Cover
Cover | 12 Months Ended |
Jun. 30, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --06-30 |
Entity File Number | 001-41333 |
Entity Registrant Name | Locafy Limited |
Entity Central Index Key | 0001875547 |
Entity Incorporation, State or Country Code | C3 |
Entity Address, Address Line One | 246 Churchill Avenue |
Entity Address, City or Town | Subiaco WA |
Entity Address, Country | AU |
Entity Address, Postal Zip Code | 6008 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,276,248 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | GRANT THORNTON AUDIT PTY LTD |
Auditor Firm ID | 2233 |
Auditor Location | Perth, Western Australia |
Ordinary shares no par value per share [member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Ordinary Shares, no par value per share |
Trading Symbol | LCFY |
Security Exchange Name | NASDAQ |
Warrants to purchase ordinary shares [member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Warrants to purchase Ordinary Shares |
Trading Symbol | LCFYW |
Security Exchange Name | NASDAQ |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 246 Churchill Avenue |
Entity Address, City or Town | Subiaco WA |
Entity Address, Country | AU |
Entity Address, Postal Zip Code | 6008 |
City Area Code | +61 |
Local Phone Number | 409 999 339 |
Contact Personnel Name | Gavin Burnett |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit (loss) [abstract] | |||
Revenue | $ 5,376,693 | $ 4,222,689 | $ 2,191,425 |
Other income | 993,493 | 1,298,499 | 788,258 |
Technology expense | (1,718,974) | (1,805,432) | (651,644) |
Employee benefits expense | (5,267,246) | (4,411,926) | (2,359,459) |
Occupancy expense | (113,572) | (66,365) | (52,219) |
Advertising expense | (318,492) | (414,012) | (67,575) |
Consultancy expense | (874,638) | (1,691,544) | (240,928) |
Depreciation and amortisation expense | (1,355,170) | (852,361) | (397,506) |
Other expenses | (213,051) | (245,079) | (132,515) |
Impairment of financial assets | (295,262) | (376,606) | (14,690) |
Operating loss | (3,786,219) | (4,342,137) | (936,853) |
Financial cost | (105,367) | (748,190) | (58,913) |
Loss before income tax | (3,891,586) | (5,090,327) | (995,766) |
Income tax expense | |||
Loss for the year | (3,891,586) | (5,090,327) | (995,766) |
Other comprehensive income: | |||
Exchange differences on translating foreign operations | (23,010) | (48,453) | (1,653) |
Total Comprehensive Loss for the year | $ (3,914,596) | $ (5,138,780) | $ (997,419) |
Earnings per share | |||
Basic loss per share | $ (3.69) | $ (4.94) | $ (1.07) |
Diluted loss per share | $ (3.69) | $ (4.94) | $ (1.07) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 3,174,700 | $ 4,083,735 | |
Trade and other receivables | 1,288,513 | 1,203,249 | |
Other assets | 356,782 | 230,094 | |
Total current assets | 4,819,995 | 5,517,078 | |
Non-current assets | |||
Property, plant and equipment | 380,018 | 395,999 | |
Right of use assets | 314,596 | 406,673 | |
Intangible assets | 3,720,272 | 2,235,180 | |
Total non-current assets | 4,414,886 | 3,037,852 | |
Total assets | 9,234,881 | 8,554,930 | |
Current liabilities | |||
Trade and other payables | 2,507,573 | 1,454,241 | |
Borrowings | [1] | 301,600 | 308,100 |
Provisions | 214,465 | 473,006 | |
Accrued expenses | 512,611 | 511,848 | |
Lease liabilities | 85,165 | 32,672 | |
Contract and other liabilities | 152,211 | 137,342 | |
Total current liabilities | 3,773,625 | 2,917,209 | |
Non-current liabilities | |||
Lease liabilities | 332,578 | 417,744 | |
Provisions | 48,271 | 25,988 | |
Accrued expenses | 90,450 | 76,504 | |
Total non-current liabilities | 471,299 | 520,236 | |
Total liabilities | 4,244,924 | 3,437,445 | |
Net assets | 4,989,957 | 5,117,485 | |
Equity | |||
Issued capital | 47,930,486 | 45,038,037 | |
Reserves | 2,404,933 | 5,306,475 | |
Accumulated losses | (45,345,462) | (45,227,027) | |
Total equity | $ 4,989,957 | $ 5,117,485 | |
[1]On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - AUD ($) | Issued capital [member] | Reserve of exchange differences on translation [member] | Reserve of change in value of time value of options [member] | Reserve of equity component of convertible instruments [member] | Retained earnings [member] | Total | ||
Beginning balance at Jun. 30, 2020 | $ 33,179,391 | $ 193,886 | $ 3,603,916 | $ (39,140,934) | $ (2,163,741) | |||
IfrsStatementLineItems [Line Items] | ||||||||
Loss for the year | (995,766) | (995,766) | ||||||
Exchange difference on translation of foreign operations | (1,653) | (1,653) | ||||||
Total other comprehensive income | (1,653) | (995,766) | (997,419) | |||||
Issue of ordinary shares | 2,335,832 | 2,335,832 | ||||||
Share issue costs | (10,150) | (10,150) | ||||||
Ending balance at Jun. 30, 2021 | 35,505,073 | 192,233 | [1] | 3,603,916 | [2] | (40,136,700) | (835,478) | |
IfrsStatementLineItems [Line Items] | ||||||||
Loss for the year | (5,090,327) | (5,090,327) | ||||||
Exchange difference on translation of foreign operations | (48,453) | [1] | (48,453) | |||||
Total other comprehensive income | (48,453) | (5,090,327) | (5,138,780) | |||||
Issue of ordinary shares | 10,516,298 | 10,516,298 | ||||||
Share issue costs | (983,334) | (983,334) | ||||||
Issue of convertible notes | 140,721 | 140,721 | ||||||
Issue of warrants | 363,282 | 363,282 | ||||||
Issue of performance rights | 1,054,776 | 1,054,776 | ||||||
Transfer to retained earnings on historical conversion of notes | ||||||||
Ending balance at Jun. 30, 2022 | 45,038,037 | 143,780 | [1] | 5,021,974 | [2] | 140,721 | (45,227,027) | 5,117,485 |
IfrsStatementLineItems [Line Items] | ||||||||
Loss for the year | (3,891,586) | (3,891,586) | ||||||
Exchange difference on translation of foreign operations | (23,010) | [1] | (23,010) | |||||
Total other comprehensive income | (23,010) | (3,891,586) | (3,914,596) | |||||
Issue of ordinary shares | 3,295,822 | 3,295,822 | ||||||
Share issue costs | (403,373) | (403,373) | ||||||
Issue of performance rights | 866,105 | 28,514 | 894,619 | |||||
Transfer to retained earnings on historical expiry of share options | (3,603,916) | 3,603,916 | ||||||
Transfer to retained earnings on historical conversion of notes | (140,721) | 140,721 | ||||||
Ending balance at Jun. 30, 2023 | $ 47,930,486 | $ 120,770 | [1] | $ 2,284,163 | [2] | $ (45,345,462) | $ 4,989,957 | |
[1]Foreign currency translation reserve[2]Share option reserve |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | |||
Receipts from customers (inclusive of GST) | $ 4,463,725 | $ 3,038,044 | $ 2,192,798 |
Payments to suppliers and employees (inclusive of GST) | (7,005,510) | (7,999,866) | (3,127,274) |
R&D Tax Incentive | 386,181 | 803,042 | 497,358 |
Financial Cost | (105,367) | (81,656) | (58,913) |
Net cash used by operating activities | (2,260,971) | (4,240,436) | (496,031) |
Cash flows from investing activities | |||
Purchase of intellectual property | (1,617,446) | (1,615,192) | (433,639) |
Purchase of property, plant and equipment | (2,170) | (390,339) | (8,784) |
Net cash used by investing activities | (1,619,616) | (2,005,531) | (442,423) |
Cash flows from financing activities | |||
Proceeds from issue of shares | 3,295,822 | 9,979,861 | 1,739,999 |
Payment for share issue costs | (403,373) | (639,429) | (10,150) |
Repayment of borrowings | (6,500) | (97,500) | (284,070) |
Leasing liabilities | (32,673) | (59,419) | (17,785) |
Net cash from financing activities | 2,853,276 | 9,183,513 | 1,427,994 |
Net (decrease) / increase in cash and cash equivalents | (1,027,311) | 2,937,546 | 489,540 |
Net foreign exchange difference | 118,276 | 495,458 | |
Cash and cash equivalents at the beginning of the year | 4,083,735 | 650,731 | 161,191 |
Cash and cash equivalents at the end of the year | $ 3,174,700 | $ 4,083,735 | $ 650,731 |
General information
General information | 12 Months Ended |
Jun. 30, 2023 | |
General Information | |
General information | 1. General information Locafy Limited (“Company” or “Locafy”) is a limited liability company incorporated in Australia. Its registered office and principal place of business is 246 Churchill Avenue, Subiaco, Western Australia. Locafy’s ordinary shares are listed on the Nasdaq Stock Exchange. The principal activities of the consolidated entity during the financial year ended 30 June 2023 were the continued commercialisation of Locafy’s developed technologies, extension of the technology into local search solutions and the continual acquisition of businesses and assets complimentary to Locafy’s technology and commercial model. Locafy has developed proprietary Search Engine Optimization (SEO) solutions delivered in a highly automated manner via a Software-as-a-Service (SaaS) model. The company is focused on growing its customer base with a range of local and national SEO products, primarily through distribution partners, targeting the North American and Australian markets. The company’s Local SEO solutions help to increase search engine relevance and prominence in a specific proximity, using a fast, easy and automated approach. Our National Entity-Based SEO solutions enable the rapid increase in prominence in national markets for high value key terms and our Brand focused SEO solutions drive increased sales in online marketplaces. Central to the platform is the ability to automatically optimise published pages for relevant keyword searches and target audiences with minimal customer effort. The Company also operates a Publishing division, which includes ownership of the global directory, Hotfrog, and three additional Australian directories, AussieWeb.com.au, PinkPages.com.au and SuperPages.com.au. Locafy’s business model is largely subscription based recurring revenue derived via both direct-to-end user and reseller channel sales. |
Application of new and revised
Application of new and revised Accounting Standards | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Application of new and revised Accounting Standards | 2. Application of new and revised Accounting Standards New and revised standards that are effective for these financial statements Certain new accounting standards and interpretations have been published that are mandatory for 30 June 2023 reporting periods and have not been adopted by the Group. The Group’s assessment of the impact of these new standards do not have a material impact on the entity in the current reporting periods. Impact of standards issued but not yet applied At the date of authorization of the financial statements, the Group has not applied the following new and revised Australian Accounting Standards, Interpretations and amendments that have been issued but are not yet effective: New or revised requirement Description Effective AASB 2020-1 Classification of Liabilities as Current or Non-current 1 January 2023 AASB 2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates AASB 7 Financial Instruments AASB 101 Presentation of Financial Statements AASB 108 Accounting Policies AASB 134 Interim Financial Reporting AASB Practice Statement 2 Making Materiality Judgements 1 January 2023 AASB 2021-5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 AASB 2014-10 Sale or Contribution of Assets between an Investor and its Associates or Joint Venture 1 January 2025 The amendments to the individual Standards may be applied early, separately from the amendments to the other Standards, where feasible. We do not anticipate that the amendments will have a material impact on the Group but may change the disclosure of accounting policies included in the financial statements. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Significant accounting policies | 3. Significant accounting policies 3.1 General information The financial statements cover Locafy Limited as a consolidated entity consisting of Locafy Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Locafy Limited’s functional and presentation currency. A description of the nature of the consolidated entity’s operations and its principal activities are included in the directors’ report, which is not part of the financial statements. The financial statements were authorized for issue, in accordance with a resolution of directors, on October 11, 2023. 3.2 Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments. Going concern basis The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Consolidated Entity and Company have incurred a net loss after tax of A$ 3,891,586 2,260,971 As at 30 June 2023, the Consolidated Entity and Company had cash assets of A$ 3,174,700 1,046,370 The Consolidated Entity and Company’s ability to continue as going concerns and to pay their debts as and when they fall due is dependent on the generating additional revenues from its operations, managing all costs in line with management’s forecasts and, if necessary, raising further capital. Management have prepared a cash flow forecast on this basis which indicates that the Consolidated Entity will have sufficient cash flows to meet minimum operating overheads and committed expenditure requirements for the 12 month period from the date of signing the financial report if they are successful in meeting those forecasts. The Directors believe the Consolidated Entity and Company will continue as a going concern, after consideration of the following factors: ● regular review of management accounts and cash flow forecast, incorporating expected cash inflows from sales and collection of trade receivables; ● close management of both its operating costs and corporate overheads; ● sales pipeline continues to grow and the Company is confident of achieving further sales growth across a number of existing and new reseller customers and different product offerings; ● expected increase in advertising yields across existing and new online assets; and ● the Company has the ability to raise funds through equity issues (if required). The financial report has therefore been prepared on the going concern basis. Should the Consolidated Entity and the Company be unable to achieve successful outcomes in relation to each of the matters referred to above, there is substantial doubt whether the Consolidated Entity and the Company will be able to continue as a going concern and, therefore, whether they will realise their assets and discharge their liabilities in the normal course of business. The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts and classification of liabilities that might be necessary should the Consolidated Entity and the Company not continue as a going concern. 3.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. 3.4 Segment Reporting The Company has three operating segments: publishing, direct sales and reseller sales. In identifying these operating segments, management generally follows the Company’s service lines representing its main products and services (see Note 7). Each of these operating segments are managed separately as each requires different technologies, marketing approach and other resources. 3.5 Revenue Overview Revenue arises mainly from the sale of digital marketing solutions and associated services. To determine whether to recognise the revenue, the Company follows a 5-step process: 1. Identifying the contract with a customer. 2. Identifying performance obligations. 3. Determining the transaction price. 4. Allocating the transaction price to the performance obligations. 5. Recognising revenue when/as performance obligations are satisfied. The Company often enters into transactions involving a range of the Company’s products and services, for example for the delivery of software and related after-sales support. In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as contract liabilities in the statement of financial position (see Note 20). Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Revenue from operating segments Publishing The Company generates revenues through advertisements placed on its website properties on a Pay-Per-Impression or similar basis and through publishing business and product profiles on its online directory properties on a per insertion basis. Revenues are recognised during the period in which the advertisements or listings are published. Direct The Company separately identifies end user customers to which we have a direct sales, support and billing relationship. Revenue is derived by providing customers access to the Company’s platform and is recognised in accordance with the terms of contracts provided in the subscription agreement. The SaaS and related support revenue (if any) is recognised over time, being the subscription period, as the customer simultaneously receives and consumes the benefit of accessing the platform. Revenues from the sale of product licences are recognised during the period in which the subscription is made available to our customers for use. Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations. Access to the platform is not considered distinct from other performance obligations, as access to any platform alone does not allow the customer to obtain substantially all the benefits of the access, and is therefore accounted for as a single performance obligation. Consideration received can be variable in nature, based upon customer usage in excess of contractually agreed units. The variable consideration is included in the transaction price at the company’s best estimate, using either an expected value or most likely outcome, whichever provides the best estimate and is included in revenue to the extent that it is highly probable that there will be no significant reversal of the cumulative amount of revenue when any price uncertainty is resolved. Reseller The Company separately identifies end user customers to which sales, support and billing relationships are conducted through third party resellers and partners. Revenues from the sale of product licences are recognised during the period in which the subscription is made available to our reseller for use. Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations. 3.6 Foreign currencies The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each group entity are expressed in Australian dollars (A$), which is the functional currency of the Company and the presentation currency for the consolidated financial statements. In preparing the financial statements of each individual group entity, transactions in currencies other than the entity’s functional currency are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Australian dollars using exchange rates prevailing at the end of the reporting period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity. 3.7 Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments. 3.8 Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. 3.9 Share-based payments arrangements Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or service received, except where that fair value cannot be estimated reliably, in which case they are measured at their fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. Performance rights Share-based compensation benefits are provided to employees via the Company’s Incentive Performance Rights Plan ( Plan The fair value is measured at grant date and recognized over the period of service during which the employees become unconditionally entitled to the performance rights. The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions (for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions about the number of performance rights that are expected to vest. At each statement of financial position date, the entity revises its estimate of the number of performance rights that are expected to vest. The share-based payment expense recognized each period considers the most recent estimate. The impact of the revision to original estimates, if any, is recognized in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity. 3.10 Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years, and items that are never taxable or deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reported period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. 3.11 Property, plant and equipment Fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the diminishing value method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are applied: Schedule of fixed asset depreciation rate Class of fixed asset Depreciation rate Leasehold improvements Remaining lease term IT equipment 10 25 Other equipment 20 An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required, but at least annually. Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses. 3.12 Intangible assets other than goodwill Research and development Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development is recognised if, and only if, all of the following have been demonstrated: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Patents and trademarks Patents and trademarks are recognised at cost of acquisition and amortised over their useful lives. They have a finite life and are reported at cost less accumulated amortisation and accumulated impairment losses. Databases Databases are recognised at cost of acquisition and amortised over their useful lives. They have a finite life as data becomes dated and are reported at cost less accumulated amortisation and accumulated impairment losses. The following useful lives are applied: Schedule of intangible asset amortisation rate Class of fixed asset Amortisation rate Patents 5 % Trademarks 10 % Databases 16.67 % At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell 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 for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 3.13 Provisions Provisions for product warranties, legal disputes, onerous contracts or other claims are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. The timing or amount of the outflow may still be uncertain. Provisions are not recognised for future operating losses. Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material. No liability is recognised if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote. 3.14 Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets All financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: ● amortised cost ● fair value through profit or loss (FVTPL), or ● fair value through other comprehensive income (FVOCI). In the periods presented the Group does not have any financial assets categorised as FVTPL or FVOCI. The classification is determined by both: ● the entity’s business model for managing the financial asset, and ● the contractual cash flow characteristics of the financial asset. All revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items. Subsequent measurement of financial assets Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): ● they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and ● the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Impairment of financial assets IFRS 9’s impairment requirements use forward-looking information to recognise expected credit losses – the “expected credit loss (ECL) model”. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: ● financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’); and ● financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). “Stage 3” would cover financial assets that have objective evidence of impairment at the reporting date. “12-month expected credit losses” are recognised for the first category (i.e. Stage 1) while “lifetime expected credit losses” are recognised for the second category (i.e. Stage 2). Trade and other receivables and contract assets The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses. The Group assesses impairment of trade receivables on an individual account basis. Classification and measurement of financial liabilities The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Convertible Notes The component parts of convertible notes issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion options that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is an equity instrument. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recognised as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date. 3.15 Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are expected shortfalls in contractual cash flows, considering the potential for default at any point during the lifetime of the financial instrument. In calculating, the Company uses its historical experience, external indicators and forward-looking information to calculate expected credit losses using a provision matrix. The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due. Refer to Note 3.14 for a detailed analysis of how the impairment requirements of IAS 9 are applied. 3.16 Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except: i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or ii. for receivables and payable which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows. 3.17 Leases For any new contracts entered into the Company considers whether a contract is, or contains a lease. A lease is defined as “a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration”. To apply this definition the Company assesses whether the contract meets three key evaluations which are whether: 1. the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company; 2. the Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; 3. the Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. At lease commencement date, the Company recognises a right of use asset and a lease liability on the balance sheet. The right of use asset is measured at cost, which is made up of the initial measurement of the leas |
Significant management judgemen
Significant management judgement in applying accounting policies and estimating uncertainty | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Significant management judgement in applying accounting policies and estimating uncertainty | 4. Significant management judgement in applying accounting policies and estimating uncertainty The following are the judgements made by management in applying the accounting policies of the Group that have the most significant effect on these consolidated financial statements. Capitalisation of internally developed software Distinguishing the research and development phases of a new customised software project and determining whether the recognition requirements for the capitalisation of development costs are met, together with the allocation of time spent on these projects requires judgement. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired (see Note 3.12). Costs relating to maintaining current technology platforms are expensed in the period they are incurred. Recognition of deferred tax assets The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties. Research and development tax incentives Research and development tax incentives are recognised when it is reasonable reliable the costs relating to the project can be determined. Refundable research and development credits received from the research and development tax offset scheme are accounted for as a government grant as per IAS 20. Consequently, a credit is been recognised in the same period necessary to match the benefits of the credit with the costs for which it is intended to compensate. This credit has been presented as other income. Asset acquisition or business combination determination Transactions recognised as an asset acquisition have been determined on the basis they do not meet the definition of a business combination in accordance with IAS 3 Business Combinations. The assets acquired and liabilities assumed are measured at their accounting book values at the acquisition date, and transitions costs were included in the capitalized cost of the asset. No goodwill is recognised on the asset acquisition and no deferred taxes were recognize on the acquired assets and assumed liabilities, as the recognition exceptions available under IAS 12 Income taxes was applied. Estimating uncertainty Impairment of non-financial assets Intangible assets are reviewed for impairment whenever there is an indication that these assets may be impaired. This includes any capitalised internally developed software that is not yet complete is not amortised. The Group considers the guidance of IAS 36 in assessing whether there is any indication that an item of the above assets may be impaired. This assessment requires management’s judgement. If any such indication exists, the recoverable amount of the assets is estimated to ascertain the amount of impairment loss. The recoverable amount is defined as the higher of the fair value less cost to sell and value in use. In determining the value in use of assets, the Group applies a discounted cash flow model where the future cash flows derived from such assets are discounted at an appropriate rate. Forecasts of future cash flow are estimated based on financial budgets and forecasts approved by the management. Based on management’s assessment, there is no indication of impairment as at the end of the reporting period. Contract revenue Recognised amounts of contracted services and subscription revenues and their related receivables reflect management’s best estimate of each contract’s outcome and stage of completion or delivery. Useful lives and residual values of depreciable assets Management reviews its estimate of the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment. Leases – determination of the appropriate discount rate to measure lease liabilities As noted above, the Group enters into leases with third-party landlords and as a consequence the rate implicit in the relevant lease is not readily determinable. Therefore, the Group uses its incremental borrowing rate as the discount rate for determining its lease liabilities at the lease commencement date. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over similar terms which requires estimations when no observable rates are available. Share options and performance rights The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using an appropriate valuation model. The valuation basis and related assumptions are detailed within Note 3.9. |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Revenue | 5. Revenue The following is an analysis of the Group’s revenue for the year from continuing operations. The Group’s revenue disaggregated by primary revenue sources are as follows: Schedule of revenue disaggregate Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Subscriptions - 1,850,929 2,169,312 4,020,241 Advertising 314,591 - 933 315,524 Data 871,502 - - 871,502 Services - 110,467 58,959 169,426 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Subscriptions - 1,265,483 1,903,611 3,169,094 Advertising 314,513 - 2,200 316,713 Data 649,937 - - 649,937 Services - 62,920 24,025 86,945 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Subscriptions - 1,153,255 208,855 1,362,110 Advertising 177,126 - - 177,126 Data 602,304 - - 602,304 Services - 29,770 20,115 49,885 Total 779,430 1,183,025 228,970 2,191,425 The Group’s revenue disaggregated by primary geographical markets is as follows: Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Australia & New Zealand - 1,607,146 540,977 2,148,123 Australia - - - - North America 971,110 301,101 1,493,597 2,765,808 Europe 140,490 53,142 131,601 325,233 Other countries 74,493 7 63,029 137,529 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Australia - 1,242,566 643,166 1,885,732 North America 508,507 11,575 884,383 1,404,465 Europe 411,061 44,431 73,008 528,500 Other countries 44,882 29,831 329,279 403,992 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Australia 34,741 1,042,621 170,061 1,247,423 North America 345,946 7,772 15,897 369,615 Europe 398,406 132,000 - 530,406 Other countries 337 632 43,012 43,981 Total 779,430 1,183,025 228,970 2,191,425 The Group’s revenue disaggregated by pattern of revenue recognition is as follows: Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Services transferred at a point in time 314,591 110,467 59,893 484,951 Services transferred over time 871,502 1,850,929 2,169,311 4,891,742 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Services transferred at a point in time 314,513 62,920 26,224 403,657 Services transferred over time 649,937 1,265,483 1,903,612 3,819,032 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Services transferred at a point in time 177,126 29,770 20,115 227,011 Services transferred over time 602,304 1,153,255 208,855 1,964,414 Total 779,430 1,183,025 228,970 2,191,425 |
Other Income
Other Income | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Other Income | 6. Other Income Schedule of other income Notes 2023 2022 2021 Consolidated Group Notes 2023 2022 2021 Government subsidy - - 290,900 Research and development tax incentive 503,118 757,609 497,358 Export market development grant 66,600 45,433 - Foreign exchange gain 141,285 495,457 - Gain on liability extinguishment 282,490 - - Total other income 993,493 1,298,499 788,258 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Segment Reporting | 7. Segment Reporting Management currently identifies three operating segments (see Note 3.4). Management monitors the performance of these operating segments as well as deciding on the allocation of resources to them. Segmental performance is monitored using adjusted segment operating results. Schedule of segment reporting Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Revenue From external customers 1,185,384 1,961,396 2,229,913 5,376,693 Segment revenue 1,185,384 1,961,396 2,229,913 5,376,693 Technology expense (92,295 ) (10,254 ) (8,088 ) (110,637 ) Employee benefit expense (111,538 ) (134,140 ) (524,023 ) (769,701 ) Occupancy expense (1,573 ) (1,036 ) (1,189 ) (3,798 ) Advertising expense (6,971 ) (21,162 ) (74,848 ) (102,981 ) Consultancy expense - (413 ) - (413 ) Depreciation and amortisation (255,848 ) (219,026 ) (26,378 ) (501,252 ) Impairment of financial assets (10,958 ) (217,739 ) (66,566 ) (295,263 ) Other expenses (2,358 ) (18,774 ) (21,791 ) (42,923 ) Segment operating profit/(loss) 703,843 1,338,852 1,507,030 3,549,725 Segment assets 171,697 910,175 429,998 1,511,870 Segment liabilities (96,766 ) (191,014 ) (238,981 ) (526,761 ) Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Revenue From external customers 964,450 1,328,403 1,929,836 4,222,689 Segment revenue 964,450 1,328,403 1,929,836 4,222,689 Technology expense (77,974 ) (13,724 ) - (91,698 ) Employee benefit expense (211,891 ) (516,520 ) (786,560 ) (1,514,971 ) Occupancy expense (3,069 ) (2,646 ) (857 ) (6,572 ) Advertising expense (31,210 ) (2,048 ) - (33,258 ) Consultancy expense (364 ) (245 ) - (609 ) Depreciation and amortisation (256,021 ) (197,884 ) - (453,905 ) Impairment of financial assets (16,853 ) (187,398 ) (172,355 ) (376,606 ) Other expenses 758 (1,253 ) (20,089 ) (20,584 ) Segment operating profit/(loss) 367,826 406,685 949,975 1,724,486 Segment assets 589,390 1,069,196 383,032 2,041,618 Segment liabilities (108,326 ) (226,382 ) (229,737 ) (564,445 ) Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Revenue From external customers 779,430 1,183,025 228,970 2,191,425 Segment revenue 779,430 1,183,025 228,970 2,191,425 Technology expense (225,324 ) (12,724 ) (376 ) (238,424 ) Employee benefit expense (407,876 ) (359,082 ) (209,251 ) (976,209 ) Occupancy expense (1,857 ) (15,807 ) - (17,664 ) Advertising expense (659 ) (46,734 ) - (47,393 ) Consultancy expense - - - - Depreciation and amortisation (198,578 ) (143,468 ) (10,544 ) (352,590 ) Impairment of financial assets - - - - Other expenses (294 ) (625 ) (1,379 ) (2,298 ) Segment operating profit/(loss) (55,158 ) 604,585 7,420 556,847 Segment assets 1,654,054 151,460 85,889 1,891,403 Segment liabilities (382,104 ) (212,644 ) (43,251 ) (637,999 ) The totals presented for the Group’s operating segments reconcile to the key financial figures as presented in its financial statements as follows: 2023 2022 2021 Consolidated Group 2023 2022 2021 Revenue Total reportable segment revenue 5,376,693 4,222,689 2,191,425 Segment operating profit 3,549,725 1,724,486 556,847 Other income not allocated 423,775 495,457 290,900 Research and development incentives 569,718 803,042 497,358 Research and development costs - - (761,140 ) Technology expenses not allocated (1,608,337 ) (1,713,734 ) (48,750 ) Employee benefits expenses not allocated (4,497,545 ) (2,896,954 ) (986,580 ) Occupancy expenses not allocated (109,774 ) (59,793 ) (34,555 ) Advertising expenses not allocated (215,511 ) (380,754 ) (20,182 ) Consultancy expenses not allocated (874,225 ) (1,690,935 ) (240,928 ) Depreciation and amortisation not allocated (853,917 ) (398,456 ) (44,916 ) Impairment of financial assets not allocated - - (14,690 ) Other expenses not allocated (170,128 ) (224,496 ) (130,217 ) Group operating loss (3,786,219 ) (4,342,137 ) (936,853 ) Finance costs (105,367 ) (748,190 ) (58,913 ) Group loss before tax (3,891,586 ) (5,090,327 ) (995,766 ) 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Assets Total reportable segment assets 1,511,870 2,041,618 Cash and cash equivalents 3,174,700 4,083,734 R&D tax incentive and other rebates 554,901 371,365 Deposits and prepayments 231,660 230,094 Fixed assets 380,018 395,999 Right of use assets 314,596 406,673 Capitalised development costs 2,780,538 945,821 Other assets 286,598 79,626 Group assets 9,234,881 8,554,930 Liabilities Total reportable segment liabilities (526,761 ) (564,445 ) Trade and other payables (1,829,301 ) (1,031,933 ) Borrowings (301,600 ) (308,100 ) Provisions (118,112 ) (318,598 ) Accrued expenses (1,051,406 ) (763,953 ) Lease liabilities (417,744 ) (450,416 ) Group liabilities (4,244,924 ) (3,437,445 ) |
Other expenses and financial co
Other expenses and financial costs | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Other expenses and financial costs | 8. Other expenses and financial costs Schedule of other expenses and financial costs 2023 2022 2021 Consolidated Group 2023 2022 2021 Other expenses Travel & related expenses (141,196 ) (118,292 ) (7,558 ) Legal expenses - - (93,801 ) Insurance expenses (45,083 ) (68,167 ) (59,685 ) Business expenses (26,772 ) (24,204 ) (4,958 ) Foreign exchange gain - (34,416 ) 33,487 Total other expenses (213,051 ) (245,079 ) (132,515 ) Finance costs Implied interest expense related to convertible notes - (666,534 ) - Interest expense (41,389 ) (68,271 ) (40,106 ) Bank charges (4,322 ) (9,182 ) (8,155 ) Merchant facility fees (59,656 ) (4,203 ) (10,652 ) Total finance costs (105,367 ) (748,190 ) (58,913 ) |
Tax expense
Tax expense | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Tax expense | 9. Tax expense (a) Tax expense The major component of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Locafy Limited as 25 25 Schedule of tax expense profit and loss 2023 2022 2021 Consolidated Group 2023 2022 2021 Loss before income tax (3,891,586 ) (5,090,327 ) (995,766 ) Domestic tax rate 25 % 25 % 26 % Expected tax expense/(benefit) (972,896 ) (1,272,582 ) (258,899 ) Adjustment for tax-exempt income: -Decline in value of depreciating assets (315,773 ) (221,095 ) (12,401 ) -R&D tax incentive (125,780 ) (189,402 ) (136,773 ) -Other deductible expenses (301,604 ) (230,118 ) (142,272 ) Adjustment for non-deductible expenses: -R&D expenses - 200,909 - -Other non-deductible expenses 680,462 937,491 176,897 Income tax expense/(benefit) - - - Movement in unrecognized deferred tax 1,035,591 774,797 373,448 (b) Deferred tax assets and liabilities As at 30 June 2023, the Company had accumulated tax losses totaling A$ 31,508,456 27,083,603 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Trade and other receivables | 10. Trade and other receivables Trade and other receivables consist of the following: Schedule of trade and other receivables 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Trade receivables, gross 917,411 1,144,456 Allowance for credit losses (360,777 ) (369,844 ) Trade receivables 556,634 774,612 R&D tax incentive 524,901 371,365 Goods and services taxes 132,114 47,647 Services contracts 74,864 9,625 Other receivables 731,879 428,637 Trade and other receivables 1,288,513 1,203,249 All amounts are short term. The net carrying value of trade receivables is considered a reasonable approximation of fair value. All of the Group’s trade and other receivables have been reviewed for indicators of impairment by ascertaining the solvency of the debtor and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Group. The allowance for credit loss in the year ended 30 June 2023 primarily relates to one customer where there is continuing dialogue between the Company and that party to find a resolution. The balance takes into consideration increasing interest rates and other global economic conditions that may affect the ability of our customers to pay their accounts in a timely manner. The current impairment provision applies the IFRS 9 expected loss model. The allowance in the comparative period was assessed as insignificant, as the credit risk for trade receivables was negligible. |
