Cover
Cover | 12 Months Ended |
Jun. 30, 2022 shares | |
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, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
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 | 9,233,965,143 |
ICFR Auditor Attestation Flag | false |
Auditor Firm ID | 2233 |
Auditor Name | GRANT THORNTON AUDIT PTY LTD |
Auditor Location | Melbourne, Australia |
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 | +61 |
Local Phone Number | 3 8412 7000 |
Contact Personnel Name | Simon Morriss |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Loss) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Profit or loss [abstract] | |||
Revenue | $ 6,794,816 | $ 120,554 | $ 9,864 |
Finance income | 36,256 | 62,394 | 22,525 |
Other income | 2,783,391 | 1,559,961 | 1,118,140 |
Changes in inventories | (321,223) | 14,463 | (59,525) |
Raw materials | (2,692,311) | (184,920) | (41,908) |
Commissions | (156,625) | ||
Employee benefits expenses | (5,868,655) | (3,868,331) | (2,066,111) |
Advertising and promotional expenses | (1,885,402) | (436,274) | (279,312) |
Professional fees | (1,835,444) | (1,461,401) | (2,035,395) |
Research and development expenses | (705,507) | (1,165,531) | (865,627) |
Depreciation and amortisation | (578,668) | (386,277) | (258,361) |
Impairment expenses | (564,161) | (32,048) | |
Other expenses | (2,154,375) | (1,283,871) | (1,766,985) |
Finance costs | (15,215) | (16,338) | (72,080) |
Loss from operations before income tax | (7,163,123) | (7,077,619) | (6,294,775) |
Income tax credit/(expense) | 32,125 | ||
Loss for the year | (7,130,998) | (7,077,619) | (6,294,775) |
Other comprehensive income/(loss) | |||
Exchange gains/(losses) on translation of controlled foreign operations | 27,864 | (37,468) | (33,175) |
Other comprehensive income/(loss) for the year, net of tax | 27,864 | (37,468) | (33,175) |
Total comprehensive loss for the year | $ (7,103,134) | $ (7,115,087) | $ (6,327,950) |
Loss per share (cents per share) | |||
Basic and diluted net loss per ordinary share | $ (0.08) | $ (0.08) | $ (0.15) |
Weighted-average shares outstanding | 9,220,348,281 | 8,544,157,979 | 4,155,017,525 |
Consolidated Balance Sheets
Consolidated Balance Sheets - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 11,731,325 | $ 20,902,282 |
Trade and other receivables | 2,421,238 | 1,074,325 |
Inventories | 398,150 | 76,927 |
Other current assets | 166,087 | 182,580 |
Total current assets | 14,716,800 | 22,236,114 |
Non-current assets | ||
Right-of-use assets | 647,150 | 180,528 |
Property, plant and equipment | 306,175 | 457,178 |
Goodwill | 4,506,653 | |
Other intangible assets | 624,920 | |
Other non-current assets | 97,868 | |
Total non-current assets | 6,084,898 | 735,574 |
Total assets | 20,801,698 | 22,971,688 |
Current liabilities | ||
Trade and other payables | 2,122,379 | 760,350 |
Deferred income | 814,150 | 635 |
Provisions | 611,060 | 464,770 |
Lease liabilities | 264,130 | 179,626 |
Total current liabilities | 3,811,719 | 1,405,381 |
Non-current liabilities | ||
Provisions | 22,499 | 8,860 |
Lease liabilities | 388,396 | 24,412 |
Deferred tax liability | 148,013 | |
Total non-current liabilities | 558,908 | 33,272 |
Total liabilities | 4,370,627 | 1,438,653 |
Net assets | 16,431,071 | 21,533,035 |
EQUITY | ||
Contributed equity | 155,138,636 | 153,574,974 |
Reserves | 11,498,651 | 11,033,279 |
Accumulated losses | (150,206,216) | (143,075,218) |
Total equity | $ 16,431,071 | $ 21,533,035 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from/(used in) operating activities | |||
Receipts from customers | $ 5,745,162 | $ 121,190 | $ 9,864 |
Payments to suppliers and employees | (13,802,170) | (7,747,186) | (6,758,484) |
R&D tax incentive and other grants received | 2,397,552 | 1,330,067 | 1,036,522 |
Net cash flows (used in) operating activities | (5,659,456) | (6,295,929) | (5,712,098) |
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 | (63,926) | (748,706) | (38,100) |
Purchases of intangible assets | (32,868) | ||
Interest received | 36,256 | 22,507 | |
Acquisition of EasyDNA | (3,400,625) | ||
Net cash flows (used in)/from investing activities | (3,461,163) | (748,706) | 64,787 |
Cash flows from/(used in) financing activities | |||
Proceeds from the issue of shares | 15,897,629 | 21,793,678 | |
Equity transaction costs | (10,474) | (1,956,691) | (3,215,174) |
Proceeds from borrowings | 52,252 | ||
Principal elements of lease payments | (268,590) | (236,893) | (183,907) |
Interest paid | (14,049) | (86,503) | |
Net cash flows (used in)/from financing activities | (279,064) | 13,689,996 | 18,360,346 |
Net (decrease)/ increase in cash and cash equivalents | (9,399,683) | 6,645,361 | 12,713,035 |
Cash and cash equivalents at beginning of year | 20,902,282 | 14,214,160 | 2,131,741 |
Net foreign exchange difference | 228,726 | 42,761 | (630,616) |
Cash and cash equivalents at end of year | $ 11,731,325 | $ 20,902,282 | $ 14,214,160 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - AUD ($) | Issued capital [member] | Other reserves [member] | Retained earnings [member] | Total |
Balance at Jun. 30, 2019 | $ 125,498,824 | $ 6,009,932 | $ (129,737,550) | $ 1,771,206 |
IfrsStatementLineItems [Line Items] | ||||
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 |
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) | |
Transactions with owners in their capacity as owners | ||||
Contributions of equity, net of transaction costs and tax | 14,612,249 | 14,612,249 | ||
Share-based payments | 263,387 | 263,387 | ||
Reversal of forfeited Performance Rights | (81,984) | (81,984) | ||
Issue of options/warrants to underwriters | 3,770,411 | 3,770,411 | ||
Transactions with owners in their capacity as owners | 14,612,249 | 3,951,814 | 18,564,063 | |
Balance 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) | |
Transactions with owners in their capacity as owners | ||||
Contributions of equity, net of transaction costs and tax | 11,764,379 | 11,764,379 | ||
Transactions with owners in their capacity as owners | 13,463,901 | 1,142,176 | 49,438 | 14,655,515 |
Exercise of options/warrants | 1,699,522 | (973,467) | 726,055 | |
Issue of performance rights | 622,725 | 622,725 | ||
Options expired | (49,438) | 49,438 | ||
Issue of options/warrants | 1,542,356 | 1,542,356 | ||
Balance at Jun. 30, 2021 | 153,574,974 | 11,033,279 | (143,075,218) | 21,533,035 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the year | (7,130,998) | (7,130,998) | ||
Other comprehensive income | 27,864 | 27,864 | ||
Total comprehensive loss | 27,864 | (7,130,998) | (7,103,134) | |
Transactions with owners in their capacity as owners | ||||
Contributions of equity, net of transaction costs and tax | 1,563,662 | 1,563,662 | ||
Transactions with owners in their capacity as owners | 1,563,662 | 437,508 | 2,001,170 | |
Issue of performance rights | 437,508 | 437,508 | ||
Balance at Jun. 30, 2022 | $ 155,138,636 | $ 11,498,651 | $ (150,206,216) | $ 16,431,071 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Jun. 30, 2022 | |
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. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The Financial Report of the Company for the year ended June 30, 2022 was authorised for issue in accordance with a resolution of the Directors dated on August 30, 2022 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, 2022 | |
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, 2022, the Company incurred a total comprehensive loss of $ 7,103,134 (2021: $ 7,115,087 ) and net cash outflow from operations of $ 5,659,456 (2021: $ 6,295,929 ). As at June 30, 2022, the Company held total cash and cash equivalents of $ 11,731,325 and total net current assets of $ 10,905,081 . 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. The Company has $ 11,731,325 (v) Comparative figures Certain comparative figures within the consolidated statement of profit or loss and comprehensive income have been reclassified to conform with the current year’s presentation. The current presentation is in line with the Company management’s monthly reporting of the Group’s results and performance presented to the Board of Directors. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) The below tables summarise the changes that were made to comparative figures for periods presented. SUMMARY OF CHANGES MADE TO COMPARATIVE FIGURES As reported 2021 Reclass Revised 2021 $ $ $ Cost of sales - Inventories used (115,934 ) 115,934 - - Inventories written-off (54,523 ) 54,523 - - Direct labor costs (110,894 ) 110,894 - - Depreciation expense (79,676 ) 79,676 - Changes in inventory - 14,463 14,463 Raw materials - (184,920 ) (184,920 ) Other income 1,564,456 (4,495 ) 1,559,961 - Interest income 62,394 (62,394 ) - Selling and marketing expenses (1,119,851 ) 1,119,851 - General and administrative expenses (4,158,318 ) 4,158,318 - Laboratory, research and development costs (3,109,383 ) 3,109,383 - Finance costs (14,049 ) (2,289 ) (16,338 ) Other gains/(losses) - - - Finance income - 62,394 62,394 Employee benefits expenses - (3,868,331 ) (3,868,331 ) Advertising and promotional expenses - (436,274 ) (436,274 ) Professional fees - (1,461,401 ) (1,461,401 ) Research and development expenses - (1,165,531 ) (1,165,531 ) Depreciation and amortisation - (386,277 ) (386,277 ) Impairment expense - (32,048 ) (32,048 ) Other expenses - (1,283,871 ) (1,283,871 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) The below tables summarise the changes that were made to comparative figures for periods presented. As reported 2020 Reclass Revised 2020 $ $ $ Cost of sales - Inventories used (82,516 ) 82,516 - - Inventories written-off (18,917 ) 18,917 - - Direct labor costs (107,590 ) 107,590 - - Depreciation expense (42,488 ) 42,488 - Changes in inventory - (59,525 ) (59,525 ) Raw materials - (41,908 ) (41,908 ) Other income 1,140,647 (22,507 ) 1,118,140 - Interest income 22,507 (22,507 ) - Selling and marketing expenses (637,295 ) 637,295 - General and administrative expenses (4,058,557 ) 4,058,557 - Laboratory, research and development costs (2,477,578 ) 2,477,578 - Finance costs (14,823 ) (57,257 ) (72,080 ) Other gains/(losses) (5,522 ) 5,522 - Finance income - 22,525 22,525 Employee benefits expenses - (2,066,111 ) (2,066,111 ) Advertising and promotional expenses - (279,312 ) (279,312 ) Professional fees - (2,035,395 ) (2,035,395 ) Research and development expenses - (865,627 ) (865,627 ) Depreciation and amortisation - (258,361 ) (258,361 ) Impairment expense - - - Other expenses - (1,766,985 ) (1,766,985 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) Representative warrants (prior period corrections) 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (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 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 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (vi) New standards and interpretations The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 July 2021: ● Interest Rate Benchmark Reform - Phase 2 ● COVID-19 Relates Rent Concessions The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (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. (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 Group 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. The acquisition of EasyDNA has resulted in a change in how the Company reports segment information as compared to the prior year. The prior period presentation of segment information has been recast to conform with the current segment reporting structure. (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. All foreign exchange gains and losses are presented in the consolidated statement of profit or loss on a net basis, within other expenses or other income, respectively. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (d) Foreign currency translation (cont.) (ii) Transactions and balances (cont.) 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. (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 Revenues from the provision of genetic and clinical risk testing for cancer and other serious diseases under the geneType brand are recognised at a point time when the Company has provided the customer with their test results, the single performance obligation. Revenue from provision of genetic test direct to consumer under the EasyDNA brand is recognised at a point in time when the Company has provided the customer with their test results, the single performance obligation. No discounts are provided for genetic testing revenues and payments are made upfront when the test is ordered. Any unsatisfied performance obligations are recognised as deferred income. Revenue from services - license fees Revenue from contracts with service providers is recognised when the contracted sales parameters are met, the single performance obligation. Revenue is recognised over time based on the higher of actual sales incurred or minimum fees requirement on a quarterly basis. Variable consideration in relation to licence payments were constrained during the year. No discounts are provided for revenue from services. Deferred income The Group recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred income in its consolidated statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises either a contract asset or a receivable in its consolidated statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (f) Other income (i) Research and development tax incentive income 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 20 18.5 Management has assessed the Company’s activities and expenditure to determine which are likely to be eligible under the incentive scheme. The Company accounts for the R&D tax incentive as a government grant. The grant is recognised as other income over the period in which the R&D expense is recognised. (ii) Government Grants 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. (g) Finance income and finance costs The Group’s finance income and finance costs include interest income and interest expenses. Interest income or expense is recognised using the effective interest method. (h) 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (i) Leases For any new contracts entered into on or after July 1, 2019, the Group 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 Group, ● 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 Group. 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 Group’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. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (j) Impairment of assets Non financial asset The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Group 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. Cash generating unit is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. 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 as a separate line in the statement of profit or loss 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. An impairment loss in respect of goodwill is not reversed. Financial asset The Group records the impairment losses for financial assets as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. (k) Cash and cash equivalen 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. (l) 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 31 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. (m) 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (n) 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(j)). 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. (o) Intangible assets and goodwill (i) Goodwill Goodwill arises on the acquisition of a business combination. Goodwill is calculated as the excess sum of: ● the consideration transferred; ● any non-controlling interest; and ● the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Goodwill is allocated to the Group’s cash-generating units representing the lowest level at which goodwill is monitored. (ii) Brand name and customer contracts Brand, trademark, trade names and domain names acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values. Brand, trademark, trade names and domain names are amortised on a straight-lined basis over their estimated useful lives of 5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (p) 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. (q) 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 r |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Jun. 30, 2022 | |
Critical Accounting Estimates And Judgements | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are evaluated and based on historical experience and other factors, including expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances. Share-based payments transactions The Company has determined that the fair value of the equity instruments is a critical judgement. 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 and Binomial model, and utilised internal resources to perform fair value by straight forward equity instruments by using Black-Scholes model. 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. Goodwill The Group tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting policy stated in Note 2(j). The value-in-use calculation used in assessing potential impairment of goodwill incorporates a number of key estimates and assumptions which is a critical judgement. CGUs are identified by determining the smallest identifiable group of assets that generate largely independent cash inflows from other assets or groups of assets. Identifying those largely independent cash inflows requires significant judgement in assessing the Group’s sources of revenue and how assets are utilised in generating those revenues. Goodwill is required to be allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the combination acquired where goodwill cannot be allocated to individual CGUs on a reasonable and consistent basis. Significant judgement is required to assess which CGUs or groups of CGUs benefit from the synergies and thus determine how the goodwill is allocated. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets The Group assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluation conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculation which incorporate a number of key estimates and assumptions. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
REVENUE AND DEFERRED INCOME
REVENUE AND DEFERRED INCOME | 12 Months Ended |
Jun. 30, 2022 | |
Revenue And Deferred Income | |
REVENUE AND DEFERRED INCOME | 4. REVENUE AND DEFERRED INCOME 4A. REVENUE SUMMARY OF REVENUE 2022 $ 2021 $ 2020 $ Sales of EasyDNA branded test - point in time 5,989,782 - - Sales of geneType branded test - point in time 7,551 25,347 9,864 License fees - over time 797,483 95,207 - Total revenue 6,794,816 120,554 9,864 4B. DEFERRED INCOME SCHEDULE OF DEFERRED INCOME 2022 $ 2021 $ Deferred income 814,150 635 Deferred income arises from new revenue for EasyDNA, which is the consideration received in respect of unsatisfied performance obligation. The Group’s revenue disaggregated by primary geographical markets is as follows: SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS 2022 $ 2021 $ 2020 $ America and Canada 2,274,551 120,554 9,864 Europe Middle East and Africa 2,501,302 - - Latin America 128,840 - - Asia pacific 1,890,123 - - Total revenue 6,794,816 120,554 9,864 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Jun. 30, 2022 | |
Other Income | |
OTHER INCOME | 5. OTHER INCOME SCHEDULE OF OTHER INCOME 2022 $ 2021 $ 2020 $ Net profit on disposal of plant and equipment - - 37,000 Research and development tax incentive income (1) 2,397,552 997,908 750,000 Export Marketing & Development Grant - 100,000 - Other income 25,955 116,271 78,001 Government grant income – COVID-19 relief (2) - 287,883 253,139 Net unrealised foreign exchange gain 244,762 - - Net realised foreign exchange gain 155,122 57,899 - Total other income 2,783,391 1,559,961 1,118,140 (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, 2022, the Company has included an item in other income of A$ 2,397,552 997,908 750,000 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 5. OTHER INCOME (cont.) In the current year a new legislation came into place, where for the first income year commencing on or after 1 July 2021, for companies with an aggregated turnover below $ 20 18.5 (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. |
EMPLOYEE BENEFITS EXPENSE
EMPLOYEE BENEFITS EXPENSE | 12 Months Ended |
Jun. 30, 2022 | |
Employee Benefits Expense | |
EMPLOYEE BENEFITS EXPENSE | 6. EMPLOYEE BENEFITS EXPENSE SCHEDULE OF EMPLOYEE BENEFITS EXPENSE 2022 $ 2021 $ 2020 $ Salaries and wages 4,490,186 2,480,336 1,554,678 Director fees 288,024 288,024 277,936 Superannuation contribution 347,018 203,242 137,939 Share-based payments 437,508 714,577 (14,441 ) Other employee costs 305,919 182,152 109,999 Total employee benefits expenses 5,868,655 3,868,331 2,066,111 |
OTHER EXPENSES
OTHER EXPENSES | 12 Months Ended |
Jun. 30, 2022 | |
Other Expenses | |
OTHER EXPENSES | 7. OTHER EXPENSES SCHEDULE OF OTHER EXPENSES 2022 $ 2021 $ 2020 $ Buildings and facilities costs 748,580 345,624 262,972 Insurance 345,450 302,722 277,486 Investor relations and shareholder maintenance 344,355 273,187 306,821 Net unrealised foreign exchange loss - 47,896 585,175 Net realised foreign exchange loss - - 11,681 Bank and credit card merchant charges 296,883 14,582 15,190 Other expenses 419,107 299,860 307,660 Total other expenses 2,154,375 1,283,871 1,766,985 |
FINANCE INCOME _ (FINANCE COSTS
FINANCE INCOME / (FINANCE COSTS) | 12 Months Ended |
Jun. 30, 2022 | |
Finance Income | |
FINANCE INCOME / (FINANCE COSTS) | 8. FINANCE INCOME / (FINANCE COSTS) SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) 2022 $ 2021 $ 2020 $ Interest income 36,256 62,394 22,525 Total finance income 36,256 62,394 22,525 Leased interest (15,215 ) (16,338 ) (37,375 ) Interest paid - - (34,705 ) Total finance costs (15,215 ) (16,338 ) (72,080 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
INCOME TAX CREDIT_(EXPENSE)
INCOME TAX CREDIT/(EXPENSE) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Creditexpense | |
