Cover
Cover | 12 Months Ended |
Jun. 30, 2023 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, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
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 | 11,541,658,143 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [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 Comprehensive Income - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | |||
Revenue | $ 8,686,118 | $ 6,794,816 | $ 120,554 |
Finance income | 220,161 | 36,256 | 62,394 |
Other income | 1,836,822 | 2,783,391 | 1,559,961 |
Changes in inventories | 72,257 | (321,223) | 14,463 |
Raw materials | (4,407,522) | (2,692,311) | (184,920) |
Commissions | (236,019) | (156,625) | |
Employee benefits expenses | (6,208,066) | (5,868,655) | (3,868,331) |
Advertising and promotional expenses | (2,712,353) | (1,885,402) | (436,274) |
Professional fees | (1,360,640) | (1,835,444) | (1,461,401) |
Research and development expenses | (1,281,157) | (705,507) | (1,165,531) |
Depreciation and amortization | (676,583) | (578,668) | (386,277) |
Impairment expenses | (2,125,725) | (564,161) | (32,048) |
Other expenses | (3,687,030) | (2,154,375) | (1,283,871) |
Finance costs | (29,515) | (15,215) | (16,338) |
Loss from operations before income tax | (11,909,252) | (7,163,123) | (7,077,619) |
Income tax credit | 158,329 | 32,125 | |
Loss for the year | (11,750,923) | (7,130,998) | (7,077,619) |
Other comprehensive income/(loss) | |||
Exchange gains/(losses) on translation of con- trolled foreign operations | 100,589 | 27,864 | (37,468) |
Other comprehensive income/(loss) for the year, net of tax | 100,589 | 27,864 | (37,468) |
Total comprehensive loss attributable to the members of Genetic Technologies Ltd | $ (11,650,334) | $ (7,103,134) | $ (7,115,087) |
Loss per share (cents per share) | |||
Basic net loss per ordinary share | $ (0.012) | $ (0.08) | $ (0.08) |
Diluted net loss per ordinary share | $ (0.012) | $ (0.08) | $ (0.08) |
Weighted-average shares outstanding | 10,138,075,003 | 9,220,348,281 | 8,544,157,979 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 7,851,197 | $ 11,731,325 |
Trade and other receivables | 1,921,657 | 2,421,238 |
Inventories | 325,893 | 398,150 |
Other current assets | 399,048 | 166,087 |
Total current assets | 10,497,795 | 14,716,800 |
Non-current assets | ||
Right-of-use assets | 509,553 | 647,150 |
Property, plant and equipment | 89,623 | 306,175 |
Goodwill | 3,116,893 | 4,506,653 |
Other intangible assets | 520,472 | 624,920 |
Other non-current assets | ||
Deferred tax asset | 121,901 | |
Total non-current assets | 4,358,442 | 6,084,898 |
Total assets | 14,856,237 | 20,801,698 |
Current liabilities | ||
Trade and other payables | 1,617,333 | 2,122,379 |
Contract liabilities | 849,212 | 814,150 |
Provisions | 541,930 | 611,060 |
Lease liabilities | 303,570 | 264,130 |
Total current liabilities | 3,312,045 | 3,811,719 |
Non-current liabilities | ||
Provisions | 30,439 | 22,499 |
Lease liabilities | 229,276 | 388,396 |
Deferred tax liability | 121,901 | 148,013 |
Total non-current liabilities | 381,616 | 558,908 |
Total liabilities | 3,693,661 | 4,370,627 |
Net assets | 11,162,576 | 16,431,071 |
EQUITY | ||
Contributed equity | 161,342,707 | 155,138,636 |
Reserves | 6,535,556 | 11,498,651 |
Accumulated losses | (156,715,687) | (150,206,216) |
Total equity | $ 11,162,576 | $ 16,431,071 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 12 Months Ended | ||
Jun. 30, 2023 AUD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 AUD ($) | |
Cash flows from/(used in) operating activities | |||
Receipts from customers | $ 8,771,325 | $ 5,745,162 | $ 121,190 |
Payments to suppliers and employees | (20,453,567) | (13,802,170) | (7,747,186) |
R&D tax incentive and other grants received | 1,959,147 | 2,397,552 | 1,330,067 |
Net cash flows (used in) operating activities | (9,723,095) | (5,659,456) | (6,295,929) |
Cash flows from/(used in) investing activities | |||
Purchases of plant and equipment | (17,552) | (63,926) | (748,706) |
Purchases of intangible assets | (32,868) | ||
Interest received | 191,803 | 36,256 | |
Payment for purchase of business, net of cash acquired | (486,188) | (3,400,625) | |
Net cash flows (used in) investing activities | (311,937) | (3,461,163) | (748,706) |
Cash flows from/(used in) financing activities | |||
Proceeds from the issue of shares | 7,172,399 | 15,897,629 | |
Equity transaction costs | (916,060) | (10,474) | (1,956,691) |
Principal elements of lease payments | (336,396) | (268,590) | (236,893) |
Interest paid | (14,049) | ||
Net cash flows from/(used in) financing activities | 5,919,943 | (279,064) | 13,689,996 |
Net (decrease)/ increase in cash and cash equivalents | (4,115,089) | (9,399,683) | 6,645,361 |
Cash and cash equivalents at beginning of year | 11,731,325 | 20,902,282 | 14,214,160 |
Net foreign exchange difference | 234,961 | 228,726 | 42,761 |
Cash and cash equivalents at end of year | $ 7,851,197 | $ 11,731,325 | $ 20,902,282 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - AUD ($) | Issued capital [member] | Other reserves [member] | Retained earnings [member] | Total |
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 | 11,764,379 | 11,764,379 | ||
Exercise of options/warrants | 1,699,522 | (973,467) | 726,055 | |
Issue of performance rights | 622,725 | 622,725 | ||
Options/warrants expired | (49,438) | 49,438 | ||
Issue of options/warrants | 1,542,356 | 1,542,356 | ||
Transactions with owners in their capacity as owners | 13,463,901 | 1,142,176 | 49,438 | 14,655,515 |
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 | 1,563,662 | 1,563,662 | ||
Issue of performance rights | 437,508 | 437,508 | ||
Transactions with owners in their capacity as owners | 1,563,662 | 437,508 | 2,001,170 | |
Balance at Jun. 30, 2022 | 155,138,636 | 11,498,651 | (150,206,216) | 16,431,071 |
IfrsStatementLineItems [Line Items] | ||||
Loss for the year | (11,750,923) | (11,750,923) | ||
Other comprehensive income | 100,589 | 100,589 | ||
Total comprehensive loss | 100,589 | (11,750,923) | (11,650,334) | |
Transactions with owners in their capacity as owners | ||||
Contributions of equity, net of transaction costs | 6,256,339 | 6,256,339 | ||
Issue of performance rights | 125,500 | 125,500 | ||
Options/warrants expired | (5,241,452) | 5,241,452 | ||
Valuation of warrants | (134,956) | 134,956 | ||
Exercise of performance rights | 82,688 | (82,688) | ||
Transactions with owners in their capacity as owners | 6,204,071 | (5,063,684) | 5,241,452 | 6,381,839 |
Balance at Jun. 30, 2023 | $ 161,342,707 | $ 6,535,556 | $ (156,715,687) | $ 11,162,576 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Jun. 30, 2023 | |
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, 2023 was authorized for issue in accordance with a resolution of the Directors dated on August 30, 2023. 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, 2023 | |
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 (“IFRS”), 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, 2023, the Company incurred a total comprehensive loss of A$ 11,650,334 7,103,134 9,723,095 5,659,456 7,851,197 7,185,750 The company expects to continue to incur losses and cash outflows for the foreseeable future as it continues to invest resources in research and development activities for geneType risk assessment tests and to invest in the commercialization activities for geneType, EasyDNA and AffinityDNA, via marketing, sales and distribution channels. The continuing viability of the company and its ability to continue as a going concern, and meet its debts and commitments as they fall due, is dependent on the satisfactory completion of an equity raising forecast for the early part of the 2024 calendar year. The Company does not currently have binding commitments from any party to subscribe for shares and any raise will be subject to maintaining active listing on the NASDAQ exchange as well as compliance with the Group’s obligations under ASX Listing Rule 7.1. On July 17, 2023, the company received notification from The Nasdaq Stock Market LLC that it is not in compliance with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market, since the closing bid price for the company’s American Depositary Shares (ADS) on the Nasdaq Capital Market was below US$1.00 for 34 consecutive trading days. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has a period of 180 calendar days from the date of Notification to regain compliance with the minimum bid requirement, during which time the ADS will continue to trade on the Nasdaq Capital Market. If at any time before January 15, 2024, the bid price of the ADS closes at or above US$1.00 per ADS for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Requirement. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (iv) Going concern (cont.) Due to the uncertainty surrounding the timing, quantum or the ability to raise additional equity, there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Directors believe that the Company will be successful in its equity raising endeavours, and has a strong track record in this regard, and accordingly, have prepared the financial report on a going concern basis. As such no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. (v) New standards and interpretations The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 July 2022: ● Onerous Contracts – Cost of Fulfilling a Contract – ● Annual Improvements to IFRS Standards 2018–2020 ● Property, Plant and Equipment: Proceeds before Intended Use – ● Reference to the Conceptual Framework – The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (vi) 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 unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. (ii) Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (c) Business combination The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (Note 2(b)(i)). In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (Note 2(k)). Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities (Note 2(u)). The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the extent to which the replacement awards relate to pre-combination service. (d) 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 in the 2022 financial year changed how the Company reports segment information as compared to the prior year. Therefore, the 2021 financial year period presentation of segment information was recast to conform with the current segment reporting structure. (e) 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 recognized 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. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (e) Foreign currency translation (cont.) (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 statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; ● income and expenses for each consolidated statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. (f) Revenue recognition Under IFRS 15, revenue is recognized based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognized: (i) Revenue from sale of goods - Genetic testing revenues Genetype Revenues from the provision of genetic and clinical risk testing for cancer and other serious diseases under the geneType brand are recognized at a point time when the Company has provided the customer with their test results, the single performance obligation. Invoices are usually payable within 30 days. Where consideration is received in advance of performance, it is initially recorded as contract liabilities and then revenue is recognized as the performance obligations are satisfied. Revenue is recognized where consideration for collection is probable and is above 50%. The geneType brand have more than 75% probability of being collected. EasyDNA and AffinityDNA Revenue from provision of genetic test direct to consumer under the EasyDNA and AffinityDNA brand is recognized at a point in time when the Company has provided the customer with their test results, the single performance obligation. Where consideration is received in advance of performance, it is initially recorded as contract liabilities and then revenue is recognized as the performance obligations are satisfied. Revenue recognized under the EasyDNA and AffinityDNA brands are mainly upfront, hence, no issue in collectability. (ii) Revenue from services - license fees Revenue from contracts with service providers is recognized when the contracted sales parameters are met, the single performance obligation. Revenue is recognized over time based on the higher of actual sales incurred or minimum fees requirement on a quarterly basis. The Company did not recognize or receive any license fee revenue in the current financial year. Fixed license fee revenue recognized in the prior period have been fully impaired as it is unlikely that these amounts will be recovered. (iii) Contract liabilities The Group recognizes 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 recognizes 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.) (g) 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 A$ 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 recognized as other income over the period in which the R&D expense is recognized. (ii) Government Grants Income from government grants is recognized in the consolidated statement of profit or loss and comprehensive income on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the grants are intended to compensate in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables on our consolidated statement of financial position. (h) Finance income and finance costs The Group’s finance income and finance costs include interest income and interest expenses. Interest income or expense is recognized using the effective interest method. (i) Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (j) 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 recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the 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 recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes 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.) (k) 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 recognized 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 recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss unless it reverses a decrement previously charged to equity, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. 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. (l) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. (m) Trade and other receivables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less loss allowance. 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. (n) Inventories (i) Raw materials and stores, work in progress and finished goods Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (o) 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 recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: 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(k)). 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. (p) 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 amortized. 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 recognized as intangible assets at their fair values. Brand, trademark, trade names and domain names are amortized on a straight-lined basis over their estimated useful lives of 5 (q) Trade and other payables Trade payables and other payables are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Trade payables and other payables generally have terms of between 30 and 60 days. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (r) Provisions Provisions for legal claims, service warranties and make good obligations are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. (s) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the consolidated statement of financial position. (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 a |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Jun. 30, 2023 | |
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 a Black-Scholes or Binomial model, and utilized internal resources to perform fair value by straight forward equity instruments by using Black-Scholes model. 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(k). 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 utilized 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. Business combination and the contingent consideration Business combination are initially accounted for on a provisional basis. The fair value of assets acquired and liabilities assumed are initially estimated by the Group taking into consideration all available information at the reporting date. Fair value adjustments on the finalization of the business combination accounting is retrospective, where applicable, to the period the combination occurred and may have an impact on the assets and liabilities, depreciation and amortization reported. For the AffinityDNA acquisition, a second payment of A$ 486,188 277,500 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
REVENUE AND DEFERRED INCOME
REVENUE AND DEFERRED INCOME | 12 Months Ended |
Jun. 30, 2023 | |
Revenue And Deferred Income | |
REVENUE AND DEFERRED INCOME | 4. REVENUE AND DEFERRED INCOME 4A. REVENUE SUMMARY OF REVENUE 2023 A$ 2022 A$ 2021 A$ Sales of EasyDNA branded test - point in time 7,698,605 5,989,782 - Sales of AffinityDNA branded test - point in time 944,058 - - Sales of geneType branded test - point in time 43,455 7,551 25,347 License fees - over time - 797,483 95,207 Total revenue from contract with customers 8,686,118 6,794,816 120,554 4B. DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The Group’s revenue disaggregated by primary geographical markets is as follows: SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS 2023 A$ 2022 A$ 2021 A$ America and Canada 2,242,169 2,274,551 120,554 Europe Middle East and Africa 4,494,626 2,501,302 - Latin America 322,033 128,840 - Asia Pacific 1,627,290 1,890,123 - Total revenue 8,686,118 6,794,816 120,554 4C. CONTRACT BALANCES SCHEDULE OF CONTRACT BALANCES Note 2023 A$ 2022 A$ Receivables, which are included in ‘net trade receivables’ 12 1,049,393 390,587 Contract liabilities 849,212 814,150 Contract liabilities arises from revenue for all business units, which is the consideration received in respect of unsatisfied performance obligation. There are no Nil The amount of A$ 814,150 included in deferred income (contract liabilities) at 30 June 2022 has been recognized as revenue in 2023 (2022: Nil ). No revenue was recognized in 2023 from performance obligations satisfied (or partially satisfied) in previous periods (2022: Nil , 2021: Nil ). |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Jun. 30, 2023 | |
Other Income | |
OTHER INCOME | 5. OTHER INCOME SCHEDULE OF OTHER INCOME 2023 A$ 2022 A$ 2021 A$ Research and development tax incentive income (1) 1,616,064 2,397,552 997,908 Export Marketing & Development Grant - - 100,000 Other income 45,724 25,955 116,271 Government grant income – COVID-19 relief (2) - - 287,883 Net unrealized foreign exchange gain 152,963 244,762 - Net realized foreign exchange gain 22,071 115,122 57,899 Total other income 1,836,822 2,783,391 1,559,961 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 5. OTHER INCOME (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 recognized when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended June 30, 2023, the Company has included an item in other income of A$ 1,616,064 2,397,552 997,908 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 A$ 20 41 During the 2022 financial year 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 A$ 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, 2023 | |
Employee Benefits Expense | |
EMPLOYEE BENEFITS EXPENSE | 6. EMPLOYEE BENEFITS EXPENSE SCHEDULE OF EMPLOYEE BENEFITS EXPENSE 2023 A$ 2022 A$ 2021 A$ Salaries and wages 4,938,516 4,490,186 2,480,336 Director fees 288,024 288,024 288,024 Superannuation contribution 415,128 347,018 203,242 Share-based payments 125,500 437,508 714,577 Other employee costs 440,898 305,919 182,152 Total employee benefits expenses 6,208,066 5,868,655 3,868,331 |
OTHER EXPENSES
OTHER EXPENSES | 12 Months Ended |
Jun. 30, 2023 | |
Other Expenses | |
OTHER EXPENSES | 7. OTHER EXPENSES SCHEDULE OF OTHER EXPENSES 2023 A$ 2022 A$ 2021 A$ Buildings and facilities costs 695,844 748,580 345,624 Insurance 403,167 345,450 302,722 Investor relations and shareholder maintenance 469,151 344,355 273,187 Net unrealized foreign exchange loss 13,521 - 47,896 Net realized foreign exchange loss - - - Bank and credit card merchant charges 426,589 296,883 14,582 IT and communication 670,008 84,133 75,311 Travel and entertainment 366,920 67,298 12,318 Administrative 370,571 121,184 82,264 Other expenses 271,259 146,492 129,967 Total other expenses 3,687,030 2,154,375 1,283,871 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
FINANCE INCOME _ (FINANCE COSTS
FINANCE INCOME / (FINANCE COSTS) | 12 Months Ended |
Jun. 30, 2023 | |
Finance Income | |
FINANCE INCOME / (FINANCE COSTS) | 8. FINANCE INCOME / (FINANCE COSTS) SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) 2023 A$ 2022 A$ 2021 A$ Interest income 220,161 36,256 62,394 Total finance income 220,161 36,256 62,394 Lease interest (29,515 ) (15,215 ) (16,338 ) Total finance costs (29,515 ) (15,215 ) (16,338 ) |
INCOME TAX CREDIT_(EXPENSE)
INCOME TAX CREDIT/(EXPENSE) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Creditexpense | |
