Cover
Cover | 6 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --06-30 |
Entity File Number | 0-51504 |
Entity Registrant Name | GENETIC TECHNOLOGIES LIMITED |
Entity Central Index Key | 0001166272 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Profit or Loss and Comprehensive Income - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | ||
Revenue from contracts with customers | $ 4,153,947 | $ 2,051,016 |
Finance income | 79,747 | 15,040 |
Other income | 823,922 | 1,403,956 |
Changes in inventories | (6,527) | (257,677) |
Raw materials | (2,141,158) | (871,202) |
Commissions | (113,415) | (60,961) |
Employee benefits expenses | (3,109,064) | (2,975,262) |
Advertising and promotional expenses | (1,537,769) | (840,673) |
Professional fees | (790,612) | (730,419) |
Research and development expenses | (558,306) | (370,961) |
Depreciation and amortisation | (330,187) | (281,304) |
Impairment (expenses)/reversal | (280,725) | 302 |
Other expenses | (1,782,292) | (958,983) |
Finance costs | (15,872) | (4,243) |
Loss from operations before income tax | (5,608,311) | (3,881,371) |
Income tax credit | 148,013 | |
Loss for the period | (5,460,298) | (3,881,371) |
Other comprehensive income Items that may be reclassified to profit or loss: | ||
Exchange gains on translation of controlled foreign operations | 15,497 | 7,078 |
Other comprehensive income for the period; net of tax | 15,497 | 7,078 |
Total comprehensive loss for the period is attributable to: Owners of Genetic Technologies Limited | $ (5,444,801) | $ (3,874,293) |
Loss per share for loss attributable to the ordinary equity holders of the Company: | ||
Basic/diluted loss per share (cents per share) | $ (0.06) | $ (0.04) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Financial Position - AUD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 5,045,188 | $ 11,731,325 |
Trade and other receivables | 2,931,189 | 2,421,238 |
Inventories | 404,677 | 398,150 |
Other current assets | 423,960 | 166,087 |
Total current assets | 8,805,014 | 14,716,800 |
Non-current assets | ||
Right-of-use assets | 594,657 | 647,150 |
Property, plant and equipment | 190,328 | 306,175 |
Goodwill | 5,479,027 | 4,506,653 |
Other intangible assets | 551,265 | 624,920 |
Deferred tax asset | 74,358 | |
Total non-current assets | 6,889,635 | 6,084,898 |
Total assets | 15,694,649 | 20,801,698 |
Current liabilities | ||
Trade and other payables | 2,473,592 | 2,122,379 |
Deferred income | 1,053,260 | 814,150 |
Provisions | 422,416 | 611,060 |
Lease liabilities | 283,973 | 264,130 |
Total current liabilities | 4,233,241 | 3,811,719 |
Non-current liabilities | ||
Provisions | 29,962 | 22,499 |
Lease liabilities | 328,417 | 388,396 |
Deferred tax liability | 74,358 | 148,013 |
Total non-current liabilities | 432,737 | 558,908 |
Total liabilities | 4,665,978 | 4,370,627 |
Net assets | 11,028,671 | 16,431,071 |
EQUITY | ||
Share capital | 155,138,636 | 155,138,636 |
Reserves | 11,556,549 | 11,498,651 |
Accumulated losses | (155,666,514) | (150,206,216) |
Total equity | $ 11,028,671 | $ 16,431,071 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - AUD ($) | Issued capital [member] | Other reserves [member] | Retained earnings [member] | Total |
Balance at Jun. 30, 2021 | $ 153,574,974 | $ 11,033,279 | $ (143,075,218) | $ 21,533,035 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the period | (3,881,371) | (3,881,371) | ||
Other comprehensive gain | 7,078 | 7,078 | ||
Total comprehensive income for the half-year | 7,078 | (3,881,371) | (3,874,293) | |
Transactions with owners in their capacity as owners: | ||||
Contributions of equity, net of transaction costs and tax | 1,564,912 | 1,564,912 | ||
Share based payments expense | 227,208 | 227,208 | ||
Transactions with owners in their capacity as owners | 1,564,912 | 227,208 | 1,792,120 | |
Balance at Dec. 31, 2021 | 155,139,886 | 11,267,565 | (146,956,589) | 19,450,862 |
Balance at Jun. 30, 2022 | 155,138,636 | 11,498,651 | (150,206,216) | 16,431,071 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the period | (5,460,298) | (5,460,298) | ||
Other comprehensive gain | 15,497 | 15,497 | ||
Total comprehensive income for the half-year | 15,497 | (5,460,298) | (5,444,801) | |
Transactions with owners in their capacity as owners: | ||||
Share based payments expense | 333,829 | 333,829 | ||
Transactions with owners in their capacity as owners | 42,401 | 42,401 | ||
Reversal of forfeited Performance Rights | (291,428) | (291,428) | ||
Balance at Dec. 31, 2022 | $ 155,138,636 | $ 11,556,549 | $ (155,666,514) | $ 11,028,671 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Receipts from customers | $ 4,455,615 | $ 2,658,872 |
Payments to suppliers and employees | (10,587,443) | (6,795,656) |