INCOME TAX CREDIT/(EXPENSE) | 9. INCOME TAX CREDIT/(EXPENSE) SCHEDULE OF INCOME TAX EXPENSE 2022 $ 2021 $ 2020 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax credit/(expense) (7,163,123 ) (7,077,619 ) (6,294,775 ) Tax at the Australian tax rate of 25% (2021: 26% and 2020: 27.50% ) (1,790,781 ) (1,840,181 ) (1 ,731,063 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 109,377 185,790 (3,971 ) Research and development tax incentive 1,116,714 588,659 446,717 Other non-deductible items - - 888 Other assessable items - - (26,764 ) Income tax expenses before unrecognised tax losses (564,690 ) (1,065,732 ) (1,314,193 ) Difference in overseas tax rates (79,604 ) 16,688 26,526 Under /(over) provision (348,607 ) (235,653 ) 553,190 Temporary differences not recognised (301,694 ) (419,965 ) (353,628 ) Research and development tax credit (599,388 ) (275,631 ) (206,250 ) Tax losses not recognised 1,861,858 1,980,293 1,294,355 Income tax (credit)/expense (32,125 ) - - SCHEDULE OF NET DEFERRED TAX ASSETS 2022 $ 2021 $ 2020 $ Net deferred tax assets Deferred tax liabilities recognised Brands and trademarks (148,013 ) - - Total deferred tax liabilities (148,013 ) - - Deferred tax assets not recognised Property, plant and equipment 58,041 8,004 - Capital raising costs 661,863 975,270 877,584 Intangible assets 1,456,225 1,701,477 1,832,075 Provisions 442,383 297,907 306,044 Total deferred tax assets 2,618,512 2,982,658 3,015,703 Deferred tax liabilities not recognised Right-of-use assets (161,787 ) (34,735 ) (119,384 ) Total deferred tax liabilities (161,787 ) (34,735 ) (119,384 ) Net deferred tax assets on temporary differences not brought to account (2,456,725 ) 2,947,923 (2,896,319 ) Total net deferred tax assets - - - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 9. INCOME TAX CREDIT/(EXPENSE) (cont.) SCHEDULE OF TAX LOSSES 2022 $ 2021 $ 2020 $ Tax losses Unused tax losses for which no deferred tax asset has been recognised 105,287,311 100,694,696 97,259,045 Potential tax benefit 26% 19,020,914 19,165,603 18,727,578 Potential tax benefit 21% 5,950,299 5,665,976 6,123,340 Potential tax benefit 35% 304,115 - - 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, 2022, the Company had a potential tax benefit related to tax losses carried forward of A$ 25,275,328 24,691,039 24,850,918 5,950,299 5,665,976 6,123,340 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 19,020,914 19,025,063 18,727,578 304,115 Nil Nil 25,275,328 24,691,039 24,850,918 As at balance date, there are unrecognised tax losses with a benefit of approximately A$ 25,275,328 (2021: A$ 24,691,039 and 2020: A$ 24,850,918 ) that have not been recognised as a deferred tax asset to the Company. These unrecognised deferred tax assets will only be obtained if: (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. 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. 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(h). 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, 2022, there are no Nil Nil NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jun. 30, 2022 | |
Loss Per Share | |
LOSS PER SHARE | 10. LOSS PER SHARE 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 2022 $ 2021 $ 2020 $ Loss for the year attributable to the owners of Genetic Technologies Limited (7,163,123 ) (7,077,619 ) (6,294,775 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 9,220,348,281 8,544,157,979 4,155,017,525 Note: None of the 757,400,000 725,787,500 553,000,000 the purposes of calculating diluted earnings per share. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Jun. 30, 2022 | |
Cash And Cash Equivalents | |
CASH AND CASH EQUIVALENTS | 11. CASH AND CASH EQUIVALENTS SCHEDULE OF CASH AND CASH EQUIVALENTS 2022 $ 2021 $ 2020 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 11,731,325 20,902,282 14,214,160 Total cash and cash equivalents 11,731,325 20,902,282 14,214,160 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 (7,163,123 ) (7,077,619 ) (6,294,775 ) Adjust for non-cash items Amortisation and depreciation expenses 343,427 265,748 65,148 Other expenses - - 2,885 Impairment of receivables 564,161 - - Share-based payments expense 437,508 714,577 (14,442 ) Net (profit) / loss on disposal of plant and equipment - - (37,000 ) Depreciation of right-of-use of assets 235,241 212,474 200,785 Inventory written-off 30,214 54,523 18,917 Gain on investment previously written off - - (43,380 ) Finance costs 15,215 16,338 86,503 Interest received (36,256 ) (62,394 ) (22,507 ) Net foreign exchange (gains) / losses (244,762 ) 9,755 (597,441 ) Adjust for non-cash items (5,818,375 ) (5,866,598 ) (6,635,307 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 11. CASH AND CASH EQUIVALENTS (cont.) 2022 $ 2021 $ 2020 $ Reconciliation of cash and cash equivalents (cont.) Adjust for changes in assets and liabilities (Increase) / Decrease in trade and other receivables (1,889,124 ) (284,971 ) 29,412 Decrease / (Increase) in other operating assets 16,493 (182,602 ) 115,455 (Increase) / Decrease in inventories (351,437 ) 14,463 (59,525 ) Decrease / (Increase) in other non-current assets 97,868 - - Increase / (Decrease) in trade and other payables 2,178,301 (14,991 ) 891,498 Increase / (Decrease) in provisions 106,818 38,770 (53,631 ) Net cash flows from / (used in) operating activities (5,659,456 ) (6,295,928 ) (5,712,098 ) Financing facilities available As at June 30, 2022, the following financing facilities had been negotiated and were available: Total facilities Credit cards 190,020 190,020 193,605 Facilities used as at reporting date Credit cards - (9,511 ) (5,332 ) Facilities unused as at reporting date Credit cards 190,020 180,509 188,273 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, 2022 | |
Trade And Other Receivables | |
TRADE AND OTHER RECEIVABLES (CURRENT) | 12. TRADE AND OTHER RECEIVABLES (CURRENT) SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2022 $ 2021 $ Trade receivables 1,036,998 120,237 Less: loss allowance (594,798 ) (30,784 ) Net trade receivables 442,200 89,453 Other receivables (1) 1,979,038 984,872 Total net current trade and other receivables 2,421,238 1,074,325 (1) Other receivables majority consists of R&D income grant receivable. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2022 | |
Other Current Assets | |
OTHER CURRENT ASSETS | 13. OTHER CURRENT ASSETS SCHEDULE OF OTHER CURRENT ASSETS 2022 $ 2021 $ Prepayments 147,854 180,724 Performance bond and deposits 13,257 1,856 Other 4,976 - Total current prepayments and other assets 166,087 182,580 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment | |
PROPERTY, PLANT AND EQUIPMENT | 14. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2022 $ 2021 $ Laboratory equipment, at cost 960,872 426,701 Less: cost written-off during the year - (23,484 ) Add: additions during the year 14,747 557,655 Less: accumulated depreciation (744,615 ) (571,467 ) Add: accumulated depreciation written-off during the year - 23,484 Net laboratory equipment 231,004 412,889 Computer equipment, at cost 251,852 672,538 Less: cost written-off during the year - (447,229 ) Add: additions during the year 40,965 26,543 Less: accumulated depreciation (230,186 ) (664,164 ) Add: accumulated depreciation written-off during the year - 447,229 Net computer equipment 62,631 34,917 Office equipment, at cost 10,495 - Less: cost written-off during the year - - Add: additions during the year 8,214 10,495 Less: accumulated depreciation (6,169 ) (1,123 ) Add: accumulated depreciation written-off during the year - - Net office equipment 12,540 9,372 Total net property, plant and equipment 306,175 457,178 Reconciliation of property, plant and equipment Opening gross carrying amount 1,220,469 1,096,489 Add: additions purchased during the year 63,926 594,693 Less: cost written-off during the year - (470,713 ) Closing gross carrying amount 1,284,395 1,220,469 Opening accumulated depreciation and impairment losses (763,291 ) (1,054,204 ) Add: accumulated depreciation written-off during the year - 470,713 Less: depreciation expense charged (214,929 ) (179,800 ) Closing accumulated depreciation and impairment losses (978,220 ) (763,291 ) Total net property, plant and equipment 306,175 457,178 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 14. PROPERTY, PLANT AND EQUIPMENT (cont.) Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2022 SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Asset category Opening net carrying Amount $ Additions during year $ Disposals during year $ Depreciation expense $ Closing net carrying amount $ Laboratory equipment 412,889 14,747 - (196,632 ) 231,004 Computer equipment 34,917 40,965 - (13,251 ) 62,631 Office equipment 9,372 8,214 - (5,046 ) 12,540 Totals 457,178 63,926 - (214,929 ) 306,175 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2021 Asset category Opening net carrying Amount $ Additions during year $ Disposals during year $ Depreciation expense $ Closing net 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 Totals 42,285 594,693 - (179,800 ) 457,178 |
GOODWILL
GOODWILL | 12 Months Ended |
Jun. 30, 2022 | |
Summary Of Changes In Goodwill | |
GOODWILL | 15. GOODWILL The following table shows the movements in goodwill: SUMMARY OF CHANGES IN GOODWILL 2022 2021 $ $ Gross carrying amount: Balance at beginning of period - - Goodwill gross carrying amount, balance at beginning - - Acquired through business combination (Note 17) 4,506,653 - Balance at end of period 4,506,653 - Goodwill gross carrying amount, balance at ending 4,506,653 - Accumulated impairment: Balance at beginning of period - - Goodwill accumulated impairment at beginning - - Impairment loss recognised - - Balance at end of period - - Goodwill accumulated impairment at ending - - Carrying amount at the end of the period 4,506,653 - Management has determined that the acquisition of EasyDNA is a single cash generating unit. Further details of net assets acquired and of goodwill is disclosed in Note 17. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 15. GOODWILL (cont.) (i) Key assumptions used for value-in-use calculations The estimates below were used in the goodwill impairment assessment: SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT Revenue growth (FY2024 to FY2025) 15% Revenue growth (FY2026 to FY2027) 5% Gross margin 51.2% Post-tax discount rate 15% Growth rate beyond FY2027 2.5% (ii) Impact of possible changes in key assumptions The key assumptions in the value-in-use impairment tests are estimated post-tax cash flows, revenue growth rates, gross margins and the discount rate. Management is aware that reasonably possible negative changes in the estimated post-tax cash flows or the discount rate could cause the recoverable amount to fall below the carrying amount as at 30 June 2022. However, no impairment was recorded as at 30 June 2022. Based on the sensitivity analysis performed, impairment would exist if the revenue growth rates for year 2 and 3 were to fall below 10% and 7.8%, respectively |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 2022 | |
Other Intangible Assets | |
OTHER INTANGIBLE ASSETS | 16. OTHER INTANGIBLE ASSETS The following table shows the movements in other intangible assets: SUMMARY OF OTHER INTANGIBLE ASSETS 2022 2021 $ $ Other intangible assets: Gross carrying amount Balance at beginning of period - - Other intangible assets gross carrying amount balance at beginning - - Brands, trademark and trade names, acquired through business combination 720,550 - Domain names 32,868 Balance at end of period 753,418 - Other intangible assets gross carrying amount balance at end 753,418 - Accumulated amortisation: Balance at beginning of period - - Other intangible assets accumulated impairment balance at beginning - - Amortisation for the period (128,498 ) - Balance at end of period (128,498 ) - Other intangible assets accumulated impairment balance at end (128,498 ) - Carrying amount at the end of the period 624,920 - Brand, trademark, trade names and domain names acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values. The Brand, trademark, trade names and domain names acquired in respect of the purchase of EasyDNA’s business and assets have been valued using the ‘relief from royalty method’. The projected royalty cashflows have been discounted to their present value assuming a weighted average cost of capital of 16% 1.5% Brand, trademark, trade names and domain names are amortised on a straight-line basis over their estimated useful lives of five years. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended |
Jun. 30, 2022 | |
Business Acquisition | |
BUSINESS ACQUISITION | 17. BUSINESS ACQUISITION On 13 August 2021, the Company completed the acquisition of EasyDNA’s assets and business. The purchase was settled by $ 3,400,625 1,574,136 116,682 Intangible assets arising on acquisition were valued by an independent valuer. Details of net assets acquired and of goodwill are as follows: SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED Number of shares $ Fair value of consideration transferred Amount settled in cash 3,400,625 Amount settled in shares 209,363,400 1,574,136 Total consideration 4,974,761 Recognised amounts of identifiable net assets Right-of-use asset 42,289 Intangible assets (1) (1) 720,550 Other payables (19,193 ) Lease liability (42,289 ) Employee benefit provisions (53,111 ) Deferred tax liability (180,138 ) Identifiable net assets 468,108 Goodwill on acquisition (Note 15) 4,506,653 Goodwill arises on the acquisition of a business combination. Goodwill is calculated as the excess sum of: ● the consideration transferred; ● any non-controlling interest; and ● the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. (1) Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to $ 720,550 EasyDNA incurred a loss of $ 165,000 Business combination entered into after the reporting period On 14 July 2022, the Group entered into an Acquisition Agreement to acquire 100% 555,000 227,500 227,500 The acquisition of AffinityDNA will provide GTG with an additional and complimentary platform to further build its existing direct-to-consumer offerings and lifestyle division. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 17. BUSINESS ACQUISITION (cont.) There are no contingent consideration arrangements related to the acquisition. As information from the entity being acquired has been limited prior to the closing of the transaction, management has yet to determine the fair values of the net assets acquired and consequently any goodwill and other identifiable assets or liabilities. Therefore, the initial accounting for the business combination is incomplete and no determination of the fair value of net assets acquired (and the calculation of goodwill) has yet been completed. Any goodwill ultimately recognised is expected to represent synergies to the Group as it provides additional platform for growth into the direct-to-consumer market, leveraging AffinityDNA’s well-established market place worldwide. Any goodwill ultimately recognised is not expected to be deductible for tax purposes. |
TRADE AND OTHER PAYABLES (CURRE
TRADE AND OTHER PAYABLES (CURRENT) | 12 Months Ended |
Jun. 30, 2022 | |
Trade And Other Payables | |
TRADE AND OTHER PAYABLES (CURRENT) | 18. TRADE AND OTHER PAYABLES (CURRENT) SCHEDULE OF TRADE AND OTHER PAYABLES 2022 $ 2021 $ Trade payables 1,153,856 269,665 Accrued expenses 953,439 485,422 Other payables 15,084 5,263 Total current trade and other payables 2,122,379 760,350 |
PROVISIONS (CURRENT AND NON-CUR
PROVISIONS (CURRENT AND NON-CURRENT) | 12 Months Ended |
Jun. 30, 2022 | |
PROVISIONS (CURRENT AND NON-CURRENT) | 19. PROVISIONS (CURRENT AND NON-CURRENT) SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS 2022 $ 2021 $ Current provisions Annual leave 312,665 171,398 Long service leave 206,805 201,782 Make good (1) (1) 91,590 91,590 Total current provisions 611,060 464,770 Non-current provisions Long service leave 22,499 8,860 Total non-current provisions 22,499 8,860 Total provisions 633,559 473,630 (1) Make good provision in respect of Melbourne office and laboratory lease SCHEDULE OF RECONCILIATION OF PROVISION 2022 $ 2021 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 171,398 152,239 Add: obligation accrued during the year 366,816 62,461 Less: utilised during the year (225,549 ) (43,302 ) Balance at the end of the financial year 312,665 171,398 Reconciliation of long service leave provision Balance at the beginning of the financial year 210,642 191,031 Add: obligation accrued during the year 18,662 19,611 Less: utilised during the year - - Balance at the end of the financial year 229,304 210,642 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
RIGHT-OF-USE ASSET _ (LEASE LIA
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) | 12 Months Ended |
Jun. 30, 2022 | |
Right-of-use Asset | |
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) | 20. RIGHT-OF-USE ASSET / (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 2022 2021 $ $ Right-of-use assets Right-of-use assets 647,150 180,528 Lease Liabilities Lease liabilities - Current (264,130 ) (179,626 ) Lease liabilities – Non-Current (388,396 ) (24,412 ) Total (652,526 ) (204,038 ) (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 2022 2021 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 235,241 212,474 Interest expense (included in finance costs) 15,215 16,338 Low value leases 26,408 - During the financial year ended June 30, 2022, the total cash outflow was $ 267,111 358,020 (c) 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 12 Months Ended |
Jun. 30, 2022 | |
Contributed Equity | |
CONTRIBUTED EQUITY | 21. CONTRIBUTED EQUITY SCHEDULE OF ISSUED AND PAID-UP CAPITAL 2022 $ 2021 $ Issued and paid-up capital Fully paid Ordinary Shares 155,138,636 153,574,974 Total contributed equity 155,138,636 153,574,974 Movements in shares on issue SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE 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 (i) (i) - (3,945,249 ) Balance at the end of the financial year 9,016,726,743 153,574,974 Year ended June 30, 2022 Number of Shares $ Balance at the beginning of the financial year 9,016,726,743 153,574,974 Shares issued during the year 217,238,400 1,574,136 Less: transaction costs arising on share issue - (10,474 ) Balance at the end of the financial year 9,233,965,143 155,138,636 (i) The details of securities arising on shares issued for the year ended June 30, 2022 are as below: ● On July 19, 2021, the Company issued 209,363,400 1,574,136 100% ● On November 3, 2021, the Company issued 7,875,000 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
RESERVES
RESERVES | 12 Months Ended |
Jun. 30, 2022 | |
Schedule Of Reserves | |
RESERVES | 22. RESERVES SCHEDULE OF RESERVES 2022 $ 2021 $ Foreign currency translation 746,819 718,955 Share-based payments 10,751,832 10,314,324 Total reserves 11,498,651 11,033,279 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 718,955 756,423 Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year 718,955 756,423 Add: net currency translation gain / (loss) 27,864 (37,468 ) Balance at the end of the financial year 746,819 718,955 Reconciliation of foreign currency translation reserve, Balance at the end of the financial year 746,819 718,955 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 10,314,324 9,172,148 Reconciliation of share-based payments reserve, Balance at the beginning of the financial year 10,314,324 9,172,148 Add: share-based payments expense - - Add: Issue of options/warrants to underwriters - - Add: Issue of performance rights 437,508 622,725 Add: Issue of options/warrants - 1,542,356 Less: Options expired - (49,438 ) Less: Exercise of options/warrants - (973,467 ) Balance at the end of the financial year 10,751,832 10,314,324 Reconciliation of share-based payments reserve, Balance at the end of the financial year 10,751,832 10,314,324 No warrants were issued for the financial year ended 30 June 2022. During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. SCHEDULE OF WARRANT ISSUED 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) 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 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 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) The following information relates to issued Performance Rights for the year ended June 30, 2022; Performance rights issued to Grant date for options issued Number of options issued Adam Kramer March 3, 2021 3,937,500 Mike Tonroe June 15, 2021 40,000,000 Carl Stubbings September 22, 2021 20,000,000 Kevin Camilleri November 22, 2021 20,000,000 2022 Grant Date March 3, 2021 June 15, 2021 September 22, 2021 November 22, 2021 Options issued 3,937,500 40,000,000 20,000,000 20,000,000 Dividend yield - - - - Historic volatility and expected volatility 161 152 149 150 % Option exercise price A$ 0.009 0.0069 0.0047 0.0038 Fair value of options at grant date A$ 0.012 0.0073 0.0052 0.0042 Weighted average exercise price A$ 0.008 0.008 0.008 0.008 Risk-free interest rate 0.110 0.085 0.160 0.960 % Expected life of an option 2.02 3 3 3 Model used Binomial Binomial Binomial Binomial Valuation amount A$ 47,250 291,428 103,104 83,216 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, 2022 | |
Accumulated Losses | |
ACCUMULATED LOSSES | 23. ACCUMULATED LOSSES SCHEDULE OF ACCUMULATED LOSSES 2022 $ 2021 $ Balance at the beginning of the financial year (143,075,218 ) (136,047,037 ) Add: net loss attributable to owners of Genetic Technologies Limited (7,130,998 ) (7,077,619 ) Less: Options expired - 49,438 Balance at the end of the financial year (150,206,216 ) (143,075,218 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
OPTIONS
OPTIONS | 12 Months Ended |
Jun. 30, 2022 | |
Options | |