Other assets
Other assets | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Other assets | 11. Other assets Schedule of other current assets 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current Prepayments 161,718 157,435 Deposits 69,942 72,659 Advances 125,122 - Other Assets 356,782 230,094 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Subsidiaries | 12. Subsidiaries Schedule of subsidiaries Name of subsidiary Principal activity Place of incorporation and operation Proportion of ownership interest and voting power held by the Group 2023 2022 Moboom USA Inc Dormant USA 100 % 100 % |
Property, plant & equipment
Property, plant & equipment | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Property, plant & equipment | 13. Property, plant & equipment Schedule of property, plant and equipment Leasehold improvements IT equipment Other equipment Total Gross carrying amount Balance 1 July 2021 - 11,466 49,485 60,951 Additions 250,211 69,612 104,391 424,214 Disposals - (2,268 ) - (2,268 ) Balance as at 30 June 2022 250,211 78,810 153,876 482,897 Depreciation and Impairment Balance 1 July 2021 - (5,111 ) (43,448 ) (48,559 ) Disposals - 414 - 414 Depreciation (17,680 ) (10,381 ) (10,692 ) (38,753 ) Balance as at 30 June 2022 (17,680 ) (15,078 ) (54,140 ) (86,898 ) Carrying amount 30 June 2022 232,531 63,732 99,736 395,999 Leasehold improvements IT equipment Other equipment Total Gross carrying amount Balance 1 July 2022 250,211 78,810 153,876 482,897 Beginning balance 250,211 78,810 153,876 482,897 Additions 90,450 1,493 677 92,620 Disposals - - - - Balance as at 30 June 2023 340,661 80,303 154,553 575,517 Ending balance 340,661 80,303 154,553 575,517 Depreciation and Impairment Balance 1 July 2022 (17,680 ) (15,078 ) (54,140 ) (86,898 ) Beginning balance (17,680 ) (15,078 ) (54,140 ) (86,898 ) Disposals - - - - Depreciation (61,665 ) (19,198 ) (27,738 ) (108,601 ) Balance as at 30 June 2023 (79,345 ) (34,276 ) (81,878 ) (195,499 ) Ending balance (79,345 ) (34,276 ) (81,878 ) (195,499 ) Carrying amount 30 June 2023 261,316 46,027 72,675 380,018 Carrying amount 261,316 46,027 72,675 380,018 |
Right of use assets and lease l
Right of use assets and lease liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Right of use assets and lease liabilities | 14. Right of use assets and lease liabilities Right of use assets Schedule of right of use assets Buildings A$ Gross carrying amount Balance as at 1 July 2022 460,385 Additions - Disposals - Balance as at 30 June 2023 460,385 Depreciation and impairment Balance as at 1 July 2022 (53,712 ) Disposals - Depreciation (92,077 ) Balance as at 30 June 2023 (145,789 ) Carrying amount as at 30 June 2023 314,596 Lease liabilities Lease liabilities are presented in the consolidated statement of financial position as follows: Schedule of operating lease liabilities 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current 85,165 32,672 Non-current 332,578 417,744 Total 417,743 450,416 The Company has a lease for office space. This lease is reflected in the consolidated financial statement of financial position as a right-of-use asset and a lease liability. For the lease over the office space, the Company must keep this property in a good state of repair and return the property in their original condition at the end of lease. Schedule of original condition in end lease Right-of-use asset No. of right-of-use assets leased Range of remaining term Average remaining lease term No. of leases with extension options No. of leases with options to purchase No. of leases with variable payments linked to an index No. of leases with termination options Office 1 3 4 3 - - - - The lease liabilities are secured by the related underlying right of use assets. Future minimum lease payments at 30 June 2022 were as follows: Within 1 year 1-2 years 2-3 years 3-4 years 4-5 years Total Lease payments 114,211 149,251 151,716 63,916 - 479,104 Finance charges (29,056 ) (20,582 ) (10,542 ) (1,181 ) - (61,361 ) Net present value 85,165 128,669 141,174 62,735 - 417,743 |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Intangible assets | 15. Intangible assets Schedule of intangible assets and goodwill Note 2023 A$ 2022 A$ Consolidated Group Note 2023 A$ 2022 A$ Carrying amounts of: Databases 895,057 1,238,787 Trademarks 29,314 31,979 Patents 15,363 18,593 Capitalised development costs 2,780,538 945,820 Carrying amount 3,720,272 2,235,179 Databases Opening balance 1,238,787 1,340,179 Additions 211,026 351,737 Disposals (54,285 ) - Amortisation expense (500,471 ) (453,129 ) Carrying amount for databases 895,057 1,238,787 Patents Opening balance 31,979 34,760 Additions - - Disposals - - Amortisation expense (2,665 ) (2,781 ) Carrying amount for patents 29,314 31,979 Trademarks Opening balance 18,593 22,458 Additions - 2,360 Disposals - - Amortisation expense (3,230 ) (6,225 ) Carrying amount for trademarks 15,363 18,593 Capitalised development costs Opening balance 945,820 - Additions (a) (b) (c) 2,482,843 1,261,094 Disposals - - Amortisation expense (648,125 ) (315,274 ) Carrying amount for trademarks 2,780,538 945,820 (a) On 22 August 2022, the Company acquired certain technology assets from Jimmy Kelley Digital that complemented and extended the functionality of the existing technology Locafy has developed. The Company has determined that the elements of IAS 3 Business Combinations A$ Amount settled in cash 521,393 Amount settled in equity 428,726 Fair value of consideration transferred 950,119 Recognised amounts of identifiable net assets: Intangible assets (capitalized development costs) 950,119 Net identifiable assets 950,119 Goodwill on acquisition - (b) On 30 June 2023, the Company exercised its option to acquire further technology assets from Jimmy Kelley Digital. The Company has determined that the elements of IAS 3 Business Combinations A$ Fair value of contingent consideration 453,446 Fair value of consideration transferred 453,446 Recognised amounts of identifiable net assets: Intangible assets (capitalized development costs) 453,446 Net identifiable assets 453,446 Goodwill on acquisition - (c) During the year ended 30 June 2023, the Company has capitalised a significant portion of its expenditure relating to the development of, amongst other things, a new admin console to enable customers to acquire products directly from their own account. The admin console is a key component of the Platform allowing users to acquire, manage and view product reporting and analytics. The Company is commercialising this developed technology and accordingly, the development expense will be amortized over future periods. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Trade and other payables | 16. Trade and other payables Trade and other payables consist of the following: Schedule of trade payables Note 2023 A$ 2022 A$ Consolidated Group Note 2023 A$ 2022 A$ Trade payables 773,917 661,755 Sundry payables 1,280,210 492,486 Deferred consideration (a) 453,446 300,000 Trade and other payables 2,507,573 1,454,241 (a) Relates to the acquisition of further technologies from Jimmy Kelley Digital. All amounts are short term. The carrying values of trade payables is considered to be a reasonable approximation of fair value. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Borrowings | 17. Borrowings Borrowings include the following financial liabilities: Schedule of financial liabilities Consolidated Group Note 2023 A$ 2022 A$ ASX convertible notes (a) 301,600 308,100 301,600 308,100 Balance at the beginning of the period 308,100 435,600 Issue of Nasdaq convertible notes - 1,846,279 Interest recognised on convertible notes - 544,121 Conversion of debt to equity - (2,420,400 ) Repayment of borrowings (6,500 ) (97,500 ) Balance at the end of the period 301,600 308,100 (a) The Company has on issue unsecured convertible notes totaling A$ 301,600 |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Provisions | 18. Provisions Schedule of employee benefits 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Employee benefits Current 214,465 473,006 Non-current 48,271 25,988 Total 262,736 498,994 The provision for employee benefits represents accrued annual leave and vested together with vested and unvested long service leave entitlements. |
Accrued expenses
Accrued expenses | 12 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses | |
Accrued expenses | 19. Accrued expenses Schedule of accrued expenses 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current Accrued expenses 458,057 477,144 Salaries payable 54,554 34,704 Current accrued expenses 512,611 511,848 Non-Current Accrued expenses 90,450 - Salaries payable - 76,504 Non-Current accrued expenses 90,450 76,504 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities | |
Contract liabilities | 20. Contract liabilities Contract liabilities consist of the following: Schedule of contract liabilities 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Deferred subscription revenue 149,865 136,606 Advances for website builds 2,346 736 Contract liabilities 152,211 137,342 Current 151,475 136,606 Non-current 736 736 |
Share capital
Share capital | 12 Months Ended |
Jun. 30, 2023 | |
Share Capital | |
Share capital | 21. Share capital The share capital of Locafy Limited consists only of fully paid ordinary shares. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders’ meeting of the Company. Schedule of share capital Note 2023 Number of Shares 2023 Share Capital A$ 2022 Number of Shares 2022 Share Capital A$ Balance at 1 July 20,528,803 45,038,037 18,598,414 35,505,073 Beginning balance 20,528,803 45,038,037 18,598,414 35,505,073 Share issue, Nasdaq initial public offering - - 1,454,546 7,973,486 Issues on conversion of convertible notes - - 475,843 2,542,812 Consolidation of ordinary shares due to Reverse Share Split (a) (19,497,565 ) - - - Share issue, At The Market Offering (b) 245,010 3,295,822 - - Balance at 30 June 1,276,248 48,333,859 20,528,803 46,021,371 Ending balance 1,276,248 48,333,859 20,528,803 46,021,371 Share issue costs - (403,373 ) - (983,334 ) Net share capital balance 1,276,248 47,930,486 20,528,803 45,038,037 (a) On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis. (b) On 18 May 2023, the Company entered into an At The Market Offering Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold 245,010 2,238,570 |
Reserves
Reserves | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Reserves Abstract | |
Reserves | 22. Reserves Schedule of reserves Consolidated Group Notes 2023 A$ 2022 A$ Foreign currency translation reserve (a) Opening balance at 1 July a 143,780 192,233 Exchange differences arising from foreign operations a (23,010 ) (48,453 ) Equity-settled employee benefits Equity-settled supplier payments Warrants Convertible notes issued Transfer to retained earnings on historical conversion of notes Closing balance at 30 June a 120,770 143,780 Share option reserve (b) Opening balance at 1 July b 5,021,974 3,603,916 Equity-settled employee benefits b 1,774,645 3,758,700 Equity-settled supplier payments b 146,236 899,992 Warrants b 363,282 363,282 Closing balance at 30 June b 2,284,163 5,021,974 Convertible note reserve Opening balance at 1 July 140,721 - Convertible notes issued - 140,721 Transfer to retained earnings on historical conversion of notes (140,721 ) - Closing balance at 30 June - 140,721 Total reserves 2,404,933 5,306,475 (a) Foreign currency translation reserve Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional currencies to the Group’s presentation currency (ie Australian dollars) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. (b) Share option reserve The Company had issued share options to certain employees and suppliers. While these options have since expired unexercised, the value of the options at the date of issue are accumulated in the share option reserve. In addition, the Company has issued Performance Rights (refer to Note 30). |
Accumulated losses
Accumulated losses | 12 Months Ended |
Jun. 30, 2023 | |
Accumulated Losses | |
Accumulated losses | 23. Accumulated losses Summary of accumulated losses Consolidated Group 2023 A$ 2022 A$ Balance at beginning of year (45,227,027 ) (40,136,700 ) Transfers from reserve accounts 3,773,151 Profit attributable to owners of the Company (3,891,586 ) (5,090,327 ) Balance at end of year (45,345,462 ) (45,227,027 ) |
Reconciliation of profit for th
Reconciliation of profit for the year to net cash flows from operating activities | 12 Months Ended |
Jun. 30, 2023 | |
Reconciliation Of Profit For Year To Net Cash Flows From Operating Activities | |
Reconciliation of profit for the year to net cash flows from operating activities | 24. Reconciliation of profit for the year to net cash flows from operating activities Summary of reconciliation of profit on net cash flows from operating activities Consolidated Group 2023 A$ 2022 A$ Loss for the year (3,891,586 ) (5,090,327 ) Non-cash items in operating profit Depreciation of property, plant and equipment 108,602 6,732 Amortisation of intangible assets 1,154,492 777,409 Amortisation of right of use asset 92,077 68,220 Share based payments 304,345 359,544 Implied interest expense related to convertible notes - 666,534 R&D tax incentive and other rebates expected (533,119 ) Foreign exchange loss (141,284 ) (543,910 ) Expected credit losses 295,263 369,844 Gain on liability extinguishment (282,489 ) - Operating cash flows before movements in working capital 997,887 1,704,373 Movements in working capital (Increase)/decrease in trade and other receivables (780,321 ) (1,182,077 ) (Increase)/decrease in prepayments and deposits (126,688 ) 4,194 Increase/(decrease) in trade and other payables 1,392,829 396,204 Increase/(decrease) in provisions and accruals 132,039 (186,066 ) Increase/(decrease) in deferred revenue 14,869 113,263 Cash generated from operations 632,728 (854,482 ) Net cash generated by operating activities (2,260,971 ) (4,240,436 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share | |
Earnings per share | 25. Earnings per share On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). The number of ordinary shares following the split are reflected in the calculation below. Both basic and diluted earnings per share have been calculating the profit attributable to shareholders of the parent company (Locafy Limited) as the numerator, i.e. no adjustments to profit were necessary in 2023 or 2022. Summary of basic and diluted earnings per share Consolidated Group 2023 2022 Weighted average number of shares used in basic earnings per share 1,053,920 1,031,238 Weighted average number of shares used in diluted earnings per share 1,053,920 1,031,238 |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Contingent liabilities | 26. Contingent liabilities There were no contingent liabilities in both 2023 and 2022. |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Of Financial Instruments | |
Fair value of financial instruments | 27. Fair value of financial instruments The Company’s financial instruments comprise the following: Summary of fair value of financial instruments Consolidated Group Notes 2023 A$ 2022 A$ Cash and cash equivalents 3,174,700 4,083,735 Trade and other receivables (a) (a) 1,288,513 1,203,249 Term deposits with financial institutions (b) (b) 69,942 69,942 Trade and other payables (a) (a) (2,507,573 ) (1,454,241 ) Lease liabilities (417,743 ) (450,416 ) Borrowings (c) (c) (301,600 ) (308,100 ) Total 1,306,239 3,144,169 (a) The fair values are a close approximation of the carrying amounts for trade and other receivables and payables on account of the short term maturity cycle. (b) The fair values are a close approximation of the carrying amounts for term deposits as these deposits are interest bearing and are rolled over at short maturity. (c) Borrowings relate to ASX convertible notes (refer to Note 17). |
Financial instruments risk
Financial instruments risk | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments Risk | |
Financial instruments risk | 28. Financial instruments risk Risk management objective and policies The Company is exposed to various risks in relation to financial instruments. Risk management is carried out under the policies approved by the Company’s Audit and Risk Committee. The Committee identifies and evaluates the risk and takes appropriate measures to minimize the risks. The nature and extent of such risks, and management’s risk management strategy are noted below. Market risk analysis The Company is exposed to market risk through its use of financial instruments and specifically to currency risk and interest rate risk, which result from both its operating and investing activities. Foreign currency risk The Company’s functional and presentation currency is Australian Dollars (AUD). Exposures to currency exchange rates arise from the Company’s overseas sales and purchases, which are primarily denominated in US dollars (USD). To mitigate the Company’s exposure to foreign currency risk, non-AUD cash flows are monitored in their respective currencies together with movements in foreign currency exchange rates. The Company does not currently engage in any hedging activities. Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. Summary of financial assets and liabilities USD Other 30 June 2023 Financial assets 3,013,159 1,519,966 Financial liabilities (980,270 ) (2,246,647 ) Total exposure 2,032,889 (726,681 ) 30 June 2022 Financial assets 3,647,337 1,709,589 Financial liabilities (435,265 ) (1,777,492 ) Total exposure 3,212,072 (67,903 ) The following table illustrates the sensitivity of profit and equity in relation to the Company’s financial assets and financial liabilities and the AUD:USD exchange rate “all other things being equal”. It assumes a +/- 10% change of the AUD:USD exchange rate for the year ended 30 June 2023 (2022: 10%). The percentages have been determined based on the average market volatility in exchange rates in the previous twelve months. The sensitivity analysis is based on the Company’s foreign currency financial instruments held at each reporting date. If the AUD had strengthened against the USD by 10% (2022: 10%) then this would have had the following impact: Summary of profit and equity changes of foreign exchange rates Profit and equity for the year A$ 30 June 2023 (952,682 ) 30 June 2022 (292,006 ) If the AUD had weakened against the USD by 10% (2022: 10%) then this would have had the following impact: Profit and equity for the year A$ 30 June 2023 (478,018 ) 30 June 2022 321,207 The higher foreign currency exchange rate sensitivity in profit in 2023 compared with 2022 is attributable to an increase in USD denominated cash and trade receivables. Interest rate risk The Company’s cash and term deposits with financial institutions are impacted by interest rate risks. Other receivables and payables have short maturities and are non-interest bearing. Management believes that the risk of interest rate movement would not have a material impact on the Company’s operations. The Company is in the business of software development. Earning interest income is not the primary objective of the business, hence, management does not closely monitor the movements in market interest rates as these do not have a material impact on the Company’s business activities. The cash balances and term deposits are placed at the prevailing short term market interest rates with credit worthy financial institutions. At the reporting date, the interest rate risk profile of the consolidated entity’s interest-bearing financial instruments was as follows: Summary of interest rate risk profile of consolidated entity interest bearing financial instruments 2023 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Fixed Interest maturing in: Weighted 2023 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Financial assets Cash and cash equivalents - - - - 3,174,700 3,174,700 Trade and other receivables - - - - 1,288,513 1,288,513 Term deposits - 69,942 - - - 69,942 1.04 % Financial Assets - 69,942 - - 4,463,213 4,533,155 Financial liabilities Trade and other payables - - - - 2,507,573 2,507,573 Lease liabilities - - - - 417,744 417,744 Borrowings - - - - 301,600 301,600 Financial Liabilities - - - - 3,226,917 3,226,917 2022 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Fixed Interest maturing in: Weighted 2022 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Financial assets Cash and cash equivalents - - - - 4,083,735 4,083,735 Trade and other receivables - - - - 1,203,249 1,203,249 Term deposits - 69,942 - - - 69,942 0.21 % Financial Assets - 69,942 - - 5,286,984 5,356,926 Financial liabilities Trade and other payables - - - - 1,454,241 1,454,241 Lease liabilities - - - - 450,416 450,416 Borrowings - - - - 308,100 308,100 Financial Liabilities - - - - 2,212,757 2,212,757 The following table illustrates the sensitivity of profit and equity in relation to the Company’s financial assets and financial liabilities and interest rate movements “all other things being equal”. It assumes a +/- 1% change in interest rates for the year ended 30 June 2023 (2022: 1%). If interest rates had increased by 1% then this would have had the following impact: Summary of profit and equity changes of interest rates Profit and equity for the year A$ 30 June 2023 1,426 30 June 2022 849 If interest rates had decreased by 1% then this would have had the following impact: Profit and equity for the year A$ 30 June 2023 27 30 June 2022 (550 ) Credit risk analysis Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. Credit risk management The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions. Trade receivables consist of a large number of customers in various industries and geographical areas. Sales are primarily monthly subscriptions in nature and credit risk arising from trade debtors are mitigated by the Company’s ability to terminate the services provided to the debtor. Trade receivables The Company applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do not have a significant financing component. In measuring expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped broadly based on advertising, channel partners and direct to end user customer categories. The expected loss rates are based on the payment profile for sales over the past 12 months before 30 June 2023. The historical rates are adjusted to reflect current and forward looking macroeconomic factors affecting the customer’s ability to settle the amount outstanding. The Company has identified interest rates to be the most relevant factor and accordingly adjusts historical loss rates for expected changes in this factor. However, given the short period of credit risk exposure, the impact of this macroeconomic factor has not been considered significant within the reporting period. Trade receivables are written off (i.e derecognised) when there is no reasonable expectation of recovery. Failure to make payments within 180 days from the invoice due date and failure to engage with the Company on alternative payment arrangements amongst others are considered indicators of no reasonable expectation of recovery. On the above basis, the expected credit loss for trade receivables as at 30 June 2023 was A$ 360,777 369,844 Liquidity risk analysis Liquidity risk is where the Company may be unable to meet its financial obligations as and when they fall due, generally due to a shortage of cleared funds. The Company manages its liquidity risk through continuously monitoring its cleared funds position by utilising short term cash budgets, considering expected cash flows from financial assets and liabilities, in particular its trade receivables and payables and negotiating extended payment terms where possible. The Company’s existing cash resources and trade receivables exceed the current cash outflow requirements. The contractual maturity analysis of the Company’s financial instruments is noted below: Schedule of contractual maturity analysis of financial instruments 30 June 2023 3 months or less A$ Over 3 to 12 months A$ Total A$ Financial assets: Cash and cash equivalents 3,174,700 - 3,174,700 Trade and other receivables 1,288,513 - 1,288,513 Term deposits - 69,942 69,942 Financial assets 4,463,213 69,942 4,533,155 Financial liabilities: Trade and other payables (2,507,573 ) - (2,507,573 ) Lease liabilities (11,177 ) (406,567 ) (417,744 ) Borrowings (301,600 ) - (301,600 ) Financial liabilities (2,820,350 ) (406,567 ) (3,226,917 ) 30 June 2022 3 months or less A$ Over 3 to 12 months A$ Total A$ Financial assets: Cash and cash equivalents 4,083,735 - 4,083,735 Trade and other receivables 1,203,249 - 1,203,249 Term deposits - 69,942 69,942 Financial assets 5,286,984 69,942 5,356,926 Financial liabilities: Trade and other payables (1,454,241 ) - (1,454,241 ) Lease liabilities (4,407 ) (446,009 ) (450,416 ) Borrowings (308,100 ) - (308,100 ) Financial liabilities (1,766,748 ) (446,009 ) (2,212,757 ) |
Capital management policies
Capital management policies | 12 Months Ended |
Jun. 30, 2023 | |
Capital Management Policies | |
Capital management policies | 29. Capital management policies The Company’s capital management objectives are: ● To ensure the Company’s ability to continue as a going concern; and ● To provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in providing those goods and services. Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, convert debt to equity or sell assets to reduce debt. |
Share-based payments
Share-based payments | 12 Months Ended |
Jun. 30, 2023 | |
Share-based Payments | |
Share-based payments | 30. Share-based payments Performance Rights Plan The Company has a performance-based compensation scheme which allows select employees, contractors and consultants the right to acquire ordinary shares in the Company upon the Company attaining certain milestones and performance targets (“Performance Right”). No amounts are paid or payable by the recipient on receipt of the Performance Right or the shares (if issued). The Performance Rights carry neither entitlement to dividends nor voting rights. Performance Rights vesting conditions Summary of vesting conditions and expiry dates Tranche Vesting Conditions Expiry Date 1 Total Group operating revenue greater than A$500,000 for 3 consecutive calendar months. 30 June 2024 2 Total Group operating revenue greater than A$1,000,000 for 3 consecutive calendar months. 30 June 2024 3 Total Group operating revenue greater than A$2,000,000 for 3 consecutive calendar months. 30 June 2024 As at 30 June 2023, none of the vesting conditions have been met. Valuation and recognition The liability for the performance rights is measured, initially and at the end of each reporting period until settled, at the full fair value of the performance rights, taking into account the probability of the Company attaining the performance hurdles, the probability that employees will remain eligible to retain the performance rights through continued service and the extent to which employees have rendered services to date. The value of the Performance Rights within the Reserve at 30 June 2023 was $ 2,203,370 (2022: $ 1,054,776 ). The expense recognised for employee services received during the year was $ 460,603 (2022: $ 291,029 ). Movements in Performance Rights during the year Summary of performance rights movements 2023 2022 Tranche 1 Balance at beginning of year 82,686 10,890 Granted during the year 42,493 73,296 Forfeited during the year (4,063 ) (1,500 ) Exercised during the year - - Expired during the year - - Balance at end of year 121,116 82,686 2023 2022 Tranche 2 Balance at beginning of year 17,200 18,929 Granted during the year 5,900 4,271 Forfeited during the year (6,301 ) (6,000 ) Exercised during the year - - Expired during the year - - Balance at end of year 16,799 17,200 2023 2022 Tranche 3 Balance at beginning of year 28,680 27,381 Granted during the year 10,628 10,049 Forfeited during the year (10,515 ) (8,750 ) Exercised during the year - - Expired during the year - - Balance at end of year 28,793 28,680 On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding performance rights were split on the same basis. The number of performance rights following the split are reflected in the table above. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related party transactions | 31. Related party transactions Principles of related party compensation The Company’s current remuneration structure is largely comprised of fixed remuneration and long-term performance-based incentives, which we believe to be appropriate for a business of our size and nature. Locafy listed in March 2022 and is undertaking a continuous improvement program to transition from its legacy executive remuneration framework that was in line with a venture capital structure to that of a listed company. This will include a review of the framework to align executive remuneration with our reward principles, strategy and best practice. Directors’ remuneration Summary of employee benefits expense Short term Post-employment Other long term Share-based payments (1) Salary & fees Cash bonus & non-monetary benefits Annual leave accrual (2) Super- annuation Long service leave accrual (3) Performance Rights Total Total directors 656,685 - (138,697 ) 60,295 (83,531 ) 639,351 1,134,103 (1) The fair value of the performance rights is calculated in accordance with IFRS 2 Share-based Payments for non-market performance conditions. The value disclosed is the portion of the grant-date fair value of the performance rights recognised as an expense in each reporting period. (2) Represents accounting adjustments for accrued annual leave. (3) In accordance with AASB 119 Employee benefits, long service leave is classified as other long-term employee benefits. Performance Rights held by Directors The movement during the reporting period of Performance Rights over ordinary shares in Locafy Limited held, directly, indirectly or beneficially by directors, including their related parties, is as follows: Summary of performance rights held Held at July 1, 2022 (1) Granted as compensation (2) Exercised Lapsed Forfeited Other changes Held at June 30, 2023 Vested during the year Vested and exercise-able at June 30, 2023 Total Directors 96,357 24,721 - - - - 121,078 - - (1) On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding performance rights were split on the same basis. The number of performance rights following the Reverse Share Split are reflected in the table above. (2) In order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director’s fees as at 30 June 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of US$ 7.46 0.6670 Shares held by Directors The movement during the reporting period in the number of ordinary shares in Locafy Limited held, directly, indirectly or beneficially, by directors, including their related parties, is as follows: Summary of shares held Held at July 1, 2022 (1) Received on exercise of Performance Rights Other changes (2) Held at June 30, 2023 Total Directors 283,968 - 2,360 286,328 (1) On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding shares were split on the same basis. The number of shares following the Reverse Share Split are reflected in the table above. (2) Other changes represent shares that were purchased or sold during the year. Other related party transactions Mr. Ranko Matic held the company secretary position for the period, 1 July 2022 to 6 September 2022 and was paid A$ 6,000 |
Events after the reporting date
Events after the reporting date | 12 Months Ended |
Jun. 30, 2023 | |
Events After Reporting Date | |
Events after the reporting date | 32. Events after the reporting date ● On 18 July 2023, the Company announced the signing of a new enterprise contract with a leading integrated marketing and advertising agency; primarily focused on the deployment of the Company’s Keystone product. |
Authorisation of financial stat
Authorisation of financial statements | 12 Months Ended |
Jun. 30, 2023 | |
Authorisation Of Financial Statements | |
Authorisation of financial statements | 33. Authorisation of financial statements The consolidated financial statements for the year ended 30 June 2023 (including comparatives) were approved by the board of directors on 11 October 2023. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
General information | 3.1 General information The financial statements cover Locafy Limited as a consolidated entity consisting of Locafy Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Locafy Limited’s functional and presentation currency. A description of the nature of the consolidated entity’s operations and its principal activities are included in the directors’ report, which is not part of the financial statements. The financial statements were authorized for issue, in accordance with a resolution of directors, on October 11, 2023. |
Basis of preparation | 3.2 Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments. Going concern basis The financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Consolidated Entity and Company have incurred a net loss after tax of A$ 3,891,586 2,260,971 As at 30 June 2023, the Consolidated Entity and Company had cash assets of A$ 3,174,700 1,046,370 The Consolidated Entity and Company’s ability to continue as going concerns and to pay their debts as and when they fall due is dependent on the generating additional revenues from its operations, managing all costs in line with management’s forecasts and, if necessary, raising further capital. Management have prepared a cash flow forecast on this basis which indicates that the Consolidated Entity will have sufficient cash flows to meet minimum operating overheads and committed expenditure requirements for the 12 month period from the date of signing the financial report if they are successful in meeting those forecasts. The Directors believe the Consolidated Entity and Company will continue as a going concern, after consideration of the following factors: ● regular review of management accounts and cash flow forecast, incorporating expected cash inflows from sales and collection of trade receivables; ● close management of both its operating costs and corporate overheads; ● sales pipeline continues to grow and the Company is confident of achieving further sales growth across a number of existing and new reseller customers and different product offerings; ● expected increase in advertising yields across existing and new online assets; and ● the Company has the ability to raise funds through equity issues (if required). The financial report has therefore been prepared on the going concern basis. Should the Consolidated Entity and the Company be unable to achieve successful outcomes in relation to each of the matters referred to above, there is substantial doubt whether the Consolidated Entity and the Company will be able to continue as a going concern and, therefore, whether they will realise their assets and discharge their liabilities in the normal course of business. The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts and classification of liabilities that might be necessary should the Consolidated Entity and the Company not continue as a going concern. |
Basis of consolidation | 3.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. |
Segment Reporting | 3.4 Segment Reporting The Company has three operating segments: publishing, direct sales and reseller sales. In identifying these operating segments, management generally follows the Company’s service lines representing its main products and services (see Note 7). Each of these operating segments are managed separately as each requires different technologies, marketing approach and other resources. |
Revenue | 3.5 Revenue Overview Revenue arises mainly from the sale of digital marketing solutions and associated services. To determine whether to recognise the revenue, the Company follows a 5-step process: 1. Identifying the contract with a customer. 2. Identifying performance obligations. 3. Determining the transaction price. 4. Allocating the transaction price to the performance obligations. 5. Recognising revenue when/as performance obligations are satisfied. The Company often enters into transactions involving a range of the Company’s products and services, for example for the delivery of software and related after-sales support. In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as contract liabilities in the statement of financial position (see Note 20). Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Revenue from operating segments Publishing The Company generates revenues through advertisements placed on its website properties on a Pay-Per-Impression or similar basis and through publishing business and product profiles on its online directory properties on a per insertion basis. Revenues are recognised during the period in which the advertisements or listings are published. Direct The Company separately identifies end user customers to which we have a direct sales, support and billing relationship. Revenue is derived by providing customers access to the Company’s platform and is recognised in accordance with the terms of contracts provided in the subscription agreement. The SaaS and related support revenue (if any) is recognised over time, being the subscription period, as the customer simultaneously receives and consumes the benefit of accessing the platform. Revenues from the sale of product licences are recognised during the period in which the subscription is made available to our customers for use. Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations. Access to the platform is not considered distinct from other performance obligations, as access to any platform alone does not allow the customer to obtain substantially all the benefits of the access, and is therefore accounted for as a single performance obligation. Consideration received can be variable in nature, based upon customer usage in excess of contractually agreed units. The variable consideration is included in the transaction price at the company’s best estimate, using either an expected value or most likely outcome, whichever provides the best estimate and is included in revenue to the extent that it is highly probable that there will be no significant reversal of the cumulative amount of revenue when any price uncertainty is resolved. Reseller The Company separately identifies end user customers to which sales, support and billing relationships are conducted through third party resellers and partners. Revenues from the sale of product licences are recognised during the period in which the subscription is made available to our reseller for use. Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations. |
Foreign currencies | 3.6 Foreign currencies The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each group entity are expressed in Australian dollars (A$), which is the functional currency of the Company and the presentation currency for the consolidated financial statements. In preparing the financial statements of each individual group entity, transactions in currencies other than the entity’s functional currency are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Australian dollars using exchange rates prevailing at the end of the reporting period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity. |
Government grants | 3.7 Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments. |
Employee benefits | 3.8 Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. |
Share-based payments arrangements | 3.9 Share-based payments arrangements Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or service received, except where that fair value cannot be estimated reliably, in which case they are measured at their fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. Performance rights Share-based compensation benefits are provided to employees via the Company’s Incentive Performance Rights Plan ( Plan The fair value is measured at grant date and recognized over the period of service during which the employees become unconditionally entitled to the performance rights. The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions (for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions about the number of performance rights that are expected to vest. At each statement of financial position date, the entity revises its estimate of the number of performance rights that are expected to vest. The share-based payment expense recognized each period considers the most recent estimate. The impact of the revision to original estimates, if any, is recognized in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity. |