Net cash outflow from operating activities | (6,131,828) | (4,136,784) |
Cash flows from investing activities | ||
Payments to acquire businesses | (486,187) | (3,397,959) |
Payments for property, plant and equipment | (3,114) | (47,292) |
Interest received | 79,747 | 13,491 |
Net cash outflow from investing activities | (409,554) | (3,431,760) |
Cash flows from financing activities | ||
Lease payments | (166,484) | (15,445) |
Net cash outflow from financing activities | (166,484) | (15,445) |
Net decrease in cash and cash equivalents | (6,707,866) | (7,583,989) |
Cash and cash equivalents at the beginning of the financial year | 11,731,325 | 20,902,282 |
Effects of exchange rate changes on cash and cash equivalents | 21,729 | 189,077 |
Cash and cash equivalents at end of the half-year | $ 5,045,188 | $ 13,507,370 |
Basis of preparation of half-ye
Basis of preparation of half-year report | 6 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation Of Half-year Report | |
Basis of preparation of half-year report | 1 Basis of preparation of half-year report This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2022 have been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by Genetic Technologies Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period and the adoption of the new and amended standards as set out below. The Interim Financial Statements have been approved and authorised for issue by the board on 24 February 2023. The consolidated financial statements of Genetic Technologies Limited group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Going concern For the period ended 31 December 2022, the Company incurred a total comprehensive loss of $ 5,444,801 3,874,293 6,131,828 4,136,784 5,045,188 4,571,773 On 8 February 2023, GTG announced it had raised USD$ 5 At the date of this report, the Directors believe that the Company has sufficient cash reserves to fund its operations for at least the next 12 months. As a result, these financial statements have been prepared on a going concern basis. |
Segment information
Segment information | 6 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
Segment information | 2 Segment information a. Description of segments and principal activities The Company has identified three reportable segments which is consistent with the internal reporting provided to the chief operating decision maker, the 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. On 14 July 2022, a new business unit was created following the acquisition of AffinityDNA. The prior period presentation of segment information has been recast to conform with the current segment reporting structure. The three reportable segments are: ● EasyDNA: relates to EasyDNA branded test sales and expenses. ● AffinityDNA: relates to AffinityDNA branded test sales and expenses. ● geneType / Corporate: relates to geneType branded test sales and expense, including corporate charges. Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 2 Segment information (continued) b. Business unit segments The segment information for the reportable segments is as follows: Summary of reportable segments 31 December 2022 EasyDNA AffinityDNA geneType/ Corporate Total $ $ $ $ Segment revenue & other income Revenue from contracts with customers 3,813,482 330,777 9,688 4,153,947 Other income - - 823,922 823,922 Finance income - - 79,747 79,747 Total segment revenue & other income 3,813,482 330,777 913,357 5,057,616 Segment expenses Depreciation and amortisation (15,211 ) (10,521 ) (304,455 ) (330,187 ) Finance costs (1,317 ) (1,432 ) (13,123 ) (15,872 ) Raw materials and change in inventories (1,965,338 ) (155,686 ) (26,661 ) (2,147,685 ) Commissions (97,918 ) (15,497 ) - (113,415 ) Employee benefits expenses (777,593 ) (64,277 ) (2,267,194 ) (3,109,064 ) Advertising and promotional expenses (946,757 ) (13,572 ) (577,440 ) (1,537,769 ) Professional fees (1,710 ) - (788,902 ) (790,612 ) Research and development expenses - - (558,306 ) (558,306 ) Impairment reversal/(expenses) - - (280,725 ) (280,725 ) Other expenses (462,753 ) (56,973 ) (1,262,566 ) (1,782,292 ) Total segment expenses (4,268,597 ) (317,958 ) (6,079,372 ) (10,665,927 ) Income tax credit - - 148,013 148,013 Profit/(Loss) for the period (455,115 ) 12,819 (5,018,002 ) (5,460,298 ) Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 2 Segment information (continued) 31 December 2021 EasyDNA AffinityDNA geneType/ Corporate Total $ $ $ $ Segment revenue & other income Revenue from contracts with customers 2,044,152 - 6,864 2,051,016 Other income - - 1,403,956 1,403,956 Finance income - - 15,040 15,040 Total segment revenue & other income 2,044,152 - 1,425,860 3,470,012 Segment expenses Depreciation and amortisation (5,637 ) - (275,667 ) (281,304 ) Finance costs (723 ) - (3,520 ) (4,243 ) Raw materials and change in inventories (1,106,624 ) - (22,255 ) (1,128,879 ) Commissions (60,961 ) - - (60,961 ) Employee benefits expenses (579,391 ) - (2,395,871 ) (2,975,262 ) Advertising and promotional expenses (386,794 ) - (453,879 ) (840,673 ) Professional fees (20,346 ) - (710,073 ) (730,419 ) Research and development expenses - - (370,961 ) (370,961 ) Impairment reversal/(expenses) - - 302 302 Other expenses (254,775 ) - (704,208 ) (958,983 ) Total segment expenses (2,415,251 ) - (4,936,132 ) (7,351,383 ) Income tax expenses - - - - Loss for the period (371,099 ) - (3,510,272 ) (3,881,371 ) |