OPTIONS | 24. 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 Binomial model simulation analysis. The total amount to be expensed is determined by reference to the fair value of the options granted; ● including any market performance conditions (e.g. the entities share price) ● excluding the impact of any service and non-market performance vesting conditions (e.g. remaining an employee over a specified time period) The cumulative employee benefits expense 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 if termination occurs prior to vesting conditions being reached. 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, 2022, there were 1 executive and 10 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, 2022, there were no 12,850,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 24. OPTIONS (cont.) 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 2022 2021 Average exercise price per share option $ Number of options Average exercise price per share option $ Number of options Opening balance 0.008 521,850,000 0.008 538,000,000 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 - - - - Options granted to various underwriters - - - - Granted to Lodge Corporate Pty Ltd - - - - Lapsed during the year 0.012 (29,450,000 ) 0.01 (5,000,000 ) Forfeited during the year 0.01 (500,000 ) Lapse of unlisted options attached to convertible - - - - Closing balance 0.008 492,400,000 0.008 521,850,000 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 2022 2021 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 0.011 27,850,000 0.015 20,500,000 Add: options granted during the year - - 0.008 12,850,000 Less: options lapsed during the year 0.010 (16,950,000 ) 0.010 (5,000,000 ) Less: options forfeited during the year - - 0.010 (500,000 ) Balance at the end of the financial year 0.008 10,900,000 0.011 27,850,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 24. OPTIONS (cont.) The number of options outstanding as at June 30, 2022 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 2022 2021 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 GTGAD (expiring February 16, 2022) - - 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) 0.008 229,000,000 0.008 231,500,000 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 2,500,000 - - ESOP options (expiring December 11, 2021) - - 0.010 9,500,000 ESOP options (expiring December 1, 2023) 0.008 12,850,000 0.008 12,850,000 Total 0.008 494,350,000 0.008 521,850,000 Exercisable at the end of the financial year 0.008 494,350,000 0.008 521,850,000 The weighted average remaining contractual life of options outstanding as at June 30, 2022 was 0.43 1.37 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2022 | |
Segment Information | |
SEGMENT INFORMATION | 25. 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, Chief Executive Officer. As of 30 June 2022, the Company changed its reportable operating segments from two geographical segments, previously Australia and USA, to two business unit segments, EasyDNA and GeneType/Corporate as a result of integrating the EasyDNA acquisition in fiscal 2022. The Company changed its reporting structure to better reflect what the chief operating decision maker is reviewing to make organisational decisions and resource allocations. As a result, the prior period presentation of segment information has been recast to conform with the current segment reporting structure. Management considers the business from a business unit perspective and has identified two reportable segments: EasyDNA: GeneType / Corporate: (b) Business unit segments The segment information for the reportable segments is as follows: SUMMARY OF REPORTABLE SEGMENTS 2022 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers 6,001,421 793,395 6,794,816 Other income - 2,783,391 2,783,391 Finance income - 36,256 36,256 Total segment revenue & other income 6,001,421 3,613,042 9,614,463 Segment expenses Depreciation and amortisation - (578,668 ) (578,668 ) Finance costs - (15,215 ) (15,215 ) Raw materials and change in inventories (2,951,815 ) (61,719 ) (3,013,534 ) Commissions (156,625 ) - (156,625 ) Employee benefits expenses (1,235,657 ) (4,632,998 ) (5,868,655 ) Advertising and promotional expenses (1,079,291 ) (806,111 ) (1,885,402 ) Professional fees (21,685 ) (1,813,759 ) (1,835,444 ) Research and development expenses - (705,507 ) (705,507 ) Impairment expenses - (564,161 ) (564,161 ) Other expenses (721,226 ) (1,433,149 ) (2,154,375 ) Total segment expenses (6,166,300 ) (10,611,286 ) (16,777,586 ) Income tax credit/(expense) - 32,125 32,125 Loss for the period (164,879 ) (6,966,119 ) (7,130,998 ) Total Segment Assets 2,668,618 18,133,080 20,801,698 Total Segment Liabilities (1,969,878 ) (2,400,749 ) (4,370,627 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2021 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers - 120,554 120,554 Other income - 1,559,961 1,559,961 Finance income - 62,394 62,394 Total segment revenue & other income - 1,742,909 1,742,909 Segment expenses Depreciation and amortisation - (386,277 ) (386,277 ) Finance costs - (16,338 ) (16,338 ) Raw materials and change in inventories - (170,457 ) (170,457 ) Commissions - - - Employee benefits expenses - (3,868,331 ) (3,868,331 ) Advertising and promotional expenses - (436,274 ) (436,274 ) Professional fees - (1,461,401 ) (1,461,401 ) Research and development expenses - (1,165,531 ) (1,165,531 ) Impairment expenses - (32,048 ) (32,048 ) Other expenses - (1,283,871 ) (1,283,871 ) Total segment expenses - (8,820,528 ) (8,820,528 ) Income tax credit/(expense) - - - Loss for the period - (7,077,619 ) (7,077,619 ) Total Segment Assets - 22,971,688 22,971,688 Total Segment Liabilities - (1,438,653 ) (1,438,653 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2020 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers - 9,864 9,864 Other income - 1,118,140 1,118,140 Finance income - 22,525 22,525 Total segment revenue & other income - 1,150,529 1,150,529 Segment expenses Depreciation and amortisation - (258,361 ) (258,361 ) Finance costs - (72,080 ) (72,080 ) Raw materials and change in inventories - (101,433 ) (101,433 ) Commissions - - - Employee benefits expenses - (2,066,111 ) (2,066,111 ) Advertising and promotional expenses - (279,312 ) (279,312 ) Professional fees - (2,035,395 ) (2,035,395 ) Research and development expenses - (865,627 ) (865,627 ) Impairment expenses - - - Other expenses - (1,766,985 ) (1,766,985 ) Total segment expenses - (7,445,304 ) (7,445,304 ) Income tax credit/(expense) - - - Loss for the period - (6,294,775 ) (6,294,775 ) Total Segment Assets - 15,632,979 15,632,979 Total Segment Liabilities - (1,640,372 ) (1,640,372 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
SHARE BASED PAYMENTS
SHARE BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2022 | |
Share Based Payments | |
SHARE BASED PAYMENTS | 26. SHARE BASED PAYMENTS (a) Employee option plan On December 21, 2020, the Company issued 12,850,000 0.008 There were no new options issued under the Employee Option Plan during the year. (b) Performance Rights Issuance After receiving requisite shareholder approval on November 29, 2018, the Company has issued 76,250,000 ● 7,500,000 25,000,000 25,000,000 ● 3,750,000 ● 6,250,000 ● 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 ● 7,500,000 25,000,000 25,000,000 ● 7,500,000 25,000,000 25,000,000 ● 5,000,000 In prior 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 During the year, the Board has approved for the following Performance Rights to be issued to the Key Management Personnel below: ● 40,000,000 ● 20,000,000 ● 20,000,000 The Company has accounted for these Performance Rights in accordance with its accounting policy for share-based payment transactions and has recorded A$ 437,508 622,725 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (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 Binomial model). The Company has commissioned an independent valuation of the Performance Rights. The independent valuer has applied the Binomial Model in providing the valuation of the Performance Rights. Inherent in the application of the Binomial model are a number of inputs, some of which must be assumed. For the Performance Rights issued in the year ended June 2021, the data relied upon in applying the Binomial model was: a) exercise price being 0.0 b) VWAP hurdle ( 10 0.012 0.014 15 0.016 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% e) the expected option life of 2 f) a volatility measure of 158.23% For the Performance Rights issued during the current year, the data relied upon in applying the Binomial model was: a) exercise price being 0.0 b) VWAP hurdle for key management personnel ( 15 0.016 c) sales and market cap hurdles as listed above for Performance Rights; d) the continuously compounded risk free rate are as per table below (calculated based on yield of Australian government bonds, as at the grant dates for a 2 or 3 year period matching the expected life of Performance Rights); e) the expected option life of 3 f) a volatility measure between 149% 161% 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, 2022 The Performance Rights for key management personnel vest and are exercisable upon the Share price reaching $0.016 while or greater for more than 15-day consecutive ASX trading days. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) 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 SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Performance rights issued during the year Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights $ Expense accounted for during the year $ Mr. Michael Tonroe 40,000,000 0.73 291,428 101,043 Mr. Carl Stubbings 20,000,000 0.52 103,104 26,459 Mr. Kevin Camilleri 20,000,000 0.42 83,216 16,719 Others 3,937,500 1.20 47,250 49,073 Total 83,937,500 524,998 193,294 Performance rights issued during prior years, lapse during the year Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Dr. Lindsay Wakefield 3,750,000 0.77 28,875 9,625 4,010 Dr. Jerzy Muchnicki 6,250,000 0.77 48,125 16,042 6,684 Mr. Peter Rubinstein 5,000,000 0.77 38,500 12,833 5,347 Total 15,000,000 115,500 38,500 16,041 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Performance rights issued during prior years, vested during the year (cont.) Number of Performance Rights issued Valuation per Class D (cents) Total fair value of Class D Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Mr Simon Morriss 60,000,000 0.96 574,037 79,727 191,346 Number of Performance Rights issued Valuation per Class E (cents) Total fair value of Class E Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Mr Stanley Sack 3,937,500 0.90 35,438 4,622 35,438 No Performance Rights were cancelled/forfeited during the years ended June 30, 2021 and June 30, 2022. (c) Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE 2022 2021 2020 $ $ $ Kentgrove options issued - 16,667 16,667 Performance rights issued 436,119 622,725 38,500 Reversal of forfeited Performance Rights - - (81,984 ) Options issued under employee option plan 1,389 75,186 12,375 Total expenses arising from share-based payments 437,508 714,578 (14,442 ) |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jun. 30, 2022 | |
Commitments | |
COMMITMENTS | 27. COMMITMENTS (a) Expense commitments SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS Expenditure commitments 2022 2021 2020 $ $ $ Minimum expense payments - not later than one year - - - - later than one year but not later than five years - - - - later than five years - - - Total minimum expense payments - - - 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, 2022. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 27. COMMITMENTS (cont.) (b) Capital commitments Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: SCHEDULE OF CAPITAL COMMITMENT 2022 2021 2020 $ $ $ Property, plant and equipment - - 466,560 The above commitment at June 30, 2020 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, 2022 | |
AUDITORS’ REMUNERATION | 28. AUDITORS’ REMUNERATION SCHEDULE OF AUDITOR’S REMUNERATION 2022 $ 2021 $ 2020 $ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) (1) 20,000 72,500 274,000 Audit related fees (2) (2) - - 200,000 All other fees (3) (3) - - - Grant Thornton Audit Pty Ltd in respect of: - Audit (1) (1) 241,882 168,333 - Audit related fees (2) (2) - - - All other fees (3) (3) 30,000 65,000 - Other audit firms in respect of: Audit of the Financial Reports of subsidiaries - - Total remuneration in respect of audit services 291,882 305,833 474,000 (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) 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Disclosures | |
RELATED PARTY DISCLOSURES | 29. 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, 2022, 2021 and 2020, 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. Performance Rights Issuance After receiving requisite shareholder approval on November 29, 2018, the Company has issued 76,250,000 ● 7,500,000 25,000,000 25,000,000 ● 3,750,000 ● 6,250,000 ● 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 shareholder approval on December 10, 2020, the Company issued additional 125,000,000 ● 5,000,000 ● 7,500,000 25,000,000 25,000,000 ● 7,500,000 25,000,000 25,000,000 ● 5,000,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 29. RELATED PARTY DISCLOSURES (cont.) Performance Rights Issuance (cont.) In prior 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 During the year, the Board has approved for the following Performance Rights to be issued to the Key Management Personnel below: ● 40,000,000 ● 20,000,000 ● 20,000,000 The Company has accounted for these Performance Rights in accordance with its accounting policy for share-based payment transactions and has recorded A$ 437,508 622,725 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, 2022, Genetic Technologies HK Limited has 100 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 29. RELATED PARTY DISCLOSURES (cont.) Issuance of options to directors towards sub-underwriting the capital raise (cont.) 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 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 years of extensive experience in roles with a portfolio of ASX and NASDAQ listed companies and provides CFO services through his firm The CFO Solution. Prior to this point the Company had a similar arrangement with The CFO Solution, where it would engage and provide services of overall CFO, accounting and other finance related activities. During the reporting period, the Company had transactions valued at A$ 91,615 224,971 Mr. Stanley Sack (former Chief Operating Officer) On May 18, 2020, the Company appointed Mr. Stanley Sack who provides consulting in the capacity of Chief Operating Officer. Mr. Sack has spent 15 years in large listed entities in executive positions managing large business divisions. He has worked with a high net worth family managing all their operating businesses and private equity activities. Mr. Sack built an Allied Health Business in the aged care and community care space which became the biggest Mobile Allied Health Business in Australia, and was recently sold to a large medical insurance company. During the reporting period, the Company had transactions valued at A$ 107,187 143,172 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 60,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 29. RELATED PARTY DISCLOSURES (cont.) Dr. Jerzy Muchnicki (Non-Independent Non-Executive Director) During the financial year ended June 30, 2022, the Board approved to obtain consulting services in relation to PRS and Germline Integration; Epigenetics; Somatic Testing; NIPT; Carrier testing and related marketing advice from its Non-Independent Non-Executive Director, Dr. Jerzy Muchnicki. The services procured were through Dr. Jerzy Muchnicki’s private consultancy and amounted to A$ 50,000 Nil There were no transactions with parties related to Key Management Personnel during the year other than that disclosed above. Details of Directors and Key Management Personnel as at balance date Directors ● Mr. Peter Rubinstein (Independent Non-Executive & Chairman) ● Dr. Jerzy Muchnicki (Non-Independent Non-Executive) ● 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 (former Chief Operating Officer) (May 18, 2020 to April 30, 2022) ● Mr. Kevin Camilleri (Chief Executive Officer of EasyDNA) (appointed August 16, 2021) ● Mr. Carl Stubbings (Chief Commercial Officer) (appointed September 1, 2021) SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL 2022 $ 2021 $ 2020 $ Remuneration of Key Management Personnel Short-term employee benefits 1,894,413 1,035,302 638,659 Post-employment benefits 125,822 79,042 53,614 Share-based payments 387,046 650,911 (32,498 ) Other long-term benefits 4,797 4,589 3,231 Termination benefits - - - Total remuneration of Key Management Personnel 2,412,078 1,787,933 663,006 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Jun. 30, 2022 | |
Subsidiaries | |
SUBSIDIARIES | 30. SUBSIDIARIES The following diagram is a depiction of the Company structure as at June 30, 2022. SCHEDULE OF SUBSIDIARY UNDERTAKINGS Company interest (%) Net carrying value ($) Name of Company Incorporation details 2022 2021 2022 2021 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 NSW, Australia 100 % 100 % 2 2 Gene Ventures Pty. Ltd. (1) March 7, 2001 NSW, Australia 100 % 100 % 10 10 GeneType Corporation (Dormant) December 18, 1989 California, U.S.A. 100 % 100 % - - Phenogen Sciences Inc. (BREVAGen TM June 28, 2010 Delaware, U.S.A 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technologies Co Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Genetic Technologies HK Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Helix Genetics Limited July 7, 2021 Malta 100 % - - - Genetype UK Limited April 26, 2022 United Kingdom 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, 2022 | |
Financial Risk Management | |
FINANCIAL RISK MANAGEMENT | 31. 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 31. FINANCIAL RISK MANAGEMENT (cont.) 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, 2022 June 30, 2021 USD CAD EUR USD CAD EUR $ $ $ $ $ $ Cash at Bank / on hand 3,299,787 3,318 199,758 7,868,978 - 36,787 Trade and other receivables 606,075 - 16,033 31,908 - - Trade and other payables (412,511 ) (1,652 ) (46,790 ) (27,001 ) (1,236 ) - 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, 2022, had the Australian dollar weakened/strengthened by 8.3 4.9 289,607 388,466 ● USD: 8.3 4.9 The Company is less sensitive to movements in the AUD/USD exchange rates in 2022 than 2021 because of the reduced amount of USD denominated cash and cash equivalents. The US warrants financial liability will be equity 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 31. 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 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 amount (assets)/ liabilities of financial liabilities $ $ $ $ $ $ $ At June 30, 2022 Trade and other payables 2,122,379 - - - - 2,122,379 2,122,379 Lease liabilities 133,507 136,250 255,601 163,896 - 689,254 652,526 Total 2,255,886 136,250 255,601 163,896 - 2,811,633 2,774,905 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 amount (assets)/ liabilities 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 31. 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, 2022, 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$ 40,369 14,775 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 Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2022 1,971,827 9,759,498 11,731,325 1.31 At call 2021 2,955,047 17,947,235 20,902,282 0.2 % At call Performance bond / deposits 2022 - 13,257 13,257 - At call 2021 - 1,856 1,856 - At call Totals 2022 1,971,827 9,772,755 11,744,582 2021 2,955,047 17,949,091 20,904,138 Financial liabilities Borrowings 2022 - - - - - 2021 - - - - - Leases 2022 - 652,526 652,526 4.55 - 2021 - 204,038 204,038 5.37 % - Totals 2022 - 652,526 652,526 2021 - 204,038 204,038 Note The Company holds the balance of its cash in non-interest-bearing bank accounts. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events | |
SUBSEQUENT EVENTS | 32. SUBSEQUENT EVENTS The Company executed an acquisition agreement (“Acquisition Agreement”) on July 14 th 100% 555,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Jun. 30, 2022 | |
Capital Management | |
CAPITAL MANAGEMENT | 33. 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, 2022 | |
Parent Entity Financial Information | |
PARENT ENTITY FINANCIAL INFORMATION | 34. PARENT ENTITY FINANCIAL INFORMATION The individual financial statements for the parent entity show the following aggregate amounts: SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION 2022 $ 2021 $ 2020 $ Balance sheet Current assets 5,022,689 21,809,918 11,646,391 Non-current assets 5,815,118 2,011,338 345,236 Total assets 10,837,807 23,821,256 11,991,627 Current liabilities 2,270,626 1,317,378 10,095,549 Non-current liabilities 589,745 7,694,668 1,117,947 Total liabilities 2,860,371 9,012,046 11,213,496 Shareholders’ equity Share Capital Reserves 155,138,636 153,574,974 140,111,073 Other reserves (117,131 ) (117,131 ) (117,131 ) Share-based payments 8,937,157 8,499,649 6,184,391 Retained earnings (155,981,226 ) (147,148,282 ) (145,400,202 ) Total Equity 7,977,436 14,809,210 778,131 Profit/(Loss) for the year (8,833,064 ) (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, 2022 | |
Contingent Liabilities And Contingent Assets | |
CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 35. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company had no nil Australian Disclosure Requirements All press releases, financial reports and other information are available using the stock code GTG on the Australian Securities Exchange website: www2.asx.com.au |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022, the Company incurred a total comprehensive loss of $ 7,103,134 (2021: $ 7,115,087 ) and net cash outflow from operations of $ 5,659,456 (2021: $ 6,295,929 ). As at June 30, 2022, the Company held total cash and cash equivalents of $ 11,731,325 and total net current assets of $ 10,905,081 . 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. The Company has $ 11,731,325 (v) Comparative figures Certain comparative figures within the consolidated statement of profit or loss and comprehensive income have been reclassified to conform with the current year’s presentation. The current presentation is in line with the Company management’s monthly reporting of the Group’s results and performance presented to the Board of Directors. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) The below tables summarise the changes that were made to comparative figures for periods presented. SUMMARY OF CHANGES MADE TO COMPARATIVE FIGURES As reported 2021 Reclass Revised 2021 $ $ $ Cost of sales - Inventories used (115,934 ) 115,934 - - Inventories written-off (54,523 ) 54,523 - - Direct labor costs (110,894 ) 110,894 - - Depreciation expense (79,676 ) 79,676 - Changes in inventory - 14,463 14,463 Raw materials - (184,920 ) (184,920 ) Other income 1,564,456 (4,495 ) 1,559,961 - Interest income 62,394 (62,394 ) - Selling and marketing expenses (1,119,851 ) 1,119,851 - General and administrative expenses (4,158,318 ) 4,158,318 - Laboratory, research and development costs (3,109,383 ) 3,109,383 - Finance costs (14,049 ) (2,289 ) (16,338 ) Other gains/(losses) - - - Finance income - 62,394 62,394 Employee benefits expenses - (3,868,331 ) (3,868,331 ) Advertising and promotional expenses - (436,274 ) (436,274 ) Professional fees - (1,461,401 ) (1,461,401 ) Research and development expenses - (1,165,531 ) (1,165,531 ) Depreciation and amortisation - (386,277 ) (386,277 ) Impairment expense - (32,048 ) (32,048 ) Other expenses - (1,283,871 ) (1,283,871 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) The below tables summarise the changes that were made to comparative figures for periods presented. As reported 2020 Reclass Revised 2020 $ $ $ Cost of sales - Inventories used (82,516 ) 82,516 - - Inventories written-off (18,917 ) 18,917 - - Direct labor costs (107,590 ) 107,590 - - Depreciation expense (42,488 ) 42,488 - Changes in inventory - (59,525 ) (59,525 ) Raw materials - (41,908 ) (41,908 ) Other income 1,140,647 (22,507 ) 1,118,140 - Interest income 22,507 (22,507 ) - Selling and marketing expenses (637,295 ) 637,295 - General and administrative expenses (4,058,557 ) 4,058,557 - Laboratory, research and development costs (2,477,578 ) 2,477,578 - Finance costs (14,823 ) (57,257 ) (72,080 ) Other gains/(losses) (5,522 ) 5,522 - Finance income - 22,525 22,525 Employee benefits expenses - (2,066,111 ) (2,066,111 ) Advertising and promotional expenses - (279,312 ) (279,312 ) Professional fees - (2,035,395 ) (2,035,395 ) Research and development expenses - (865,627 ) (865,627 ) Depreciation and amortisation - (258,361 ) (258,361 ) Impairment expense - - - Other expenses - (1,766,985 ) (1,766,985 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) Representative warrants (prior period corrections) 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (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 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 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (vi) New standards and interpretations The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 July 2021: ● Interest Rate Benchmark Reform - Phase 2 ● COVID-19 Relates Rent Concessions The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (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. |
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 Group 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. The acquisition of EasyDNA has resulted in a change in how the Company reports segment information as compared to the prior year. The prior period presentation of segment information has been recast to conform with the current segment reporting structure. |
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. All foreign exchange gains and losses are presented in the consolidated statement of profit or loss on a net basis, within other expenses or other income, respectively. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (d) Foreign currency translation (cont.) (ii) Transactions and balances (cont.) 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. |
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 Revenues from the provision of genetic and clinical risk testing for cancer and other serious diseases under the geneType brand are recognised at a point time when the Company has provided the customer with their test results, the single performance obligation. Revenue from provision of genetic test direct to consumer under the EasyDNA brand is recognised at a point in time when the Company has provided the customer with their test results, the single performance obligation. No discounts are provided for genetic testing revenues and payments are made upfront when the test is ordered. Any unsatisfied performance obligations are recognised as deferred income. Revenue from services - license fees Revenue from contracts with service providers is recognised when the contracted sales parameters are met, the single performance obligation. Revenue is recognised over time based on the higher of actual sales incurred or minimum fees requirement on a quarterly basis. Variable consideration in relation to licence payments were constrained during the year. No discounts are provided for revenue from services. Deferred income The Group recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred income in its consolidated statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises either a contract asset or a receivable in its consolidated statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Other income | (f) Other income (i) Research and development tax incentive income 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 20 18.5 Management has assessed the Company’s activities and expenditure to determine which are likely to be eligible under the incentive scheme. The Company accounts for the R&D tax incentive as a government grant. The grant is recognised as other income over the period in which the R&D expense is recognised. (ii) Government Grants 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. |
Finance income and finance costs | (g) Finance income and finance costs The Group’s finance income and finance costs include interest income and interest expenses. Interest income or expense is recognised using the effective interest method. |
Income tax | (h) 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Leases | (i) Leases For any new contracts entered into on or after July 1, 2019, the Group 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 Group, ● 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 Group. 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 Group’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. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Impairment of assets | (j) Impairment of assets Non financial asset The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Group 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. Cash generating unit is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. 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 as a separate line in the statement of profit or loss 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. An impairment loss in respect of goodwill is not reversed. Financial asset The Group records the impairment losses for financial assets as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. |
Cash and cash equivalen | (k) Cash and cash equivalen 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 | (l) 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 31 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 | (m) 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Property, plant and equipment | (n) 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(j)). 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. |
Intangible assets and goodwill | (o) Intangible assets and goodwill (i) Goodwill Goodwill arises on the acquisition of a business combination. Goodwill is calculated as the excess sum of: ● the consideration transferred; ● any non-controlling interest; and ● the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Goodwill is allocated to the Group’s cash-generating units representing the lowest level at which goodwill is monitored. (ii) Brand name and customer contracts Brand, trademark, trade names and domain names acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values. Brand, trademark, trade names and domain names are amortised on a straight-lined basis over their estimated useful lives of 5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Trade and other payables | (p) 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. |
Provisions | (q) 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 | (r) 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 | (s) 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (s) Fair value measurement (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 | (t) 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. |
Loss per share | (u) 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, 2022 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Goods and services tax (GST) and other sales taxes | (v) Goods and services tax (GST) and other sales taxes 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 and other sales taxes. Receivables and payables are stated inclusive of the amount of GST and other sales taxes receivable or payable. The net amount of GST and other taxes 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 and other sales taxes 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 | (w) Parent entity financial information The financial information for the parent entity, Genetic Technologies Limited, disclosed in Note 34 has been prepared on the same basis as the consolidated financial statements. 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, 2022 | |
Summary Of Significant Accounting Policies | |
SUMMARY OF CHANGES MADE TO COMPARATIVE FIGURES | The below tables summarise the changes that were made to comparative figures for periods presented. SUMMARY OF CHANGES MADE TO COMPARATIVE FIGURES As reported 2021 Reclass Revised 2021 $ $ $ Cost of sales - Inventories used (115,934 ) 115,934 - - Inventories written-off (54,523 ) 54,523 - - Direct labor costs (110,894 ) 110,894 - - Depreciation expense (79,676 ) 79,676 - Changes in inventory - 14,463 14,463 Raw materials - (184,920 ) (184,920 ) Other income 1,564,456 (4,495 ) 1,559,961 - Interest income 62,394 (62,394 ) - Selling and marketing expenses (1,119,851 ) 1,119,851 - General and administrative expenses (4,158,318 ) 4,158,318 - Laboratory, research and development costs (3,109,383 ) 3,109,383 - Finance costs (14,049 ) (2,289 ) (16,338 ) Other gains/(losses) - - - Finance income - 62,394 62,394 Employee benefits expenses - (3,868,331 ) (3,868,331 ) Advertising and promotional expenses - (436,274 ) (436,274 ) Professional fees - (1,461,401 ) (1,461,401 ) Research and development expenses - (1,165,531 ) (1,165,531 ) Depreciation and amortisation - (386,277 ) (386,277 ) Impairment expense - (32,048 ) (32,048 ) Other expenses - (1,283,871 ) (1,283,871 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (cont.) The below tables summarise the changes that were made to comparative figures for periods presented. As reported 2020 Reclass Revised 2020 $ $ $ Cost of sales - Inventories used (82,516 ) 82,516 - - Inventories written-off (18,917 ) 18,917 - - Direct labor costs (107,590 ) 107,590 - - Depreciation expense (42,488 ) 42,488 - Changes in inventory - (59,525 ) (59,525 ) Raw materials - (41,908 ) (41,908 ) Other income 1,140,647 (22,507 ) 1,118,140 - Interest income 22,507 (22,507 ) - Selling and marketing expenses (637,295 ) 637,295 - General and administrative expenses (4,058,557 ) 4,058,557 - Laboratory, research and development costs (2,477,578 ) 2,477,578 - Finance costs (14,823 ) (57,257 ) (72,080 ) Other gains/(losses) (5,522 ) 5,522 - Finance income - 22,525 22,525 Employee benefits expenses - (2,066,111 ) (2,066,111 ) Advertising and promotional expenses - (279,312 ) (279,312 ) Professional fees - (2,035,395 ) (2,035,395 ) Research and development expenses - (865,627 ) (865,627 ) Depreciation and amortisation - (258,361 ) (258,361 ) Impairment expense - - - Other expenses - (1,766,985 ) (1,766,985 ) |
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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (v) Comparative figures (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 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 |
REVENUE AND DEFERRED INCOME (Ta
REVENUE AND DEFERRED INCOME (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Revenue And Deferred Income | |
SUMMARY OF REVENUE | SUMMARY OF REVENUE 2022 $ 2021 $ 2020 $ Sales of EasyDNA branded test - point in time 5,989,782 - - Sales of geneType branded test - point in time 7,551 25,347 9,864 License fees - over time 797,483 95,207 - Total revenue 6,794,816 120,554 9,864 |
SCHEDULE OF DEFERRED INCOME | SCHEDULE OF DEFERRED INCOME 2022 $ 2021 $ Deferred income 814,150 635 |
SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS | The Group’s revenue disaggregated by primary geographical markets is as follows: SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS 2022 $ 2021 $ 2020 $ America and Canada 2,274,551 120,554 9,864 Europe Middle East and Africa 2,501,302 - - Latin America 128,840 - - Asia pacific 1,890,123 - - Total revenue 6,794,816 120,554 9,864 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Income | |
SCHEDULE OF OTHER INCOME | SCHEDULE OF OTHER INCOME 2022 $ 2021 $ 2020 $ Net profit on disposal of plant and equipment - - 37,000 Research and development tax incentive income (1) 2,397,552 997,908 750,000 Export Marketing & Development Grant - 100,000 - Other income 25,955 116,271 78,001 Government grant income – COVID-19 relief (2) - 287,883 253,139 Net unrealised foreign exchange gain 244,762 - - Net realised foreign exchange gain 155,122 57,899 - Total other income 2,783,391 1,559,961 1,118,140 (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, 2022, the Company has included an item in other income of A$ 2,397,552 997,908 750,000 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 5. OTHER INCOME (cont.) In the current year a new legislation came into place, where for the first income year commencing on or after 1 July 2021, for companies with an aggregated turnover below $ 20 18.5 (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. |
EMPLOYEE BENEFITS EXPENSE (Tabl
EMPLOYEE BENEFITS EXPENSE (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Employee Benefits Expense | |
SCHEDULE OF EMPLOYEE BENEFITS EXPENSE | SCHEDULE OF EMPLOYEE BENEFITS EXPENSE 2022 $ 2021 $ 2020 $ Salaries and wages 4,490,186 2,480,336 1,554,678 Director fees 288,024 288,024 277,936 Superannuation contribution 347,018 203,242 137,939 Share-based payments 437,508 714,577 (14,441 ) Other employee costs 305,919 182,152 109,999 Total employee benefits expenses 5,868,655 3,868,331 2,066,111 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Expenses | |
SCHEDULE OF OTHER EXPENSES | SCHEDULE OF OTHER EXPENSES 2022 $ 2021 $ 2020 $ Buildings and facilities costs 748,580 345,624 262,972 Insurance 345,450 302,722 277,486 Investor relations and shareholder maintenance 344,355 273,187 306,821 Net unrealised foreign exchange loss - 47,896 585,175 Net realised foreign exchange loss - - 11,681 Bank and credit card merchant charges 296,883 14,582 15,190 Other expenses 419,107 299,860 307,660 Total other expenses 2,154,375 1,283,871 1,766,985 |
FINANCE INCOME _ (FINANCE COS_2
FINANCE INCOME / (FINANCE COSTS) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Finance Income | |
SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) | SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) 2022 $ 2021 $ 2020 $ Interest income 36,256 62,394 22,525 Total finance income 36,256 62,394 22,525 Leased interest (15,215 ) (16,338 ) (37,375 ) Interest paid - - (34,705 ) Total finance costs (15,215 ) (16,338 ) (72,080 ) |
INCOME TAX CREDIT_(EXPENSE) (Ta
INCOME TAX CREDIT/(EXPENSE) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Creditexpense | |
SCHEDULE OF INCOME TAX EXPENSE | SCHEDULE OF INCOME TAX EXPENSE 2022 $ 2021 $ 2020 $ Reconciliation of income tax expense to prima facie tax payable Loss before income tax credit/(expense) (7,163,123 ) (7,077,619 ) (6,294,775 ) Tax at the Australian tax rate of 25% (2021: 26% and 2020: 27.50% ) (1,790,781 ) (1,840,181 ) (1 ,731,063 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 109,377 185,790 (3,971 ) Research and development tax incentive 1,116,714 588,659 446,717 Other non-deductible items - - 888 Other assessable items - - (26,764 ) Income tax expenses before unrecognised tax losses (564,690 ) (1,065,732 ) (1,314,193 ) Difference in overseas tax rates (79,604 ) 16,688 26,526 Under /(over) provision (348,607 ) (235,653 ) 553,190 Temporary differences not recognised (301,694 ) (419,965 ) (353,628 ) Research and development tax credit (599,388 ) (275,631 ) (206,250 ) Tax losses not recognised 1,861,858 1,980,293 1,294,355 Income tax (credit)/expense (32,125 ) - - |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2022 $ 2021 $ 2020 $ Net deferred tax assets Deferred tax liabilities recognised Brands and trademarks (148,013 ) - - Total deferred tax liabilities (148,013 ) - - Deferred tax assets not recognised Property, plant and equipment 58,041 8,004 - Capital raising costs 661,863 975,270 877,584 Intangible assets 1,456,225 1,701,477 1,832,075 Provisions 442,383 297,907 306,044 Total deferred tax assets 2,618,512 2,982,658 3,015,703 Deferred tax liabilities not recognised Right-of-use assets (161,787 ) (34,735 ) (119,384 ) Total deferred tax liabilities (161,787 ) (34,735 ) (119,384 ) Net deferred tax assets on temporary differences not brought to account (2,456,725 ) 2,947,923 (2,896,319 ) Total net deferred tax assets - - - |
SCHEDULE OF TAX LOSSES | SCHEDULE OF TAX LOSSES 2022 $ 2021 $ 2020 $ Tax losses Unused tax losses for which no deferred tax asset has been recognised 105,287,311 100,694,696 97,259,045 Potential tax benefit 26% 19,020,914 19,165,603 18,727,578 Potential tax benefit 21% 5,950,299 5,665,976 6,123,340 Potential tax benefit 35% 304,115 - - |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Loss Per Share | |
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR | The following reflects the income and share data used in the calculations of basic and diluted loss per share: SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR 2022 $ 2021 $ 2020 $ Loss for the year attributable to the owners of Genetic Technologies Limited (7,163,123 ) (7,077,619 ) (6,294,775 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 9,220,348,281 8,544,157,979 4,155,017,525 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Cash And Cash Equivalents | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS 2022 $ 2021 $ 2020 $ Reconciliation of cash and cash equivalents Cash at bank and on hand 11,731,325 20,902,282 14,214,160 Total cash and cash equivalents 11,731,325 20,902,282 14,214,160 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 (7,163,123 ) (7,077,619 ) (6,294,775 ) Adjust for non-cash items Amortisation and depreciation expenses 343,427 265,748 65,148 Other expenses - - 2,885 Impairment of receivables 564,161 - - Share-based payments expense 437,508 714,577 (14,442 ) Net (profit) / loss on disposal of plant and equipment - - (37,000 ) Depreciation of right-of-use of assets 235,241 212,474 200,785 Inventory written-off 30,214 54,523 18,917 Gain on investment previously written off - - (43,380 ) Finance costs 15,215 16,338 86,503 Interest received (36,256 ) (62,394 ) (22,507 ) Net foreign exchange (gains) / losses (244,762 ) 9,755 (597,441 ) Adjust for non-cash items (5,818,375 ) (5,866,598 ) (6,635,307 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 11. CASH AND CASH EQUIVALENTS (cont.) 2022 $ 2021 $ 2020 $ Reconciliation of cash and cash equivalents (cont.) Adjust for changes in assets and liabilities (Increase) / Decrease in trade and other receivables (1,889,124 ) (284,971 ) 29,412 Decrease / (Increase) in other operating assets 16,493 (182,602 ) 115,455 (Increase) / Decrease in inventories (351,437 ) 14,463 (59,525 ) Decrease / (Increase) in other non-current assets 97,868 - - Increase / (Decrease) in trade and other payables 2,178,301 (14,991 ) 891,498 Increase / (Decrease) in provisions 106,818 38,770 (53,631 ) Net cash flows from / (used in) operating activities (5,659,456 ) (6,295,928 ) (5,712,098 ) Financing facilities available As at June 30, 2022, the following financing facilities had been negotiated and were available: Total facilities Credit cards 190,020 190,020 193,605 Facilities used as at reporting date Credit cards - (9,511 ) (5,332 ) Facilities unused as at reporting date Credit cards 190,020 180,509 188,273 |
TRADE AND OTHER RECEIVABLES (_2
TRADE AND OTHER RECEIVABLES (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade And Other Receivables | |
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) | SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2022 $ 2021 $ Trade receivables 1,036,998 120,237 Less: loss allowance (594,798 ) (30,784 ) Net trade receivables 442,200 89,453 Other receivables (1) 1,979,038 984,872 Total net current trade and other receivables 2,421,238 1,074,325 (1) Other receivables majority consists of R&D income grant receivable. |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Current Assets | |
SCHEDULE OF OTHER CURRENT ASSETS | SCHEDULE OF OTHER CURRENT ASSETS 2022 $ 2021 $ Prepayments 147,854 180,724 Performance bond and deposits 13,257 1,856 Other 4,976 - Total current prepayments and other assets 166,087 182,580 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2022 $ 2021 $ Laboratory equipment, at cost 960,872 426,701 Less: cost written-off during the year - (23,484 ) Add: additions during the year 14,747 557,655 Less: accumulated depreciation (744,615 ) (571,467 ) Add: accumulated depreciation written-off during the year - 23,484 Net laboratory equipment 231,004 412,889 Computer equipment, at cost 251,852 672,538 Less: cost written-off during the year - (447,229 ) Add: additions during the year 40,965 26,543 Less: accumulated depreciation (230,186 ) (664,164 ) Add: accumulated depreciation written-off during the year - 447,229 Net computer equipment 62,631 34,917 Office equipment, at cost 10,495 - Less: cost written-off during the year - - Add: additions during the year 8,214 10,495 Less: accumulated depreciation (6,169 ) (1,123 ) Add: accumulated depreciation written-off during the year - - Net office equipment 12,540 9,372 Total net property, plant and equipment 306,175 457,178 Reconciliation of property, plant and equipment Opening gross carrying amount 1,220,469 1,096,489 Add: additions purchased during the year 63,926 594,693 Less: cost written-off during the year - (470,713 ) Closing gross carrying amount 1,284,395 1,220,469 Opening accumulated depreciation and impairment losses (763,291 ) (1,054,204 ) Add: accumulated depreciation written-off during the year - 470,713 Less: depreciation expense charged (214,929 ) (179,800 ) Closing accumulated depreciation and impairment losses (978,220 ) (763,291 ) Total net property, plant and equipment 306,175 457,178 |
SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY | Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2022 SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Asset category Opening net carrying Amount $ Additions during year $ Disposals during year $ Depreciation expense $ Closing net carrying amount $ Laboratory equipment 412,889 14,747 - (196,632 ) 231,004 Computer equipment 34,917 40,965 - (13,251 ) 62,631 Office equipment 9,372 8,214 - (5,046 ) 12,540 Totals 457,178 63,926 - (214,929 ) 306,175 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2021 Asset category Opening net carrying Amount $ Additions during year $ Disposals during year $ Depreciation expense $ Closing net 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 Totals 42,285 594,693 - (179,800 ) 457,178 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Summary Of Changes In Goodwill | |
SUMMARY OF CHANGES IN GOODWILL | The following table shows the movements in goodwill: SUMMARY OF CHANGES IN GOODWILL 2022 2021 $ $ Gross carrying amount: Balance at beginning of period - - Goodwill gross carrying amount, balance at beginning - - Acquired through business combination (Note 17) 4,506,653 - Balance at end of period 4,506,653 - Goodwill gross carrying amount, balance at ending 4,506,653 - Accumulated impairment: Balance at beginning of period - - Goodwill accumulated impairment at beginning - - Impairment loss recognised - - Balance at end of period - - Goodwill accumulated impairment at ending - - Carrying amount at the end of the period 4,506,653 - |
SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT | The estimates below were used in the goodwill impairment assessment: SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT Revenue growth (FY2024 to FY2025) 15% Revenue growth (FY2026 to FY2027) 5% Gross margin 51.2% Post-tax discount rate 15% Growth rate beyond FY2027 2.5% |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Other Intangible Assets | |
SUMMARY OF OTHER INTANGIBLE ASSETS | The following table shows the movements in other intangible assets: SUMMARY OF OTHER INTANGIBLE ASSETS 2022 2021 $ $ Other intangible assets: Gross carrying amount Balance at beginning of period - - Other intangible assets gross carrying amount balance at beginning - - Brands, trademark and trade names, acquired through business combination 720,550 - Domain names 32,868 Balance at end of period 753,418 - Other intangible assets gross carrying amount balance at end 753,418 - Accumulated amortisation: Balance at beginning of period - - Other intangible assets accumulated impairment balance at beginning - - Amortisation for the period (128,498 ) - Balance at end of period (128,498 ) - Other intangible assets accumulated impairment balance at end (128,498 ) - Carrying amount at the end of the period 624,920 - |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Business Acquisition | |
SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED | Intangible assets arising on acquisition were valued by an independent valuer. Details of net assets acquired and of goodwill are as follows: SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED Number of shares $ Fair value of consideration transferred Amount settled in cash 3,400,625 Amount settled in shares 209,363,400 1,574,136 Total consideration 4,974,761 Recognised amounts of identifiable net assets Right-of-use asset 42,289 Intangible assets (1) (1) 720,550 Other payables (19,193 ) Lease liability (42,289 ) Employee benefit provisions (53,111 ) Deferred tax liability (180,138 ) Identifiable net assets 468,108 Goodwill on acquisition (Note 15) 4,506,653 (1) Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to $ 720,550 |
TRADE AND OTHER PAYABLES (CUR_2
TRADE AND OTHER PAYABLES (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade And Other Payables | |
SCHEDULE OF TRADE AND OTHER PAYABLES | SCHEDULE OF TRADE AND OTHER PAYABLES 2022 $ 2021 $ Trade payables 1,153,856 269,665 Accrued expenses 953,439 485,422 Other payables 15,084 5,263 Total current trade and other payables 2,122,379 760,350 |
PROVISIONS (CURRENT AND NON-C_2
PROVISIONS (CURRENT AND NON-CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS | SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS 2022 $ 2021 $ Current provisions Annual leave 312,665 171,398 Long service leave 206,805 201,782 Make good (1) (1) 91,590 91,590 Total current provisions 611,060 464,770 Non-current provisions Long service leave 22,499 8,860 Total non-current provisions 22,499 8,860 Total provisions 633,559 473,630 (1) Make good provision in respect of Melbourne office and laboratory lease |
SCHEDULE OF RECONCILIATION OF PROVISION | SCHEDULE OF RECONCILIATION OF PROVISION 2022 $ 2021 $ Reconciliation of annual leave provision Balance at the beginning of the financial year 171,398 152,239 Add: obligation accrued during the year 366,816 62,461 Less: utilised during the year (225,549 ) (43,302 ) Balance at the end of the financial year 312,665 171,398 Reconciliation of long service leave provision Balance at the beginning of the financial year 210,642 191,031 Add: obligation accrued during the year 18,662 19,611 Less: utilised during the year - - Balance at the end of the financial year 229,304 210,642 |
RIGHT-OF-USE ASSET _ (LEASE L_2
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Right-of-use Asset | |
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 2022 2021 $ $ Right-of-use assets Right-of-use assets 647,150 180,528 Lease Liabilities Lease liabilities - Current (264,130 ) (179,626 ) Lease liabilities – Non-Current (388,396 ) (24,412 ) Total (652,526 ) (204,038 ) |
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 2022 2021 $ $ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 235,241 212,474 Interest expense (included in finance costs) 15,215 16,338 Low value leases 26,408 - |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Contributed Equity | |
SCHEDULE OF ISSUED AND PAID-UP CAPITAL | SCHEDULE OF ISSUED AND PAID-UP CAPITAL 2022 $ 2021 $ Issued and paid-up capital Fully paid Ordinary Shares 155,138,636 153,574,974 Total contributed equity 155,138,636 153,574,974 |
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE | Movements in shares on issue SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE 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 (i) (i) - (3,945,249 ) Balance at the end of the financial year 9,016,726,743 153,574,974 Year ended June 30, 2022 Number of Shares $ Balance at the beginning of the financial year 9,016,726,743 153,574,974 Shares issued during the year 217,238,400 1,574,136 Less: transaction costs arising on share issue - (10,474 ) Balance at the end of the financial year 9,233,965,143 155,138,636 (i) The details of securities arising on shares issued for the year ended June 30, 2022 are as below: |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule Of Reserves | |
SCHEDULE OF RESERVES | SCHEDULE OF RESERVES 2022 $ 2021 $ Foreign currency translation 746,819 718,955 Share-based payments 10,751,832 10,314,324 Total reserves 11,498,651 11,033,279 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 718,955 756,423 Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year 718,955 756,423 Add: net currency translation gain / (loss) 27,864 (37,468 ) Balance at the end of the financial year 746,819 718,955 Reconciliation of foreign currency translation reserve, Balance at the end of the financial year 746,819 718,955 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 10,314,324 9,172,148 Reconciliation of share-based payments reserve, Balance at the beginning of the financial year 10,314,324 9,172,148 Add: share-based payments expense - - Add: Issue of options/warrants to underwriters - - Add: Issue of performance rights 437,508 622,725 Add: Issue of options/warrants - 1,542,356 Less: Options expired - (49,438 ) Less: Exercise of options/warrants - (973,467 ) Balance at the end of the financial year 10,751,832 10,314,324 Reconciliation of share-based payments reserve, Balance at the end of the financial year 10,751,832 10,314,324 |
SCHEDULE OF WARRANT ISSUED | No warrants were issued for the financial year ended 30 June 2022. During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. SCHEDULE OF WARRANT ISSUED 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) 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 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) The following information relates to issued Performance Rights for the year ended June 30, 2022; Performance rights issued to Grant date for options issued Number of options issued Adam Kramer March 3, 2021 3,937,500 Mike Tonroe June 15, 2021 40,000,000 Carl Stubbings September 22, 2021 20,000,000 Kevin Camilleri November 22, 2021 20,000,000 2022 Grant Date March 3, 2021 June 15, 2021 September 22, 2021 November 22, 2021 Options issued 3,937,500 40,000,000 20,000,000 20,000,000 Dividend yield - - - - Historic volatility and expected volatility 161 152 149 150 % Option exercise price A$ 0.009 0.0069 0.0047 0.0038 Fair value of options at grant date A$ 0.012 0.0073 0.0052 0.0042 Weighted average exercise price A$ 0.008 0.008 0.008 0.008 Risk-free interest rate 0.110 0.085 0.160 0.960 % Expected life of an option 2.02 3 3 3 Model used Binomial Binomial Binomial Binomial Valuation amount A$ 47,250 291,428 103,104 83,216 |
ACCUMULATED LOSSES (Tables)
ACCUMULATED LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accumulated Losses | |
SCHEDULE OF ACCUMULATED LOSSES | SCHEDULE OF ACCUMULATED LOSSES 2022 $ 2021 $ Balance at the beginning of the financial year (143,075,218 ) (136,047,037 ) Add: net loss attributable to owners of Genetic Technologies Limited (7,130,998 ) (7,077,619 ) Less: Options expired - 49,438 Balance at the end of the financial year (150,206,216 ) (143,075,218 ) |
OPTIONS (Tables)
OPTIONS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 Average exercise price per share option $ Number of options Average exercise price per share option $ Number of options Opening balance 0.008 521,850,000 0.008 538,000,000 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 - - - - Options granted to various underwriters - - - - Granted to Lodge Corporate Pty Ltd - - - - Lapsed during the year 0.012 (29,450,000 ) 0.01 (5,000,000 ) Forfeited during the year 0.01 (500,000 ) Lapse of unlisted options attached to convertible - - - - Closing balance 0.008 492,400,000 0.008 521,850,000 |
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 2022 2021 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 0.011 27,850,000 0.015 20,500,000 Add: options granted during the year - - 0.008 12,850,000 Less: options lapsed during the year 0.010 (16,950,000 ) 0.010 (5,000,000 ) Less: options forfeited during the year - - 0.010 (500,000 ) Balance at the end of the financial year 0.008 10,900,000 0.011 27,850,000 |
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE | The number of options outstanding as at June 30, 2022 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 2022 2021 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 GTGAD (expiring February 16, 2022) - - 0.010 5,500,000 Options to various underwriters (expiring October 30, 2022) 0.008 229,000,000 0.008 231,500,000 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 2,500,000 - - ESOP options (expiring December 11, 2021) - - 0.010 9,500,000 ESOP options (expiring December 1, 2023) 0.008 12,850,000 0.008 12,850,000 Total 0.008 494,350,000 0.008 521,850,000 Exercisable at the end of the financial year 0.008 494,350,000 0.008 521,850,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Segment Information | |
SUMMARY OF REPORTABLE SEGMENTS | The segment information for the reportable segments is as follows: SUMMARY OF REPORTABLE SEGMENTS 2022 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers 6,001,421 793,395 6,794,816 Other income - 2,783,391 2,783,391 Finance income - 36,256 36,256 Total segment revenue & other income 6,001,421 3,613,042 9,614,463 Segment expenses Depreciation and amortisation - (578,668 ) (578,668 ) Finance costs - (15,215 ) (15,215 ) Raw materials and change in inventories (2,951,815 ) (61,719 ) (3,013,534 ) Commissions (156,625 ) - (156,625 ) Employee benefits expenses (1,235,657 ) (4,632,998 ) (5,868,655 ) Advertising and promotional expenses (1,079,291 ) (806,111 ) (1,885,402 ) Professional fees (21,685 ) (1,813,759 ) (1,835,444 ) Research and development expenses - (705,507 ) (705,507 ) Impairment expenses - (564,161 ) (564,161 ) Other expenses (721,226 ) (1,433,149 ) (2,154,375 ) Total segment expenses (6,166,300 ) (10,611,286 ) (16,777,586 ) Income tax credit/(expense) - 32,125 32,125 Loss for the period (164,879 ) (6,966,119 ) (7,130,998 ) Total Segment Assets 2,668,618 18,133,080 20,801,698 Total Segment Liabilities (1,969,878 ) (2,400,749 ) (4,370,627 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2021 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers - 120,554 120,554 Other income - 1,559,961 1,559,961 Finance income - 62,394 62,394 Total segment revenue & other income - 1,742,909 1,742,909 Segment expenses Depreciation and amortisation - (386,277 ) (386,277 ) Finance costs - (16,338 ) (16,338 ) Raw materials and change in inventories - (170,457 ) (170,457 ) Commissions - - - Employee benefits expenses - (3,868,331 ) (3,868,331 ) Advertising and promotional expenses - (436,274 ) (436,274 ) Professional fees - (1,461,401 ) (1,461,401 ) Research and development expenses - (1,165,531 ) (1,165,531 ) Impairment expenses - (32,048 ) (32,048 ) Other expenses - (1,283,871 ) (1,283,871 ) Total segment expenses - (8,820,528 ) (8,820,528 ) Income tax credit/(expense) - - - Loss for the period - (7,077,619 ) (7,077,619 ) Total Segment Assets - 22,971,688 22,971,688 Total Segment Liabilities - (1,438,653 ) (1,438,653 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2020 EasyDNA GeneType/ Corporate Total $ $ $ Segment revenue & other income Revenue from contracts with customers - 9,864 9,864 Other income - 1,118,140 1,118,140 Finance income - 22,525 22,525 Total segment revenue & other income - 1,150,529 1,150,529 Segment expenses Depreciation and amortisation - (258,361 ) (258,361 ) Finance costs - (72,080 ) (72,080 ) Raw materials and change in inventories - (101,433 ) (101,433 ) Commissions - - - Employee benefits expenses - (2,066,111 ) (2,066,111 ) Advertising and promotional expenses - (279,312 ) (279,312 ) Professional fees - (2,035,395 ) (2,035,395 ) Research and development expenses - (865,627 ) (865,627 ) Impairment expenses - - - Other expenses - (1,766,985 ) (1,766,985 ) Total segment expenses - (7,445,304 ) (7,445,304 ) Income tax credit/(expense) - - - Loss for the period - (6,294,775 ) (6,294,775 ) Total Segment Assets - 15,632,979 15,632,979 Total Segment Liabilities - (1,640,372 ) (1,640,372 ) |
SHARE BASED PAYMENTS (Tables)
SHARE BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Share Based Payments | |
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED | SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Performance rights issued during the year Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights $ Expense accounted for during the year $ Mr. Michael Tonroe 40,000,000 0.73 291,428 101,043 Mr. Carl Stubbings 20,000,000 0.52 103,104 26,459 Mr. Kevin Camilleri 20,000,000 0.42 83,216 16,719 Others 3,937,500 1.20 47,250 49,073 Total 83,937,500 524,998 193,294 Performance rights issued during prior years, lapse during the year Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Dr. Lindsay Wakefield 3,750,000 0.77 28,875 9,625 4,010 Dr. Jerzy Muchnicki 6,250,000 0.77 48,125 16,042 6,684 Mr. Peter Rubinstein 5,000,000 0.77 38,500 12,833 5,347 Total 15,000,000 115,500 38,500 16,041 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Performance rights issued during prior years, vested during the year (cont.) Number of Performance Rights issued Valuation per Class D (cents) Total fair value of Class D Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Mr Simon Morriss 60,000,000 0.96 574,037 79,727 191,346 Number of Performance Rights issued Valuation per Class E (cents) Total fair value of Class E Performance Rights $ Expense accounted for in 2021 $ Expense accounted for during the year $ Mr Stanley Sack 3,937,500 0.90 35,438 4,622 35,438 |
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: SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE 2022 2021 2020 $ $ $ Kentgrove options issued - 16,667 16,667 Performance rights issued 436,119 622,725 38,500 Reversal of forfeited Performance Rights - - (81,984 ) Options issued under employee option plan 1,389 75,186 12,375 Total expenses arising from share-based payments 437,508 714,578 (14,442 ) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Commitments | |
SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS | SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS Expenditure commitments 2022 2021 2020 $ $ $ Minimum expense payments - not later than one year - - - - later than one year but not later than five years - - - - later than five years - - - Total minimum expense payments - - - |
SCHEDULE OF CAPITAL COMMITMENT | Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows: SCHEDULE OF CAPITAL COMMITMENT 2022 2021 2020 $ $ $ Property, plant and equipment - - 466,560 |
AUDITORS_ REMUNERATION (Tables)
AUDITORS’ REMUNERATION (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
SCHEDULE OF AUDITOR’S REMUNERATION | SCHEDULE OF AUDITOR’S REMUNERATION 2022 $ 2021 $ 2020 $ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) (1) 20,000 72,500 274,000 Audit related fees (2) (2) - - 200,000 All other fees (3) (3) - - - Grant Thornton Audit Pty Ltd in respect of: - Audit (1) (1) 241,882 168,333 - Audit related fees (2) (2) - - - All other fees (3) (3) 30,000 65,000 - Other audit firms in respect of: Audit of the Financial Reports of subsidiaries - - Total remuneration in respect of audit services 291,882 305,833 474,000 (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) 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, 2022 | |
Related Party Disclosures | |
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL | SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL 2022 $ 2021 $ 2020 $ Remuneration of Key Management Personnel Short-term employee benefits 1,894,413 1,035,302 638,659 Post-employment benefits 125,822 79,042 53,614 Share-based payments 387,046 650,911 (32,498 ) Other long-term benefits 4,797 4,589 3,231 Termination benefits - - - Total remuneration of Key Management Personnel 2,412,078 1,787,933 663,006 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Subsidiaries | |
SCHEDULE OF SUBSIDIARY UNDERTAKINGS | The following diagram is a depiction of the Company structure as at June 30, 2022. SCHEDULE OF SUBSIDIARY UNDERTAKINGS Company interest (%) Net carrying value ($) Name of Company Incorporation details 2022 2021 2022 2021 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 NSW, Australia 100 % 100 % 2 2 Gene Ventures Pty. Ltd. (1) March 7, 2001 NSW, Australia 100 % 100 % 10 10 GeneType Corporation (Dormant) December 18, 1989 California, U.S.A. 100 % 100 % - - Phenogen Sciences Inc. (BREVAGen TM June 28, 2010 Delaware, U.S.A 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technologies Co Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Genetic Technologies HK Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Helix Genetics Limited July 7, 2021 Malta 100 % - - - Genetype UK Limited April 26, 2022 United Kingdom 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, 2022 | |
Financial Risk Management | |
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, 2022 June 30, 2021 USD CAD EUR USD CAD EUR $ $ $ $ $ $ Cash at Bank / on hand 3,299,787 3,318 199,758 7,868,978 - 36,787 Trade and other receivables 606,075 - 16,033 31,908 - - Trade and other payables (412,511 ) (1,652 ) (46,790 ) (27,001 ) (1,236 ) - |
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 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 amount (assets)/ liabilities of financial liabilities $ $ $ $ $ $ $ At June 30, 2022 Trade and other payables 2,122,379 - - - - 2,122,379 2,122,379 Lease liabilities 133,507 136,250 255,601 163,896 - 689,254 652,526 Total 2,255,886 136,250 255,601 163,896 - 2,811,633 2,774,905 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 amount (assets)/ liabilities 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 |
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 Year A$ A$ A$ % Days Financial assets Cash at bank / on hand 2022 1,971,827 9,759,498 11,731,325 1.31 At call 2021 2,955,047 17,947,235 20,902,282 0.2 % At call Performance bond / deposits 2022 - 13,257 13,257 - At call 2021 - 1,856 1,856 - At call Totals 2022 1,971,827 9,772,755 11,744,582 2021 2,955,047 17,949,091 20,904,138 Financial liabilities Borrowings 2022 - - - - - 2021 - - - - - Leases 2022 - 652,526 652,526 4.55 - 2021 - 204,038 204,038 5.37 % - Totals 2022 - 652,526 652,526 2021 - 204,038 204,038 |
PARENT ENTITY FINANCIAL INFOR_2
PARENT ENTITY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Parent Entity Financial Information | |
SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION | The individual financial statements for the parent entity show the following aggregate amounts: SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION 2022 $ 2021 $ 2020 $ Balance sheet Current assets 5,022,689 21,809,918 11,646,391 Non-current assets 5,815,118 2,011,338 345,236 Total assets 10,837,807 23,821,256 11,991,627 Current liabilities 2,270,626 1,317,378 10,095,549 Non-current liabilities 589,745 7,694,668 1,117,947 Total liabilities 2,860,371 9,012,046 11,213,496 Shareholders’ equity Share Capital Reserves 155,138,636 153,574,974 140,111,073 Other reserves (117,131 ) (117,131 ) (117,131 ) Share-based payments 8,937,157 8,499,649 6,184,391 Retained earnings (155,981,226 ) (147,148,282 ) (145,400,202 ) Total Equity 7,977,436 14,809,210 778,131 Profit/(Loss) for the year (8,833,064 ) (1,601,672 ) (8,816,667 ) |
SUMMARY OF CHANGES MADE TO COMP
SUMMARY OF CHANGES MADE TO COMPARATIVE FIGURES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
- Inventories used | |||
- Inventories written-off | |||
- Direct labor costs | |||
- Depreciation expense | |||
Changes in inventory | $ (321,223) | 14,463 | (59,525) |
Raw materials | (2,692,311) | (184,920) | (41,908) |
Other income | 2,783,391 | 1,559,961 | 1,118,140 |
- Interest income | |||
Selling and marketing expenses | |||
General and administrative expenses | |||
Laboratory, research and development costs | |||
Finance costs | (15,215) | (16,338) | (72,080) |
Other gains/(losses) | |||
Finance income | 36,256 | 62,394 | 22,525 |
Employee benefits expenses | (5,868,655) | (3,868,331) | (2,066,111) |
Advertising and promotional expenses | (1,885,402) | (436,274) | (279,312) |
Professional fees | (1,835,444) | (1,461,401) | (2,035,395) |
Research and development expenses | (705,507) | (1,165,531) | (865,627) |
Depreciation and amortisation | (578,668) | (386,277) | (258,361) |
Impairment expense | (564,161) | (32,048) | |
Other expenses | $ (2,154,375) | (1,283,871) | (1,766,985) |
Previously stated [member] | |||
IfrsStatementLineItems [Line Items] | |||
- Inventories used | (115,934) | (82,516) | |
- Inventories written-off | (54,523) | (18,917) | |
- Direct labor costs | (110,894) | (107,590) | |
- Depreciation expense | (79,676) | (42,488) | |
Changes in inventory | |||
Raw materials | |||
Other income | 1,564,456 | 1,140,647 | |
- Interest income | 62,394 | 22,507 | |
Selling and marketing expenses | (1,119,851) | (637,295) | |
General and administrative expenses | (4,158,318) | (4,058,557) | |
Laboratory, research and development costs | (3,109,383) | (2,477,578) | |
Finance costs | (14,049) | (14,823) | |
Other gains/(losses) | (5,522) | ||
Finance income | |||
Employee benefits expenses | |||
Advertising and promotional expenses | |||
Professional fees | |||
Research and development expenses | |||
Depreciation and amortisation | |||
Impairment expense | |||
Other expenses | |||
Increase (decrease) due to corrections of prior period errors [member] | |||
IfrsStatementLineItems [Line Items] | |||
- Inventories used | 115,934 | 82,516 | |
- Inventories written-off | 54,523 | 18,917 | |
- Direct labor costs | 110,894 | 107,590 | |
- Depreciation expense | 79,676 | 42,488 | |
Changes in inventory | 14,463 | (59,525) | |
Raw materials | (184,920) | (41,908) | |
Other income | (4,495) | (22,507) | |
- Interest income | (62,394) | (22,507) | |
Selling and marketing expenses | 1,119,851 | 637,295 | |
General and administrative expenses | 4,158,318 | 4,058,557 | |
Laboratory, research and development costs | 3,109,383 | 2,477,578 | |
Finance costs | (2,289) | (57,257) | |
Other gains/(losses) | 5,522 | ||
Finance income | 62,394 | 22,525 | |
Employee benefits expenses | (3,868,331) | (2,066,111) | |
Advertising and promotional expenses | (436,274) | (279,312) | |
Professional fees | (1,461,401) | (2,035,395) | |
Research and development expenses | (1,165,531) | (865,627) | |
Depreciation and amortisation | (386,277) | (258,361) | |
Impairment expense | (32,048) | ||
Other expenses | $ (1,283,871) | $ (1,766,985) |
SCHEDULE OF FINANCIAL ADJUSTMEN
SCHEDULE OF FINANCIAL ADJUSTMENTS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Fair value gains on financial liabilities through profit or loss | ||||
Loss from operations before income tax | $ (7,163,123) | $ (7,077,619) | (6,294,775) | |
Loss for the year attributable to the owners of Genetic Technologies Limited | (7,130,998) | (7,077,619) | (6,294,775) | |
Total comprehensive loss for the year | $ (7,103,134) | $ (7,115,087) | $ (6,327,950) | |
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) | 9,220,348,281 | 8,544,157,979 | 4,155,017,525 | |
Non-Current Liabilities | ||||
Other financial liabilities | ||||
Total Non-Current Liabilities | $ 558,908 | $ 33,272 | 242,800 | |
TOTAL LIABILITIES | 4,370,627 | 1,438,653 | 1,640,372 | |
NET ASSETS | 16,431,071 | 21,533,035 | 13,992,607 | |
EQUITY | ||||
Total reserves | 11,498,651 | 11,033,279 | 9,928,571 | |
Accumulated losses | (150,206,216) | (143,075,218) | (136,047,037) | $ (129,737,550) |
TOTAL EQUITY | 16,431,071 | 21,533,035 | 13,992,607 | 1,771,206 |
Net foreign exchange gains/(losses) | (5,522) | |||
Net impairment losses | ||||
Total other gains / (losses) | (5,522) | |||
Foreign currency translation | 746,819 | 718,955 | 756,423 | 789,598 |
Share-based payments | 10,751,832 | 10,314,324 | 9,172,148 | 5,220,334 |
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 718,955 | 756,423 | 789,598 | |
Reconciliation of foreign currency translation reserve, Add: net currency translation gain / (loss) | 27,864 | (37,468) | (33,175) | |
Reserve of exchange differences on translation | 746,819 | 718,955 | 756,423 | |
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 10,314,324 | 9,172,148 | 5,220,334 | |
Reconciliation of share-based payments reserve, Add: share-based payments expense | 263,387 | |||
Reconciliation of share-based payments reserve, Add: Issue of options/warrants to underwriters | 3,770,411 | |||
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 | 10,751,832 | 10,314,324 | 9,172,148 | |
Balance at the beginning of the financial year | (143,075,218) | (136,047,037) | (129,737,550) | |
Add: Initial adoption of IFRS 16 | (14,712) | |||
Add: net loss attributable to owners of Genetic Technologies Limited | (7,130,998) | (7,077,619) | (6,294,775) | |
Balance at the end of the financial year | $ (150,206,216) | (143,075,218) | (136,047,037) | |
Previously stated [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) | |||
Reserve of exchange differences on translation | 756,423 | |||
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 | |||
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) | |||
Increase (decrease) due to corrections of prior period errors [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) | ||||
Reserve of exchange differences on translation | ||||
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) |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIFE (Details) | 12 Months Ended |
Jun. 30, 2022 | |
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 | ||||
Dec. 05, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IfrsStatementLineItems [Line Items] | |||||
Comprehensive income | $ 7,103,134 | $ 7,115,087 | $ 6,327,950 | ||
Cash flows from (used in) operating activities | 5,659,456 | 6,295,929 | 5,712,098 | ||
Cash and cash equivalents | 11,731,325 | $ 20,902,282 | $ 14,214,160 | $ 2,131,741 | |
[custom:CurrentAssetsNet-0] | $ 10,905,081 | ||||
Brand Trademark Trade Names [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Useful life measured as period of time, property, plant and equipment | 5 years | ||||
Australian Government Tax Incentive [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 | $ 20,000,000 | |||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41% | 18.50% |
SUMMARY OF REVENUE (Details)
SUMMARY OF REVENUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 6,794,816 | $ 120,554 | $ 9,864 |
EasyDNA Branded Tests [Member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 5,989,782 | ||
GeneType Branded Tests [Member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 7,551 | 25,347 | 9,864 |
License Fees [Member] | Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 797,483 | $ 95,207 |
SCHEDULE OF DEFERRED INCOME (De
SCHEDULE OF DEFERRED INCOME (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Revenue And Deferred Income | ||
Deferred income | $ 814,150 | $ 635 |
SCHEDULE OF DISAGGREGATED BY GE
SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 6,794,816 | $ 120,554 | $ 9,864 |
America and Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 2,274,551 | 120,554 | 9,864 |
Europe MiddleEast and Africa [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 2,501,302 | ||
Latin Americas [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 128,840 | ||
Asia Pacifics [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 1,890,123 |
SCHEDULE OF OTHER INCOME (Detai
SCHEDULE OF OTHER INCOME (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Other Income | ||||
Net profit on disposal of plant and equipment | $ 37,000 | |||
Research and development tax incentive income | [1] | 2,397,552 | 997,908 | 750,000 |
Export Marketing & Development Grant | 100,000 | |||
Other income | 25,955 | 116,271 | 78,001 | |
Government grant income – COVID-19 relief | [2] | 287,883 | 253,139 | |
Net unrealised foreign exchange gain | 244,762 | |||
Net realised foreign exchange gain | 155,122 | 57,899 | ||
Total other income | $ 2,783,391 | $ 1,559,961 | $ 1,118,140 | |
[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 | ||||
Dec. 05, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | ||
IfrsStatementLineItems [Line Items] | |||||
Research and development tax incentive income | [1] | $ 2,397,552 | $ 997,908 | $ 750,000 | |
Australian Government Tax Incentive [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 | $ 20,000,000 | |||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41% | 18.50% | |||
[1]R&D tax incentive |
SCHEDULE OF EMPLOYEE BENEFITS E
SCHEDULE OF EMPLOYEE BENEFITS EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Benefits Expense | |||
Salaries and wages | $ 4,490,186 | $ 2,480,336 | $ 1,554,678 |
Director fees | 288,024 | 288,024 | 277,936 |
Superannuation contribution | 347,018 | 203,242 | 137,939 |
Share-based payments | 437,508 | 714,577 | (14,441) |
Other employee costs | 305,919 | 182,152 | 109,999 |
Total employee benefits expenses | $ 5,868,655 | $ 3,868,331 | $ 2,066,111 |
SCHEDULE OF OTHER EXPENSES (Det
SCHEDULE OF OTHER EXPENSES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Expenses | |||
Buildings and facilities costs | $ 748,580 | $ 345,624 | $ 262,972 |
Insurance | 345,450 | 302,722 | 277,486 |
Investor relations and shareholder maintenance | 344,355 | 273,187 | 306,821 |
Net unrealised foreign exchange loss | 47,896 | 585,175 | |
Net realised foreign exchange loss | 11,681 | ||
Bank and credit card merchant charges | 296,883 | 14,582 | 15,190 |
Other expenses | 419,107 | 299,860 | 307,660 |
Total other expenses | $ 2,154,375 | $ 1,283,871 | $ 1,766,985 |
SCHEDULE OF FINANCE INCOME _ (F
SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finance Income | |||
Interest income | $ 36,256 | $ 62,394 | $ 22,525 |
Total finance income | 36,256 | 62,394 | 22,525 |
Leased interest | (15,215) | (16,338) | (37,375) |
Interest paid | (34,705) | ||
Total finance costs | $ (15,215) | $ (16,338) | $ (72,080) |
SCHEDULE OF INCOME TAX EXPENSE
SCHEDULE OF INCOME TAX EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Creditexpense | |||
Loss before income tax credit/(expense) | $ (7,163,123) | $ (7,077,619) | $ (6,294,775) |
Tax at the Australian tax rate of 25% (2021: 26% and 2020: 27.50%) | (1,790,781) | (1,840,181) | (1) |
Share-based payments expense | 109,377 | 185,790 | (3,971) |
Research and development tax incentive | 1,116,714 | 588,659 | 446,717 |
Other non-deductible items | 888 | ||
Other assessable items | (26,764) | ||
Income tax expenses before unrecognised tax losses | (564,690) | (1,065,732) | (1,314,193) |
Difference in overseas tax rates | (79,604) | 16,688 | 26,526 |
Under /(over) provision | (348,607) | (235,653) | 553,190 |
Temporary differences not recognised | (301,694) | (419,965) | (353,628) |
Research and development tax credit | (599,388) | (275,631) | (206,250) |
Tax losses not recognised | 1,861,858 | 1,980,293 | 1,294,355 |
Income tax (credit)/expense | $ (32,125) |
SCHEDULE OF INCOME TAX EXPENS_2
SCHEDULE OF INCOME TAX EXPENSE (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Creditexpense | |||
Applicable tax rate | 25% | 26% | 27.50% |
SCHEDULE OF NET DEFERRED TAX AS
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | $ (148,013) | ||
Total deferred tax assets | 2,618,512 | 2,982,658 | 3,015,703 |
Total deferred tax liabilities | (161,787) | (34,735) | (119,384) |
Net deferred tax assets on temporary differences not brought to account | (2,456,725) | 2,947,923 | (2,896,319) |
Total net deferred tax assets | |||
Brand names [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | (148,013) | ||
Property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 58,041 | 8,004 | |
Capital Raising Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 661,863 | 975,270 | 877,584 |
Intangible assets and goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 1,456,225 | 1,701,477 | 1,832,075 |
Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax assets | 442,383 | 297,907 | 306,044 |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | $ (161,787) | $ (34,735) | $ (119,384) |
SCHEDULE OF TAX LOSSES (Details
SCHEDULE OF TAX LOSSES (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset has been recognised | $ 105,287,311 | $ 100,694,696 | $ 97,259,045 |
Potential tax benefit | 25,275,328 | 24,691,039 | 24,850,918 |
AU [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | 19,020,914 | 19,165,603 | 18,727,578 |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | 5,950,299 | 5,665,976 | 6,123,340 |
MALTA | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 304,115 |
SCHEDULE OF TAX LOSSES (Detai_2
SCHEDULE OF TAX LOSSES (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | 26% | 27.50% |
AU [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26% | 26% | 26% |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 21% | 21% | 21% |
MALTA | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | 35% | 35% |
INCOME TAX CREDIT_(EXPENSE) (De
INCOME TAX CREDIT/(EXPENSE) (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 25,275,328 | $ 24,691,039 | $ 24,850,918 |
Total unused tax losses | 25,275,328 | 24,691,039 | 24,850,918 |
[custom:UnrecognizedTaxLossesWithBenefit-0] | 25,275,328 | 24,691,039 | 24,850,918 |
Unrecognized temporary differences associated with the Group's investments in subsidiaries | |||
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 5,950,299 | 5,665,976 | 6,123,340 |
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] | |||
Remaining tax losses carried forward | $ 5,950,299 | 5,665,976 | 6,123,340 |
Subsidiaries Australia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | 19,020,914 | 19,025,063 | 18,727,578 |
Subsidiaries Malta [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 304,115 |
SCHEDULE OF WEIGHTED AVERAGE NU
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loss Per Share | |||
Loss for the year attributable to the owners of Genetic Technologies Limited | $ (7,163,123) | $ (7,077,619) | $ (6,294,775) |
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 9,220,348,281 | 8,544,157,979 | 4,155,017,525 |
LOSS PER SHARE (Details Narrati
LOSS PER SHARE (Details Narrative) - shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loss Per Share | |||
Number of options outstanding excluded from calculation diluted earnings per share | 757,400,000 | 725,787,500 | 553,000,000 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash And Cash Equivalents | ||||
Cash at bank and on hand | $ 11,731,325 | $ 20,902,282 | $ 14,214,160 | |
Total cash and cash equivalents | 11,731,325 | 20,902,282 | 14,214,160 | $ 2,131,741 |
Loss for the year after income tax | (7,163,123) | (7,077,619) | (6,294,775) | |
Amortisation and depreciation expenses | 343,427 | 265,748 | 65,148 | |
Other expenses | 2,885 | |||
Impairment of receivables | 564,161 | |||
Share-based payments expense | 437,508 | 714,577 | (14,442) | |
Net (profit) / loss on disposal of plant and equipment | (37,000) | |||
Depreciation of right-of-use of assets | 235,241 | 212,474 | 200,785 | |
Inventory written-off | 30,214 | 54,523 | 18,917 | |
Gain on investment previously written off | (43,380) | |||
Finance costs | 15,215 | 16,338 | 86,503 | |
Interest received | (36,256) | (62,394) | (22,507) | |
Net foreign exchange (gains) / losses | (244,762) | 9,755 | (597,441) | |
Adjust for non-cash items | (5,818,375) | (5,866,598) | (6,635,307) | |
(Increase) / Decrease in trade and other receivables | (1,889,124) | (284,971) | 29,412 | |
Decrease / (Increase) in other operating assets | 16,493 | (182,602) | 115,455 | |
(Increase) / Decrease in inventories | (351,437) | 14,463 | (59,525) | |
Decrease / (Increase) in other non-current assets | 97,868 | |||
Increase / (Decrease) in trade and other payables | 2,178,301 | (14,991) | 891,498 | |
Increase / (Decrease) in provisions | 106,818 | 38,770 | (53,631) | |
Net cash flows from / (used in) operating activities | (5,659,456) | (6,295,928) | (5,712,098) | |
Total facilities - Credit cards | 190,020 | 190,020 | 193,605 | |
Facilities used as at reporting date - Credit cards | (9,511) | (5,332) | ||
Facilities unused as at reporting date - Credit cards | $ 190,020 | $ 180,509 | $ 188,273 |
SCHEDULE OF TRADE AND OTHER REC
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | |
Trade And Other Receivables | |||
Trade receivables | $ 1,036,998 | $ 120,237 | |
Less: loss allowance | (594,798) | (30,784) | |
Net trade receivables | 442,200 | 89,453 | |
Other receivables | [1] | 1,979,038 | 984,872 |
Total net current trade and other receivables | $ 2,421,238 | $ 1,074,325 | |
[1]Other receivables majority consists of R&D income grant receivable. |
SCHEDULE OF OTHER CURRENT ASSET
SCHEDULE OF OTHER CURRENT ASSETS (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Other Current Assets | ||
Prepayments | $ 147,854 | $ 180,724 |
Performance bond and deposits | 13,257 | 1,856 |
Other | 4,976 | |
Total current prepayments and other assets | $ 166,087 | $ 182,580 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Add: accumulated depreciation written-off during the year | $ 470,713 | |
Total net property, plant and equipment | 306,175 | 457,178 |
Opening gross carrying amount | 457,178 | 42,285 |
Opening accumulated depreciation and impairment losses | (763,291) | (1,054,204) |
Less: depreciation expense charged | (214,929) | (179,800) |
Closing accumulated depreciation and impairment losses | (978,220) | (763,291) |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Less: cost written-off during the year | (470,713) | |
Add: additions purchased during the year | 63,926 | 594,693 |
Total net property, plant and equipment | 1,284,395 | 1,220,469 |
Opening gross carrying amount | 1,220,469 | 1,096,489 |
Laboratory Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 960,872 | 426,701 |
Less: cost written-off during the year | (23,484) | |
Add: additions purchased during the year | 14,747 | 557,655 |
Less: accumulated depreciation | (744,615) | (571,467) |
Add: accumulated depreciation written-off during the year | 23,484 | |
Total net property, plant and equipment | 231,004 | 412,889 |
Opening gross carrying amount | 412,889 | |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 251,852 | 672,538 |
Less: cost written-off during the year | (447,229) | |
Add: additions purchased during the year | 40,965 | 26,543 |
Less: accumulated depreciation | (230,186) | (664,164) |
Add: accumulated depreciation written-off during the year | 447,229 | |
Total net property, plant and equipment | 62,631 | 34,917 |
Opening gross carrying amount | 34,917 | |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 10,495 | |
Less: cost written-off during the year | ||
Add: additions purchased during the year | 8,214 | 10,495 |
Less: accumulated depreciation | (6,169) | (1,123) |
Add: accumulated depreciation written-off during the year | ||
Total net property, plant and equipment | 12,540 | 9,372 |
Opening gross carrying amount | 9,372 | |
Less: depreciation expense charged | $ (5,046) | $ (1,123) |
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, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | $ 457,178 | $ 42,285 |
Additions during year | 63,926 | 594,693 |
Disposals during year | ||
Depreciation expense | (214,929) | (179,800) |
Total net property, plant and equipment | 306,175 | 457,178 |
Laboratory Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 412,889 | 20,851 |
Additions during year | 14,747 | 557,655 |
Disposals during year | ||
Depreciation expense | (196,632) | (165,617) |
Total net property, plant and equipment | 231,004 | 412,889 |
Computer Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 34,917 | 21,434 |
Additions during year | 40,965 | 26,543 |
Disposals during year | ||
Depreciation expense | (13,251) | (13,060) |
Total net property, plant and equipment | 62,631 | 34,917 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 9,372 | |
Additions during year | 8,214 | 10,495 |
Disposals during year | ||
Depreciation expense | (5,046) | (1,123) |
Total net property, plant and equipment | $ 12,540 | $ 9,372 |
SUMMARY OF CHANGES IN GOODWILL
SUMMARY OF CHANGES IN GOODWILL (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Summary Of Changes In Goodwill | ||
Goodwill gross carrying amount, balance at beginning | ||
Acquired through business combination (Note 17) | 4,506,653 | |
Goodwill gross carrying amount, balance at ending | 4,506,653 | |
Goodwill accumulated impairment at beginning | ||
Impairment loss recognised | ||
Goodwill accumulated impairment at ending | ||
Carrying amount at the end of the period | $ 4,506,653 |
SUMMARY OF ESTIMATES USED IN GO
SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT (Details) | 12 Months Ended |
Jun. 30, 2022 | |
Revenue Growth [Member] | FY2024 to FY2025 [Member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 15% |
