||||
Dr. Paul Kaisian [Member] | Class B Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | 25,000,000 | 25,000,000 | [2] | ||||
Valuation per options (cents) | $ / shares | [2] | $ 0.77 | ||||||
Total fair value of performance rights | [2] | $ 192,500 | ||||||
Expenses arising from share-based payments | [2] | $ (37,431) | ||||||
Dr. Paul Kaisian [Member] | Class C Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of Performance Rights issued | shares | 25,000,000 | 25,000,000 | 25,000,000 | [2] | ||||
Valuation per options (cents) | $ / shares | [2] | $ 0.57 | ||||||
Total fair value of performance rights | [2] | $ 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. |
SCHEDULE OF EXPENSES ARISING FR
SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | $ 714,578 | $ (14,442) | $ 335,102 |
Performance Rights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 622,725 | 38,500 | 104,441 |
Employee Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 75,186 | 12,375 | |
Employee Stock Option [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 215,383 | ||
Kentgrove Capital Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 16,667 | 16,667 | 15,278 |
Reversal of Forfeited Performance Rights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | $ (81,984) |
SCHEDULE OF OPTION GRANTED AND
SCHEDULE OF OPTION GRANTED AND ISSUED (Details) | 12 Months Ended | ||
Jun. 30, 2021AUD ($)shares$ / shares | Jun. 30, 2020AUD ($)shares$ / shares | Jun. 30, 2020$ / shares$ / shares | |
Lodge Corporate Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Mar. 6, 2020 | ||
Number of options issued | shares | 5,000,000 | ||
Dividend yield | 0.00% | ||
Historic volatility and expected volatility | 141.00% | ||
Option exercise price | $ 0.008 | $ 0.008 | |
Fair value of options at grant date | (per share) | 0.007 | $ 0.007 | |
Weighted average exercise price | (per share) | $ 0.008 | $ 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] | |||
IfrsStatementLineItems [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 | $ 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] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Dec. 21, 2020 | Nov. 28, 2019 | |
Number of options issued | shares | 12,850,000 | 125,000,000 | |
Dividend yield | |||
Historic volatility and expected volatility | 155.34% | 136.00% | |
Option exercise price | $ 0.008 | 0.008 | |
Fair value of options at grant date | $ 0.007 | 0.003 | |
Weighted average exercise price | $ 0.008 | $ 0.008 | |
Risk-free interest rate | 0.111% | 0.85% | |
Expected life of an option | 3 years | 3 years | |
Model used | Binomial | Black-Scholes | |
Valuation amount | $ | $ 72,439 | $ 1,056,054 | |
Various Underwriters [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Oct. 30, 2019 | ||
Number of options issued | shares | 250,000,000 | ||
Dividend yield | 0.00% | ||
Historic volatility and expected volatility | 136.00% | ||
Option exercise price | $ 0.008 | $ 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 |
SHARE BASED PAYMENTS (Details N
SHARE BASED PAYMENTS (Details Narrative) | Dec. 21, 2020shares$ / shares | Dec. 10, 2020shares | Nov. 29, 2019shares | Nov. 29, 2018shares | Jun. 30, 2021AUD ($)shares$ / shares | Jun. 30, 2020AUD ($)shares$ / shares | Jun. 30, 2019AUD ($)$ / shares | ||
IfrsStatementLineItems [Line Items] | |||||||||
Expenses arising from share-based payments | $ | $ 714,578 | $ (14,442) | $ 335,102 | ||||||
Dr. Paul Kaisian [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 57,500,000 | ||||||||
Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of options issued | 12,850,000 | 125,000,000 | |||||||
Option exercise price | $ / shares | $ 0.008 | ||||||||
Risk-free interest rate | 0.111% | 0.85% | |||||||
Expected life of an option | 3 years | 3 years | |||||||
Expected volatility | 155.34% | 136.00% | |||||||
Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [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] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 3,750,000 | ||||||||
Employee Stock Option [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of options issued | 12,850,000 | ||||||||
Option exercise price | $ / shares | $ 0.008 | ||||||||
Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 125,000,000 | 76,250,000 | 76,250,000 | ||||||