Revenue
Revenue | 6 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Revenue | 3 Revenue Summary of revenue 31 December 2022 31 December 2021 $ $ Sales of EasyDNA branded tests - point in time 3,813,482 2,044,152 Sales of AffinityDNA branded tests - point in time 330,777 - Sales of geneType branded tests - point in time 9,688 6,864 Revenue from contract with customers 4,153,947 2,051,016 Revenue recognition The Company operates facilities that provide genetic testing services and recognises revenue as follows: ● 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 and AffinityDNA brand is recognised at a point in time when the Company has provided the customer with their test results, the single performance obligation. Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 |
Equity
Equity | 6 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | 4 Equity a. Unquoted securities - movement in performance rights, options and warrants No 83,937,500 479,500,000 22,000,000 Summary of employee share and options plan Performance Rights Options and warrants Total Total Number Number Number $ Balance at 1 July 2021 203,937,500 1,000,932,828 1,204,870,328 10,314,324 Issue of performance rights 83,937,500 - 83,937,500 - Share based payments expense - - - 227,208 Forfeited/lapsed performance rights (15,000,000 ) - (15,000,000 ) - Performance rights exercised (7,875,000 ) - (7,875,000 ) - Forfeited/lapsed options - (22,000,000 ) (22,000,000 ) - At 31 December 2021 265,000,000 978,932,828 1,243,932,828 10,541,532 Performance Rights Options and warrants Total Total Number Number Number $ Balance at 1 July 2022 265,000,000 756,666,778 1,021,666,778 10,751,832 Share based payments expense - - - 333,829 Forfeited performance rights (40,000,000 ) - (40,000,000 ) (291,428 ) Lapsed options - (479,500,000 ) (479,500,000 ) - At 31 December 2022 225,000,000 277,166,778 502,166,778 10,794,233 b. Other reserves Summary of other reserve Share based payments Foreign currency translation Total $ $ $ Balance at 1 July 2021 10,314,324 718,955 11,033,279 Currency translation differences - 7,078 7,078 Other comprehensive income for the period - 7,078 7,078 Share based payments expense 227,208 - 227,208 Forfeited performance rights - At 31 December 2021 10,541,532 726,033 11,267,565 Share based payments Foreign currency translation Total $ $ $ Balance at 1 July 2022 10,751,832 746,819 11,498,651 Other reserve at beginning 10,751,832 746,819 11,498,651 Currency translation differences - 15,497 15,497 Other comprehensive income for the period - 15,497 15,497 Share based payments expense 333,829 - 333,829 Forfeited performance rights (291,428 ) - (291,428 ) At 31 December 2022 10,794,233 762,316 11,556,549 Other reserve at end 10,794,233 762,316 11,556,549 Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 |
Loss per share
Loss per share | 6 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Loss per share | 5 Loss per share a. Reconciliation of earnings used in calculating earnings per share Summary of earnings per share and weighted average number of shares 31 December 2022 31 December 2021 $ $ Basic earnings per share: Loss attributable to the ordinary equity holders of the Company used in calculating basic/diluted earnings per share: From continuing operations (5,460,298 ) (3,881,371 ) b. Weighted average number of shares used as denominator 31 December 2022 31 December 2022 Number Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share * 9,233,965,143 9,206,953,433 Basic/diluted loss per share (cents per share) (0.06 ) (0.04 ) * The calculation of diluted loss per share - potential ordinary shares are considered anti-dilutive, therefore diluted loss per share is equivalent to basic loss per share. |
Goodwill
Goodwill | 6 Months Ended |
Dec. 31, 2022 | |
Summary Of Changes In Goodwill | |
Goodwill | 6 Goodwill The following table shows the movements in goodwill: Summary of changes in goodwill 31 December 2022 30 June 2022 $ $ Gross carrying amount Balance at beginning of period 4,506,653 - Goodwill gross carrying amount, balance at beginning 4,506,653 - Acquired through business combination 972,374 4,506,653 Balance at end of period 5,479,027 4,506,653 Goodwill gross carrying amount, balance at ending 5,479,027 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 5,479,027 4,506,653 Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 |