Revenue Growth [Member] | FY2026 to FY2027 [Member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 5% |
Gross margin [Member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 51.20% |
Post-tax Discount Rate [Member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 15% |
Growth Rate [Member] | Beyond FY2027 [Member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 2.50% |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 | |
Summary Of Changes In Goodwill | |
Goodwill impairment, impairment condition, description | Based on the sensitivity analysis performed, impairment would exist if the revenue growth rates for year 2 and 3 were to fall below 10% and 7.8%, respectively |
SUMMARY OF OTHER INTANGIBLE ASS
SUMMARY OF OTHER INTANGIBLE ASSETS (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Other Intangible Assets | ||
Other intangible assets gross carrying amount balance at beginning | ||
Brands, trademark and trade names, acquired through business combination | 720,550 | |
Domain names | 32,868 | |
Other intangible assets gross carrying amount balance at end | 753,418 | |
Other intangible assets accumulated impairment balance at beginning | ||
Amortisation for the period | (128,498) | |
Other intangible assets accumulated impairment balance at end | (128,498) | |
Carrying amount at the end of the period | $ 624,920 |
OTHER INTANGIBLE ASSETS (Detail
OTHER INTANGIBLE ASSETS (Details Narrative) | Jun. 30, 2022 |
Other Intangible Assets | |
Weighted average cost of capital, percentage | 16% |
Royalty rate | 1.50% |
SUMMARY OF BUSINESS ACQUISITION
SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED (Details) - EasyDNA [Member] | Aug. 13, 2021 AUD ($) shares | |
IfrsStatementLineItems [Line Items] | ||
Amount settled in cash | $ 3,400,625 | |
Amount settled in shares, shares | shares | 209,363,400 | |
Amount settled in shares, value | $ 1,574,136 | |
Total consideration | 4,974,761 | |
Right-of-use asset | 42,289 | |
Intangible assets (1) | 720,550 | [1] |
Other payables | (19,193) | |
Lease liability | (42,289) | |
Employee benefit provisions | (53,111) | |
Deferred tax liability | (180,138) | |
Identifiable net assets | 468,108 | |
Goodwill on acquisition (Note 15) | $ 4,506,653 | |
[1]Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to |
SUMMARY OF BUSINESS ACQUISITI_2
SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED (Details) (Parenthetical) | Aug. 13, 2021 AUD ($) | |
EasyDNA [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets | $ 720,550 | [1] |
[1]Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to |
BUSINESS ACQUISITION (Details N
BUSINESS ACQUISITION (Details Narrative) | 11 Months Ended | |||
Aug. 13, 2021 AUD ($) | Jun. 30, 2022 AUD ($) | Jul. 14, 2022 GBP (£) | Jul. 19, 2021 | |
EasyDNA [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash consideration | $ 3,400,625 | |||
Amount settled in shares, value | 1,574,136 | |||
Acquistion cost | 116,682 | |||
Loss of acquired entity | $ 165,000 | |||
Percentage of ownership interests acquired | 100% | |||
Purchase price, total consideration | $ 4,974,761 | |||
EasyDNA [Member] | Nonadjusting Event [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Percentage of ownership interests acquired | 100% | |||
Purchase price, total consideration | £ | £ 555,000 | |||
Affinity DNA [Member] | Nonadjusting Event [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash consideration | £ | £ 227,500 | |||
Percentage of ownership interests acquired | 100% | |||
Purchase price, total consideration | £ | £ 555,000 | |||
Liabilities incurred | £ | £ 227,500 |
SCHEDULE OF TRADE AND OTHER PAY
SCHEDULE OF TRADE AND OTHER PAYABLES (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Trade And Other Payables | ||
Trade payables | $ 1,153,856 | $ 269,665 |
Accrued expenses | 953,439 | 485,422 |
Other payables | 15,084 | 5,263 |
Total current trade and other payables | $ 2,122,379 | $ 760,350 |
SCHEDULE OF CURRENT AND NON-CUR
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total current provisions | $ 611,060 | $ 464,770 | |
Total non-current provisions | 22,499 | 8,860 | |
Total provisions | 633,559 | 473,630 | |
Annual Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | 312,665 | 171,398 | |
Long Service Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | 206,805 | 201,782 | |
Total non-current provisions | 22,499 | 8,860 | |
Make Good Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | [1] | $ 91,590 | $ 91,590 |
[1]Make good provision in respect of Melbourne office and laboratory lease |
SCHEDULE OF RECONCILIATION OF P
SCHEDULE OF RECONCILIATION OF PROVISION (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Annual Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the financial year | $ 171,398 | $ 152,239 |
Add: obligation accrued during the year | 366,816 | 62,461 |
Less: utilised during the year | (225,549) | (43,302) |
Balance at the end of the financial year | 312,665 | 171,398 |
Long Service Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the financial year | 210,642 | 191,031 |
Add: obligation accrued during the year | 18,662 | 19,611 |
Less: utilised during the year | ||
Balance at the end of the financial year | $ 229,304 | $ 210,642 |
SCHEDULE OF RIGHT-OF-USE ASSETS
SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Right-of-use Asset | ||
Right-of-use assets | $ 647,150 | $ 180,528 |
Lease liabilities - Current | (264,130) | (179,626) |
Lease liabilities – Non-Current | (388,396) | (24,412) |
Total | $ (652,526) | $ (204,038) |
SCHEDULE OF EXPENSES RELATING T
SCHEDULE OF EXPENSES RELATING TO LEASES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Right-of-use Asset | |||
Depreciation Expense (for Leased Assets) | $ 235,241 | $ 212,474 | $ 200,785 |
Interest expense (included in finance costs) | 15,215 | 16,338 | |
Low value leases | $ 26,408 |
RIGHT-OF-USE ASSET _ (LEASE L_3
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Right-of-use Asset | ||
Cash outflow | $ 267,111 | $ 358,020 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contributed Equity | |||
Fully paid Ordinary Shares | $ 155,138,636 | $ 153,574,974 | |
Total contributed equity | $ 155,138,636 | $ 153,574,974 | $ 140,111,073 |
SCHEDULE OF MOVEMENTS IN SHARES
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Contributed Equity | |||
Number of shares at beginning | 9,016,726,743 | 7,513,779,743 | |
Contributed equity, at the beginning | $ 153,574,974 | $ 140,111,073 | |
Shares issued during the year (in shares) | 217,238,400 | 1,502,947,000 | |
Shares issued during the year | $ 1,574,136 | $ 17,409,150 | |
Less: transaction costs arising on share issue | [1] | $ (10,474) | $ (3,945,249) |
Number of shares at end | 9,233,965,143 | 9,016,726,743 | |
Contributed equity, at the end | $ 155,138,636 | $ 153,574,974 | |
[1]The details of securities arising on shares issued for the year ended June 30, 2022 are as below: |
CONTRIBUTED EQUITY (Details Nar
CONTRIBUTED EQUITY (Details Narrative) - AUD ($) | Nov. 03, 2021 | Jul. 19, 2021 |
Employee Share Option Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares issued | 7,875,000 | |
EasyDNA [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares issued | 209,363,400 | |
Shares issued for acquisition, value | $ 1,574,136 | |
Percentage of ownership interests acquired | 100% |
SCHEDULE OF RESERVES (Details)
SCHEDULE OF RESERVES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Reserves | |||
Foreign currency translation | $ 746,819 | $ 718,955 | $ 756,423 |
Share-based payments | 10,751,832 | 10,314,324 | 9,172,148 |
Total reserves | 11,498,651 | 11,033,279 | 9,928,571 |
Reconciliation of foreign currency translation reserve, Balance at the beginning of the financial year | 718,955 | 756,423 | 789,598 |
Add: net currency translation gain / (loss) | 27,864 | (37,468) | (33,175) |
Reserve of exchange differences on translation | 746,819 | 718,955 | 756,423 |
Reconciliation of share-based payments reserve, Balance at the beginning of the financial year | 10,314,324 | 9,172,148 | 5,220,334 |
Add: share-based payments expense | |||
Add: Issue of options/warrants to underwriters | |||
Add: Issue of performance rights | 437,508 | 622,725 | |
Add: Issue of options/warrants | 1,542,356 | ||
Less: Options expired | (49,438) | ||
Less: Exercise of options/warrants | (973,467) | ||
Reconciliation of share-based payments reserve, Balance at the end of the financial year | $ 10,751,832 | $ 10,314,324 | $ 9,172,148 |
SCHEDULE OF WARRANT ISSUED (Det
SCHEDULE OF WARRANT ISSUED (Details) | 12 Months Ended | |
Jun. 30, 2021 $ / shares shares | Jun. 30, 2021 AUD ($) $ / shares shares | |
Warrants One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Valuation date | Jul. 21, 2020 | |
Grant Date | Jun. 01, 2020 | |
Warrants issued | shares | 39,975,000 | 39,975,000 |
Underlying asset price | $ 0.0070 | |
Risk free rate | 0.42% | |
Volatility | 148.66% | |
Exercise price presented in United States Dollar | $ 0.00417 | |
Exchange rate at valuation date | 1 to US$0.7127 | |
Exercise price presented in Australian Dollar | $ 0.0146 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.009 | |
Model used | Binomial | |
Valuation amount | $ | $ 360,017 | |
Warrants Two [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Valuation date | Jan. 25, 2021 | |
Grant Date | Jan. 25, 2021 | |
Warrants issued | shares | 48,750,000 | 48,750,000 |
Underlying asset price | $ 0.0110 | |
Risk free rate | 0.414% | |
Volatility | 147.29% | |
Exercise price presented in United States Dollar | $ 0.0109 | |
Exchange rate at valuation date | 1 to US$0.7708 | |
Exercise price presented in Australian Dollar | $ 0.0142 | |
Time to maturity of underlying warrants (years) | 5 years | |
Value per warrant in Australian Dollar | $ 0.0098 | |
Model used | Binomial | |
Valuation amount | $ | $ 476,297 |
SCHEDULE OF OPTION ISSUED AND G
SCHEDULE OF OPTION ISSUED AND GRANTED (Details) | 12 Months Ended | |
Jun. 30, 2022 AUD ($) shares $ / shares | Jun. 30, 2021 AUD ($) shares $ / shares | |
Dr Jerzy Muchnicki [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Grant date for options issued | Dec. 21, 2020 | |
Number of options issued | shares | 12,850,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 155.34% | |
Option exercise price | $ 0.008 | |
Fair value of options at grant date | 0.007 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.111% | |
Expected life of an option | 3 years | |
Model used | Binomial | |
Valuation amount | $ | $ 72,439 | |
Adam Kramer [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Grant date for options issued | Mar. 03, 2021 | |
Number of options issued | shares | 3,937,500 | |
Dividend yield | ||
Historic volatility and expected volatility | 161% | |
Option exercise price | $ 0.009 | |
Fair value of options at grant date | 0.012 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.11% | |
Expected life of an option | 2 years 7 days | |
Model used | Binomial | |
Valuation amount | $ | $ 47,250 | |
Mike Tonroe [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Grant date for options issued | Jun. 15, 2021 | |
Number of options issued | shares | 40,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 152% | |
Option exercise price | $ 0.0069 | |
Fair value of options at grant date | 0.0073 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.085% | |
Expected life of an option | 3 years | |
Model used | Binomial | |
Valuation amount | $ | $ 291,428 | |
Carl Stubbings [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Grant date for options issued | Sep. 22, 2021 | |
Number of options issued | shares | 20,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 149% | |
Option exercise price | $ 0.0047 | |
Fair value of options at grant date | 0.0052 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.16% | |
Expected life of an option | 3 years | |
Model used | Binomial | |
Valuation amount | $ | $ 103,104 | |
Kevin Camilleri [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Grant date for options issued | Nov. 22, 2021 | |
Number of options issued | shares | 20,000,000 | |
Dividend yield | ||
Historic volatility and expected volatility | 150% | |
Option exercise price | $ 0.0038 | |
Fair value of options at grant date | 0.0042 | |
Weighted average exercise price | $ 0.008 | |
Risk-free interest rate | 0.96% | |
Expected life of an option | 3 years | |
Model used | Binomial | |
Valuation amount | $ | $ 83,216 |
SCHEDULE OF ACCUMULATED LOSSES
SCHEDULE OF ACCUMULATED LOSSES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Losses | |||
Balance at the beginning of the financial year | $ (143,075,218) | $ (136,047,037) | $ (129,737,550) |
Add: net loss attributable to owners of Genetic Technologies Limited | (7,130,998) | (7,077,619) | (6,294,775) |
Less: Options expired | 49,438 | ||
Balance at the end of the financial year | $ (150,206,216) | $ (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, 2022 shares $ / shares | Jun. 30, 2021 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | |
Number of options, Opening balance | 521,850,000 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | 494,350,000 | 521,850,000 |
Employee Option Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Opening balance | 521,850,000 | 538,000,000 |
Number of options, granted during the year | 0 | 12,850,000 |
Average exercise price per share option, lapsed during the year | $ / shares | $ 0.012 | $ 0.01 |
Number of options, lapsed during the year | (29,450,000) | (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 | 492,400,000 | 521,850,000 |
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 | ||
Number of options, granted during the year | ||
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 | ||
Number of options, granted during the year | ||
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] | Directors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, granted during the year | $ / shares | ||
Number of options, granted during the year |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED UNDER THE PLANS (Details) | 12 Months Ended | |
Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | |
Number of options, Opening balance | shares | 521,850,000 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 494,350,000 | 521,850,000 |
Employee Share Plans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.011 | $ 0.015 |
Number of options, Opening balance | shares | 27,850,000 | 20,500,000 |
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 | (16,950,000) | (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 | $ 0.008 | $ 0.011 |
Number of options, Closing balance | shares | 10,900,000 | 27,850,000 |
SCHEDULE OF MEMBERS OF OPTIONS
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE (Details) | Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 shares $ / 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 | 494,350,000 | 521,850,000 |
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 | 494,350,000 | 521,850,000 |
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 | |
Number of options, Balance at the end of the financial year | shares | 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 | $ 0.010 | |
Number of options, Balance at the end of the financial year | shares | 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 | 229,000,000 | 231,500,000 |
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 | 2,500,000 | |
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 | |
Number of options, Balance at the end of the financial year | shares | 9,500,000 | |
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 | $ 0.008 |
Number of options, Balance at the end of the financial year | shares | 12,850,000 | 12,850,000 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) - Employee Option Plan [Member] - shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Number of options issued | 0 | 12,850,000 |
Weighted average remaining contractual life of outstanding share options | 5 months 4 days | 1 year 4 months 13 days |
SUMMARY OF REPORTABLE SEGMENTS
SUMMARY OF REPORTABLE SEGMENTS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | $ 6,794,816 | $ 120,554 | $ 9,864 |
Other income | 2,783,391 | 1,559,961 | 1,118,140 |
Finance income | 36,256 | 62,394 | 22,525 |
Total segment revenue & other income | 9,614,463 | 1,742,909 | 1,150,529 |
Depreciation and amortisation | (578,668) | (386,277) | (258,361) |
Finance costs | (15,215) | (16,338) | (72,080) |
Raw materials and change in inventories | (3,013,534) | (170,457) | (101,433) |
Commissions | (156,625) | ||
Employee benefits expenses | (5,868,655) | (3,868,331) | (2,066,111) |
Advertising and promotional expenses | (1,885,402) | (436,274) | (279,312) |
Professional fees | (1,835,444) | (1,461,401) | (2,035,395) |
Research and development expenses | (705,507) | (1,165,531) | (865,627) |
Impairment expenses | (564,161) | (32,048) | |
Other expenses | (2,154,375) | (1,283,871) | (1,766,985) |
Total segment expenses | (16,777,586) | (8,820,528) | (7,445,304) |
Income tax credit/(expense) | 32,125 | ||
Loss for the period | (7,130,998) | (7,077,619) | (6,294,775) |
Total Segment Assets | 20,801,698 | 22,971,688 | 15,632,979 |
Total Segment Liabilities | (4,370,627) | (1,438,653) | (1,640,372) |
EasyDNA [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 6,001,421 | ||
Other income | |||
Finance income | |||
Total segment revenue & other income | 6,001,421 | ||
Depreciation and amortisation | |||
Finance costs | |||
Raw materials and change in inventories | (2,951,815) | ||
Commissions | (156,625) | ||
Employee benefits expenses | (1,235,657) | ||
Advertising and promotional expenses | (1,079,291) | ||
Professional fees | (21,685) | ||
Research and development expenses | |||
Impairment expenses | |||
Other expenses | (721,226) | ||
Total segment expenses | (6,166,300) | ||
Income tax credit/(expense) | |||
Loss for the period | (164,879) | ||
Total Segment Assets | 2,668,618 | ||
Total Segment Liabilities | (1,969,878) | ||
GeneType/Corporate [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 793,395 | 120,554 | 9,864 |
Other income | 2,783,391 | 1,559,961 | 1,118,140 |
Finance income | 36,256 | 62,394 | 22,525 |
Total segment revenue & other income | 3,613,042 | 1,742,909 | 1,150,529 |
Depreciation and amortisation | (578,668) | (386,277) | (258,361) |
Finance costs | (15,215) | (16,338) | (72,080) |
Raw materials and change in inventories | (61,719) | (170,457) | (101,433) |
Commissions | |||
Employee benefits expenses | (4,632,998) | (3,868,331) | (2,066,111) |
Advertising and promotional expenses | (806,111) | (436,274) | (279,312) |
Professional fees | (1,813,759) | (1,461,401) | (2,035,395) |
Research and development expenses | (705,507) | (1,165,531) | (865,627) |
Impairment expenses | (564,161) | (32,048) | |
Other expenses | (1,433,149) | (1,283,871) | (1,766,985) |
Total segment expenses | (10,611,286) | (8,820,528) | (7,445,304) |
Income tax credit/(expense) | 32,125 | ||
Loss for the period | (6,966,119) | (7,077,619) | (6,294,775) |
Total Segment Assets | 18,133,080 | 22,971,688 | 15,632,979 |
Total Segment Liabilities | $ (2,400,749) | $ (1,438,653) | $ (1,640,372) |
SCHEDULE OF INDEPENDENT VALUATI
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED (Details) | 12 Months Ended | |||||
Dec. 10, 2020 shares | Dec. 10, 2020 Integer | Nov. 29, 2018 shares | Jun. 30, 2022 AUD ($) shares $ / shares | Jun. 30, 2021 AUD ($) shares $ / shares | Jun. 30, 2020 AUD ($) | |
IfrsStatementLineItems [Line Items] | ||||||
Expenses arising from share-based payments | $ 437,508 | $ 714,577 | $ (14,441) | |||
Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 83,937,500 | |||||
Total fair value of performance rights | $ 524,998 | |||||
Expenses arising from share-based payments | 193,294 | |||||
Classa Performance Rights One [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 | $ 16,041 | $ 38,500 | ||||
Mr Michael Tonroe [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 40,000,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.73 | |||||
Total fair value of performance rights | $ 291,428 | |||||
Expenses arising from share-based payments | $ 101,043 | |||||
Mr Michael Tonroe [Member] | Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 40,000,000 | |||||
Mr Carl Stubbings [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 20,000,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.52 | |||||
Total fair value of performance rights | $ 103,104 | |||||
Expenses arising from share-based payments | $ 26,459 | |||||
Mr Carl Stubbings [Member] | Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 20,000,000 | |||||
Mr Kevin Camilleri [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 20,000,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.42 | |||||
Total fair value of performance rights | $ 83,216 | |||||
Expenses arising from share-based payments | $ 16,719 | |||||
Mr Kevin Camilleri [Member] | Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 20,000,000 | |||||
Other related parties [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 3,937,500 | |||||
Valuation per options (cents) | $ / shares | $ 1.20 | |||||
Total fair value of performance rights | $ 47,250 | |||||
Expenses arising from share-based payments | 49,073 | |||||
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 | |||
Valuation per options (cents) | $ / shares | $ 0.77 | |||||
Total fair value of performance rights | $ 28,875 | |||||
Expenses arising from share-based payments | 4,010 | $ 9,625 | ||||
Dr Jerzy Muchnicki [Member] | Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | 7,500,000 | 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 | 6,684 | $ 16,042 | ||||
Mr Peter Rubinstein [Member] | Class A Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | 7,500,000 | 7,500,000 | 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 | 5,347 | $ 12,833 | ||||
Mr. Simon Morriss [Member] | Class D Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 60,000,000 | |||||
Valuation per options (cents) | $ / shares | $ 0.96 | |||||
Total fair value of performance rights | $ 574,037 | |||||
Expenses arising from share-based payments | 191,346 | $ 79,727 | ||||