Expenses arising from share-based payments | $ | $ 622,725 | $ 38,500 | $ 104,441 | ||||||
Consecutive share price hurdle | 10 days | ||||||||
Risk-free interest rate | 2.02% | ||||||||
Expected life of an option | 2 years 9 months 18 days | ||||||||
Expected volatility | 80.00% | ||||||||
Class A Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 15,000,000 | ||||||||
Expenses arising from share-based payments | $ | $ 38,500 | ||||||||
Class A Performance Rights [Member] | Dr. Paul Kaisian [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 7,500,000 | 7,500,000 | 7,500,000 | [1] | |||||
Expenses arising from share-based payments | $ | [1] | $ (11,229) | |||||||
Class A Performance Rights [Member] | Dr Lindsay Wakefield [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 5,000,000 | 3,750,000 | 3,750,000 | 3,750,000 | |||||
Expenses arising from share-based payments | $ | $ 9,625 | ||||||||
Class A Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 7,500,000 | 6,250,000 | 6,250,000 | ||||||
Expenses arising from share-based payments | $ | $ 16,042 | ||||||||
Class A Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 7,500 | 5,000,000 | 5,000,000 | 5,000,000 | |||||
Expenses arising from share-based payments | $ | $ 12,833 | ||||||||
Class A Performance Rights [Member] | Mr Xue Lee [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 3,750,000 | 3,750,000 | 3,750,000 | [2] | |||||
Expenses arising from share-based payments | $ | [2] | $ (5,616) | |||||||
Class A Performance Rights [Member] | Mr Nicholas Burrows [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 5,000,000 | ||||||||
Class B Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Performance hurdles, description | The Class B Performance Rights vest and are exercisable upon the Share price reaching $0.014 or greater for more than 10-day consecutive ASX trading days and sales commence on the Consumer Initiated Testing (CIT) platform in either Australia or the United States of America. | ||||||||
Class B Performance Rights [Member] | Dr. Paul Kaisian [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | 25,000,000 | 25,000,000 | [1] | |||||
Expenses arising from share-based payments | $ | [1] | $ (37,431) | |||||||
Class B Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | ||||||||
Class B Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Performance hurdles, description | The Class C Performance Rights vest and are exercisable upon a minimum of 4,000 tests being processed in any 12 month period or the market cap of the Company reaching $100 million or above and being sustained for more than 10 consecutive ASX trading days, whichever happens sooner. | ||||||||
Class C Performance Rights [Member] | Dr. Paul Kaisian [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | 25,000,000 | 25,000,000 | [1] | |||||
Expenses arising from share-based payments | $ | [1] | $ (27,708) | |||||||
Class C Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | Mr. Stanley Sack [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 3,937,500 | ||||||||
Class D Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Performance hurdles, description | The Class D Performance Rights vest and are exercisable upon the Share price reaching $0.016 or greater for more than 15-day consecutive ASX trading days. | ||||||||
Class D Performance Rights [Member] | Mr Simon Morris [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 60,000,000 | ||||||||
Class E Performance Rights [Member] | Mr. Stanley Sack [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 3,937,500 | ||||||||
Monte Carlo Simulation [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Option exercise price | $ / shares | $ 0 | $ 0 | |||||||
Consecutive share price hurdle | 10 days | ||||||||
Expected life of an option | 2 years | ||||||||
Expected volatility | 158.23% | ||||||||
Classa Performance Rights One [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of rights issued | 11,250,000 | ||||||||
Expenses arising from share-based payments | $ | $ (16,845) | ||||||||
Performance hurdles, description | The Class A Performance Rights vest and are exercisable upon the Share price reaching $0.012 or greater for more than 10-day consecutive ASX trading days. | The Class A Performance Rights vest and are exercisable upon the Share price reaching $0.02 or greater for more than 10 day consecutive ASX trading days. | |||||||
