Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Dec. 31, 2022 | Mar. 15, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | Integrated Media Technology Ltd | |
Trading Symbol | IMTE | |
Document Type | 20-F | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 20,687,807 | |
Amendment Flag | false | |
Entity Central Index Key | 0001668438 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-38018 | |
Entity Incorporation, State or Country Code | C3 | |
Entity Address, Address Line One | Suite A, Unit 5, Level 3, Lot 4, Glen 9 Business Park | |
Entity Address, Address Line Two | Jalan Pensyarah U1/28, Hicom Glenmarie Industrial Park | |
Entity Address, Postal Zip Code | 40150 | |
Entity Address, City or Town | Selangor | |
Entity Address, Country | MY | |
Title of 12(b) Security | Ordinary Shares | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Accounting Standard | International Financial Reporting Standards | |
Auditor Firm ID | 3487 | |
Auditor Name | Audit Alliance LLP | |
Auditor Location | Singapore | |
Business Contact | ||
Document Information Line Items | ||
Entity Address, Address Line One | Suite 1401 Level 14 | |
Entity Address, Address Line Two | 219-227 Elizabeth Street | |
Entity Address, Postal Zip Code | 2000 | |
Entity Address, City or Town | Sydney NSW | |
Entity Address, Country | AU | |
City Area Code | +61 | |
Local Phone Number | 8 8233 0881 | |
Contact Personnel Email Address | corporate@imtechltd.com | |
Contact Personnel Name | Zhongqing Yang |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue, net | $ 526,807 | $ 193,113 | $ 1,744,629 |
Cost of sales | (687,477) | (149,447) | (1,311,566) |
Total revenue | (160,670) | 43,666 | 433,063 |
Interest income | 567,598 | 18,864 | 6,197 |
Other income | 2,878 | 335,807 | 82,561 |
Gain/ (loss) on fair value change in derivative financial instruments | 782,023 | (842,463) | 2,312,197 |
Loss on disposal of financial assets at fair value through other comprehensive income | (225,000) | ||
Total other income | 966,829 | (444,126) | 2,834,018 |
Expenses | |||
Finance costs | (916,380) | (2,000,952) | (2,100,272) |
Employee benefit expenses | (1,462,996) | (1,613,922) | (2,212,643) |
Depreciation and amortization expenses | (1,993,007) | (1,326,811) | (2,078,762) |
Professional and consulting expenses | (6,232,982) | (2,376,038) | (1,373,907) |
Travel and accommodation expenses | (159,783) | (91,385) | (40,895) |
Other expenses | (2,157,603) | (642,339) | (5,347,824) |
Other gains/ (losses) | 1,982,745 | 1,909,947 | (223,373) |
Share of losses of associates | (322,893) | ||
Loss on fair value change in warrant | (3,566,433) | ||
Total expenses | (14,829,332) | (6,141,500) | (13,377,676) |
Loss before income tax | (13,862,503) | (6,585,626) | (10,543,658) |
Income tax expense | |||
Loss for the year | (13,862,503) | (6,585,626) | (10,543,658) |
Items that may be re-classified subsequently to profit or loss: | |||
Fair value through other comprehensive income | (380,000) | 62,500 | |
Exchange differences on translation of financial statements of overseas subsidiaries | 1,473,508 | 158,547 | 55,673 |
Share of other comprehensive income of associates | 16,269 | ||
Other comprehensive income for the year, net of tax | 1,109,777 | 221,047 | 55,673 |
Total comprehensive loss for the year | (12,752,726) | (6,364,579) | (10,487,985) |
Loss for the year attributable to: | |||
Equity shareholders of Integrated Media Technology Limited | (12,615,504) | (5,771,510) | (10,034,077) |
Non-controlling interests | (1,246,999) | (814,116) | (509,581) |
Total loss for the period attributable | (13,862,503) | (6,585,626) | (10,543,658) |
Total comprehensive loss for the year attributable to: | |||
Equity shareholders of Integrated Media Technology Limited | (11,569,218) | (5,830,540) | (9,885,412) |
Non-controlling interests | (1,183,508) | (534,039) | (602,573) |
Total comprehensive loss for the period attributable | $ (12,752,726) | $ (6,364,579) | $ (10,487,985) |
Loss per share | |||
Basic (in Dollars per share) | $ (0.77) | $ (0.7) | $ (2.33) |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Diluted | $ (0.77) | $ (0.70) | $ (2.33) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 74,106 | $ 274,767 |
Trade receivables | 851,318 | 465,639 |
Other receivables | 2,990,582 | 20,482 |
Inventories | 6,151,021 | |
Loan receivable | 10,680,293 | |
Other current assets | 2,485,486 | 2,006,636 |
Amount due from an associate | 698,323 | |
Amounts due from former group companies | 7,829,668 | |
Right-of-use assets | 513,942 | |
Total Current Assets | 31,760,797 | 3,281,466 |
Non-Current Assets | ||
Plant and equipment, net | 3,274,602 | 6,441,734 |
Other assets – equipment deposits | 20,910,964 | 11,459,195 |
Intangible assets | 1,266,494 | 1,900,589 |
Investment in an associate | 257,346 | |
Right-of-use assets | 1,444,927 | |
Financial asset at fair value through other comprehensive income | 562,500 | |
Total Non-Current Assets | 25,709,406 | 21,808,945 |
TOTAL ASSETS | 57,470,203 | 25,090,411 |
LIABILITIES | ||
Trade and other payables | 1,020,599 | 2,424,717 |
Convertible promissory notes | 7,554,633 | 4,311,416 |
Derivative financial instruments | 2,409,526 | 2,321,003 |
Amounts due to related companies | 247,406 | |
Lease liabilities | 425,567 | |
Total Current Liabilities | 10,984,758 | 9,730,109 |
NON-CURRENT LIABILITIES | ||
Warrant liabilities | 3,566,433 | |
Lease liabilities | 1,403,932 | |
Total Non-Current Liabilities | 3,566,433 | 1,403,932 |
TOTAL LIABILITIES | 14,551,191 | 11,134,041 |
NET CURRENT ASSETS/ (LIABILITIES) | 20,776,039 | (6,448,643) |
NET ASSETS | 42,919,012 | 13,956,370 |
CAPITAL AND RESERVES | ||
Issued capital (no par value, 20,524,754 and 9,329,420 ordinary shares issued and outstanding as of December 31, 2022 and 2021, respectively) | 89,689,805 | 48,144,406 |
Foreign currency translation reserve | 2,172,362 | 762,348 |
Other reserves | (790,631) | 62,500 |
Accumulated losses | (49,784,862) | (37,169,358) |
Equity attributable to equity shareholders of Integrated Media Technology Limited | 41,286,674 | 11,799,896 |
Non-controlling interests | 1,632,338 | 2,156,474 |
TOTAL EQUITY | $ 42,919,012 | $ 13,956,370 |
Ordinary shares issued (in Shares) | 20,524,754 | 9,329,420 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parentheticals) | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares |
Statement of financial position [abstract] | ||
Issued capital, par value (in Dollars per share) | (per share) | ||
Ordinary shares, issued | 20,524,754 | 20,524,754 |
Ordinary shares, outstanding | 9,329,420 | 9,329,420 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - AUD ($) | Issued Capital | (Accumulated Losses) / Retained Earnings | Foreign Currency Translation Reserve | Other Reserves | Non-controlling Interests | Total |
Balance at Dec. 31, 2019 | $ 18,902,029 | $ (25,786,912) | $ 735,213 | $ 4,423,141 | $ 1,805,552 | $ 79,023 |
Changes in equity for 2022: | ||||||
Loss for the year | (10,034,077) | (509,581) | (10,543,658) | |||
Other comprehensive income/ (loss) for the year, net of tax | 148,665 | (92,992) | 55,673 | |||
Total comprehensive loss for the year | (10,034,077) | 148,665 | (602,573) | (10,487,985) | ||
Transfer from Other Reserve to Accumulated Loss | 1,718,689 | (1,718,689) | ||||
Acquisition of subsidiary | 3,888,027 | 3,888,027 | ||||
Deemed disposal of subsidiary | (1,761,181) | (1,761,181) | ||||
Issuance of new ordinary shares for cash (Note 27(b)) | 7,121,283 | 7,121,283 | ||||
Issuance of new ordinary shares – conversion of debt (Note 27(b)) | 4,122,562 | 4,122,562 | ||||
Issuance of new ordinary shares – services (Note 27(b)) | 23,249 | 23,249 | ||||
Issuance of new ordinary shares – acquisition (Note 27(b)) | 2,060,000 | 2,060,000 | ||||
Legal expenses in respect of issuance of shares (Note 27(b)) | (139,126) | (139,126) | ||||
Balance at Dec. 31, 2020 | 32,089,997 | (34,102,300) | 883,878 | 2,704,452 | 3,329,825 | 4,905,852 |
Changes in equity for 2021: | ||||||
Fair value through other comprehensive income | 62,500 | 62,500 | ||||
Changes in equity for 2022: | ||||||
Loss for the year | (5,771,510) | (814,116) | (6,585,626) | |||
Other comprehensive income/ (loss) for the year, net of tax | (121,530) | 280,077 | 158,547 | |||
Total comprehensive loss for the year | (5,771,510) | (121,530) | 62,500 | (534,039) | (6,364,579) | |
Transfer from Other Reserve to Accumulated Loss | 2,704,452 | (2,704,452) | ||||
Acquisition of subsidiary | 983,928 | 983,928 | ||||
Deemed disposal of subsidiary | (1,623,240) | (1,623,240) | ||||
Issuance of new ordinary shares for cash (Note 27(b)) | 16,054,409 | 16,054,409 | ||||
Balance at Dec. 31, 2021 | 48,144,406 | (37,169,358) | 762,348 | 62,500 | 2,156,474 | 13,956,370 |
Changes in equity for 2021: | ||||||
Fair value through other comprehensive income | (380,000) | (380,000) | ||||
Changes in equity for 2022: | ||||||
Share of other comprehensive income of associate | 16,269 | 16,269 | ||||
Release of other reserve upon sale of financial asset | 317,500 | 317,500 | ||||
Release of other reserve upon deemed disposal of associate | (16,269) | (16,269) | ||||
Issuance of ordinary shares on conversion of convertible notes (Note 27(b)) | 5,039,239 | 5,039,239 | ||||
Issuance of shares for services (Note 27(b)) | 5,082,000 | 5,082,000 | ||||
Loss for the year | (12,615,504) | (1,246,999) | (13,862,503) | |||
Other comprehensive income/ (loss) for the year, net of tax | 1,410,014 | 63,494 | 1,473,508 | |||
Total comprehensive loss for the year | (12,615,504) | 1,410,014 | (363,731) | (1,183,505) | (12,752,726) | |
Acquisition of subsidiary | (790,631) | 1,340,275 | 549,644 | |||
Deemed disposal of subsidiary | (680,906) | (680,906) | ||||
Issuance of new ordinary shares for cash (Note 27(b)) | 31,424,160 | 31,424,160 | ||||
Balance at Dec. 31, 2022 | $ 89,689,805 | $ (49,784,862) | $ 2,172,362 | $ (790,631) | $ 1,632,338 | $ 42,919,012 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | ||
Dec. 31, 2022 AUD ($) | Dec. 31, 2021 AUD ($) | Dec. 31, 2020 AUD ($) | |
Cash flows from operating activities | |||
Loss before income tax | $ (13,862,503) | $ (6,585,626) | $ (10,543,658) |
Adjustments to reconcile loss before income tax to net cash used in operating activities: | |||
Depreciation and amortization | 1,993,007 | 1,326,811 | 2,078,762 |
Interest income | (567,598) | ||
Interest expense | 26,290 | ||
(Gain)/ loss on disposal of subsidiaries | (62,029) | (1,998,269) | 28,990 |
Gain on deemed disposal of subsidiary | (144,827) | ||
Loss on disposal of investment in equity instrument | 225,000 | ||
Changes in fair value of warrants | 3,566,433 | ||
Share of losses of an associate | 322,893 | ||
Interest accrued for lease liabilities | 132,465 | ||
Net cash outflows from changes in working capital | (10,797,051) | (719,193) | (2,186,276) |
Provision for trade receivable | 102,308 | ||
Impairment loss of trade receivables | 14,390 | 58,932 | |
Provision for inventories written off | 1,121,787 | (9,439) | (17,671) |
Plant and equipment written off | 93,183 | 110 | |
Provision for impairment loss on intangible assets | 3,459,340 | ||
Development projects written off | 930,356 | ||
Net cash used in operating activities | (17,850,642) | (7,971,326) | (6,191,115) |
Cash flows from investing activities | |||
Capital injection from minority shareholders | 542,887 | 1,920,153 | |
Payments for acquisition of plant and equipment | (195,968) | (71,109) | (7,236,260) |
Payments for other assets – equipment deposits | (16,467,807) | (11,459,195) | |
Payments for intangible assets | (624,095) | ||
Payments for development projects | (125,520) | ||
Payments for investment in financial assets | (500,000) | ||
Proceeds from sale of plant and equipment | (79,776) | ||
Proceeds from sale of investment in equity instrument | 275,000 | ||
Disposal of subsidiaries, net of cash disposed of | (5,411,320) | (32,927) | 855,506 |
Net cash used in investing activities | (21,879,871) | (12,144,439) | (4,586,121) |
Cash flows from financing activities | |||
Fair value change in derivative financial instruments | (782,023) | 842,463 | (2,312,197) |
Interest accrued for lease liabilities | (132,465) | 28,371 | 32,526 |
Interest paid on short term loans | (26,290) | ||
Interest received and receivable | 567,598 | ||
Finance costs for convertible bonds | 300,082 | 1,895,371 | 1,693,890 |
Interest paid for convertible bonds | (185,469) | ||
Repayment for convertible bonds | (4,668,195) | ||
Payment of lease liabilities | (138,156) | (320,851) | |
Proceeds from issuance of convertible promissory notes | 8,070,206 | 4,913,100 | |
Net proceeds from issuance of ordinary shares | 31,424,160 | 16,054,409 | 13,187,968 |
Repayment to holding company | (562,201) | ||
Advances from related companies | 840,509 | ||
Advance from other liabilities | 211,567 | ||
Net cash provided by financing activities | 39,421,268 | 18,120,257 | 13,392,848 |
Net (decrease)/ increase in cash and cash equivalents | (309,245) | (1,995,508) | 2,615,612 |
Effect of exchange rate changes on cash and cash equivalents | 108,584 | 76,191 | (254,770) |
Cash and cash equivalents at the beginning of financial year | 274,767 | 2,194,084 | (166,758) |
Cash and cash equivalents at the end of financial year | 74,106 | 274,767 | 2,194,084 |
Analysis of cash and cash equivalents: | |||
Cash and bank balances | $ 74,106 | $ 274,767 | $ 2,194,084 |
Reporting Entity
Reporting Entity | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Reporting Entity Abstract | |
REPORTING ENTITY | NOTE 1. REPORTING ENTITY The consolidated financial report covers the entity of Integrated Media Technology Limited (“IMTE”) and its controlled entities for the years ended December 31, 2022, 2021 and 2020 which were authorized for issue by the Board of Directors on April 26, 2023. IMTE is a for-profit public company limited by shares, incorporated and domiciled in Australia whose shares are publicly traded on the NASDAQ Capital Markets. IMTE is an investment holding company and its subsidiaries carry out the business of the Group in Australia, Korea, and Malaysia. The Company and its subsidiaries are referred to as the “Group”. Going Concern The Group’s consolidated financial statements are prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Group has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. As of December 31, 2022, the Group had generated a net loss A$13,862,503, and used cash in operating activities in the amount of A$17,850,642, and accumulated losses of A$49,784,862. The ability of the Group to continue as a going concern is dependent on the Group obtaining adequate capital to fund operating losses until it becomes profitable. If the Group is unable to obtain adequate capital, it could be forced to cease or reduce its operations. In order to continue as a going concern, the Group will need, among other things, additional capital resources. For the year ended December 31, 2022, the funds raised were used for the build out of infrastructure, purchase of equipment and working capital. The Group will need to continue to raise funds through the sale of its equity securities and issuance of debt instruments to obtain additional operating capital. The Group will continue to be dependent upon its ability, and will continue to attempt, to secure additional equity and/or debt financing until the Group can earn revenue and realize positive cash flow from its operations. There are no assurances that the Group will be successful in earning revenue and realizing positive cash flow from its operations. Without sufficient financing it would be unlikely that the Group will continue as a going concern. Based on the Group’s current rate of cash outflows, cash on hand and proceeds from the recent sales of equity securities and convertible notes after the year ended, management believes that its current cash may not be sufficient to meet the anticipated cash needs for working capital for the next 12 months for the investments in the switchable glass and Halal operations. The Group’s plans with respect to its liquidity issues include, but are not limited to, the following: 1) Continue to raise financing through the sale of its equity and/or debt securities; 2) Continue developing its business, products and services and seek strategic partnerships and cooperative arrangement to grow our revenue and profitability. The ability of the Group to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraphs and eventually secure other sources of financing and achieve profitable operations. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. The consolidated financial statements of the Group are presented in Australian Dollars (“A$”), unless otherwise stated. |
Basis of Accounting
Basis of Accounting | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Basis Of Consolidation Text Block Abstract | |
BASIS OF ACCOUNTING | NOTE 2. BASIS OF ACCOUNTING The consolidated financial statements present general purpose financial report that have been prepared in accordance with Australian Accounting Standards (“AASBs”), including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 as appropriate for for-profit entities. The consolidated financial statements also comply with International Financial Reporting Standards (“IFRSs”) as adopted by the International Accounting Standards Board. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies Text Block Abstract | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies adopted by the Group in the preparation of the consolidated financial statements. The accounting policies have been consistently applied, unless otherwise stated. (a) Basis of Preparation The consolidated financial statements have been prepared on the accrual basis and are based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. (b) Principles of Consolidation and equity accounting (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the group (see note 3(h)). Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively (ii) Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see (iv) below),after initially being recognised at cost. (iii) Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 3(h). (iv) Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of IMTE. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. (c) Business Combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred, except if related to the issue of debt or equity securities. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognized amount of any non-controlling interest in the acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. Any contingent consideration to be transferred by the acquirer is recognized at acquisition-date fair value. Subsequent adjustments to consideration are recognized against goodwill only to the extent that they arise from new information obtained within the measurement period (a maximum of 12 months from the acquisition date) about the fair value at the acquisition date. All other subsequent adjustments to contingent consideration classified as an asset or a liability are recognized in the consolidated statement of profit or loss. (d) Current and deferred income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income / loss or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: (i) in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or (ii) in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: - the same taxable entity; or - different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realize the current tax assets and settle the current tax liabilities on a net basis or realized and settle simultaneously. (e) Intangible Assets (i) Acquired both separately and from a business combination Purchased intangible assets are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at each financial year end. Intangible assets, excluding development costs, created within the business are not capitalised and expenditure is charged against profits in the period in which the expenditure is incurred. (ii) Intellectual property Expenditure incurred on patents, trademarks or licenses are capitalized from the date of application. They have a definite useful life and are carried at cost less accumulated amortization. They are amortized using the straight-line method over their estimated useful lives for a period of 8 to 15 years. (iii) Research and development costs Development projects in the consolidated statements of financial position represent the development costs directly attributable to and incurred for internal technology projects of the Group. An intangible asset arising from development expenditure on an internal technology project is recognised and included in development projects only when the Group can demonstrate the technical feasibility of completing the intangible asset or technology so that it will be available for application in existing or new products or for sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development, the ability to measure reliably the expenditure attributable to the intangible asset during its development and the ability to use the tangible asset generated. For labour costs, all research and development member salaries that are directly attributable to the technology project are capitalised. Administrative staff and costs are recognised in the profit or loss instead of capitalising this portion of costs. Following the initial recognition of the development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated impairment losses. The amortisation rate of these intangible assets was determined on the basis of the estimated useful life from the time that the relevant asset is taken into use. (iv) Autostereoscopic 3D display technologies and knowhow The autostereoscopic 3D display technologies and knowhow acquired in the business combination is measured at fair value as at the date of acquisition. These costs are amortized over the estimated useful life of 8 years and are tested for impairment where an indicator of impairment exists. The useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Please refer to Note 18 for impairment review of these autostereoscopic 3D display technologies and knowhow. (v) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives ranging (2-5 years). Costs associated with maintaining computer software are recognized as an expense when incurred. (f) Inventories Finished goods are stated at the lower of cost and net realizable value on a “first in first out” basis. Cost comprises direct materials and delivery costs, import duties and other taxes. Costs of purchased inventories are determined after deducting rebates and discounts received or receivable. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. (g) Leases As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative and-alone prices. However, for the leases of property the Group has elected not to separate lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines Its Incremental borrowing rate by obtaining Interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable under a residual value guarantee; and - the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in property, plant and equipment’ and lease liabilities in loans and borrowings’ in the statement of financial position. 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. (h) Impairment of Assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased: - plant and equipment (other than properties carried at revalued amounts); - intangible assets. If any such indication exists, the asset’s recoverable amount is estimated. In addition for intangible assets that are not yet available for use and intangible assets that have indefinite useful lives, the recoverable amount is estimated annually whether or not there is any indication of impairment. (i) Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. 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. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). (ii) Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). (iii) Reversals of impairment losses In respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized. (i) Trade deposits Trade deposits are payments in advance to suppliers of equipment, products and services, which are initially recognized at fair value and thereafter stated at amortized cost using the effective interest method less impairment losses, except where the effect of discounting would be immaterial. (j) Plant and Equipment Items of plant and equipment are measured at cost less accumulated depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the directors to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. The depreciable amount of all fixed assets are depreciated over their estimated useful lives to the Group commencing from the time the assets is held ready for use. Depreciation is calculated on a straight-line basis to write the net cost of each item of plant and equipment over their expected useful lives. The depreciation rates used for each class of depreciable assets are generally as follows: Class of fixed assets Depreciation rate Leasehold Improvements lesser of 5 years or lease term Office Furniture and Equipment 5-12 years Machinery 5-12 years Gains and losses on disposal are determined by deducting the net book value of the assets from the proceeds of sale and are booked to the profit or loss in the year of disposal. (k) Foreign Currency Translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Australian Dollars (“A$”), which is the Group’s presentation currency. (ii) Transactions and balances Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognized in profit or loss, except those arising from foreign currency borrowings used to hedge a net investment in a foreign operation which are recognized in other comprehensive income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated using the foreign exchange rates ruling at the dates the fair value was measured. (iii) Group companies The results of foreign operations are translated into Australian Dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, are translated into Australian Dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and accumulated separately in equity in the exchange reserve. On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognized. For years ended December 31, 2022 and 2021, the comprehensive income was A$2,172,362 and A$762,348 respectively which was mainly resulted from the translation of the foreign operations in Hong Kong (HK$), China (RMB) and United States (USA) into Australia dollars. The significant monetary items denominated in currencies other than Australia dollars include trade and other receivables, inventories, loan receivables, other assets, due from shareholders and former group companies, trade and other liabilities and convertible promissory notes. (l) Trade and Other Receivables Trade receivables are recognized at original invoice amounts less an allowance for uncollectible amounts and have repayment terms between 30 and 90 days. Collectability of trade receivables is assessed on an ongoing basis. Debts which are known to be uncollectible are written off. An allowance is made for doubtful debts where there is objective evidence that the Group will not be able to collect all amounts due according to the original terms. Objective evidence of impairment includes financial difficulties of the debtor, default payments or debts more than 30 days overdue. On confirmation that the trade receivable will not be collectible, the gross carrying value of the asset is written off against the associated provision. Other receivables generally arise from transactions outside the usual operating activities of the group. (m) Trade and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are paid on normal commercial terms. (n) Warrant liabilities The warrant liabilities which are viewed as debts instruments, are measured at fair value through profit or loss. These warrants exercise price are in a currency other than functional currency of the Company, therefore it does not meet the “fixed-or fixed” condition for recognizing as equity component under IAS32. They are classified as liabilities. The liability has been designated as at fair value through profit or loss on initial recognition and subsequent changes in fair value are recognised in the profit or loss. This liability is considered a derivative financial liability. (o) Provisions and Contingent Liabilities Provisions are recognized for other liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. (p) Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities, which are not an incremental cost relating to the actual draw-down of the facility, are recognized as an offset against the liability balance and amortized on a straight-line basis over the term of the facility. Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in other income or other expenses. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. (q) Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. The capitalization of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. (r) Convertible Promissory Note Convertible promissory note that can be converted into ordinary shares at the option of the holder, where the number of shares to be issued is fixed, are accounted for as compound financial instruments, i.e. they contain both a liability component and an equity component. At initial recognition the liability component of the convertible promissory note is measured at fair value based on the future interest and principal payments, discounted at the prevailing market rate of interest for similar non-convertible instruments. The equity component is the difference between the initial fair value of the convertible promissory note as a whole and the initial fair value of the liability component. Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components in proportion to the allocation of proceeds. The liability component is subsequently carried at amortised cost. Interest expense recognised in profit or loss on the liability component is calculated using the effective interest method. The equity component is recognised in the capital reserve until either the bonds are converted or redeemed. If the note are converted, the capital reserve, together with the carrying amount of the liability component at the time of conversion, is transferred to share capital and share premium as consideration for the shares issued. If the note are redeemed, the capital reserve is released directly to retained profits. (s) Derivative Financial Instruments Derivative financial instruments are recognised at fair value. At the end of each reporting period the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. (t) Employee Benefits (i) Employee leave entitlements Employee entitlements to annual leave are recog |
Revenue and Segment Information
Revenue and Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Entitys Operating Segments Text Block Abstract | |