Business acquisition
Business acquisition | 6 Months Ended |
Dec. 31, 2022 | |
Business Acquisition | |
Business acquisition | 7 Business acquisition On 14 July 2022, the Company completed the acquisition of AffinityDNA’s direct-to-consumer eCommerce business and distribution rights. The purchase consideration has two parts, $ 486,187 277,500 486,187 277,500 The value identified in relation to the acquisition of the AffinityDNA is provisional while the Company gathers the information necessary to accurately value the intangible assets acquired via the transaction. This may impact the initial accounting for fair value of the acquired business. The fair value will be determined in conjunction with the finalisation of the full year financial results for the financial year ending 30 June 2023. Details of net assets acquired and of goodwill are as follows: Summary of business acquisition assets and goodwill acquired $ Fair value of consideration transferred Amount settled in cash 486,187 Contingent consideration 486,187 Total consideration 972,374 Recognised amounts of identifiable net assets * - Goodwill on acquisition 972,374 * All assets and liabilities of AffinityDNA were either fully settled or remained with the previous owner, which resulted in nil balance recognised on acquisition date. 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. |
Related party transactions
Related party transactions | 6 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions | |
Related party transactions | 8 Related party transactions a. Parent entities i. Ultimate parent Genetic Technologies Limited is the ultimate Australian parent Company. As at the date of this report, no shareholder controls more than 50% of the issued capital of the Company. b. Transactions with other related parties During the half-year ended 31 December 2022, the only transactions between entities within the group and other related parties, are as listed below. Except where noted, all amounts were charged on similar to market terms and at commercial rates. i. Mr Peter Rubinstein (Non-Executive Director and Chairman) During the financial year ended June 30, 2020, the board approved the payment of consulting services to Non-Executive Director and current Chairman, Mr Peter Rubinstein for his advice relating to capital raises, compliance, NASDAQ hearings and investor relations. The services procured were through Mr Peter Rubinstein’s associate entity ValueAdmin.com Pty Ltd and during the current reporting period amounted to $ 33,000 33,000 Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 8 Related party transactions (continued) ii. Mr Stanley Sack (former Chief Operating Officer) In the comparative period, the Company engaged Mr Stanley Sack to provide consulting services via his related entity Cobben Investments in the capacity of Chief Operating Officer. The total paid to Cobben Investments during this period was $ 78,750 |
Events occurring after the repo
Events occurring after the reporting period | 6 Months Ended |
Dec. 31, 2022 | |
Events Occurring After Reporting Period | |
Events occurring after the reporting period | 9 Events occurring after the reporting period On 6 February 2023, the Company announced that it had entered into definitive agreements with several institutional investors for the purchase and sale in a registered direct offering of 3,846,155 six hundred (600) ordinary shares 1.30 5 On 3 February 2023, GTG announced the launch of the first Comprehensive Risk Test for Breast & Ovarian Cancer. The test evaluates a woman’s risk of developing Breast and/or Ovarian Cancer either from a hereditary genetic mutation or from the far more common familial or sporadic cancer. In combination with other clinical risk factors, the test provides a comprehensive risk assessment in a simple saliva test. On 1 February 2023, the Company announced the intention to form a strategic alliance with QIAGEN, a global leader in molecular testing with operations in 35 countries. The alliance will establish and develop a ‘Centre of Excellence’ facility in Australia initially servicing Australia and New Zealand with potential for expansion, showcasing the Life Science and Diagnostics expertise of both organizations throughout the region. The partnership will further enhance GTG’s reputation as a regional leader in precision medicine in predicative and consumer genomics, utilizing QIAGEN technologies. The relationship is expected to open a wide range of new commercial opportunities for GTG with enhanced automation capability and increased capacity supporting long-term revenue growth. Additionally, this initiative will unlock the Australian reimbursable market for various testing categories, including the geneType hereditary cancer test. This will make the geneType Breast, Ovarian and Colorectal cancer tests the most comprehensive offering in the market later in 2023. Except for the above, no matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial periods. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