Taxation | 3.10 Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years, and items that are never taxable or deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reported period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
Property, plant and equipment | 3.11 Property, plant and equipment Fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the diminishing value method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are applied: Schedule of fixed asset depreciation rate Class of fixed asset Depreciation rate Leasehold improvements Remaining lease term IT equipment 10 25 Other equipment 20 An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required, but at least annually. Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income or other expenses. |
Intangible assets other than goodwill | 3.12 Intangible assets other than goodwill Research and development Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development is recognised if, and only if, all of the following have been demonstrated: ● the technical feasibility of completing the intangible asset so that it will be available for use or sale; ● the intention to complete the intangible asset and use or sell it; ● the ability to use or sell the intangible asset; ● how the intangible asset will generate probable future economic benefits; ● the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Patents and trademarks Patents and trademarks are recognised at cost of acquisition and amortised over their useful lives. They have a finite life and are reported at cost less accumulated amortisation and accumulated impairment losses. Databases Databases are recognised at cost of acquisition and amortised over their useful lives. They have a finite life as data becomes dated and are reported at cost less accumulated amortisation and accumulated impairment losses. The following useful lives are applied: Schedule of intangible asset amortisation rate Class of fixed asset Amortisation rate Patents 5 % Trademarks 10 % Databases 16.67 % At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell 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 for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Provisions | 3.13 Provisions Provisions for product warranties, legal disputes, onerous contracts or other claims are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. The timing or amount of the outflow may still be uncertain. Provisions are not recognised for future operating losses. Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material. No liability is recognised if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote. |
Financial instruments | 3.14 Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets All financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: ● amortised cost ● fair value through profit or loss (FVTPL), or ● fair value through other comprehensive income (FVOCI). In the periods presented the Group does not have any financial assets categorised as FVTPL or FVOCI. The classification is determined by both: ● the entity’s business model for managing the financial asset, and ● the contractual cash flow characteristics of the financial asset. All revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items. Subsequent measurement of financial assets Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): ● they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and ● the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Impairment of financial assets IFRS 9’s impairment requirements use forward-looking information to recognise expected credit losses – the “expected credit loss (ECL) model”. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: ● financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’); and ● financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). “Stage 3” would cover financial assets that have objective evidence of impairment at the reporting date. “12-month expected credit losses” are recognised for the first category (i.e. Stage 1) while “lifetime expected credit losses” are recognised for the second category (i.e. Stage 2). Trade and other receivables and contract assets The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses. The Group assesses impairment of trade receivables on an individual account basis. Classification and measurement of financial liabilities The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Convertible Notes The component parts of convertible notes issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion options that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is an equity instrument. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recognised as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date. |
Trade and other receivables | 3.15 Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are expected shortfalls in contractual cash flows, considering the potential for default at any point during the lifetime of the financial instrument. In calculating, the Company uses its historical experience, external indicators and forward-looking information to calculate expected credit losses using a provision matrix. The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due. Refer to Note 3.14 for a detailed analysis of how the impairment requirements of IAS 9 are applied. |
Goods and services tax | 3.16 Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except: i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or ii. for receivables and payable which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows. |
Leases | 3.17 Leases For any new contracts entered into the Company considers whether a contract is, or contains a lease. A lease is defined as “a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration”. To apply this definition the Company assesses whether the contract meets three key evaluations which are whether: 1. the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Company; 2. the Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; 3. the Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. At lease commencement date, the Company recognises a right of use asset and a lease liability on the balance sheet. The right of use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Company depreciates the right of use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The Company also assesses the right of use asset for impairment when such indicators exist. At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right of use asset, or profit and loss if the right of use asset is already reduced to zero. The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right of use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. Short-term leases and leases of low value Short-term leases (lease term of 12 months or less) and lease of low value assets (under A$5,000) are recognised as incurred as an expense in the consolidated income statement. |
Equity, reserves and dividend payments | 3.18 Equity, reserves and dividend payments Share capital represents the nominal value of shares that have been issued. Other components of equity include the following: ● share option reserve – comprises equity-settled employee benefits and equity-settled supplier payments (see Notes 3.8 and 3.9); and ● translation reserve – comprises foreign currency translation differences arising from the translation of financial statements of the Group’s foreign entity into functional currency (see Note 3.6). Accumulated losses include all current and prior period accumulated losses. All transactions with owners of the parent are recorded separately within equity. Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a general meeting prior to the reporting date. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Schedule of fixed asset depreciation rate | Schedule of fixed asset depreciation rate Class of fixed asset Depreciation rate Leasehold improvements Remaining lease term IT equipment 10 25 Other equipment 20 |
Schedule of intangible asset amortisation rate | The following useful lives are applied: Schedule of intangible asset amortisation rate Class of fixed asset Amortisation rate Patents 5 % Trademarks 10 % Databases 16.67 % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of revenue disaggregate | The following is an analysis of the Group’s revenue for the year from continuing operations. The Group’s revenue disaggregated by primary revenue sources are as follows: Schedule of revenue disaggregate Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Subscriptions - 1,850,929 2,169,312 4,020,241 Advertising 314,591 - 933 315,524 Data 871,502 - - 871,502 Services - 110,467 58,959 169,426 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Subscriptions - 1,265,483 1,903,611 3,169,094 Advertising 314,513 - 2,200 316,713 Data 649,937 - - 649,937 Services - 62,920 24,025 86,945 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Subscriptions - 1,153,255 208,855 1,362,110 Advertising 177,126 - - 177,126 Data 602,304 - - 602,304 Services - 29,770 20,115 49,885 Total 779,430 1,183,025 228,970 2,191,425 The Group’s revenue disaggregated by primary geographical markets is as follows: Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Australia & New Zealand - 1,607,146 540,977 2,148,123 Australia - - - - North America 971,110 301,101 1,493,597 2,765,808 Europe 140,490 53,142 131,601 325,233 Other countries 74,493 7 63,029 137,529 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Australia - 1,242,566 643,166 1,885,732 North America 508,507 11,575 884,383 1,404,465 Europe 411,061 44,431 73,008 528,500 Other countries 44,882 29,831 329,279 403,992 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Australia 34,741 1,042,621 170,061 1,247,423 North America 345,946 7,772 15,897 369,615 Europe 398,406 132,000 - 530,406 Other countries 337 632 43,012 43,981 Total 779,430 1,183,025 228,970 2,191,425 The Group’s revenue disaggregated by pattern of revenue recognition is as follows: Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Services transferred at a point in time 314,591 110,467 59,893 484,951 Services transferred over time 871,502 1,850,929 2,169,311 4,891,742 Total 1,186,093 1,961,396 2,229,204 5,376,693 Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Services transferred at a point in time 314,513 62,920 26,224 403,657 Services transferred over time 649,937 1,265,483 1,903,612 3,819,032 Total 964,450 1,328,403 1,929,836 4,222,689 Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Services transferred at a point in time 177,126 29,770 20,115 227,011 Services transferred over time 602,304 1,153,255 208,855 1,964,414 Total 779,430 1,183,025 228,970 2,191,425 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other income | Schedule of other income Notes 2023 2022 2021 Consolidated Group Notes 2023 2022 2021 Government subsidy - - 290,900 Research and development tax incentive 503,118 757,609 497,358 Export market development grant 66,600 45,433 - Foreign exchange gain 141,285 495,457 - Gain on liability extinguishment 282,490 - - Total other income 993,493 1,298,499 788,258 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of segment reporting | Management currently identifies three operating segments (see Note 3.4). Management monitors the performance of these operating segments as well as deciding on the allocation of resources to them. Segmental performance is monitored using adjusted segment operating results. Schedule of segment reporting Publishing Direct Reseller Total For the year ended 2023 Publishing Direct Reseller Total Revenue From external customers 1,185,384 1,961,396 2,229,913 5,376,693 Segment revenue 1,185,384 1,961,396 2,229,913 5,376,693 Technology expense (92,295 ) (10,254 ) (8,088 ) (110,637 ) Employee benefit expense (111,538 ) (134,140 ) (524,023 ) (769,701 ) Occupancy expense (1,573 ) (1,036 ) (1,189 ) (3,798 ) Advertising expense (6,971 ) (21,162 ) (74,848 ) (102,981 ) Consultancy expense - (413 ) - (413 ) Depreciation and amortisation (255,848 ) (219,026 ) (26,378 ) (501,252 ) Impairment of financial assets (10,958 ) (217,739 ) (66,566 ) (295,263 ) Other expenses (2,358 ) (18,774 ) (21,791 ) (42,923 ) Segment operating profit/(loss) 703,843 1,338,852 1,507,030 3,549,725 Segment assets 171,697 910,175 429,998 1,511,870 Segment liabilities (96,766 ) (191,014 ) (238,981 ) (526,761 ) Publishing Direct Reseller Total For the year ended 2022 Publishing Direct Reseller Total Revenue From external customers 964,450 1,328,403 1,929,836 4,222,689 Segment revenue 964,450 1,328,403 1,929,836 4,222,689 Technology expense (77,974 ) (13,724 ) - (91,698 ) Employee benefit expense (211,891 ) (516,520 ) (786,560 ) (1,514,971 ) Occupancy expense (3,069 ) (2,646 ) (857 ) (6,572 ) Advertising expense (31,210 ) (2,048 ) - (33,258 ) Consultancy expense (364 ) (245 ) - (609 ) Depreciation and amortisation (256,021 ) (197,884 ) - (453,905 ) Impairment of financial assets (16,853 ) (187,398 ) (172,355 ) (376,606 ) Other expenses 758 (1,253 ) (20,089 ) (20,584 ) Segment operating profit/(loss) 367,826 406,685 949,975 1,724,486 Segment assets 589,390 1,069,196 383,032 2,041,618 Segment liabilities (108,326 ) (226,382 ) (229,737 ) (564,445 ) Publishing Direct Reseller Total For the year ended 2021 Publishing Direct Reseller Total Revenue From external customers 779,430 1,183,025 228,970 2,191,425 Segment revenue 779,430 1,183,025 228,970 2,191,425 Technology expense (225,324 ) (12,724 ) (376 ) (238,424 ) Employee benefit expense (407,876 ) (359,082 ) (209,251 ) (976,209 ) Occupancy expense (1,857 ) (15,807 ) - (17,664 ) Advertising expense (659 ) (46,734 ) - (47,393 ) Consultancy expense - - - - Depreciation and amortisation (198,578 ) (143,468 ) (10,544 ) (352,590 ) Impairment of financial assets - - - - Other expenses (294 ) (625 ) (1,379 ) (2,298 ) Segment operating profit/(loss) (55,158 ) 604,585 7,420 556,847 Segment assets 1,654,054 151,460 85,889 1,891,403 Segment liabilities (382,104 ) (212,644 ) (43,251 ) (637,999 ) The totals presented for the Group’s operating segments reconcile to the key financial figures as presented in its financial statements as follows: 2023 2022 2021 Consolidated Group 2023 2022 2021 Revenue Total reportable segment revenue 5,376,693 4,222,689 2,191,425 Segment operating profit 3,549,725 1,724,486 556,847 Other income not allocated 423,775 495,457 290,900 Research and development incentives 569,718 803,042 497,358 Research and development costs - - (761,140 ) Technology expenses not allocated (1,608,337 ) (1,713,734 ) (48,750 ) Employee benefits expenses not allocated (4,497,545 ) (2,896,954 ) (986,580 ) Occupancy expenses not allocated (109,774 ) (59,793 ) (34,555 ) Advertising expenses not allocated (215,511 ) (380,754 ) (20,182 ) Consultancy expenses not allocated (874,225 ) (1,690,935 ) (240,928 ) Depreciation and amortisation not allocated (853,917 ) (398,456 ) (44,916 ) Impairment of financial assets not allocated - - (14,690 ) Other expenses not allocated (170,128 ) (224,496 ) (130,217 ) Group operating loss (3,786,219 ) (4,342,137 ) (936,853 ) Finance costs (105,367 ) (748,190 ) (58,913 ) Group loss before tax (3,891,586 ) (5,090,327 ) (995,766 ) 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Assets Total reportable segment assets 1,511,870 2,041,618 Cash and cash equivalents 3,174,700 4,083,734 R&D tax incentive and other rebates 554,901 371,365 Deposits and prepayments 231,660 230,094 Fixed assets 380,018 395,999 Right of use assets 314,596 406,673 Capitalised development costs 2,780,538 945,821 Other assets 286,598 79,626 Group assets 9,234,881 8,554,930 Liabilities Total reportable segment liabilities (526,761 ) (564,445 ) Trade and other payables (1,829,301 ) (1,031,933 ) Borrowings (301,600 ) (308,100 ) Provisions (118,112 ) (318,598 ) Accrued expenses (1,051,406 ) (763,953 ) Lease liabilities (417,744 ) (450,416 ) Group liabilities (4,244,924 ) (3,437,445 ) |
Other expenses and financial _2
Other expenses and financial costs (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other expenses and financial costs | Schedule of other expenses and financial costs 2023 2022 2021 Consolidated Group 2023 2022 2021 Other expenses Travel & related expenses (141,196 ) (118,292 ) (7,558 ) Legal expenses - - (93,801 ) Insurance expenses (45,083 ) (68,167 ) (59,685 ) Business expenses (26,772 ) (24,204 ) (4,958 ) Foreign exchange gain - (34,416 ) 33,487 Total other expenses (213,051 ) (245,079 ) (132,515 ) Finance costs Implied interest expense related to convertible notes - (666,534 ) - Interest expense (41,389 ) (68,271 ) (40,106 ) Bank charges (4,322 ) (9,182 ) (8,155 ) Merchant facility fees (59,656 ) (4,203 ) (10,652 ) Total finance costs (105,367 ) (748,190 ) (58,913 ) |
Tax expense (Tables)
Tax expense (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of tax expense profit and loss | Schedule of tax expense profit and loss 2023 2022 2021 Consolidated Group 2023 2022 2021 Loss before income tax (3,891,586 ) (5,090,327 ) (995,766 ) Domestic tax rate 25 % 25 % 26 % Expected tax expense/(benefit) (972,896 ) (1,272,582 ) (258,899 ) Adjustment for tax-exempt income: -Decline in value of depreciating assets (315,773 ) (221,095 ) (12,401 ) -R&D tax incentive (125,780 ) (189,402 ) (136,773 ) -Other deductible expenses (301,604 ) (230,118 ) (142,272 ) Adjustment for non-deductible expenses: -R&D expenses - 200,909 - -Other non-deductible expenses 680,462 937,491 176,897 Income tax expense/(benefit) - - - Movement in unrecognized deferred tax 1,035,591 774,797 373,448 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of trade and other receivables | Trade and other receivables consist of the following: Schedule of trade and other receivables 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Trade receivables, gross 917,411 1,144,456 Allowance for credit losses (360,777 ) (369,844 ) Trade receivables 556,634 774,612 R&D tax incentive 524,901 371,365 Goods and services taxes 132,114 47,647 Services contracts 74,864 9,625 Other receivables 731,879 428,637 Trade and other receivables 1,288,513 1,203,249 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other current assets | Schedule of other current assets 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current Prepayments 161,718 157,435 Deposits 69,942 72,659 Advances 125,122 - Other Assets 356,782 230,094 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of subsidiaries | Schedule of subsidiaries Name of subsidiary Principal activity Place of incorporation and operation Proportion of ownership interest and voting power held by the Group 2023 2022 Moboom USA Inc Dormant USA 100 % 100 % |
Property, plant & equipment (Ta
Property, plant & equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of property, plant and equipment | Schedule of property, plant and equipment Leasehold improvements IT equipment Other equipment Total Gross carrying amount Balance 1 July 2021 - 11,466 49,485 60,951 Additions 250,211 69,612 104,391 424,214 Disposals - (2,268 ) - (2,268 ) Balance as at 30 June 2022 250,211 78,810 153,876 482,897 Depreciation and Impairment Balance 1 July 2021 - (5,111 ) (43,448 ) (48,559 ) Disposals - 414 - 414 Depreciation (17,680 ) (10,381 ) (10,692 ) (38,753 ) Balance as at 30 June 2022 (17,680 ) (15,078 ) (54,140 ) (86,898 ) Carrying amount 30 June 2022 232,531 63,732 99,736 395,999 Leasehold improvements IT equipment Other equipment Total Gross carrying amount Balance 1 July 2022 250,211 78,810 153,876 482,897 Beginning balance 250,211 78,810 153,876 482,897 Additions 90,450 1,493 677 92,620 Disposals - - - - Balance as at 30 June 2023 340,661 80,303 154,553 575,517 Ending balance 340,661 80,303 154,553 575,517 Depreciation and Impairment Balance 1 July 2022 (17,680 ) (15,078 ) (54,140 ) (86,898 ) Beginning balance (17,680 ) (15,078 ) (54,140 ) (86,898 ) Disposals - - - - Depreciation (61,665 ) (19,198 ) (27,738 ) (108,601 ) Balance as at 30 June 2023 (79,345 ) (34,276 ) (81,878 ) (195,499 ) Ending balance (79,345 ) (34,276 ) (81,878 ) (195,499 ) Carrying amount 30 June 2023 261,316 46,027 72,675 380,018 Carrying amount 261,316 46,027 72,675 380,018 |
Right of use assets and lease_2