REVENUE AND SEGMENT INFORMATION | NOTE 4. REVENUE AND SEGMENT INFORMATION Consolidated December 31, December 31, December 31, Sales of Halal products 526,807 - - Development, sales and distribution of 3D autostereoscopic products and conversion equipment - 3,980 1,427,157 Sales of software and technology solutions - - 317,472 Sales of air-filter products - 189,133 - Total Revenue 526,807 193,113 1,744,629 Operating segments have been determined on the basis of reports reviewed by the executive director. The executive director is considered to be the chief operating decision maker of the Group. The executive director considers that the Group has assessed and allocated resources on this basis. The executive director considers that the Group has seven operating segments for the year ended December 31, 2022 (2020: four and 2021: six), being (1) the sale of electronic glass, (2) sales of air-filter products, (3) sales of Halal products, (4) NFT, (5) Corporate, (6) Provision of consultancy and (7) Provision of credit risk analysis. Disaggregation of Revenue Timing of transfer of good or services 2022 At a point in time Total Sales of Halal products 526,807 526,807 2021 At a point in time Total Development, sales and distribution of 3D autostereoscopic products and conversion equipment 3,980 3,980 Sales of air- filter products 189,133 189,133 Total Revenue 193,113 193,113 2020 Over time At a point Total A$ Development, sales and distribution of 3D autostereoscopic products and conversion equipment 84,713 1,342,444 1,427,157 Sales of air-filter products - 317,472 317,472 Total Revenue 84,713 1,659,916 1,744,629 Revenue by geographic location The Group’s operations are located in Malaysia. The following table provides an analysis of the Group’s sales by geographical markets based on locations of customers: Consolidated December 31, December 31, December 31, Malaysia 526,807 78,123 - Hong Kong - 3,980 1,366,200 China - 6,846 60,956 USA - 104,164 - Korea - - 315,034 Other - - 2,439 526,807 193,113 1,744,629 Non-current assets by geographic location Consolidated December 31, 2022 December 31, 2021 December 31, 2020 Australia 968 562,500 - USA 20,910,964 4,599,618 - Malaysia 832,170 - - Canada 708,117 - - Hong Kong - 1,946,263 262,626 China - 4,138,043 2,139,605 Korea 3,257,187 10,562,521 4,915,447 25,709,406 21,808,945 7,317,678 Major customers For the year ended December 31, 2022, the Group has two individual customers (2021 and 2020: two and four respectively) with revenues comprising more than 10% of Group’s revenues and their respective receivables due from these customers are disclosed below: December 31, 2022 December 31, 2021 December 31, 2020 Percentage Balance Percentage Balance Percentage Balance due A$ Customer A - - - - 16.23 % - Customer B - - 53.93 % 104,645 - - Customer C - - 40.45 % 78,483 - - Customer D - - - - 41.23 % 628,621 Customer E - - - - 18.05 % 314,892 Customer F - - - - 10.87 % 179,338 Customer G 72.39 % 339,630 - - - - Customer H 16.27 % 84,253 - - - - Segment information for the reporting period is as follows: Consolidated For the year ended 31 December 2022 Sales of electronic A$ Sales of air- filter A$ Sales of Halal products A$ Provision of credit A$ Provision of A$ NFT A$ Corporate A$ Total A$ Revenue Revenue from operating activities - - 526,807 - - - - 526,807 Interest income - - 6 1 1 - 567,590 567,598 Gain on disposal of Investment in Equity Instrument - - - - - - 782,023 782,023 Loss on fair value changes in investment - - - - - - (225,000 ) (225,000 ) Other income - - - - 2,878 - - 2,878 Segment revenue - - 526,813 1 2,879 - 1,124,613 1,654,306 Cost of sales - - (687,477 ) - - - - (687,477 ) Employee benefit expenses (120,985 ) - (197,980 ) (107,035 ) (381,985 ) (141,148 ) (513,863 ) (1,462,996 ) Depreciation and amortization expenses (407,155 ) (1,133,397 ) (191,155 ) (33,213 ) (21,552 ) (65,509 ) (141,026 ) (1,993,007 ) Professional and consulting expenses (56,225 ) (184,930 ) (70,671 ) (11,332 ) (489,050 ) (157,312 ) (5,263,462 ) (6,232,982 ) Travel and accommodation expenses (14,917 ) - (136,288 ) - (27 ) - (8,551 ) (159,783 ) Other operating expenses (30,749 ) (6,957 ) (174,394 ) 5,673 (84,166 ) (93,183 ) (456,548 ) (840,324 ) Finance costs (129,458 ) (38,194 ) (13,037 ) - (17,640 ) - (718,051 ) (916,380 ) Share on losses of associates - - - (322,893 ) - - - (322,893 ) Gain disposal of subsidiaries 51,143 - - - 386 - 10,500 62,029 Gain on deemed disposal of subsidiary - - - - - - 144,827 144,827 Provision for the inventory - - (96,197 ) - - - (1,025,591 ) (1,121,788 ) Provision for bad debt - (102,308 ) - - - - - (102,308 ) Written off of property, plant and equipment - - - - - - (93,183 ) (93,183 ) Loss on fair value change in warrant - - - - - - (3,566,433 ) (3,566,433 ) Exchange gain/(loss) 1,851 29,577 74,585 (4 ) (50,800 ) - 1,720,680 1,775,889 Segment expenses (706,495 ) (1,436,209 ) (1,492,614 ) (468,804 ) (1,044,834 ) (457,152 ) (9,910,701 ) (15,516,809 ) Segment operating (loss)/ profit (706,495 ) (1,436,209 ) (965,801 ) (468,803 ) (1,041,955 ) (457,152 ) (8,786,088 ) (13,862,503 ) Segment assets 2022 20,910,964 5,557,525 5,215,538 - - 510,522 25,275,654 57,470,203 Segment liabilities 2022 (1,392 ) (508,660 ) (1,899 ) - - (527 ) (14,038,713 ) (14,551,191 ) Consolidated For the year ended December 31, 2021 Development, Sales of electronic glass A$ Sales of air- filter products Provision of credit risk analysis A$ IoT Corporate Total Revenue Revenue from operating activities 3,980 - 189,133 - - - 193,113 Interest income 18,859 - - 5 - - 18,864 Fair value change in derivative financial instruments - - - - - (842,463 ) (842,463 ) Other income - - - - 39,731 296,076 335,807 Segment revenue 22,839 - 189,133 5 39,731 (546,387 ) (294,679 ) Cost of sales 2,721 6,654 140,072 - - - 149,447 Employee benefit expenses 215,757 105,680 - 10,925 550,817 730,743 1,613,922 Depreciation and amortization expenses 109,325 913 1,049,125 - 25,976 141,472 1,326,811 Professional and consulting expenses 5,802 8,772 36,881 307,700 1,179,003 837,880 2,376,038 Travel and accommodation expenses 7,980 65,808 - 10,633 919 6,045 91,385 Other operating expenses 1,534,404 92,035 23,855 66,372 692,327 (1,683,283 ) 725,710 Provision for written off inventory (9,439 ) - - - - - (9,439 ) Provision for bad debts - - 14,390 - - - 14,390 (Gain)/ Loss disposal of subsidiaries (6,927,976 ) - - - - 4,929,707 (1,998,269 ) Finance costs 16,763 60,448 3,009 - (33,335 ) 1,954,067 2,000,952 Segment expenses (5,044,663 ) 340,310 1,267,332 395,630 2,415,707 6,916,631 6,290,947 Segment operating profit/ (loss) 5,067,502 (340,310 ) (1,078,199 ) (395,625 ) (2,375,976 ) (7,463,018 ) (6,585,626 ) Segment assets 2021 - 15,645,858 6,417,042 2,049,261 767,670 210,580 25,090,411 Segment liabilities 2021 - (1,737,509 ) (457,741 ) (808,980 ) (287,802 ) (7,842,009 ) (11,134,041 ) Consolidated For the year ended December 31, 2020 Development, Sales of air- Consultancy Corporate Total Revenue Revenue from operating activities 1,427,157 317,472 - - 1,744,629 Interest income 6,197 - - - 6,197 Fair value change in derivative financial instruments - - - 2,312,197 2,312,197 Other income 82,561 - - - 82,561 Segment revenue 1,515,915 317,472 - 2,312,197 4,145,584 Cost of sales 1,155,006 156,560 - - 1,311,566 Employee benefit expenses 1,570,626 - 241,914 400,103 2,212,643 Depreciation and amortization expenses 1,897,243 179,144 2,307 68 2,078,762 Professional and consulting expenses (116,977 ) - 634,186 856,698 1,373,907 Travel and accommodation expenses 24,436 - 2,246 14,213 40,895 Other operating expenses 734,523 1,196 40,476 334,945 1,111,140 Provision for bad debt 58,932 - - - 58,932 Provision for inventory written off (17,671 ) - - - (17,671 ) Loss disposal of subsidiaries (22,206,347 ) - - 22,235,337 28,990 Plant and equipment written off - - - 110 110 Provision for impairment loss on intangible assets 3,459,340 - - - 3,459,340 Development projects written off 930,356 - - - 930,356 Finance costs 408,054 - - 1,692,218 2,100,272 Segment expenses (12,102,479 ) 336,900 921,129 25,533,692 14,689,242 Segment operating (loss) / profit 13,618,394 (19,428 ) (921,129 ) (23,221,495 ) (10,543,658 ) Segment assets 2020 2,070,047 6,529,733 2,337,630 2,016,256 12,953,666 Segment liabilities 2020 5,015,497 2,733,042 5,888,659 (5,589,384 ) 8,047,814 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2022 | |
Other Income [Abstract] | |
OTHER INCOME | NOTE 5. OTHER INCOME Consolidated December 31, December 31, December 31, Government grant - - 82,082 Waive of debts - 310,789 - Underwriting fee from investment - 25,000 - Sundry income 2,878 18 479 2,878 335,807 82,561 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Cost Text Block Abstract | |
FINANCE COSTS | NOTE 6. FINANCE COSTS Consolidated December 31, December 31, December 31, Bank overdraft and borrowing interest 26,290 - 37,091 Interest on revolving loan - 16,763 228,627 Interest on operating lease liability 132,465 88,818 32,526 Interest on convertible bonds - - 109,811 Interest on convertible promissory notes (Note 19) 757,625 1,895,371 1,692,217 916,380 2,000,952 2,100,272 |
Loss before Income Tax
Loss before Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Income Tax Text Block [Abstract] | |
LOSS BEFORE INCOME TAX | NOTE 7. LOSS BEFORE INCOME TAX Consolidated December 31, December 31, December 31, Employee benefit expenses: - Wages and salaries 784,105 851,073 1,482,072 - Staff welfare 14,286 - - - Defined contribution superannuation plan expenses 9,594 32,106 83,441 - Less: Labor cost allocated to development projects - - (133,702 ) 807,985 883,179 1,431,811 - Executive directors’ remuneration 575,806 574,371 722,157 - Non-executive directors’ remuneration 79,204 156,372 58,675 655,010 730,743 780,832 Total employee benefit expenses 1,462,995 1,613,922 2,212,643 Depreciation and amortization of non-current assets: - Leasehold improvements 21,552 18,978 10,385 - Office furniture and equipment 2,985 118,143 179,140 - Machinery 1,133,397 1,049,125 172,982 - Right of use assets 545,196 140,565 299,981 - Intangible assets 289,877 - 1,416,274 Total depreciation and amortization 1,993,007 1,326,811 2,078,762 Other Expenses: Allowances for bad debts 102,308 14,390 58,932 Rental expense on operating lease 81,178 116,406 126,382 Provision for inventory 1,121,788 - - Reversal of allowance for inventory obsolescence - (9,439 ) (17,671 ) Plant and equipment written off 93,183 - 110 Development projects written off - - 930,356 Provision for impairment loss on intangible assets - - 3,459,340 Selling costs 68,546 - - Other operating expenses 479,057 378,500 480,015 Other expenses 211,543 142,482 310,360 2,157,603 642,339 5,347,824 Other (gains)/ losses: Gain on deemed disposal of subsidiaries (144,827 ) - - (Gain)/ loss on disposal of subsidiaries (62,029 ) (1,998,269 ) 28,990 Exchange (gain)/ loss (1,775,889 ) (88,322 ) 194,383 Total other gains/ (losses) (1,982,745 ) (2,086,591 ) 223,373 Audit and review of financial statements: - statutory audit of the Group in Australia 2,387 - 25,000 - audit of the Group in USA 264,947 185,272 76,780 - statutory audit of the subsidiaries - 10,922 - - review for other reporting purposes 50,924 87,130 18,822 Total audit and review fees 318,258 283,324 120,602 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Text Block Abstract | |
INCOME TAX EXPENSE | NOTE 8. INCOME TAX EXPENSE Consolidated December 31, 2022 December 31, 2021 December 31, 2020 Income tax expenses - - - Deferred tax expenses - - - Income tax expenses - - - (a) The prima-facie tax on loss before income tax is reconciled to the income tax expense as follows: Consolidated December 31, December 31, December 31, Numerical reconciliation of income tax expense to prima facie tax payable Loss before income tax (13,862,503 ) (6,585,626 ) (10,543,548 ) Income tax expenses on loss before income tax at 30% 4,158,751 1,975,688 3,163,064 Difference in overseas tax rates 1,265,854 (401,475 ) (148,299 ) Less the tax effect of: Tax losses and temporary differences for the year for which no deferred tax is recognized (5,424,605 ) (1,574,213 ) (3,014,765 ) Income tax expenses - - - (b) Deferred tax liabilities arising from temporary differences and unused tax losses can be summarized as follows: Consolidated December 31, December 31, Balance brought forward - (13,668 ) Exchange difference - 13,668 Total - - (c) Unrecognised deferred tax assets Consolidated 2022 2021 A$ A$ Deferred tax assets have not been recognised in respect of the following items: i) Temporary differences at 27.5% (2021: 16.6%) 453,404 208,691 ii) Tax losses at 25.5% (2021: 21.7%) 12,532,777 8,145,506 12,986,182 8,354,197 Tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these losses because it is not probable that future taxable profit will be available against which the Group can utilise the benefits from the deferred tax assets. (d) There was no income tax payable in the consolidated statements of financial position in years 2022 and 2021. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Dividends Text Block Abstract | |
DIVIDENDS | NOTE 9. DIVIDENDS No dividends were declared and paid during the financial year ended December 31, 2022 (2021: Nil |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Earnings Per Share Text Block Abstract | |
LOSS PER SHARE | NOTE 10. LOSS PER SHARE Consolidated December 31, December 31, December 31, Loss after income tax attributable to shareholders A$ (12,615,504 ) A$ (5,771,510 ) A$ (10,034,077 ) Number of ordinary shares 20,524,754 9,329,420 6,513,671 Weighted average number of ordinary shares on issue 16,448,111 8,292,403 4,311,360 Basic and diluted loss per share A$ (0.77 ) A$ (0.70 ) A$ (2.33 ) |
Trade Receivables, Other Receiv
Trade Receivables, Other Receivables and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Receivables Text Block Abstract | |
TRADE RECEIVABLES, OTHER RECEIVABLES AND OTHER CURRENT ASSETS | NOTE 11. TRADE RECEIVABLES, OTHER RECEIVABLES AND OTHER CURRENT ASSETS (a) Trade receivables Consolidated December 31, December 31, Trade receivables 951,890 480,095 Less: Allowances for doubtful debts (100,572 ) (14,456 ) 851,318 465,639 (i) Ageing Analysis The ageing analysis of trade receivables is as follows: Consolidated December 31, December 31, Current (not p ast due) 141,117 - Overdue: less than 1 month 341,479 190,969 Overdue: 1 month - 3 months - - Overdue: 3 months 469,294 289,126 951,890 480,095 (ii) Trade receivables which are past due but not impaired Included in the Group’s trade receivable balances are debtors with an aggregate carrying amount of A$810,773 (2021: A$480,095) which are past due at the end of the reporting period for which the Group has made provision for impairment loss of A$100,572 (2021: A$14,456). The carrying value of trade receivables is considered reasonable approximation of fair value to the short-term nature of the balance. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivables in the consolidated financial statements. Refer to Note 30(e) for further details of credit risk management. (b) Other receivables Consolidated December 31, 2022 December 31, 2021 Other receivables 2,990,582 20,482 (c) Other current assets Consolidated December 31, December 31, Prepayments 59,751 - Trade deposits 503,689 432,236 Other deposits 1,921,773 1,574,128 VAT receivable 273 272 2,485,486 2,006,636 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 12. INVENTORIES Inventories consist of the following: Consolidated December 31, December 31, Finished goods – Halal products 513,582 - Finished goods – displays and other products 6,743,531 - Provision for inventories (1,106,092 ) - Total 6,151,021 - |
Loan Receivable
Loan Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Description Of Accounting Policy For Loans And Receivables Text Block Abstract | |
LOAN RECEIVABLE | NOTE 13. LOAN RECEIVABLE Consolidated December 31, December 31, Loan receivable 10,522,456 - Loan interest receivable 157,837 - 10,680,293 - On September 15, 2022 the Company completed the sale of 100% of its equity interest in eGlass Technologies Ltd (“eGlass”) to Capital Stone Holdings Limited (“Purchaser”) for US$6.8 million (“Consideration”). The Purchaser agreed to pay the Consideration by issuing to the Company a debt instrument (“Loan”), which bears interests of 5% per annum, repayable in 2 years and secured against the shares of eGlass. The Purchaser has indicated an intention to list eGlass on the Australia Securities Exchange (“ASX”) by July 2024. Pursuant to the sale purchase agreement between the parties, the Purchaser has the right to pay the Loan by giving the Company the number of shares in eGlass calculated by dividing the amount of outstanding loan by 10% discount to the then 5-day volume weighted average closing price (“VWAP”); provided that such price may not be greater than the 120% of the IPO Price. Alternatively, the Company has the right to have the Purchaser repay the Loan by transferring to the Company the number of shares in eGlass calculated by dividing the amount of outstanding loan by the IPO Price. Any outstanding loan amount that could not be fully repaid by the eGlass shares would be settled by cash. |
Investment in an Associate
Investment in an Associate | 12 Months Ended |
Dec. 31, 2022 | |
Investment In An Associate Abstract | |
INVESTMENT IN AN ASSOCIATE | NOTE 14. INVESTMENT IN AN ASSOCIATE Consolidated December 31, December 31, Interest in associate 257,346 - Due from an associate company 698,323 - 955,669 - The following information contains only the particulars of a material associate, which is unlisted corporate entity whose quoted market price is not available: Name of Associates Country of Principal Activities Paid Up Capital Percentage Owned 2022 2021 Greifenberg Digital Limited Canada Investment holding US$2,087,000 23.96% (Direct) - Summarised financial information in respect of the Group’s associate company is set out below. The summarised financial information below represents amounts in associate’ financial statements prepared in accordance with IFRS Accounting Standard. As at 31 December 2022 2021 US$ US$ Current assets 85,420 - Non-current assets 1,656,298 - Current liabilities (983,596 ) - Net assets 758,122 - Group share of net assets 23.96 % - Year ended 31 December US$ 181,646 - Revenues, net US$ 90,000 - Loss after tax US$ (865,548 ) - Other than as disclosed in Note 31(b), the non-trade amounts due from associate is unsecured, 7% interest bearing and repayable on demand. |
Amounts Due From Former Group C
Amounts Due From Former Group Companies | 12 Months Ended |
Dec. 31, 2022 | |
Amounts Due From Former Group Companies [Abstract] | |
AMOUNTS DUE FROM FORMER GROUP COMPANIES | NOTE 15. AMOUNTS DUE FROM FORMER GROUP COMPANIES Consolidated December 31, December 31, Amounts due from former group companies - net 7,829,668 - As at December 31, 2022 and 2021, the non-trade amounts due from former group companies include an amount of A$8,070,206 (US$5.5 million) relating to convertible bonds issued by the Company, which are non-interest bearing, unsecured and payable on the maturity date of the convertible bonds, details are set out in Note 19(a). The other amount due to former group companies are unsecured, interest at 5% per annum and repayable on demand. During the year, the interest charged by former group companies amounted to A$2,185. |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Property Plant And Equipment [Text Block Abstract] | |
PLANT AND EQUIPMENT | NOTE 16. PLANT AND EQUIPMENT Consolidated Leasehold Improvements A$ Fixtures and Equipment A$ Machinery Total As of December 31, 2020 Cost - 710,621 7,224,551 7,935,172 Accumulated depreciation - (447,995 ) (169,499 ) (617,494 ) Carrying amount as of December 31, 2020 - 262,626 7,055,052 7,317,678 Year ended December 31, 2021 Opening carrying amount - 262,626 7,055,052 7,317,678 Additions 42,392 28,717 - 71,109 Disposals - (164,829 ) - (164,829 ) Depreciation expenses (18,978 ) (118,143 ) (1,049,125 ) (1,186,246 ) Exchange difference (452 ) 14,341 390,133 404,022 Closing carrying amount as of December 31, 2021 22,962 22,712 6,396,060 6,441,734 As of December 31, 2021 Cost 42,392 199,798 7,655,465 7,897,655 Accumulated depreciation (19,430 ) (177,086 ) (1,259,405 ) (1,455,921 ) Carrying amount as of December 31, 2021 22,962 22,712 6,396,060 6,441,734 Year ended December 31, 2022 Opening carrying amount 22,962 22,712 6,396,060 6,441,734 Additions - 113,381 - 113,381 Disposals - (21,963 ) (2,420,418 ) (2,442,381 ) Write-off - (93,183 ) - (93,183 ) Depreciation expenses (21,552 ) (2,985 ) (1,133,397 ) (1,157,934 ) Exchange difference (1,410 ) (530 ) 414,925 412,985 Closing carrying amount as of December 31, 2022 - 17,432 3,257,170 3,274,602 As of December 31, 2022 Cost - 23,691 5,652,175 5,675,866 Accumulated depreciation - (6,259 ) (2,395,005 ) (2,401,264 ) Carrying amount as of December 31, 2022 - 17,432 3,257,170 3,274,602 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Description of Accounting Policy For Intangible Assets And Goodwill [Text Block Abstract] | |
INTANGIBLE ASSETS | NOTE 17. INTANGIBLE ASSETS Consolidated Technologies and Knowhow Patents and Trademark Software and License Total Cost As of January 1, 2021 6,217,824 236,528 486,864 6,941,216 Additions 1,900,589 - - 1,900,589 As of December 31, 2021 8,118,413 236,528 486,864 8,841,805 As of January 1, 2022 8,118,413 236,528 486,864 8,841,805 Additions 1,569,438 - 541,248 2,110,686 Disposal (2,578,188 ) - - (2,578,188 ) Write-off (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) Exchange difference 28,915 - - 28,915 As of December 31, 2022 920,754 - 541,248 1,462,002 Accumulated Amortization and Impairment Losses As of January 1, 2021 and as of December 31, 2021 (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) As of January 1, 2022 (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) Amortisation (223,815 ) - (66,062 ) (289,877 ) Disposal 108,515 - - 108,515 Write-off 6,217,824 236,528 486,864 6,941,216 Exchange difference (15,269 ) - 1,123 (14,146 ) As of December 31, 2022 (130,569 ) - (64,939 ) (195,508 ) Carrying Amount As of December 31, 2022 790,185 - 476,309 1,266,494 As of December 31, 2021 1,900,589 - - 1,900,589 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | NOTE 18. TRADE AND OTHER PAYABLES Consolidated December 31, December 31, Trade payables 140,847 142,325 Accruals 83,693 1,014,368 Amount due to directors (i) 404,472 266,589 Consultancy fees 3,011 355,321 Other payables 388,576 646,114 1,020,599 2,424,717 (i) The amount due to directors are non-trade in nature, unsecured, non-interest bearing and repayable on demand. |
Convertible Promissory Notes
Convertible Promissory Notes | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Promissory Notes [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | NOTE 19. CONVERTIBLE PROMISSORY NOTES Consolidated December 31, December 31, Convertible promissory notes: Entered during the year (note a) 7,554,633 - Converted during the year (note b) - 4,311,416 7,554,633 4,311,416 (a) Convertible promissory notes entered during the year Consolidated December 31, December 31, Face value of convertible promissory notes issued from July to December 2022 (note i) 8,070,206 - Debt discount (Note 23) (870,546 ) - Liability component on initial recognition 7,199,660 - Interest accrued 300,082 - Exchange differences 54,891 - Carrying value as at end of year 7,554,633 - Note (i) From July to December 2022, the Company issued a total of approximately US$5.5 million convertible notes (“Note(s)”). The Notes are interest free, unsecured and convertible into shares of eGlass Technologies Ltd. (“eGlass”), a former subsidiary company of the Company, on the date eGlass receives notice from Australia Securities Exchange (“ASX”) that it will be admitted to the official list of ASX, at a conversion price equal to 25% discount to the IPO Price. However, if by the first anniversary of the date of the issuance of the Note, eGlass has not received notice from ASX that it will be admitted to the official list of ASX, all Notes, according to the time of the one year anniversary, will then as appropriate, convert to shares of the Company based on then 30-day VWAP multiplied by 90%. In addition, each noteholder shall receive warrants (“Warrant”) equal to the amount of the Note to subscribe for one share in eGlass at the IPO Price for a period of one year after the IPO, provided that eGlass is listed on the ASX. The Warrants are assignable and transferable prior to the IPO. If eGlass is not listed on the ASX, the Warrants will automatically expire. As at the date of this Report, eGlass has not been admitted to the official list of ASX. (b) Convertible promissory notes converted to shares during the year Consolidated December 31, December 31, Carrying value as at January 1 4,311,416 2,196,049 Interest accrued at effective interest rate 207,861 1,895,371 Shares issued for interest payment (324,419 ) - Redemption of convertible promissory note (4,714,820 ) - Exchange differences 519,962 219,996 Carrying value as at December 31 - 4,311,416 Note (ii) On January 20, 2020, the Company entered into a Convertible Promissory Note Purchase Agreement the (“CN Agreement”), with an independent third party (“Noteholder”). Pursuant to CN Agreement, the Noteholder purchased from the Company a 10% convertible promissory note (the “Promissory Note”) in the principal amount of HK$14 million (equivalent to approximately A$2.6 million) maturing in two (2) years from the date of the agreement. The Noteholder has the right to convert the principal amount to shares in the Company at a fixed conversion price of US$5.00, subject to adjustment, per share over the term of the Promissory Note. In October 2020, the Group settled the interest accrued of $174,811 by issuing 46,741 shares to the Noteholder. On January 19, 2022, the Noteholder converted the Promissory Note and accrued interest to a total of 664,871 shares in the Company. Note (iii) On August 6, 2020, the Company entered into a second Convertible Promissory Note Agreement (“the Second CN Agreement”) with a third party (“Second Noteholder”). Pursuant to the Second CN Agreement, the holder invested US$1,650,000 under a convertible note (the “Second Note”) without interest, maturing in two years from the date of the Second Note. The Second Noteholder or the Company has the right to convert the principal into ordinary shares of the Company at a conversion price of US$ 3.25 per share over the term of the Second Note. The conversion price is subject to downward adjustment and has a floor price of US$1.50 if the Company sells ordinary shares below the conversion price within 12 months after the date of the Second Note. The Second Note cannot be prepaid. The Second Noteholder agreed to waive piggyback registration rights. The conversion feature in convertible promissory notes were derivative liabilities based on the fact the conversion into shares could result in a variable number of shares to be issued. On April 13, 2022 the Second Noteholder converted the Second CN Agreement to a total of 507,692 shares in the Company. |
Amounts Due to Related Companie
Amounts Due to Related Companies | 12 Months Ended |
Dec. 31, 2022 | |
Amounts Due to Related Companies [Abstract] | |
AMOUNTS DUE TO RELATED COMPANIES | NOTE 20. AMOUNTS DUE TO RELATED COMPANIES Consolidated December 31, December 31, Amounts due to related companies - 247,406 As at December 31, 2021, the non-trade amounts due to related companies are unsecured, non-interest bearing and repayable on demand. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | NOTE 21. LEASES (a) Right of use assets The carrying amount of the Group’s right of use assets and the movements during the year are as follows: Consolidated Lease Motor Total A$ A$ A$ As of January 1, 2021 - - - Additions 2,086,229 - 2,086,229 Depreciation expenses (140,565 ) - (140,565 ) Exchange difference 13,205 - 13,205 As of December 31, 2021 1,958,869 - 1,958,869 Depreciation expenses (545,196 ) - (545,196 ) Disposal of subsidiaries (1,395,252 ) - (1,395,252 ) Exchange difference (18,421 ) - (18,421 ) As of December 31, 2022 - - - (b) Lease liabilities Consolidated December 31, December 31, Within one year - 425,567 Two to five years - 1,403,932 - 1,829,499 Less: Amount due within one year shown under current liabilities - (425,567 ) Amount due after one year - 1,403,932 Analyzed into: Current portion - 425,567 Non-current portion - 1,403,932 - 1,829,499 Obligations under operating leases carried an interest rate of 2.5% per annum. |
Financial Assets at Fair Value
Financial Assets at Fair Value Through Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets at Fair Value Through Other Comprehensive Income [Abstract] | |
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | NOTE 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Consolidated December 31, A$ December 31, A$ Investment in equity instrument designated at FVOCI As at January 1 562,500 500,000 Change in fair value through other comprehensive income (380,000 ) 62,500 Disposal of investment in listed shares (182,500 ) - As at December 31 - 562,500 On February 25, 2021, the Group completed the underwriting in Oakridge International Limited (“Oakridge”), a company listed on the Australian Securities Exchange, for 500 million shares at a subscription price of $0.001 per share for a total subscription amount of $500,000. This investment in equity instrument was not held for trading. Instead, they were held for medium to long-term strategic purposes. Accordingly, the directors of the Company elected to designate this investment in equity instrument as at Fair Value Through Other Comprehensive Income (FVOCI) as they believe that recognising short-term fluctuations in this investment’s fair value in profit or loss would not be consistent with the Group’s strategy of holding this investment for long-term purposes and realising their performance potential in the long run. During the year, the Company disposed of the investment in Oakridge for A$275,000 and realised a loss of A$225,000. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Derivative Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 23. DERIVATIVE FINANCIAL INSTRUMENTS Consolidated December 31, December 31, Derivative financial liabilities: Carrying value as at beginning of year 2,321,003 1,478,540 Derivative redeemeded on conversion of promissory notes (2,321,003 ) - Derivatives embedded in the convertible promissory note issued (Note 19(a)) 870,546 - Fair value change in derivative financial instruments during the year 1,538,980 842,463 Carrying value as at end of year 2,409,526 2,321,003 From July to December 2022, the Company entered into a number of Subscription Agreements (“Subscription Agreements”) for US$5.5 million (or about A$8,125,094) where each Subscriber will subscribe to a convertible note (“Note”). The Note is interest free, unsecured and convertible into shares of eGlass Technologies Ltd. (“eGlass”), a then subsidiary of the Company, on the date eGlass receives notice from the Australian Stock Exchange (“ASX”) that it will be admitted to the official list of ASX, at a conversion price equal to 25% discount to the IPO Price. However, if by the first anniversary of the date of the Agreement, eGlass has not received notice from ASX that it will be admitted to the official list of ASX, all Notes will convert to shares of the Company based on then 30-day VWAP multiplied by 90%. As at December 31, 2021, the derivatives related to two convertible promissory notes (“CN Notes”) entered into during 2020 (details are set out in Note 19) were revalued using the weighted average assumptions: volatility 90.8% and 72.80%, the weighted expected term of two years, a discount rate of 3.51% and a dividend yield of 0%. In 2022 these CN Notes were converted and the underlying derivatives were released. For the December 31, 2021 balance, the Group departed from IFRS 9 for certain disclosures for the note issued January 20, 2020 as not doing so would be misleading to the readers of the consolidated financial statements as it would greatly inflate the activity on the 2020 consolidated statement of activity but have no effect on the consolidated balance sheet or on the net loss of the Group. As such, the Group determined it was appropriate to present the change in fair value of this derivative instrument, net of interest expense recorded at the time of issuance. |
Warrant Liabilities
Warrant Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Warrant Liabilities [Abstract] | |
WARRANT LIABILITIES | NOTE 24. WARRANT LIABILITIES Consolidated December 31, December 31, Warrant liabilities 3,566,433 - On January 3, 2022, the Company entered into convertible note purchase agreements raising a total of US$10 million by the issuance of US$10 million convertible notes (“Note”). Each noteholder received a warrant representing 80% of the amount of the Note, raising an additional US$8 million if all the warrants are exercised. The warrants are for a term of 2 years from the date of the convertible notes and can be exercised at US$3.74 for each share. Under the warrant agreement, the warrant holder cannot exercise the warrant to subscribe for shares in the Company if such exercise would take the warrant holder over 4.99% shareholding in the Company. On August 2, 2022, the Company entered into private placing agreements raising a total US$3.2 million by the issuance of 2,539,682 shares in the Company at a price of US$1.26 per share. In addition, each investor received a warrant representing 100% of the subscription amount, raising an additional US$3.2 million if all the warrants are exercised. The warrants are for a term of 2 years from the date of the Agreement and can be exercised at US$1.26 for each share. Under the warrant agreement, the warrant holder cannot exercise the warrant to subscribe for shares in the Company if such exercise would take the warrant holder over 4.99% shareholding in the Company. |
Controlled Entities
Controlled Entities | 12 Months Ended |
Dec. 31, 2022 | |
Controlled Entities [Abstract] | |