Summary of reportable segments | The segment information for the reportable segments is as follows: Summary of reportable segments 31 December 2022 EasyDNA AffinityDNA geneType/ Corporate Total $ $ $ $ Segment revenue & other income Revenue from contracts with customers 3,813,482 330,777 9,688 4,153,947 Other income - - 823,922 823,922 Finance income - - 79,747 79,747 Total segment revenue & other income 3,813,482 330,777 913,357 5,057,616 Segment expenses Depreciation and amortisation (15,211 ) (10,521 ) (304,455 ) (330,187 ) Finance costs (1,317 ) (1,432 ) (13,123 ) (15,872 ) Raw materials and change in inventories (1,965,338 ) (155,686 ) (26,661 ) (2,147,685 ) Commissions (97,918 ) (15,497 ) - (113,415 ) Employee benefits expenses (777,593 ) (64,277 ) (2,267,194 ) (3,109,064 ) Advertising and promotional expenses (946,757 ) (13,572 ) (577,440 ) (1,537,769 ) Professional fees (1,710 ) - (788,902 ) (790,612 ) Research and development expenses - - (558,306 ) (558,306 ) Impairment reversal/(expenses) - - (280,725 ) (280,725 ) Other expenses (462,753 ) (56,973 ) (1,262,566 ) (1,782,292 ) Total segment expenses (4,268,597 ) (317,958 ) (6,079,372 ) (10,665,927 ) Income tax credit - - 148,013 148,013 Profit/(Loss) for the period (455,115 ) 12,819 (5,018,002 ) (5,460,298 ) Genetic Technologies Limited Notes to the condensed consolidated financial statements 31 December 2022 2 Segment information (continued) 31 December 2021 EasyDNA AffinityDNA geneType/ Corporate Total $ $ $ $ Segment revenue & other income Revenue from contracts with customers 2,044,152 - 6,864 2,051,016 Other income - - 1,403,956 1,403,956 Finance income - - 15,040 15,040 Total segment revenue & other income 2,044,152 - 1,425,860 3,470,012 Segment expenses Depreciation and amortisation (5,637 ) - (275,667 ) (281,304 ) Finance costs (723 ) - (3,520 ) (4,243 ) Raw materials and change in inventories (1,106,624 ) - (22,255 ) (1,128,879 ) Commissions (60,961 ) - - (60,961 ) Employee benefits expenses (579,391 ) - (2,395,871 ) (2,975,262 ) Advertising and promotional expenses (386,794 ) - (453,879 ) (840,673 ) Professional fees (20,346 ) - (710,073 ) (730,419 ) Research and development expenses - - (370,961 ) (370,961 ) Impairment reversal/(expenses) - - 302 302 Other expenses (254,775 ) - (704,208 ) (958,983 ) Total segment expenses (2,415,251 ) - (4,936,132 ) (7,351,383 ) Income tax expenses - - - - Loss for the period (371,099 ) - (3,510,272 ) (3,881,371 ) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Summary of revenue | Summary of revenue 31 December 2022 31 December 2021 $ $ Sales of EasyDNA branded tests - point in time 3,813,482 2,044,152 Sales of AffinityDNA branded tests - point in time 330,777 - Sales of geneType branded tests - point in time 9,688 6,864 Revenue from contract with customers 4,153,947 2,051,016 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Equity | |
Summary of employee share and options plan | Summary of employee share and options plan Performance Rights Options and warrants Total Total Number Number Number $ Balance at 1 July 2021 203,937,500 1,000,932,828 1,204,870,328 10,314,324 Issue of performance rights 83,937,500 - 83,937,500 - Share based payments expense - - - 227,208 Forfeited/lapsed performance rights (15,000,000 ) - (15,000,000 ) - Performance rights exercised (7,875,000 ) - (7,875,000 ) - Forfeited/lapsed options - (22,000,000 ) (22,000,000 ) - At 31 December 2021 265,000,000 978,932,828 1,243,932,828 10,541,532 Performance Rights Options and warrants Total Total Number Number Number $ Balance at 1 July 2022 265,000,000 756,666,778 1,021,666,778 10,751,832 Share based payments expense - - - 333,829 Forfeited performance rights (40,000,000 ) - (40,000,000 ) (291,428 ) Lapsed options - (479,500,000 ) (479,500,000 ) - At 31 December 2022 225,000,000 277,166,778 502,166,778 10,794,233 |