Right of use assets and lease liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Schedule of right of use assets | Schedule of right of use assets Buildings A$ Gross carrying amount Balance as at 1 July 2022 460,385 Additions - Disposals - Balance as at 30 June 2023 460,385 Depreciation and impairment Balance as at 1 July 2022 (53,712 ) Disposals - Depreciation (92,077 ) Balance as at 30 June 2023 (145,789 ) Carrying amount as at 30 June 2023 314,596 |
Schedule of operating lease liabilities | Lease liabilities are presented in the consolidated statement of financial position as follows: Schedule of operating lease liabilities 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current 85,165 32,672 Non-current 332,578 417,744 Total 417,743 450,416 Within 1 year 1-2 years 2-3 years 3-4 years 4-5 years Total Lease payments 114,211 149,251 151,716 63,916 - 479,104 Finance charges (29,056 ) (20,582 ) (10,542 ) (1,181 ) - (61,361 ) Net present value 85,165 128,669 141,174 62,735 - 417,743 |
Schedule of original condition in end lease | Schedule of original condition in end lease Right-of-use asset No. of right-of-use assets leased Range of remaining term Average remaining lease term No. of leases with extension options No. of leases with options to purchase No. of leases with variable payments linked to an index No. of leases with termination options Office 1 3 4 3 - - - - |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of intangible assets and goodwill | Schedule of intangible assets and goodwill Note 2023 A$ 2022 A$ Consolidated Group Note 2023 A$ 2022 A$ Carrying amounts of: Databases 895,057 1,238,787 Trademarks 29,314 31,979 Patents 15,363 18,593 Capitalised development costs 2,780,538 945,820 Carrying amount 3,720,272 2,235,179 Databases Opening balance 1,238,787 1,340,179 Additions 211,026 351,737 Disposals (54,285 ) - Amortisation expense (500,471 ) (453,129 ) Carrying amount for databases 895,057 1,238,787 Patents Opening balance 31,979 34,760 Additions - - Disposals - - Amortisation expense (2,665 ) (2,781 ) Carrying amount for patents 29,314 31,979 Trademarks Opening balance 18,593 22,458 Additions - 2,360 Disposals - - Amortisation expense (3,230 ) (6,225 ) Carrying amount for trademarks 15,363 18,593 Capitalised development costs Opening balance 945,820 - Additions (a) (b) (c) 2,482,843 1,261,094 Disposals - - Amortisation expense (648,125 ) (315,274 ) Carrying amount for trademarks 2,780,538 945,820 (a) On 22 August 2022, the Company acquired certain technology assets from Jimmy Kelley Digital that complemented and extended the functionality of the existing technology Locafy has developed. The Company has determined that the elements of IAS 3 Business Combinations A$ Amount settled in cash 521,393 Amount settled in equity 428,726 Fair value of consideration transferred 950,119 Recognised amounts of identifiable net assets: Intangible assets (capitalized development costs) 950,119 Net identifiable assets 950,119 Goodwill on acquisition - (b) On 30 June 2023, the Company exercised its option to acquire further technology assets from Jimmy Kelley Digital. The Company has determined that the elements of IAS 3 Business Combinations A$ Fair value of contingent consideration 453,446 Fair value of consideration transferred 453,446 Recognised amounts of identifiable net assets: Intangible assets (capitalized development costs) 453,446 Net identifiable assets 453,446 Goodwill on acquisition - (c) During the year ended 30 June 2023, the Company has capitalised a significant portion of its expenditure relating to the development of, amongst other things, a new admin console to enable customers to acquire products directly from their own account. The admin console is a key component of the Platform allowing users to acquire, manage and view product reporting and analytics. The Company is commercialising this developed technology and accordingly, the development expense will be amortized over future periods. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of trade payables | Trade and other payables consist of the following: Schedule of trade payables Note 2023 A$ 2022 A$ Consolidated Group Note 2023 A$ 2022 A$ Trade payables 773,917 661,755 Sundry payables 1,280,210 492,486 Deferred consideration (a) 453,446 300,000 Trade and other payables 2,507,573 1,454,241 (a) Relates to the acquisition of further technologies from Jimmy Kelley Digital. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of financial liabilities | Borrowings include the following financial liabilities: Schedule of financial liabilities Consolidated Group Note 2023 A$ 2022 A$ ASX convertible notes (a) 301,600 308,100 301,600 308,100 Balance at the beginning of the period 308,100 435,600 Issue of Nasdaq convertible notes - 1,846,279 Interest recognised on convertible notes - 544,121 Conversion of debt to equity - (2,420,400 ) Repayment of borrowings (6,500 ) (97,500 ) Balance at the end of the period 301,600 308,100 (a) The Company has on issue unsecured convertible notes totaling A$ 301,600 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of employee benefits | Schedule of employee benefits 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Employee benefits Current 214,465 473,006 Non-current 48,271 25,988 Total 262,736 498,994 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses | |
Schedule of accrued expenses | Schedule of accrued expenses 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Current Accrued expenses 458,057 477,144 Salaries payable 54,554 34,704 Current accrued expenses 512,611 511,848 Non-Current Accrued expenses 90,450 - Salaries payable - 76,504 Non-Current accrued expenses 90,450 76,504 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities | |
Schedule of contract liabilities | Schedule of contract liabilities 2023 A$ 2022 A$ Consolidated Group 2023 A$ 2022 A$ Deferred subscription revenue 149,865 136,606 Advances for website builds 2,346 736 Contract liabilities 152,211 137,342 Current 151,475 136,606 Non-current 736 736 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share Capital | |
Schedule of share capital | Schedule of share capital Note 2023 Number of Shares 2023 Share Capital A$ 2022 Number of Shares 2022 Share Capital A$ Balance at 1 July 20,528,803 45,038,037 18,598,414 35,505,073 Beginning balance 20,528,803 45,038,037 18,598,414 35,505,073 Share issue, Nasdaq initial public offering - - 1,454,546 7,973,486 Issues on conversion of convertible notes - - 475,843 2,542,812 Consolidation of ordinary shares due to Reverse Share Split (a) (19,497,565 ) - - - Share issue, At The Market Offering (b) 245,010 3,295,822 - - Balance at 30 June 1,276,248 48,333,859 20,528,803 46,021,371 Ending balance 1,276,248 48,333,859 20,528,803 46,021,371 Share issue costs - (403,373 ) - (983,334 ) Net share capital balance 1,276,248 47,930,486 20,528,803 45,038,037 (a) On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis. (b) On 18 May 2023, the Company entered into an At The Market Offering Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold 245,010 2,238,570 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Reserves Abstract | |
Schedule of reserves | Schedule of reserves Consolidated Group Notes 2023 A$ 2022 A$ Foreign currency translation reserve (a) Opening balance at 1 July a 143,780 192,233 Exchange differences arising from foreign operations a (23,010 ) (48,453 ) Equity-settled employee benefits Equity-settled supplier payments Warrants Convertible notes issued Transfer to retained earnings on historical conversion of notes Closing balance at 30 June a 120,770 143,780 Share option reserve (b) Opening balance at 1 July b 5,021,974 3,603,916 Equity-settled employee benefits b 1,774,645 3,758,700 Equity-settled supplier payments b 146,236 899,992 Warrants b 363,282 363,282 Closing balance at 30 June b 2,284,163 5,021,974 Convertible note reserve Opening balance at 1 July 140,721 - Convertible notes issued - 140,721 Transfer to retained earnings on historical conversion of notes (140,721 ) - Closing balance at 30 June - 140,721 Total reserves 2,404,933 5,306,475 (a) Foreign currency translation reserve Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional currencies to the Group’s presentation currency (ie Australian dollars) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. (b) Share option reserve The Company had issued share options to certain employees and suppliers. While these options have since expired unexercised, the value of the options at the date of issue are accumulated in the share option reserve. In addition, the Company has issued Performance Rights (refer to Note 30). |
Accumulated losses (Tables)
Accumulated losses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accumulated Losses | |
Summary of accumulated losses | Summary of accumulated losses Consolidated Group 2023 A$ 2022 A$ Balance at beginning of year (45,227,027 ) (40,136,700 ) Transfers from reserve accounts 3,773,151 Profit attributable to owners of the Company (3,891,586 ) (5,090,327 ) Balance at end of year (45,345,462 ) (45,227,027 ) |
Reconciliation of profit for _2
Reconciliation of profit for the year to net cash flows from operating activities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Reconciliation Of Profit For Year To Net Cash Flows From Operating Activities | |
Summary of reconciliation of profit on net cash flows from operating activities | Summary of reconciliation of profit on net cash flows from operating activities Consolidated Group 2023 A$ 2022 A$ Loss for the year (3,891,586 ) (5,090,327 ) Non-cash items in operating profit Depreciation of property, plant and equipment 108,602 6,732 Amortisation of intangible assets 1,154,492 777,409 Amortisation of right of use asset 92,077 68,220 Share based payments 304,345 359,544 Implied interest expense related to convertible notes - 666,534 R&D tax incentive and other rebates expected (533,119 ) Foreign exchange loss (141,284 ) (543,910 ) Expected credit losses 295,263 369,844 Gain on liability extinguishment (282,489 ) - Operating cash flows before movements in working capital 997,887 1,704,373 Movements in working capital (Increase)/decrease in trade and other receivables (780,321 ) (1,182,077 ) (Increase)/decrease in prepayments and deposits (126,688 ) 4,194 Increase/(decrease) in trade and other payables 1,392,829 396,204 Increase/(decrease) in provisions and accruals 132,039 (186,066 ) Increase/(decrease) in deferred revenue 14,869 113,263 Cash generated from operations 632,728 (854,482 ) Net cash generated by operating activities (2,260,971 ) (4,240,436 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share | |
Summary of basic and diluted earnings per share | Summary of basic and diluted earnings per share Consolidated Group 2023 2022 Weighted average number of shares used in basic earnings per share 1,053,920 1,031,238 Weighted average number of shares used in diluted earnings per share 1,053,920 1,031,238 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Of Financial Instruments | |
Summary of fair value of financial instruments | The Company’s financial instruments comprise the following: Summary of fair value of financial instruments Consolidated Group Notes 2023 A$ 2022 A$ Cash and cash equivalents 3,174,700 4,083,735 Trade and other receivables (a) (a) 1,288,513 1,203,249 Term deposits with financial institutions (b) (b) 69,942 69,942 Trade and other payables (a) (a) (2,507,573 ) (1,454,241 ) Lease liabilities (417,743 ) (450,416 ) Borrowings (c) (c) (301,600 ) (308,100 ) Total 1,306,239 3,144,169 (a) The fair values are a close approximation of the carrying amounts for trade and other receivables and payables on account of the short term maturity cycle. (b) The fair values are a close approximation of the carrying amounts for term deposits as these deposits are interest bearing and are rolled over at short maturity. (c) Borrowings relate to ASX convertible notes (refer to Note 17). |
Financial instruments risk (Tab
Financial instruments risk (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments Risk | |
Summary of financial assets and liabilities | Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. Summary of financial assets and liabilities USD Other 30 June 2023 Financial assets 3,013,159 1,519,966 Financial liabilities (980,270 ) (2,246,647 ) Total exposure 2,032,889 (726,681 ) 30 June 2022 Financial assets 3,647,337 1,709,589 Financial liabilities (435,265 ) (1,777,492 ) Total exposure 3,212,072 (67,903 ) |
Summary of profit and equity changes of foreign exchange rates | If the AUD had strengthened against the USD by 10% (2022: 10%) then this would have had the following impact: Summary of profit and equity changes of foreign exchange rates Profit and equity for the year A$ 30 June 2023 (952,682 ) 30 June 2022 (292,006 ) If the AUD had weakened against the USD by 10% (2022: 10%) then this would have had the following impact: Profit and equity for the year A$ 30 June 2023 (478,018 ) 30 June 2022 321,207 |
Summary of interest rate risk profile of consolidated entity interest bearing financial instruments | At the reporting date, the interest rate risk profile of the consolidated entity’s interest-bearing financial instruments was as follows: Summary of interest rate risk profile of consolidated entity interest bearing financial instruments 2023 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Fixed Interest maturing in: Weighted 2023 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Financial assets Cash and cash equivalents - - - - 3,174,700 3,174,700 Trade and other receivables - - - - 1,288,513 1,288,513 Term deposits - 69,942 - - - 69,942 1.04 % Financial Assets - 69,942 - - 4,463,213 4,533,155 Financial liabilities Trade and other payables - - - - 2,507,573 2,507,573 Lease liabilities - - - - 417,744 417,744 Borrowings - - - - 301,600 301,600 Financial Liabilities - - - - 3,226,917 3,226,917 2022 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Fixed Interest maturing in: Weighted 2022 Floating interest rate 1 year or less Over 1 to 5 years More than 5 years Non-Interest bearing Total average interest rate Financial assets Cash and cash equivalents - - - - 4,083,735 4,083,735 Trade and other receivables - - - - 1,203,249 1,203,249 Term deposits - 69,942 - - - 69,942 0.21 % Financial Assets - 69,942 - - 5,286,984 5,356,926 Financial liabilities Trade and other payables - - - - 1,454,241 1,454,241 Lease liabilities - - - - 450,416 450,416 Borrowings - - - - 308,100 308,100 Financial Liabilities - - - - 2,212,757 2,212,757 |
Summary of profit and equity changes of interest rates | If interest rates had increased by 1% then this would have had the following impact: Summary of profit and equity changes of interest rates Profit and equity for the year A$ 30 June 2023 1,426 30 June 2022 849 If interest rates had decreased by 1% then this would have had the following impact: Profit and equity for the year A$ 30 June 2023 27 30 June 2022 (550 ) |
Schedule of contractual maturity analysis of financial instruments | The contractual maturity analysis of the Company’s financial instruments is noted below: Schedule of contractual maturity analysis of financial instruments 30 June 2023 3 months or less A$ Over 3 to 12 months A$ Total A$ Financial assets: Cash and cash equivalents 3,174,700 - 3,174,700 Trade and other receivables 1,288,513 - 1,288,513 Term deposits - 69,942 69,942 Financial assets 4,463,213 69,942 4,533,155 Financial liabilities: Trade and other payables (2,507,573 ) - (2,507,573 ) Lease liabilities (11,177 ) (406,567 ) (417,744 ) Borrowings (301,600 ) - (301,600 ) Financial liabilities (2,820,350 ) (406,567 ) (3,226,917 ) 30 June 2022 3 months or less A$ Over 3 to 12 months A$ Total A$ Financial assets: Cash and cash equivalents 4,083,735 - 4,083,735 Trade and other receivables 1,203,249 - 1,203,249 Term deposits - 69,942 69,942 Financial assets 5,286,984 69,942 5,356,926 Financial liabilities: Trade and other payables (1,454,241 ) - (1,454,241 ) Lease liabilities (4,407 ) (446,009 ) (450,416 ) Borrowings (308,100 ) - (308,100 ) Financial liabilities (1,766,748 ) (446,009 ) (2,212,757 ) |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-based Payments | |
Summary of vesting conditions and expiry dates | Summary of vesting conditions and expiry dates Tranche Vesting Conditions Expiry Date 1 Total Group operating revenue greater than A$500,000 for 3 consecutive calendar months. 30 June 2024 2 Total Group operating revenue greater than A$1,000,000 for 3 consecutive calendar months. 30 June 2024 3 Total Group operating revenue greater than A$2,000,000 for 3 consecutive calendar months. 30 June 2024 |
Summary of performance rights movements | Summary of performance rights movements 2023 2022 Tranche 1 Balance at beginning of year 82,686 10,890 Granted during the year 42,493 73,296 Forfeited during the year (4,063 ) (1,500 ) Exercised during the year - - Expired during the year - - Balance at end of year 121,116 82,686 2023 2022 Tranche 2 Balance at beginning of year 17,200 18,929 Granted during the year 5,900 4,271 Forfeited during the year (6,301 ) (6,000 ) Exercised during the year - - Expired during the year - - Balance at end of year 16,799 17,200 2023 2022 Tranche 3 Balance at beginning of year 28,680 27,381 Granted during the year 10,628 10,049 Forfeited during the year (10,515 ) (8,750 ) Exercised during the year - - Expired during the year - - Balance at end of year 28,793 28,680 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Summary of employee benefits expense | Summary of employee benefits expense Short term Post-employment Other long term Share-based payments (1) Salary & fees Cash bonus & non-monetary benefits Annual leave accrual (2) Super- annuation Long service leave accrual (3) Performance Rights Total Total directors 656,685 - (138,697 ) 60,295 (83,531 ) 639,351 1,134,103 (1) The fair value of the performance rights is calculated in accordance with IFRS 2 Share-based Payments for non-market performance conditions. The value disclosed is the portion of the grant-date fair value of the performance rights recognised as an expense in each reporting period. (2) Represents accounting adjustments for accrued annual leave. (3) In accordance with AASB 119 Employee benefits, long service leave is classified as other long-term employee benefits. |
Summary of performance rights held | The movement during the reporting period of Performance Rights over ordinary shares in Locafy Limited held, directly, indirectly or beneficially by directors, including their related parties, is as follows: Summary of performance rights held Held at July 1, 2022 (1) Granted as compensation (2) Exercised Lapsed Forfeited Other changes Held at June 30, 2023 Vested during the year Vested and exercise-able at June 30, 2023 Total Directors 96,357 24,721 - - - - 121,078 - - (1) On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding performance rights were split on the same basis. The number of performance rights following the Reverse Share Split are reflected in the table above. (2) In order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director’s fees as at 30 June 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of US$ 7.46 0.6670 |
Summary of shares held | The movement during the reporting period in the number of ordinary shares in Locafy Limited held, directly, indirectly or beneficially, by directors, including their related parties, is as follows: Summary of shares held Held at July 1, 2022 (1) Received on exercise of Performance Rights Other changes (2) Held at June 30, 2023 Total Directors 283,968 - 2,360 286,328 (1) On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding shares were split on the same basis. The number of shares following the Reverse Share Split are reflected in the table above. (2) Other changes represent shares that were purchased or sold during the year. |
Schedule of fixed asset depreci
Schedule of fixed asset depreciation rate (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Leasehold improvements [member] | |
IfrsStatementLineItems [Line Items] | |
Depreciation rate, description | Remaining lease term |
Office equipment [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Depreciation rate | 10% |
Office equipment [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Depreciation rate | 25% |