INCOME TAX CREDIT/(EXPENSE) | 9. INCOME TAX CREDIT/(EXPENSE) SCHEDULE OF INCOME TAX EXPENSE 2023 A$ 2022 A$ 2021 A$ Reconciliation of income tax expense to prima facie tax payable Loss before income tax credit (11,909,252 ) (7,163,123 ) (7,077,619 ) Tax at the Australian tax rate of 25 25 26 (2,977,313 ) (1,790,781 ) (1,840,181 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 31,375 109,377 185,790 Research and development tax incentive 919,785 1,116,714 588,659 Impairment of goodwill 461,250 - - Other assessable items - - - Income tax expenses before unrecognized tax losses (1,564,903 ) (564,690 ) (1,065,732 ) Difference in overseas tax rates 53,673 (79,604 ) 16,688 Over provision in prior years (454,928 ) (348,607 ) (235,653 ) Temporary differences not recognized 29,979 (301,694 ) (419,965 ) Research and development tax credit (404,016 ) (599,388 ) (275,631 ) Tax losses not recognized 2,543,441 1,861,858 1,980,293 Utilization of tax losses not previously recognized (361,575 ) - - Income tax credit (158,329 ) (32,125 ) - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 9. INCOME TAX CREDIT/(EXPENSE) (cont.) SCHEDULE OF NET DEFERRED TAX ASSETS 2023 A$ 2022 A$ 2021 A$ Net deferred tax assets Deferred tax liabilities recognized Brands and trademarks (121,901 ) (148,013 ) - Total deferred tax liabilities (121,901 ) (148,013 ) - Deferred tax assets recognized Tax losses 121,901 - - Total deferred tax assets 121,901 - - Deferred tax assets not recognized Property, plant and equipment - - 8,004 Trade debtor 222,144 58,041 - Capital raising costs 582,168 661,863 975,270 Intangible assets 1,407,570 1,456,225 1,701,477 Provisions 342,252 442,383 297,907 Total deferred tax assets 2,554,134 2,618,512 2,982,658 Deferred tax liabilities not recognized Right-of-use assets (127,388 ) (161,787 ) (34,735 ) Total deferred tax liabilities (127,388 ) (161,787 ) (34,735 ) Net deferred tax assets on temporary differences not brought to account (2,426,746 ) (2,456,725 ) 2,947,923 Total net deferred tax assets/(liabilities) - (148,013 ) - SCHEDULE OF TAX LOSSES 2023 A$ 2022 A$ 2021 A$ Tax losses Unused tax losses for which no deferred tax asset has been recognized 119,096,654 105,287,311 100,694,696 Potential tax benefit 26 21,897,732 19,020,914 19,025,063 Potential tax benefit 21 6,568,458 5,950,299 5,665,976 Potential tax benefit 35 65,895 304,115 - Potential tax benefit 19 7,427 - - Subject to the Company continuing to meet the relevant statutory tests, the tax losses are available for offset against future taxable income. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 9. INCOME TAX CREDIT/(EXPENSE) (cont.) At June 30, 2023, the Company had a potential tax benefit related to tax losses carried forward of A$ 28,539,512 25,275,328 24,691,039 6,568,458 5,950,299 5,665,976 20 21,897,732 19,020,914 19,025,063 65,895 304,115 Nil 7,427 Nil 28,539,511 25,275,328 24,691,039 As at balance date, there are unrecognized tax losses with a benefit of approximately A$ 28,539,511 25,275,328 24,691,039 (a) The Company derives future assessable income of a nature and amount sufficient to enable the benefits to be realized; (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 realizing 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(i). The entities in the tax consolidated Company have entered into a Tax Sharing Agreement which, in the opinion of the Directors, limits the joint and several liabilities of the wholly owned entities in the case of a default by the head entity, Genetic Technologies Limited. The entities have also entered into a Tax Funding Agreement under which the wholly owned entities fully compensate Genetic Technologies Limited for any current tax payable assumed and are compensated by Genetic Technologies Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Genetic Technologies Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognized in the respective subsidiaries’ financial statements. The amounts receivable or payable under the Tax Funding Agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. As at June 30, 2023, there are no |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jun. 30, 2023 | |
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 2023 A$ 2022 A$ 2021 A$ Loss for the year (11,750,923 ) (7,130,998 ) (7,077,619 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 10,138,075,003 9,220,348,281 8,544,157,979 Note: None of the 233,400,000 757,400,000 725,787,500 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents | |
CASH AND CASH EQUIVALENTS | 11. CASH AND CASH EQUIVALENTS SCHEDULE OF CASH AND CASH EQUIVALENTS 2023 A$ 2022 A$ 2021 A$ Reconciliation of cash and cash equivalents Cash at bank and on hand 7,851,197 11,731,325 20,902,282 Total cash and cash equivalents 7,851,197 11,731,325 20,902,282 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 (11,750,923 ) (7,130,998 ) (7,077,619 ) Tax credit 158,329 32,125 - Loss for the year before income tax (11,909,252 ) (7,163,123 ) (7,077,619 ) Adjust for non-cash items and non-operational items Amortization and depreciation expenses 380,409 343,427 265,748 Depreciation of right-of-use of assets 296,174 235,241 212,474 Impairment of receivables 280,725 564,161 - Impairment of goodwill 1,845,000 - - Share-based payments expense 125,500 437,508 714,577 Inventory written-off - 30,214 54,523 Finance costs 29,515 15,215 16,338 Finance income (220,161 ) (36,256 ) (62,394 ) Net foreign exchange (gains) / losses (152,963 ) (244,762 ) 9,755 Adjust for non-cash items (9,325,053 ) (5,818,375 ) (5,866,598 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 11. CASH AND CASH EQUIVALENTS (cont.) 2023 A$ 2022 A$ 2021 A$ Reconciliation of cash and cash equivalents (cont.) Adjust for changes in assets and liabilities Decrease / (Increase) in trade and other receivables 256,213 (1,889,124 ) (284,971 ) (Increase) / Decrease in other operating assets (232,961 ) 16,493 (182,602 ) Decrease / (Increase) in inventories 72,257 (351,437 ) 14,463 Decrease / (Increase) in other non-current assets - 97,868 - (Decrease) / Increase in trade and other payables (432,361 ) 2,178,301 (14,991 ) (Decrease) / Increase in provisions (61,190 ) 106,818 38,770 Net cash flows used in operating activities (9,723,095 ) (5,659,456 ) (6,295,928 ) Financing facilities available As at June 30, 2023, the following financing facilities had been nego- tiated and were available: Total facilities Credit cards 188,630 190,020 190,020 Facilities used as at reporting date Credit cards (16,029 ) - (9,511 ) Facilities unused as at reporting date Credit cards 172,601 190,020 180,509 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 over different time frames and with different institutions in order to diversify its portfolio and minimize risk. |
TRADE AND OTHER RECEIVABLES (CU
TRADE AND OTHER RECEIVABLES (CURRENT) | 12 Months Ended |
Jun. 30, 2023 | |
Trade And Other Receivables | |
TRADE AND OTHER RECEIVABLES (CURRENT) | 12. TRADE AND OTHER RECEIVABLES (CURRENT) SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2023 A$ 2022 A$ Trade receivables 1,080,479 1,036,998 Less: impairment loss (1) (888,576 ) (594,798 ) Net trade receivables 191,903 442,200 Other receivables (2) 1,729,754 1,979,038 Total net current trade and other receivables 1,921,657 2,421,238 (1) Provision of impairment losses against trade receivables relate to license fees from IBX contract in the prior year. The Company did not recognize or receive any license fee revenue in the current financial year. (2) Other receivables includes the R&D tax incentive refund accrued for the 2023 financial year A$ 1,616,064 (2022: A$ 1,943,083 ). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2023 | |
Other Current Assets | |
OTHER CURRENT ASSETS | 13. OTHER CURRENT ASSETS SCHEDULE OF OTHER CURRENT ASSETS 2023 A$ 2022 A$ Prepayments 381,608 147,854 Bonds and deposits 17,440 13,257 Other - 4,976 Total current prepayments and other assets 399,048 166,087 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2023 | |
Property Plant And Equipment | |
PROPERTY, PLANT AND EQUIPMENT | 14. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2023 A$ 2022 A$ Laboratory equipment, at cost 975,619 960,872 Less: cost written-off during the year (8,243 ) - Add: additions during the year 6,402 14,747 Less: accumulated depreciation (941,545 ) (744,615 ) Add: accumulated depreciation written-off during the year 8,243 - Net laboratory equipment 40,476 231,004 Computer equipment, at cost 292,817 251,852 Less: cost written-off during the year (3,099 ) - Less: cost transferred (11,603 ) - Add: additions during the year 11,150 40,965 Less: accumulated depreciation (261,580 ) (230,186 ) Add: accumulated depreciation transferred 11,897 - Add: accumulated depreciation written-off during the year 3,099 - Net computer equipment 42,681 62,631 Office equipment, at cost 18,709 10,495 Less: cost written-off during the year - - Add: cost transferred 11,603 - Add: additions during the year - 8,214 Less: accumulated depreciation (11,949 ) (6,169 ) Less: accumulated depreciation transferred (11,897 ) - Add: accumulated depreciation written-off during the year - - Net office equipment 6,466 12,540 Total net property, plant and equipment 89,623 306,175 Reconciliation of property, plant and equipment Opening gross carrying amount 1,284,395 1,220,469 Add: additions purchased during the year 17,552 63,926 Less: cost written-off during the year (11,342 ) - Closing gross carrying amount 1,290,605 1,284,395 Opening accumulated depreciation and impairment losses (978,220 ) (763,291 ) Add: accumulated depreciation written-off during the year 11,342 - Less: cost written-off during the year (234,697 ) (214,929 ) Add: foreign currency translation 593 - Closing accumulated depreciation and impairment losses (1,200,982 ) (978,220 ) Total net property, plant and equipment 89,623 306,175 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, 2023 SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Asset category Opening net carrying Amount A$ Additions during year A$ Transfer during year A$ Depreciation expense Foreign currency translation A$ Closing net carrying amount A$ Laboratory equipment 231,004 6,402 - (196,928 ) (2 ) 40,476 Computer equipment 62,631 11,150 294 (31,394 ) - 42,681 Office equipment 12,540 - (294 ) (6,375 ) 595 6,466 Totals 306,175 17,552 - (234,697 ) 593 89,623 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2022 Asset category Opening net carrying Amount A$ Additions during year A$ Disposals during year A$ Depre- ciation expense A$ Closing net carrying amount A$ 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 |
GOODWILL
GOODWILL | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure Goodwill Abstract | |
GOODWILL | 15. GOODWILL The following table shows the movements in goodwill: SUMMARY OF CHANGES IN GOODWILL 2023 2022 A$ A$ Gross carrying amount: Balance at beginning of period 4,506,653 - Acquired through business combination - AffinityDNA (Note 17) 455,240 4,506,653 Balance at end of period 4,961,893 4,506,653 Accumulated impairment: Balance at beginning of period - - Impairment loss recognized (1,845,000 ) - Balance at end of period (1,845,000 ) - Carrying amount at the end of the period 3,116,893 4,506,653 Management has determined that the acquisition of AffinityDNA in the current year is a single cash generating unit. The total goodwill acquired though business combination for AffinityDNA amounted to $ 455,240 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 15. GOODWILL (cont.) (i) Impairment testing for CGUs containing goodwill For the purpose of impairment testing, goodwill has been allocated to the Group’s CGUs as follows: SCHEDULE OF IMPAIRMENT TESTING GOODWILL 2023 2022 A$ A$ Net carrying amount at the end of the period: EasyDNA 2,661,653 4,506,653 AffinityDNA 455,240 - Goodwill allocation at 30 June 3,116,893 4,506,653 (ii) Key assumptions used for value-in-use calculations The estimates below were used in the goodwill impairment assessment for the acquired EasyDNA and AffinityDNA businesses: SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT EasyDNA AffinityDNA Revenue growth (FY2025 to FY2028) 4.3 % 4.5 % Gross margin 47.5 % 45.0 % Pre-tax discount rate 22.7 % 22.7 % Post-tax discount rate 17 % 17 % Growth rate beyond FY2027 4.3 % 4.5 % Assumptions for goodwill impairment assessment 4.3 % 4.5 % 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 amounts of the acquired EasyDNA and AffinityDNA businesses. (iii) mpairment charge for goodwill EasyDNA Based upon the impairment testing undertaken by management for the financial year ending June 30, 2023 an impairment loss of A$ 1,845,000 Nil Following the impairment loss recognized in the Group’s EasyDNA CGU, the recoverable amount was equal to the carrying amount. Therefore, any adverse movement in a key assumption would lead to further impairment. AffinityDNA Management’s assessment of impairment for AffinityDNA did not result in an impairment for AffinityDNA as the recoverable amounts exceeds it’s carrying value by A$ 78,000 . Sensitivity analysis undertaken on the key impairment model assumptions indicates that in order for the recoverable amount to be equal to their carrying value for AffinityDNA, the discount rate would need to increase to 17.5% and revenue growth rate would need to decrease by 0.5%. Management is not aware of any events that are expected to have an adverse effect on revenue growth NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 A$ A$ Other intangible assets: Gross carrying amount Balance at beginning of period 753,418 - Brands, trademark and trade names, acquired through business combination 41,264 720,550 Domain names - 32,868 Balance at end of period 794,682 753,418 Accumulated amortization: Balance at beginning of period (128,498 ) - Amortization for the period (145,712 ) (128,498 ) Balance at end of period (274,210 ) (128,498 ) Carrying amount at the end of the period 520,472 624,920 Brand, trademark, trade names and domain names acquired in a business combination that qualify for separate recognition are recognized as intangible assets at their fair values. Brands, trademarks and trade names acquired through business combination for EasyDNA and AffinityDNA have been recognized a one category of intangible asset for each segment as they are interconnected elements that collectively contribute to a company’s image, recognition, and legal protection. They are essential components for establishing a strong market presence, building consumer trust, and safeguarding a company’s intellectual property. The Brand, trademark, trade names and domain names acquired in respect of the purchase of the EasyDNA business and its assets have been valued using the ‘relief from royalty method’. The projected royalty cashflows were discounted to their present value assuming a weighted average cost of capital of 16 1.5 The Brand, trademark, trade names and domain names acquired in respect of the purchase of AffinityDNA’s business and its 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 48 1.5 Brand, trademark, trade names and domain names are amortized 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, 2023 | |
Business Acquisition | |
BUSINESS ACQUISITION | 17. 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, A$ 486,188 277,500 486,188 277,500 Costs incurred in respect of acquisition were A$ 40,625 The acquisition of AffinityDNA provides the Group with an additional and complimentary platform to further build its existing direct-to-consumer offerings and lifestyle division. The acquisition also expands the Group’s portfolio of tests, geographic (including the UK and US markets) and demographic access. The acquisition provides the group with operational, supply chain, distribution and commercial synergies with its existing EasyDNA direct-to-consumer business that represents goodwill, which cannot be separately measured and identified. 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 A$ Fair value of consideration transferred Amount settled in cash 486,188 Total consideration 486,188 Recognized amounts of identifiable net assets Intangible assets (1) 41,264 Deferred tax liabilities (10,316 ) Identifiable net assets 30,948 Goodwill on acquisition (Note 15) 455,240 The total fair value of the contingent consideration transferred was on the basis that the probability of achieving the earn-out payment at acquisition date was 0%. 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 amortized. 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 A$ 41,264 five years AffinityDNA reported revenue of A$ 944,058 and incurred an operating loss of A$ 89,618 from July 14, 2022 to the June 30, 2023. Given that the acquisition date was fairly close to the start of the year, the impact to consolidated revenue and loss for the year would be immaterial, even if the acquisition had occurred on 1 July 2022. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 17. BUSINESS ACQUISITION (cont.) Prior year’s business acquisition On 13 August 2021, the Company completed the acquisition of EasyDNA’s assets and business. The purchase was settled by A$ 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 A$ 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 Recognized amounts of identifiable net assets Right-of-use asset 42,289 Intangible assets (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 amortized. 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 A$ 720,550 EasyDNA reported revenue of A$ 5,989,782 165,000 7,698,605 2,871,259 There are no contingent consideration arrangements related to the acquisition. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
TRADE AND OTHER PAYABLES (CURRE
TRADE AND OTHER PAYABLES (CURRENT) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
TRADE AND OTHER PAYABLES (CURRENT) | 18. TRADE AND OTHER PAYABLES (CURRENT) SCHEDULE OF TRADE AND OTHER PAYABLES 2023 A$ 2022 A$ Trade payables 837,952 1,153,856 Accrued expenses 618,163 953,439 Other payables 161,218 15,084 Total current trade and other payables 1,617,333 2,122,379 |
PROVISIONS (CURRENT AND NON-CUR
PROVISIONS (CURRENT AND NON-CURRENT) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
PROVISIONS (CURRENT AND NON-CURRENT) | 19. PROVISIONS (CURRENT AND NON-CURRENT) SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS 2023 A$ 2022 A$ Current provisions Annual leave 328,924 312,665 Long service leave 121,416 206,805 Make good (1) 91,590 91,590 Total current provisions 541,930 611,060 Non-current provisions Long service leave 30,439 22,499 Total non-current provisions 30,439 22,499 Total provisions 572,369 633,559 (1) Make good provision in respect of the lease of the Melbourne office and laboratory SCHEDULE OF RECONCILIATION OF PROVISION 2023 A$ 2022 A$ Reconciliation of annual leave provision Balance at the beginning of the financial year 312,665 171,398 Add: obligation accrued during the year 400,780 366,816 Less: utilized during the year (388,457 ) (225,549 ) Less: FX on translation 3,936 - Balance at the end of the financial year 328,924 312,665 Reconciliation of long service leave provision Balance at the beginning of the financial year 229,304 210,642 Add: obligation accrued during the year 21,723 18,662 Less: reversal during the year (472 ) - Less: paid off during the year (98,700 ) - Balance at the end of the financial year 151,855 229,304 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
RIGHT-OF-USE ASSET _ (LEASE LIA
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) | 20. RIGHT-OF-USE ASSET / (LEASE LIABILITIES) (a) Amounts recognized 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 2023 2022 A$ A$ Right-of-use assets Right-of-use assets 509,553 647,150 Lease Liabilities Lease liabilities - Current (303,570 ) (264,130 ) Lease liabilities - Non-Current (229,276 ) (388,396 ) Total (532,846 ) (652,526 ) (b) Amounts recognized in the statement of profit or loss The statement of profit or loss under general and administrative expenses includes the following amounts relating to leases: SCHEDULE OF EXPENSES RELATING TO LEASES 2023 2022 A$ A$ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 296,174 235,241 Interest expense (included in finance costs) 29,515 15,215 Low value leases 32,094 26,408 During the financial year ended June 30, 2023, the total cash outflow was A$ 336,396 268,590 |
CONTRIBUTED EQUITY
CONTRIBUTED EQUITY | 12 Months Ended |
Jun. 30, 2023 | |
CONTRIBUTED EQUITY | 21. CONTRIBUTED EQUITY SCHEDULE OF ISSUED AND PAID-UP CAPITAL 2023 A$ 2022 A$ Issued and paid-up capital Fully paid Ordinary Shares 161,342,707 155,138,636 Total contributed equity 161,342,707 155,138,636 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 21. CONTRIBUTED EQUITY (cont.) Movements in shares on issue SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE Year ended June 30, 2023 Number of Shares A$ Balance at the beginning of the financial year 9,233,965,143 155,138,636 Shares issued during the year 2,307,693,000 7,172,399 Add: Exercise of performance rights - 82,688 Less: transaction costs arising on share issue (i) - (916,060 ) Less: valuation of warrants to be issued - (134,956 ) Balance at the end of the financial year 11,541,658,143 161,342,707 Year ended June 30, 2022 Number of Shares A$ 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 (i) - (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, 2023 and 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 ● On February 7, 2023, the Company issued 3,846,155 600 2,307,693,000 1.30 5 250,000 1.625 expiring in 5 years from issue date 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, 2023 | |
Notes and other explanatory information [abstract] | |