Summary of other reserve | Summary of other reserve Share based payments Foreign currency translation Total $ $ $ Balance at 1 July 2021 10,314,324 718,955 11,033,279 Currency translation differences - 7,078 7,078 Other comprehensive income for the period - 7,078 7,078 Share based payments expense 227,208 - 227,208 Forfeited performance rights - At 31 December 2021 10,541,532 726,033 11,267,565 Share based payments Foreign currency translation Total $ $ $ Balance at 1 July 2022 10,751,832 746,819 11,498,651 Other reserve at beginning 10,751,832 746,819 11,498,651 Currency translation differences - 15,497 15,497 Other comprehensive income for the period - 15,497 15,497 Share based payments expense 333,829 - 333,829 Forfeited performance rights (291,428 ) - (291,428 ) At 31 December 2022 10,794,233 762,316 11,556,549 Other reserve at end 10,794,233 762,316 11,556,549 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Summary of earnings per share and weighted average number of shares | a. Reconciliation of earnings used in calculating earnings per share Summary of earnings per share and weighted average number of shares 31 December 2022 31 December 2021 $ $ Basic earnings per share: Loss attributable to the ordinary equity holders of the Company used in calculating basic/diluted earnings per share: From continuing operations (5,460,298 ) (3,881,371 ) b. Weighted average number of shares used as denominator 31 December 2022 31 December 2022 Number Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share * 9,233,965,143 9,206,953,433 Basic/diluted loss per share (cents per share) (0.06 ) (0.04 ) * The calculation of diluted loss per share - potential ordinary shares are considered anti-dilutive, therefore diluted loss per share is equivalent to basic loss per share. |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Summary Of Changes In Goodwill | |
Summary of changes in goodwill | The following table shows the movements in goodwill: Summary of changes in goodwill 31 December 2022 30 June 2022 $ $ Gross carrying amount Balance at beginning of period 4,506,653 - Goodwill gross carrying amount, balance at beginning 4,506,653 - Acquired through business combination 972,374 4,506,653 Balance at end of period 5,479,027 4,506,653 Goodwill gross carrying amount, balance at ending 5,479,027 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 5,479,027 4,506,653 |
Business acquisition (Tables)
Business acquisition (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Business Acquisition | |
Summary of business acquisition assets and goodwill acquired | Details of net assets acquired and of goodwill are as follows: Summary of business acquisition assets and goodwill acquired $ Fair value of consideration transferred Amount settled in cash 486,187 Contingent consideration 486,187 Total consideration 972,374 Recognised amounts of identifiable net assets * - Goodwill on acquisition 972,374 * All assets and liabilities of AffinityDNA were either fully settled or remained with the previous owner, which resulted in nil balance recognised on acquisition date. |
Basis of preparation of half-_2
Basis of preparation of half-year report (Details Narrative) - AUD ($) | 6 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Feb. 08, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||||
Total comprehensive loss | $ 5,444,801 | $ 3,874,293 | |||
Net cash outflow from operations | 6,131,828 | 4,136,784 | |||
Total cash and cash equivalents | 5,045,188 | $ 13,507,370 | $ 11,731,325 | $ 20,902,282 | |
Total net current assets | 4,571,773 | ||||
New capital | $ 155,138,636 | $ 155,138,636 | |||
Nonadjusting Event [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
New capital | $ 5,000,000 |
Summary of reportable segments
Summary of reportable segments (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Revenue from contracts with customers | $ 4,153,947 | $ 2,051,016 |
Other income | 823,922 | 1,403,956 |
Finance income | 79,747 | 15,040 |
Total segment revenue & other income | 5,057,616 | 3,470,012 |
Depreciation and amortisation | (330,187) | (281,304) |
Finance costs | (15,872) | (4,243) |
Raw materials and change in inventories | (2,147,685) | (1,128,879) |
Commissions | (113,415) | (60,961) |
Employee benefits expenses | (3,109,064) | (2,975,262) |
Advertising and promotional expenses | (1,537,769) | (840,673) |
Professional fees | (790,612) | (730,419) |
Research and development expenses | (558,306) | (370,961) |
Impairment reversal/(expenses) | (280,725) | 302 |
Other expenses | (1,782,292) | (958,983) |
Total segment expenses | (10,665,927) | (7,351,383) |
Income tax expenses | 148,013 | |
Loss for the period | (5,460,298) | (3,881,371) |
EasyDNA [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contracts with customers | 3,813,482 | 2,044,152 |
Other income | ||
Finance income | ||
Total segment revenue & other income | 3,813,482 | 2,044,152 |
Depreciation and amortisation | (15,211) | (5,637) |
Finance costs | (1,317) | (723) |
Raw materials and change in inventories | (1,965,338) | (1,106,624) |
Commissions | (97,918) | (60,961) |
Employee benefits expenses | (777,593) | (579,391) |
Advertising and promotional expenses | (946,757) | (386,794) |