CONTROLLED ENTITIES | NOTE 25. CONTROLLED ENTITIES As at December 31, 2022, the significant entities controlled by the Company are as follows: Name of Subsidiary Country of Principal Activities Paid Up Percentage 2022 2021 CIMC Marketing Pty Limited Australia Management services & Investment holding A$1 100% (Direct) 100% (Direct) IMTE Asia Limited Hong Kong Dormant HK$1 100% (Direct) 100% (Direct) IMTE Malaysia Sdn. Bhd.* Malaysia Administrative services MYR 100 100% (Direct) - Itana Holdings Limited Canada Investment holding US$1 100% (Direct) 100% (Direct) Renfrew International Limited United States Manufacture of electronic glass US$1 100% (Direct) 100% (Direct) Lonsdale International Limited United States Investment holding US$1 100% (Direct) 100% (Direct) Merit Stone Limited* British Virgin Islands Investment holding US$100 100% (Direct) - Ohho International Limited* Canada Sale of filter plates and air filter product US$1,290 51% (Direct) - Name of Subsidiary Country of Principal Activities Paid Up Percentage 2022 2021 Ouction Digital Limited* Canada Provision of digital trading platform and sale of digital asset US$1,666,666 60% (Direct) - World Integrated Supply Ecosystem Sdn. Bhd.* Malaysia Sales of Halal products MYR 5,000,000 60% (Indirect) - Smartglass Limited# Hong Kong Manufacturing, sale and distribution of switchable glass and consultancy services HK$8 - 100% (Direct) Smart (Zhenjiang) Intelligent Technology Limited# P.R.C Marketing, manufacturing and sales of electronic glass RMB 5,000,000 - 100% (Indirect) Grand Dynasty Limited# Hong Kong Investment holding HK$1 - 100% (Direct) Grand Dynasty (Zhenjiang) Co., Limited# P.R.C Dormant RMB 1 - 100% (Indirect) IMTE Limited# Hong Kong Treasury and administrative services HK$1 - 100% (Direct) Sunup Holdings Limited# Hong Kong Manufacturing of filter plates US$1,290 - 51% (Direct) Sunup Korea Limited# Hong Kong Sale of filter plates and air filter products US$0.13 - 51% (Indirect) eGlass Technologies Ltd*# Australia Investment holding US$11,617,008 - - Greifenberg Digital Limited^ Canada Investment holding US$2,087,000 - 40.75% (Direct) Greifenberg Analytics Limited^ Canada Online analytic financial research services US$1 - 40.75% (Indirect) Greifenberg Capital Limited^ Hong Kong Dormant HK$1 - 40.75% (Indirect) * Established during the year # Disposed during the year ^ Disposed and became an associated company during the year |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Contingent Liabilities In Business Combination Text Block Abstract | |
BUSINESS COMBINATIONS | NOTE 26. BUSINESS COMBINATIONS (a) Disposal of subsidiaries During the year ended December 31, 2022, the Group disposed eGlass Technologies Ltd, Smartglass Limited and Smart (Zhenjiang) Intelligent Technologies Limited which realized a gain on disposal of A$51,143. In addition the Group disposed a number of subsidiaries due to a reorganization of the group structure which realized a gain of A$10,886. In 2021, the Group disposed 6 subsidiaries and realized a gain of A$1,998,269. The detail of the net gain / (loss) on the disposals during the year are set out below: Consolidated 2022 2021 2020 A$ A$ A$ Total disposal consideration 10,101,944 538 25,129 Carrying amount of net asset sold (note(i) below) (9,720,554 ) (270,908 ) (230,294 ) Gain/ (loss) on sales before income tax and reclassification of foreign currency translation reserve 381,390 (270,370 ) 255,423 Reclassification of foreign currency transaction reserve (319,361 ) 645,399 (26,871 ) Non-controlling interest - 1,623,240 (257,542 ) Gain/ (loss) on disposal after income tax 62,029 1,998,269 (28,990 ) (i) Net assets disposed of: Consolidated 2022 2021 2020 A$ A$ A$ Plant and equipment 2,442,381 164,829 284,240 Development projects - - 2,864,052 Intangible assets - - 4,790,784 Right of use assets 369,688 - 865,996 Right of use assets - long term 1,025,564 - - Cash and bank balances 5,396,428 32,927 99,061 Inventories - 208,737 400,806 Trade and others receivable 23,923 689,336 603,923 Other deposit and prepayment 7,440,451 779,821 1,664,343 Amount due from fellow subsidiaries 278,337 - - Trade and other liabilities (559,658 ) (1,560,899 ) (912,580 ) Amount due to a related company - (4,951 ) (6,689,290 ) Amount due to immediate holding company (5,336,188 ) - - Bank overdraft - - (929,438 ) Bank loan - - (966,747 ) Lease liabilities (311,624 ) - (925,042 ) Lease liabilities - long term (1,048,748 ) - - Deferred tax liabilities - (38,892 ) (1,380,402 ) Obligation under finance lease - - (33,329 ) 9,720,554 270,908 (230,294 ) (ii) Net cash flows from disposal of subsidiaries Consolidated 2022 2021 2020 A$ A$ A$ Consideration received, satisfied in cash 10,101,944 - 25,129 Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) (5,396,428 ) 32,927 830,377 4,705,516 32,927 855,506 (b) Deemed disposal of subsidiaries During the year ended December 31, 2022, the Group’s equity investment in Greifenberg Digital Limited and its subsidiaries (“Greifenberg Group”) decreased from 40.75% at December 31, 2021 to 23.96% as at December 31, 2022. The Company did not consider the Greifenberg Group to be under the control of the Company as it no longer exercised control in the financial management and the control of the Greifenberg Board. Accordingly, the Group deconsolidated this subsidiary once the Company’s equity interests fell below 30% and accounted for the Greifenberg Group as an Investment in an Associate for accounting purposes. Refer to Note 14. The details of the net gain on the deemed disposal of the Greifenberg Group are set out below: Consolidated 2022 2021 A$ A$ Total deemed disposal consideration 563,970 - Carrying amount of net asset sold (note(i) below) (1,149,207 ) - Loss on sales before income tax and reclassification of foreign currency translation reserve (585,237 ) - Increase in share of net assets on group restructuring 784 - Reclassification of foreign currency transaction reserve 48,374 - Non-controlling interest 680,906 - Gain on disposal after income tax 144,827 - (i) Net assets disposed of: Consolidated 2022 2021 A$ A$ Intangible assets 1,900,765 Cash and bank balances 14,892 - Other deposit and prepayment 51,050 - Amount due to a related company 127,596 - Trade and other liabilities (945,096 ) - 1,149,207 - (ii) Net cash flows from disposal of subsidiaries Consolidated 2022 2021 A$ A$ Deemed Consideration received, satisfied in investment in associate 563,970 - Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) (14,892 ) - 549,078 - (c) Acquisition of subsidiaries On January 31, 2022, the Company acquired 60% of the issued capital of Joint Investment Ltd (“JIL”). Pursuant to the agreement, the Company invested US$ 1,000,000 in the JIL representing 60% shareholdings in JIL, and the other party received 40% of the shareholding in JIL through their contribution in the operation, management, and business development in the NFT business. Details of the purchase consideration, the net assets acquired and goodwill are as follows: A$ Purchase consideration (refer to (b) below): Cash paid - Ordinary shares issued - Total purchase consideration - The assets and liabilities recognised as a result of the acquisition are as follows: Other assets 58,830 Intangible assets 346,320 Equipment 94,903 Accounts payable (870,645 ) Other payable (519 ) Net identifiable liabilities acquired (371,111 ) Less: non-controlling interests (419,520 ) Add: goodwill 790,631 Net liabilities acquired - |
Issued Capital
Issued Capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Issued Capital Text Block Abstract | |
ISSUED CAPITAL | NOTE 27. ISSUED CAPITAL (a) Share Capital December 31, 2022 December 31, 2021 December 31, 2020 Number A$ Number A$ Number A$ Ordinary Shares fully paid 20,524,754 89,689,805 9,329,420 48,144,406 6,513,671 32,089,997 (b) Movements in ordinary share capital Company Number A$ January 1, 2020 3,377,386 18,902,029 Issue of shares for cash 1,643,406 7,121,283 Issue of shares for conversion of debt 988,408 4,122,562 Issue of shares for services 4,471 23,249 Issue of shares for acquisition of shares in subsidiary companies 500,000 2,060,000 Legal expenses in respect of issuance of shares - (139,126 ) December 31, 2020 6,513,671 32,089,997 Issue of shares for services 20,512 97,282 Issue of shares for cash 2,795,237 16,019,301 Legal expenses in respect of issuance of shares - (62,174 ) December 31, 2021 9,329,420 48,144,406 Issuance of shares for execution of share options 2,200,000 5,082,000 Issuance of shares for cash 7,822,771 31,424,160 Issuance of shares on conversion of debts 1,172,563 5,039,239 December 31, 2022 20,524,754 89,689,805 There is only one class of share on issue being ordinary fully paid shares. Holders of ordinary shares are treated equally in all respects regarding voting rights and with respect to the participation in dividends and in the distribution of surplus assets upon a winding up. The fully paid ordinary shares have no par value. During the year 2020, the details of shares movements are as below: Issue of shares for cash On February 24, 2020, the Company issued 158,730 shares at a share price of US$6.30 per share for a total subscription amount of US$1,000,000 (or about A$1,514,284). The proceeds from this sale of shares were used for repaying debts and working capital in the Company. On May 12, 2020, the Company issued 126,984 shares as a result of the exercise of the warrants referred to (d) below. On September 15, 2020, the Company issued 450,000 shares at a share price of US$3.00 per share for a total subscription amount of US$1,350,000 (or about A$1,845,000). The proceeds from this sale of shares were used for the Company’s operations and working capital. On December 2, 2020, the Company issued 600,000 shares at a share price of US$3.00 per share for a total subscription amount of US$1,800,000 (or about A$2,442,000). The proceeds from this sale of shares are intended to be used for working capital purposes and development of existing and new business. On December 21, 2020, the Company issued 307,692 shares at a share price of US$3.25 per share for a total subscription amount of US$1,000,000 (or about A$1,319,999). The proceeds from this sale of shares were intended to be used for the new product design for the filter business. Issue of shares on conversion of debt On July 25, 2020, the Company issued 700,000 shares at a share price of US$3.00 per share for payment of debt in total of HK$16,380,000 (equivalent to about US$2,100,000 or about A$2,940,000). On October 6, 2020, the Company issued 241,667 shares at a share price of US$3.90 per share for payment of debt in total of HK$5,655,000 (equivalent to about A$1,007,751). On October 6, 2020, the Company issued 46,741 shares for US$125,852 (equivalent to about A$174,811) in interest payment on the Convertible Notes. Issue of shares for services On September 15, 2020, the Company issued 4,471 shares at a share price of US$3.81 per share for a total payment of US$17,035 (equivalent to about A$23,249) to a consultancy company for technical support services. Issue of shares for acquisition of subsidiary company On September 17, 2020, the Company issued a total of 500,000 shares at a price of US$3.00 per share for a total payment of US$1,500,000 (equivalent to about A$2,060,000) for the acquisition of 51% equity interest in Sunup Holdings Limited. During the year 2021, the details of shares movements are as below: Issue of shares for services On February 2, 2021, the Company issued 17,744 ordinary shares at a share price of US$3.6125 per share for a total of US$64,100 (or about A$84,106) to employees for performance remuneration. On February 5, 2021, the Company issued 2,768 ordinary shares at a share price of US$3.6125 per share for a total of US$10,000 (or about A$13,176) to a consultant for provision of accounting and administrative services. Issue of shares for cash On February 22, 2021, the Company entered into a Securities Purchase Agreement for the sale of 625,000 shares of the Company to an investor at a price of US$4.00 per share for US$2,500,000 (approximately A$3,162,500). The Company intends to use the net cash proceeds for working capital and development of existing and new businesses. On March 4, 2021, the Company entered into subscription agreements in a private placement with twelve investors outside the United States to subscribe a total of 573,350 shares in the Company at a price of US$4.00 per share for a total of US$2,293,400 (approximately A$2,964,220). The Company intends to use the net cash proceeds for building out manufacturing infrastructure and working capital. On March 23, 2021, the Company entered into a Securities Purchase Agreement for the sale of 708,000 shares of the Company at a price of US$6.50 per share for US$4,602,000 (approximately A$6,046,320) generating net cash proceeds of approximately US$4,577,000 (approximately A$6,013,000) after deducting estimated expenses in connection with the offering. The Company intends to use the net cash proceeds for developing its current businesses, corporate expenditures and general corporate purposes. On July 6, 2021, the Company entered into three Securities Purchase Agreements for the total sale of 888,887 ordinary shares of the Company at a price of US$3.15 per share for a total net cash proceeds of approximately US$2,765,000 (approximately A$3,846,261) after deducting estimated expenses in connection with the offering. The Company intends to use the net cash proceeds for the purchase of equipment for the Company’s electronic glass business and working capital. During the year 2022, the details of shares movements are as below: Issue of shares for services On August 23, 2022, the Company issued 2,200,000 ordinary shares at a share price of US$1.59 for a total of US$3,498,000 (or about A$5,082,000) to consultants. Issue of shares for cash In March 2022, the Company issued 698,888 shares at a share price of US$4.50 per share for a total subscription amount of US$3,145,000 (or about A$4,242,861). The proceeds from this sale of shares were used for the expansion of the lamination plant in USA, air filter operation, investment in new projects and working capital. In April 2022, the Company issued 732,900 shares at a share price of US$4.50 per share for a total subscription amount of US$3,298,060 (or about A$4,422,963). The proceeds from this sale of shares were used for the expansion of the lamination plant in USA, air filter operation, investment in new projects and working capital. On June 29, 2022, the Company issued 646,173 shares at a share price of US$4.50 per share for a total subscription amount of US$2,907,786 (or about A$4,219,510). The proceeds from this sale of shares were used for the company’s operation and working capital. In August 2022, the Company issued 952,381 shares at a share price of US$1.26 per share for a total subscription amount of US$1,200,000 (or about A$1,723,809). The proceeds from this sale of shares were used for the company’s operation and working capital. On September 13, 2022, the Company issued 1,587,301 shares at a share price of US$1.26 per share for a total subscription amount of US$2,000,000 (or about A$2,904,761). The proceeds from this sale of shares were used for the company’s operation and working capital. Issue of shares on conversion of debt On January 10, 2022, the Company issued 3,205,128 ordinary shares as a result of the conversion of US$10 million convertible promissory note dated January 3, 2022. On January 19, 2022, the Company issued 664,871 ordinary shares as a result of the conversion of HK$14 million convertible promissory note dated January 20, 2020. On April 13, 2022, the Company issued 507,692 ordinary shares as a result of the conversion of US$1.65 million convertible promissory note dated August 6, 2020. Subsequent to the year end to the date of this report, the details of shares movement are as below: On February 16, 2023, the Company issued 163,053 ordinary shares at a share price of US$0.65 for a total of US$105,984 (or about A$153,270) to consultants. (c) Convertible Notes During the year 2020, the details of convertible notes movements are as below:- On January 20, 2020, the Company entered into a Convertible Note Purchase Agreement for an investor to purchase from the Company a 10% convertible promissory note (“the Note”) in the principal amount of HK$14 million (or about A$2.6million or about US$1.8million) maturing in two (2) years from the date of the agreement. During the year the Company paid a total of US$125,852 (or equivalent to about A$174,811) in interest by issuance of 46,741 shares in the Company. Subsequent to the balance sheet date, on January 19, 2022 the noteholder converted the Note into a total of 664,871 shares in the Company. On August 6, 2020, the Company entered into a convertible note purchase agreement for Nextglass Technologies Corp. to purchase from the Company a convertible promissory note (the “NGT Note”) in the principal amount of USD1,650,000 maturing in two (2) years from the date of the agreement. The NGT Note is interest free, non-secured, and each of the Company and noteholder has the right to convert the NGT Note into shares in the Company at a price of US$3.00 per share, subject to adjustment, over the term of the NGT Note. Subsequent to the balance sheet date, the noteholder has converted the NGT Note into 507,692 shares in the Company. During the year 2022, the details of convertible notes movements are as below:- On January 3, 2022, the Company entered into convertible note purchase agreements with 8 individual investors raising a total of US$10 million (or about A$13,910,256) by the issuance of US$10 million convertible notes (“Note”). The Note bears interests at 6% per annum maturing in 2 years from the date of issuance of the Note. The holder of the Note has the right to convert the principal amount to shares in the Company at a fixed conversion price of US$3.12 per share, subject to adjustment, over the term of the Note. Under the Note, the holder of the Note cannot convert the shares in the Company if such conversion would take the noteholder over 4.99% shareholding in the Company. On the same date, the notes were converted and a total of 3,205,128 shares were issued. From July to December 2022, the Company entered into a number of Subscription Agreements (“Subscription Agreements”) for US$5.5 million (or about A$8,125,094) where each Subscriber will subscribe to a convertible note (“Note”). The Note is interest free, unsecured and convertible into shares of eGlass Technologies Ltd. (“eGlass”), a then subsidiary of the Company, on the date eGlass receives notice from the Australian Stock Exchange (“ASX”) that it will be admitted to the official list of ASX, at a conversion price equal to 25% discount to the IPO Price. However, if by the first anniversary of the date of the Agreement, eGlass has not received notice from ASX that it will be admitted to the official list of ASX, all Notes will convert to shares of the Company based on then 30-day VWAP multiplied by 90%. In addition, each Subscriber shall receive warrants (“Warrant”) equal to the amount of the Note. Each Warrant can subscribe, provided that eGlass is listed on the ASX, for one share in eGlass at the IPO Price for a period of one year after the IPO. The Warrants are assignable and transferable prior to the IPO. If eGlass is not listed on the ASX, the Warrants will automatically expire. (d) Warrants During the year 2020, the details of warrants movements are as below:- On February 20, 2020, the Company entered into a Securities Purchase Agreement for the sale of 158,730 ordinary shares of the Company and warrants (“Warrants”) to purchase up to 126,984 ordinary shares. The Warrants were exercisable for the period of 12 months from the date of issuance, at an exercise price of US$10.50 per share. If the volume weighted average price (“VWAP”) of the Company’s ordinary shares on the trading day immediately prior to the exercise date is less than US$10.50, then the Warrants may be exercised at such time by means of a cashless exercise where each Warrant exercised would receive one share without any cash payment to the Company. On May 12, 2020, all the Warrants were exercised by means of a cashless exercise. During the year 2022, the details of warrants movements are as below:- On January 3, 2022 in connection with the sale of the convertible note, the Company issued to the noteholders warrants to purchase up to 2,139,032 shares raising an additional US$8 million if all the warrants are exercised. The warrants are for a term of 2 years from the date of the convertible notes and can be exercised at US$3.74 for each share. Under the warrant agreement, the warrant holder cannot exercise the warrant to subscribe for shares in the Company if such exercise would take the warrant holder over 4.99% shareholding in the Company. In connection with the private placements in August and September 2022, the Company issued to the shareholders warrants to purchase a total of 2,539,682 shares raising an additional US$3.2 million, if all the warrants are exercised. The warrants are for a term of 2 years from the date of the Agreement and can be exercised at US$1.26 for each share. Under the warrant agreement, the warrant holder cannot exercise the warrant to subscribe for shares in the Company if such exercise would take the warrant holder over 4.99% shareholding in the Company. (e) Options On August 17, 2022, the Company filed in accordance with the requirements under the Securities Act of 1933, as amended, in order to register 2,200,000 ordinary shares, no par value per share, issuable pursuant to the Integrated Media Technology Limited 2021 Employee Share Option Plan adopted by the Board of Directors of the Company. 2020 Employee Share Option Plan In August 2020, an Employee Share Option Plan (“2020 ESOP”) was approved and established by the board. The 2020 ESOP is available to employee, consultants and eligible persons (as the case may be) of the Company as the board may in its discretion determine. The total number of the shares which may be offered by the Company under the 2020 ESOP shall not at any time exceed 5% of the Company’s total issued shares when aggregated with the number of shares issued or that may be issued as a result of offers made at any time during the previous 3-year period. The shares are to be issued at a price determined by the board. The options are to be issued for no consideration. The exercise price, duration and other relevant terms of an option is to be determined by the board at its sole discretion. In September 2020, the Company, subject to shareholders” approval, granted options to subscribe up to 261,000 ordinary shares for employees, directors and consultants under the 2020 ESOP. This term of the option is two years and have vesting period of the option holder over a two year vesting period. The exercise prices will range from US$3.50 to US$3.70 per share. Each option when exercised will entitle the option holder to one ordinary share in the Company. Options will be able to be exercisable on or before an expiry date, will not carry any voting or dividend rights and will not be transferable except on death of the option holder. In September 2021 these options and the 2020 ESOP were cancelled by the Board. 2021 Employee Share Option Plan In December 2021, the Company approved a new Employee Share Option Plan (“2021 ESOP”). The 2021 ESOP is available to employee, consultants, and eligible persons (as the case may be) of the Company [upon determined by the Remuneration Committee or other body/ person as determined by the Board] and at the absolute discretion of the Board. The 2021 ESOP is valid for 10 years term. The shares are to be issued at a price determined by the Board. The options are to be issued for no consideration. The exercise price, duration and other relevant terms of an option is to determine by the Board at its sole discretion. The total number of the shares which may be offered by the Company under the ESOP shall not at any time exceed 20% of the Company’s total issued shares when aggregated with the number of shares issued or that may be issued as a result of offers made at any time during the previous 3-year period, the limit imposed under the Australian Securities and Investments Commission Class Order 14/1001. As at December 31, 2022, the Company had no employee share option issued and outstanding in respect to the 2021 ESOP. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Reserves [Abstract] | |
RESERVES | NOTE 28. RESERVES (a) The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations to Australian dollars. (b) (i) In 2020, the movement in other reserves represents the release of the reserve to accumulated losses as a result of the disposal of the subsidiary Marvel Digital Limited and its subsidiaries (Note 25). (ii) In 2021, the movement in other reserves represents the release of the reserve to accumulated losses as a result of the disposal of the subsidiary GOXD International Limited and its subsidiaries (Note 25). (iii) In 2022, the movement in other reserves represents the release of the reserve to accumulated losses as a result of the disposal of the investment in Financial Assets at Fair Value Through other Comprehensive Income and the acquisition of a subsidies company. (Note 26(c)). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
COMMITMENTS | NOTE 29. COMMITMENTS (a) Non-cancellable operating leases The Group had total future minimum lease payments for rent office under non-cancellable leases falling due as follows: Consolidated 2022 2021 A$ A$ Within one year 19,925 9,113 In the second to fifth years, inclusive 13,283 - 33,208 9,113 (b) License Agreement with Versitech Limited In the prior year in 2021, a then subsidiary of the Company held a license agreement with Versitech Limited in respect to the sharing of income arising from the intellectual property rights in the video encoding and transmission worldwide where certain royalty fee and sublicense fees were to be paid under certain conditions. During the year 2021, there was no royalty and sublicense fee paid or payable to Veritech. On December 8, 2021, the Group disposed the subsidiary holding this license agreement. (c) Capital commitments As of December 31, 2022 the Group had no capital commitment. In the prior year as of December 31, 2021, the Group had capital commitment for purchasing lamination productions lines of A$16,040,885 (approximately US$11,350,000). |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Risk Management Text Block Abstract | |
FINANCIAL RISK MANAGEMENT | NOTE 30. FINANCIAL RISK MANAGEMENT (a) Financial risk management objectives The Group is exposed to financial risk through the normal course of their business operations. The key risks impacting the Group’s financial instruments are considered to be interest rate risk, foreign currency risk, liquidity risk, credit risk and capital risk. The Group’s financial instruments exposed to these risks are cash and short term deposits, receivables, trade payables and borrowings. The Group’s chief executive officer for operations monitors the Group’s risks on an ongoing basis and report to the Board. (b) Interest rate risk management The Group is exposed to interest rate risk (primarily on its cash and bank balances, amount due to ultimate holding company, and borrowings), which is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing financial instruments. The Group has adopted a policy of ensuring it maintains adequate cash and cash equivalents balances available at call. These accounts currently earn low interests. The sensitivity analyses below have been determined based on the exposure to interest rates at the reporting date and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. A 50 basis point increase or decrease represents management’s assessment of the possible change in interest rates. At reporting date, if interest rates had increased/decreased by 50 basis points from the weighted average effective rate for the year, with other variables constant, the profit for the year would have been A$30 lower (2021: A$1,019 lower) / A$30 higher (2021: A$1,019 higher). The following table summarizes interest rate risk for the Group, together with effective interest rates as at the reporting date. Consolidated Weighted Floating Non-interest Total 2022 Financial Assets Cash and bank balances 0.56 % 594 78,499 79,093 Trade and other receivables - 4,002,844 4,002,844 Other assets - 2,477,392 2,477,392 Due from associated company - 698,323 698,323 Due from former group companies - 7,829,668 7,829,668 Total Financial Assets 594 15,086,726 15,087,320 Financial Liabilities Trade and other liabilities 8 % - 1,020,604 1,020,604 Derivative financial instruments 10 % 2,409,526 - 2,409,526 Convertible promissory notes 10 % 7,554,633 - 7,554,633 Warrant liabilities - 3,566,433 3,566,433 Total Financial Liabilities 9,964,159 4,587,037 14,551,196 Consolidated Weighted Floating Non-interest bearing Total 2021 Financial Assets Cash and cash equivalents 0.18 % 203,857 70,910 274,767 Trade and other receivables - 486,121 486,121 Other assets - 13,465,831 13,465,831 Total Financial Assets 203,857 14,022,862 14,226,719 Financial Liabilities Trade and other payables 8 % - 2,424,717 2,424,717 Amounts due to related companies - 247,406 247,406 Lease liability 2.5 % - 1,829,499 1,829,499 Convertible promissory notes 10 % 4,311,416 - 4,311,416 Total Financial Liabilities 4,311,416 4,501,622 8,813,038 (c) Foreign currency risk The Group has net assets denominated in certain foreign currencies as at 31 December 2022. Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts are those reported to key management translated into AUD at the following closing rates, HKD 0.18776, USD 1.46632, RMB 0.21253 GBP 1.77274, EUR 1.59614 KRW 0.00116 and MYR 0.33208: Consolidated Short term exposure Long term exposure HKD USD GBP EUR MYR KRW HKD USD GBP EUR MYR KRW 31 December 2022 Financial assets - Cash and cash equivalents 1,893 8,488 - 36,111 29,628 - - - - - - - - Trade and other receivables - 3,649,082 58,713 - 84,253 - - - - - - - - Inventory - 5,637,439 - - 513,582 - - - - - - - - Loan receivable - 10,522,456 - - - - - - - - - - Other assets - 2,427,950 - 36,072 13,098 - - - - - - - Financial liabilities - Trade and other liabilities - - - - (1,899 ) (138,948 ) - - - - - - - Convertible promissory notes - (7,554,633 ) - - - - - - - - - - Total exposure 1,893 14,690,782 58,713 72,183 638,662 (138,948 ) - - - - - - Consolidated Short term exposure Long term exposure HK$ US$ RMB HK$ US$ RMB December 31, 2021 Financial assets - Cash and cash equivalents 70,053 187,400 13,295 - - - - Trade and other receivables 3,279 457,798 21,851 - - - - Other assets 63,841 13,323,142 78,576 - - - Financial liabilities - Trade and other liabilities (712,801 ) (1,142,816 ) (125,876 ) - - - - Amounts due to related companies - (247,406 ) - - - - - Convertible promissory notes (2,512,137 ) (1,799,278 ) - - - - - Derivates on financial statements (1,220,904 ) (1,100,099 ) - - - - Total exposure (4,308,669 ) 9,678,741 (12,154 ) - - - The following table illustrates the sensitivity of loss and equity in regard to the Group’s financial assets and financial liabilities and the HK$/AUD exchange rate, US$/AUD exchange rate and RMB/AUD exchange rate and assure “all other things being equal’. It assumes a +/- 5% change of the AUD/HK$ exchange rate for the year ended at December 31, 2021 (2020: 5%). A +/- 5% change is considered for the AUD/US$ exchange rate (2020: 5%). A +/- 10% change is considered for the AUD/RMB exchange rate (2020: 10%). These percentages have been determined based on the average market volatility in exchange rates in the previous twelve (12) months. The sensitivity analysis is based on the Group’s foreign currency financial instruments held at each reporting date and also takes into account forward exchange contracts that offset effects from changes in currency exchange rates. If the AUD had strengthened against the HK$ by 5% (2021: 5%), the US$ by 5% (2021: 5%) and the RMB by 10% (2021: 10%) respectively then this would have had the following impact: Consolidated Loss for the year HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 (95 ) (734,539 ) - (2,936 ) (3,609 ) (65,141 ) 6,947 (799,373 ) 31 December 2021 215,433 (483,937 ) 1,215 - - - - (267,289 ) Consolidated Equity HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 (95 ) (734,539 ) - (2,936 ) (3,609 ) (65,141 ) 6,947 (799,373 ) 31 December 2021 215,433 (483,937 ) 1,215 - - - - (267,289 ) If the AUD had weakened against the HK$ by 5% (2021: 5%), the US$ by 5% (2021: 5%) and the RMB by 10% (2021: 10%) respectively then this would have had the following impact: Consolidated Loss for the year HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 95 734,539 - 2,936 3,609 65,141 (6,947 ) 799,373 31 December 2021 (215,433 ) 483,937 (1,215 ) - - - - 267,289 Consolidated Equity HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 95 734,539 - 2,936 3,609 65,141 (6,947 ) 799,373 31 December 2021 (215,433 ) 483,937 (1,215 ) - - - - 267,289 Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Group’s exposure to currency risk. (d) Liquidity risk management Prudent liquidity risk management implies maintaining sufficient cash and term deposits, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms or the earliest date on which the Group can be required to pay. The table has been drawn up based on the undiscounted cash flows of financial liabilities and include both interest and principal cash flows. Consolidated 2022 Total contractual 0 - 30 days Carrying undiscounted or on 31 - 90 91 - 365 Over amount cash flow demand days Days 1 year A$ A$ A$ A$ A$ A$ Trade and other liabilities 1,020,599 1,020,599 1,020,599 - - - Warrant liability 3,566,433 3,566,433 3,566,433 - - - Convertible promissory note 7,554,633 7,554,633 7,554,633 - - - 12,141,665 12,141,665 12,141,665 - - - Consolidated 2021 Total contractual 0 - 30 days Carrying undiscounted or on 31 - 90 91 -365 Over amount cash flow demand days Days 1 year A$ A$ A$ A$ A$ A$ Trade and other liabilities 2,424,717 2,424,717 2,424,717 - - - Amounts due to related companies 247,406 247,406 247,406 - - - Lease liability 1,829,499 1,829,499 - - 425,567 1,403,932 Convertible promissory notes 4,311,416 4,311,416 4,311,416 - - - 8,813,038 8,813,038 6,983,539 - 425,567 1,403,932 (e) Credit risk Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Group. The Group’s potential concentration of credit risk consists mainly of cash deposits with banks and trade receivables with its customers. The Group’s short term cash surpluses are placed with banks that have investment grade ratings. The Group considers the credit standing of counterparties and customers when making deposits and sales, respectively, to manage the credit risk. The Group does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the Group. Considering the nature of the business at current, the Group believes that the credit risk is not material to the Group’s operations. The maximum exposure to credit risk, excluding the value of any collateral or other security, at the end of the reporting period, to financial assets, is represented by the carrying amount of cash and bank balances, trade and other receivables, net of any provisions for doubtful debts, as disclosed in the consolidated statement of financial positions and notes to the consolidated financial statements. (f) Fair value of financial instruments The following liability is recognized and measured at fair value on a recurring basis: - Derivative financial instruments Fair value hierarchy All assets and liabilities for which fair value is measured or disclosed are categorized according to the fair value hierarchy as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Recognized fair value measurements The following table sets out the Group’s assets and liabilities that are measured at fair value in the consolidated financial statements. Level 2 A$ Derivative financial instruments December 31, 2022 2,409,526 December 31, 2021 2,321,003 The Group does not have any assets and liabilities that qualify for the level 1 category. There were no transfers between level 1, 2 and 3 during the year. An instrument is included in level 2 if the financial instrument is not traded in an active market and if the fair value is determined by using valuation techniques based on the maximum use of observable market data for all significant inputs. For the derivatives, the Group uses the estimated fair value of financial instruments determined by using available market information and appropriate valuation methods, including relevant credit risks. The estimated fair value approximates to 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. Specific valuation techniques used to value financial instruments include: ● quoted market prices or dealer quotes for similar instruments; and ● binomial options pricing models. The reconciliation of the opening and closing fair value balance of level 2 financial instruments is provided below: Consolidated Put Option At January 1, 2022 2,321,003 Issuance of put option at fair value 870,546 Gain included in profit or loss on change in fair value (782,023 ) At December 31, 2022 2,409,526 Disclosed fair values The Group also has assets and liabilities which are not measured at fair values, but for which fair values are disclosed in the notes to the consolidated financial statements. Due to their short term nature, the carrying amounts of trade receivables (refer to Note 11) and payables (refer to Note 19) are assumed to approximate their fair values because the impact of discounting is not significant. (g) Capital management risk The Group’s objective when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain a strong capital base sufficient to maintain future development of its business. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to reduce debts. The Group’s focus has been to raise sufficient funds through equity to fund its business activities. There were no changes to the Group’s approach to capital management during the year. Risk management policies and procedures are established with regular monitoring and reporting. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued capital, reserves and accumulated loss or retained earnings as disclosed in Notes 28 and 29 respectively. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Note Related Parties Abstract | |