RESERVES | 22. RESERVES SCHEDULE OF RESERVES 2023 A$ 2022 A$ Foreign currency translation 847,408 746,819 Share-based payments 5,688,148 10,751,832 Total reserves 6,535,556 11,498,651 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 746,819 718,955 Add: net currency translation gain / (loss) 100,589 27,864 Balance at the end of the financial year 847,408 746,819 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 10,751,832 10,314,324 Add: share-based payments expense - - Add: Issue of performance rights 125,500 437,508 Add: Valuation of warrants 134,956 - Less: Options/warrants expired (5,241,452 ) - Less: Exercise of performance rights (82,688 ) - Balance at the end of the financial year 5,688,148 10,751,832 Share Based Payments Reserve Nature and Purpose The share-based payment reserve records items recognized as expenses on valuation of warrants, share options, and performance shares issued to capital raising agents, key management personnel, other employees, and eligible contractors. Warrants During the financial year ended June 30, 2023, the following warrants were issued to as a part of capital raising costs. SCHEDULE OF WARRANT ISSUED 2023 Valuation date December 20, 2022 Grant Date December 20, 2022 Warrants issued 250,000 Underlying asset price A$ 1.525 Risk free rate 4.1 % Volatility 75 % Exercise price presented in United States Dollar US$ 1.625 Exchange rate at valuation date A$ 1 to USD$0.669 Exercise price presented in Australian Dollar A$ 2.429 Time to maturity of underlying warrants (years) 5.12 Value per warrant in Australian Dollar A$ 0.5398 Model used Black Scholes Valuation amount A$ 134,956 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) No warrants were issued for the financial year ended June 30, 2022. During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. 2021 Valuation date July 21, 2020 Grant Date June 1, 2020 Warrants issued 39,975,000 Underlying asset price A$ 0.0070 Risk free rate 0.42 % Volatility 148.66 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 Exercise price presented in Australian Dollar A$ 0.0146 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.009 Model used Binomial Valuation amount A$ 360,017 2021 Valuation date January 25, 2021 Grant Date January 25, 2021 Warrants issued 48,750,000 Underlying asset price A$ 0.0110 Risk free rate 0.414 % Volatility 147.29 % Exercise price presented in United States Dollar US$ 0.0109 Exchange rate at valuation date A$ 1 to US$0.7708 Exercise price presented in Australian Dollar A$ 0.0142 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0098 Model used Binomial Valuation amount A$ 476,297 Share Options No share options were issued during the financial year ending June 30, 2023 or June 30, 2022. 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) 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 Performance Rights No Performance Rights were issued for financial year ended June 30, 2023. The following information relates to issued Performance Rights for the year ended June 30, 2022; SCHEDULE OF INFORMATION ABOUT PERFORMANCE RIGHTS Performance rights issued to Grant date for performance rights issued Number of performance rights 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 Performance rights issued 3,937,500 40,000,000 20,000,000 20,000,000 Dividend yield - - - - Historic volatility and expected volatility 161 152 149 150 % Performance rights exercise price A$ 0.009 0.0069 0.0047 0.0038 Fair value of performance rights 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 the performance rights 2.02 3 3 3 Model used Binomial Binomial Binomial Binomial Valuation amount A$ 47,250 291,428 103,104 83,216 Foreign currency translation reserve Nature and Purpose Exchange differences arising on translation of the foreign controlled entities are recognized in other comprehensive income as described in Note 2(e) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
ACCUMULATED LOSSES
ACCUMULATED LOSSES | 12 Months Ended |
Jun. 30, 2023 | |
Accumulated Losses | |
ACCUMULATED LOSSES | 23. ACCUMULATED LOSSES SCHEDULE OF ACCUMULATED LOSSES 2023 A$ 2022 A$ Balance at the beginning of the financial year (150,206,216 ) (143,075,218 ) Add: net loss attributable to owners of Genetic Technologies Limited (11,750,923 ) (7,130,998 ) Less: Options/warrants expired 5,241,452 - Balance at the end of the financial year (156,715,687 ) (150,206,216 ) |
SHARE OPTIONS
SHARE OPTIONS | 12 Months Ended |
Jun. 30, 2023 | |
Share Options | |
SHARE OPTIONS | 24. SHARE OPTIONS Employee Option Plan The fair value of options granted under an Employee Option Plan is recognized as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant date and recognized over the vesting period over which 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 recognized at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired; and (ii) the number of awards that, in the opinion of the Directors of the Company, will ultimately vest. This opinion is formed based on the best information available at balance date. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified. In addition, an expense is recognized for any increase in the value of the transaction as a result of the modification, as at the date of modification. Where appropriate, the dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. The Company’s policy is to treat the options of terminated employees as forfeitures 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, 2023, there were 1 executive and 7 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 24. SHARE OPTIONS (cont.) (i) Fair value of options granted During the year ended June 30, 2023, there were no Nil 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 2023 2022 Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Opening balance 0.008 492,400,000 0.008 521,850,000 Lapsed during the year 0.008 (481,500,000 ) 0.012 (29,450,000 ) Forfeited during the year 0.008 (2,500,000 ) - - Closing balance 0.008 8,400,000 0.008 492,400,000 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 2023 2022 Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Balance at the beginning of the financial year 0.008 10,900,000 0.011 27,850,000 Add: options granted during the year - - - - Less: options lapsed during the year - - 0.010 (16,950,000 ) Less: options forfeited during the year 0.008 (2,500,000 ) - - Balance at the end of the financial year 0.008 8,400,000 0.008 10,900,000 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 24. SHARE OPTIONS (cont.) The number of options outstanding as at June 30, 2023 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 2023 2022 Unlisted options Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Options to various underwriters (expiring October 30, 2022) - - 0.008 229,000,000 Options to directors (expiring December 20, 2022) - - 0.008 250,000,000 Options issued Lodge Corporate Pty Ltd (expiring March 6, 2023) - - 0.008 2,500,000 ESOP options (expiring December 1, 2023) 0.008 8,400,000 0.008 12,850,000 Total 0.008 8,400,000 0.008 494,350,000 Exercisable at the end of the financial year 0.008 8,400,000 0.008 494,350,000 The weighted average remaining contractual life of options outstanding as at June 30, 2023 was 0.42 0.43 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SEGMENT INFORMATION | 25. SEGMENT INFORMATION (a) Identification of reportable segments The Company has identified three reportable segments as reported that is consistent with the internal reporting provided to the chief operating decision maker, Chief Executive Officer. As of June 30, 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 organizational decisions and resource allocations. As a result, the 2021 presentation of segment information has been recast to conform with the current segment reporting structure. In July 2022, a new business unit was created as a result of AffinityDNA acquisition. Management considers the business from a business unit perspective and has identified three reportable segments: EasyDNA: AffinityDNA: GeneType / Corporate: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) (b) Business unit segments The segment information for the reportable segments is as follows: SUMMARY OF REPORTABLE SEGMENTS 2023 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ Segment revenue & other income Revenue from contracts with customers 944,058 7,698,605 43,455 8,686,118 Other income - 17 1,836,805 1,836,822 Finance income - - 220,161 220,161 Total segment revenue & other income 944,058 7,698,622 2,100,421 10,743,101 Segment expenses Depreciation and amortization (22,310 ) (30,074 ) (624,199 ) (676,583 ) Finance costs (2,693 ) (2,132 ) (24,690 ) (29,515 ) Raw materials and change in inventories (404,660 ) (3,896,000 ) (34,605 ) (4,335,265 ) Commissions (42,727 ) (193,292 ) - (236,019 ) Employee benefits expenses (209,219 ) (1,593,699 ) (4,405,148 ) (6,208,066 ) Advertising and promotional expenses (35,926 ) (1,681,875 ) (994,552 ) (2,712,353 ) Professional fees (62,522 ) (18,414 ) (1,279,704 ) (1,360,640 ) Research and development expenses - - (1,281,157 ) (1,281,157 ) Impairment expenses - (2,125,725 ) - (2,125,725 ) Other expenses (253,619 ) (1,028,670 ) (2,404,741 ) (3,687,030 ) Total segment expenses (1,033,676 ) (10,569,881 ) (12,513,521 ) (22,652,353 ) Income tax credit - - 158,329 158,329 Loss for the period (89,618 ) (2,871,259 ) (10,254,771 ) (11,750,923 ) Total Segment Assets 625,421 3,320,967 10,909,849 14,856,237 Total Segment Liabilities (208,468 ) (1,308,206 ) (2,176,987 ) (3,693,661 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2022 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ Segment revenue & other income Revenue from contracts with customers - 5,989,782 805,034 6,794,816 Other income - - 2,783,391 2,783,391 Finance income - - 36,256 36,256 Total segment revenue & other income - 5,989,782 3,624,681 9,614,463 Segment expenses Depreciation and amortization - - (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 - (6,166,299 ) (10,611,287 ) (16,777,586 ) Income tax credit - - 32,125 32,125 Loss for the period - (176,517 ) (6,954,481 ) (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 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ 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 amortization - - (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 - - - - 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 ) (c) Geographic information In presenting the geographic information, segment revenue has been based on geographic location of customers. The geographic information for the reportable segments is as follows: SUMMARY OF GEOGRAPHIC INFORMATION FOR THE REPORTABLE SEGMENTS REVENUE 2023 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada 15,056 2,190,352 36,761 2,242,169 Europe Middle East and Africa 766,040 3,728,586 - 4,494,626 Latin America 144,727 177,306 - 322,033 Asia Pacific 18,235 1,602,361 6,694 1,627,290 Total revenue 944,058 7,698,605 43,455 8,686,118 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) (c) Geographic information (cont.) 2022 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada - 2,267,474 7,077 2,274,551 Europe Middle East and Africa - 2,501,302 - 2,501,302 Latin America - 128,840 - 128,840 Asia Pacific - 1,092,166 797,957 1,890,123 Total revenue - 5,989,782 805,034 6,794,816 2021 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada - - 120,554 120,554 Europe Middle East and Africa - - - - Latin America - - - - Asia Pacific - - - - Total revenue - - 120,554 120,554 |
SHARE BASED PAYMENTS
SHARE BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
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 financial years ending June 30, 2022 and June 30, 2023. (b) Performance Rights Issuance After receiving requisite shareholder approval on December 10, 2020, the Company issued performance rights to Directors of the Company as follows: ● 5,000,000 ● 7,500,000 25,000,000 25,000,000 ● 7,500,000 25,000,000 25,000,000 ● 5,000,000 These performance rights remain available to Directors to exercise at June 30, 2023, if vesting conditions are met. During the financial year ending June 30, 2021, the Board has approved the issue of the following performance rights to the Chief Executive Officer and Chief Operating Officer: ● 60,000,000 ● 3,937,500 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (b) Performance Rights Issuance (cont.) Mr. Stanley Sack exercised his performance rights during the financial year ending June 30, 2022. The performance rights issued to Mr. Simon Morriss remain exercisable at June 30, 2023, if vesting conditions are met. During the financial year ending June 30, 2022, 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 performance rights issued to Mr. Michael Tonroe were forfeit during the 2023 financial year following his resignation. The performance rights issued to Mr. Carl Stubbings and Mr. Kevin Camilleri remain exercisable at June 30, 2023, if vesting conditions are met. The Company has accounted for these performance rights in accordance with its accounting policy for share-based payment transactions and has recorded a share-based payments expense of A$ 125,500 437,508 622,725 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 performance rights (including the formula known as the Black-Scholes Model valuation formula and the Binomial model). The Company commissioned an independent valuation of the performance rights. The independent valuer has applied the Binomial Model in providing the valuation of the performance rights. 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 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 30, 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 3 f) a volatility measure of 158.23 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Valuation of Performance Rights (cont.) For the performance Rights issued during the financial year ending June 30, 2022, 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 is 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 2 f) a volatility measure between 149 161 Performance hurdles Key management personnel, 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. There were no performance rights issued for the year ended June 30, 2023. 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 A$0.016 while or greater for more than 15-day consecutive ASX trading days Performance rights issued during the year ended June 30, 2021 The Class A Performance Rights vest and are exercisable upon the Share price reaching A$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 A$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 A$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 A$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 A$0.02 or greater for more than 10-day consecutive ASX trading days. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Performance rights issued during prior year SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr. Carl Stubbings 20,000,000 0.52 103,104 26,459 34,368 Mr. Kevin Camilleri 20,000,000 0.42 83,216 16,719 27,739 Total 40,000,000 186,320 43,178 62,107 Performance rights issued during prior year, that lapsed during the financial year ending June 30, 2023 Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr. Michael Tonroe 40,000,000 0.73 291,428 101,043 (101,043 ) Total 40,000,000 291,428 101,043 (101,043 ) Number of Performance Rights issued Valuation per Class D (cents) Total fair value of Class D Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr Simon Morriss 60,000,000 0.96 574,037 191,346 191,346 Number of Performance Rights issued Valuation per Class E (cents) Total fair value of Class E Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr Stanley Sack 3,937,500 0.90 35,438 35,438 - Performance rights issued during prior years, that lapsed during the financial year ending June 30, 2022 Number of Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights A$ Expense accounted for in 2021 A$ Expense accounted for during for in 2022 A$ 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 No NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Performance rights issued during prior years, that lapsed during the financial year ending June 30, 2022 Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights A$ Expense accounted for in 2021 A$ Expense accounted for during for in 2022 A$ 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 No (c) Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense and equity raising expenses were as follows: SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE 2023 2022 2021 A$ A$ A$ Kentgrove options issued - - 16,667 Warrants to be issued H.C. Wainwright, subject to shareholder approval 134,956 - - Performance rights issued 125,500 436,119 622,725 Reversal of forfeited Performance Rights - - - Options issued under employee option plan - 1,389 75,186 Total expenses arising from share-based payments 260,456 437,508 714,578 |
CAPITAL COMMITMENTS
CAPITAL COMMITMENTS | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
CAPITAL COMMITMENTS | 27. CAPITAL COMMITMENTS There were no significant contracted capital expenditures at the end of the reporting periods ending June 30, 2021, 2022 & 2023. |
AUDITORS_ REMUNERATION
AUDITORS’ REMUNERATION | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
AUDITORS’ REMUNERATION | 28. AUDITORS’ REMUNERATION SCHEDULE OF AUDITOR’S REMUNERATION 2023 A$ 2022 A$ 2021 A$ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) - 20,000 72,500 Audit related fees (2) - - - All other fees (3) - - - Grant Thornton Audit Pty Ltd in respect of: Audit (1) 320,569 241,882 168,333 Audit related fees (2) - - - All other fees (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 320,569 291,882 305,833 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 28. AUDITORS’ REMUNERATION (cont.) (1) Audit fees consist of services that would normally be provided in connection with statutory, half year review, 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 reason- ably provide to a client. (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
RELATED PARTY DISCLOSURES | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
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 financial years ended June 30, 2023, 2022 and 2021, other than compensation paid to directors and other members of key management personnel, see “Item 6.B Compensation”, the only transactions between entities within the Company and other related parties are as listed below. Except where noted, all amounts were charged on similar to market terms and at commercial rates. Performance Rights Issuance 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 During the financial year ending June 30, 2021, 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 Mr. Stanley Sack exercised his performance rights during the financial year ending June 30, 2022. During the financial year ending June 30, 2022, 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 performance rights issued to Mr. Michael Tonroe were forfeit during the 2023 financial year following his resignation. The Company has accounted for these Performance Rights in accordance with its accounting policy for share-based payment transactions and has recorded A$ 125,500 437,508 622,725 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 29. RELATED PARTY DISCLOSURES (cont.) Mr. Phillip Hains (Former Chief Financial Officer) On July 15, 2019, the Company announced that it had appointed Mr. Phillip Hains (MBA, CA) as the Chief Financial Officer who has over 30 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 not transacted with The CFO Solution towards provision of overall CFO, accounting and other finance related activities (2022: 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 not transacted with Mr. Stanley Sack’s entity Cobben Investments towards provision of consulting services in relation to provision of duties related to Chief Operating Officer of the Company (2022: 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 60,000 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 29. RELATED PARTY DISCLOSURES (cont.) Details of Directors and Key Management Personnel as at balance date Directors ● Mr. Peter Rubinstein (Independent Non-Executive & Chairman) ● Dr. Jerzy Muchnicki (Non-Independent Non-Executive) ● Dr. Lindsay Wakefield (Independent Non-Executive) ● Mr. Nicholas Burrows (Independent Non-Executive) Key Management Personnel (KMPs) ● Mr. Simon Morriss (Chief Executive Officer) (appointed 1 February 2021) ● Dr. Richard Allman (Chief Scientific Officer) (ceased full-time employment 6 October 2022, then appointed consulting Scientific Advisor) ● Mr. Tony Di Pietro (Chief Financial Officer) (appointed 28 November 2022) ● Mr. Mike Tonroe (Chief Financial Officer) (appointed 15 June 2021, resigned on 28 November 2022) ● Mr. Phillip Hains (Chief Financial Officer) (July 15, 2019 to 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 2023 A$ 2022 A$ 2021 A$ Remuneration of Key Management Personnel Short-term employee benefits 1,529,124 1,894,413 1,035,302 Post-employment benefits 113,511 125,822 79,042 Share-based payments 253,453 387,046 650,911 Other long-term benefits 10,978 4,797 4,589 Termination benefits - - - Total remuneration of Key Management Personnel 1,907,066 2,412,078 1,769,844 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SUBSIDIARIES | 30. SUBSIDIARIES The following diagram is a depiction of the Company structure as at June 30, 2023. SCHEDULE OF SUBSIDIARY UNDERTAKINGS Incorporation Company interest (%) Net carrying value (A$) Name of Company details 2023 2022 2023 2022 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 % - - geneType Inc. (2) June 28, 2010 Delaware, U.S.A. 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technolo- gies 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 % 100 % 1,910 - Genetype UK Limited April 26, 2022 United Kingdom 100 % 100 % 176 - Total carrying value 13,104 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) (2) On 3 April 2023, the name of Phenogen Sciences Inc. was changed to geneType Inc. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