[1] | Dr. Paul Kasian resigned on September 24, 2019. | ||||||||
[2] | Mr. Xue Lee resigned on July 9, 2019 |
SCHEDULE OF OPERATING LEASE EXP
SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Total minimum operating lease payments | $ 516,628 | ||
Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum operating lease payments | 250,068 | ||
Later than one year but not later than five years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum operating lease payments | 266,560 | ||
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum operating lease payments |
SCHEDULE OF CAPITAL COMMITMENT
SCHEDULE OF CAPITAL COMMITMENT (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment | $ 457,178 | $ 42,285 | $ 69,333 |
Property Plant and Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment | $ 466,560 |
SCHEDULE OF AUDITOR_S REMUNERAT
SCHEDULE OF AUDITOR’S REMUNERATION (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Total remuneration in respect of audit services | $ 305,833 | $ 474,000 | $ 288,000 | |
Price Water House Coopers [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit | [1] | 72,500 | 274,000 | 288,000 |
Audit related fees | [2] | 200,000 | ||
Tax fees | ||||
All other fees | ||||
Grant Thomton Audit Pty Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit | [1] | 168,333 | ||
Audit related fees | [2] | |||
Tax fees | ||||
All other fees | 65,000 | |||
Other Audit Firms [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit | ||||
[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] | Audit related fees |
SCHEDULE OF REMUNERATION OF KEY
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 1,035,302 | $ 638,659 | $ 964,162 |
Post-employment benefits | 79,042 | 53,614 | 86,130 |
Share-based payments | 650,911 | (32,498) | 157,886 |
Other long-term benefits | 4,589 | 3,231 | 734 |
Termination benefits | |||
Total remuneration of Key Management Personnel | $ 1,787,933 | $ 663,006 | $ 1,208,912 |
RELATED PARTY DISCLOSURES (Deta
RELATED PARTY DISCLOSURES (Details Narrative) | Dec. 10, 2020shares | May 18, 2020 | Mar. 06, 2020AUD ($)shares | Nov. 29, 2019shares | Oct. 11, 2019AUD ($)shares | Oct. 11, 2019$ / shares | Jul. 15, 2019 | Nov. 29, 2018shares | Aug. 02, 2018Integershares | Jun. 30, 2021AUD ($)sharesInteger | Jun. 30, 2020AUD ($)shares | Jun. 30, 2019AUD ($) | Dec. 31, 2018AUD ($) | Oct. 04, 2019$ / shares | ||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of shareholders that control more than 50% of the issued capital | Integer | 0 | |||||||||||||||
Share-based payments expense | $ | $ 714,578 | $ (14,442) | $ 335,102 | |||||||||||||
Investment | $ | $ 11,018 | $ 11,018 | ||||||||||||||
Number of shares issued price per share | $ / shares | $ 0.4 | |||||||||||||||
Options issued | 521,850,000 | 538,000,000 | ||||||||||||||
Blockshine Health Pty Ltd [Member] | ||||||||||||||||
IfrsStatementLineItems [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] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Ownership interest, percentage | 100.00% | |||||||||||||||
Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 125,000,000 | 76,250,000 | 76,250,000 | |||||||||||||
Share-based payments expense | $ | $ 622,725 | $ 38,500 | $ 104,441 | |||||||||||||
Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 15,000,000 | |||||||||||||||
Share-based payments expense | $ | $ 38,500 | |||||||||||||||
Framework Agreement With Blockchain Global Limited [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of shares proposed to be issued upon achievement of milestone | 486,000,000 | |||||||||||||||
Number of tranches | Integer | 3 | |||||||||||||||
Dr. Paul Kaisian [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 57,500,000 | |||||||||||||||
Dr. Paul Kaisian [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 7,500,000 | 7,500,000 | 7,500,000 | [1] | ||||||||||||
Share-based payments expense | $ | [1] | $ (11,229) | ||||||||||||||
Dr. Paul Kaisian [Member] | Class B Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | 25,000,000 | 25,000,000 | [1] | ||||||||||||