RELATED PARTIES | NOTE 31. RELATED PARTIES (a) Transactions with directors During the years ended December 31, 2022, 2021 and 2020, the remuneration of directors of the Company was as follows: Consolidated December 31, December 31, December 31, Short term benefits (1) 655,011 730,743 780,832 Post-employment benefits - - - Total 655,011 730,743 780,832 (1) In 2020 and 2021, the director remuneration relating to our then CEO, was provided by a company which our then Company Secretary and Chief Financial Officer has control. (b) Other related party transactions During the years ended December 31, 2022, 2021 and 2020, the Group has the following material transactions with its related parties: Consolidated December 31, December 31, December 31, A$ Interest charged to an associate company 10,921 - - Revenue received from related parties (1) - - 8,490 General consultancy and management fee paid to a related party (1) - - 282,971 Purchase of products from related parties (1) - - 29,794 Company secretarial, taxation service and CFO fee paid to a related company (2) - 561,758 607,659 Consultancy fee paid to a related party (3) - 225,860 - Purchase of products from a related party (4) - - 274,417 Sales to a related party (5) - - 315,034 (1) A former director controlled the entities providing the consultancy and management services. These transactions were carried at market value in the ordinary course of business. (2) Mr. Cecil Ho, former Company Secretary and CFO controlled the entity providing professional services. (3) A former director, is a director of the related party. (4) A former director of the Company controlled the entity. The transactions were carried at the then current market value in the ordinary course of business. (5) The related party is one of the subsidiaries of our shareholder. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cash Flow Statement Text Block Abstract | |
CASH FLOW INFORMATION | NOTE 32. CASH FLOW INFORMATION (a) Reconciliation of liabilities arising from financing activities Consolidated Amounts Other liabilities Convertible Lease liabilities Derivative Issue of Total A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2022 247,406 211,567 4,311,416 1,829,499 2,321,003 29,242,377 38,163,268 Cash flows from financing activities - - 300,082 - (782,023 ) 36,506,160 36,024,219 Liability component on initial recognition - - 7,199,660 - - - 7,199,660 Debt discount - - - - 870,546 - 870,546 Interest - - 207,861 - - - 207,861 Redemption of convertible promissory note - - (4,714,820 ) - - - (4,714,820 ) Shares issued for interest payment - - (324,419 ) - - - (324,419 ) Disposal of subsidiaries (247,406 ) - - - - - (247,406 ) Disposal of right of use assets - - - (1,829,499 ) - - (1,829,499 ) Foreign exchange movement - - 574,853 - - - 574,853 Ending balance as of December 31, 2022 - 211,567 7,554,633 - 2,409,526 65,748,537 75,924,263 Consolidated Amounts Other liabilities Amount Convertible Lease liabilities Derivative Issue of Total A$ A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2021 237,674 211,567 532,718 2,196,049 - 1,478,540 13,187,968 17,844,516 Cash flows from financing activities - - (562,201 ) - (138,156 ) - 16,054,409 15,354,052 Inception of lease - - - - 2,086,229 - - 2,086,229 Interest - - - 1,848,947 28,371 - - 1,877,318 Put option liabilities in convertible bonds issued - - - - - - - - Fair value change - 842,463 842,463 Disposal of plant and equipment (4,951 ) - - - - - - (4,951 ) Foreign exchange movement 14,683 - 29,483 266,420 (146,945 ) - - 163,641 Ending balance as of December 31, 2021 247,406 211,567 - 4,311,416 1,829,499 2,321,003 29,242,377 38,163,268 Consolidated Amounts Other liabilities Bank Amount Convertible Convertible Lease liabilities Derivative Issue of shares Total A$ A$ A$ A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2020 6,101,850 1,761,309 915,300 582,832 - 4,420,899 1,168,607 - - 14,950,797 Cash flows from financing activities 840,509 211,567 - - 4,913,100 (4,668,195 ) (320,851 ) - 13,187,968 14,164,098 Non-cash movement: Settled by issuing convertible promissory note - (1,761,309 ) - - - - - - - (1,761,309 ) Fair value change - - - - - - - (2,312,197 ) - (2,312,197 ) Put option liabilities in convertible bonds issued - - - - (3,790,737 ) - - 3,790,737 - - Interest - - - - 1,508,421 - - - - 1,508,421 Disposal of plant and equipment (6,689,290 ) - (966,747 ) - - - (925,042 ) - - (8,581,079 ) Foreign exchange movement (15,395 ) - 51,447 (50,114 ) (434,735 ) 247,296 77,286 - - (124,215 ) Ending balance as of December 31, 2020 237,674 211,567 - 532,718 2,196,049 - - 1,478,540 13,187,968 17,844,516 (b) Net cash outflows from changes in working capital Consolidated December 31, December 31, December 31, Cash flows from changes in working capital (Increase)/ decrease in assets: Trade receivables (511,910 ) (86,221 ) (1,015,764 ) Other receivables (3,127,937 ) (18,793 ) (700 ) Inventories (7,272,808 ) - 142,608 Other current assets (558,588 ) (295,635 ) (1,659,728 ) Amount due from associate company (698,323 ) - - Amount due from former group companies (2,493,480 ) - - Increase / (decrease) in liabilities: Amount due to related companies (653,339 ) - - Trade and other payables 4,519,334 (318,544 ) 347,308 Net cash outflows from changes in working capital (10,797,051 ) (719,193 ) (2,186,276 ) |
Key Management Personnel Disclo
Key Management Personnel Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Information About Key Management Personnel Text Block Abstract | |
KEY MANAGEMENT PERSONNEL DISCLOSURES | NOTE 33. KEY MANAGEMENT PERSONNEL DISCLOSURES (a) Remuneration The total remuneration paid or payable to the directors and senior management of the Group during the year are as follows: Consolidated December 31, December 31, December 31, Short-term employee benefits 1,235,709 1,929,914 1,586,604 Post-employment benefits - 6,196 5,124 Total 1,235,709 1,936,110 1,591,728 During the year 2021, included in short term benefits for directors and officers included payments of A$561,758 (US$420,000) to a service companies owned by the then CFO for the provision of Chief Executive Officer and Chief Financial Officer services. (b) Loans to Key Management Personnel and their related parties There were no other loans outstanding at the reporting date to Key Management Personnel and their related parties. Other transactions with Key Management Personnel Several key management persons, or their related parties, held positions in other entities that resulted in them having control or significant influences over the financials or operating policies of these entities. Transactions between related parties are in normal commercial terms and conditions unless otherwise stated in Notes 21 and 32. (c) Share Options - number of share options held by management There were no share options held outstanding held by the management. |
Parent Entity Information (Unau
Parent Entity Information (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Entity Information Abstract | |
PARENT ENTITY INFORMATION (UNAUDITED) | NOTE 34. PARENT ENTITY INFORMATION (UNAUDITED) Set out below is the supplementary information about the parent entity. Statement of Comprehensive Income Company December 31, December 31, December 31, Loss after income tax 8,731,433 9,287,226 2,097,600 Other comprehensive income - - - Total comprehensive loss 8,731,433 9,287,226 2,097,600 Statement of Financial Position Company December 31, December 31, A$ A$ Total non-current assets 4,345,401 1,245 Total current assets 72,473,318 39,664,914 Total assets 76,818,719 39,666,159 Total current liabilities (13,099,492 ) (6,064,179 ) Total non-current liabilities (3,566,433 ) - Total liabilities (16,665,925 ) (6,064,179 ) Total assets less liabilities 60,152,794 33,601,980 Equity Issued capital 89,689,805 48,144,406 Accumulated losses (29,537,011 ) (14,542,426 ) Total equity 60,152,794 33,601,980 Guarantees entered into by the parent entity in relation to the debts of its subsidiary Other than as disclosed in this Annual Report, the parent entity had not guarantee debts of its subsidiary companies. Contingent liabilities Other than as disclosed in this Annual Report, the parent entity had no contingent liabilities as at December 31, 2022 and December 31, 2021. Capital commitments – plant and equipment The parent entity has no capital commitments for plant and equipment as at December 31, 2022 and December 31, 2021. Significant accounting policies The accounting policies of the parent entity are consistent with those of the Group, as disclosed in Note 3, except for: - Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity, - Dividends received from subsidiaries are recognized as other income by the parent entity and its receipt may be an indicator of impairment. |
Prior Year Reclassifications
Prior Year Reclassifications | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Reclassification Of Financial Assets Text Block Abstract | |
PRIOR YEAR RECLASSIFICATIONS | NOTE 35. PRIOR YEAR RECLASSIFICATIONS Certain comparative figures have been reclassified to conform with the current year’s presentation of the consolidated financial statements. |
Events Occurring After The Repo
Events Occurring After The Reporting Date | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [line items] | |
EVENTS OCCURRING AFTER THE REPORTING DATE | NOTE 36. EVENTS OCCURRING AFTER THE REPORTING DATE There is no other matter or circumstance arisen since December 31, 2022, which has significantly affected, or may significantly affect the operations of the Group, the result of those operations, or the state of affairs of the Group in subsequent financial years. |
Group Details
Group Details | 12 Months Ended |
Dec. 31, 2022 | |
Group Details Abstract | |
GROUP DETAILS | NOTE 37. GROUP DETAILS The registered office and principal place of business is: Suite 1401 Level 14, 219-227 Elizabeth Street Sydney NSW 2000 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Preparation | (a) Basis of Preparation The consolidated financial statements have been prepared on the accrual basis and are based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. |
Principles of Consolidation and equity accounting | (b) Principles of Consolidation and equity accounting (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the group (see note 3(h)). Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively (ii) Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see (iv) below),after initially being recognised at cost. (iii) Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 3(h). (iv) Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of IMTE. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. |
Business Combinations | (c) Business Combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred, except if related to the issue of debt or equity securities. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognized amount of any non-controlling interest in the acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. Any contingent consideration to be transferred by the acquirer is recognized at acquisition-date fair value. Subsequent adjustments to consideration are recognized against goodwill only to the extent that they arise from new information obtained within the measurement period (a maximum of 12 months from the acquisition date) about the fair value at the acquisition date. All other subsequent adjustments to contingent consideration classified as an asset or a liability are recognized in the consolidated statement of profit or loss. |
Current and deferred income tax | (d) Current and deferred income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income / loss or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits. Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised. The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: (i) in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or (ii) in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: - the same taxable entity; or - different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realize the current tax assets and settle the current tax liabilities on a net basis or realized and settle simultaneously. |
Intangible Assets | (e) Intangible Assets (i) Acquired both separately and from a business combination Purchased intangible assets are initially measured at cost. The cost of an intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at each financial year end. Intangible assets, excluding development costs, created within the business are not capitalised and expenditure is charged against profits in the period in which the expenditure is incurred. (ii) Intellectual property Expenditure incurred on patents, trademarks or licenses are capitalized from the date of application. They have a definite useful life and are carried at cost less accumulated amortization. They are amortized using the straight-line method over their estimated useful lives for a period of 8 to 15 years. (iii) Research and development costs Development projects in the consolidated statements of financial position represent the development costs directly attributable to and incurred for internal technology projects of the Group. An intangible asset arising from development expenditure on an internal technology project is recognised and included in development projects only when the Group can demonstrate the technical feasibility of completing the intangible asset or technology so that it will be available for application in existing or new products or for sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development, the ability to measure reliably the expenditure attributable to the intangible asset during its development and the ability to use the tangible asset generated. For labour costs, all research and development member salaries that are directly attributable to the technology project are capitalised. Administrative staff and costs are recognised in the profit or loss instead of capitalising this portion of costs. Following the initial recognition of the development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated impairment losses. The amortisation rate of these intangible assets was determined on the basis of the estimated useful life from the time that the relevant asset is taken into use. (iv) Autostereoscopic 3D display technologies and knowhow The autostereoscopic 3D display technologies and knowhow acquired in the business combination is measured at fair value as at the date of acquisition. These costs are amortized over the estimated useful life of 8 years and are tested for impairment where an indicator of impairment exists. The useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Please refer to Note 18 for impairment review of these autostereoscopic 3D display technologies and knowhow. (v) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives ranging (2-5 years). Costs associated with maintaining computer software are recognized as an expense when incurred. |
Inventories | (f) Inventories Finished goods are stated at the lower of cost and net realizable value on a “first in first out” basis. Cost comprises direct materials and delivery costs, import duties and other taxes. Costs of purchased inventories are determined after deducting rebates and discounts received or receivable. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. |
Leases | g) Leases As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative and-alone prices. However, for the leases of property the Group has elected not to separate lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines Its Incremental borrowing rate by obtaining Interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable under a residual value guarantee; and - the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in property, plant and equipment’ and lease liabilities in loans and borrowings’ in the statement of financial position. 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. |
Impairment of Assets | (h) Impairment of Assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased: - plant and equipment (other than properties carried at revalued amounts); - intangible assets. If any such indication exists, the asset’s recoverable amount is estimated. In addition for intangible assets that are not yet available for use and intangible assets that have indefinite useful lives, the recoverable amount is estimated annually whether or not there is any indication of impairment. (i) Calculation of recoverable amount The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. 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. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). (ii) Recognition of impairment losses An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). (iii) Reversals of impairment losses In respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized. |
Trade deposits | (i) Trade deposits Trade deposits are payments in advance to suppliers of equipment, products and services, which are initially recognized at fair value and thereafter stated at amortized cost using the effective interest method less impairment losses, except where the effect of discounting would be immaterial. |
Plant and Equipment | (j) Plant and Equipment Items of plant and equipment are measured at cost less accumulated depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the directors to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. The depreciable amount of all fixed assets are depreciated over their estimated useful lives to the Group commencing from the time the assets is held ready for use. Depreciation is calculated on a straight-line basis to write the net cost of each item of plant and equipment over their expected useful lives. The depreciation rates used for each class of depreciable assets are generally as follows: Class of fixed assets Depreciation rate Leasehold Improvements lesser of 5 years or lease term Office Furniture and Equipment 5-12 years Machinery 5-12 years Gains and losses on disposal are determined by deducting the net book value of the assets from the proceeds of sale and are booked to the profit or loss in the year of disposal. |
Foreign Currency Translation | (k) Foreign Currency Translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Australian Dollars (“A$”), which is the Group’s presentation currency. (ii) Transactions and balances Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognized in profit or loss, except those arising from foreign currency borrowings used to hedge a net investment in a foreign operation which are recognized in other comprehensive income. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated using the foreign exchange rates ruling at the dates the fair value was measured. (iii) Group companies The results of foreign operations are translated into Australian Dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, are translated into Australian Dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognized in other comprehensive income and accumulated separately in equity in the exchange reserve. On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognized. For years ended December 31, 2022 and 2021, the comprehensive income was A$2,172,362 and A$762,348 respectively which was mainly resulted from the translation of the foreign operations in Hong Kong (HK$), China (RMB) and United States (USA) into Australia dollars. The significant monetary items denominated in currencies other than Australia dollars include trade and other receivables, inventories, loan receivables, other assets, due from shareholders and former group companies, trade and other liabilities and convertible promissory notes. |
Trade and Other Receivables | (l) Trade and Other Receivables Trade receivables are recognized at original invoice amounts less an allowance for uncollectible amounts and have repayment terms between 30 and 90 days. Collectability of trade receivables is assessed on an ongoing basis. Debts which are known to be uncollectible are written off. An allowance is made for doubtful debts where there is objective evidence that the Group will not be able to collect all amounts due according to the original terms. Objective evidence of impairment includes financial difficulties of the debtor, default payments or debts more than 30 days overdue. On confirmation that the trade receivable will not be collectible, the gross carrying value of the asset is written off against the associated provision. Other receivables generally arise from transactions outside the usual operating activities of the group. |
Trade and Other Payables | (m) Trade and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are paid on normal commercial terms. |
Warrant liabilities | (n) Warrant liabilities The warrant liabilities which are viewed as debts instruments, are measured at fair value through profit or loss. These warrants exercise price are in a currency other than functional currency of the Company, therefore it does not meet the “fixed-or fixed” condition for recognizing as equity component under IAS32. They are classified as liabilities. The liability has been designated as at fair value through profit or loss on initial recognition and subsequent changes in fair value are recognised in the profit or loss. This liability is considered a derivative financial liability. |
Provisions and Contingent Liabilities | (o) Provisions and Contingent Liabilities Provisions are recognized for other liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. |
Borrowings | (p) Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities, which are not an incremental cost relating to the actual draw-down of the facility, are recognized as an offset against the liability balance and amortized on a straight-line basis over the term of the facility. Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in other income or other expenses. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. |
Borrowing Costs | (q) Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred. The capitalization of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete. |
Convertible Promissory Note | (r) Convertible Promissory Note Convertible promissory note that can be converted into ordinary shares at the option of the holder, where the number of shares to be issued is fixed, are accounted for as compound financial instruments, i.e. they contain both a liability component and an equity component. At initial recognition the liability component of the convertible promissory note is measured at fair value based on the future interest and principal payments, discounted at the prevailing market rate of interest for similar non-convertible instruments. The equity component is the difference between the initial fair value of the convertible promissory note as a whole and the initial fair value of the liability component. Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components in proportion to the allocation of proceeds. The liability component is subsequently carried at amortised cost. Interest expense recognised in profit or loss on the liability component is calculated using the effective interest method. The equity component is recognised in the capital reserve until either the bonds are converted or redeemed. If the note are converted, the capital reserve, together with the carrying amount of the liability component at the time of conversion, is transferred to share capital and share premium as consideration for the shares issued. If the note are redeemed, the capital reserve is released directly to retained profits. |
Derivative Financial Instruments | (s) Derivative Financial Instruments Derivative financial instruments are recognised at fair value. At the end of each reporting period the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. |
Employee Benefits | (t) Employee Benefits (i) Employee leave entitlements Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the date of the statement of financial position. Employee entitlements to sick leave and maternity leave are not recognised until the time of leave. (ii) Pension obligations Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values. |
Cash and Cash Equivalents | (u) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and call deposits with banks or financial institutions and net of bank overdrafts. |
Revenue | (v) Revenue Revenue is recognized in accordance with IFRS 15 Revenue from Contracts with Customers. The underlying principle is to recognize revenue when a customer obtains control of the promised goods at an amount that reflects the consideration that is expected to be received in exchange for those goods. It also requires increased disclosures including the nature, amount, timing, and uncertainty of revenues and cash flows related to contracts with customers. We recognize revenue upon transfer of control of the promised goods in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment or once delivery and risk of loss has transferred to the customer. We account for a contract with customer when we have approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We identify separated contractual performance obligations and evaluate each distinct performance obligation within a contract, whether it is satisfied at a point in time or over time. All of our performance obligations for the reported periods were satisfied at a point in time. Revenue is allocated among performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods based on standalone selling prices (SSP). SSP are estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of the product when we sell the goods separately in similar circumstances and to similar customers. Interest Income Revenue is recognized as interest accrues using the effective interest method. |
Sales Taxes | (w) Sales Taxes Revenues, expenses and assets are recognized net of the amount of goods and services tax (“GST”) or valued-added tax (“VAT”), except where the amount of GST or VAT incurred is not recoverable from the Australian Taxation Office or taxation authorities in other jurisdictions. In these circumstances, the GST or VAT is recognized as part of the cost of acquisition of the assets or as part of an item of expense. Receivables and payables in the consolidated statement of financial position are shown inclusive of GST or VAT. Cash flows are included in the consolidated statement of cash flows on a gross basis and the GST or VAT component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows. |
Earnings Per Share | (x) Earnings Per Share (i) Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group, 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. (ii) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. |
Issued Capital | (y) Issued Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration. |
Related Party Transactions | (z) Related Party Transactions For the purpose of these consolidated financial statements, related party includes a person and entity as defined below: (i) A person, or a close member of that person’s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group’s parent. (ii) An entity is related to the Group if any of the following conditions applies: (i) the entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) both entities are joint ventures of the same third party. (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) the entity is controlled or jointly controlled by a person identified in (i). |
Government grants | (aa) Government grants Government grants are recognized at fair value where there is reasonable assurance that the grant will be received and all grant conditions will be met. Grants relating to expenses are recognised as income over the periods necessary to match grants to the costs are compensating. Grants relating to assets are credited to deferred income at fair value and are credited to income over the expected useful life of the assets on a straight line basis. |