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, 2023 June 30, 2022 USD CAD EUR GBP USD CAD EUR A$ A$ A$ A$ A$ A$ A$ Cash at Bank / on hand 1,296,082 10,766 100,369 41,858 3,299,787 3,318 199,758 Trade and other receivables 611,193 11,252 17,690 26,376 606,075 - 16,033 Trade and other payables (455,167 ) (3,795 ) (151,327 ) (31,441 ) (412,511 ) (1,652 ) (46,790 ) 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, 2023, had the Australian dollar weakened/strengthened by 3.65 8.3 52,988 289,607 ● USD: 3.65 8.3 The Company is less sensitive to movements in the AUD/USD exchange rates in 2023 than 2022 because of the reduced amount of USD denominated cash and cash equivalents. The Company’s exposure to other foreign exchange movements is not material. (b) Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Company. (i) Risk management Credit risk is managed through the maintenance of procedures (such as the utilization of systems for the approval, granting and renewal of credit limits, regular monitoring of exposures against such limits and monitoring the financial stability of significant customers and counterparties), ensuring to the extent possible that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairment. Credit terms are normally 30 days from the invoice date. Risk is also minimized through investing surplus funds in financial institutions that maintain a high credit rating. (ii) Security For some trade receivables the 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 realization profile of financial assets. (i) Maturities of financial liabilities The tables below analyze the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES Contractual maturities of Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contrac- tual cash flows Carrying amount (assets)/ liabilities financial liabilities A$ A$ A$ A$ A$ A$ A$ At June 30, 2023 Trade and other payables 1,617,333 - - - - 1,617,333 1,617,333 Lease liabilities 158,316 161,154 208,957 21,636 1,817 551,880 532,846 Total 1,775,649 161,154 208,957 21,636 1,817 2,169,213 2,150,179 Contractual maturities of Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contrac- tual cash flows Carrying amount (assets)/ liabilities financial liabilities A$ A$ A$ A$ A$ A$ A$ 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 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 minimize risk. On a monthly basis, Management provides the Board with a detailed list of all cash and cash equivalents, showing the periods over which the cash has been deposited, the name and credit rating of the institution holding the deposit and the interest rate at which the funds have been deposited. At June 30, 2023, 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$ 31,083 40,369 The exposure to interest rate risks and the effective interest rates of financial assets and liabilities, both recognized and unrealized, for the Company is as follows: 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 2023 1,516,646 6,334,551 7,851,197 4.46 At call 2022 1,971,827 9,759,498 11,731,325 1.31 At call Bonds / deposits 2023 - 17,440 17,440 At call 2022 - 13,257 13,257 - At call Totals 2023 1,516,646 6,351,991 7,868,637 2022 1,971,827 9,772,755 11,744,582 Financial liabilities Borrowings 2023 - - - - - 2022 - - - - - Leases 2023 - 532,846 532,846 4.77 % - 2022 - 652,526 652,526 4.55 % - Totals 2023 - - - 2022 - 652,526 652,526 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Jun. 30, 2023 | |
Capital Management | |
CAPITAL MANAGEMENT | 32. 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, 2023 | |
Parent Entity Financial Information | |
PARENT ENTITY FINANCIAL INFORMATION | 33. PARENT ENTITY FINANCIAL INFORMATION The individual financial statements for the parent entity show the following aggregate amounts: SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION 2023 A$ 2022 A$ 2021 A$ Statement of Financial Position Current assets 10,035,224 5,022,689 21,809,918 Non-current assets 4,237,344 5,815,118 2,011,338 Total assets 14,272,568 10,837,807 23,821,256 Current liabilities 2,841,919 2,270,626 1,317,378 Non-current liabilities 314,999 589,745 7,694,668 Total liabilities 3,156,918 2,860,371 9,012,046 Shareholders’ equity Share Capital 161,342,707 155,138,636 153,574,974 Other reserves (117,131 ) (117,131 ) (117,131 ) Share-based payment 3,917,101 8,937,157 8,499,649 Accumulated losses (154,027,027 ) (155,981,226 ) (147,148,282 ) Total Equity 11,115,650 7,977,436 14,809,210 Loss for the year (3,697,316 ) (8,833,064 ) (1,601,672 ) For the year ended June 30, 2023, A$ 30,956,037 Nil 4,482,965 26,072,596 |
CONTINGENT LIABILITIES AND CONT
CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 12 Months Ended |
Jun. 30, 2023 | |
Contingent Liabilities And Contingent Assets | |
CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 34. CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company is not aware of any contingent liabilities as at June 30, 2023 (2022: There were no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2023 | |
SUBSEQUENT EVENTS | 35. SUBSEQUENT EVENTS At the date of this report there have been no matters or circumstances that have arisen since the end of the period which significantly, or may significantly affect: – The Company’s operations in future years; – The results of those operations in future years; or – The Company’s state of affairs in future years. 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, 2023 | |
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 (“IFRS”), 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, 2023, the Company incurred a total comprehensive loss of A$ 11,650,334 7,103,134 9,723,095 5,659,456 7,851,197 7,185,750 The company expects to continue to incur losses and cash outflows for the foreseeable future as it continues to invest resources in research and development activities for geneType risk assessment tests and to invest in the commercialization activities for geneType, EasyDNA and AffinityDNA, via marketing, sales and distribution channels. The continuing viability of the company and its ability to continue as a going concern, and meet its debts and commitments as they fall due, is dependent on the satisfactory completion of an equity raising forecast for the early part of the 2024 calendar year. The Company does not currently have binding commitments from any party to subscribe for shares and any raise will be subject to maintaining active listing on the NASDAQ exchange as well as compliance with the Group’s obligations under ASX Listing Rule 7.1. On July 17, 2023, the company received notification from The Nasdaq Stock Market LLC that it is not in compliance with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market, since the closing bid price for the company’s American Depositary Shares (ADS) on the Nasdaq Capital Market was below US$1.00 for 34 consecutive trading days. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has a period of 180 calendar days from the date of Notification to regain compliance with the minimum bid requirement, during which time the ADS will continue to trade on the Nasdaq Capital Market. If at any time before January 15, 2024, the bid price of the ADS closes at or above US$1.00 per ADS for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Requirement. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (a) Basis of preparation (cont.) (iv) Going concern (cont.) Due to the uncertainty surrounding the timing, quantum or the ability to raise additional equity, there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Directors believe that the Company will be successful in its equity raising endeavours, and has a strong track record in this regard, and accordingly, have prepared the financial report on a going concern basis. As such no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. (v) New standards and interpretations The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 July 2022: ● Onerous Contracts – Cost of Fulfilling a Contract – ● Annual Improvements to IFRS Standards 2018–2020 ● Property, Plant and Equipment: Proceeds before Intended Use – ● Reference to the Conceptual Framework – The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (vi) 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 unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. (ii) Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Business combination | (c) Business combination The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (Note 2(b)(i)). In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (Note 2(k)). Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities (Note 2(u)). The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the amount of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the extent to which the replacement awards relate to pre-combination service. |
Segment reporting | (d) 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 in the 2022 financial year changed how the Company reports segment information as compared to the prior year. Therefore, the 2021 financial year period presentation of segment information was recast to conform with the current segment reporting structure. |
Foreign currency translation | (e) 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 recognized 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. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (e) Foreign currency translation (cont.) (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 statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; ● income and expenses for each consolidated statement of profit or loss and other comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and ● all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. |
Revenue recognition | (f) Revenue recognition Under IFRS 15, revenue is recognized based on contract with customers when performance obligations were satisfied. The following recognition criteria must also be met before revenue is recognized: (i) Revenue from sale of goods - Genetic testing revenues Genetype Revenues from the provision of genetic and clinical risk testing for cancer and other serious diseases under the geneType brand are recognized at a point time when the Company has provided the customer with their test results, the single performance obligation. Invoices are usually payable within 30 days. Where consideration is received in advance of performance, it is initially recorded as contract liabilities and then revenue is recognized as the performance obligations are satisfied. Revenue is recognized where consideration for collection is probable and is above 50%. The geneType brand have more than 75% probability of being collected. EasyDNA and AffinityDNA Revenue from provision of genetic test direct to consumer under the EasyDNA and AffinityDNA brand is recognized at a point in time when the Company has provided the customer with their test results, the single performance obligation. Where consideration is received in advance of performance, it is initially recorded as contract liabilities and then revenue is recognized as the performance obligations are satisfied. Revenue recognized under the EasyDNA and AffinityDNA brands are mainly upfront, hence, no issue in collectability. (ii) Revenue from services - license fees Revenue from contracts with service providers is recognized when the contracted sales parameters are met, the single performance obligation. Revenue is recognized over time based on the higher of actual sales incurred or minimum fees requirement on a quarterly basis. The Company did not recognize or receive any license fee revenue in the current financial year. Fixed license fee revenue recognized in the prior period have been fully impaired as it is unlikely that these amounts will be recovered. (iii) Contract liabilities The Group recognizes 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 recognizes 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 | (g) 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 A$ 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 recognized as other income over the period in which the R&D expense is recognized. (ii) Government Grants Income from government grants is recognized in the consolidated statement of profit or loss and comprehensive income on a systematic basis over the periods in which the Company recognizes as expense the related costs for which the grants are intended to compensate in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables on our consolidated statement of financial position. |
Finance income and finance costs | (h) Finance income and finance costs The Group’s finance income and finance costs include interest income and interest expenses. Interest income or expense is recognized using the effective interest method. |
Income tax | (i) Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Leases | (j) 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 recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the 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 recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes 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 | (k) 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 recognized 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 recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If so, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss unless it reverses a decrement previously charged to equity, in which case the reversal is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. 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 equivalents | (l) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. |
Trade and other receivables | (m) Trade and other receivables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less loss allowance. 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 | (n) Inventories (i) Raw materials and stores, work in progress and finished goods Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Property, plant and equipment | (o) 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 recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: 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(k)). 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 | (p) 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 amortized. 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 recognized as intangible assets at their fair values. Brand, trademark, trade names and domain names are amortized on a straight-lined basis over their estimated useful lives of 5 |
Trade and other payables | (q) Trade and other payables Trade payables and other payables are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Trade payables and other payables generally have terms of between 30 and 60 days. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) |
Provisions | (r) Provisions Provisions for legal claims, service warranties and make good obligations are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. |
Employee benefits | (s) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the consolidated statement of financial position. (ii) Other long-term employee benefit obligations In some countries, the Company also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in general and administrative expenses in profit or loss. The obligations are presented as current liabilities in the consolidated statement of financial position 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 | (t) 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, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. 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. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (t) 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 | (u) Contributed equity Issued and paid-up capital is recognized at the fair value of the consideration received by the Company. Transaction costs arising on the issue of Ordinary Shares are recognized directly in equity as a deduction, net of tax, of the proceeds received. The Company has a share-based payment option plan under which options to subscribe for the Company’s shares have been granted to certain executives and other employees. |
Loss per share | (v) 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 and performance rights as at June 30, 2023 are considered to be anti- dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation. |
Goods and services tax (GST) and other sales taxes | (w) Goods and services tax (GST) 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 statement of financial position. 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 | (x) Parent entity financial information The financial information for the parent entity, Genetic Technologies Limited, disclosed in Note 33 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, 2023 | |
Summary Of Significant Accounting Policies | |
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, 2023 | |
Revenue And Deferred Income | |
SUMMARY OF REVENUE | SUMMARY OF REVENUE 2023 A$ 2022 A$ 2021 A$ Sales of EasyDNA branded test - point in time 7,698,605 5,989,782 - Sales of AffinityDNA branded test - point in time 944,058 - - Sales of geneType branded test - point in time 43,455 7,551 25,347 License fees - over time - 797,483 95,207 Total revenue from contract with customers 8,686,118 6,794,816 120,554 |
SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS | The Group’s revenue disaggregated by primary geographical markets is as follows: SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS 2023 A$ 2022 A$ 2021 A$ America and Canada 2,242,169 2,274,551 120,554 Europe Middle East and Africa 4,494,626 2,501,302 - Latin America 322,033 128,840 - Asia Pacific 1,627,290 1,890,123 - Total revenue 8,686,118 6,794,816 120,554 |
SCHEDULE OF CONTRACT BALANCES | SCHEDULE OF CONTRACT BALANCES Note 2023 A$ 2022 A$ Receivables, which are included in ‘net trade receivables’ 12 1,049,393 390,587 Contract liabilities 849,212 814,150 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Income | |
SCHEDULE OF OTHER INCOME | SCHEDULE OF OTHER INCOME 2023 A$ 2022 A$ 2021 A$ Research and development tax incentive income (1) 1,616,064 2,397,552 997,908 Export Marketing & Development Grant - - 100,000 Other income 45,724 25,955 116,271 Government grant income – COVID-19 relief (2) - - 287,883 Net unrealized foreign exchange gain 152,963 244,762 - Net realized foreign exchange gain 22,071 115,122 57,899 Total other income 1,836,822 2,783,391 1,559,961 |
EMPLOYEE BENEFITS EXPENSE (Tabl
EMPLOYEE BENEFITS EXPENSE (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefits Expense | |
SCHEDULE OF EMPLOYEE BENEFITS EXPENSE | SCHEDULE OF EMPLOYEE BENEFITS EXPENSE 2023 A$ 2022 A$ 2021 A$ Salaries and wages 4,938,516 4,490,186 2,480,336 Director fees 288,024 288,024 288,024 Superannuation contribution 415,128 347,018 203,242 Share-based payments 125,500 437,508 714,577 Other employee costs 440,898 305,919 182,152 Total employee benefits expenses 6,208,066 5,868,655 3,868,331 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Expenses | |
SCHEDULE OF OTHER EXPENSES | SCHEDULE OF OTHER EXPENSES 2023 A$ 2022 A$ 2021 A$ Buildings and facilities costs 695,844 748,580 345,624 Insurance 403,167 345,450 302,722 Investor relations and shareholder maintenance 469,151 344,355 273,187 Net unrealized foreign exchange loss 13,521 - 47,896 Net realized foreign exchange loss - - - Bank and credit card merchant charges 426,589 296,883 14,582 IT and communication 670,008 84,133 75,311 Travel and entertainment 366,920 67,298 12,318 Administrative 370,571 121,184 82,264 Other expenses 271,259 146,492 129,967 Total other expenses 3,687,030 2,154,375 1,283,871 |
FINANCE INCOME _ (FINANCE COS_2
FINANCE INCOME / (FINANCE COSTS) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Finance Income | |
SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) | SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) 2023 A$ 2022 A$ 2021 A$ Interest income 220,161 36,256 62,394 Total finance income 220,161 36,256 62,394 Lease interest (29,515 ) (15,215 ) (16,338 ) Total finance costs (29,515 ) (15,215 ) (16,338 ) |
INCOME TAX CREDIT_(EXPENSE) (Ta
INCOME TAX CREDIT/(EXPENSE) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Creditexpense | |
SCHEDULE OF INCOME TAX EXPENSE | SCHEDULE OF INCOME TAX EXPENSE 2023 A$ 2022 A$ 2021 A$ Reconciliation of income tax expense to prima facie tax payable Loss before income tax credit (11,909,252 ) (7,163,123 ) (7,077,619 ) Tax at the Australian tax rate of 25 25 26 (2,977,313 ) (1,790,781 ) (1,840,181 ) Tax effect amounts which are not deductible/(taxable) in calculating taxable income Share-based payments expense 31,375 109,377 185,790 Research and development tax incentive 919,785 1,116,714 588,659 Impairment of goodwill 461,250 - - Other assessable items - - - Income tax expenses before unrecognized tax losses (1,564,903 ) (564,690 ) (1,065,732 ) Difference in overseas tax rates 53,673 (79,604 ) 16,688 Over provision in prior years (454,928 ) (348,607 ) (235,653 ) Temporary differences not recognized 29,979 (301,694 ) (419,965 ) Research and development tax credit (404,016 ) (599,388 ) (275,631 ) Tax losses not recognized 2,543,441 1,861,858 1,980,293 Utilization of tax losses not previously recognized (361,575 ) - - Income tax credit (158,329 ) (32,125 ) - |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2023 A$ 2022 A$ 2021 A$ Net deferred tax assets Deferred tax liabilities recognized Brands and trademarks (121,901 ) (148,013 ) - Total deferred tax liabilities (121,901 ) (148,013 ) - Deferred tax assets recognized Tax losses 121,901 - - Total deferred tax assets 121,901 - - Deferred tax assets not recognized Property, plant and equipment - - 8,004 Trade debtor 222,144 58,041 - Capital raising costs 582,168 661,863 975,270 Intangible assets 1,407,570 1,456,225 1,701,477 Provisions 342,252 442,383 297,907 Total deferred tax assets 2,554,134 2,618,512 2,982,658 Deferred tax liabilities not recognized Right-of-use assets (127,388 ) (161,787 ) (34,735 ) Total deferred tax liabilities (127,388 ) (161,787 ) (34,735 ) Net deferred tax assets on temporary differences not brought to account (2,426,746 ) (2,456,725 ) 2,947,923 Total net deferred tax assets/(liabilities) - (148,013 ) - |
SCHEDULE OF TAX LOSSES | SCHEDULE OF TAX LOSSES 2023 A$ 2022 A$ 2021 A$ Tax losses Unused tax losses for which no deferred tax asset has been recognized 119,096,654 105,287,311 100,694,696 Potential tax benefit 26 21,897,732 19,020,914 19,025,063 Potential tax benefit 21 6,568,458 5,950,299 5,665,976 Potential tax benefit 35 65,895 304,115 - Potential tax benefit 19 7,427 - - |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 2023 A$ 2022 A$ 2021 A$ Loss for the year (11,750,923 ) (7,130,998 ) (7,077,619 ) Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) 10,138,075,003 9,220,348,281 8,544,157,979 Note: None of the 233,400,000 757,400,000 725,787,500 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS 2023 A$ 2022 A$ 2021 A$ Reconciliation of cash and cash equivalents Cash at bank and on hand 7,851,197 11,731,325 20,902,282 Total cash and cash equivalents 7,851,197 11,731,325 20,902,282 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 (11,750,923 ) (7,130,998 ) (7,077,619 ) Tax credit 158,329 32,125 - Loss for the year before income tax (11,909,252 ) (7,163,123 ) (7,077,619 ) Adjust for non-cash items and non-operational items Amortization and depreciation expenses 380,409 343,427 265,748 Depreciation of right-of-use of assets 296,174 235,241 212,474 Impairment of receivables 280,725 564,161 - Impairment of goodwill 1,845,000 - - Share-based payments expense 125,500 437,508 714,577 Inventory written-off - 30,214 54,523 Finance costs 29,515 15,215 16,338 Finance income (220,161 ) (36,256 ) (62,394 ) Net foreign exchange (gains) / losses (152,963 ) (244,762 ) 9,755 Adjust for non-cash items (9,325,053 ) (5,818,375 ) (5,866,598 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 11. CASH AND CASH EQUIVALENTS (cont.) 2023 A$ 2022 A$ 2021 A$ Reconciliation of cash and cash equivalents (cont.) Adjust for changes in assets and liabilities Decrease / (Increase) in trade and other receivables 256,213 (1,889,124 ) (284,971 ) (Increase) / Decrease in other operating assets (232,961 ) 16,493 (182,602 ) Decrease / (Increase) in inventories 72,257 (351,437 ) 14,463 Decrease / (Increase) in other non-current assets - 97,868 - (Decrease) / Increase in trade and other payables (432,361 ) 2,178,301 (14,991 ) (Decrease) / Increase in provisions (61,190 ) 106,818 38,770 Net cash flows used in operating activities (9,723,095 ) (5,659,456 ) (6,295,928 ) Financing facilities available As at June 30, 2023, the following financing facilities had been nego- tiated and were available: Total facilities Credit cards 188,630 190,020 190,020 Facilities used as at reporting date Credit cards (16,029 ) - (9,511 ) Facilities unused as at reporting date Credit cards 172,601 190,020 180,509 |