Mr. Stanley Sack [Member] | Class E Performance Rights [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of Performance Rights issued | shares | 3,937,500 | |||||
Valuation per options (cents) | $ / shares | $ 0.90 | |||||
Total fair value of performance rights | $ 35,438 | |||||
Expenses arising from share-based payments | $ 35,438 | $ 4,622 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | $ 437,508 | $ 714,578 | $ (14,442) |
Performance Rights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 436,119 | 622,725 | 38,500 |
Employee Stocks Options [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 1,389 | 75,186 | 12,375 |
Kentgrove Capital Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 16,667 | 16,667 | |
Reversal of Forfeited Performance Rights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | $ (81,984) |
SHARE BASED PAYMENTS (Details N
SHARE BASED PAYMENTS (Details Narrative) | 12 Months Ended | ||||||||
Dec. 21, 2020 shares $ / shares | Dec. 10, 2020 shares | Dec. 10, 2020 Integer | Nov. 29, 2018 shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 AUD ($) shares | Jun. 30, 2021 $ / shares | Jun. 30, 2021 AUD ($) shares | Jun. 30, 2020 AUD ($) | |
IfrsStatementLineItems [Line Items] | |||||||||
Expenses arising from share-based payments | $ | $ 437,508 | $ 714,577 | $ (14,441) | ||||||
Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of options issued | 12,850,000 | ||||||||
Risk-free interest rate | 0.111% | ||||||||
Expected life of an option | 3 years | ||||||||
Expected volatility | 155.34% | ||||||||
Mr Michael Tonroe [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 40,000,000 | ||||||||
Expenses arising from share-based payments | $ | $ 101,043 | ||||||||
Mr Carl Stubbings [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Expenses arising from share-based payments | $ | $ 26,459 | ||||||||
Mr Kevin Camilleri [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Expenses arising from share-based payments | $ | $ 16,719 | ||||||||
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] | |||||||||
Option exercise price | $ / shares | $ 0 | $ 0 | |||||||
Number of performance rights issued | 125,000,000 | 76,250,000 | |||||||
Expenses arising from share-based payments | $ | $ 437,508 | $ 622,725 | |||||||
Consecutive share price hurdle | 15 days | ||||||||
Consecutive share price | $ / shares | $ 0.016 | ||||||||
Risk-free interest rate | 0.111% | ||||||||
Expected life of an option | 3 years | 2 years | |||||||
Expected volatility | 158.23% | ||||||||
Performance Rights [Member] | Bottom of range [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Expected volatility | 149% | ||||||||
Performance Rights [Member] | Top of range [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Expected volatility | 161% | ||||||||
Performance Rights [Member] | Mr Michael Tonroe [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 40,000,000 | ||||||||
Performance Rights [Member] | Mr Carl Stubbings [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Performance Rights [Member] | Mr Kevin Camilleri [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Class A Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 83,937,500 | ||||||||
Expenses arising from share-based payments | $ | $ 193,294 | ||||||||
Consecutive share price | $ / shares | 0.012 | ||||||||
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 | ||||||||
Class A Performance Rights [Member] | Dr. Paul Kaisian [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 7,500,000 | ||||||||
Class A Performance Rights [Member] | Dr Lindsay Wakefield [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 5,000,000 | 3,750,000 | 3,750,000 | ||||||
Expenses arising from share-based payments | $ | 4,010 | $ 9,625 | |||||||
Class A Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 7,500,000 | 7,500,000 | 6,250,000 | 6,250,000 | |||||
Expenses arising from share-based payments | $ | 6,684 | $ 16,042 | |||||||
Class A Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 7,500,000 | 7,500,000 | 5,000,000 | 5,000,000 | |||||
Expenses arising from share-based payments | $ | 5,347 | $ 12,833 | |||||||
Class A Performance Rights [Member] | Mr Xue Lee [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 3,750,000 | ||||||||
Class A Performance Rights [Member] | Mr Nicholas Burrows [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 5,000,000 | ||||||||
Class A Performance Rights [Member] | Mr Michael Tonroe [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 40,000,000 | ||||||||
Class A Performance Rights [Member] | Mr Carl Stubbings [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Class A Performance Rights [Member] | Mr Kevin Camilleri [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 20,000,000 | ||||||||
Class B Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Consecutive share price | $ / shares | 0.014 | ||||||||
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 performance rights issued | 25,000,000 | ||||||||
Class B Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 25,000,000 | 25,000,000 | |||||||
Class B Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 25,000,000 | 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 performance rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 25,000,000 | ||||||||
Class C Performance Rights [Member] | Mr. Stanley Sack [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 3,937,500 | ||||||||
Class D Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Consecutive share price hurdle | 15 days | ||||||||
Consecutive share price | $ / shares | $ 0.016 | ||||||||
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 Morries [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 60,000,000 | ||||||||
Class E Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Performance hurdles, description | 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) | ||||||||
Class E Performance Rights [Member] | Mr. Stanley Sack [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 3,937,500 | ||||||||
Expenses arising from share-based payments | $ | 35,438 | $ 4,622 | |||||||
:Class A and B Performance Rights [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Consecutive share price hurdle | 10 days | ||||||||
Classa Performance Rights One [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of performance rights issued | 15,000,000 | ||||||||
Expenses arising from share-based payments | $ | $ 16,041 | $ 38,500 | |||||||
Performance hurdles, description | The Class A Performance Rights vest and are exercisable upon the Share price reaching $0.02 or greater for more than 10 day consecutive ASX trading days |
SCHEDULE OF OPERATING LEASE EXP
SCHEDULE OF OPERATING LEASE EXPENDITURE COMMITMENTS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total minimum expense payments | |||
Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum expense payments | |||
Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum expense payments | |||
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total minimum expense payments |
SCHEDULE OF CAPITAL COMMITMENT
SCHEDULE OF CAPITAL COMMITMENT (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Commitments | |||
Property, plant and equipment | $ 466,560 |
SCHEDULE OF AUDITOR_S REMUNERAT
SCHEDULE OF AUDITOR’S REMUNERATION (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Total remuneration in respect of audit services | $ 291,882 | $ 305,833 | $ 474,000 | |
Price Water House Coopers [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit (1) | [1] | 20,000 | 72,500 | 274,000 |
Audit related fees (2) | [2] | 200,000 | ||
All other fees (3) | [3] | |||
Grant Thornton Audit Pty Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit (1) | [1] | 241,882 | 168,333 | |
Audit related fees (2) | [2] | |||
All other fees (3) | [3] | $ 30,000 | $ 65,000 | |
[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]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 |
SCHEDULE OF REMUNERATION OF KEY
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Disclosures | |||
Short-term employee benefits | $ 1,894,413 | $ 1,035,302 | $ 638,659 |
Post-employment benefits | 125,822 | 79,042 | 53,614 |
Share-based payments | 387,046 | 650,911 | (32,498) |
Other long-term benefits | 4,797 | 4,589 | 3,231 |
Termination benefits | |||
Total remuneration of Key Management Personnel | $ 2,412,078 | $ 1,787,933 | $ 663,006 |
RELATED PARTY DISCLOSURES (Deta
RELATED PARTY DISCLOSURES (Details Narrative) | 12 Months Ended | ||||||||||
Dec. 10, 2020 shares | Dec. 10, 2020 Integer | Mar. 06, 2020 AUD ($) shares | Oct. 11, 2019 $ / shares | Oct. 11, 2019 AUD ($) shares | Nov. 29, 2018 shares | Jun. 30, 2022 AUD ($) shares Integer | Jun. 30, 2021 AUD ($) shares | Jun. 30, 2020 AUD ($) | Jun. 30, 2019 AUD ($) | 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 | $ | $ 437,508 | $ 714,577 | $ (14,441) | ||||||||
Investment | $ | $ 11,018 | $ 11,018 | |||||||||
Number of shares issued price per share | $ / shares | $ 0.4 | ||||||||||
Options issued | 494,350,000 | 521,850,000 | |||||||||
Blockshine Health Pty Ltd [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Investments in joint ventures accounted for using equity method | $ | $ 250,000 | ||||||||||
Ownership interest, percentage | 49% | ||||||||||
Genetic Technologies HK Limited [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Ownership interest, percentage | 100% | ||||||||||
Mr Peter Rubinstein [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Services received, related party transactions | $ | $ 60,000 | $ 60,000 | |||||||||
Mr. Stanley Sack [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Services received, related party transactions | $ | $ 107,187 | 143,172 | |||||||||
Mr Michael Tonroe [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 40,000,000 | ||||||||||
Share-based payments expense | $ | $ 101,043 | ||||||||||
Mr Carl Stubbings [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Share-based payments expense | $ | $ 26,459 | ||||||||||
Mr Kevin Camilleri [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Share-based payments expense | $ | $ 16,719 | ||||||||||
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% | ||||||||||
Options issued | 5,000,000 | ||||||||||
Value of option issued | $ | $ 29,340 | ||||||||||
Mr. Philips Hains [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Services received, related party transactions | $ | 91,615 | 224,971 | |||||||||
Dr. Jerzy Muchnickis [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Services received, related party transactions | $ | 50,000 | ||||||||||
Performance Rights [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 125,000,000 | 76,250,000 | |||||||||
Share-based payments expense | $ | $ 437,508 | $ 622,725 | |||||||||
Performance Rights [Member] | Mr Michael Tonroe [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 40,000,000 | ||||||||||
Performance Rights [Member] | Mr Carl Stubbings [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Performance Rights [Member] | Mr Kevin Camilleri [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Class A Performance Rights [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 83,937,500 | ||||||||||
Share-based payments expense | $ | $ 193,294 | ||||||||||
Class A Performance Rights [Member] | Dr. Paul Kaisian [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 7,500,000 | ||||||||||
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 | ||||||||
Share-based payments expense | $ | 4,010 | $ 9,625 | |||||||||
Class A Performance Rights [Member] | Mr Jerzy Muchnicki [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 6,250,000 | ||||||||||
Class A Performance Rights [Member] | Mr Peter Rubinstein [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 7,500,000 | 7,500,000 | 5,000,000 | 5,000,000 | |||||||
Share-based payments expense | $ | 5,347 | $ 12,833 | |||||||||
Class A Performance Rights [Member] | Mr Xue Lee [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 3,750,000 | ||||||||||
Class A Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 7,500,000 | 7,500,000 | 6,250,000 | 6,250,000 | |||||||
Share-based payments expense | $ | $ 6,684 | $ 16,042 | |||||||||
Class A Performance Rights [Member] | Mr Nicholas Burrows [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 5,000,000 | ||||||||||
Class A Performance Rights [Member] | Mr Michael Tonroe [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 40,000,000 | ||||||||||
Class A Performance Rights [Member] | Mr Carl Stubbings [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Class A Performance Rights [Member] | Mr Kevin Camilleri [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 20,000,000 | ||||||||||
Class B Performance Rights [Member] | Dr. Paul Kaisian [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 | 25,000,000 | |||||||||
Class B Performance Rights [Member] | Dr Jerzy Muchnicki [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 25,000,000 | 25,000,000 | |||||||||
Class C Performance Rights [Member] | Dr. Paul Kaisian [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] | Dr Jerzy Muchnicki [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] | Mr Simon Morris [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of rights issued | 60,000,000 |
SCHEDULE OF SUBSIDIARY UNDERTAK
SCHEDULE OF SUBSIDIARY UNDERTAKINGS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | |||
IfrsStatementLineItems [Line Items] | ||||
Net carrying value | $ 11,018 | $ 11,018 | ||
GeneType Pty. Ltd. [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | September 5, 1990 Victoria, Australia | September 5, 1990 Victoria, Australia | ||
Company interest (%) | 100% | 100% | ||
Net carrying value | ||||
Genetic Technologies Corporation Pty. Ltd. [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | October 11, 1996 NSW, Australia | October 11, 1996 NSW, Australia | ||
Company interest (%) | 100% | 100% | ||
Net carrying value | $ 2 | $ 2 | ||
Gene Ventures Pty. Ltd. [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | [1] | March 7, 2001 NSW, Australia | March 7, 2001 NSW, Australia | |
Company interest (%) | [1] | 100% | 100% | |
Net carrying value | $ 10 | $ 10 | ||
GeneType Corporation [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | December 18, 1989 California, U.S.A. | December 18, 1989 California, U.S.A. | ||
Company interest (%) | 100% | 100% | [1] | |
Net carrying value | ||||
Phenogen Sciences Inc. [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | June 28, 2010 Delaware, U.S.A | June 28, 2010 Delaware, U.S.A | ||
Company interest (%) | 100% | 100% | ||
Net carrying value | $ 11,006 | $ 11,006 | ||
Hainan Aocheng Genetic Technologies Co Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | March 18, 2019 Hong Kong, China | March 18, 2019 Hong Kong, China | ||
Company interest (%) | 100% | 100% | ||
Net carrying value | ||||
Genetic Technologies HK Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | March 18, 2019 Hong Kong, China | March 18, 2019 Hong Kong, China | ||
Company interest (%) | 100% | 100% | ||
Net carrying value | ||||
Helix Genetics [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | July 7, 2021 Malta | July 7, 2021 Malta | ||
Company interest (%) | 100% | |||
Net carrying value | ||||
Genetype UK Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Incorporation details | April 26, 2022 United Kingdom | April 26, 2022 United Kingdom | ||
Company interest (%) | 100% | |||
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 |
SCHEDULE OF FINANCIAL ASSETS AN
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (Details) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 AUD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 EUR (€) |
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | $ 11,744,582 | $ 20,904,138 | ||||||
Financial liabilities | 652,526 | 204,038 | ||||||
Cash at Bank / on Hand [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | $ 3,299,787 | $ 11,731,325 | $ 3,318 | € 199,758 | $ 7,868,978 | $ 20,902,282 | € 36,787 | |
Trade and Other Receivables [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | 606,075 | 16,033 | 31,908 | |||||
Trade and Other Payables [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial liabilities | $ (412,511) | $ (1,652) | € (46,790) | $ (27,001) | $ (1,236) |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | $ 2,122,379 | $ 760,350 |
Lease liabilities | 652,526 | 204,038 |
Total | 652,526 | 204,038 |
Total Contractual Cash flows [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 2,122,379 | 760,350 |
Lease liabilities | 689,254 | 204,038 |
Total | 2,811,633 | 964,388 |
Carrying Amount (Assets)/ Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 2,122,379 | 760,350 |
Lease liabilities | 652,526 | 204,038 |
Total | 2,774,905 | 964,388 |
Less Than 6 Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 2,122,379 | 760,350 |
Lease liabilities | 133,507 | 129,057 |
Total | 2,255,886 | 889,407 |
6 - 12 Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 136,250 | 50,569 |
Total | 136,250 | 50,569 |
Between 1 and 2 Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 255,601 | 24,412 |
Total | 255,601 | 24,412 |
Between 2 and 5 Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 163,896 | |
Total | 163,896 | |
Over 5 Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | ||
Total |
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, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2021 AUD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 EUR (€) | |
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | $ 11,744,582 | $ 20,904,138 | ||||||
Financial liabilities | 652,526 | 204,038 | ||||||
Borrowing [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial liabilities | ||||||||
Leases [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Weighted ave. effective rate % | 4.55% | 5.37% | ||||||
Financial liabilities | 652,526 | 204,038 | ||||||
Floating interest rate [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | 1,971,827 | 2,955,047 | ||||||
Financial liabilities | ||||||||
Floating interest rate [member] | Borrowing [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 | 9,772,755 | 17,949,091 | ||||||
Financial liabilities | 652,526 | 204,038 | ||||||
Fixed interest rate [member] | Borrowing [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial liabilities | ||||||||
Fixed interest rate [member] | Leases [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial liabilities | 652,526 | 204,038 | ||||||
Cash at Bank / on Hand [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | $ 3,299,787 | $ 7,868,978 | 11,731,325 | $ 3,318 | € 199,758 | 20,902,282 | € 36,787 | |
Weighted ave. effective rate % | 1.31% | 0.20% | ||||||
Average maturity period days | At call | At call | ||||||
Cash at Bank / on Hand [Member] | Floating interest rate [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | 1,971,827 | 2,955,047 | ||||||
Cash at Bank / on Hand [Member] | Fixed interest rate [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | 9,759,498 | 17,947,235 | ||||||
Performance Bond and Deposits [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Financial assets | 13,257 | 1,856 | ||||||
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 | $ 13,257 | $ 1,856 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Increase decrease in post tax loss | $ 289,607 | $ 388,466 |
Currency risk [member] | AUSTRALIA | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 8.30% | 4.90% |
Currency risk [member] | UNITED STATES | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 8.30% | 4.90% |
Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase (decrease) in profit and loss due to reasonably possible increase in designated risk component | $ 40,369 | $ 14,775 |
Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | $ 40,369 | $ 14,775 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - EasyDNA [Member] | Jul. 14, 2022 GBP (£) | Aug. 13, 2021 AUD ($) | Jul. 19, 2021 |
IfrsStatementLineItems [Line Items] | |||
Percentage of ownership interests acquired | 100% | ||
Purchase price, total consideration | $ | $ 4,974,761 | ||
Nonadjusting Event [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Percentage of ownership interests acquired | 100% | ||
Purchase price, total consideration | £ | £ 555,000 |
CAPITAL MANAGEMENT (Details Nar
CAPITAL MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Capital Management | ||
Dividends | $ 0 | |
Franking account balance |
SCHEDULE OF DISCLOSURE OF INDIV
SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION (Details) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 14,716,800 | $ 22,236,114 | ||
Non-current assets | 6,084,898 | 735,574 | ||
Total assets | 20,801,698 | 22,971,688 | $ 15,632,979 | |
Current liabilities | 3,811,719 | 1,405,381 | ||
Non-current liabilities | 558,908 | 33,272 | 242,800 | |
Total liabilities | 4,370,627 | 1,438,653 | 1,640,372 | |
Share Capital Reserves | 155,138,636 | 153,574,974 | 140,111,073 | |
Other reserves | 11,498,651 | 11,033,279 | 9,928,571 | |
Retained earnings | (150,206,216) | (143,075,218) | (136,047,037) | $ (129,737,550) |
Total equity | 16,431,071 | 21,533,035 | 13,992,607 | $ 1,771,206 |
Parent [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 5,022,689 | 21,809,918 | 11,646,391 | |
Non-current assets | 5,815,118 | 2,011,338 | 345,236 | |
Total assets | 10,837,807 | 23,821,256 | 11,991,627 | |
Current liabilities | 2,270,626 | 1,317,378 | 10,095,549 | |
Non-current liabilities | 589,745 | 7,694,668 | 1,117,947 | |
Total liabilities | 2,860,371 | 9,012,046 | 11,213,496 | |
Share Capital Reserves | 155,138,636 | 153,574,974 | 140,111,073 | |
Other reserves | (117,131) | (117,131) | (117,131) | |
Share-based payments | 8,937,157 | 8,499,649 | 6,184,391 | |
Retained earnings | (155,981,226) | (147,148,282) | (145,400,202) | |
Total equity | 7,977,436 | 14,809,210 | 778,131 | |
Profit/(Loss) for the year | $ (8,833,064) | $ (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) - AUD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Contingent Liabilities And Contingent Assets | ||
Contingent liabilities | $ 0 |