Share-based payments expense | $ | [1] | $ (37,431) | ||||||||||||||
Dr. Paul Kaisian [Member] | Class C Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | 25,000,000 | 25,000,000 | [1] | ||||||||||||
Share-based payments expense | $ | [1] | $ (27,708) | ||||||||||||||
Dr Lindsay Wakefield [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 5,000,000 | 3,750,000 | 3,750,000 | 3,750,000 | ||||||||||||
Share-based payments expense | $ | $ 9,625 | |||||||||||||||
Mr Jerzy Muchnicki [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 6,250,000 | |||||||||||||||
Mr Peter Rubinstein [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Services received, related party transactions | $ | $ 60,000 | $ 35,000 | ||||||||||||||
Mr Peter Rubinstein [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 7,500 | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||||
Share-based payments expense | $ | $ 12,833 | |||||||||||||||
Mr Peter Rubinstein [Member] | Class B Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | |||||||||||||||
Mr Peter Rubinstein [Member] | Class C Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | |||||||||||||||
Mr Xue Lee [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 3,750,000 | |||||||||||||||
Mr Xue Lee [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 3,750,000 | 3,750,000 | 3,750,000 | [2] | ||||||||||||
Share-based payments expense | $ | [2] | $ (5,616) | ||||||||||||||
Dr Jerzy Muchnicki [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 7,500,000 | 6,250,000 | 6,250,000 | |||||||||||||
Share-based payments expense | $ | $ 16,042 | |||||||||||||||
Dr Jerzy Muchnicki [Member] | Class B Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | |||||||||||||||
Dr Jerzy Muchnicki [Member] | Class C Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 25,000,000 | |||||||||||||||
Mr Nicholas Burrows [Member] | Class A Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 5,000,000 | |||||||||||||||
Mr Simon Morris [Member] | Class D Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 60,000,000 | |||||||||||||||
Mr. Stanley Sack [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Services received, related party transactions | $ | 143,172 | 38,500 | ||||||||||||||
Number of years of extensive experience | 15 years | |||||||||||||||
Mr. Stanley Sack [Member] | Class C Performance Rights [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of rights issued | 3,937,500 | |||||||||||||||
Blockshine Technology Corporation [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Investment | $ | 43,380 | |||||||||||||||
Peter Rubinstein and Dr. George Muchnicki [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Sub-underwritten amount | $ | $ 2,000,000 | |||||||||||||||
Total underwritten amount | $ | $ 4,000,000 | |||||||||||||||
Description on transaction with related parties | 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). | |||||||||||||||
Number of options issued calculated for every two shares | 1 | |||||||||||||||
Peter Rubinstein [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of unlisted options issued | 125,000,000 | |||||||||||||||
Dr. George Muchnicki [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Number of unlisted options issued | 125,000,000 | |||||||||||||||
Underwriter Option [Member] | ||||||||||||||||
IfrsStatementLineItems [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] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Services received, related party transactions | $ | 154,224 | |||||||||||||||
Underwriting of capital raise | $ | $ 88,000 | |||||||||||||||
Percentage of underwriting capital raise | 2.00% | |||||||||||||||
Options issued | 5,000,000 | |||||||||||||||
Value of option issued | $ | $ 29,340 | |||||||||||||||
Mr. Philips Hains [Member] | ||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||
Services received, related party transactions | $ | $ 224,971 | $ 527,724 | ||||||||||||||
Number of years of extensive experience | 30 years | |||||||||||||||
[1] | Dr. Paul Kasian resigned on September 24, 2019. | |||||||||||||||
[2] | Mr. Xue Lee resigned on July 9, 2019 |
SCHEDULE OF SUBSIDIARY UNDERTAK
SCHEDULE OF SUBSIDIARY UNDERTAKINGS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Disclosure of subsidiaries [line items] | |||