TRADE AND OTHER RECEIVABLES (_2
TRADE AND OTHER RECEIVABLES (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Trade And Other Receivables | |
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) | SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) 2023 A$ 2022 A$ Trade receivables 1,080,479 1,036,998 Less: impairment loss (1) (888,576 ) (594,798 ) Net trade receivables 191,903 442,200 Other receivables (2) 1,729,754 1,979,038 Total net current trade and other receivables 1,921,657 2,421,238 (1) Provision of impairment losses against trade receivables relate to license fees from IBX contract in the prior year. The Company did not recognize or receive any license fee revenue in the current financial year. (2) Other receivables includes the R&D tax incentive refund accrued for the 2023 financial year A$ 1,616,064 (2022: A$ 1,943,083 ). |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Current Assets | |
SCHEDULE OF OTHER CURRENT ASSETS | SCHEDULE OF OTHER CURRENT ASSETS 2023 A$ 2022 A$ Prepayments 381,608 147,854 Bonds and deposits 17,440 13,257 Other - 4,976 Total current prepayments and other assets 399,048 166,087 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property Plant And Equipment | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2023 A$ 2022 A$ Laboratory equipment, at cost 975,619 960,872 Less: cost written-off during the year (8,243 ) - Add: additions during the year 6,402 14,747 Less: accumulated depreciation (941,545 ) (744,615 ) Add: accumulated depreciation written-off during the year 8,243 - Net laboratory equipment 40,476 231,004 Computer equipment, at cost 292,817 251,852 Less: cost written-off during the year (3,099 ) - Less: cost transferred (11,603 ) - Add: additions during the year 11,150 40,965 Less: accumulated depreciation (261,580 ) (230,186 ) Add: accumulated depreciation transferred 11,897 - Add: accumulated depreciation written-off during the year 3,099 - Net computer equipment 42,681 62,631 Office equipment, at cost 18,709 10,495 Less: cost written-off during the year - - Add: cost transferred 11,603 - Add: additions during the year - 8,214 Less: accumulated depreciation (11,949 ) (6,169 ) Less: accumulated depreciation transferred (11,897 ) - Add: accumulated depreciation written-off during the year - - Net office equipment 6,466 12,540 Total net property, plant and equipment 89,623 306,175 Reconciliation of property, plant and equipment Opening gross carrying amount 1,284,395 1,220,469 Add: additions purchased during the year 17,552 63,926 Less: cost written-off during the year (11,342 ) - Closing gross carrying amount 1,290,605 1,284,395 Opening accumulated depreciation and impairment losses (978,220 ) (763,291 ) Add: accumulated depreciation written-off during the year 11,342 - Less: cost written-off during the year (234,697 ) (214,929 ) Add: foreign currency translation 593 - Closing accumulated depreciation and impairment losses (1,200,982 ) (978,220 ) Total net property, plant and equipment 89,623 306,175 |
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, 2023 SCHEDULE OF RECONCILIATION OF MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT BY ASSET CATEGORY Asset category Opening net carrying Amount A$ Additions during year A$ Transfer during year A$ Depreciation expense Foreign currency translation A$ Closing net carrying amount A$ Laboratory equipment 231,004 6,402 - (196,928 ) (2 ) 40,476 Computer equipment 62,631 11,150 294 (31,394 ) - 42,681 Office equipment 12,540 - (294 ) (6,375 ) 595 6,466 Totals 306,175 17,552 - (234,697 ) 593 89,623 Reconciliation of movements in property, plant and equipment by asset category for the year ended June 30, 2022 Asset category Opening net carrying Amount A$ Additions during year A$ Disposals during year A$ Depre- ciation expense A$ Closing net carrying amount A$ 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 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure Goodwill Abstract | |
SUMMARY OF CHANGES IN GOODWILL | The following table shows the movements in goodwill: SUMMARY OF CHANGES IN GOODWILL 2023 2022 A$ A$ Gross carrying amount: Balance at beginning of period 4,506,653 - Acquired through business combination - AffinityDNA (Note 17) 455,240 4,506,653 Balance at end of period 4,961,893 4,506,653 Accumulated impairment: Balance at beginning of period - - Impairment loss recognized (1,845,000 ) - Balance at end of period (1,845,000 ) - Carrying amount at the end of the period 3,116,893 4,506,653 |
SCHEDULE OF IMPAIRMENT TESTING GOODWILL | For the purpose of impairment testing, goodwill has been allocated to the Group’s CGUs as follows: SCHEDULE OF IMPAIRMENT TESTING GOODWILL 2023 2022 A$ A$ Net carrying amount at the end of the period: EasyDNA 2,661,653 4,506,653 AffinityDNA 455,240 - Goodwill allocation at 30 June 3,116,893 4,506,653 |
SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT | The estimates below were used in the goodwill impairment assessment for the acquired EasyDNA and AffinityDNA businesses: SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT EasyDNA AffinityDNA Revenue growth (FY2025 to FY2028) 4.3 % 4.5 % Gross margin 47.5 % 45.0 % Pre-tax discount rate 22.7 % 22.7 % Post-tax discount rate 17 % 17 % Growth rate beyond FY2027 4.3 % 4.5 % Assumptions for goodwill impairment assessment 4.3 % 4.5 % |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Intangible Assets | |
SUMMARY OF OTHER INTANGIBLE ASSETS | The following table shows the movements in other intangible assets: SUMMARY OF OTHER INTANGIBLE ASSETS 2023 2022 A$ A$ Other intangible assets: Gross carrying amount Balance at beginning of period 753,418 - Brands, trademark and trade names, acquired through business combination 41,264 720,550 Domain names - 32,868 Balance at end of period 794,682 753,418 Accumulated amortization: Balance at beginning of period (128,498 ) - Amortization for the period (145,712 ) (128,498 ) Balance at end of period (274,210 ) (128,498 ) Carrying amount at the end of the period 520,472 624,920 |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Affinity DNA [member] | |
IfrsStatementLineItems [Line Items] | |
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 A$ Fair value of consideration transferred Amount settled in cash 486,188 Total consideration 486,188 Recognized amounts of identifiable net assets Intangible assets (1) 41,264 Deferred tax liabilities (10,316 ) Identifiable net assets 30,948 Goodwill on acquisition (Note 15) 455,240 |
EasyDNA [member] | |
IfrsStatementLineItems [Line Items] | |
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 A$ 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 Recognized amounts of identifiable net assets Right-of-use asset 42,289 Intangible assets (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 |
TRADE AND OTHER PAYABLES (CUR_2
TRADE AND OTHER PAYABLES (CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF TRADE AND OTHER PAYABLES | SCHEDULE OF TRADE AND OTHER PAYABLES 2023 A$ 2022 A$ Trade payables 837,952 1,153,856 Accrued expenses 618,163 953,439 Other payables 161,218 15,084 Total current trade and other payables 1,617,333 2,122,379 |
PROVISIONS (CURRENT AND NON-C_2
PROVISIONS (CURRENT AND NON-CURRENT) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS | SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS 2023 A$ 2022 A$ Current provisions Annual leave 328,924 312,665 Long service leave 121,416 206,805 Make good (1) 91,590 91,590 Total current provisions 541,930 611,060 Non-current provisions Long service leave 30,439 22,499 Total non-current provisions 30,439 22,499 Total provisions 572,369 633,559 (1) Make good provision in respect of the lease of the Melbourne office and laboratory |
SCHEDULE OF RECONCILIATION OF PROVISION | SCHEDULE OF RECONCILIATION OF PROVISION 2023 A$ 2022 A$ Reconciliation of annual leave provision Balance at the beginning of the financial year 312,665 171,398 Add: obligation accrued during the year 400,780 366,816 Less: utilized during the year (388,457 ) (225,549 ) Less: FX on translation 3,936 - Balance at the end of the financial year 328,924 312,665 Reconciliation of long service leave provision Balance at the beginning of the financial year 229,304 210,642 Add: obligation accrued during the year 21,723 18,662 Less: reversal during the year (472 ) - Less: paid off during the year (98,700 ) - Balance at the end of the financial year 151,855 229,304 |
RIGHT-OF-USE ASSET _ (LEASE L_2
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | The statement of financial position shows the following amounts relating to leases: SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES 2023 2022 A$ A$ Right-of-use assets Right-of-use assets 509,553 647,150 Lease Liabilities Lease liabilities - Current (303,570 ) (264,130 ) Lease liabilities - Non-Current (229,276 ) (388,396 ) Total (532,846 ) (652,526 ) |
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 2023 2022 A$ A$ Depreciation charge of right-of-use assets Depreciation Expense (for Leased Assets) 296,174 235,241 Interest expense (included in finance costs) 29,515 15,215 Low value leases 32,094 26,408 |
CONTRIBUTED EQUITY (Tables)
CONTRIBUTED EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
SCHEDULE OF ISSUED AND PAID-UP CAPITAL | SCHEDULE OF ISSUED AND PAID-UP CAPITAL 2023 A$ 2022 A$ Issued and paid-up capital Fully paid Ordinary Shares 161,342,707 155,138,636 Total contributed equity 161,342,707 155,138,636 |
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE | Movements in shares on issue SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE Year ended June 30, 2023 Number of Shares A$ Balance at the beginning of the financial year 9,233,965,143 155,138,636 Shares issued during the year 2,307,693,000 7,172,399 Add: Exercise of performance rights - 82,688 Less: transaction costs arising on share issue (i) - (916,060 ) Less: valuation of warrants to be issued - (134,956 ) Balance at the end of the financial year 11,541,658,143 161,342,707 Year ended June 30, 2022 Number of Shares A$ 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 (i) - (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, 2023 and 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 ● On February 7, 2023, the Company issued 3,846,155 600 2,307,693,000 1.30 5 250,000 1.625 expiring in 5 years from issue date |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RESERVES | SCHEDULE OF RESERVES 2023 A$ 2022 A$ Foreign currency translation 847,408 746,819 Share-based payments 5,688,148 10,751,832 Total reserves 6,535,556 11,498,651 Reconciliation of foreign currency translation reserve Balance at the beginning of the financial year 746,819 718,955 Add: net currency translation gain / (loss) 100,589 27,864 Balance at the end of the financial year 847,408 746,819 Reconciliation of share-based payments reserve Balance at the beginning of the financial year 10,751,832 10,314,324 Add: share-based payments expense - - Add: Issue of performance rights 125,500 437,508 Add: Valuation of warrants 134,956 - Less: Options/warrants expired (5,241,452 ) - Less: Exercise of performance rights (82,688 ) - Balance at the end of the financial year 5,688,148 10,751,832 |
SCHEDULE OF WARRANT ISSUED | During the financial year ended June 30, 2023, the following warrants were issued to as a part of capital raising costs. SCHEDULE OF WARRANT ISSUED 2023 Valuation date December 20, 2022 Grant Date December 20, 2022 Warrants issued 250,000 Underlying asset price A$ 1.525 Risk free rate 4.1 % Volatility 75 % Exercise price presented in United States Dollar US$ 1.625 Exchange rate at valuation date A$ 1 to USD$0.669 Exercise price presented in Australian Dollar A$ 2.429 Time to maturity of underlying warrants (years) 5.12 Value per warrant in Australian Dollar A$ 0.5398 Model used Black Scholes Valuation amount A$ 134,956 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) No warrants were issued for the financial year ended June 30, 2022. During the financial year ended June 30, 2021, the following warrants were issued to as a part of capital raising costs. 2021 Valuation date July 21, 2020 Grant Date June 1, 2020 Warrants issued 39,975,000 Underlying asset price A$ 0.0070 Risk free rate 0.42 % Volatility 148.66 % Exercise price presented in United States Dollar US$ 0.00417 Exchange rate at valuation date A$ 1 to US$0.7127 Exercise price presented in Australian Dollar A$ 0.0146 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.009 Model used Binomial Valuation amount A$ 360,017 2021 Valuation date January 25, 2021 Grant Date January 25, 2021 Warrants issued 48,750,000 Underlying asset price A$ 0.0110 Risk free rate 0.414 % Volatility 147.29 % Exercise price presented in United States Dollar US$ 0.0109 Exchange rate at valuation date A$ 1 to US$0.7708 Exercise price presented in Australian Dollar A$ 0.0142 Time to maturity of underlying warrants (years) 5 Value per warrant in Australian Dollar A$ 0.0098 Model used Binomial Valuation amount A$ 476,297 |
SCHEDULE OF OPTION ISSUED AND GRANTED | No share options were issued during the financial year ending June 30, 2023 or June 30, 2022. 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 22. RESERVES (cont.) 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 |
SCHEDULE OF INFORMATION ABOUT PERFORMANCE RIGHTS | No Performance Rights were issued for financial year ended June 30, 2023. The following information relates to issued Performance Rights for the year ended June 30, 2022; SCHEDULE OF INFORMATION ABOUT PERFORMANCE RIGHTS Performance rights issued to Grant date for performance rights issued Number of performance rights 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 Performance rights issued 3,937,500 40,000,000 20,000,000 20,000,000 Dividend yield - - - - Historic volatility and expected volatility 161 152 149 150 % Performance rights exercise price A$ 0.009 0.0069 0.0047 0.0038 Fair value of performance rights 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 the performance rights 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, 2023 | |
Accumulated Losses | |
SCHEDULE OF ACCUMULATED LOSSES | SCHEDULE OF ACCUMULATED LOSSES 2023 A$ 2022 A$ Balance at the beginning of the financial year (150,206,216 ) (143,075,218 ) Add: net loss attributable to owners of Genetic Technologies Limited (11,750,923 ) (7,130,998 ) Less: Options/warrants expired 5,241,452 - Balance at the end of the financial year (156,715,687 ) (150,206,216 ) |
SHARE OPTIONS (Tables)
SHARE OPTIONS (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share 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 2023 2022 Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Opening balance 0.008 492,400,000 0.008 521,850,000 Lapsed during the year 0.008 (481,500,000 ) 0.012 (29,450,000 ) Forfeited during the year 0.008 (2,500,000 ) - - Closing balance 0.008 8,400,000 0.008 492,400,000 |
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 2023 2022 Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Balance at the beginning of the financial year 0.008 10,900,000 0.011 27,850,000 Add: options granted during the year - - - - Less: options lapsed during the year - - 0.010 (16,950,000 ) Less: options forfeited during the year 0.008 (2,500,000 ) - - Balance at the end of the financial year 0.008 8,400,000 0.008 10,900,000 |
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE | The number of options outstanding as at June 30, 2023 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 2023 2022 Unlisted options Average exercise price per share option A$ Number of options Average exercise price per share option A$ Number of options Options to various underwriters (expiring October 30, 2022) - - 0.008 229,000,000 Options to directors (expiring December 20, 2022) - - 0.008 250,000,000 Options issued Lodge Corporate Pty Ltd (expiring March 6, 2023) - - 0.008 2,500,000 ESOP options (expiring December 1, 2023) 0.008 8,400,000 0.008 12,850,000 Total 0.008 8,400,000 0.008 494,350,000 Exercisable at the end of the financial year 0.008 8,400,000 0.008 494,350,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SUMMARY OF REPORTABLE SEGMENTS | The segment information for the reportable segments is as follows: SUMMARY OF REPORTABLE SEGMENTS 2023 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ Segment revenue & other income Revenue from contracts with customers 944,058 7,698,605 43,455 8,686,118 Other income - 17 1,836,805 1,836,822 Finance income - - 220,161 220,161 Total segment revenue & other income 944,058 7,698,622 2,100,421 10,743,101 Segment expenses Depreciation and amortization (22,310 ) (30,074 ) (624,199 ) (676,583 ) Finance costs (2,693 ) (2,132 ) (24,690 ) (29,515 ) Raw materials and change in inventories (404,660 ) (3,896,000 ) (34,605 ) (4,335,265 ) Commissions (42,727 ) (193,292 ) - (236,019 ) Employee benefits expenses (209,219 ) (1,593,699 ) (4,405,148 ) (6,208,066 ) Advertising and promotional expenses (35,926 ) (1,681,875 ) (994,552 ) (2,712,353 ) Professional fees (62,522 ) (18,414 ) (1,279,704 ) (1,360,640 ) Research and development expenses - - (1,281,157 ) (1,281,157 ) Impairment expenses - (2,125,725 ) - (2,125,725 ) Other expenses (253,619 ) (1,028,670 ) (2,404,741 ) (3,687,030 ) Total segment expenses (1,033,676 ) (10,569,881 ) (12,513,521 ) (22,652,353 ) Income tax credit - - 158,329 158,329 Loss for the period (89,618 ) (2,871,259 ) (10,254,771 ) (11,750,923 ) Total Segment Assets 625,421 3,320,967 10,909,849 14,856,237 Total Segment Liabilities (208,468 ) (1,308,206 ) (2,176,987 ) (3,693,661 ) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) 2022 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ Segment revenue & other income Revenue from contracts with customers - 5,989,782 805,034 6,794,816 Other income - - 2,783,391 2,783,391 Finance income - - 36,256 36,256 Total segment revenue & other income - 5,989,782 3,624,681 9,614,463 Segment expenses Depreciation and amortization - - (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 - (6,166,299 ) (10,611,287 ) (16,777,586 ) Income tax credit - - 32,125 32,125 Loss for the period - (176,517 ) (6,954,481 ) (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 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ 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 amortization - - (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 - - - - 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 ) |
SUMMARY OF GEOGRAPHIC INFORMATION FOR THE REPORTABLE SEGMENTS REVENUE | In presenting the geographic information, segment revenue has been based on geographic location of customers. The geographic information for the reportable segments is as follows: SUMMARY OF GEOGRAPHIC INFORMATION FOR THE REPORTABLE SEGMENTS REVENUE 2023 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada 15,056 2,190,352 36,761 2,242,169 Europe Middle East and Africa 766,040 3,728,586 - 4,494,626 Latin America 144,727 177,306 - 322,033 Asia Pacific 18,235 1,602,361 6,694 1,627,290 Total revenue 944,058 7,698,605 43,455 8,686,118 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 25. SEGMENT INFORMATION (cont.) (c) Geographic information (cont.) 2022 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada - 2,267,474 7,077 2,274,551 Europe Middle East and Africa - 2,501,302 - 2,501,302 Latin America - 128,840 - 128,840 Asia Pacific - 1,092,166 797,957 1,890,123 Total revenue - 5,989,782 805,034 6,794,816 2021 AffinityDNA EasyDNA geneType/ Corporate Total A$ A$ A$ A$ America and Canada - - 120,554 120,554 Europe Middle East and Africa - - - - Latin America - - - - Asia Pacific - - - - Total revenue - - 120,554 120,554 |
SHARE BASED PAYMENTS (Tables)
SHARE BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED | Performance rights issued during prior year SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr. Carl Stubbings 20,000,000 0.52 103,104 26,459 34,368 Mr. Kevin Camilleri 20,000,000 0.42 83,216 16,719 27,739 Total 40,000,000 186,320 43,178 62,107 Performance rights issued during prior year, that lapsed during the financial year ending June 30, 2023 Number of Performance Rights issued Valuation (cents) Total fair value of Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr. Michael Tonroe 40,000,000 0.73 291,428 101,043 (101,043 ) Total 40,000,000 291,428 101,043 (101,043 ) Number of Performance Rights issued Valuation per Class D (cents) Total fair value of Class D Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr Simon Morriss 60,000,000 0.96 574,037 191,346 191,346 Number of Performance Rights issued Valuation per Class E (cents) Total fair value of Class E Performance Rights A$ Expense accounted for in 2022 A$ Expense accounted for during the year A$ Mr Stanley Sack 3,937,500 0.90 35,438 35,438 - Performance rights issued during prior years, that lapsed during the financial year ending June 30, 2022 Number of Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights A$ Expense accounted for in 2021 A$ Expense accounted for during for in 2022 A$ 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 No NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 26. SHARE BASED PAYMENTS (cont.) Performance rights issued during prior years, that lapsed during the financial year ending June 30, 2022 Number of Performance Rights issued Valuation per Class A (cents) Total fair value of Class A Performance Rights A$ Expense accounted for in 2021 A$ Expense accounted for during for in 2022 A$ 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 |
SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE | Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense and equity raising expenses were as follows: SCHEDULE OF EXPENSES ARISING FROM SHARE-BASED PAYMENT TRANSACTIONS RECOGNIZED PART OF EMPLOYEE BENEFIT EXPENSE 2023 2022 2021 A$ A$ A$ Kentgrove options issued - - 16,667 Warrants to be issued H.C. Wainwright, subject to shareholder approval 134,956 - - Performance rights issued 125,500 436,119 622,725 Reversal of forfeited Performance Rights - - - Options issued under employee option plan - 1,389 75,186 Total expenses arising from share-based payments 260,456 437,508 714,578 |
AUDITORS_ REMUNERATION (Tables)
AUDITORS’ REMUNERATION (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF AUDITOR’S REMUNERATION | SCHEDULE OF AUDITOR’S REMUNERATION 2023 A$ 2022 A$ 2021 A$ Audit and assurance services PricewaterhouseCoopers in respect of: Audit (1) - 20,000 72,500 Audit related fees (2) - - - All other fees (3) - - - Grant Thornton Audit Pty Ltd in respect of: Audit (1) 320,569 241,882 168,333 Audit related fees (2) - - - All other fees (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 320,569 291,882 305,833 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) 28. AUDITORS’ REMUNERATION (cont.) (1) Audit fees consist of services that would normally be provided in connection with statutory, half year review, 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 reason- ably provide to a client. (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, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL | SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL 2023 A$ 2022 A$ 2021 A$ Remuneration of Key Management Personnel Short-term employee benefits 1,529,124 1,894,413 1,035,302 Post-employment benefits 113,511 125,822 79,042 Share-based payments 253,453 387,046 650,911 Other long-term benefits 10,978 4,797 4,589 Termination benefits - - - Total remuneration of Key Management Personnel 1,907,066 2,412,078 1,769,844 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF SUBSIDIARY UNDERTAKINGS | The following diagram is a depiction of the Company structure as at June 30, 2023. SCHEDULE OF SUBSIDIARY UNDERTAKINGS Incorporation Company interest (%) Net carrying value (A$) Name of Company details 2023 2022 2023 2022 Entities held directly by parent GeneType Pty. Ltd. (Dormant) September 5, 1990 Victoria, Australia 100 % 100 % - - Genetic Technologies Corporation Pty. Ltd. (Genetic testing) October 11, 1996 NSW, Australia 100 % 100 % 2 2 Gene Ventures Pty. Ltd. (1) March 7, 2001 NSW, Australia 100 % 100 % 10 10 GeneType Corporation (Dormant) December 18, 1989 California, U.S.A. 100 % 100 % - - geneType Inc. (2) June 28, 2010 Delaware, U.S.A. 100 % 100 % 11,006 11,006 Hainan Aocheng Genetic Technolo- gies Co Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Genetic Technologies HK Ltd March 18, 2019 Hong Kong, China 100 % 100 % - - Helix Genetics Limited July 7, 2021 Malta 100 % 100 % 1,910 - Genetype UK Limited April 26, 2022 United Kingdom 100 % 100 % 176 - Total carrying value 13,104 11,018 (1) On 26 April 2018, the name of RareCellect Pty Ltd (ACN 096 135 9847) was changed to Gene Ventures Pty Ltd (ACN 096 135 947) (2) On 3 April 2023, the name of Phenogen Sciences Inc. was changed to geneType Inc. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES | The Company’s exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollar, was as follows: SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES June 30, 2023 June 30, 2022 USD CAD EUR GBP USD CAD EUR A$ A$ A$ A$ A$ A$ A$ Cash at Bank / on hand 1,296,082 10,766 100,369 41,858 3,299,787 3,318 199,758 Trade and other receivables 611,193 11,252 17,690 26,376 606,075 - 16,033 Trade and other payables (455,167 ) (3,795 ) (151,327 ) (31,441 ) (412,511 ) (1,652 ) (46,790 ) |
SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES | The tables below analyze the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES Contractual maturities of Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contrac- tual cash flows Carrying amount (assets)/ liabilities financial liabilities A$ A$ A$ A$ A$ A$ A$ At June 30, 2023 Trade and other payables 1,617,333 - - - - 1,617,333 1,617,333 Lease liabilities 158,316 161,154 208,957 21,636 1,817 551,880 532,846 Total 1,775,649 161,154 208,957 21,636 1,817 2,169,213 2,150,179 Contractual maturities of Less than 6 months 6 – 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years Total contrac- tual cash flows Carrying amount (assets)/ liabilities financial liabilities A$ A$ A$ A$ A$ A$ A$ 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 |
SCHEDULE OF EXPOSURE TO INTEREST RATE RISKS AND EFFECTIVE INTEREST RATES OF FINANCIAL ASSETS AND LIABILITIES | The exposure to interest rate risks and the effective interest rates of financial assets and liabilities, both recognized and unrealized, for the Company is as follows: 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 2023 1,516,646 6,334,551 7,851,197 4.46 At call 2022 1,971,827 9,759,498 11,731,325 1.31 At call Bonds / deposits 2023 - 17,440 17,440 At call 2022 - 13,257 13,257 - At call Totals 2023 1,516,646 6,351,991 7,868,637 2022 1,971,827 9,772,755 11,744,582 Financial liabilities Borrowings 2023 - - - - - 2022 - - - - - Leases 2023 - 532,846 532,846 4.77 % - 2022 - 652,526 652,526 4.55 % - Totals 2023 - - - 2022 - 652,526 652,526 |
PARENT ENTITY FINANCIAL INFOR_2
PARENT ENTITY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 2023 A$ 2022 A$ 2021 A$ Statement of Financial Position Current assets 10,035,224 5,022,689 21,809,918 Non-current assets 4,237,344 5,815,118 2,011,338 Total assets 14,272,568 10,837,807 23,821,256 Current liabilities 2,841,919 2,270,626 1,317,378 Non-current liabilities 314,999 589,745 7,694,668 Total liabilities 3,156,918 2,860,371 9,012,046 Shareholders’ equity Share Capital 161,342,707 155,138,636 153,574,974 Other reserves (117,131 ) (117,131 ) (117,131 ) Share-based payment 3,917,101 8,937,157 8,499,649 Accumulated losses (154,027,027 ) (155,981,226 ) (147,148,282 ) Total Equity 11,115,650 7,977,436 14,809,210 Loss for the year (3,697,316 ) (8,833,064 ) (1,601,672 ) |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIFE (Details) | 12 Months Ended |
Jun. 30, 2023 | |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||||
Comprehensive income | $ 11,650,334 | $ 7,103,134 | $ 7,115,087 | ||
Cash flows from (used in) operating activities | 9,723,095 | 5,659,456 | 6,295,929 | ||
Cash and cash equivalents | 7,851,197 | 11,731,325 | $ 20,902,282 | $ 14,214,160 | |
Current assets net | $ 7,185,750 | ||||
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 | $ 20,000,000 | ||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41% | 18.50% | 18.50% |
CRITICAL ACCOUNTING ESTIMATES_2
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Details Narrative) | 12 Months Ended | |||
Jun. 30, 2023 AUD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 AUD ($) | |
Critical Accounting Estimates And Judgements | ||||
Payment for purchase of cash acquired | $ 486,188 | € 277,500 | $ 3,400,625 |
SUMMARY OF REVENUE (Details)
SUMMARY OF REVENUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 8,686,118 | $ 6,794,816 | $ 120,554 |
EasyDNA Branded Tests [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 7,698,605 | 5,989,782 | |
Affinity DNA Branded Tests [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 944,058 | ||
GeneType Branded Tests [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 43,455 | 7,551 | 25,347 |
License Fees [member] | Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 797,483 | $ 95,207 |
SCHEDULE OF DISAGGREGATED BY GE
SCHEDULE OF DISAGGREGATED BY GEOGRAPHICAL MARKETS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 8,686,118 | $ 6,794,816 | $ 120,554 |
America and Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 2,242,169 | 2,274,551 | 120,554 |
Europe MiddleEast and Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 4,494,626 | 2,501,302 | |
Latin America [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 322,033 | 128,840 | |
Asia Pacific [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 1,627,290 | $ 1,890,123 |
SCHEDULE OF CONTRACT BALANCES (
SCHEDULE OF CONTRACT BALANCES (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Revenue And Deferred Income | ||
Receivables, which are included in ‘net trade receivables’ | $ 1,049,393 | $ 390,587 |
Contract liabilities | $ 849,212 | $ 814,150 |
REVENUE AND DEFERRED INCOME (De
REVENUE AND DEFERRED INCOME (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2021 | |
Revenue And Deferred Income | |||
Contract assets | $ 0 | ||
Current contract liabilities | 814,150 | $ 849,212 | |
Revenue that was included in contract liability balance at beginning of period | |||
Performance obligations |
SCHEDULE OF OTHER INCOME (Detai
SCHEDULE OF OTHER INCOME (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Other Income | ||||
Research and development tax incentive income | [1] | $ 1,616,064 | $ 2,397,552 | $ 997,908 |
Export Marketing & Development Grant | 100,000 | |||
Other income | 45,724 | 25,955 | 116,271 | |
Government grant income – COVID-19 relief | [2] | 287,883 | ||
Net unrealized foreign exchange gain | 152,963 | 244,762 | ||
Net realized foreign exchange gain | 22,071 | 115,122 | 57,899 | |
Total other income | $ 1,836,822 | $ 2,783,391 | $ 1,559,961 | |
[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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
IfrsStatementLineItems [Line Items] | |||||
Research and development tax incentive income | [1] | $ 1,616,064 | $ 2,397,552 | $ 997,908 | |
Australian Government Tax Incentive [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Maximum annual aggregate turnover to avail refundable tax offset | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||
Maximum annual aggregate turnover to avail refundable tax offset percentage | 41% | 18.50% | 18.50% | ||
[1]R&D tax incentive |
SCHEDULE OF EMPLOYEE BENEFITS E
SCHEDULE OF EMPLOYEE BENEFITS EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Benefits Expense | |||
Salaries and wages | $ 4,938,516 | $ 4,490,186 | $ 2,480,336 |
Director fees | 288,024 | 288,024 | 288,024 |
Superannuation contribution | 415,128 | 347,018 | 203,242 |
Share-based payments | 125,500 | 437,508 | 714,577 |
Other employee costs | 440,898 | 305,919 | 182,152 |
Total employee benefits expenses | $ 6,208,066 | $ 5,868,655 | $ 3,868,331 |
SCHEDULE OF OTHER EXPENSES (Det
SCHEDULE OF OTHER EXPENSES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Expenses | |||
Buildings and facilities costs | $ 695,844 | $ 748,580 | $ 345,624 |
Insurance | 403,167 | 345,450 | 302,722 |
Investor relations and shareholder maintenance | 469,151 | 344,355 | 273,187 |
Net unrealized foreign exchange loss | 13,521 | 47,896 | |
Net realized foreign exchange loss | |||
Bank and credit card merchant charges | 426,589 | 296,883 | 14,582 |
IT and communication | 670,008 | 84,133 | 75,311 |
Travel and entertainment | 366,920 | 67,298 | 12,318 |
Administrative | 370,571 | 121,184 | 82,264 |
Other expenses | 271,259 | 146,492 | 129,967 |
Total other expenses | $ 3,687,030 | $ 2,154,375 | $ 1,283,871 |
SCHEDULE OF FINANCE INCOME _ (F
SCHEDULE OF FINANCE INCOME / (FINANCE COSTS) (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance Income | |||
Interest income | $ 220,161 | $ 36,256 | $ 62,394 |
Total finance income | 220,161 | 36,256 | 62,394 |
Lease interest | (29,515) | (15,215) | (16,338) |
Total finance costs | $ (29,515) | $ (15,215) | $ (16,338) |
SCHEDULE OF INCOME TAX EXPENSE
SCHEDULE OF INCOME TAX EXPENSE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Creditexpense | |||
Loss before income tax credit | $ (11,909,252) | $ (7,163,123) | $ (7,077,619) |
Share-based payments expense | 31,375 | 109,377 | 185,790 |
Research and development tax incentive | 919,785 | 1,116,714 | 588,659 |
Impairment of goodwill | 461,250 | ||
Other assessable items | |||
Income tax expenses before unrecognized tax losses | (1,564,903) | (564,690) | (1,065,732) |
Difference in overseas tax rates | 53,673 | (79,604) | 16,688 |
Over provision in prior years | (454,928) | (348,607) | (235,653) |
Temporary differences not recognized | 29,979 | (301,694) | (419,965) |
Research and development tax credit | (404,016) | (599,388) | (275,631) |
Tax losses not recognized | 2,543,441 | 1,861,858 | 1,980,293 |
Utilization of tax losses not previously recognized | (361,575) | ||
Income tax credit | $ (158,329) | $ (32,125) |
SCHEDULE OF INCOME TAX EXPENS_2
SCHEDULE OF INCOME TAX EXPENSE (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Creditexpense | |||
Applicable tax rate | 25% | 25% | 26% |
SCHEDULE OF NET DEFERRED TAX AS
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | $ (121,901) | $ (148,013) | |
Tax losses | 121,901 | ||
Provisions | 121,901 | ||
Total deferred tax assets | 2,554,134 | 2,618,512 | 2,982,658 |
Total deferred tax liabilities | (127,388) | (161,787) | (34,735) |
Net deferred tax assets on temporary differences not brought to account | (2,426,746) | (2,456,725) | 2,947,923 |
Total net deferred tax assets/(liabilities) | (148,013) | ||
Brand names [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | (121,901) | (148,013) | |
Property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions | 8,004 | ||
Trade Debtor [member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions | 222,144 | 58,041 | |
Capital Raising Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions | 582,168 | 661,863 | 975,270 |
Intangible assets and goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions | 1,407,570 | 1,456,225 | 1,701,477 |
Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions | 342,252 | 442,383 | 297,907 |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred tax liabilities | $ (127,388) | $ (161,787) | $ (34,735) |
SCHEDULE OF TAX LOSSES (Details
SCHEDULE OF TAX LOSSES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset has been recognised | $ 119,096,654 | $ 105,287,311 | $ 100,694,696 |
Potential tax benefit | $ 28,539,512 | $ 25,275,328 | $ 24,691,039 |
Applicable tax rate | 25% | 25% | 26% |
AU [member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 21,897,732 | $ 19,020,914 | $ 19,025,063 |
Applicable tax rate | 26% | 26% | 26% |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 6,568,458 | $ 5,950,299 | $ 5,665,976 |
Applicable tax rate | 21% | 21% | 21% |
MT [member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 65,895 | $ 304,115 | |
Applicable tax rate | 35% | 35% | 35% |
UK [member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential tax benefit | $ 7,427 | ||
Applicable tax rate | 19% | 19% | 19% |
SCHEDULE OF TAX LOSSES (Detai_2
SCHEDULE OF TAX LOSSES (Details) (Parenthetical) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 25% | 25% | 26% |
AU [member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 26% | 26% | 26% |
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 21% | 21% | 21% |
MT [member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 35% | 35% | 35% |
UK [member] | |||
IfrsStatementLineItems [Line Items] | |||
Applicable tax rate | 19% | 19% | 19% |
INCOME TAX CREDIT_(EXPENSE) (De
INCOME TAX CREDIT/(EXPENSE) (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 28,539,512 | $ 25,275,328 | $ 24,691,039 |
Tax effect of tax losses | 7,427 | ||
Total unused tax losses | 28,539,511 | 25,275,328 | 24,691,039 |
Unrecognized tax losses with benefits | 28,539,511 | 25,275,328 | 24,691,039 |
Unrecognized temporary differences associated with the Group's investments in subsidiaries | |||
UNITED STATES | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 6,568,458 | 5,950,299 | 5,665,976 |
Expiration period limitation on carry forward net operating losses | 20 years | ||
Subsidiaries United States [member] | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 6,568,458 | 5,950,299 | 5,665,976 |
Subsidiaries Australia [member] | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | 21,897,732 | 19,020,914 | $ 19,025,063 |
Subsidiaries Malta [member] | |||
IfrsStatementLineItems [Line Items] | |||
Remaining tax losses carried forward | $ 65,895 | $ 304,115 |
SCHEDULE OF WEIGHTED AVERAGE NU
SCHEDULE OF WEIGHTED AVERAGE NUMBER OF SHARES USED AS DENOMINATOR (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Per Share | |||
Loss for the year | $ (11,750,923) | $ (7,130,998) | $ (7,077,619) |
Weighted average number of Ordinary Shares used in calculating loss per share (number of shares) | 10,138,075,003 | 9,220,348,281 | 8,544,157,979 |
Number of options outstanding excluded from calculation diluted earnings per share | 233,400,000 | 757,400,000 | 725,787,500 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash And Cash Equivalents | ||||
Cash at bank and on hand | $ 7,851,197 | $ 11,731,325 | $ 20,902,282 | |
Total cash and cash equivalents | 7,851,197 | 11,731,325 | 20,902,282 | $ 14,214,160 |
Loss for the year after income tax | (11,750,923) | (7,130,998) | (7,077,619) | |
Tax credit | 158,329 | 32,125 | ||
Loss for the year before income tax | (11,909,252) | (7,163,123) | (7,077,619) | |
Amortization and depreciation expenses | 380,409 | 343,427 | 265,748 | |
Depreciation of right-of-use of assets | 296,174 | 235,241 | 212,474 | |
Impairment of receivables | 280,725 | 564,161 | ||
Impairment of goodwill | 1,845,000 | |||
Share-based payments expense | 125,500 | 437,508 | 714,577 | |
Inventory written-off | 30,214 | 54,523 | ||
Finance costs | 29,515 | 15,215 | 16,338 | |
Finance income | (220,161) | (36,256) | (62,394) | |
Net foreign exchange (gains) / losses | (152,963) | (244,762) | 9,755 | |
Adjust for non-cash items | (9,325,053) | (5,818,375) | (5,866,598) | |
Decrease / (Increase) in trade and other receivables | 256,213 | (1,889,124) | (284,971) | |
(Increase) / Decrease in other operating assets | (232,961) | 16,493 | (182,602) | |
Decrease / (Increase) in inventories | 72,257 | (351,437) | 14,463 | |
Decrease / (Increase) in other non-current assets | 97,868 | |||
(Decrease) / Increase in trade and other payables | (432,361) | 2,178,301 | (14,991) | |
(Decrease) / Increase in provisions | (61,190) | 106,818 | 38,770 | |
Net cash flows used in operating activities | (9,723,095) | (5,659,456) | (6,295,928) | |
Total facilities - Credit cards | 188,630 | 190,020 | 190,020 | |
Facilities used as at reporting date - Credit cards | (16,029) | (9,511) | ||
Facilities unused as at reporting date - Credit cards | $ 172,601 | $ 190,020 | $ 180,509 |
SCHEDULE OF TRADE AND OTHER REC
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Trade And Other Receivables | |||
Trade receivables | $ 1,080,479 | $ 1,036,998 | |
Less: impairment loss | [1] | (888,576) | (594,798) |
Net trade receivables | 191,903 | 442,200 | |
Other receivables | [2] | 1,729,754 | 1,979,038 |
Total net current trade and other receivables | $ 1,921,657 | $ 2,421,238 | |
[1] Provision of impairment losses against trade receivables relate to license fees from IBX contract in the prior year. The Company did not recognize or receive any license fee revenue in the current financial year. Other receivables includes the R&D tax incentive refund accrued for the 2023 financial year A$ |
SCHEDULE OF TRADE AND OTHER R_2
SCHEDULE OF TRADE AND OTHER RECEIVABLES (CURRENT) (Details) (Parenthetical) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Trade And Other Receivables | ||
Accrued income other than contract assets | $ 1,616,064 | $ 1,943,083 |
SCHEDULE OF OTHER CURRENT ASSET
SCHEDULE OF OTHER CURRENT ASSETS (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Other Current Assets | ||
Prepayments | $ 381,608 | $ 147,854 |
Bonds and deposits | 17,440 | 13,257 |
Other | 4,976 | |
Total current prepayments and other assets | $ 399,048 | $ 166,087 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Less: cost written-off during the year | $ (234,697) | $ (214,929) |
Add: accumulated depreciation written-off during the year | 11,342 | |
Total net property, plant and equipment | 89,623 | 306,175 |
Opening gross carrying amount | 306,175 | 457,178 |
Opening accumulated depreciation and impairment losses | (978,220) | (763,291) |
Add: foreign currency translation | 593 | |
Closing accumulated depreciation and impairment losses | (1,200,982) | (978,220) |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Less: cost written-off during the year | (11,342) | |
Add: additions purchased during the year | 17,552 | 63,926 |
Total net property, plant and equipment | 1,290,605 | 1,284,395 |
Opening gross carrying amount | 1,284,395 | 1,220,469 |
Laboratory Equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 975,619 | 960,872 |
Less: cost written-off during the year | (8,243) | |
Add: additions purchased during the year | 6,402 | 14,747 |
Less: accumulated depreciation | (941,545) | (744,615) |
Add: accumulated depreciation written-off during the year | 8,243 | |
Total net property, plant and equipment | 40,476 | 231,004 |
Opening gross carrying amount | 231,004 | |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 292,817 | 251,852 |
Less: cost written-off during the year | (3,099) | |
Add: additions purchased during the year | 11,150 | 40,965 |
Less: accumulated depreciation | (261,580) | (230,186) |
Add: accumulated depreciation written-off during the year | 3,099 | |
Total net property, plant and equipment | 42,681 | 62,631 |
Less: cost transferred | (11,603) | |
Less: accumulated depreciation transferred | 11,897 | |
Opening gross carrying amount | 62,631 | |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening net carrying amount | 18,709 | 10,495 |
Less: cost written-off during the year | ||
Add: additions purchased during the year | 8,214 | |
Less: accumulated depreciation | (11,949) | (6,169) |
Add: accumulated depreciation written-off during the year | ||
Total net property, plant and equipment | 6,466 | 12,540 |