Fair Value | ab) Fair Value Fair values may be used for financial asset and liability measurement and for sundry disclosures. Fair value is 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. It is based on the presumption that the transaction takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market. The principal or most advantageous market must be accessible to, or by, the Group. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. The fair value measurement of a non-financial asset takes into account the market participant’s ability to generate economic benefits by using the asset at its highest and best use or by selling it to another market participant that would use the asset at its highest and best use. In measuring fair value, the Group uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. |
Investments and other financial assets | (ac) Investments and other financial assets (i) Classification The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments: ● Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. ● FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses), and impairment expenses are presented as separate line item in the statement of profit or loss. ● FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 12(c) for further details. The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized and derecognized on a trade date or settlement date basis for which financial assets were classified in the same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. |
New, Revised or Amending Accounting Standards and Interpretations | ad) New, Revised or Amending Accounting Standards and Interpretations (i) The Group has applied the following standards and amendments for first time in their annual reporting period commencing January 1, 2022: The group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: ● Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 ● Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37 ● Annual Improvements to IFRS Standards 2018-2020, and ● Reference to the Conceptual Framework – Amendments to IFRS 3. The group also elected to adopt the following amendments early: 13 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – amendments to IAS 12, ● Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. (ii) New standards and interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. New, Revised or Amended Standards and Interpretations Effective Date IFRS 17 “Insurance Contracts” January 1, 2023 Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements January 1, 2023 Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors January 1, 2023 Amendments to IAS 12, Income Taxes January 1, 2023 Amendments to IFRS 16, Leases January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements January 1, 2024 |
Critical Accounting Judgments, Estimates and Assumptions | (ae) Critical Accounting Judgments, Estimates and Assumptions The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management continually evaluates its judgments and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgments, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgments and estimates will seldom equal the related actual results. The judgments, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Provision for impairment of receivables The provision for impairment of receivables assessment requires a degree of estimation and judgment. The level of provision is assessed by taking into account the recent sales experience, the ageing of receivables, historical collection rates and specific knowledge of the individual debtor’s financial position. Refer to Note 11 for further details. (ii) Estimation of useful lives of assets The Group determines the estimated useful lives and related depreciation and amortization charges for its plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other events. The depreciation and amortization charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Please refer to Note 3(e) and 3(j) for further detail. (iii) Income tax The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgment is required in determining the provision for income tax and in assessing whether deferred tax assets and certain deferred tax liabilities are recognized in the consolidated statement of financial position. Deferred tax assets, including those arising from unrecouped tax losses, capital losses and temporary differences, are recognized only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. In addition, there are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on the Group’s current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made. (iii) Investment in an associate The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. (iv) Fair value estimate of warrant liability Fair value estimation of warrant liability is included in notes 3(n) and notes 24 of the financial statements. Judgements are also required about the application of income tax legislation. These judgements and assumptions are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustments, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and comprehensive income. (v) Valuation of Inventory Inventories are stated at the lower of cost or net realizable value, and the Group uses estimate to determine the net realizable value of inventory at the end of each reporting period. The Group estimates the net realizable value of inventory for normal waste, obsolescence and unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable value. The net realizable value of the inventory is determined mainly based on assumptions of future demand within a specific time horizon. (vi) Impairment of non-financial assets The Group assesses impairment of all assets (including intangible assets) at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. These include product, technology, economic and political environments and future product expectations. If an impairment trigger exists the recoverable amount of the asset is determined. Given the current uncertain economic environment management considered that the indicators of impairment were significant enough and as such these assets have been tested for impairment in this financial period. Refer to Note 3(h) for details regarding the method and assumptions used. (vii) Fair value of convertible promissory notes The fair value of convertible promissory notes are determined using valuation techniques including reference to other instruments that are substantially the same, discounted cash flow analysis and option pricing model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. (viii) Fair value of derivative financial instruments The fair values of derivative financial instruments that are not quoted in active markets are determined by using valuation techniques. Valuation techniques used include discounted cash flows analysis and models with built-in functions available in externally acquired financial analysis or risk management systems widely used by the industry such as option pricing models. To the extent practical, the models use observable data. In addition, valuation adjustments may be adopted if factors such as credit risk are not considered in the valuation models. Management judgement and estimates are required for the selection of appropriate valuation parameters, assumptions and modelling techniques. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies Text Block Abstract | |
Schedule of depreciation rates used for each class of depreciable assets | Class of fixed assets Depreciation rate Leasehold Improvements lesser of 5 years or lease term Office Furniture and Equipment 5-12 years Machinery 5-12 years |
Schedule of new, revised or amended standards and interpretations | New, Revised or Amended Standards and Interpretations Effective Date IFRS 17 “Insurance Contracts” January 1, 2023 Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements January 1, 2023 Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors January 1, 2023 Amendments to IAS 12, Income Taxes January 1, 2023 Amendments to IFRS 16, Leases January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements January 1, 2024 |
Revenue and Segment Informati_2
Revenue and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Entitys Operating Segments Text Block Abstract | |
Schedule of revenue and segment information | Consolidated December 31, December 31, December 31, Sales of Halal products 526,807 - - Development, sales and distribution of 3D autostereoscopic products and conversion equipment - 3,980 1,427,157 Sales of software and technology solutions - - 317,472 Sales of air-filter products - 189,133 - Total Revenue 526,807 193,113 1,744,629 |
Schedule of timing of transfer of good or services | 2022 At a point in time Total Sales of Halal products 526,807 526,807 2021 At a point in time Total Development, sales and distribution of 3D autostereoscopic products and conversion equipment 3,980 3,980 Sales of air- filter products 189,133 189,133 Total Revenue 193,113 193,113 2020 Over time At a point Total A$ Development, sales and distribution of 3D autostereoscopic products and conversion equipment 84,713 1,342,444 1,427,157 Sales of air-filter products - 317,472 317,472 Total Revenue 84,713 1,659,916 1,744,629 |
Schedule of revenue by geographic location | Consolidated December 31, December 31, December 31, Malaysia 526,807 78,123 - Hong Kong - 3,980 1,366,200 China - 6,846 60,956 USA - 104,164 - Korea - - 315,034 Other - - 2,439 526,807 193,113 1,744,629 |
Schedule of non-current assets by geographic location | Consolidated December 31, 2022 December 31, 2021 December 31, 2020 Australia 968 562,500 - USA 20,910,964 4,599,618 - Malaysia 832,170 - - Canada 708,117 - - Hong Kong - 1,946,263 262,626 China - 4,138,043 2,139,605 Korea 3,257,187 10,562,521 4,915,447 25,709,406 21,808,945 7,317,678 |
Schedule of major customers | December 31, 2022 December 31, 2021 December 31, 2020 Percentage Balance Percentage Balance Percentage Balance due A$ Customer A - - - - 16.23 % - Customer B - - 53.93 % 104,645 - - Customer C - - 40.45 % 78,483 - - Customer D - - - - 41.23 % 628,621 Customer E - - - - 18.05 % 314,892 Customer F - - - - 10.87 % 179,338 Customer G 72.39 % 339,630 - - - - Customer H 16.27 % 84,253 - - - - |
Schedule of segment information for the reporting period | Consolidated For the year ended 31 December 2022 Sales of electronic A$ Sales of air- filter A$ Sales of Halal products A$ Provision of credit A$ Provision of A$ NFT A$ Corporate A$ Total A$ Revenue Revenue from operating activities - - 526,807 - - - - 526,807 Interest income - - 6 1 1 - 567,590 567,598 Gain on disposal of Investment in Equity Instrument - - - - - - 782,023 782,023 Loss on fair value changes in investment - - - - - - (225,000 ) (225,000 ) Other income - - - - 2,878 - - 2,878 Segment revenue - - 526,813 1 2,879 - 1,124,613 1,654,306 Cost of sales - - (687,477 ) - - - - (687,477 ) Employee benefit expenses (120,985 ) - (197,980 ) (107,035 ) (381,985 ) (141,148 ) (513,863 ) (1,462,996 ) Depreciation and amortization expenses (407,155 ) (1,133,397 ) (191,155 ) (33,213 ) (21,552 ) (65,509 ) (141,026 ) (1,993,007 ) Professional and consulting expenses (56,225 ) (184,930 ) (70,671 ) (11,332 ) (489,050 ) (157,312 ) (5,263,462 ) (6,232,982 ) Travel and accommodation expenses (14,917 ) - (136,288 ) - (27 ) - (8,551 ) (159,783 ) Other operating expenses (30,749 ) (6,957 ) (174,394 ) 5,673 (84,166 ) (93,183 ) (456,548 ) (840,324 ) Finance costs (129,458 ) (38,194 ) (13,037 ) - (17,640 ) - (718,051 ) (916,380 ) Share on losses of associates - - - (322,893 ) - - - (322,893 ) Gain disposal of subsidiaries 51,143 - - - 386 - 10,500 62,029 Gain on deemed disposal of subsidiary - - - - - - 144,827 144,827 Provision for the inventory - - (96,197 ) - - - (1,025,591 ) (1,121,788 ) Provision for bad debt - (102,308 ) - - - - - (102,308 ) Written off of property, plant and equipment - - - - - - (93,183 ) (93,183 ) Loss on fair value change in warrant - - - - - - (3,566,433 ) (3,566,433 ) Exchange gain/(loss) 1,851 29,577 74,585 (4 ) (50,800 ) - 1,720,680 1,775,889 Segment expenses (706,495 ) (1,436,209 ) (1,492,614 ) (468,804 ) (1,044,834 ) (457,152 ) (9,910,701 ) (15,516,809 ) Segment operating (loss)/ profit (706,495 ) (1,436,209 ) (965,801 ) (468,803 ) (1,041,955 ) (457,152 ) (8,786,088 ) (13,862,503 ) Segment assets 2022 20,910,964 5,557,525 5,215,538 - - 510,522 25,275,654 57,470,203 Segment liabilities 2022 (1,392 ) (508,660 ) (1,899 ) - - (527 ) (14,038,713 ) (14,551,191 ) Consolidated For the year ended December 31, 2021 Development, Sales of electronic glass A$ Sales of air- filter products Provision of credit risk analysis A$ IoT Corporate Total Revenue Revenue from operating activities 3,980 - 189,133 - - - 193,113 Interest income 18,859 - - 5 - - 18,864 Fair value change in derivative financial instruments - - - - - (842,463 ) (842,463 ) Other income - - - - 39,731 296,076 335,807 Segment revenue 22,839 - 189,133 5 39,731 (546,387 ) (294,679 ) Cost of sales 2,721 6,654 140,072 - - - 149,447 Employee benefit expenses 215,757 105,680 - 10,925 550,817 730,743 1,613,922 Depreciation and amortization expenses 109,325 913 1,049,125 - 25,976 141,472 1,326,811 Professional and consulting expenses 5,802 8,772 36,881 307,700 1,179,003 837,880 2,376,038 Travel and accommodation expenses 7,980 65,808 - 10,633 919 6,045 91,385 Other operating expenses 1,534,404 92,035 23,855 66,372 692,327 (1,683,283 ) 725,710 Provision for written off inventory (9,439 ) - - - - - (9,439 ) Provision for bad debts - - 14,390 - - - 14,390 (Gain)/ Loss disposal of subsidiaries (6,927,976 ) - - - - 4,929,707 (1,998,269 ) Finance costs 16,763 60,448 3,009 - (33,335 ) 1,954,067 2,000,952 Segment expenses (5,044,663 ) 340,310 1,267,332 395,630 2,415,707 6,916,631 6,290,947 Segment operating profit/ (loss) 5,067,502 (340,310 ) (1,078,199 ) (395,625 ) (2,375,976 ) (7,463,018 ) (6,585,626 ) Segment assets 2021 - 15,645,858 6,417,042 2,049,261 767,670 210,580 25,090,411 Segment liabilities 2021 - (1,737,509 ) (457,741 ) (808,980 ) (287,802 ) (7,842,009 ) (11,134,041 ) Consolidated For the year ended December 31, 2020 Development, Sales of air- Consultancy Corporate Total Revenue Revenue from operating activities 1,427,157 317,472 - - 1,744,629 Interest income 6,197 - - - 6,197 Fair value change in derivative financial instruments - - - 2,312,197 2,312,197 Other income 82,561 - - - 82,561 Segment revenue 1,515,915 317,472 - 2,312,197 4,145,584 Cost of sales 1,155,006 156,560 - - 1,311,566 Employee benefit expenses 1,570,626 - 241,914 400,103 2,212,643 Depreciation and amortization expenses 1,897,243 179,144 2,307 68 2,078,762 Professional and consulting expenses (116,977 ) - 634,186 856,698 1,373,907 Travel and accommodation expenses 24,436 - 2,246 14,213 40,895 Other operating expenses 734,523 1,196 40,476 334,945 1,111,140 Provision for bad debt 58,932 - - - 58,932 Provision for inventory written off (17,671 ) - - - (17,671 ) Loss disposal of subsidiaries (22,206,347 ) - - 22,235,337 28,990 Plant and equipment written off - - - 110 110 Provision for impairment loss on intangible assets 3,459,340 - - - 3,459,340 Development projects written off 930,356 - - - 930,356 Finance costs 408,054 - - 1,692,218 2,100,272 Segment expenses (12,102,479 ) 336,900 921,129 25,533,692 14,689,242 Segment operating (loss) / profit 13,618,394 (19,428 ) (921,129 ) (23,221,495 ) (10,543,658 ) Segment assets 2020 2,070,047 6,529,733 2,337,630 2,016,256 12,953,666 Segment liabilities 2020 5,015,497 2,733,042 5,888,659 (5,589,384 ) 8,047,814 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income [Abstract] | |
Schedule of other income | Consolidated December 31, December 31, December 31, Government grant - - 82,082 Waive of debts - 310,789 - Underwriting fee from investment - 25,000 - Sundry income 2,878 18 479 2,878 335,807 82,561 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Cost Text Block Abstract | |
Schedule of financial costs | Consolidated December 31, December 31, December 31, Bank overdraft and borrowing interest 26,290 - 37,091 Interest on revolving loan - 16,763 228,627 Interest on operating lease liability 132,465 88,818 32,526 Interest on convertible bonds - - 109,811 Interest on convertible promissory notes (Note 19) 757,625 1,895,371 1,692,217 916,380 2,000,952 2,100,272 |
Loss before Income Tax (Tables)
Loss before Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Income Tax Text Block [Abstract] | |
Schedule of loss before income tax | Consolidated December 31, December 31, December 31, Employee benefit expenses: - Wages and salaries 784,105 851,073 1,482,072 - Staff welfare 14,286 - - - Defined contribution superannuation plan expenses 9,594 32,106 83,441 - Less: Labor cost allocated to development projects - - (133,702 ) 807,985 883,179 1,431,811 - Executive directors’ remuneration 575,806 574,371 722,157 - Non-executive directors’ remuneration 79,204 156,372 58,675 655,010 730,743 780,832 Total employee benefit expenses 1,462,995 1,613,922 2,212,643 Depreciation and amortization of non-current assets: - Leasehold improvements 21,552 18,978 10,385 - Office furniture and equipment 2,985 118,143 179,140 - Machinery 1,133,397 1,049,125 172,982 - Right of use assets 545,196 140,565 299,981 - Intangible assets 289,877 - 1,416,274 Total depreciation and amortization 1,993,007 1,326,811 2,078,762 Other Expenses: Allowances for bad debts 102,308 14,390 58,932 Rental expense on operating lease 81,178 116,406 126,382 Provision for inventory 1,121,788 - - Reversal of allowance for inventory obsolescence - (9,439 ) (17,671 ) Plant and equipment written off 93,183 - 110 Development projects written off - - 930,356 Provision for impairment loss on intangible assets - - 3,459,340 Selling costs 68,546 - - Other operating expenses 479,057 378,500 480,015 Other expenses 211,543 142,482 310,360 2,157,603 642,339 5,347,824 Other (gains)/ losses: Gain on deemed disposal of subsidiaries (144,827 ) - - (Gain)/ loss on disposal of subsidiaries (62,029 ) (1,998,269 ) 28,990 Exchange (gain)/ loss (1,775,889 ) (88,322 ) 194,383 Total other gains/ (losses) (1,982,745 ) (2,086,591 ) 223,373 Audit and review of financial statements: - statutory audit of the Group in Australia 2,387 - 25,000 - audit of the Group in USA 264,947 185,272 76,780 - statutory audit of the subsidiaries - 10,922 - - review for other reporting purposes 50,924 87,130 18,822 Total audit and review fees 318,258 283,324 120,602 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Text Block Abstract | |
Schedule of income tax expense | Consolidated December 31, 2022 December 31, 2021 December 31, 2020 Income tax expenses - - - Deferred tax expenses - - - Income tax expenses - - - |
Schedule of prima-facie tax on loss before income tax expense | Consolidated December 31, December 31, December 31, Numerical reconciliation of income tax expense to prima facie tax payable Loss before income tax (13,862,503 ) (6,585,626 ) (10,543,548 ) Income tax expenses on loss before income tax at 30% 4,158,751 1,975,688 3,163,064 Difference in overseas tax rates 1,265,854 (401,475 ) (148,299 ) Less the tax effect of: Tax losses and temporary differences for the year for which no deferred tax is recognized (5,424,605 ) (1,574,213 ) (3,014,765 ) Income tax expenses - - - |
Schedule of income tax expense | Consolidated December 31, December 31, Balance brought forward - (13,668 ) Exchange difference - 13,668 Total - - |
Schedule of unrecognised deferred tax assets | Consolidated 2022 2021 A$ A$ Deferred tax assets have not been recognised in respect of the following items: i) Temporary differences at 27.5% (2021: 16.6%) 453,404 208,691 ii) Tax losses at 25.5% (2021: 21.7%) 12,532,777 8,145,506 12,986,182 8,354,197 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Earnings Per Share Text Block Abstract | |
Schedule of loss per share | Consolidated December 31, December 31, December 31, Loss after income tax attributable to shareholders A$ (12,615,504 ) A$ (5,771,510 ) A$ (10,034,077 ) Number of ordinary shares 20,524,754 9,329,420 6,513,671 Weighted average number of ordinary shares on issue 16,448,111 8,292,403 4,311,360 Basic and diluted loss per share A$ (0.77 ) A$ (0.70 ) A$ (2.33 ) |
Trade Receivables, Other Rece_2
Trade Receivables, Other Receivables and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Receivables Text Block Abstract | |
Schedule of trade receivables | Consolidated December 31, December 31, Trade receivables 951,890 480,095 Less: Allowances for doubtful debts (100,572 ) (14,456 ) 851,318 465,639 Consolidated December 31, 2022 December 31, 2021 Other receivables 2,990,582 20,482 Consolidated December 31, December 31, Prepayments 59,751 - Trade deposits 503,689 432,236 Other deposits 1,921,773 1,574,128 VAT receivable 273 272 2,485,486 2,006,636 |
Schedule of analysis of trade receivables | Consolidated December 31, December 31, Current (not p ast due) 141,117 - Overdue: less than 1 month 341,479 190,969 Overdue: 1 month - 3 months - - Overdue: 3 months 469,294 289,126 951,890 480,095 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | Consolidated December 31, December 31, Finished goods – Halal products 513,582 - Finished goods – displays and other products 6,743,531 - Provision for inventories (1,106,092 ) - Total 6,151,021 - |
Loan Receivable (Tables)
Loan Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Description Of Accounting Policy For Loans And Receivables Text Block Abstract | |
Schedule of loans receiveble | Consolidated December 31, December 31, Loan receivable 10,522,456 - Loan interest receivable 157,837 - 10,680,293 - |
Investment in an Associate (Tab
Investment in an Associate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment In An Associate Abstract | |
Schedule of investment in an associate | Consolidated December 31, December 31, Interest in associate 257,346 - Due from an associate company 698,323 - 955,669 - |
Schedule of quoted market price | Name of Associates Country of Principal Activities Paid Up Capital Percentage Owned 2022 2021 Greifenberg Digital Limited Canada Investment holding US$2,087,000 23.96% (Direct) - |
Schedule of represents amounts in associate’ financial statements | As at 31 December 2022 2021 US$ US$ Current assets 85,420 - Non-current assets 1,656,298 - Current liabilities (983,596 ) - Net assets 758,122 - Group share of net assets 23.96 % - Year ended 31 December US$ 181,646 - Revenues, net US$ 90,000 - Loss after tax US$ (865,548 ) - |
Amounts Due From Former Group_2
Amounts Due From Former Group Companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Amounts Due From Former Group Companies [Abstract] | |
Schedule of Amounts Due From Former Group Companies | Consolidated December 31, December 31, Amounts due from former group companies - net 7,829,668 - |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Property Plant And Equipment [Text Block Abstract] | |
Schedule of plant and equipment | Consolidated Leasehold Improvements A$ Fixtures and Equipment A$ Machinery Total As of December 31, 2020 Cost - 710,621 7,224,551 7,935,172 Accumulated depreciation - (447,995 ) (169,499 ) (617,494 ) Carrying amount as of December 31, 2020 - 262,626 7,055,052 7,317,678 Year ended December 31, 2021 Opening carrying amount - 262,626 7,055,052 7,317,678 Additions 42,392 28,717 - 71,109 Disposals - (164,829 ) - (164,829 ) Depreciation expenses (18,978 ) (118,143 ) (1,049,125 ) (1,186,246 ) Exchange difference (452 ) 14,341 390,133 404,022 Closing carrying amount as of December 31, 2021 22,962 22,712 6,396,060 6,441,734 As of December 31, 2021 Cost 42,392 199,798 7,655,465 7,897,655 Accumulated depreciation (19,430 ) (177,086 ) (1,259,405 ) (1,455,921 ) Carrying amount as of December 31, 2021 22,962 22,712 6,396,060 6,441,734 Year ended December 31, 2022 Opening carrying amount 22,962 22,712 6,396,060 6,441,734 Additions - 113,381 - 113,381 Disposals - (21,963 ) (2,420,418 ) (2,442,381 ) Write-off - (93,183 ) - (93,183 ) Depreciation expenses (21,552 ) (2,985 ) (1,133,397 ) (1,157,934 ) Exchange difference (1,410 ) (530 ) 414,925 412,985 Closing carrying amount as of December 31, 2022 - 17,432 3,257,170 3,274,602 As of December 31, 2022 Cost - 23,691 5,652,175 5,675,866 Accumulated depreciation - (6,259 ) (2,395,005 ) (2,401,264 ) Carrying amount as of December 31, 2022 - 17,432 3,257,170 3,274,602 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Description of Accounting Policy For Intangible Assets And Goodwill [Text Block Abstract] | |
Schedule of intangible assets | Consolidated Technologies and Knowhow Patents and Trademark Software and License Total Cost As of January 1, 2021 6,217,824 236,528 486,864 6,941,216 Additions 1,900,589 - - 1,900,589 As of December 31, 2021 8,118,413 236,528 486,864 8,841,805 As of January 1, 2022 8,118,413 236,528 486,864 8,841,805 Additions 1,569,438 - 541,248 2,110,686 Disposal (2,578,188 ) - - (2,578,188 ) Write-off (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) Exchange difference 28,915 - - 28,915 As of December 31, 2022 920,754 - 541,248 1,462,002 Accumulated Amortization and Impairment Losses As of January 1, 2021 and as of December 31, 2021 (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) As of January 1, 2022 (6,217,824 ) (236,528 ) (486,864 ) (6,941,216 ) Amortisation (223,815 ) - (66,062 ) (289,877 ) Disposal 108,515 - - 108,515 Write-off 6,217,824 236,528 486,864 6,941,216 Exchange difference (15,269 ) - 1,123 (14,146 ) As of December 31, 2022 (130,569 ) - (64,939 ) (195,508 ) Carrying Amount As of December 31, 2022 790,185 - 476,309 1,266,494 As of December 31, 2021 1,900,589 - - 1,900,589 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and Other Payables [Abstract] | |
Schedule of trade and other payables | Consolidated December 31, December 31, Trade payables 140,847 142,325 Accruals 83,693 1,014,368 Amount due to directors (i) 404,472 266,589 Consultancy fees 3,011 355,321 Other payables 388,576 646,114 1,020,599 2,424,717 (i) The amount due to directors are non-trade in nature, unsecured, non-interest bearing and repayable on demand. |
Convertible Promissory Notes (T
Convertible Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Convertible Promissory Notes Abstract | |
Schedule of convertible promissory notes | Consolidated December 31, December 31, Convertible promissory notes: Entered during the year (note a) 7,554,633 - Converted during the year (note b) - 4,311,416 7,554,633 4,311,416 |
Schedule of convertible promissory notes entered during the year | Consolidated December 31, December 31, Face value of convertible promissory notes issued from July to December 2022 (note i) 8,070,206 - Debt discount (Note 23) (870,546 ) - Liability component on initial recognition 7,199,660 - Interest accrued 300,082 - Exchange differences 54,891 - Carrying value as at end of year 7,554,633 - |
Schedule of convertible promissory notes converted to shares | Consolidated December 31, December 31, Carrying value as at January 1 4,311,416 2,196,049 Interest accrued at effective interest rate 207,861 1,895,371 Shares issued for interest payment (324,419 ) - Redemption of convertible promissory note (4,714,820 ) - Exchange differences 519,962 219,996 Carrying value as at December 31 - 4,311,416 |
Amounts Due to Related Compan_2
Amounts Due to Related Companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Amounts Due to Related Companies [Abstract] | |
Schedule of amounts due to related companies | Consolidated December 31, December 31, Amounts due to related companies - 247,406 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of carrying amount of the group’s right of use assets | Consolidated Lease Motor Total A$ A$ A$ As of January 1, 2021 - - - Additions 2,086,229 - 2,086,229 Depreciation expenses (140,565 ) - (140,565 ) Exchange difference 13,205 - 13,205 As of December 31, 2021 1,958,869 - 1,958,869 Depreciation expenses (545,196 ) - (545,196 ) Disposal of subsidiaries (1,395,252 ) - (1,395,252 ) Exchange difference (18,421 ) - (18,421 ) As of December 31, 2022 - - - |
Schedule of lease liabilities | Consolidated December 31, December 31, Within one year - 425,567 Two to five years - 1,403,932 - 1,829,499 Less: Amount due within one year shown under current liabilities - (425,567 ) Amount due after one year - 1,403,932 Analyzed into: Current portion - 425,567 Non-current portion - 1,403,932 - 1,829,499 |
Financial Assets at Fair Valu_2
Financial Assets at Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Assets at Fair Value Through Other Comprehensive Income [Abstract] | |
Schedule of financial assets at fair value through other comprehensive income | Consolidated December 31, A$ December 31, A$ Investment in equity instrument designated at FVOCI As at January 1 562,500 500,000 Change in fair value through other comprehensive income (380,000 ) 62,500 Disposal of investment in listed shares (182,500 ) - As at December 31 - 562,500 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Derivative Financial Instruments [Abstract] | |
Schedule of derivative financial instruments | Consolidated December 31, December 31, Derivative financial liabilities: Carrying value as at beginning of year 2,321,003 1,478,540 Derivative redeemeded on conversion of promissory notes (2,321,003 ) - Derivatives embedded in the convertible promissory note issued (Note 19(a)) 870,546 - Fair value change in derivative financial instruments during the year 1,538,980 842,463 Carrying value as at end of year 2,409,526 2,321,003 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrant Liabilities [Abstract] | |
Schedule of warrant liabilities | Consolidated December 31, December 31, Warrant liabilities 3,566,433 - |
Controlled Entities (Tables)
Controlled Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Controlled Entities Abstract | |
Schedule of entities controlled | Name of Subsidiary Country of Principal Activities Paid Up Percentage 2022 2021 CIMC Marketing Pty Limited Australia Management services & Investment holding A$1 100% (Direct) 100% (Direct) IMTE Asia Limited Hong Kong Dormant HK$1 100% (Direct) 100% (Direct) IMTE Malaysia Sdn. Bhd.* Malaysia Administrative services MYR 100 100% (Direct) - Itana Holdings Limited Canada Investment holding US$1 100% (Direct) 100% (Direct) Renfrew International Limited United States Manufacture of electronic glass US$1 100% (Direct) 100% (Direct) Lonsdale International Limited United States Investment holding US$1 100% (Direct) 100% (Direct) Merit Stone Limited* British Virgin Islands Investment holding US$100 100% (Direct) - Ohho International Limited* Canada Sale of filter plates and air filter product US$1,290 51% (Direct) - Name of Subsidiary Country of Principal Activities Paid Up Percentage 2022 2021 Ouction Digital Limited* Canada Provision of digital trading platform and sale of digital asset US$1,666,666 60% (Direct) - World Integrated Supply Ecosystem Sdn. Bhd.* Malaysia Sales of Halal products MYR 5,000,000 60% (Indirect) - Smartglass Limited# Hong Kong Manufacturing, sale and distribution of switchable glass and consultancy services HK$8 - 100% (Direct) Smart (Zhenjiang) Intelligent Technology Limited# P.R.C Marketing, manufacturing and sales of electronic glass RMB 5,000,000 - 100% (Indirect) Grand Dynasty Limited# Hong Kong Investment holding HK$1 - 100% (Direct) Grand Dynasty (Zhenjiang) Co., Limited# P.R.C Dormant RMB 1 - 100% (Indirect) IMTE Limited# Hong Kong Treasury and administrative services HK$1 - 100% (Direct) Sunup Holdings Limited# Hong Kong Manufacturing of filter plates US$1,290 - 51% (Direct) Sunup Korea Limited# Hong Kong Sale of filter plates and air filter products US$0.13 - 51% (Indirect) eGlass Technologies Ltd*# Australia Investment holding US$11,617,008 - - Greifenberg Digital Limited^ Canada Investment holding US$2,087,000 - 40.75% (Direct) Greifenberg Analytics Limited^ Canada Online analytic financial research services US$1 - 40.75% (Indirect) Greifenberg Capital Limited^ Hong Kong Dormant HK$1 - 40.75% (Indirect) * Established during the year # Disposed during the year ^ Disposed and became an associated company during the year |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Contingent Liabilities In Business Combination Text Block Abstract | |
Schedule of net gain (loss) on the disposals during the year | Consolidated 2022 2021 2020 A$ A$ A$ Total disposal consideration 10,101,944 538 25,129 Carrying amount of net asset sold (note(i) below) (9,720,554 ) (270,908 ) (230,294 ) Gain/ (loss) on sales before income tax and reclassification of foreign currency translation reserve 381,390 (270,370 ) 255,423 Reclassification of foreign currency transaction reserve (319,361 ) 645,399 (26,871 ) Non-controlling interest - 1,623,240 (257,542 ) Gain/ (loss) on disposal after income tax 62,029 1,998,269 (28,990 ) Consolidated 2022 2021 A$ A$ Total deemed disposal consideration 563,970 - Carrying amount of net asset sold (note(i) below) (1,149,207 ) - Loss on sales before income tax and reclassification of foreign currency translation reserve (585,237 ) - Increase in share of net assets on group restructuring 784 - Reclassification of foreign currency transaction reserve 48,374 - Non-controlling interest 680,906 - Gain on disposal after income tax 144,827 - |