Net carrying value | $ 11,018 | $ 11,018 | |
GeneType Pty. Ltd. [Member] | |||
Disclosure of subsidiaries [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] | |||
Disclosure of subsidiaries [line items] | |||
Incorporation details | October 11, 1996 | October 11, 1996 | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | $ 2 | $ 2 | |
Gene Ventures Pty. Ltd. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Incorporation details | [1] | March 7, 2001 | March 7, 2001 |
Company interest (%) | [1] | 100.00% | 100.00% |
Net carrying value | $ 10 | $ 10 | |
GeneType Corporation [Member] | |||
Disclosure of subsidiaries [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] | |||
Disclosure of subsidiaries [line items] | |||
Incorporation details | June 28, 2010 | June 28, 2010 | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | $ 11,006 | $ 11,006 | |
Hainan Aocheng Genetic Technologies Co Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Incorporation details | Hong Kong, China | Hong Kong, China | |
Company interest (%) | 100.00% | 100.00% | |
Net carrying value | |||
Genetic Technologies HK Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Incorporation details | March 18, 2019 | March 18, 2019 | |
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) |
SCHEDULE OF FINANCIAL ASSETS AN
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (Details) | Jun. 30, 2021AUD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021CAD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2020AUD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) |
Cash at Bank / on Hand [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | $ 20,902,282 | $ 7,868,978 | € 36,787 | $ 11,645,389 | $ 2,512,767 | € 38,020 | |
Trade and Other Receivables [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | 31,908 | ||||||
Trade and Other Payables [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial liabilities | $ 27,001 | $ (1,236) | $ 99,637 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | $ 760,350 | $ 723,724 |
Lease liabilities | 204,038 | 429,536 |
Borrowings | 52,252 | |
Total Contractual Cash Flows [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 760,350 | 723,724 |
Lease liabilities | 204,038 | 429,536 |
TOTAL | 964,388 | 1,205,512 |
Borrowings | 52,252 | |
Carrying Amount (assets)/liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 760,350 | 723,724 |
Lease liabilities | 204,038 | 429,536 |
TOTAL | 964,388 | 1,205,512 |
Borrowings | 52,252 | |
Less than 6 Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 760,350 | 723,724 |
Lease liabilities | 129,057 | 108,924 |
TOTAL | 889,407 | 832,648 |
Borrowings | ||
6 - 12 Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 50,569 | 131,991 |
TOTAL | 50,569 | 131,991 |
Borrowings | ||
Between 1 and 2 years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 24,412 | 188,621 |
TOTAL | 24,412 | 240,873 |
Borrowings | 52,252 | |
Between 2 and 5 years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | ||
TOTAL | ||
Borrowings | ||
Over 5 Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | ||
TOTAL | ||
Borrowings |
SCHEDULE OF EXPOSURE TO INTERES
SCHEDULE OF EXPOSURE TO INTEREST RATE RISKS AND EFFECTIVE INTEREST RATES OF FINANCIAL ASSETS AND LIABILITIES (Details) | 12 Months Ended | ||||||
Jun. 30, 2021AUD ($) | Jun. 30, 2020AUD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021CAD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | |
Borrowings [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Weighted ave. effective rate % | 1.00% | ||||||
Financial liabilities | $ 52,252 | ||||||
Leases [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Weighted ave. effective rate % | 5.37% | 5.37% | |||||
Financial liabilities | $ 204,038 | $ 429,536 | |||||
Floating interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | 2,955,047 | 11,645,389 | |||||
Financial liabilities | |||||||
Floating interest rate [member] | Borrowings [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial liabilities | |||||||
Floating interest rate [member] | Leases [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial liabilities | |||||||
Fixed interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | 17,949,091 | 2,025 | |||||
Financial liabilities | 204,038 | 481,788 | |||||