Other equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Depreciation rate | 20% |
Schedule of intangible asset am
Schedule of intangible asset amortisation rate (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Copyrights, patents and other industrial property rights, service and operating rights [member] | |
IfrsStatementLineItems [Line Items] | |
Intangible asset amortisation rate | 5% |
Brand names [member] | |
IfrsStatementLineItems [Line Items] | |
Intangible asset amortisation rate | 10% |
Technology-based intangible assets [member] | |
IfrsStatementLineItems [Line Items] | |
Intangible asset amortisation rate | 16.67% |
Significant accounting polici_4
Significant accounting policies (Details Narrative) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Significant Accounting Policies | ||||
Loss before income tax | $ 3,891,586 | $ 5,090,327 | $ 995,766 | |
Net cash used by operating activities | 2,260,971 | 4,240,436 | 496,031 | |
Cash and cash equivalents | 3,174,700 | $ 4,083,735 | $ 650,731 | $ 161,191 |
Current liabilities | $ 1,046,370 |
Schedule of revenue disaggregat
Schedule of revenue disaggregate (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Total | $ 5,376,693 | $ 4,222,689 | $ 2,191,425 |
Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 484,951 | 403,657 | 227,011 |
Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 4,891,742 | 3,819,032 | 1,964,414 |
Australia and new zealand [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,148,123 | ||
Australian [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,885,732 | 1,247,423 | |
North american [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,765,808 | 1,404,465 | 369,615 |
Europes [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 325,233 | 528,500 | 530,406 |
Other countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 137,529 | 403,992 | 43,981 |
Subscriptions [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 4,020,241 | 3,169,094 | 1,362,110 |
Advertisings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 315,524 | 316,713 | 177,126 |
Data [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 871,502 | 649,937 | 602,304 |
Services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 169,426 | 86,945 | 49,885 |
Publishing [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,186,093 | 964,450 | 779,430 |
Publishing [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 314,591 | 314,513 | 177,126 |
Publishing [member] | Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 871,502 | 649,937 | 602,304 |
Publishing [member] | Australia and new zealand [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Publishing [member] | Australian [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 34,741 | ||
Publishing [member] | North american [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 971,110 | 508,507 | 345,946 |
Publishing [member] | Europes [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 140,490 | 411,061 | 398,406 |
Publishing [member] | Other countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 74,493 | 44,882 | 337 |
Publishing [member] | Subscriptions [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Publishing [member] | Advertisings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 314,591 | 314,513 | 177,126 |
Publishing [member] | Data [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 871,502 | 649,937 | 602,304 |
Publishing [member] | Services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Direct [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,961,396 | 1,328,403 | 1,183,025 |
Direct [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 110,467 | 62,920 | 29,770 |
Direct [member] | Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,850,929 | 1,265,483 | 1,153,255 |
Direct [member] | Australia and new zealand [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,607,146 | ||
Direct [member] | Australian [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,242,566 | 1,042,621 | |
Direct [member] | North american [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 301,101 | 11,575 | 7,772 |
Direct [member] | Europes [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 53,142 | 44,431 | 132,000 |
Direct [member] | Other countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 7 | 29,831 | 632 |
Direct [member] | Subscriptions [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,850,929 | 1,265,483 | 1,153,255 |
Direct [member] | Advertisings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Direct [member] | Data [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Direct [member] | Services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 110,467 | 62,920 | 29,770 |
Reseller [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,229,204 | 1,929,836 | 228,970 |
Reseller [member] | Goods or services transferred at point in time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 59,893 | 26,224 | 20,115 |
Reseller [member] | Goods or services transferred over time [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,169,311 | 1,903,612 | 208,855 |
Reseller [member] | Australia and new zealand [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 540,977 | ||
Reseller [member] | Australian [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 643,166 | 170,061 | |
Reseller [member] | North american [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,493,597 | 884,383 | 15,897 |
Reseller [member] | Europes [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 131,601 | 73,008 | |
Reseller [member] | Other countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 63,029 | 329,279 | 43,012 |
Reseller [member] | Subscriptions [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,169,312 | 1,903,611 | 208,855 |
Reseller [member] | Advertisings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 933 | 2,200 | |
Reseller [member] | Data [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | |||
Reseller [member] | Services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | $ 58,959 | $ 24,025 | $ 20,115 |
Schedule of other income (Detai
Schedule of other income (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Government subsidy | $ 290,900 | ||
Research and development tax incentive | 503,118 | 757,609 | 497,358 |
Export market development grant | 66,600 | 45,433 | |
Foreign exchange gain | 141,285 | 495,457 | |
Gain on liability extinguishment | 282,490 | ||
Total other income | $ 993,493 | $ 1,298,499 | $ 788,258 |
Schedule of segment reporting (
Schedule of segment reporting (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Technology expenses not allocated | $ (1,718,974) | $ (1,805,432) | $ (651,644) | |
Employee benefits expenses not allocated | (5,267,246) | (4,411,926) | (2,359,459) | |
Occupancy expenses not allocated | (113,572) | (66,365) | (52,219) | |
Advertising expenses not allocated | (318,492) | (414,012) | (67,575) | |
Consultancy expenses not allocated | (874,638) | (1,691,544) | (240,928) | |
Depreciation and amortisation not allocated | (1,355,170) | (852,361) | (397,506) | |
Impairment of financial assets not allocated | (295,262) | (376,606) | (14,690) | |
Other expenses not allocated | (213,051) | (245,079) | (132,515) | |
Segment operating profit/(loss) | (3,891,586) | (5,090,327) | (995,766) | |
Group assets | 9,234,881 | 8,554,930 | ||
Group liabilities | 4,244,924 | 3,437,445 | ||
Total reportable segment revenue | 5,376,693 | 4,222,689 | 2,191,425 | |
Other income not allocated | 993,493 | 1,298,499 | 788,258 | |
Operating loss | (3,786,219) | (4,342,137) | (936,853) | |
Finance costs | (105,367) | (748,190) | (58,913) | |
Loss before income tax | (3,891,586) | (5,090,327) | (995,766) | |
Cash and cash equivalents | 3,174,700 | 4,083,735 | 650,731 | $ 161,191 |
Fixed assets | 380,018 | 395,999 | ||
Right of use assets | 314,596 | 406,673 | ||
Trade and other payables | 2,507,573 | 1,454,241 | ||
Accrued expenses | 512,611 | 511,848 | ||
Lease liabilities | 417,743 | 450,416 | ||
Consolidated group [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Group assets | 9,234,881 | 8,554,930 | ||
Group liabilities | (4,244,924) | (3,437,445) | ||
Total reportable segment assets | 1,511,870 | 2,041,618 | ||
Cash and cash equivalents | 3,174,700 | 4,083,734 | ||
R&D tax incentive and other rebates | 554,901 | 371,365 | ||
Deposits and prepayments | 231,660 | 230,094 | ||
Fixed assets | 380,018 | 395,999 | ||
Right of use assets | 314,596 | 406,673 | ||
Capitalised development costs | 2,780,538 | 945,821 | ||
Other assets | 286,598 | 79,626 | ||
Total reportable segment liabilities | (526,761) | (564,445) | ||
Trade and other payables | (1,829,301) | (1,031,933) | ||
Borrowings | (301,600) | (308,100) | ||
Provisions | (118,112) | (318,598) | ||
Accrued expenses | (1,051,406) | (763,953) | ||
Lease liabilities | (417,744) | (450,416) | ||
Publishing [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
From external customers | 1,185,384 | 964,450 | 779,430 | |
Segment revenue | 1,185,384 | 964,450 | 779,430 | |
Technology expenses not allocated | (92,295) | (77,974) | (225,324) | |
Employee benefits expenses not allocated | (111,538) | (211,891) | (407,876) | |
Occupancy expenses not allocated | (1,573) | (3,069) | (1,857) | |
Advertising expenses not allocated | (6,971) | (31,210) | (659) | |
Consultancy expenses not allocated | (364) | |||
Depreciation and amortisation not allocated | (255,848) | (256,021) | (198,578) | |
Impairment of financial assets not allocated | (10,958) | (16,853) | ||
Other expenses not allocated | (2,358) | 758 | (294) | |
Segment operating profit/(loss) | 703,843 | 367,826 | (55,158) | |
Group assets | 171,697 | 589,390 | 1,654,054 | |
Group liabilities | (96,766) | (108,326) | (382,104) | |
Total reportable segment revenue | 1,186,093 | 964,450 | 779,430 | |
Direct [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
From external customers | 1,961,396 | 1,328,403 | 1,183,025 | |
Segment revenue | 1,961,396 | 1,328,403 | 1,183,025 | |
Technology expenses not allocated | (10,254) | (13,724) | (12,724) | |
Employee benefits expenses not allocated | (134,140) | (516,520) | (359,082) | |
Occupancy expenses not allocated | (1,036) | (2,646) | (15,807) | |
Advertising expenses not allocated | (21,162) | (2,048) | (46,734) | |
Consultancy expenses not allocated | (413) | (245) | ||
Depreciation and amortisation not allocated | (219,026) | (197,884) | (143,468) | |
Impairment of financial assets not allocated | (217,739) | (187,398) | ||
Other expenses not allocated | (18,774) | (1,253) | (625) | |
Segment operating profit/(loss) | 1,338,852 | 406,685 | 604,585 | |
Group assets | 910,175 | 1,069,196 | 151,460 | |
Group liabilities | (191,014) | (226,382) | (212,644) | |
Total reportable segment revenue | 1,961,396 | 1,328,403 | 1,183,025 | |
Reseller [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
From external customers | 2,229,913 | 1,929,836 | 228,970 | |
Segment revenue | 2,229,913 | 1,929,836 | 228,970 | |
Technology expenses not allocated | (8,088) | (376) | ||
Employee benefits expenses not allocated | (524,023) | (786,560) | (209,251) | |
Occupancy expenses not allocated | (1,189) | (857) | ||
Advertising expenses not allocated | (74,848) | |||
Consultancy expenses not allocated | ||||
Depreciation and amortisation not allocated | (26,378) | (10,544) | ||
Impairment of financial assets not allocated | (66,566) | (172,355) | ||
Other expenses not allocated | (21,791) | (20,089) | (1,379) | |
Segment operating profit/(loss) | 1,507,030 | 949,975 | 7,420 | |
Group assets | 429,998 | 383,032 | 85,889 | |
Group liabilities | (238,981) | (229,737) | (43,251) | |
Total reportable segment revenue | 2,229,204 | 1,929,836 | 228,970 | |
Operating segment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
From external customers | 5,376,693 | 4,222,689 | 2,191,425 | |
Segment revenue | 5,376,693 | 4,222,689 | 2,191,425 | |
Technology expenses not allocated | (110,637) | (91,698) | (238,424) | |
Employee benefits expenses not allocated | (769,701) | (1,514,971) | (976,209) | |
Occupancy expenses not allocated | (3,798) | (6,572) | (17,664) | |
Advertising expenses not allocated | (102,981) | (33,258) | (47,393) | |
Consultancy expenses not allocated | (413) | (609) | ||
Depreciation and amortisation not allocated | (501,252) | (453,905) | (352,590) | |
Impairment of financial assets not allocated | (295,263) | (376,606) | ||
Other expenses not allocated | (42,923) | (20,584) | (2,298) | |
Segment operating profit/(loss) | 3,549,725 | 1,724,486 | 556,847 | |
Group assets | 1,511,870 | 2,041,618 | 1,891,403 | |
Group liabilities | (526,761) | (564,445) | (637,999) | |
Unallocated amount [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Technology expenses not allocated | (1,608,337) | (1,713,734) | (48,750) | |
Employee benefits expenses not allocated | (4,497,545) | (2,896,954) | (986,580) | |
Occupancy expenses not allocated | (109,774) | (59,793) | (34,555) | |
Advertising expenses not allocated | (215,511) | (380,754) | (20,182) | |
Consultancy expenses not allocated | (874,225) | (1,690,935) | (240,928) | |
Depreciation and amortisation not allocated | (853,917) | (398,456) | (44,916) | |
Impairment of financial assets not allocated | (14,690) | |||
Other expenses not allocated | (170,128) | (224,496) | (130,217) | |
Total reportable segment revenue | 5,376,693 | 4,222,689 | 2,191,425 | |
Segment operating profit | 3,549,725 | 1,724,486 | 556,847 | |
Other income not allocated | 423,775 | 495,457 | 290,900 | |
Research and development incentives | 569,718 | 803,042 | 497,358 | |
Research and development costs | (761,140) | |||
Operating loss | (3,786,219) | (4,342,137) | (936,853) | |
Finance costs | (105,367) | (748,190) | (58,913) | |
Loss before income tax | $ (3,891,586) | $ (5,090,327) | $ (995,766) |
Schedule of other expenses and
Schedule of other expenses and financial costs (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Travel & related expenses | $ (141,196) | $ (118,292) | $ (7,558) |
Legal expenses | (93,801) | ||
Insurance expenses | (45,083) | (68,167) | (59,685) |
Business expenses | (26,772) | (24,204) | (4,958) |
Foreign exchange gain | (34,416) | 33,487 | |
Total other expenses | (213,051) | (245,079) | (132,515) |
Implied interest expense related to convertible notes | (666,534) | ||
Interest expense | (41,389) | (68,271) | (40,106) |
Bank charges | (4,322) | (9,182) | (8,155) |
Merchant facility fees | (59,656) | (4,203) | (10,652) |
Total finance costs | $ (105,367) | $ (748,190) | $ (58,913) |
Schedule of tax expense profit
Schedule of tax expense profit and loss (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Loss before income tax | $ (3,891,586) | $ (5,090,327) | $ (995,766) |
Domestic tax rate | 25% | 25% | 26% |
Expected tax expense/(benefit) | $ (972,896) | $ (1,272,582) | $ (258,899) |
-Decline in value of depreciating assets | (315,773) | (221,095) | (12,401) |
-R&D tax incentive | (125,780) | (189,402) | (136,773) |
-Other deductible expenses | (301,604) | (230,118) | (142,272) |
-R&D expenses | 200,909 | ||
-Other non-deductible expenses | 680,462 | 937,491 | 176,897 |
Income tax expense/(benefit) | |||
Movement in unrecognized deferred tax | $ 1,035,591 | $ 774,797 | $ 373,448 |
Schedule of trade and other rec
Schedule of trade and other receivables (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Notes and other explanatory information [abstract] | ||
Trade receivables, gross | $ 917,411 | $ 1,144,456 |
Allowance for credit losses | (360,777) | (369,844) |
Trade receivables | 556,634 | 774,612 |
R&D tax incentive | 524,901 | 371,365 |
Goods and services taxes | 132,114 | 47,647 |
Services contracts | 74,864 | 9,625 |
Other receivables | 731,879 | 428,637 |
Trade and other receivables | $ 1,288,513 | $ 1,203,249 |
Schedule of other current asset
Schedule of other current assets (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Notes and other explanatory information [abstract] | ||
Prepayments | $ 161,718 | $ 157,435 |
Deposits | 69,942 | 72,659 |
Advances | 125,122 | |
Other Assets | $ 356,782 | $ 230,094 |
Schedule of subsidiaries (Detai
Schedule of subsidiaries (Details) - Subsidiaries [member] | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Name of Subsidiary | Moboom USA Inc | |
Principal activity | Dormant | |
Place of incorporation and operation | USA | |
Proportion of ownership interest and voting power held by the Group | 100% | 100% |
Schedule of property, plant and
Schedule of property, plant and equipment (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Beginning balance | $ 482,897 | $ 60,951 |
Additions | 92,620 | 424,214 |
Disposals | (2,268) | |
Ending balance | 575,517 | 482,897 |
Beginning balance | (86,898) | (48,559) |
Disposals | 414 | |
Depreciation | (108,601) | (38,753) |
Ending balance | (195,499) | (86,898) |
Carrying amount | 380,018 | 395,999 |
Leasehold improvements [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 250,211 | |
Additions | 90,450 | 250,211 |
Disposals | ||
Ending balance | 340,661 | 250,211 |
Beginning balance | (17,680) | |
Disposals | ||
Depreciation | (61,665) | (17,680) |
Ending balance | (79,345) | (17,680) |
Carrying amount | 261,316 | 232,531 |
IT equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 78,810 | 11,466 |
Additions | 1,493 | 69,612 |
Disposals | (2,268) | |
Ending balance | 80,303 | 78,810 |
Beginning balance | (15,078) | (5,111) |
Disposals | 414 | |
Depreciation | (19,198) | (10,381) |
Ending balance | (34,276) | (15,078) |
Carrying amount | 46,027 | 63,732 |
Other property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 153,876 | 49,485 |
Additions | 677 | 104,391 |
Disposals | ||
Ending balance | 154,553 | 153,876 |
Beginning balance | (54,140) | (43,448) |
Disposals | ||
Depreciation | (27,738) | (10,692) |
Ending balance | (81,878) | (54,140) |
Carrying amount | $ 72,675 | $ 99,736 |
Tax expense (Details Narrative)
Tax expense (Details Narrative) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Notes and other explanatory information [abstract] | |||
Domestic tax rate percentage | 25% | 25% | 26% |
Accumulated tax losses | $ 31,508,456 | $ 27,083,603 |
Schedule of right of use assets
Schedule of right of use assets (Details) | 12 Months Ended |
Jun. 30, 2023 AUD ($) | |
IfrsStatementLineItems [Line Items] | |
Carrying amount as at 30 June 2023 | $ 314,596 |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Balance as at 1 July 2022 | 460,385 |
Additions | |
Disposals | |
Balance as at 30 June 2023 | 460,385 |
Balance as at 1 July 2022 | (53,712) |
Disposals | |
Depreciation | (92,077) |
Balance as at 30 June 2023 | (145,789) |
Carrying amount as at 30 June 2023 | $ 314,596 |
Schedule of operating lease lia
Schedule of operating lease liabilities (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Current | $ 85,165 | $ 32,672 |
Non-current | 332,578 | 417,744 |
Net present value | 417,743 | $ 450,416 |
Lease payments | 479,104 | |
Finance charges | (61,361) | |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net present value | 85,165 | |
Lease payments | 114,211 | |
Finance charges | (29,056) | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net present value | 128,669 | |
Lease payments | 149,251 | |
Finance charges | (20,582) | |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net present value | 141,174 | |
Lease payments | 151,716 | |
Finance charges | (10,542) | |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net present value | 62,735 | |
Lease payments | 63,916 | |
Finance charges | (1,181) | |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Net present value | ||
Lease payments | ||
Finance charges |
Schedule of original condition
Schedule of original condition in end lease (Details) | 12 Months Ended |
Jun. 30, 2023 Integer | |
IfrsStatementLineItems [Line Items] | |
No. of right-of-use assets leased | 1 |
No. of leases with extension options | |
No. of leases with options to purchase | |
No. of leases with variable payments linked to an index | |
No. of leases with termination options | |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Range of remaining term | 3 years |
Average remaining lease term | 3 years |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Range of remaining term | 4 years |
Schedule of intangible assets a