Schedule of net assets disposed of | Consolidated 2022 2021 2020 A$ A$ A$ Plant and equipment 2,442,381 164,829 284,240 Development projects - - 2,864,052 Intangible assets - - 4,790,784 Right of use assets 369,688 - 865,996 Right of use assets - long term 1,025,564 - - Cash and bank balances 5,396,428 32,927 99,061 Inventories - 208,737 400,806 Trade and others receivable 23,923 689,336 603,923 Other deposit and prepayment 7,440,451 779,821 1,664,343 Amount due from fellow subsidiaries 278,337 - - Trade and other liabilities (559,658 ) (1,560,899 ) (912,580 ) Amount due to a related company - (4,951 ) (6,689,290 ) Amount due to immediate holding company (5,336,188 ) - - Bank overdraft - - (929,438 ) Bank loan - - (966,747 ) Lease liabilities (311,624 ) - (925,042 ) Lease liabilities - long term (1,048,748 ) - - Deferred tax liabilities - (38,892 ) (1,380,402 ) Obligation under finance lease - - (33,329 ) 9,720,554 270,908 (230,294 ) Consolidated 2022 2021 A$ A$ Intangible assets 1,900,765 Cash and bank balances 14,892 - Other deposit and prepayment 51,050 - Amount due to a related company 127,596 - Trade and other liabilities (945,096 ) - 1,149,207 - |
Schedule of net cash flows from disposal of subsidiaries | Consolidated 2022 2021 2020 A$ A$ A$ Consideration received, satisfied in cash 10,101,944 - 25,129 Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) (5,396,428 ) 32,927 830,377 4,705,516 32,927 855,506 Consolidated 2022 2021 A$ A$ Deemed Consideration received, satisfied in investment in associate 563,970 - Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) (14,892 ) - 549,078 - |
Schedule of purchase consideration, the net assets acquired and goodwill | A$ Purchase consideration (refer to (b) below): Cash paid - Ordinary shares issued - Total purchase consideration - The assets and liabilities recognised as a result of the acquisition are as follows: Other assets 58,830 Intangible assets 346,320 Equipment 94,903 Accounts payable (870,645 ) Other payable (519 ) Net identifiable liabilities acquired (371,111 ) Less: non-controlling interests (419,520 ) Add: goodwill 790,631 Net liabilities acquired - |
Issued Capital (Tables)
Issued Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Issued Capital Text Block Abstract | |
Schedule of share capital | December 31, 2022 December 31, 2021 December 31, 2020 Number A$ Number A$ Number A$ Ordinary Shares fully paid 20,524,754 89,689,805 9,329,420 48,144,406 6,513,671 32,089,997 |
Schedule of ordinary share capital | Company Number A$ January 1, 2020 3,377,386 18,902,029 Issue of shares for cash 1,643,406 7,121,283 Issue of shares for conversion of debt 988,408 4,122,562 Issue of shares for services 4,471 23,249 Issue of shares for acquisition of shares in subsidiary companies 500,000 2,060,000 Legal expenses in respect of issuance of shares - (139,126 ) December 31, 2020 6,513,671 32,089,997 Issue of shares for services 20,512 97,282 Issue of shares for cash 2,795,237 16,019,301 Legal expenses in respect of issuance of shares - (62,174 ) December 31, 2021 9,329,420 48,144,406 Issuance of shares for execution of share options 2,200,000 5,082,000 Issuance of shares for cash 7,822,771 31,424,160 Issuance of shares on conversion of debts 1,172,563 5,039,239 December 31, 2022 20,524,754 89,689,805 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments [Abstract] | |
Schedule of lease payments for rent office under non-cancellable leases | Consolidated 2022 2021 A$ A$ Within one year 19,925 9,113 In the second to fifth years, inclusive 13,283 - 33,208 9,113 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Risk Management Text Block Abstract | |
Schedule of effective interest rates as at the reporting date | Consolidated Weighted Floating Non-interest Total 2022 Financial Assets Cash and bank balances 0.56 % 594 78,499 79,093 Trade and other receivables - 4,002,844 4,002,844 Other assets - 2,477,392 2,477,392 Due from associated company - 698,323 698,323 Due from former group companies - 7,829,668 7,829,668 Total Financial Assets 594 15,086,726 15,087,320 Financial Liabilities Trade and other liabilities 8 % - 1,020,604 1,020,604 Derivative financial instruments 10 % 2,409,526 - 2,409,526 Convertible promissory notes 10 % 7,554,633 - 7,554,633 Warrant liabilities - 3,566,433 3,566,433 Total Financial Liabilities 9,964,159 4,587,037 14,551,196 Consolidated Weighted Floating Non-interest bearing Total 2021 Financial Assets Cash and cash equivalents 0.18 % 203,857 70,910 274,767 Trade and other receivables - 486,121 486,121 Other assets - 13,465,831 13,465,831 Total Financial Assets 203,857 14,022,862 14,226,719 Financial Liabilities Trade and other payables 8 % - 2,424,717 2,424,717 Amounts due to related companies - 247,406 247,406 Lease liability 2.5 % - 1,829,499 1,829,499 Convertible promissory notes 10 % 4,311,416 - 4,311,416 Total Financial Liabilities 4,311,416 4,501,622 8,813,038 |
Schedule of foreign currency denominated financial assets and liabilities which expose the Group to currency risk | Consolidated Short term exposure Long term exposure HKD USD GBP EUR MYR KRW HKD USD GBP EUR MYR KRW 31 December 2022 Financial assets - Cash and cash equivalents 1,893 8,488 - 36,111 29,628 - - - - - - - - Trade and other receivables - 3,649,082 58,713 - 84,253 - - - - - - - - Inventory - 5,637,439 - - 513,582 - - - - - - - - Loan receivable - 10,522,456 - - - - - - - - - - Other assets - 2,427,950 - 36,072 13,098 - - - - - - - Financial liabilities - Trade and other liabilities - - - - (1,899 ) (138,948 ) - - - - - - - Convertible promissory notes - (7,554,633 ) - - - - - - - - - - Total exposure 1,893 14,690,782 58,713 72,183 638,662 (138,948 ) - - - - - - Consolidated Short term exposure Long term exposure HK$ US$ RMB HK$ US$ RMB December 31, 2021 Financial assets - Cash and cash equivalents 70,053 187,400 13,295 - - - - Trade and other receivables 3,279 457,798 21,851 - - - - Other assets 63,841 13,323,142 78,576 - - - Financial liabilities - Trade and other liabilities (712,801 ) (1,142,816 ) (125,876 ) - - - - Amounts due to related companies - (247,406 ) - - - - - Convertible promissory notes (2,512,137 ) (1,799,278 ) - - - - - Derivates on financial statements (1,220,904 ) (1,100,099 ) - - - - Total exposure (4,308,669 ) 9,678,741 (12,154 ) - - - |
Schedule of account forward exchange contracts that offset effects from changes in currency exchange rates | Consolidated Loss for the year HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 (95 ) (734,539 ) - (2,936 ) (3,609 ) (65,141 ) 6,947 (799,373 ) 31 December 2021 215,433 (483,937 ) 1,215 - - - - (267,289 ) Consolidated Equity HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 (95 ) (734,539 ) - (2,936 ) (3,609 ) (65,141 ) 6,947 (799,373 ) 31 December 2021 215,433 (483,937 ) 1,215 - - - - (267,289 ) Consolidated Loss for the year HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 95 734,539 - 2,936 3,609 65,141 (6,947 ) 799,373 31 December 2021 (215,433 ) 483,937 (1,215 ) - - - - 267,289 Consolidated Equity HKD USD RMB GBP EUR MYR KRW Total 31 December 2022 95 734,539 - 2,936 3,609 65,141 (6,947 ) 799,373 31 December 2021 (215,433 ) 483,937 (1,215 ) - - - - 267,289 |
Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms | Consolidated 2022 Total contractual 0 - 30 days Carrying undiscounted or on 31 - 90 91 - 365 Over amount cash flow demand days Days 1 year A$ A$ A$ A$ A$ A$ Trade and other liabilities 1,020,599 1,020,599 1,020,599 - - - Warrant liability 3,566,433 3,566,433 3,566,433 - - - Convertible promissory note 7,554,633 7,554,633 7,554,633 - - - 12,141,665 12,141,665 12,141,665 - - - Consolidated 2021 Total contractual 0 - 30 days Carrying undiscounted or on 31 - 90 91 -365 Over amount cash flow demand days Days 1 year A$ A$ A$ A$ A$ A$ Trade and other liabilities 2,424,717 2,424,717 2,424,717 - - - Amounts due to related companies 247,406 247,406 247,406 - - - Lease liability 1,829,499 1,829,499 - - 425,567 1,403,932 Convertible promissory notes 4,311,416 4,311,416 4,311,416 - - - 8,813,038 8,813,038 6,983,539 - 425,567 1,403,932 |
Schedule of the opening and closing fair value balance of level 2 financial instruments | Level 2 A$ Derivative financial instruments December 31, 2022 2,409,526 December 31, 2021 2,321,003 |
Schedule of the opening and closing fair value balance of level 2 financial instruments | Consolidated Put Option At January 1, 2022 2,321,003 Issuance of put option at fair value 870,546 Gain included in profit or loss on change in fair value (782,023 ) At December 31, 2022 2,409,526 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Note Related Parties Abstract | |
Schedule of remuneration of directors of the company | Consolidated December 31, December 31, December 31, Short term benefits (1) 655,011 730,743 780,832 Post-employment benefits - - - Total 655,011 730,743 780,832 (1) In 2020 and 2021, the director remuneration relating to our then CEO, was provided by a company which our then Company Secretary and Chief Financial Officer has control. |
Schedule of material transactions with its related parties | Consolidated December 31, December 31, December 31, A$ Interest charged to an associate company 10,921 - - Revenue received from related parties (1) - - 8,490 General consultancy and management fee paid to a related party (1) - - 282,971 Purchase of products from related parties (1) - - 29,794 Company secretarial, taxation service and CFO fee paid to a related company (2) - 561,758 607,659 Consultancy fee paid to a related party (3) - 225,860 - Purchase of products from a related party (4) - - 274,417 Sales to a related party (5) - - 315,034 (1) A former director controlled the entities providing the consultancy and management services. These transactions were carried at market value in the ordinary course of business. (2) Mr. Cecil Ho, former Company Secretary and CFO controlled the entity providing professional services. (3) A former director, is a director of the related party. (4) A former director of the Company controlled the entity. The transactions were carried at the then current market value in the ordinary course of business. (5) The related party is one of the subsidiaries of our shareholder. |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cash Flow Statement Text Block Abstract | |
Schedule of reconciliation of liabilities arising from financing activities | Consolidated Amounts Other liabilities Convertible Lease liabilities Derivative Issue of Total A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2022 247,406 211,567 4,311,416 1,829,499 2,321,003 29,242,377 38,163,268 Cash flows from financing activities - - 300,082 - (782,023 ) 36,506,160 36,024,219 Liability component on initial recognition - - 7,199,660 - - - 7,199,660 Debt discount - - - - 870,546 - 870,546 Interest - - 207,861 - - - 207,861 Redemption of convertible promissory note - - (4,714,820 ) - - - (4,714,820 ) Shares issued for interest payment - - (324,419 ) - - - (324,419 ) Disposal of subsidiaries (247,406 ) - - - - - (247,406 ) Disposal of right of use assets - - - (1,829,499 ) - - (1,829,499 ) Foreign exchange movement - - 574,853 - - - 574,853 Ending balance as of December 31, 2022 - 211,567 7,554,633 - 2,409,526 65,748,537 75,924,263 Consolidated Amounts Other liabilities Amount Convertible Lease liabilities Derivative Issue of Total A$ A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2021 237,674 211,567 532,718 2,196,049 - 1,478,540 13,187,968 17,844,516 Cash flows from financing activities - - (562,201 ) - (138,156 ) - 16,054,409 15,354,052 Inception of lease - - - - 2,086,229 - - 2,086,229 Interest - - - 1,848,947 28,371 - - 1,877,318 Put option liabilities in convertible bonds issued - - - - - - - - Fair value change - 842,463 842,463 Disposal of plant and equipment (4,951 ) - - - - - - (4,951 ) Foreign exchange movement 14,683 - 29,483 266,420 (146,945 ) - - 163,641 Ending balance as of December 31, 2021 247,406 211,567 - 4,311,416 1,829,499 2,321,003 29,242,377 38,163,268 Consolidated Amounts Other liabilities Bank Amount Convertible Convertible Lease liabilities Derivative Issue of shares Total A$ A$ A$ A$ A$ A$ A$ A$ A$ A$ Beginning balance as of January 1, 2020 6,101,850 1,761,309 915,300 582,832 - 4,420,899 1,168,607 - - 14,950,797 Cash flows from financing activities 840,509 211,567 - - 4,913,100 (4,668,195 ) (320,851 ) - 13,187,968 14,164,098 Non-cash movement: Settled by issuing convertible promissory note - (1,761,309 ) - - - - - - - (1,761,309 ) Fair value change - - - - - - - (2,312,197 ) - (2,312,197 ) Put option liabilities in convertible bonds issued - - - - (3,790,737 ) - - 3,790,737 - - Interest - - - - 1,508,421 - - - - 1,508,421 Disposal of plant and equipment (6,689,290 ) - (966,747 ) - - - (925,042 ) - - (8,581,079 ) Foreign exchange movement (15,395 ) - 51,447 (50,114 ) (434,735 ) 247,296 77,286 - - (124,215 ) Ending balance as of December 31, 2020 237,674 211,567 - 532,718 2,196,049 - - 1,478,540 13,187,968 17,844,516 |
Schedule of changes in working capital | Consolidated December 31, December 31, December 31, Cash flows from changes in working capital (Increase)/ decrease in assets: Trade receivables (511,910 ) (86,221 ) (1,015,764 ) Other receivables (3,127,937 ) (18,793 ) (700 ) Inventories (7,272,808 ) - 142,608 Other current assets (558,588 ) (295,635 ) (1,659,728 ) Amount due from associate company (698,323 ) - - Amount due from former group companies (2,493,480 ) - - Increase / (decrease) in liabilities: Amount due to related companies (653,339 ) - - Trade and other payables 4,519,334 (318,544 ) 347,308 Net cash outflows from changes in working capital (10,797,051 ) (719,193 ) (2,186,276 ) |
Key Management Personnel Disc_2
Key Management Personnel Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Information About Key Management Personnel Text Block Abstract | |
Schedule of total remuneration paid or payable to the directors and senior management | Consolidated December 31, December 31, December 31, Short-term employee benefits 1,235,709 1,929,914 1,586,604 Post-employment benefits - 6,196 5,124 Total 1,235,709 1,936,110 1,591,728 |
Parent Entity Information (Un_2
Parent Entity Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Entity Information Abstract | |
Schedule of comprehensive income | Company December 31, December 31, December 31, Loss after income tax 8,731,433 9,287,226 2,097,600 Other comprehensive income - - - Total comprehensive loss 8,731,433 9,287,226 2,097,600 |
Schedule of financial position | Company December 31, December 31, A$ A$ Total non-current assets 4,345,401 1,245 Total current assets 72,473,318 39,664,914 Total assets 76,818,719 39,666,159 Total current liabilities (13,099,492 ) (6,064,179 ) Total non-current liabilities (3,566,433 ) - Total liabilities (16,665,925 ) (6,064,179 ) Total assets less liabilities 60,152,794 33,601,980 Equity Issued capital 89,689,805 48,144,406 Accumulated losses (29,537,011 ) (14,542,426 ) Total equity 60,152,794 33,601,980 |
Reporting Entity (Details)
Reporting Entity (Details) - 12 months ended Dec. 31, 2022 | AUD ($) | USD ($) |
Disclosure of Reporting Entity [Abstract] | ||
Net loss | $ 13,862,503 | |
Cash used for operating activities | $ 17,850,642 | |
Accumulated losses (in Dollars) | $ 49,784,862 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies (Details) [Line Items] | ||
Comprehensive income (in Dollars) | $ 2,172,362 | $ 762,348 |
Autostereoscopic 3D display technologies and knowhow [Member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Estimate useful lives | 8 years | |
Bottom of range [member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Voting right percentage | 20% | |
Estimate useful lives | 8 years | |
Bottom of range [member] | Computer software [member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Estimate useful lives | 2 years | |
Top of range [member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Voting right percentage | 50% | |
Estimate useful lives | 15 years | |
Top of range [member] | Computer software [member] | ||
Significant Accounting Policies (Details) [Line Items] | ||
Estimate useful lives | 5 years |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold Improvements [Member] | |
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets [Line Items] | |
Plant and equipment, gross | 5 years |
Bottom of range [member] | Office Furniture and Equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets [Line Items] | |
Plant and equipment, gross | 5 years |
Bottom of range [member] | Machinery [member] | |
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets [Line Items] | |
Plant and equipment, gross | 5 years |
Top of range [member] | Office Furniture and Equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets [Line Items] | |
Plant and equipment, gross | 12 years |
Top of range [member] | Machinery [member] | |
Significant Accounting Policies (Details) - Schedule of depreciation rates used for each class of depreciable assets [Line Items] | |
Plant and equipment, gross | 12 years |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations | 12 Months Ended |
Dec. 31, 2022 | |
IFRS 17 “Insurance Contracts” [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2023 |
Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2023 |
Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2023 |
Amendments to IAS 12, Income Taxes [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2023 |
Amendments to IFRS 16, Leases [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2024 |
Amendments to IAS 1, Presentation of Financial Statements [Member] | |
Significant Accounting Policies (Details) - Schedule of new, revised or amended standards and interpretations [Line Items] | |
Effective Date Issued by IASB | Jan. 01, 2024 |
Revenue and Segment Informati_3
Revenue and Segment Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Entitys Operating Segments Text Block [Abstract] | |||
Number of operating segment | 7 | 6 | 4 |
Number of customers | 2 | 2 | 4 |
Group revenue percentage | 10% |
Revenue and Segment Informati_4
Revenue and Segment Information (Details) - Schedule of revenue and segment information - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue and Segment Information (Details) - Schedule of revenue and segment information [Line Items] | |||
Total Revenue | $ 526,807 | $ 193,113 | $ 1,744,629 |
Sales of Halal products [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue and segment information [Line Items] | |||
Total Revenue | 526,807 | ||
Development, sales and distribution of 3D autostereoscopic products and conversion equipment [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue and segment information [Line Items] | |||
Total Revenue | 3,980 | 1,427,157 | |
Sales of software and technology solutions [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue and segment information [Line Items] | |||
Total Revenue | 317,472 | ||
Sales of air-filter products [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue and segment information [Line Items] | |||
Total Revenue | $ 189,133 |
Revenue and Segment Informati_5
Revenue and Segment Information (Details) - Schedule of timing of transfer of good or services - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue and Segment Information (Details) - Schedule of timing of transfer of good or services [Line Items] | |||
At a point in time | $ 193,113 | $ 84,713 | |
Over time | 1,659,916 | ||
Total | 193,113 | 1,744,629 | |
Sales of Halal products [Member] | |||
Revenue and Segment Information (Details) - Schedule of timing of transfer of good or services [Line Items] | |||
At a point in time | $ 526,807 | ||
Total | $ 526,807 | ||
Development, sales and distribution of 3D autostereoscopic products and conversion equipment [Member] | |||
Revenue and Segment Information (Details) - Schedule of timing of transfer of good or services [Line Items] | |||
At a point in time | 3,980 | 84,713 | |
Over time | 1,342,444 | ||
Total | 3,980 | 1,427,157 | |
Sales of air-filter products [Member] | |||
Revenue and Segment Information (Details) - Schedule of timing of transfer of good or services [Line Items] | |||
At a point in time | 189,133 | ||
Over time | 317,472 | ||
Total | $ 189,133 | $ 317,472 |
Revenue and Segment Informati_6
Revenue and Segment Information (Details) - Schedule of revenue by geographic location - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | $ 526,807 | $ 193,113 | $ 1,744,629 |
Malaysia [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | $ 526,807 | 78,123 | |
Hong Kong [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | 3,980 | 1,366,200 | |
China [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | 6,846 | 60,956 | |
USA [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | $ 104,164 | ||
Korea [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | 315,034 | ||
Other [Member] | |||
Revenue and Segment Information (Details) - Schedule of revenue by geographic location [Line Items] | |||
Revenue | $ 2,439 |
Revenue and Segment Informati_7
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | $ 25,709,406 | $ 21,808,945 | $ 7,317,678 |
Australia [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 968 | 562,500 | |
US [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 20,910,964 | 4,599,618 | |
Malaysia [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 832,170 | ||
Canada [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 708,117 | ||
Hong Kong [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 1,946,263 | 262,626 | |
China [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | 4,138,043 | 2,139,605 | |
Korea [Member] | |||
Revenue and Segment Information (Details) - Schedule of non-current assets by geographic location [Line Items] | |||
Non-current assets | $ 3,257,187 | $ 10,562,521 | $ 4,915,447 |
Revenue and Segment Informati_8
Revenue and Segment Information (Details) - Schedule of major customers - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 16.23% | ||
Customer B [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 53.93% | ||
Balance due (in Dollars) | $ 104,645 | ||
Customer C [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 40.45% | ||
Balance due (in Dollars) | $ 78,483 | ||
Customer D [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 41.23% | ||
Balance due (in Dollars) | $ 628,621 | ||
Customer E [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 18.05% | ||
Balance due (in Dollars) | $ 314,892 | ||
Customer F [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 10.87% | ||
Balance due (in Dollars) | $ 179,338 | ||
Customer G [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 72.39% | ||
Balance due (in Dollars) | $ 339,630 | ||
Customer H [Member] | |||
Revenue and Segment Information (Details) - Schedule of major customers [Line Items] | |||
Percentage of Revenue | 16.27% | ||
Balance due (in Dollars) | $ 84,253 |
Revenue and Segment Informati_9
Revenue and Segment Information (Details) - Schedule of segment information for the reporting period - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Revenue from operating activities | $ 526,807 | $ 193,113 | $ 1,744,629 |
Interest income | 567,598 | 18,864 | 6,197 |
Fair value change in derivative financial instruments | (842,463) | 2,312,197 | |
Gain on disposal of Investment in Equity Instrument | 782,023 | ||
Loss on fair value changes in investment | (225,000) | ||
Other income | 2,878 | 335,807 | 82,561 |
Segment revenue | 1,654,306 | (294,679) | 4,145,584 |
Cost of sales | (687,477) | 149,447 | 1,311,566 |
Employee benefit expenses | (1,462,996) | 1,613,922 | 2,212,643 |
Depreciation and amortization expenses | (1,993,007) | 1,326,811 | 2,078,762 |
Professional and consulting expenses | (6,232,982) | 2,376,038 | 1,373,907 |
Travel and accommodation expenses | (159,783) | 91,385 | 40,895 |
Other operating expenses | (840,324) | 725,710 | 1,111,140 |
Provision for written off inventory | (9,439) | (17,671) | |
Provision for bad debts | 14,390 | ||
Finance costs | (916,380) | 2,000,952 | 2,100,272 |
Share on losses of associates | (322,893) | ||
Gain disposal of subsidiaries | 62,029 | (1,998,269) | 28,990 |
Plant and equipment written off | 110 | ||
Provision for impairment loss on intangible assets | 3,459,340 | ||
Development projects written off | 930,356 | ||
Gain on deemed disposal of subsidiary | 144,827 | ||
Provision for the inventory | (1,121,788) | ||
Provision for bad debt | (102,308) | 58,932 | |
Written off of property, plant and equipment | (93,183) | ||
Loss on fair value change in warrant | (3,566,433) | ||
Exchange gain/(loss) | 1,775,889 | ||
Segment expenses | (15,516,809) | 6,290,947 | 14,689,242 |
Segment operating (loss)/ profit | (13,862,503) | (6,585,626) | (10,543,658) |
Segment assets | 57,470,203 | 25,090,411 | 12,953,666 |
Segment liabilities | (14,551,191) | (11,134,041) | 8,047,814 |
Sales of Halal products [Member] | |||
Revenue | |||
Revenue from operating activities | 526,807 | ||
Interest income | 6 | ||
Segment revenue | 526,813 | ||
Cost of sales | (687,477) | ||
Employee benefit expenses | (197,980) | ||
Depreciation and amortization expenses | (191,155) | ||
Professional and consulting expenses | (70,671) | ||
Travel and accommodation expenses | (136,288) | ||
Other operating expenses | (174,394) | ||
Finance costs | (13,037) | ||
Provision for the inventory | (96,197) | ||
Exchange gain/(loss) | 74,585 | ||
Segment expenses | (1,492,614) | ||
Segment operating (loss)/ profit | (965,801) | ||
Segment assets | 5,215,538 | ||
Segment liabilities | (1,899) | ||
Provision of credit risk analysis [Member] | |||
Revenue | |||
Interest income | 1 | 5 | |
Segment revenue | 1 | 5 | |
Employee benefit expenses | (107,035) | 10,925 | |
Depreciation and amortization expenses | (33,213) | ||
Professional and consulting expenses | (11,332) | 307,700 | |
Travel and accommodation expenses | 10,633 | ||
Other operating expenses | 5,673 | 66,372 | |
Share on losses of associates | (322,893) | ||
Exchange gain/(loss) | (4) | ||
Segment expenses | (468,804) | 395,630 | |
Segment operating (loss)/ profit | (468,803) | (395,625) | |
Segment assets | 2,049,261 | ||
Segment liabilities | (808,980) | ||
Provision of consultancy [Member] | |||
Revenue | |||
Interest income | 1 | ||
Other income | 2,878 | ||
Segment revenue | 2,879 | ||
Employee benefit expenses | (381,985) | ||
Depreciation and amortization expenses | (21,552) | ||
Professional and consulting expenses | (489,050) | ||
Travel and accommodation expenses | (27) | ||
Other operating expenses | (84,166) | ||
Finance costs | (17,640) | ||
Gain disposal of subsidiaries | 386 | ||
Exchange gain/(loss) | (50,800) | ||
Segment expenses | (1,044,834) | ||
Segment operating (loss)/ profit | (1,041,955) | ||
Corporate [Member] | |||
Revenue | |||
Interest income | 567,590 | ||
Fair value change in derivative financial instruments | (842,463) | 2,312,197 | |
Gain on disposal of Investment in Equity Instrument | 782,023 | ||
Loss on fair value changes in investment | (225,000) | ||
Other income | 296,076 | ||
Segment revenue | 1,124,613 | (546,387) | 2,312,197 |
Employee benefit expenses | (513,863) | 730,743 | 400,103 |
Depreciation and amortization expenses | (141,026) | 141,472 | 68 |
Professional and consulting expenses | (5,263,462) | 837,880 | 856,698 |
Travel and accommodation expenses | (8,551) | 6,045 | 14,213 |
Other operating expenses | (456,548) | (1,683,283) | 334,945 |
Finance costs | (718,051) | 1,954,067 | 1,692,218 |
Gain disposal of subsidiaries | 10,500 | 4,929,707 | 22,235,337 |
Plant and equipment written off | 110 | ||
Gain on deemed disposal of subsidiary | 144,827 | ||
Provision for the inventory | (1,025,591) | ||
Written off of property, plant and equipment | (93,183) | ||
Loss on fair value change in warrant | (3,566,433) | ||
Exchange gain/(loss) | 1,720,680 | ||
Segment expenses | (9,910,701) | 6,916,631 | 25,533,692 |
Segment operating (loss)/ profit | (8,786,088) | (7,463,018) | (23,221,495) |
Segment assets | 25,275,654 | 210,580 | 2,016,256 |
Segment liabilities | (14,038,713) | (7,842,009) | (5,589,384) |
Sales of electronic glass [Member] | |||
Revenue | |||
Cost of sales | 6,654 | ||
Employee benefit expenses | (120,985) | 105,680 | |
Depreciation and amortization expenses | (407,155) | 913 | |
Professional and consulting expenses | (56,225) | 8,772 | |
Travel and accommodation expenses | (14,917) | 65,808 | |
Other operating expenses | (30,749) | 92,035 | |
Finance costs | (129,458) | 60,448 | |
Gain disposal of subsidiaries | 51,143 | ||
Exchange gain/(loss) | 1,851 | ||
Segment expenses | (706,495) | 340,310 | |
Segment operating (loss)/ profit | (706,495) | (340,310) | |
Segment assets | 20,910,964 | 15,645,858 | |
Segment liabilities | (1,392) | (1,737,509) | |
NFT [Member] | |||
Revenue | |||
Employee benefit expenses | (141,148) | ||
Depreciation and amortization expenses | (65,509) | ||
Professional and consulting expenses | (157,312) | ||
Other operating expenses | (93,183) | ||
Segment expenses | (457,152) | ||
Segment operating (loss)/ profit | (457,152) | ||
Segment assets | 510,522 | ||
Segment liabilities | (527) | ||
Sales of air- filter products [Member] | |||
Revenue | |||
Revenue from operating activities | 189,133 | 317,472 | |
Segment revenue | 189,133 | 317,472 | |
Cost of sales | 140,072 | 156,560 | |
Depreciation and amortization expenses | (1,133,397) | 1,049,125 | 179,144 |
Professional and consulting expenses | (184,930) | 36,881 | |
Other operating expenses | (6,957) | 23,855 | 1,196 |
Provision for bad debts | 14,390 | ||
Finance costs | (38,194) | 3,009 | |
Provision for bad debt | (102,308) | ||
Exchange gain/(loss) | 29,577 | ||
Segment expenses | (1,436,209) | 1,267,332 | 336,900 |
Segment operating (loss)/ profit | (1,436,209) | (1,078,199) | (19,428) |
Segment assets | 5,557,525 | 6,417,042 | 6,529,733 |
Segment liabilities | $ (508,660) | (457,741) | 2,733,042 |
Development, sale and distribution of 3D displays, conversion equipment, software and others [Member] | |||
Revenue | |||
Revenue from operating activities | 3,980 | 1,427,157 | |
Interest income | 18,859 | 6,197 | |
Other income | 82,561 | ||
Segment revenue | 22,839 | 1,515,915 | |
Cost of sales | 2,721 | 1,155,006 | |
Employee benefit expenses | 215,757 | 1,570,626 | |
Depreciation and amortization expenses | 109,325 | 1,897,243 | |
Professional and consulting expenses | 5,802 | (116,977) | |
Travel and accommodation expenses | 7,980 | 24,436 | |
Other operating expenses | 1,534,404 | 734,523 | |
Provision for written off inventory | (9,439) | (17,671) | |
Finance costs | 16,763 | 408,054 | |
Gain disposal of subsidiaries | (6,927,976) | (22,206,347) | |
Provision for impairment loss on intangible assets | 3,459,340 | ||
Development projects written off | 930,356 | ||
Provision for bad debt | 58,932 | ||
Segment expenses | (5,044,663) | (12,102,479) | |
Segment operating (loss)/ profit | 5,067,502 | 13,618,394 | |
Segment assets | 2,070,047 | ||
Segment liabilities | 5,015,497 | ||
IoT [Member] | |||
Revenue | |||
Other income | 39,731 | ||
Segment revenue | 39,731 | ||
Employee benefit expenses | 550,817 | ||
Depreciation and amortization expenses | 25,976 | ||
Professional and consulting expenses | 1,179,003 | ||
Travel and accommodation expenses | 919 | ||
Other operating expenses | 692,327 | ||
Finance costs | (33,335) | ||
Segment expenses | 2,415,707 | ||
Segment operating (loss)/ profit | (2,375,976) | ||
Segment assets | 767,670 | ||
Segment liabilities | $ (287,802) | ||
Consultancy services [Member] | |||
Revenue | |||
Employee benefit expenses | 241,914 | ||
Depreciation and amortization expenses | 2,307 | ||
Professional and consulting expenses | 634,186 | ||
Travel and accommodation expenses | 2,246 | ||
Other operating expenses | 40,476 | ||
Segment expenses | 921,129 | ||
Segment operating (loss)/ profit | (921,129) | ||
Segment assets | 2,337,630 | ||
Segment liabilities | $ 5,888,659 |
Other Income (Details) - Schedu
Other Income (Details) - Schedule of other income - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Other Income [Abstract] | |||
Government grant | $ 82,082 | ||
Waive of debts | 310,789 | ||
Underwriting fee from investment | 25,000 | ||
Sundry income | 2,878 | 18 | 479 |
Total other income | $ 2,878 | $ 335,807 | $ 82,561 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of financial costs - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Financial Costs [Abstract] | |||
Bank overdraft and borrowing interest | $ 26,290 | $ 37,091 | |
Interest on revolving loan | 16,763 | 228,627 | |
Interest on operating lease liability | 132,465 | 88,818 | 32,526 |
Interest on convertible bonds | 109,811 | ||