Less: accumulated depreciation transferred | (11,897) | |
Add: cost transferred | 11,603 | |
Opening gross carrying amount | $ 12,540 | $ 9,372 |
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, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | $ 306,175 | $ 457,178 |
Additions during year | 17,552 | 63,926 |
Transfer during year | ||
Depreciation expense | (234,697) | (214,929) |
Foreign currency translation | 593 | |
Total net property, plant and equipment | 89,623 | 306,175 |
Disposals during year | ||
Laboratory Equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 231,004 | 412,889 |
Additions during year | 6,402 | 14,747 |
Transfer during year | ||
Depreciation expense | (196,928) | (196,632) |
Foreign currency translation | (2) | |
Total net property, plant and equipment | 40,476 | 231,004 |
Disposals during year | ||
Computer Equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 62,631 | 34,917 |
Additions during year | 11,150 | 40,965 |
Transfer during year | 294 | |
Depreciation expense | (31,394) | (13,251) |
Foreign currency translation | ||
Total net property, plant and equipment | 42,681 | 62,631 |
Disposals during year | ||
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening gross carrying amount | 12,540 | 9,372 |
Additions during year | 8,214 | |
Transfer during year | (294) | |
Depreciation expense | (6,375) | (5,046) |
Foreign currency translation | 595 | |
Total net property, plant and equipment | $ 6,466 | 12,540 |
Disposals during year |
SUMMARY OF CHANGES IN GOODWILL
SUMMARY OF CHANGES IN GOODWILL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Balance at beginning of period | $ 4,506,653 | ||
Carrying amount at the end of the period | 3,116,893 | $ 4,506,653 | |
Impairment loss recognized | 1,845,000 | ||
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning of period | 4,506,653 | ||
Acquired through business combination - AffinityDNA (Note 17) | 455,240 | 4,506,653 | |
Carrying amount at the end of the period | 4,961,893 | 4,506,653 | |
Accumulated impairment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning of period | |||
Carrying amount at the end of the period | (1,845,000) | ||
Impairment loss recognized | $ (1,845,000) |
SCHEDULE OF IMPAIRMENT TESTING
SCHEDULE OF IMPAIRMENT TESTING GOODWILL (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
IfrsStatementLineItems [Line Items] | ||
Goodwill allocation at 30 June | $ 3,116,893 | $ 4,506,653 |
EasyDNA [member] | ||
IfrsStatementLineItems [Line Items] | ||
Goodwill allocation at 30 June | 2,661,653 | 4,506,653 |
Affinity DNA [member] | ||
IfrsStatementLineItems [Line Items] | ||
Goodwill allocation at 30 June | $ 455,240 |
SUMMARY OF ESTIMATES USED IN GO
SUMMARY OF ESTIMATES USED IN GOODWILL IMPAIRMENT ASSESSMENT (Details) | 12 Months Ended |
Jun. 30, 2023 | |
EasyDNA [member] | Revenue Growth [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 4.30% |
EasyDNA [member] | Gross Margin [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 47.50% |
EasyDNA [member] | PreTax Discount Rate [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 22.70% |
EasyDNA [member] | Post Tax Discount Rate [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 17% |
EasyDNA [member] | Beyond Fiscal Year Two Thousand Twenty Seven [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 4.30% |
Affinity DNA [member] | Revenue Growth [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 4.50% |
Affinity DNA [member] | Gross Margin [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 45% |
Affinity DNA [member] | PreTax Discount Rate [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 22.70% |
Affinity DNA [member] | Post Tax Discount Rate [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 17% |
Affinity DNA [member] | Beyond Fiscal Year Two Thousand Twenty Seven [member] | |
IfrsStatementLineItems [Line Items] | |
Assumptions for goodwill impairment assessment | 4.50% |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Impairment loss recognised | $ 1,845,000 | ||
Affinity DNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill acquired through business combination | 455,240 | ||
Carrying value | $ 78,000 | ||
Key impairment assumptions | Sensitivity analysis undertaken on the key impairment model assumptions indicates that in order for the recoverable amount to be equal to their carrying value for AffinityDNA, the discount rate would need to increase to 17.5% and revenue growth rate would need to decrease by 0.5%. Management is not aware of any events that are expected to have an adverse effect on revenue growth | ||
EasyDNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Impairment loss recognised | $ 1,845,000 |
SUMMARY OF OTHER INTANGIBLE ASS
SUMMARY OF OTHER INTANGIBLE ASSETS (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of period | $ 624,920 | |
Carrying amount at the end of the period | 520,472 | $ 624,920 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of period | 753,418 | |
Carrying amount at the end of the period | 794,682 | 753,418 |
Gross carrying amount [member] | Brand names [member] | ||
IfrsStatementLineItems [Line Items] | ||
Domain names | 41,264 | 720,550 |
Gross carrying amount [member] | Domain Names [member] | ||
IfrsStatementLineItems [Line Items] | ||
Domain names | 32,868 | |
Accumulated impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of period | (128,498) | |
Carrying amount at the end of the period | (274,210) | (128,498) |
Amortization for the period | $ (145,712) | $ (128,498) |
OTHER INTANGIBLE ASSETS (Detail
OTHER INTANGIBLE ASSETS (Details Narrative) | 12 Months Ended |
Jun. 30, 2023 | |
EasyDNA [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average cost of capital | 16% |
Royalty rate | 1.50% |
Affinity DNA [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average cost of capital | 48% |
Royalty rate | 1.50% |
SUMMARY OF BUSINESS ACQUISITION
SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED (Details) | Jul. 14, 2022 AUD ($) | Jul. 14, 2022 EUR (€) | Aug. 13, 2021 AUD ($) Integer | |
Affinity DNA [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Amount settled in cash | $ 486,188 | € 277,500 | ||
Total consideration | 486,188 | € 277,500 | ||
Intangible assets | [1] | 41,264 | ||
Deferred tax liability | (10,316) | |||
Identifiable net assets | 30,948 | |||
Goodwill on acquisition (Note 15) | $ 455,240 | |||
EasyDNA [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Amount settled in cash | $ 3,400,625 | |||
Total consideration | 4,974,761 | |||
Intangible assets | [2] | 720,550 | ||
Deferred tax liability | (180,138) | |||
Identifiable net assets | 468,108 | |||
Goodwill on acquisition (Note 15) | $ 4,506,653 | |||
Amount settled in shares, shares | Integer | 209,363,400 | |||
Amount settled in shares, value | $ 1,574,136 | |||
Right-of-use asset | 42,289 | |||
Other payables | (19,193) | |||
Lease liability | (42,289) | |||
Employee benefit provisions | $ (53,111) | |||
[1]Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to A$ 41,264 five years 720,550 |
SUMMARY OF BUSINESS ACQUISITI_2
SUMMARY OF BUSINESS ACQUISITION ASSETS AND GOODWILL ACQUIRED (Details) (Parenthetical) - AUD ($) | Jul. 14, 2022 | Aug. 13, 2021 | |
Affinity DNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets | [1] | $ 41,264 | |
Estimated useful lives | 5 years | ||
EasyDNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets | [2] | $ 720,550 | |
[1]Intangible assets relate to brand, trademark, trade names and domain names acquired as part of the business acquisition amounted to A$ 41,264 five years 720,550 |
BUSINESS ACQUISITION (Details N
BUSINESS ACQUISITION (Details Narrative) | 11 Months Ended | 12 Months Ended | ||||||
Jul. 14, 2022 AUD ($) | Aug. 13, 2021 AUD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 AUD ($) | Jul. 14, 2022 EUR (€) | |
IfrsStatementLineItems [Line Items] | ||||||||
Revenue | $ 8,686,118 | $ 6,794,816 | $ 120,554 | |||||
Operating loss | 11,909,252 | $ 7,163,123 | $ 7,077,619 | |||||
Affinity DNA [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Amount settled in cash | $ 486,188 | € 277,500 | ||||||
Total consideration | 486,188 | € 277,500 | ||||||
Acquistion cost | $ 40,625 | |||||||
Revenue | $ 944,058 | |||||||
Operating loss | $ 89,618 | |||||||
EasyDNA [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Amount settled in cash | $ 3,400,625 | |||||||
Total consideration | 4,974,761 | |||||||
Acquistion cost | 116,682 | |||||||
Revenue | $ 5,989,782 | 7,698,605 | ||||||
Operating loss | $ 165,000 | $ 2,871,259 | ||||||
Amount settled in shares, value | $ 1,574,136 |
SCHEDULE OF TRADE AND OTHER PAY
SCHEDULE OF TRADE AND OTHER PAYABLES (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Notes and other explanatory information [abstract] | ||
Trade payables | $ 837,952 | $ 1,153,856 |
Accrued expenses | 618,163 | 953,439 |
Other payables | 161,218 | 15,084 |
Total current trade and other payables | $ 1,617,333 | $ 2,122,379 |
SCHEDULE OF CURRENT AND NON-CUR
SCHEDULE OF CURRENT AND NON-CURRENT PROVISIONS (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | |||
Total current provisions | $ 541,930 | $ 611,060 | |
Total non-current provisions | 30,439 | 22,499 | |
Total provisions | 572,369 | 633,559 | |
Annual Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | 328,924 | 312,665 | |
Long Service Leave Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | 121,416 | 206,805 | |
Total non-current provisions | 30,439 | 22,499 | |
Make Good Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total current provisions | [1] | $ 91,590 | $ 91,590 |
[1]Make good provision in respect of the lease of the Melbourne office and laboratory |
SCHEDULE OF RECONCILIATION OF P
SCHEDULE OF RECONCILIATION OF PROVISION (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Annual Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the financial year | $ 312,665 | $ 171,398 |
Add: obligation accrued during the year | 400,780 | 366,816 |
Less: utilized during the year | (388,457) | (225,549) |
Less: FX on translation | 3,936 | |
Balance at the end of the financial year | 328,924 | 312,665 |
Long Service Leave Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the financial year | 229,304 | 210,642 |
Balance at the end of the financial year | 151,855 | 229,304 |
Add: obligation accrued during the year | 21,723 | 18,662 |
Less: reversal during the year | (472) | |
Less: paid off during the year | $ (98,700) |
SCHEDULE OF RIGHT-OF-USE ASSETS
SCHEDULE OF RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Notes and other explanatory information [abstract] | ||
Right-of-use assets | $ 509,553 | $ 647,150 |
Lease liabilities - Current | (303,570) | (264,130) |
Lease liabilities - Non-Current | (229,276) | (388,396) |
Total | $ (532,846) | $ (652,526) |
SCHEDULE OF EXPENSES RELATING T
SCHEDULE OF EXPENSES RELATING TO LEASES (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Depreciation Expense (for Leased Assets) | $ 296,174 | $ 235,241 | $ 212,474 |
Interest expense (included in finance costs) | 29,515 | 15,215 | |
Low value leases | $ 32,094 | $ 26,408 |
RIGHT-OF-USE ASSET _ (LEASE L_3
RIGHT-OF-USE ASSET / (LEASE LIABILITIES) (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Notes and other explanatory information [abstract] | ||
Cash outflow | $ 336,396 | $ 268,590 |
SCHEDULE OF ISSUED AND PAID-UP
SCHEDULE OF ISSUED AND PAID-UP CAPITAL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fully paid Ordinary Shares | $ 161,342,707 | $ 155,138,636 | |
Total contributed equity | $ 161,342,707 | $ 155,138,636 | $ 153,574,974 |
SCHEDULE OF MOVEMENTS IN SHARES
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Number of shares at beginning | 9,233,965,143 | 9,016,726,743 | |
Contributed equity, at the beginning | $ 155,138,636 | $ 153,574,974 | |
Shares issued during the year (in shares) | 2,307,693,000 | 217,238,400 | |
Shares issued during the year | $ 7,172,399 | $ 1,574,136 | |
Shares issued during the year (in shares) | |||
Exercise of performance rights | $ 82,688 | ||
Transaction costs arising on share issue (in shares) | [1] | ||
Less: transaction costs arising on share issue | [1] | $ (916,060) | $ (10,474) |
Valuation of warrants to be issued (in shares) | |||
Valuation of warrants to be issued | $ (134,956) | ||
Number of shares at end | 11,541,658,143 | 9,233,965,143 | |
Contributed equity, at the end | $ 161,342,707 | $ 155,138,636 | |
[1]The details of securities arising on shares issued for the year ended June 30, 2023 and June 30 2022 are as below: |
SCHEDULE OF MOVEMENTS IN SHAR_2
SCHEDULE OF MOVEMENTS IN SHARES ON ISSUE (Details) (Parenthetical) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Feb. 07, 2023 USD ($) $ / shares shares | Jun. 30, 2023 AUD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 AUD ($) | Nov. 03, 2021 shares | Jul. 19, 2021 AUD ($) shares | |
IfrsStatementLineItems [Line Items] | ||||||
Number of shares issued | 600 | |||||
Ordinary shares, totaling | 2,307,693,000 | |||||
Ordinary shares per share | $ / shares | $ 1.30 | |||||
Ordinary shares | $ | $ 7,172,399 | $ 15,897,629 | ||||
Warrants [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of shares issued | 250,000 | |||||
Warrant exercisable price , per share | $ / shares | $ 1.625 | |||||
Description of term of expiring year | expiring in 5 years from issue date | |||||
Employee Share Option Plan [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of shares issued | 7,875,000 | |||||
American Depositary Shares [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of shares issued | 3,846,155 | |||||
Ordinary shares | $ | $ 5 | |||||
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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Foreign currency translation | $ 847,408 | $ 746,819 | $ 718,955 |
Share-based payments | 5,688,148 | 10,751,832 | 10,314,324 |
Total reserves | 6,535,556 | 11,498,651 | |
Balance at the beginning of the financial year | 746,819 | 718,955 | |
Add: net currency translation gain / (loss) | 100,589 | 27,864 | (37,468) |
Balance at the end of the financial year | 847,408 | 746,819 | 718,955 |
Balance at the beginning of the financial year | 10,751,832 | 10,314,324 | |
Add: share-based payments expense | |||
Add: Issue of performance rights | 125,500 | 437,508 | |
Add: Valuation of warrants | 134,956 | ||
Less: Options/warrants expired | (5,241,452) | ||
Less: Exercise of performance rights | (82,688) | ||
Balance at the end of the financial year | $ 5,688,148 | $ 10,751,832 | $ 10,314,324 |
SCHEDULE OF WARRANT ISSUED (Det
SCHEDULE OF WARRANT ISSUED (Details) | 12 Months Ended | |||
Jun. 30, 2023 $ / shares shares | Jun. 30, 2023 AUD ($) $ / shares shares | Jun. 30, 2021 $ / shares shares | Jun. 30, 2021 AUD ($) $ / shares shares | |
Warrants One [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Valuation date | Dec. 20, 2022 | Jul. 21, 2020 | ||
Grant Date | Dec. 20, 2022 | Jun. 01, 2020 | ||
Warrants issued | shares | 250,000 | 250,000 | 39,975,000 | 39,975,000 |
Underlying asset price | $ 1.525 | $ 0.0070 | ||
Risk free rate | 4.10% | 0.42% | ||
Volatility | 75% | 148.66% | ||
Exercise price presented in United States Dollar | $ 1.625 | $ 0.00417 | ||
Exchange rate at valuation date | 1 to USD$0.669 | 1 to US$0.7127 | ||
Exercise price presented in Australian Dollar | $ 2.429 | $ 0.0146 | ||
Time to maturity of underlying warrants (years) | 5 years 1 month 13 days | 5 years | ||
Value per warrant in Australian Dollar | $ 0.5398 | $ 0.009 | ||
Model used | Black Scholes | Binomial | ||
Valuation amount | $ | $ 134,956 | $ 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) - Employee Option Plan [member] | 12 Months Ended | ||
Jun. 30, 2023 shares | Jun. 30, 2022 shares | Jun. 30, 2021 AUD ($) shares $ / shares | |
IfrsStatementLineItems [Line Items] | |||
Grant date for options issued | Dec. 21, 2020 | ||
Number of options issued | shares | 0 | 0 | 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 |
SCHEDULE OF INFORMATION ABOUT P
SCHEDULE OF INFORMATION ABOUT PERFORMANCE RIGHTS (Details) | 12 Months Ended |
Jun. 30, 2023 AUD ($) shares $ / shares | |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Losses | |||
Balance at the beginning of the financial year | $ (150,206,216) | $ (143,075,218) | |
Add: net loss attributable to owners of Genetic Technologies Limited | (11,750,923) | (7,130,998) | $ (7,077,619) |
Less: Options/warrants expired | 5,241,452 | ||
Balance at the end of the financial year | $ (156,715,687) | $ (150,206,216) | $ (143,075,218) |
SCHEDULE OF NUMBER AND WEIGHTED
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE UNLISTED OPTIONS (Details) | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | |
Number of options, Opening balance | shares | 494,350,000 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 8,400,000 | 494,350,000 |
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 | shares | 492,400,000 | 521,850,000 |
Average exercise price per share option, lapsed during the year | $ / shares | $ 0.008 | $ 0.012 |
Number of options, lapsed during the year | shares | (481,500,000) | (29,450,000) |
Average exercise price per share option, forfeited during the year | $ / shares | $ 0.008 | |
Number of options, forfeited during the year | shares | (2,500,000) | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 8,400,000 | 492,400,000 |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED UNDER THE PLANS (Details) | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | |
Number of options, Opening balance | shares | 494,350,000 | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 8,400,000 | 494,350,000 |
Employee Share Plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price per share option, Opening balance | $ / shares | $ 0.008 | $ 0.011 |
Number of options, Opening balance | shares | 10,900,000 | 27,850,000 |
Average exercise price per share option, Add: options granted during the year | $ / shares | ||
Number of options, Add: options granted during the year | shares | ||
Average exercise price per share option, Less: options lapsed during the year | $ / shares | $ 0.010 | |
Number of options, Less: options lapsed during the year | shares | (16,950,000) | |
Average exercise price per share option, Less: options forfeited during the year | $ / shares | $ 0.008 | |
Number of options, Less: options forfeited during the year | shares | (2,500,000) | |
Average exercise price per share option, Closing balance | $ / shares | $ 0.008 | $ 0.008 |
Number of options, Closing balance | shares | 8,400,000 | 10,900,000 |
SCHEDULE OF MEMBERS OF OPTIONS
SCHEDULE OF MEMBERS OF OPTIONS OUTSTANDING BY ASX CODE (Details) | Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 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 | 8,400,000 | 494,350,000 |
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 | 8,400,000 | 494,350,000 |
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 | |
Number of options, Balance at the end of the financial year | shares | 229,000,000 | |
Unlisted Options to Directors (Expiring December 20, 2022) [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average exercise price of options, balance at the end of the financial year | $ / shares | $ 0.008 | |
Number of options, Balance at the end of the financial year | shares | 250,000,000 | |
Unlisted Options Issued Lodge Corporate Pty Ltd (Expiring March 6, 2023) [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 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 | 8,400,000 | 12,850,000 |
SHARE OPTIONS (Details Narrativ
SHARE OPTIONS (Details Narrative) - Employee Option Plan [member] - shares | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Number of options issued | 0 | 0 | 12,850,000 |
Weighted average remaining contractual life of outstanding share options | 5 months 1 day | 5 months 4 days |
SUMMARY OF REPORTABLE SEGMENTS
SUMMARY OF REPORTABLE SEGMENTS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | $ 8,686,118 | $ 6,794,816 | $ 120,554 |
Other income | 1,836,822 | 2,783,391 | 1,559,961 |
Finance income | 220,161 | 36,256 | 62,394 |
Total segment revenue & other income | 10,743,101 | 9,614,463 | 1,742,909 |
Depreciation and amortization | (676,583) | (578,668) | (386,277) |
Finance costs | (29,515) | (15,215) | (16,338) |
Raw materials and change in inventories | (4,335,265) | (3,013,534) | (170,457) |
Commissions | (236,019) | (156,625) | |
Employee benefits expenses | (6,208,066) | (5,868,655) | (3,868,331) |
Advertising and promotional expenses | (2,712,353) | (1,885,402) | (436,274) |
Professional fees | (1,360,640) | (1,835,444) | (1,461,401) |
Research and development expenses | (1,281,157) | (705,507) | (1,165,531) |
Impairment expenses | (2,125,725) | (564,161) | (32,048) |
Other expenses | (3,687,030) | (2,154,375) | (1,283,871) |
Total segment expenses | (22,652,353) | (16,777,586) | (8,820,528) |
Income tax credit | 158,329 | 32,125 | |
Loss for the period | (11,750,923) | (7,130,998) | (7,077,619) |
Total Segment Assets | 14,856,237 | 20,801,698 | 22,971,688 |
Total Segment Liabilities | (3,693,661) | (4,370,627) | (1,438,653) |
Affinity DNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 944,058 | ||
Other income | |||
Finance income | |||
Total segment revenue & other income | 944,058 | ||
Depreciation and amortization | (22,310) | ||
Finance costs | (2,693) | ||
Raw materials and change in inventories | (404,660) | ||
Commissions | (42,727) | ||
Employee benefits expenses | (209,219) | ||
Advertising and promotional expenses | (35,926) | ||
Professional fees | (62,522) | ||
Research and development expenses | |||
Impairment expenses | |||
Other expenses | (253,619) | ||
Total segment expenses | (1,033,676) | ||
Income tax credit | |||
Loss for the period | (89,618) | ||
Total Segment Assets | 625,421 | ||
Total Segment Liabilities | (208,468) | ||
EasyDNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 7,698,605 | 5,989,782 | |
Other income | 17 | ||
Finance income | |||
Total segment revenue & other income | 7,698,622 | 5,989,782 | |
Depreciation and amortization | (30,074) | ||
Finance costs | (2,132) | ||
Raw materials and change in inventories | (3,896,000) | (2,951,815) | |
Commissions | (193,292) | (156,625) | |
Employee benefits expenses | (1,593,699) | (1,235,657) | |