Fixed interest rate [member] | Borrowings [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial liabilities | 52,252 | ||||||
Fixed interest rate [member] | Leases [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial liabilities | 204,038 | 429,536 | |||||
Interest Rate [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | 20,904,138 | 11,647,414 | |||||
Financial liabilities | 204,038 | 481,788 | |||||
Cash at Bank / on Hand [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | $ 20,902,282 | $ 11,645,389 | $ 7,868,978 | € 36,787 | $ 2,512,767 | € 38,020 | |
Weighted ave. effective rate % | 0.20% | 0.50% | |||||
Average maturity period days | At call | At call | |||||
Cash at Bank / on Hand [Member] | Floating interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | $ 2,955,047 | $ 11,645,389 | |||||
Cash at Bank / on Hand [Member] | Fixed interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | 17,947,235 | ||||||
Performance Bond and Deposits [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | $ 1,856 | $ 2,025 | |||||
Weighted ave. effective rate % | |||||||
Average maturity period days | At call | At call | |||||
Performance Bond and Deposits [Member] | Floating interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | |||||||
Performance Bond and Deposits [Member] | Fixed interest rate [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Financial assets | $ 1,856 | $ 2,025 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Increase decrease in post tax loss | $ 388,466 | $ 145,520 |
Currency risk [member] | AUSTRALIA | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 4.90% | 6.03% |
Currency risk [member] | UNITED STATES | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 4.90% | 6.03% |
Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | $ 14,775 | $ 55,828 |
Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | $ 14,775 | $ 55,828 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Non-adjusting Events After Reporting Period [Member] - Acquisition Agreement [Member] $ in Millions | 1 Months Ended |
Jul. 19, 2021USD ($) | |
IfrsStatementLineItems [Line Items] | |
Percentage of voting equity interests acquired | 100.00% |
Purchase price | $ 4 |
Cash consideration | 2.5 |
Worth of securities | $ 1.5 |
CAPITAL MANAGEMENT (Details Nar
CAPITAL MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Capital Management | ||
Dividends | $ 0 | |
Franking account balance |
SCHEDULE OF INDIVIDUAL FINANCIA
SCHEDULE OF INDIVIDUAL FINANCIAL INFORMATION (Details) - AUD ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
DisclosureParentEntityTableLineItems [Line Items] | ||||
Current assets | $ 22,236,114 | $ 15,192,749 | ||
Non-current assets | 735,574 | 440,230 | ||
Total assets | 22,971,688 | 15,632,979 | ||
Current liabilities | 1,405,381 | 1,397,572 | ||
Non-current liabilities | 33,272 | 242,800 | ||
Total liabilities | 1,438,653 | 1,640,372 | ||
Share Capital Reserves | 153,574,974 | 140,111,073 | $ 125,498,824 | |
Other reserves | 11,033,279 | 9,928,571 | ||
Retained earnings | (143,075,218) | (136,047,037) | (129,737,550) | |
Total Equity | 21,533,035 | 13,992,607 | $ 1,771,206 | $ 4,711,878 |
Balance Sheet [Member] | ||||
DisclosureParentEntityTableLineItems [Line Items] | ||||
Current assets | 21,809,918 | 11,646,391 | ||
Non-current assets | 2,011,338 | 345,236 | ||
Total assets | 23,821,256 | 11,991,627 | ||
Current liabilities | 1,317,378 | 10,095,549 | ||
Non-current liabilities | 7,694,668 | 1,117,947 | ||
Total liabilities | 9,012,046 | 11,213,496 | ||
Share Capital Reserves | 153,574,974 | 140,111,073 | ||
Other reserves | (117,131) | (117,131) | ||
Share-based payments | 8,499,649 | 6,184,391 | ||
Retained earnings | (147,148,282) | (145,400,202) | ||
Total Equity | 14,809,210 | 778,131 | ||
Profit/(Loss) for the year | $ (1,601,672) | $ (8,816,667) |
PARENT ENTITY FINANCIAL INFOR_3
PARENT ENTITY FINANCIAL INFORMATION (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Parent Entity Financial Information | ||
Recognized impairment loss | $ 4,482,965 | $ 3,782,537 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details Narrative) | Jun. 30, 2021AUD ($) |
Contingent Liabilities And Contingent Assets | |
Contingent liabilities | $ 0 |