Interest on convertible promissory notes (Note 19) | 757,625 | 1,895,371 | 1,692,217 |
Total finance costs | $ 916,380 | $ 2,000,952 | $ 2,100,272 |
Loss before Income Tax (Details
Loss before Income Tax (Details) - Schedule of loss before income tax - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee benefit expenses: | |||
Wages and salaries | $ 784,105 | $ 851,073 | $ 1,482,072 |
Staff welfare | 14,286 | ||
Defined contribution superannuation plan expenses | 9,594 | 32,106 | 83,441 |
Less: Labor cost allocated to development projects | (133,702) | ||
Employee benefit expenses | 807,985 | 883,179 | 1,431,811 |
Executive directors' remuneration | 575,806 | 574,371 | 722,157 |
Non-executive directors' remuneration | 79,204 | 156,372 | 58,675 |
Total remuneration | 655,010 | 730,743 | 780,832 |
Total employee benefit expenses | 1,462,995 | 1,613,922 | 2,212,643 |
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | 1,993,007 | 1,326,811 | 2,078,762 |
Other Expenses: | |||
Allowances for bad debts | 102,308 | 14,390 | 58,932 |
Rental expense on operating lease | 81,178 | 116,406 | 126,382 |
Provision for inventory | 1,121,788 | ||
Reversal of allowance for inventory obsolescence | (9,439) | (17,671) | |
Plant and equipment written off | 93,183 | 110 | |
Development projects written off | 930,356 | ||
Provision for impairment loss on intangible assets | 3,459,340 | ||
Selling costs | 68,546 | ||
Other operating expenses | 479,057 | 378,500 | 480,015 |
Other expenses | 211,543 | 142,482 | 310,360 |
Total other expense | 2,157,603 | 642,339 | 5,347,824 |
Other (gains)/ losses: | |||
Gain on deemed disposal of subsidiaries | (144,827) | ||
(Gain)/ loss on disposal of subsidiaries | (62,029) | (1,998,269) | 28,990 |
Exchange (gain)/ loss | (1,775,889) | (88,322) | 194,383 |
Total other gains/ (losses) | (1,982,745) | (2,086,591) | 223,373 |
Audit and review of financial statements: | |||
statutory audit of the Group in Australia | 2,387 | 25,000 | |
audit of the Group in USA | 264,947 | 185,272 | 76,780 |
statutory audit of the subsidiaries | 10,922 | ||
review for other reporting purposes | 50,924 | 87,130 | 18,822 |
Total audit and review fees | 318,258 | 283,324 | 120,602 |
Leasehold improvements [Member] | |||
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | 21,552 | 18,978 | 10,385 |
Office furniture and equipment [Member] | |||
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | 2,985 | 118,143 | 179,140 |
Machinery [Member] | |||
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | 1,133,397 | 1,049,125 | 172,982 |
Right of use assets [Member] | |||
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | 545,196 | 140,565 | 299,981 |
Intangible assets [Member] | |||
Depreciation and amortization of non-current assets: | |||
Total depreciation and amortization | $ 289,877 | $ 1,416,274 |
Income Tax Expense (Details) -
Income Tax Expense (Details) - Schedule of income tax expense - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Income Tax Expense [Abstract]] | |||
Income tax expenses | |||
Deferred tax expenses | |||
Income tax expenses |
Income Tax Expense (Details) _2
Income Tax Expense (Details) - Schedule of prima-facie tax on loss before income tax expense - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Prima Facie Tax on Loss Before Income Tax Expense [Abstract] | |||
Loss before income tax | $ (13,862,503) | $ (6,585,626) | $ (10,543,548) |
Income tax expenses on loss before income tax at 30% | 4,158,751 | 1,975,688 | 3,163,064 |
Difference in overseas tax rates | 1,265,854 | (401,475) | (148,299) |
Less the tax effect of: | |||
Tax losses and temporary differences for the year for which no deferred tax is recognized | (5,424,605) | (1,574,213) | (3,014,765) |
Income tax expenses |
Income Tax Expense (Details) _3
Income Tax Expense (Details) - Schedule of prima-facie tax on loss before income tax expense (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Prima Facie Tax on Loss Before Income Tax Expense [Abstract] | |||
Loss before income tax rate | 30% | 30% | 30% |
Income Tax Expense (Details) _4
Income Tax Expense (Details) - Schedule of deferred tax liabilities - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Deferred Tax Liabilities [Abstract] | ||
Balance brought forward | $ (13,668) | |
Exchange difference | 13,668 | |
Total |
Income Tax Expense (Details) _5
Income Tax Expense (Details) - Schedule of unrecognised deferred tax assets - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets have not been recognised in respect of the following items: | ||
Temporary differences | $ 453,404 | $ 208,691 |
Tax losses | 12,532,777 | 8,145,506 |
Unrecognised deferred tax assets | $ 12,986,182 | $ 8,354,197 |
Income Tax Expense (Details) _6
Income Tax Expense (Details) - Schedule of unrecognised deferred tax assets (Parentheticals) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Unrecognised Deferred Tax Assets [Abstract] | ||
Temporary difference rate | 27.50% | 16.60% |
Tax losses rate | 25.50% | 21.70% |
Dividends (Details)
Dividends (Details) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Disclosure Of Dividends Text Block Abstract | |
Dividends |
Loss per Share (Details) - Sche
Loss per Share (Details) - Schedule of loss per share - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Loss Per Share [Abstract] | |||
Loss after income tax attributable to shareholders | $ (12,615,504) | $ (5,771,510) | $ (10,034,077) |
Number of ordinary shares | 20,524,754 | 9,329,420 | 6,513,671 |
Weighted average number of ordinary shares on issue | 16,448,111 | 8,292,403 | 4,311,360 |
Basic and diluted loss per share | $ (0.77) | $ (0.7) | $ (2.33) |
Trade Receivables, Other Rece_3
Trade Receivables, Other Receivables and Other Current Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Trade And Other Receivables Text Block Abstract | ||
Aggregate carrying amount | $ 810,773 | $ 480,095 |
Impairment loss | $ 100,572 | $ 14,456 |
Trade Receivables, Other Rece_4
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of trade receivables - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade receivables [member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of trade receivables [Line Items] | ||
Trade receivables | $ 951,890 | $ 480,095 |
Less: Allowances for doubtful debts | (100,572) | (14,456) |
Total trade and other receivables | 851,318 | 465,639 |
Other receivables [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of trade receivables [Line Items] | ||
Other receivables | 2,990,582 | 20,482 |
Other current assets [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of trade receivables [Line Items] | ||
Prepayments | 59,751 | |
Trade deposits | 503,689 | 432,236 |
Other deposits | 1,921,773 | 1,574,128 |
VAT receivable | 273 | 272 |
Total receivables | $ 2,485,486 | $ 2,006,636 |
Trade Receivables, Other Rece_5
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Total trade receivables | $ 951,890 | $ 480,095 |
Current (not past due) [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Total trade receivables | 141,117 | |
less than 1 month [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Total trade receivables | 341,479 | 190,969 |
1 month - 3 months [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Total trade receivables | ||
3 months [Member] | ||
Trade Receivables, Other Receivables and Other Current Assets (Details) - Schedule of analysis of trade receivables [Line Items] | ||
Total trade receivables | $ 469,294 | $ 289,126 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Inventories [Abstract] | ||
Finished goods – Halal products | $ 513,582 | |
Finished goods – displays and other products | 6,743,531 | |
Provision for inventories | (1,106,092) | |
Total | $ 6,151,021 |
Loan Receivable (Details)
Loan Receivable (Details) $ in Millions | 1 Months Ended |
Sep. 15, 2022 USD ($) | |
Loan Receivable (Details) [Line Items] | |
Sale of equity interest percentage | 100% |
Bears interests percentage | 5% |
Maurity Term | 2 years |
Outstanding loan percentage | 10% |
IPO price percentage | 120% |
Capital Stone Holdings Limited [Member] | |
Loan Receivable (Details) [Line Items] | |
Sale of equity interest amount (in Dollars) | $ 6.8 |
Loan Receivable (Details) - Sch
Loan Receivable (Details) - Schedule of loans receiveble - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Loans Receiveble Abstract | ||
Loan receivable | $ 10,522,456 | |
Loan interest receivable | 157,837 | |
Total | $ 10,680,293 |
Investment in an Associate (Det
Investment in an Associate (Details) | Dec. 31, 2022 | Jan. 03, 2022 |
Investment In An Associate Abstract | ||
Bearing interest rate | 7% | 6% |
Investment in an Associate (D_2
Investment in an Associate (Details) - Schedule of investment in an associate - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investment In An Associate Abstract | ||
Interest in associate | $ 257,346 | |
Due from an associate company | 698,323 | |
Total investment | $ 955,669 |
Investment in an Associate (D_3
Investment in an Associate (Details) - Schedule of quoted market price - Greifenberg Digital Limited [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Investment in an Associate (Details) - Schedule of quoted market price [Line Items] | |
Country of Incorporation | Canada |
Principal Activities | Investment holding |
Paid Up Capital | $ 2,087,000 |
Percentage Owned | 23.96% |
Investment in an Associate (D_4
Investment in an Associate (Details) - Schedule of represents amounts in associate’ financial statements - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Represents Amounts In Associate Financial Statements Abstract | ||
Current assets | $ 85,420 | |
Non-current assets | 1,656,298 | |
Current liabilities | (983,596) | |
Net assets | $ 758,122 | |
Group share of net assets | 23.96% | |
Year ended 31 December | $ 181,646 | |
Revenues, net | 90,000 | |
Loss after tax | $ (865,548) |
Amounts Due From Former Group_3
Amounts Due From Former Group Companies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 AUD ($) | Dec. 31, 2021 USD ($) | |
Amounts Due From Former Group Companies [Abstract] | ||
Non-trade amount | $ 8,070,206 | $ 5.5 |
Percentage of unsecured Interest | 5% | |
Interest amount | $ 2,185 |
Amounts Due From Former Group_4
Amounts Due From Former Group Companies (Details) - Schedule of Amounts Due From Former Group Companies - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Amounts Due from Former Group Companies [Abstract] | ||
Amounts due from former group companies - net | $ 7,829,668 |
Plant and Equipment (Details) -
Plant and Equipment (Details) - Schedule of plant and equipment - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Plant and Equipment (Details) - Schedule of plant and equipment [Line Items] | |||
Cost | $ 5,675,866 | $ 7,897,655 | $ 7,935,172 |
Accumulated depreciation | (2,401,264) | (1,455,921) | (617,494) |
Carrying amount | 6,441,734 | 7,317,678 | |
Opening carrying amount | 6,441,734 | 7,317,678 | |
Additions | 113,381 | 71,109 | |
Disposals | (2,442,381) | (164,829) | |
Write-off | (93,183) | ||
Depreciation expenses | (1,157,934) | (1,186,246) | |
Exchange difference | 412,985 | 404,022 | |
Closing carrying amount | 3,274,602 | ||
Leasehold improvements [member] | |||
Plant and Equipment (Details) - Schedule of plant and equipment [Line Items] | |||
Cost | 42,392 | ||
Accumulated depreciation | (19,430) | ||
Carrying amount | 22,962 | ||
Opening carrying amount | 22,962 | ||
Additions | 42,392 | ||
Disposals | |||
Write-off | |||
Depreciation expenses | (21,552) | (18,978) | |
Exchange difference | (1,410) | (452) | |
Closing carrying amount | |||
Fixtures and fittings [member] | |||
Plant and Equipment (Details) - Schedule of plant and equipment [Line Items] | |||
Cost | 23,691 | 199,798 | 710,621 |
Accumulated depreciation | (6,259) | (177,086) | (447,995) |
Carrying amount | 22,712 | 262,626 | |
Opening carrying amount | 22,712 | 262,626 | |
Additions | 113,381 | 28,717 | |
Disposals | (21,963) | (164,829) | |
Write-off | (93,183) | ||
Depreciation expenses | (2,985) | (118,143) | |
Exchange difference | (530) | 14,341 | |
Closing carrying amount | 17,432 | ||
Machinery [member] | |||
Plant and Equipment (Details) - Schedule of plant and equipment [Line Items] | |||
Cost | 5,652,175 | 7,655,465 | 7,224,551 |
Accumulated depreciation | (2,395,005) | (1,259,405) | (169,499) |
Carrying amount | 6,396,060 | $ 7,055,052 | |
Opening carrying amount | 6,396,060 | 7,055,052 | |
Additions | |||
Disposals | (2,420,418) | ||
Write-off | |||
Depreciation expenses | (1,133,397) | (1,049,125) | |
Exchange difference | 414,925 | $ 390,133 | |
Closing carrying amount | $ 3,257,170 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cost [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | $ 8,841,805 | $ 6,941,216 |
Additions | 2,110,686 | 1,900,589 |
Disposal | (2,578,188) | |
Write-off | (6,941,216) | |
Exchange difference | 28,915 | |
Ending Balance | 1,462,002 | 8,841,805 |
Cost [Member] | Technologies and Knowhow [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | 8,118,413 | 6,217,824 |
Additions | 1,569,438 | 1,900,589 |
Disposal | (2,578,188) | |
Write-off | (6,217,824) | |
Exchange difference | 28,915 | |
Ending Balance | 920,754 | 8,118,413 |
Cost [Member] | Patents and Trademark [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | 236,528 | 236,528 |
Additions | ||
Disposal | ||
Write-off | (236,528) | |
Exchange difference | ||
Ending Balance | 236,528 | |
Cost [Member] | Software and License [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | 486,864 | 486,864 |
Additions | 541,248 | |
Disposal | ||
Write-off | (486,864) | |
Exchange difference | ||
Ending Balance | 541,248 | 486,864 |
Accumulated Amortization and Impairment Losses [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | (6,941,216) | |
Amortisation | (289,877) | |
Disposal | 108,515 | |
Write-off | 6,941,216 | |
Exchange difference | (14,146) | |
Ending Balance | (195,508) | (6,941,216) |
Accumulated Amortization and Impairment Losses [Member] | Technologies and Knowhow [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | (6,217,824) | |
Amortisation | (223,815) | |
Disposal | 108,515 | |
Write-off | 6,217,824 | |
Exchange difference | (15,269) | |
Ending Balance | (130,569) | (6,217,824) |
Accumulated Amortization and Impairment Losses [Member] | Patents and Trademark [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | (236,528) | |
Amortisation | ||
Disposal | ||
Write-off | 236,528 | |
Exchange difference | ||
Ending Balance | (236,528) | |
Accumulated Amortization and Impairment Losses [Member] | Software and License [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Beginning Balance | (486,864) | |
Amortisation | (66,062) | |
Disposal | ||
Write-off | 486,864 | |
Exchange difference | 1,123 | |
Ending Balance | (64,939) | (486,864) |
Carrying Amount [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Carrying Amount | 1,266,494 | 1,900,589 |
Carrying Amount [Member] | Technologies and Knowhow [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Carrying Amount | 790,185 | 1,900,589 |
Carrying Amount [Member] | Patents and Trademark [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Carrying Amount | ||
Carrying Amount [Member] | Software and License [Member] | ||
Intangible Assets (Details) - Schedule of intangible assets [Line Items] | ||
Carrying Amount | $ 476,309 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of trade and other payables - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of trade and other payables [Abstract] | |||
Trade payables | $ 140,847 | $ 142,325 | |
Accruals | 83,693 | 1,014,368 | |
Amount due to directors | [1] | 404,472 | 266,589 |
Consultancy fees | 3,011 | 355,321 | |
Other payables | 388,576 | 646,114 | |
Total | $ 1,020,599 | $ 2,424,717 | |
[1] The amount due to directors are non-trade in nature, unsecured, non-interest bearing and repayable on demand. |
Convertible Promissory Notes (D
Convertible Promissory Notes (Details) $ / shares in Units, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 19, 2022 shares | Aug. 06, 2020 USD ($) | Oct. 31, 2020 USD ($) shares | Jan. 20, 2020 AUD ($) | Dec. 31, 2022 USD ($) $ / shares | Apr. 13, 2022 shares | Jan. 20, 2020 HKD ($) | Jan. 20, 2020 $ / shares | |
Disclosure Of Convertible Promissory Notes Abstract | ||||||||
Convertible notes | $ | $ 5.5 | |||||||
Convertible promissory note percentage | 10% | 25% | 10% | |||||
Convert to shares percentage | 90% | |||||||
Principle amount | $ 2.6 | $ 14 | ||||||
Maturity year | 2 years | 2 years | ||||||
Conversion price per share | $ / shares | $ 5 | |||||||
Interest accrued | $ | $ 174,811 | |||||||
Share issued | shares | 46,741 | |||||||
Interest accrueds | shares | 664,871 | |||||||
Convertible note | $ | $ 1,650,000 | |||||||
Conversion price per share | $ / shares | $ 3.25 | |||||||
Floor price per share | $ / shares | $ 1.5 | |||||||
Share issued | shares | 507,692 |
Convertible Promissory Notes _2
Convertible Promissory Notes (Details) - Schedule of convertible promissory notes - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible promissory notes: | ||
Convertible promissory notes, total | $ 7,554,633 | $ 4,311,416 |
Entered During The Year [Member] | ||
Convertible promissory notes: | ||
Convertible promissory notes, total | 7,554,633 | |
Converted During The Year [Member] | ||
Convertible promissory notes: | ||
Convertible promissory notes, total | $ 4,311,416 |
Convertible Promissory Notes _3
Convertible Promissory Notes (Details) - Schedule of convertible promissory notes entered during the year - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Convertible Promissory Notes Entered During The Year Abstract | ||
Face value of convertible promissory notes issued from July to December 2022 (note i) | $ 8,070,206 | |
Debt discount (Note 23) | (870,546) | |
Liability component on initial recognition | 7,199,660 | |
Interest accrued | 300,082 | |
Exchange differences | 54,891 | |
Carrying value as at end of year | $ 7,554,633 |
Convertible Promissory Notes _4
Convertible Promissory Notes (Details) - Schedule of convertible promissory notes converted to shares - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of convertible promissory notes converted to shares [Abstract] | ||
Carrying value as at January 1 | $ 4,311,416 | $ 2,196,049 |
Interest accrued at effective interest rate | 207,861 | 1,895,371 |
Shares issued for interest payment | (324,419) | |
Redemption of convertible promissory note | (4,714,820) | |
Exchange differences | 519,962 | 219,996 |
Carrying value as at December 31 | $ 4,311,416 |
Amounts Due to Related Compan_3
Amounts Due to Related Companies (Details) - Schedule of amounts due to related companies - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts Due to Related Companies [Abstract] | ||
Amounts due to related companies | $ 247,406 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating leases of interest rate | 2.50% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of carrying amount of the group’s right of use assets - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of carrying amount of the group’s right of use assets [Abstract] | ||
Balance beginning (in Shares) | 1,958,869 | |
Additions | $ 2,086,229 | |
Depreciation expenses | $ (545,196) | (140,565) |
Disposal of subsidiaries | (1,395,252) | |
Exchange difference | $ (18,421) | $ 13,205 |
Balance ending (in Shares) | 1,958,869 | |
Lease Properties [Member] | ||
Schedule of carrying amount of the group’s right of use assets [Abstract] | ||
Balance beginning (in Shares) | 1,958,869 | |
Additions | $ 2,086,229 | |
Depreciation expenses | $ (545,196) | (140,565) |
Disposal of subsidiaries | (1,395,252) | |
Exchange difference | $ (18,421) | $ 13,205 |
Balance ending (in Shares) | 1,958,869 | |
Motor vehicles [member] | ||
Schedule of carrying amount of the group’s right of use assets [Abstract] | ||
Balance beginning (in Shares) | ||
Additions | ||
Depreciation expenses | ||
Disposal of subsidiaries | ||
Exchange difference | ||
Balance ending (in Shares) |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease liabilities - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of lease liabilities [Abstract] | ||
Within one year | $ 425,567 | |
Two to five years | 1,403,932 | |
Total | 1,829,499 | |
Less: Amount due within one year shown under current liabilities | (425,567) | |
Amount due after one year | 1,403,932 | |
Analyzed into: | ||
Current portion | 425,567 | |
Non-current portion | 1,403,932 | |
Total non-current | $ 1,829,499 |
Financial Assets at Fair Valu_3
Financial Assets at Fair Value Through Other Comprehensive Income (Details) $ / shares in Units, shares in Millions | Feb. 25, 2021 USD ($) $ / shares shares | Dec. 31, 2022 AUD ($) |
Financial Assets at Fair Value Through Other Comprehensive Income [Abstract] | ||
Underwriting shares (in Shares) | shares | 500 | |
Shares issued price per shares (in Dollars per share) | $ / shares | $ 0.001 | |
Total subscription amount (in Dollars) | $ 500,000 | |
Investments of disposed | $ 275,000 | |
Loss realised | $ 225,000 |
Financial Assets at Fair Valu_4
Financial Assets at Fair Value Through Other Comprehensive Income (Details) - Schedule of financial assets at fair value through other comprehensive income - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investment in equity instrument designated at FVOCI | ||
Beginning balance | $ 562,500 | $ 500,000 |
Change in fair value through other comprehensive income | (380,000) | 62,500 |
Disposal of investment in listed shares | (182,500) | |
Ending balance | $ 562,500 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 AUD ($) g | Dec. 31, 2021 | Dec. 31, 2022 USD ($) | |
Derivative Financial Instruments (Details) [Line Items] | |||
Amount of subscription agreements (in Dollars) | $ 5.5 | ||
Amount of subscription agreements (in Dollars) | $ 8,125,094 | ||
Conversion price percentages (in Grams) | g | 25 | ||
Weighted average price percentage | 90% | ||
Weighted expected term period | 2 years | ||
Discount rate percentage | 3.51% | ||
Dividend yield percentage | 0% | ||
Bottom of range [member] | |||
Derivative Financial Instruments (Details) [Line Items] | |||
Volatility price percentage | 90.80% | ||
Top of range [member] | |||
Derivative Financial Instruments (Details) [Line Items] | |||
Volatility price percentage | 72.80% |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of derivative financial instruments - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of derivative financial instruments [Abstract] | ||
Carrying value as at beginning of year | $ 2,321,003 | $ 1,478,540 |
Derivative redeemeded on conversion of promissory notes | (2,321,003) | |
Derivatives embedded in the convertible promissory note issued (Note 19(a)) | 870,546 | |
Fair value change in derivative financial instruments during the year | 1,538,980 | 842,463 |
Carrying value as at end of year | $ 2,409,526 | $ 2,321,003 |
Warrant Liabilities (Details)
Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 02, 2022 | Jan. 03, 2022 |
Warrant [Abstract] | ||
Total purchase agreements | $ 10 | |
Issuance of convertble notes | $ 10 | |
Percentage of warrants | 100% | 80% |
Warrants exercised | $ 3.2 | $ 8 |
Warrants term | 2 years | 2 years |
Exercise of convertible notes (in Dollars per share) | $ 3.74 | |
Exercise of warrant | 4.99% | |
Agreements total amount | $ 3.2 | |
Issuance of shares (in Shares) | 2,539,682 | |
Warrants exercise price per share (in Dollars per share) | $ 1.26 | |
Agreement of warrants (in Dollars per share) | $ 1.26 | |
Exercise of warrant percentage | 4.99% |
Warrant Liabilities (Details) -
Warrant Liabilities (Details) - Schedule of warrant liabilities - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of warrant liabilities [Abstract] | ||
Warrant liabilities | $ 3,566,433 |
Controlled Entities (Details) -
Controlled Entities (Details) - Schedule of entities controlled | 12 Months Ended | ||||||
Dec. 31, 2022 AUD ($) | Dec. 31, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 CNY (¥) | ||
CIMC Marketing Pty Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Australia | ||||||
Principal Activities | Management services & Investment holding | ||||||
Paid Up Capital | $ 1 | ||||||
Percentage Owned | 100% | 100% | |||||
IMTE Asia Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Dormant | ||||||
Paid Up Capital | $ 1 | ||||||
Percentage Owned | 100% | 100% | |||||
IMTE Malaysia Sdn. Bhd.[Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1] | Malaysia | |||||
Principal Activities | [1] | Administrative services and sales of products | |||||
Paid Up Capital | RM | [1] | RM 100 | |||||
Percentage Owned | [1] | 100% | |||||
Itana Holdings Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Canada | ||||||
Principal Activities | Investment holding | ||||||
Paid Up Capital | 1 | ||||||
Percentage Owned | 100% | 100% | |||||
Renfrew International Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | United States | ||||||
Principal Activities | Manufacture of electronic glass | ||||||
Paid Up Capital | 1 | ||||||
Percentage Owned | 100% | 100% | |||||
Lonsdale International Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | United States | ||||||
Principal Activities | Investment holding | ||||||
Paid Up Capital | 1 | ||||||
Percentage Owned | 100% | 100% | |||||
Merit Stone Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1] | British Virgin Islands | |||||
Principal Activities | [1] | Investment holding | |||||
Paid Up Capital | [1] | 100 | |||||
Percentage Owned | [1] | 100% | |||||
Ohho International Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1] | Canada | |||||
Principal Activities | [1] | Sale of filter plates and air filter product | |||||
Paid Up Capital | [1] | $ 1,290 | |||||
Percentage Owned | [1] | 51% | |||||
Ouction Digital Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1] | Canada | |||||
Principal Activities | [1] | Provision of digital trading platform and sale of digital asset | |||||
Paid Up Capital | [1] | $ 1,666,666 | |||||
Percentage Owned | [1] | 60% | |||||
World Integrated Supply Ecosystem Sdn. Bhd.* | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1] | Malaysia | |||||
Principal Activities | [1] | Sales of Halal products | |||||
Paid Up Capital | RM | [1] | RM 5,000,000 | |||||
Percentage Owned | [1] | 60% | |||||
Smartglass Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Manufacturing, sale and distribution of switchable glass and consultancy services | ||||||
Paid Up Capital | 8 | ||||||
Percentage Owned | 100% | ||||||
Smart (Zhenjiang) Intelligent Technology Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [2] | P.R.C | |||||
Principal Activities | [2] | Marketing, manufacturing and sales of electronic glass | |||||
Paid Up Capital | ¥ | ¥ 5,000,000 | ||||||
Percentage Owned | [2] | 100% | |||||
Grand Dynasty Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Investment holding | ||||||
Paid Up Capital | 1 | ||||||
Percentage Owned | 100% | ||||||
Grand Dynasty (Zhenjiang) Co., Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | P.R.C | ||||||
Principal Activities | Dormant | ||||||
Paid Up Capital | ¥ | ¥ 1 | ||||||
Percentage Owned | 100% | ||||||
IMTE Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Treasury and administrative services | ||||||
Paid Up Capital | 1 | ||||||
Percentage Owned | 100% | ||||||
Sunup Holdings Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Manufacturing of filter plates | ||||||
Paid Up Capital | 1,290 | ||||||
Percentage Owned | 51% | ||||||
Sunup Korea Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | Hong Kong | ||||||
Principal Activities | Sale of filter plates and air filter products | ||||||
Paid Up Capital | 0.13 | ||||||
Percentage Owned | 51% | ||||||
eGlass Technologies Ltd [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [1],[2] | Australia | |||||
Principal Activities | [1],[2] | Investment holding | |||||
Paid Up Capital | [1],[2] | 11,617,008 | |||||
Percentage Owned | [1],[2] | ||||||
Greifenberg Digital Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [3] | Canada | |||||
Principal Activities | [3] | Investment holding | |||||
Paid Up Capital | 2,087,000 | ||||||
Percentage Owned | [3] | 40.75% | |||||
Greifenberg Analytics Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [3] | Canada | |||||
Principal Activities | [3] | Online analytic financial research services | |||||
Paid Up Capital | [3] | 1 | |||||
Percentage Owned | [3] | 40.75% | |||||
Greifenberg Capital Limited [Member] | |||||||
Controlled Entities (Details) - Schedule of entities controlled [Line Items] | |||||||
Country of Incorporation | [3] | Hong Kong | |||||
Principal Activities | [3] | Dormant | |||||
Paid Up Capital | [3] | $ 1 | |||||
Percentage Owned | [3] | 40.75% | |||||
[1] Established during the year Disposed during the year Disposed and became an associated company during the year |
Business Combinations (Details)
Business Combinations (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) | Dec. 31, 2021 AUD ($) | |
Disclosure Of Contingent Liabilities In Business Combination Text Block Abstract | |||
Realized a gain on disposal (in Dollars) | $ 51,143 | ||
Realized a gain on subsidiaries (in Dollars) | $ 10,886 | $ 1,998,269 | |
Equity investment percentage | 23.96% | 40.75% | |
Equity interests percentage | 30% | ||
Issued capital percentage | 60% | ||
Agreement of acquisition (in Dollars) | $ 1,000,000 | ||
Representing shareholdings percentage | 60% | ||
Received shareholding percentage | 40% |
Business Combinations (Detail_2
Business Combinations (Details) - Schedule of net gain (loss) on the disposals during the year - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net gain (loss) on the disposals during the year [Line Items] | |||
Total consideration | $ 10,101,944 | $ 538 | $ 25,129 |
Carrying amount of net asset sold (note(i) below) | (9,720,554) | (270,908) | (230,294) |
Gain/ (loss) on sales before income tax and reclassification of foreign currency translation reserve | 381,390 | (270,370) | 255,423 |
Reclassification of foreign currency transaction reserve | (319,361) | 645,399 | (26,871) |
Non-controlling interest | 1,623,240 | (257,542) | |
Gain/ (loss) on disposal after income tax | 62,029 | 1,998,269 | $ (28,990) |
Deemed Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net gain (loss) on the disposals during the year [Line Items] | |||
Total consideration | 563,970 | ||
Carrying amount of net asset sold (note(i) below) | (1,149,207) | ||
Gain/ (loss) on sales before income tax and reclassification of foreign currency translation reserve | (585,237) | ||
Increase in share of net assets on group restructuring | 784 | ||
Reclassification of foreign currency transaction reserve | 48,374 | ||
Non-controlling interest | 680,906 | ||
Gain/ (loss) on disposal after income tax | $ 144,827 |
Business Combinations (Detail_3
Business Combinations (Details) - Schedule of net assets disposed - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net assets disposed [Line Items] | |||
Plant and equipment | $ 2,442,381 | $ 164,829 | $ 284,240 |
Development projects | 2,864,052 | ||
Intangible assets | 4,790,784 | ||
Right of use assets | 369,688 | 865,996 | |
Right of use assets - long term | 1,025,564 | ||
Cash and bank balances | 5,396,428 | 32,927 | 99,061 |
Inventories | 208,737 | 400,806 | |
Trade and others receivable | 23,923 | 689,336 | 603,923 |
Other deposit and prepayment | 7,440,451 | 779,821 | 1,664,343 |
Amount due from fellow subsidiaries | 278,337 | ||
Trade and other liabilities | (559,658) | (1,560,899) | (912,580) |
Amount due to a related company | (4,951) | (6,689,290) | |
Amount due to immediate holding company | (5,336,188) | ||
Bank overdraft | (929,438) | ||
Bank loan | (966,747) | ||
Lease liabilities | (311,624) | (925,042) | |
Lease liabilities - long term | (1,048,748) | ||
Deferred tax liabilities | (38,892) | (1,380,402) | |
Obligation under finance lease | (33,329) | ||
Total | 9,720,554 | 270,908 | $ (230,294) |
Deemed Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net assets disposed [Line Items] | |||
Intangible assets | 1,900,765 | ||
Cash and bank balances | 14,892 | ||
Other deposit and prepayment | 51,050 | ||
Trade and other liabilities | (945,096) | ||
Amount due to a related company | 127,596 | ||
Total | $ 1,149,207 |
Business Combinations (Detail_4
Business Combinations (Details) - Schedule of net cash flows from disposal of subsidiaries - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net cash flows from disposal of subsidiaries [Line Items] | |||
Consideration received, | $ 10,101,944 | $ 25,129 | |
Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) | (5,396,428) | 32,927 | 830,377 |
Net cash flows from disposal of subsidiaries | 4,705,516 | 32,927 | $ 855,506 |
Deemed Disposal of Subsidiaries [Member] | |||