Advertising and promotional expenses | (1,681,875) | (1,079,291) | |
Professional fees | (18,414) | (21,685) | |
Research and development expenses | |||
Impairment expenses | (2,125,725) | ||
Other expenses | (1,028,670) | (721,226) | |
Total segment expenses | (10,569,881) | (6,166,299) | |
Income tax credit | |||
Loss for the period | (2,871,259) | (176,517) | |
Total Segment Assets | 3,320,967 | 2,668,618 | |
Total Segment Liabilities | (1,308,206) | (1,969,878) | |
GeneType/Corporate [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue from contracts with customers | 43,455 | 805,034 | 120,554 |
Other income | 1,836,805 | 2,783,391 | 1,559,961 |
Finance income | 220,161 | 36,256 | 62,394 |
Total segment revenue & other income | 2,100,421 | 3,624,681 | 1,742,909 |
Depreciation and amortization | (624,199) | (578,668) | (386,277) |
Finance costs | (24,690) | (15,215) | (16,338) |
Raw materials and change in inventories | (34,605) | (61,719) | (170,457) |
Commissions | |||
Employee benefits expenses | (4,405,148) | (4,632,998) | (3,868,331) |
Advertising and promotional expenses | (994,552) | (806,111) | (436,274) |
Professional fees | (1,279,704) | (1,813,759) | (1,461,401) |
Research and development expenses | (1,281,157) | (705,507) | (1,165,531) |
Impairment expenses | (564,161) | (32,048) | |
Other expenses | (2,404,741) | (1,433,149) | (1,283,871) |
Total segment expenses | (12,513,521) | (10,611,287) | (8,820,528) |
Income tax credit | 158,329 | 32,125 | |
Loss for the period | (10,254,771) | (6,954,481) | (7,077,619) |
Total Segment Assets | 10,909,849 | 18,133,080 | 22,971,688 |
Total Segment Liabilities | $ (2,176,987) | $ (2,400,749) | $ (1,438,653) |
SUMMARY OF GEOGRAPHIC INFORMATI
SUMMARY OF GEOGRAPHIC INFORMATION FOR THE REPORTABLE SEGMENTS REVENUE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total revenue | $ 8,686,118 | $ 6,794,816 | $ 120,554 |
America and Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 2,242,169 | 2,274,551 | 120,554 |
Europe MiddleEast and Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 4,494,626 | 2,501,302 | |
Latin America Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 322,033 | 128,840 | |
Asia Pacific Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 1,627,290 | 1,890,123 | |
Affinity DNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 944,058 | ||
Affinity DNA [member] | America and Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 15,056 | ||
Affinity DNA [member] | Europe MiddleEast and Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 766,040 | ||
Affinity DNA [member] | Latin America Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 144,727 | ||
Affinity DNA [member] | Asia Pacific Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 18,235 | ||
EasyDNA [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 7,698,605 | 5,989,782 | |
EasyDNA [member] | America and Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 2,190,352 | 2,267,474 | |
EasyDNA [member] | Europe MiddleEast and Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 3,728,586 | 2,501,302 | |
EasyDNA [member] | Latin America Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 177,306 | 128,840 | |
EasyDNA [member] | Asia Pacific Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 1,602,361 | 1,092,166 | |
GeneType/Corporate [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 43,455 | 805,034 | 120,554 |
GeneType/Corporate [member] | America and Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | 36,761 | 7,077 | 120,554 |
GeneType/Corporate [member] | Europe MiddleEast and Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | |||
GeneType/Corporate [member] | Latin America Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | |||
GeneType/Corporate [member] | Asia Pacific Continent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total revenue | $ 6,694 | $ 797,957 |
SCHEDULE OF INDEPENDENT VALUATI
SCHEDULE OF INDEPENDENT VALUATION OF PERFORMANCE RIGHTS GRANTED (Details) | 12 Months Ended | ||||
Dec. 10, 2020 shares | Dec. 10, 2020 Integer | Jun. 30, 2023 AUD ($) | Jun. 30, 2022 AUD ($) shares $ / shares | Jun. 30, 2021 AUD ($) shares $ / shares | |
IfrsStatementLineItems [Line Items] | |||||
Expenses arising from share-based payments | $ 125,500 | $ 437,508 | $ 714,577 | ||
Class A Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | shares | 40,000,000 | ||||
Total fair value of performance rights | $ 186,320 | ||||
Expenses arising from share-based payments | 62,107 | $ 43,178 | |||
Classa Performance Rights One [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | shares | 40,000,000 | ||||
Total fair value of performance rights | $ 291,428 | ||||
Expenses arising from share-based payments | (101,043) | 101,043 | |||
Classa Performance Rights Two [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 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 | 34,368 | $ 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 | 27,739 | $ 16,719 | |||
Mr Kevin Camilleri [member] | Class A Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | shares | 20,000,000 | ||||
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) | $ 101,043 | |||
Mr Michael Tonroe [member] | Class A Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | shares | 40,000,000 | ||||
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 | $ 191,346 | |||
Mr. Stanley Sack [member] | Class E Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | shares | 3,937,500 | 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 | ||||
Dr Lindsay Wakefield [member] | Class A Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Performance Rights issued | 5,000,000 | 5,000,000 | 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 | shares | 7,500,000 | 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 | shares | 7,500,000 | 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 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | $ 260,456 | $ 437,508 | $ 714,578 |
Warrants to be Issued HC Wainwright [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 134,956 | ||
Performance Rights [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 125,500 | 436,119 | 622,725 |
Employee Stocks Options [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 1,389 | 75,186 | |
Kentgrove Capital Pty Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments | 16,667 | ||
Reversal Of Forfeited Performance Rights [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total expenses arising from share-based payments |
SCHEDULE OF AUDITOR_S REMUNERAT
SCHEDULE OF AUDITOR’S REMUNERATION (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
IfrsStatementLineItems [Line Items] | ||||
Total remuneration in respect of audit services | $ 320,569 | $ 291,882 | $ 305,833 | |
Price Water House Coopers [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit | [1] | 20,000 | 72,500 | |
Audit related fees | [2] | |||
All other fees | [3] | |||
Grant Thornton Audit Pty Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Audit | [1] | 320,569 | 241,882 | 168,333 |
Audit related fees | [2] | |||
All other fees | [3] | 30,000 | 65,000 | |
Audit of the Financial Reports of subsidiaries | ||||
[1]Audit fees consist of services that would normally be provided in connection with statutory, half year review, 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 reason- ably provide to a client.[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 |
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 | Jun. 30, 2023 AUD ($) shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 AUD ($) shares | Jun. 30, 2021 $ / shares | Jun. 30, 2021 AUD ($) shares | |
IfrsStatementLineItems [Line Items] | ||||||||
Expenses arising from share-based payments | $ | $ 125,500 | $ 437,508 | $ 714,577 | |||||
Number of performance rights cancelled / forfeited | 0 | 0 | ||||||
Mr Michael Tonroe [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 40,000,000 | |||||||
Expenses arising from share-based payments | $ | $ (101,043) | $ 101,043 | ||||||
Mr Carl Stubbings [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 20,000,000 | |||||||
Expenses arising from share-based payments | $ | 34,368 | $ 26,459 | ||||||
Mr Kevin Camilleri [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 20,000,000 | |||||||
Expenses arising from share-based payments | $ | 27,739 | $ 16,719 | ||||||
Employee Stock Option [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of options issued | 12,850,000 | |||||||
Option exercise price | $ / shares | $ 0.008 | |||||||
Class A Performance Rights [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 40,000,000 | |||||||
Expenses arising from share-based payments | $ | 62,107 | $ 43,178 | ||||||
Consecutive share price | $ / shares | $ 0.012 | |||||||
Performance hurdles, description | The performance rights for key management personnel vest and are exercisable upon the Share price reaching A$0.016 while or greater for more than 15-day consecutive ASX trading days | The Class A Performance Rights vest and are exercisable upon the Share price reaching A$0.012 or greater for more than 10-day consecutive ASX trading days. | ||||||
Class A Performance Rights [member] | Dr Lindsay Wakefield [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 5,000,000 | 5,000,000 | 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 | 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 | 5,000,000 | ||||||
Expenses arising from share-based payments | $ | $ 5,347 | $ 12,833 | ||||||
Class A Performance Rights [member] | Mr Nicholas Burrows [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 5,000,000 | 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 A$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 Jerzy Muchnicki [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 25,000,000 | |||||||
Class B Performance Rights [member] | Mr Peter Rubinstein [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 25,000,000 | |||||||
Class C Performance Rights [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Performance hurdles, description | The Class C Performance Rights vest and are exercisable upon a minimum of 4,000 tests being processed in any 12-month period or the market cap of the Company reaching A$100 million or above and being sustained for more than 10 consecutive ASX trading days, whichever happens sooner. | |||||||
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 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 A$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] | ||||||||
Expected life of an option | 2 years | |||||||
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 | 3,937,500 | ||||||
Expenses arising from share-based payments | $ | $ 35,438 | |||||||
Performance Rights [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Option exercise price | $ / shares | $ 0 | $ 0 | ||||||
Number of performance rights issued | 125,000,000 | |||||||
Expenses arising from share-based payments | $ | 125,500 | $ 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 | 3 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 and B Performance Rights [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Consecutive share price hurdle | 10 days | |||||||
Other Performance Rights [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Expected life of an option | 2 years | |||||||
Classa Performance Rights One [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Number of performance rights issued | 40,000,000 | |||||||
Expenses arising from share-based payments | $ | $ (101,043) | $ 101,043 | ||||||
Performance hurdles, description | The Class A Performance Rights vest and are exercisable upon the Share price reaching A$0.02 or greater for more than 10-day consecutive ASX trading days. |
SCHEDULE OF REMUNERATION OF KEY
SCHEDULE OF REMUNERATION OF KEY MANAGEMENT PERSONNEL (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Short-term employee benefits | $ 1,529,124 | $ 1,894,413 | $ 1,035,302 |
Post-employment benefits | 113,511 | 125,822 | 79,042 |
Share-based payments | 253,453 | 387,046 | 650,911 |
Other long-term benefits | 10,978 | 4,797 | 4,589 |
Termination benefits | |||
Total remuneration of Key Management Personnel | $ 1,907,066 | $ 2,412,078 | $ 1,769,844 |
SCHEDULE OF SUBSIDIARY UNDERTAK
SCHEDULE OF SUBSIDIARY UNDERTAKINGS (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
IfrsStatementLineItems [Line Items] | |||
Net carrying value | $ 13,104 | $ 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% | |
Net carrying value | |||
Phenogen Sciences Inc. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Incorporation details | [2] | June 28, 2010 Delaware, U.S.A. | June 28, 2010 Delaware, U.S.A. |
Company interest (%) | [2] | 100% | 100% |
Net carrying value | [2] | $ 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% | 100% | |
Net carrying value | $ 1,910 | ||
Genetype UK Limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Incorporation details | April 26, 2022 United Kingdom | April 26, 2022 United Kingdom | |
Company interest (%) | 100% | 100% | |
Net carrying value | $ 176 | ||
[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)[2]On 3 April 2023, the name of Phenogen Sciences Inc. was changed to geneType Inc. |
SCHEDULE OF FINANCIAL ASSETS AN
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 GBP (£) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 EUR (€) |
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | $ 7,868,637 | $ 11,744,582 | |||||||
Financial liabilities | 652,526 | ||||||||
Cash at Bank / on Hand [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | $ 1,296,082 | $ 7,851,197 | $ 10,766 | € 100,369 | £ 41,858 | $ 3,299,787 | $ 11,731,325 | $ 3,318 | € 199,758 |
Trade and Other Receivables [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | 611,193 | 11,252 | 17,690 | 26,376 | 606,075 | 16,033 | |||
Trade and Other Payables [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial liabilities | $ (455,167) | $ (3,795) | € (151,327) | £ (31,441) | $ (412,511) | $ (1,652) | € (46,790) |
RELATED PARTY DISCLOSURES (Deta
RELATED PARTY DISCLOSURES (Details Narrative) | 12 Months Ended | ||||
Dec. 10, 2020 shares | Dec. 10, 2020 Integer | Jun. 30, 2023 AUD ($) Integer | Jun. 30, 2022 AUD ($) shares | Jun. 30, 2021 AUD ($) shares | |
IfrsStatementLineItems [Line Items] | |||||
Number of shareholders that control more than 50% of the issued capital | Integer | 0 | ||||
Share-based payments expense | $ | $ 125,500 | $ 437,508 | $ 714,577 | ||
Mr Peter Rubinstein [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Services received, related party transactions | $ | 60,000 | 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) | $ 101,043 | |||
Mr Carl Stubbings [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 20,000,000 | ||||
Share-based payments expense | $ | 34,368 | $ 26,459 | |||
Mr Kevin Camilleri [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 20,000,000 | ||||
Share-based payments expense | $ | 27,739 | $ 16,719 | |||
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 | 0 | |||
Performance Rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 125,000,000 | ||||
Share-based payments expense | $ | 125,500 | $ 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 | 40,000,000 | ||||
Share-based payments expense | $ | 62,107 | $ 43,178 | |||
Class A Performance Rights [member] | Dr Lindsay Wakefield [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 5,000,000 | 5,000,000 | 3,750,000 | ||
Share-based payments expense | $ | 4,010 | $ 9,625 | |||
Class A Performance Rights [member] | Dr Jerzy Muchnicki [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 7,500,000 | 6,250,000 | |||
Share-based payments expense | $ | 6,684 | $ 16,042 | |||
Class A Performance Rights [member] | Mr Peter Rubinstein [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 7,500,000 | 5,000,000 | |||
Share-based payments expense | $ | $ 5,347 | $ 12,833 | |||
Class A Performance Rights [member] | Mr Nicholas Burrows [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 5,000,000 | 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 Jerzy Muchnicki [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 25,000,000 | ||||
Class B Performance Rights [member] | Mr Peter Rubinstein [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 25,000,000 | ||||
Class D Performance Rights [member] | Mr Simon Morris [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 60,000,000 | ||||
Class E Performance Rights [member] | Mr. Stanley Sack [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of rights issued | 3,937,500 | 3,937,500 | |||
Share-based payments expense | $ | $ 35,438 |
SCHEDULE OF MATURITIES OF FINAN
SCHEDULE OF MATURITIES OF FINANCIAL LIABILITIES (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | $ 1,617,333 | $ 2,122,379 |
Lease liabilities | 532,846 | 652,526 |
Total | 652,526 | |
Total Contractual Cash flows [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 1,617,333 | 2,122,379 |
Lease liabilities | 551,880 | 689,254 |
Total | 2,169,213 | 2,811,633 |
Carrying Amount (Assets)/ Liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 1,617,333 | 2,122,379 |
Lease liabilities | 532,846 | 652,526 |
Total | 2,150,179 | 2,774,905 |
Less Than 6 Months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 1,617,333 | 2,122,379 |
Lease liabilities | 158,316 | 133,507 |
Total | 1,775,649 | 2,255,886 |
6 - 12 Months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 161,154 | 136,250 |
Total | 161,154 | 136,250 |
Between 1 and 2 Years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 208,957 | 255,601 |
Total | 208,957 | 255,601 |
Between 2 and 5 Years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 21,636 | 163,896 |
Total | 21,636 | 163,896 |
Over 5 Years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | ||
Lease liabilities | 1,817 | |
Total | $ 1,817 |
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, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 GBP (£) | Jun. 30, 2022 AUD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 EUR (€) | |
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | $ 7,868,637 | $ 11,744,582 | |||||||
Financial liabilities | 652,526 | ||||||||
Borrowing [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial liabilities | |||||||||
Leases [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Weighted ave. effective rate % | 4.77% | 4.55% | |||||||
Financial liabilities | 532,846 | 652,526 | |||||||
Floating interest rate [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | 1,516,646 | 1,971,827 | |||||||
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 | 6,351,991 | 9,772,755 | |||||||
Financial liabilities | 652,526 | ||||||||
Fixed interest rate [member] | Borrowing [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial liabilities | |||||||||
Fixed interest rate [member] | Leases [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial liabilities | 532,846 | 652,526 | |||||||
Cash at Bank / on Hand [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | $ 1,296,082 | $ 3,299,787 | 7,851,197 | $ 10,766 | € 100,369 | £ 41,858 | 11,731,325 | $ 3,318 | € 199,758 |
Weighted ave. effective rate % | 4.46% | 1.31% | |||||||
Average maturity period days | At call | At call | |||||||
Cash at Bank / on Hand [member] | Floating interest rate [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | 1,516,646 | 1,971,827 | |||||||
Cash at Bank / on Hand [member] | Fixed interest rate [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | 6,334,551 | 9,759,498 | |||||||
Performance Bond and Deposits [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Financial assets | 17,440 | 13,257 | |||||||
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 | $ 17,440 | $ 13,257 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 3.65% | 8.30% |
Increase decrease in post tax loss | $ 52,988 | $ 289,607 |
Currency risk [member] | AUSTRALIA | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of foreign exchange rate decrease | 3.65% | 8.30% |
Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase (decrease) in profit and loss due to reasonably possible decrease in designated risk component | $ 31,083 | $ 40,369 |
CAPITAL MANAGEMENT (Details Nar
CAPITAL MANAGEMENT (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Capital Management | ||
Dividends | $ 0 | $ 0 |
Franking account balance | $ 0 | $ 0 |
SCHEDULE OF DISCLOSURE OF INDIV
SCHEDULE OF DISCLOSURE OF INDIVIDUAL FINANCIAL INFORMATION (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Current assets | $ 10,497,795 | $ 14,716,800 | ||
Non-current assets | 4,358,442 | 6,084,898 | ||
Total assets | 14,856,237 | 20,801,698 | $ 22,971,688 | |
Current liabilities | 3,312,045 | 3,811,719 | ||
Non-current liabilities | 381,616 | 558,908 | ||
Total liabilities | 3,693,661 | 4,370,627 | 1,438,653 | |
Share Capital | 161,342,707 | 155,138,636 | 153,574,974 | |
Other reserves | 6,535,556 | 11,498,651 | ||
Accumulated losses | (156,715,687) | (150,206,216) | (143,075,218) | |
Total equity | 11,162,576 | 16,431,071 | 21,533,035 | $ 13,992,607 |
Parent [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 10,035,224 | 5,022,689 | 21,809,918 | |
Non-current assets | 4,237,344 | 5,815,118 | 2,011,338 | |
Total assets | 14,272,568 | 10,837,807 | 23,821,256 | |
Current liabilities | 2,841,919 | 2,270,626 | 1,317,378 | |
Non-current liabilities | 314,999 | 589,745 | 7,694,668 | |
Total liabilities | 3,156,918 | 2,860,371 | 9,012,046 | |
Share Capital | 161,342,707 | 155,138,636 | 153,574,974 | |
Other reserves | (117,131) | (117,131) | (117,131) | |
Share-based payment | 3,917,101 | 8,937,157 | 8,499,649 | |
Accumulated losses | (154,027,027) | (155,981,226) | (147,148,282) | |
Total equity | 11,115,650 | 7,977,436 | 14,809,210 | |
Loss for the year | $ (3,697,316) | $ (8,833,064) | $ (1,601,672) |
PARENT ENTITY FINANCIAL INFOR_3
PARENT ENTITY FINANCIAL INFORMATION (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Recognized impairment loss | $ 30,956,037 | $ 0 | $ 4,482,965 |
Parent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Forgave loan balances | $ 26,072,596 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details Narrative) | Jun. 30, 2022 AUD ($) |
Contingent Liabilities And Contingent Assets | |
Contingent liabilities | $ 0 |