Professional fees | (1,710) | (20,346) |
Research and development expenses | ||
Impairment reversal/(expenses) | ||
Other expenses | (462,753) | (254,775) |
Total segment expenses | (4,268,597) | (2,415,251) |
Income tax expenses | ||
Loss for the period | (455,115) | (371,099) |
Affinity DNA [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contracts with customers | 330,777 | |
Other income | ||
Finance income | ||
Total segment revenue & other income | 330,777 | |
Depreciation and amortisation | (10,521) | |
Finance costs | (1,432) | |
Raw materials and change in inventories | (155,686) | |
Commissions | (15,497) | |
Employee benefits expenses | (64,277) | |
Advertising and promotional expenses | (13,572) | |
Professional fees | ||
Research and development expenses | ||
Impairment reversal/(expenses) | ||
Other expenses | (56,973) | |
Total segment expenses | (317,958) | |
Income tax expenses | ||
Loss for the period | 12,819 | |
GeneType/Corporate [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contracts with customers | 9,688 | 6,864 |
Other income | 823,922 | 1,403,956 |
Finance income | 79,747 | 15,040 |
Total segment revenue & other income | 913,357 | 1,425,860 |
Depreciation and amortisation | (304,455) | (275,667) |
Finance costs | (13,123) | (3,520) |
Raw materials and change in inventories | (26,661) | (22,255) |
Commissions | ||
Employee benefits expenses | (2,267,194) | (2,395,871) |
Advertising and promotional expenses | (577,440) | (453,879) |
Professional fees | (788,902) | (710,073) |
Research and development expenses | (558,306) | (370,961) |
Impairment reversal/(expenses) | (280,725) | 302 |
Other expenses | (1,262,566) | (704,208) |
Total segment expenses | (6,079,372) | (4,936,132) |
Income tax expenses | 148,013 | |
Loss for the period | $ (5,018,002) | $ (3,510,272) |
Summary of revenue (Details)
Summary of revenue (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Revenue from contract with customers | $ 4,153,947 | $ 2,051,016 |
EasyDNA Branded Tests [Member] | Goods or services transferred at point in time [member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contract with customers | 3,813,482 | 2,044,152 |
AffinityDNA Branded Tests [Member] | Goods or services transferred at point in time [member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contract with customers | 330,777 | |
geneType Branded Tests [Member] | Goods or services transferred at point in time [member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenue from contract with customers | $ 9,688 | $ 6,864 |
Summary of employee share and o
Summary of employee share and options plan (Details) | 6 Months Ended | |
Dec. 31, 2022 shares Integer | Dec. 31, 2021 shares Integer | |
IfrsStatementLineItems [Line Items] | ||
Performance rights, options and warrants, beginning balance | Integer | 10,751,832 | 10,314,324 |
Issue of performance rights | Integer | ||
Share based payments expense | Integer | 333,829 | 227,208 |
Forfeited performance rights | Integer | (291,428) | |
Performance rights exercised | Integer | ||
Lapsed options | Integer | ||
Performance rights, options and warrants, ending balance | Integer | 10,794,233 | 10,541,532 |
Performance Rights [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance rights, options and warrants, beginning balance | 265,000,000 | 203,937,500 |
Issue of performance rights | 0 | 83,937,500 |
Share based payments expense | ||
Forfeited performance rights | (40,000,000) | (15,000,000) |
Performance rights exercised | (7,875,000) | |
Lapsed options | ||
Performance rights, options and warrants, ending balance | 225,000,000 | 265,000,000 |
Options And Warrants [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance rights, options and warrants, beginning balance | 756,666,778 | 1,000,932,828 |
Issue of performance rights | ||
Share based payments expense | ||
Forfeited performance rights | ||
Performance rights exercised | ||
Lapsed options | (479,500,000) | (22,000,000) |
Performance rights, options and warrants, ending balance | 277,166,778 | 978,932,828 |
Performance Rights And Options And Warrants [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance rights, options and warrants, beginning balance | 1,021,666,778 | 1,204,870,328 |
Issue of performance rights | 83,937,500 | |
Share based payments expense | ||
Forfeited performance rights | (40,000,000) | (15,000,000) |
Performance rights exercised | (7,875,000) | |
Lapsed options | (479,500,000) | (22,000,000) |
Performance rights, options and warrants, ending balance | 502,166,778 | 1,243,932,828 |
Summary of other reserve (Detai
Summary of other reserve (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Other reserve at beginning | $ 11,498,651 | $ 11,033,279 |