Business Combinations (Details) - Schedule of net cash flows from disposal of subsidiaries [Line Items] | |||
Consideration received, | 563,970 | ||
Cash and cash equivalents of subsidiaries disposed of (included cash at bank and bank overdraft) | (14,892) | ||
Net cash flows from disposal of subsidiaries | $ 549,078 |
Business Combinations (Detail_5
Business Combinations (Details) - Schedule of purchase consideration, the net assets acquired and goodwill | 12 Months Ended |
Dec. 31, 2022 AUD ($) | |
Purchase consideration (refer to (b) below): | |
Total purchase consideration | |
Other assets | 58,830 |
Intangible assets | 346,320 |
Equipment | 94,903 |
Accounts Payable | (870,645) |
Other payable | (519) |
Net identifiable liabilities acquired | (371,111) |
Less: non-controlling interests | (419,520) |
Add: goodwill | 790,631 |
Net liabilities acquired | |
Cash paid [Member] | |
Purchase consideration (refer to (b) below): | |
Total purchase consideration | |
Ordinary shares issued [Member] | |
Purchase consideration (refer to (b) below): | |
Total purchase consideration |
Issued Capital (Details)
Issued Capital (Details) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 13, 2022 AUD ($) | Sep. 13, 2022 USD ($) $ / shares shares | Apr. 13, 2022 USD ($) shares | Jan. 10, 2022 USD ($) shares | Jan. 03, 2022 AUD ($) shares | Jan. 03, 2022 USD ($) $ / shares shares | Jul. 06, 2021 AUD ($) | Jul. 06, 2021 USD ($) $ / shares shares | Mar. 04, 2021 AUD ($) | Mar. 04, 2021 USD ($) $ / shares shares | Feb. 05, 2021 AUD ($) | Feb. 05, 2021 USD ($) $ / shares shares | Feb. 02, 2021 AUD ($) | Feb. 02, 2021 USD ($) $ / shares shares | Dec. 02, 2020 AUD ($) | Dec. 02, 2020 USD ($) $ / shares shares | Oct. 06, 2020 AUD ($) | Oct. 06, 2020 USD ($) $ / shares shares | Oct. 06, 2020 HKD ($) | Aug. 06, 2020 USD ($) $ / shares shares | Feb. 16, 2023 USD ($) $ / shares shares | Aug. 31, 2022 AUD ($) | Aug. 31, 2022 USD ($) $ / shares shares | Aug. 23, 2022 USD ($) $ / shares shares | Jun. 29, 2022 AUD ($) | Jun. 29, 2022 USD ($) $ / shares shares | Apr. 30, 2022 AUD ($) | Apr. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 AUD ($) | Mar. 31, 2022 USD ($) $ / shares shares | Jan. 19, 2022 HKD ($) shares | Mar. 23, 2021 AUD ($) shares | Mar. 23, 2021 USD ($) | Feb. 22, 2021 AUD ($) | Feb. 22, 2021 USD ($) $ / shares shares | Dec. 21, 2020 AUD ($) | Dec. 21, 2020 USD ($) $ / shares shares | Sep. 30, 2020 $ / shares shares | Sep. 17, 2020 AUD ($) | Sep. 17, 2020 USD ($) $ / shares shares | Sep. 15, 2020 AUD ($) | Sep. 15, 2020 USD ($) $ / shares shares | Aug. 31, 2020 | Jul. 25, 2020 AUD ($) | Jul. 25, 2020 USD ($) $ / shares shares | Jul. 25, 2020 HKD ($) | Feb. 24, 2020 AUD ($) | Feb. 24, 2020 USD ($) $ / shares shares | Feb. 20, 2020 USD ($) $ / shares shares | Jan. 20, 2020 AUD ($) shares | Jan. 20, 2020 USD ($) | Jan. 19, 2020 shares | Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 AUD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) $ / shares shares | Dec. 31, 2021 AUD ($) $ / shares shares | Dec. 31, 2020 AUD ($) shares | Aug. 17, 2022 shares | Mar. 23, 2021 USD ($) $ / shares shares | May 12, 2020 shares | Jan. 20, 2020 USD ($) shares | Jan. 20, 2020 HKD ($) shares | Dec. 31, 2019 shares | |
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | 1,587,301 | 507,692 | 3,205,128 | 888,887 | 573,350 | 952,381 | 2,200,000 | 646,173 | 732,900 | 698,888 | 664,871 | 708,000 | 625,000 | 261,000 | 158,730 | 46,741 | 20,524,754 | 20,524,754 | 9,329,420 | 6,513,671 | 2,200,000 | 708,000 | 46,741 | 46,741 | ||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | (per share) | $ 1.26 | $ 3.15 | $ 4 | $ 3.6125 | $ 3 | $ 1.26 | $ 1.59 | $ 4.5 | $ 4.5 | $ 4.5 | $ 4 | $ 10.5 | $ 6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription amount | $ 2,904,761 | $ 2,000,000 | $ 2,442,000 | $ 1,800,000 | $ 1,723,809 | $ 1,200,000 | $ 4,219,510 | $ 2,907,786 | $ 4,422,963 | $ 3,298,060 | $ 4,242,861 | $ 3,145,000 | $ 1,319,999 | $ 1,000,000 | $ 1,845,000 | $ 1,350,000 | $ 1,514,284 | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of debt | $ 1,007,751 | $ 5,655,000 | $ 2,940,000 | $ 2,100,000 | $ 16,380,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services | $ 23,249 | $ 17,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value new issues | $ 13,910,256 | $ 3,846,261 | $ 2,964,220 | $ 13,176 | $ 84,106 | $ 5,082,000 | $ 6,046,320 | $ 3,162,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value issued for services | $ | $ 10,000,000 | $ 2,765,000 | $ 2,293,400 | $ 10,000 | $ 64,100 | $ 3,498,000 | $ 4,602,000 | $ 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds | $ 6,013,000 | $ 4,577,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issue of convertible note | $ 1,650,000 | $ 10,000,000 | $ 14,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible promissory note percentage | 10% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 650,000 | $ 2 | $ 1 | $ 14,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest | $ 174,811 | $ 125,852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares | 3,205,128 | 3,205,128 | 507,692 | 664,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase agreements individual investors | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of convertible notes (in Dollars) | $ | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest percentage | 6% | 7% | 7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | 2 years | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 3.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of noteholder percentage | 4.99% | 4.99% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription agreements amount | $ 8,125,094 | $ 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price percentage | 25% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convert to shares percentage | 90% | 90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | 20,524,754 | 20,524,754 | 9,329,420 | 6,513,671 | 3,377,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued warrants (in Dollars) | $ 126,984 | $ 3,566,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 3.74 | $ 10.5 | $ 1.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants term | 2 years | 2 years | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise warrant holder | 4.99% | 4.99% | 4.99% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee stock ownership plan percentage exercised | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share option term | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exceed percentage | 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | 163,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 0.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value new issues | $ | $ 153,270 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value issued for services | $ | $ 105,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of debt | $ 174,811 | $ 125,852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | 2,768 | 17,744 | 600,000 | 241,667 | 307,692 | 500,000 | 450,000 | 700,000 | 158,730 | 126,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 3.6125 | $ 3 | $ 3.9 | $ 3.25 | $ 3 | $ 3 | $ 3 | $ 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value new issues | $ | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued during period value issued for services | $ | $ 2,060,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares [Member] | Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | 46,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services [Member] | Ordinary shares [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued shares | 4,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 3.81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunup Holdings Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest percentage | 51% | 51% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bottom of range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Top of range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price per share (in Dollars per share) | $ / shares | $ 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPO [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant period | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued Capital (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued warrants (in Dollars) | $ | $ 8,000,000 | $ 3,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible shares | 2,139,032 | 2,139,032 | 2,539,682 |
Issued Capital (Details) - Sche
Issued Capital (Details) - Schedule of share capital - AUD ($) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 13, 2022 | Aug. 31, 2022 | Aug. 23, 2022 | Aug. 17, 2022 | Jun. 29, 2022 | Apr. 30, 2022 | Apr. 13, 2022 | Mar. 31, 2022 | Jan. 19, 2022 | Jan. 10, 2022 | Jul. 06, 2021 | Mar. 23, 2021 | Mar. 04, 2021 | Feb. 22, 2021 | Sep. 30, 2020 | Feb. 20, 2020 | Jan. 20, 2020 | |
Schedule Of Share Capital Abstract | ||||||||||||||||||||
Number of shares, Ordinary Shares fully paid | 20,524,754 | 9,329,420 | 6,513,671 | 1,587,301 | 952,381 | 2,200,000 | 2,200,000 | 646,173 | 732,900 | 507,692 | 698,888 | 664,871 | 3,205,128 | 888,887 | 708,000 | 573,350 | 625,000 | 261,000 | 158,730 | 46,741 |
Ordinary Shares fully paid | $ 89,689,805 | $ 48,144,406 | $ 32,089,997 |
Issued Capital (Details) - Sc_2
Issued Capital (Details) - Schedule of ordinary share capital - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Ordinary Share Capital Abstract | |||
Balance, shares | 9,329,420 | 6,513,671 | 3,377,386 |
Balance | $ 48,144,406 | $ 32,089,997 | $ 18,902,029 |
Issue of shares for cash, shares | 7,822,771 | 2,795,237 | 1,643,406 |
Issue of shares for cash | $ 31,424,160 | $ 16,019,301 | $ 7,121,283 |
Issue of shares for conversion of debt, shares | 1,172,563 | 988,408 | |
Issue of shares for conversion of debt | $ 5,039,239 | $ 4,122,562 | |
Issue of shares for services, shares | 20,512 | 4,471 | |
Issue of shares for services | $ 97,282 | $ 23,249 | |
Issuance of shares for execution of share options, shares | 2,200,000 | ||
Issuance of shares for execution of share options | $ 5,082,000 | ||
Issue of shares for acquisition of shares in subsidiary companies, shares | 500,000 | ||
Issue of shares for acquisition of shares in subsidiary companies | $ 2,060,000 | ||
Legal expenses in respect of issuance of shares, shares | |||
Legal expenses in respect of issuance of shares | $ (62,174) | $ (139,126) | |
Balance, shares | 20,524,754 | 9,329,420 | 6,513,671 |
Balance | $ 89,689,805 | $ 48,144,406 | $ 32,089,997 |
Commitments (Details)
Commitments (Details) - Dec. 31, 2021 | AUD ($) | USD ($) |
Commitments [Abstract] | ||
Capital commitments | $ 16,040,885 | $ 11,350,000 |
Commitments (Details) - Schedul
Commitments (Details) - Schedule of lease payments for rent office under non-cancellable leases - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of lease payments for rent office under non-cancellable leases [Abstract] | ||
Within one year | $ 19,925 | $ 9,113 |
In the second to fifth years, inclusive | 13,283 | |
Total | $ 33,208 | $ 9,113 |
Financial Risk Management (Deta
Financial Risk Management (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 AUD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 ¥ / shares | Dec. 31, 2022 £ / shares | Dec. 31, 2022 € / shares | Dec. 31, 2022 ₩ / shares | Dec. 31, 2022 RM / shares | Dec. 31, 2021 AUD ($) | |
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | (per share) | $ 1.46632 | $ 0.18776 | ¥ 0.21253 | £ 1.77274 | € 1.59614 | ₩ 0.00116 | RM 0.33208 | ||
Financial assets and liabilities exchange rate description | It assumes a +/- 5% change of the AUD/HK$ exchange rate for the year ended at December 31, 2021 (2020: 5%). A +/- 5% change is considered for the AUD/US$ exchange rate (2020: 5%). A +/- 10% change is considered for the AUD/RMB exchange rate (2020: 10%). | ||||||||
Weakened [member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 5% | ||||||||
HK [Member] | Strengthened [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 5% | 5% | |||||||
HK [Member] | Weakened [member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 5% | 5% | |||||||
US [Member] | Strengthened [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 5% | 5% | |||||||
US [Member] | Weakened [member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 5% | ||||||||
RMB [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 10% | ||||||||
RMB [Member] | Strengthened [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 10% | ||||||||
RMB [Member] | Weakened [member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Foreign currency forward exchange percentage | 10% | 10% | |||||||
Bottom of Range [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Weighted average effective rate (in Dollars) | $ 30 | $ 1,019 | |||||||
Top of Range [Member] | |||||||||
Financial Risk Management (Details) [Line Items] | |||||||||
Weighted average effective rate (in Dollars) | $ 30 | $ 1,019 |
Financial Risk Management (De_2
Financial Risk Management (Details) - Schedule of effective interest rates as at the reporting date - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets | ||
Cash and bank balances, Weighted average effective interest rate | 0.56% | 0.18% |
Cash and bank balances, Total | $ 79,093 | $ 274,767 |
Trade and other receivables, Total | 4,002,844 | 486,121 |
Other assets, Total | 2,477,392 | 13,465,831 |
Due from associated company, Total | 698,323 | |
Due from former group companie, Total | 7,829,668 | |
Total Financial Assets, Total | $ 15,087,320 | 14,226,719 |
Financial Liabilities | ||
Trade and other liabilities, Weighted average effective interest rate | 8% | |
Trade and other liabilities, Floating interest rate | $ 388,576 | 646,114 |
Trade and other liabilities, Total | $ 1,020,604 | |
Derivative financial instruments, Weighted average effective interest rate | 10% | |
Derivative financial instruments, Floating interest rate | $ 2,409,526 | $ 2,321,003 |
Derivative financial instruments, Total | 2,409,526 | |
Trade and other payables, Weighted average effective interest rate | 8% | |
Trade and other payables, Total | $ 2,424,717 | |
Amounts due to related companies, Floating interest rate | 247,406 | |
Amounts due to related companies, Total | $ 247,406 | |
Lease liability, Weighted average effective interest rate | 2.50% | |
Lease liability, Total | $ 1,829,499 | |
Convertible promissory notes, Weighted average effective interest rate | 10% | 10% |
Convertible promissory notes, Floating interest rate | $ 7,554,633 | $ 4,311,416 |
Convertible promissory notes, Total | 7,554,633 | 4,311,416 |
Warrant liabilities, Total | 3,566,433 | |
Total Financial Liabilities, Total | 14,551,196 | 8,813,038 |
Floating interest rate [Member] | ||
Financial Assets | ||
Cash and bank balances, Floating interest rate | 594 | 203,857 |
Trade and other receivables, Floating interest rate | ||
Other assets, Floating interest rate | ||
Due from associated company, Floating interest rate | ||
Due from former group companies, Floating interest rate | ||
Total Financial Assets, Floating interest rate | 594 | 203,857 |
Financial Liabilities | ||
Trade and other liabilities, Floating interest rate | ||
Derivative financial instruments, Floating interest rate | 2,409,526 | |
Trade and other payables, Floating interest rate | ||
Amounts due to related companies, Floating interest rate | ||
Lease liability, Floating interest rate | ||
Convertible promissory notes, Floating interest rate | 7,554,633 | 4,311,416 |
Warrant liabilities, Floating interest rate | ||
Total Financial Liabilities, Floating interest rate | 9,964,159 | 4,311,416 |
Non-interest bearing [Member] | ||
Financial Assets | ||
Cash and bank balances, Non-interest bearing | 78,499 | 70,910 |
Trade and other receivables, Non-interest bearing | 4,002,844 | 486,121 |
Other assets, Non-interest bearing | 2,477,392 | 13,465,831 |
Due from associated company, Non-interest bearing | 698,323 | |
Due from former group companies, Non-interest bearing | 7,829,668 | |
Total Financial Assets, Non-interest bearing | 15,086,726 | 14,022,862 |
Financial Liabilities | ||
Trade and other liabilities, Non-interest bearing | 1,020,604 | |
Derivative financial instruments, Non-interest bearing | ||
Trade and other payables, Non-interest bearing | 2,424,717 | |
Amounts due to related companies, Non-interest bearing | 247,406 | |
Lease liability, Non-interest bearing | 1,829,499 | |
Convertible promissory notes, Non-interest bearing | ||
Warrant liabilities, Non-interest bearing | 3,566,433 | |
Total Financial Liabilities, Non-interest bearing | $ 4,587,037 | $ 4,501,622 |
Financial Risk Management (De_3
Financial Risk Management (Details) - Schedule of foreign currency denominated financial assets and liabilities which expose the Group to currency risk | Dec. 31, 2022 USD ($) | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 HKD ($) | Dec. 31, 2021 CNY (¥) |
Short term exposure [Member] | |||||||||
Financial assets | |||||||||
Cash and cash equivalents | $ 8,488 | $ 1,893 | RM 29,628 | € 36,111 | $ 187,400 | $ 70,053 | ¥ 13,295 | ||
Trade and other receivables | 3,649,082 | 84,253 | 58,713 | 457,798 | 3,279 | 21,851 | |||
Inventory | 5,637,439 | 513,582 | |||||||
Loan receivable | 10,522,456 | ||||||||
Other assets | 2,427,950 | 13,098 | 36,072 | 13,323,142 | 63,841 | 78,576 | |||
Financial liabilities | |||||||||
Trade and other liabilities | (1,899) | (138,948) | (1,142,816) | (712,801) | (125,876) | ||||
Amount due to ultimate holding company | (247,406) | ||||||||
Convertible promissory notes | (7,554,633) | (1,799,278) | (2,512,137) | ||||||
Derivates on financial statements | (1,100,099) | (1,220,904) | |||||||
Total exposure | 14,690,782 | 1,893 | 638,662 | 58,713 | 72,183 | (138,948) | 9,678,741 | (4,308,669) | (12,154) |
Long term exposure [Member] | |||||||||
Financial assets | |||||||||
Cash and cash equivalents | |||||||||
Trade and other receivables | |||||||||
Inventory | |||||||||
Loan receivable | |||||||||
Other assets | |||||||||
Financial liabilities | |||||||||
Trade and other liabilities | |||||||||
Amount due to ultimate holding company | |||||||||
Convertible promissory notes | |||||||||
Derivates on financial statements | |||||||||
Total exposure |
Financial Risk Management (De_4
Financial Risk Management (Details) - Schedule of account forward exchange contracts that offset effects from changes in currency exchange rates | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2021 AUD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 HKD ($) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 KRW (₩) |
Strengthened [Member] | ||||||||||||||||
Financial Risk Management (Details) - Schedule of account forward exchange contracts that offset effects from changes in currency exchange rates [Line Items] | ||||||||||||||||
Loss for the year | $ (799,373) | $ (734,539) | $ (95) | RM (65,141) | £ (2,936) | € (3,609) | ₩ 6,947 | $ (267,289) | $ (483,937) | $ 215,433 | ¥ 1,215 | |||||
Equity | (799,373) | (734,539) | (95) | (65,141) | (2,936) | (3,609) | 6,947 | (267,289) | (483,937) | 215,433 | 1,215 | |||||
Weakened [Member] | ||||||||||||||||
Financial Risk Management (Details) - Schedule of account forward exchange contracts that offset effects from changes in currency exchange rates [Line Items] | ||||||||||||||||
Loss for the year | 799,373 | 734,539 | 95 | 65,141 | 2,936 | 3,609 | (6,947) | 267,289 | 483,937 | (215,433) | (1,215) | |||||
Equity | $ 799,373 | $ 734,539 | $ 95 | RM 65,141 | £ 2,936 | € 3,609 | ₩ (6,947) | $ 267,289 | $ 483,937 | $ (215,433) | ¥ (1,215) |
Financial Risk Management (De_5
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying amount [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | $ 1,020,599 | |
Warrant liability | 3,566,433 | |
Convertible promissory note | 7,554,633 | $ 4,311,416 |
Total | 12,141,665 | 8,813,038 |
Trade and other liabilities | 2,424,717 | |
Amounts due to related companies | 247,406 | |
Lease liability | 1,829,499 | |
Total contractual undiscounted cash flow [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | 1,020,599 | |
Warrant liability | 3,566,433 | |
Convertible promissory note | 7,554,633 | 4,311,416 |
Total | 12,141,665 | 8,813,038 |
Trade and other liabilities | 2,424,717 | |
Amounts due to related companies | 247,406 | |
Lease liability | 1,829,499 | |
0 - 30 days or on demand [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | 1,020,599 | |
Warrant liability | 3,566,433 | |
Convertible promissory note | 7,554,633 | 4,311,416 |
Total | 12,141,665 | 6,983,539 |
Trade and other liabilities | 2,424,717 | |
Amounts due to related companies | 247,406 | |
Lease liability | ||
31 - 90 days [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | ||
Warrant liability | ||
Convertible promissory note | ||
Total | ||
Trade and other liabilities | ||
Amounts due to related companies | ||
Lease liability | ||
91 - 365 Days [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | ||
Warrant liability | ||
Convertible promissory note | ||
Total | 425,567 | |
Trade and other liabilities | ||
Amounts due to related companies | ||
Lease liability | 425,567 | |
Over 1 year [Member] | ||
Financial Risk Management (Details) - Schedule of remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms [Line Items] | ||
Trade deposits received | ||
Warrant liability | ||
Convertible promissory note | ||
Total | 1,403,932 | |
Trade and other liabilities | ||
Amounts due to related companies | ||
Lease liability | $ 1,403,932 |
Financial Risk Management (De_6
Financial Risk Management (Details) - Schedule of assets and liabilities that are measured at fair value in the consolidated financial statements - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Level 2 [Member] | ||
A$ | ||
Derivative financial instruments | $ 2,409,526 | $ 2,321,003 |
Financial Risk Management (De_7
Financial Risk Management (Details) - Schedule of the opening and closing fair value balance of level 2 financial instruments - Put Option [Member] | 12 Months Ended |
Dec. 31, 2022 AUD ($) | |
Put Option A$ | |
At January 1, 2021 | $ 2,321,003 |
Issuance of derivatives at fair value | 870,546 |
Gain included in profit or loss on change in fair value | (782,023) |
At December 31, 2021 | $ 2,409,526 |
Related Parties (Details) - Sch
Related Parties (Details) - Schedule of remuneration of directors of the company - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Remuneration Of Directors Of The Company Abstract | ||||
Short term benefits | [1] | $ 655,011 | $ 730,743 | $ 780,832 |
Post-employment benefits | ||||
Total | $ 655,011 | $ 730,743 | $ 780,832 | |
[1] In 2020 and 2021, the director remuneration relating to our then CEO, was provided by a company which our then Company Secretary and Chief Financial Officer has control. |
Related Parties (Details) - S_2
Related Parties (Details) - Schedule of material transactions with its related parties - AUD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Material Transactions With Its Related Parties Abstract | ||||
Interest charged to an associate company | $ 10,921 | |||
Revenue received from related parties | [1] | 8,490 | ||
General consultancy and management fee paid to a related party | [1] | 282,971 | ||
Purchase of products from related parties | [1] | 29,794 | ||
Company secretarial, taxation service and CFO fee paid to a related company | [2] | 561,758 | 607,659 | |
Consultancy fee paid to a related party | [3] | 225,860 | ||
Purchase of products from a related party | [4] | 274,417 | ||
Sales to a related party | [5] | $ 315,034 | ||
[1] A former director controlled the entities providing the consultancy and management services. These transactions were carried at market value in the ordinary course of business. Mr. Cecil Ho, former Company Secretary and CFO controlled the entity providing professional services. A former director, is a director of the related party. A former director of the Company controlled the entity. The transactions were carried at the then current market value in the ordinary course of business. The related party is one of the subsidiaries of our shareholder. |
Cash Flow Information (Details)
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts due to related companies [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | $ 247,406 | $ 237,674 | $ 6,101,850 |
Cash flows from financing activities | 840,509 | ||
Settled by issuing convertible promissory note | |||
Inception of lease | |||
Liability component on initial recognition | |||
Debt discount | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | (4,951) | (6,689,290) | |
Redemption of convertible promissory note | |||
Shares issued for interest payment | |||
Disposal of subsidiaries | (247,406) | ||
Disposal of right of use assets | |||
Foreign exchange movement | 14,683 | (15,395) | |
Ending balance | 247,406 | 237,674 | |
Other liabilities [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 211,567 | 211,567 | 1,761,309 |
Cash flows from financing activities | 211,567 | ||
Settled by issuing convertible promissory note | (1,761,309) | ||
Inception of lease | |||
Liability component on initial recognition | |||
Debt discount | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | |||
Redemption of convertible promissory note | |||
Shares issued for interest payment | |||
Disposal of subsidiaries | |||
Disposal of right of use assets | |||
Foreign exchange movement | |||
Ending balance | 211,567 | 211,567 | 211,567 |
Convertible promissory notes [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 4,311,416 | 2,196,049 | |
Cash flows from financing activities | 300,082 | 4,913,100 | |
Settled by issuing convertible promissory note | |||
Inception of lease | |||
Liability component on initial recognition | 7,199,660 | ||
Debt discount | |||
Interest | 207,861 | 1,848,947 | 1,508,421 |
Put option liabilities in convertible bonds issued | (3,790,737) | ||
Fair value change | |||
Disposal of plant and equipment | |||
Redemption of convertible promissory note | (4,714,820) | ||
Shares issued for interest payment | (324,419) | ||
Disposal of subsidiaries | |||
Disposal of right of use assets | |||
Foreign exchange movement | 574,853 | 266,420 | (434,735) |
Ending balance | 7,554,633 | 4,311,416 | 2,196,049 |
Lease liabilities [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 1,829,499 | 1,168,607 | |
Cash flows from financing activities | (138,156) | (320,851) | |
Settled by issuing convertible promissory note | |||
Inception of lease | 2,086,229 | ||
Liability component on initial recognition | |||
Debt discount | |||
Interest | 28,371 | ||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | (925,042) | ||
Redemption of convertible promissory note | |||
Shares issued for interest payment | |||
Disposal of subsidiaries | |||
Disposal of right of use assets | (1,829,499) | ||
Foreign exchange movement | (146,945) | 77,286 | |
Ending balance | 1,829,499 | ||
Derivative embedded in convertible bonds issued [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 2,321,003 | 1,478,540 | |
Cash flows from financing activities | (782,023) | ||
Settled by issuing convertible promissory note | |||
Inception of lease | |||
Liability component on initial recognition | |||
Debt discount | 870,546 | ||
Interest | |||
Put option liabilities in convertible bonds issued | 3,790,737 | ||
Fair value change | 842,463 | (2,312,197) | |
Disposal of plant and equipment | |||
Redemption of convertible promissory note | |||
Shares issued for interest payment | |||
Disposal of subsidiaries | |||
Disposal of right of use assets | |||
Foreign exchange movement | |||
Ending balance | 2,409,526 | 2,321,003 | 1,478,540 |
Issue of shares [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 29,242,377 | 13,187,968 | |
Cash flows from financing activities | 36,506,160 | 16,054,409 | 13,187,968 |
Settled by issuing convertible promissory note | |||
Inception of lease | |||
Liability component on initial recognition | |||
Debt discount | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | |||
Redemption of convertible promissory note | |||
Shares issued for interest payment | |||
Disposal of subsidiaries | |||
Disposal of right of use assets | |||
Foreign exchange movement | |||
Ending balance | 65,748,537 | 29,242,377 | 13,187,968 |
Total [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 38,163,268 | 17,844,516 | 14,950,797 |
Cash flows from financing activities | 36,024,219 | 15,354,052 | 14,164,098 |
Settled by issuing convertible promissory note | (1,761,309) | ||
Inception of lease | 2,086,229 | ||
Liability component on initial recognition | 7,199,660 | ||
Debt discount | 870,546 | ||
Interest | 207,861 | 1,877,318 | 1,508,421 |
Put option liabilities in convertible bonds issued | |||
Fair value change | 842,463 | (2,312,197) | |
Disposal of plant and equipment | (4,951) | (8,581,079) | |
Redemption of convertible promissory note | (4,714,820) | ||
Shares issued for interest payment | (324,419) | ||
Disposal of subsidiaries | (247,406) | ||
Disposal of right of use assets | (1,829,499) | ||
Foreign exchange movement | 574,853 | 163,641 | (124,215) |
Ending balance | $ 75,924,263 | 38,163,268 | 17,844,516 |
Amount due to holding company [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 532,718 | 582,832 | |
Cash flows from financing activities | (562,201) | ||
Settled by issuing convertible promissory note | |||
Inception of lease | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | |||
Foreign exchange movement | 29,483 | (50,114) | |
Ending balance | 532,718 | ||
Bank borrowings, net [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 915,300 | ||
Cash flows from financing activities | |||
Settled by issuing convertible promissory note | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | (966,747) | ||
Foreign exchange movement | 51,447 | ||
Ending balance | |||
Convertible bonds by a subsidiary [Member] | |||
Cash Flow Information (Details) - Schedule of reconciliation of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 4,420,899 | ||
Cash flows from financing activities | (4,668,195) | ||
Settled by issuing convertible promissory note | |||
Interest | |||
Put option liabilities in convertible bonds issued | |||
Fair value change | |||
Disposal of plant and equipment | |||
Foreign exchange movement | 247,296 | ||
Ending balance |
Cash Flow Information (Detail_2
Cash Flow Information (Details) - Schedule of changes in working capital - AUD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
(Increase)/ decrease in assets: | |||
Trade receivables | $ (511,910) | $ (86,221) | $ (1,015,764) |
Other receivables | (3,127,937) | (18,793) | (700) |
Inventories | (7,272,808) | 142,608 | |
Other current assets | (558,588) | (295,635) | (1,659,728) |
Amount due from associate company | (698,323) | ||
Amount due from former group companies | (2,493,480) | ||
Increase / (decrease) in liabilities: | |||
Amount due to related companies | (653,339) | ||
Trade and other payables | 4,519,334 | (318,544) | 347,308 |
Net cash outflows from changes in working capital | $ (10,797,051) | $ (719,193) | $ (2,186,276) |
Key Management Personnel Disc_3
Key Management Personnel Disclosures (Details) - 12 months ended Dec. 31, 2021 | AUD ($) | USD ($) |
Disclosure Of Information About Key Management Personnel Text Block Abstract | ||
Short term benefits | $ 561,758 | $ 420,000 |
Key Management Personnel Disc_4
Key Management Personnel Disclosures (Details) - Schedule of total remuneration paid or payable to the directors and senior management - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Total Remuneration Paid Or Payable To The Directors And Senior Management Abstract | |||
Short-term employee benefits | $ 1,235,709 | $ 1,929,914 | $ 1,586,604 |
Post-employment benefits | 6,196 | 5,124 | |
Total | $ 1,235,709 | $ 1,936,110 | $ 1,591,728 |
Parent Entity Information (Un_3
Parent Entity Information (Unaudited) (Details) - Schedule of comprehensive income - AUD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Comprehensive Income Abstract | |||
Loss after income tax | $ 8,731,433 | $ 9,287,226 | $ 2,097,600 |
Other comprehensive income | |||
Total comprehensive loss | $ 8,731,433 | $ 9,287,226 | $ 2,097,600 |
Parent Entity Information (Un_4
Parent Entity Information (Unaudited) (Details) - Schedule of financial position - AUD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Financial Position Abstract | ||
Total non-current assets | $ 4,345,401 | $ 1,245 |
Total current assets | 72,473,318 | 39,664,914 |
Total assets | 76,818,719 | 39,666,159 |
Total current liabilities | (13,099,492) | (6,064,179) |
Total non-current liabilities | (3,566,433) | |
Total liabilities | (16,665,925) | (6,064,179) |
Total assets less liabilities | 60,152,794 | 33,601,980 |
Issued capital | 89,689,805 | 48,144,406 |
Accumulated losses | (29,537,011) | (14,542,426) |
Total equity | $ 60,152,794 | $ 33,601,980 |