Currency translation differences | 15,497 | 7,078 |
Other comprehensive income for the period | 15,497 | 7,078 |
Share based payments expense | 333,829 | 227,208 |
Forfeited performance rights | (291,428) | |
Other reserve at end | 11,556,549 | 11,267,565 |
Reserve of share-based payments [member] | ||
IfrsStatementLineItems [Line Items] | ||
Other reserve at beginning | 10,751,832 | 10,314,324 |
Currency translation differences | ||
Other comprehensive income for the period | ||
Share based payments expense | 333,829 | 227,208 |
Forfeited performance rights | (291,428) | |
Other reserve at end | 10,794,233 | 10,541,532 |
Foreign Currency Translation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other reserve at beginning | 746,819 | 718,955 |
Currency translation differences | 15,497 | 7,078 |
Other comprehensive income for the period | 15,497 | 7,078 |
Share based payments expense | ||
Forfeited performance rights | ||
Other reserve at end | $ 762,316 | $ 726,033 |
Equity (Details Narrative)
Equity (Details Narrative) | 6 Months Ended | |
Dec. 31, 2022 shares Integer | Dec. 31, 2021 shares Integer | |
IfrsStatementLineItems [Line Items] | ||
Issue of performance rights | Integer | ||
Options lapsed | Integer | ||
Performance Rights [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Issue of performance rights | 0 | 83,937,500 |
Options lapsed | ||
Options And Warrants [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Issue of performance rights | ||
Options lapsed | 479,500,000 | 22,000,000 |
Summary of earnings per share a
Summary of earnings per share and weighted average number of shares (Details) - AUD ($) | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Loss Per Share | |||
Basic earnings per share: Loss attributable to the ordinary equity holders of the Company used in calculating basic/diluted earnings per share: From continuing operations | $ (5,460,298) | $ (3,881,371) | |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | [1] | 9,233,965,143 | 9,206,953,433 |
Basic/diluted loss per share (cents per share) | $ (0.06) | $ (0.04) | |
[1]The calculation of diluted loss per share - potential ordinary shares are considered anti-dilutive, therefore diluted loss per share is equivalent to basic loss per share. |
Summary of changes in goodwill
Summary of changes in goodwill (Details) - AUD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Jun. 30, 2022 | |
Summary Of Changes In Goodwill | ||
Goodwill gross carrying amount, balance at beginning | $ 4,506,653 | |
Acquired through business combination | 972,374 | 4,506,653 |
Goodwill gross carrying amount, balance at ending | 5,479,027 | 4,506,653 |
Goodwill accumulated impairment at beginning | ||
Impairment loss recognised | ||
Goodwill accumulated impairment at ending | ||
Carrying amount at the end of the period | $ 5,479,027 | $ 4,506,653 |
Summary of business acquisition
Summary of business acquisition assets and goodwill acquired (Details) - Jul. 14, 2022 - Affinity DNA [Member] | AUD ($) | EUR (€) | |
IfrsStatementLineItems [Line Items] | |||
Amount settled in cash | $ 486,187 | € 277,500 | |
Contingent consideration | 486,187 | € 277,500 | |
Total consideration | 972,374 | ||
Recognised amounts of identifiable net assets | [1] | ||
Goodwill on acquisition | $ 972,374 | ||
[1]All assets and liabilities of AffinityDNA were either fully settled or remained with the previous owner, which resulted in nil balance recognised on acquisition date. |
Business acquisition (Details N
Business acquisition (Details Narrative) - Jul. 14, 2022 - Affinity DNA [Member] | AUD ($) | EUR (€) |
IfrsStatementLineItems [Line Items] | ||
Purchase consideration | $ 486,187 | € 277,500 |
Contingent consideration | $ 486,187 | € 277,500 |
Related party transactions (Det
Related party transactions (Details Narrative) - AUD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mr Peter Rubinstein [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Services received, related party transactions | $ 33,000 | $ 33,000 |
Mr. Stanley Sack [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Services received, related party transactions | $ 78,750 |
Events occurring after the re_2
Events occurring after the reporting period (Details Narrative) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Feb. 08, 2023 USD ($) | Feb. 06, 2023 $ / shares shares | Dec. 31, 2021 AUD ($) | |
IfrsStatementLineItems [Line Items] | |||
Registered direct offering, value | $ 1,564,912 | ||
Nonadjusting Events After Reporting Period [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Registered direct offering | shares | 3,846,155 | ||
Registered direct offering | six hundred (600) ordinary shares | ||
Share price | $ / shares | $ 1.30 | ||
Registered direct offering, value | $ 5 |