Schedule of intangible assets and goodwill (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Carrying amount | $ 3,720,272 | $ 2,235,179 |
Fair value of consideration transferred | 453,446 | |
Intangible assets (capitalized development costs) | 453,446 | |
Net identifiable assets | 453,446 | |
Goodwill on acquisition | ||
Jimmy kelley digital [member] | ||
IfrsStatementLineItems [Line Items] | ||
Amount settled in cash | 521,393 | |
Amount settled in equity | 428,726 | |
Fair value of consideration transferred | 950,119 | |
Intangible assets (capitalized development costs) | 950,119 | |
Net identifiable assets | 950,119 | |
Goodwill on acquisition | ||
Capitalised development expenditure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 2,780,538 | 945,820 |
Opening balance | 945,820 | |
Additions | 2,482,843 | 1,261,094 |
Disposals | ||
Amortisation expense | (648,125) | (315,274) |
Carrying amount for trademarks | 2,780,538 | 945,820 |
Database [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 895,057 | 1,238,787 |
Opening balance | 1,238,787 | 1,340,179 |
Additions | 211,026 | 351,737 |
Disposals | (54,285) | |
Amortisation expense | (500,471) | (453,129) |
Carrying amount for trademarks | 895,057 | 1,238,787 |
Trademark [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 29,314 | 31,979 |
Opening balance | 18,593 | 22,458 |
Additions | 2,360 | |
Disposals | ||
Amortisation expense | (3,230) | (6,225) |
Carrying amount for trademarks | 15,363 | 18,593 |
Patent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 15,363 | 18,593 |
Opening balance | 31,979 | 34,760 |
Additions | ||
Disposals | ||
Amortisation expense | (2,665) | (2,781) |
Carrying amount for trademarks | $ 29,314 | $ 31,979 |
Schedule of trade payables (Det
Schedule of trade payables (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Notes and other explanatory information [abstract] | |||
Trade payables | $ 773,917 | $ 661,755 | |
Sundry payables | 1,280,210 | 492,486 | |
Deferred consideration | [1] | 453,446 | 300,000 |
Trade and other payables | $ 2,507,573 | $ 1,454,241 | |
[1]Relates to the acquisition of further technologies from Jimmy Kelley Digital. |
Schedule of financial liabiliti
Schedule of financial liabilities (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | |||
Notes and other explanatory information [abstract] | ||||
ASX convertible notes | [1] | $ 301,600 | $ 308,100 | |
Balance at the beginning of the period | 308,100 | [1] | 435,600 | |
Issue of Nasdaq convertible notes | 1,846,279 | |||
Interest recognised on convertible notes | 544,121 | |||
Conversion of debt to equity | [2] | (2,420,400) | ||
Repayment of borrowings | (6,500) | (97,500) | ||
Balance at the end of the period | [1] | $ 301,600 | $ 308,100 | |
[1]On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis.[2]On 18 May 2023, the Company entered into an At The Market Offering Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold 245,010 2,238,570 |
Schedule of financial liabili_2
Schedule of financial liabilities (Details) (Paranthetical) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Notes and other explanatory information [abstract] | |||||
Unsecured convertible notes | $ 301,600 | [1] | $ 308,100 | [1] | $ 435,600 |
[1]On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis. |
Schedule of employee benefits (
Schedule of employee benefits (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Notes and other explanatory information [abstract] | ||
Current | $ 214,465 | $ 473,006 |
Non-current | 48,271 | 25,988 |
Total | $ 262,736 | $ 498,994 |
Schedule of accrued expenses (D
Schedule of accrued expenses (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current | ||
Accrued expenses | $ 458,057 | $ 477,144 |
Salaries payable | 54,554 | 34,704 |
Current accrued expenses | 512,611 | 511,848 |
Non-Current | ||
Accrued expenses | 90,450 | |
Salaries payable | 76,504 | |
Non-Current accrued expenses | $ 90,450 | $ 76,504 |
Schedule of contract liabilitie
Schedule of contract liabilities (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
IfrsStatementLineItems [Line Items] | ||
Contract liabilities | $ 152,211 | $ 137,342 |
Current | 151,475 | 136,606 |
Non-current | 736 | 736 |
Deferred subscription revenue [member] | ||
IfrsStatementLineItems [Line Items] | ||
Contract liabilities | 149,865 | 136,606 |
Advanced for website builds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Contract liabilities | $ 2,346 | $ 736 |
Schedule of share capital (Deta
Schedule of share capital (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Share Capital | ||||
Beginning balance | $ 45,038,037 | $ 35,505,073 | ||
Beginning balance, shares | 20,528,803 | 18,598,414 | ||
Share issue, Nasdaq initial public offering | $ 7,973,486 | |||
Share issue, Nasdaq inital public offering, shares | 1,454,546 | |||
Issues on conversion of convertible notes | $ 2,542,812 | |||
Issues on conversion of convertible notes, shares | 475,843 | |||
Consolidation of ordinary shares due to Reverse Share Split | [1] | |||
Consolidation of ordinary shares due to Reverse Share Split, shares | [1] | (19,497,565) | ||
Share issue, At The Market Offering | [2] | $ 3,295,822 | ||
Share issue, At The Market Offering, shares | [2] | 245,010 | ||
Ending balance | $ 48,333,859 | $ 46,021,371 | ||
Net share capital (shares) | 1,276,248 | 20,528,803 | 18,598,414 | |
Share issue costs | $ (403,373) | $ (983,334) | $ (10,150) | |
Net share capital balance | $ 47,930,486 | $ 45,038,037 | ||
[1]On 7 December 2022, our shareholders authorized at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (“Reverse Share Split”). No fractional ordinary shares were issued in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding warrants and performance rights were split on the same basis.[2]On 18 May 2023, the Company entered into an At The Market Offering Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold 245,010 2,238,570 |
Schedule of share capital (De_2
Schedule of share capital (Details) (Parenthetical) - AUD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
IfrsStatementLineItems [Line Items] | |||||
[custom:NumberOfSharesIssuedAtTheMarketOffering] | [1] | 245,010 | |||
Proceeds from issuing shares | $ 3,295,822 | $ 9,979,861 | $ 1,739,999 | ||
Sales Agreement [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
[custom:NumberOfSharesIssuedAtTheMarketOffering] | 245,010 | ||||
Proceeds from issuing shares | $ 2,238,570 | ||||
[1]On 18 May 2023, the Company entered into an At The Market Offering Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold 245,010 2,238,570 |
Schedule of reserves (Details)
Schedule of reserves (Details) - AUD ($) | 12 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||||
IfrsStatementLineItems [Line Items] | ||||||
Beginning balance | $ 5,117,485 | $ (835,478) | $ (2,163,741) | |||
Exchange differences arising from foreign operations | (23,010) | (48,453) | (1,653) | |||
Transfer to retained earnings on historical conversion of notes | ||||||
Ending balance | 4,989,957 | 5,117,485 | (835,478) | |||
Total reserves | 2,404,933 | 5,306,475 | ||||
Reserve of exchange differences on translation [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Beginning balance | 143,780 | [1] | 192,233 | [1] | 193,886 | |
Exchange differences arising from foreign operations | (23,010) | [1] | (48,453) | [1] | (1,653) | |
Transfer to retained earnings on historical conversion of notes | ||||||
Ending balance | [1] | 120,770 | 143,780 | 192,233 | ||
Reserve of change in value of time value of options [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Beginning balance | 5,021,974 | [2] | 3,603,916 | [2] | 3,603,916 | |
Exchange differences arising from foreign operations | ||||||
Equity-settled employee benefits | [2] | 1,774,645 | 3,758,700 | |||
Equity-settled supplier payments | [2] | 146,236 | 899,992 | |||
Warrants | [2] | 363,282 | 363,282 | |||
Transfer to retained earnings on historical conversion of notes | ||||||
Ending balance | [2] | 2,284,163 | 5,021,974 | 3,603,916 | ||
Reserve of equity component of convertible instruments [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Beginning balance | 140,721 | |||||
Exchange differences arising from foreign operations | ||||||
Convertible notes issued | 140,721 | |||||
Transfer to retained earnings on historical conversion of notes | (140,721) | |||||
Ending balance | $ 140,721 | |||||
[1]Foreign currency translation reserve[2]Share option reserve |
Summary of accumulated losses (
Summary of accumulated losses (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Beginning balance | $ 5,117,485 | $ (835,478) | $ (2,163,741) |
Profit attributable to owners of the Company | (3,891,586) | (5,090,327) | (995,766) |
Ending balance | 4,989,957 | 5,117,485 | (835,478) |
Retained earnings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance | (45,227,027) | (40,136,700) | (39,140,934) |
Transfers from reserve accounts | 3,773,151 | ||
Profit attributable to owners of the Company | (3,891,586) | (5,090,327) | (995,766) |
Ending balance | $ (45,345,462) | $ (45,227,027) | $ (40,136,700) |
Summary of reconciliation of pr
Summary of reconciliation of profit on net cash flows from operating activities (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation Of Profit For Year To Net Cash Flows From Operating Activities | |||
Loss for the year | $ (3,891,586) | $ (5,090,327) | $ (995,766) |
Non-cash items in operating profit | |||
Depreciation of property, plant and equipment | 108,602 | 6,732 | |
Amortisation of intangible assets | 1,154,492 | 777,409 | |
Amortisation of right of use asset | 92,077 | 68,220 | |
Share based payments | 304,345 | 359,544 | |
Implied interest expense related to convertible notes | 666,534 | ||
R&D tax incentive and other rebates expected | (533,119) | ||
Foreign exchange loss | (141,284) | (543,910) | |
Expected credit losses | 295,263 | 369,844 | |
Gain on liability extinguishment | (282,489) | ||
Operating cash flows before movements in working capital | 997,887 | 1,704,373 | |
(Increase)/decrease in trade and other receivables | (780,321) | (1,182,077) | |
(Increase)/decrease in prepayments and deposits | (126,688) | 4,194 | |
Increase/(decrease) in trade and other payables | 1,392,829 | 396,204 | |
Increase/(decrease) in provisions and accruals | 132,039 | (186,066) | |
Increase/(decrease) in deferred revenue | 14,869 | 113,263 | |
Cash generated from operations | 632,728 | (854,482) | |
Net cash used by operating activities | $ (2,260,971) | $ (4,240,436) | $ (496,031) |
Summary of basic and diluted ea
Summary of basic and diluted earnings per share (Details) - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share | ||
Weighted average number of shares used in basic earnings per share | 1,053,920 | 1,031,238 |
Weighted average number of shares used in diluted earnings per share | 1,053,920 | 1,031,238 |
Summary of fair value of financ
Summary of fair value of financial instruments (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | |||||
Cash and cash equivalents | $ 3,174,700 | $ 4,083,735 | $ 650,731 | $ 161,191 | |
Term deposits with financial institutions | 69,942 | 72,659 | |||
Trade and other payables | (2,507,573) | (1,454,241) | |||
Lease liabilities | (417,743) | (450,416) | |||
Financial assets liabilities [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Cash and cash equivalents | 3,174,700 | 4,083,735 | |||
Trade and other receivables | [1] | 1,288,513 | 1,203,249 | ||
Term deposits with financial institutions | [2] | 69,942 | 69,942 | ||
Trade and other payables | [1] | (2,507,573) | (1,454,241) | ||
Lease liabilities | (417,743) | (450,416) | |||
Borrowings | [3] | (301,600) | (308,100) | ||
Total | $ 1,306,239 | $ 3,144,169 | |||
[1]The fair values are a close approximation of the carrying amounts for trade and other receivables and payables on account of the short term maturity cycle.[2]The fair values are a close approximation of the carrying amounts for term deposits as these deposits are interest bearing and are rolled over at short maturity.[3]Borrowings relate to ASX convertible notes (refer to Note 17). |
Summary of financial assets and
Summary of financial assets and liabilities (Details) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) |
IfrsStatementLineItems [Line Items] | ||||
Financial asset (liabilities) | $ 2,032,889 | $ (726,681) | $ 3,212,072 | $ (67,903) |
Financial assets, class [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Financial asset (liabilities) | 3,013,159 | 1,519,966 | 3,647,337 | 1,709,589 |
Financial liabilities, class [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Financial asset (liabilities) | $ (980,270) | $ (2,246,647) | $ (435,265) | $ (1,777,492) |
Summary of profit and equity ch
Summary of profit and equity changes of foreign exchange rates (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments Risk | ||
Profit and equity of foreign exchange loss | $ (952,682) | $ (292,006) |
Profit and equity of foreign exchange gain | $ (478,018) | $ 321,207 |
Summary of interest rate risk p
Summary of interest rate risk profile of consolidated entity interest bearing financial instruments (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
IfrsStatementLineItems [Line Items] | ||
Financial Assets | $ 4,533,155 | $ 5,356,926 |
Financial Liabilities | 3,226,917 | 2,212,757 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 69,942 | 69,942 |
Financial Liabilities | ||
Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Financial Liabilities | ||
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Financial Liabilities | ||
Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 3,174,700 | 4,083,735 |
Cash and cash equivalent [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Cash and cash equivalent [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Cash and cash equivalent [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 1,288,513 | 1,203,249 |
Trade and other receivables [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Trade and other receivables [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Trade and other receivables [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | $ 69,942 | $ 69,942 |
Weighted Average Interest Rate | 1.04% | 21% |
Term deposits [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | $ 69,942 | $ 69,942 |
Term deposits [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Term deposits [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | 2,507,573 | 1,454,241 |
Trade and other payables [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Trade and other payables [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Trade and other payables [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Lease liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | 417,744 | 450,416 |
Lease liability [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Lease liability [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Lease liability [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Borrowing [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | 301,600 | 308,100 |
Borrowing [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Borrowing [member] | Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Borrowing [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Financial Liabilities | ||
Floating interest rate [member] | Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Floating interest rate [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Floating interest rate [member] | Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Floating interest rate [member] | Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Floating interest rate [member] | Lease liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Floating interest rate [member] | Borrowing [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | ||
Non interest bearing [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 4,463,213 | 5,286,984 |
Financial Liabilities | 3,226,917 | 2,212,757 |
Non interest bearing [member] | Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 3,174,700 | 4,083,735 |
Non interest bearing [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | 1,288,513 | 1,203,249 |
Non interest bearing [member] | Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Assets | ||
Non interest bearing [member] | Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | 2,507,573 | 1,454,241 |
Non interest bearing [member] | Lease liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | 417,744 | 450,416 |
Non interest bearing [member] | Borrowing [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Liabilities | $ 301,600 | $ 308,100 |
Summary of profit and equity _2
Summary of profit and equity changes of interest rates (Details) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments Risk | ||
Profit and equity of changes of interest rates gain | $ 1,426 | $ 849 |
Profit and equity of changes of interest rates loss | $ 27 | $ (550) |
Schedule of contractual maturit
Schedule of contractual maturity analysis of financial instruments (Details) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | $ 4,463,213 | $ 5,286,984 |
Financial liabilities | (2,820,350) | (1,766,748) |
Not later than three months [member] | Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (2,507,573) | (1,454,241) |
Not later than three months [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (11,177) | (4,407) |
Not later than three months [member] | Short-term borrowings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (301,600) | (308,100) |
Not later than three months [member] | Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 3,174,700 | 4,083,735 |
Not later than three months [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 1,288,513 | 1,203,249 |
Not later than three months [member] | Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | ||
Later than three months and not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 69,942 | 69,942 |
Financial liabilities | (406,567) | (446,009) |
Later than three months and not later than one year [member] | Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | ||
Later than three months and not later than one year [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (406,567) | (446,009) |
Later than three months and not later than one year [member] | Short-term borrowings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | ||
Later than three months and not later than one year [member] | Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | ||
Later than three months and not later than one year [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | ||
Later than three months and not later than one year [member] | Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 69,942 | 69,942 |
Current [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 4,533,155 | 5,356,926 |
Financial liabilities | (3,226,917) | (2,212,757) |
Current [member] | Trade and other payables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (2,507,573) | (1,454,241) |
Current [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (417,744) | (450,416) |
Current [member] | Short-term borrowings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liabilities | (301,600) | (308,100) |
Current [member] | Cash and cash equivalent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 3,174,700 | 4,083,735 |
Current [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | 1,288,513 | 1,203,249 |
Current [member] | Term deposits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial assets | $ 69,942 | $ 69,942 |
Financial instruments risk (Det
Financial instruments risk (Details Narrative) - AUD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Trade receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Credit loss for trade receivables | $ 360,777 | $ 369,844 |
Summary of vesting conditions a
Summary of vesting conditions and expiry dates (Details) - New vesting conditions [member] | 12 Months Ended |
Jun. 30, 2023 | |
Tranche 1 [member] | |
IfrsStatementLineItems [Line Items] | |
Vesting Conditions | Total Group operating revenue greater than A$500,000 for 3 consecutive calendar months. |
Expiry Date | 30 June 2024 |
Tranche 2 [member] | |
IfrsStatementLineItems [Line Items] | |
Vesting Conditions | Total Group operating revenue greater than A$1,000,000 for 3 consecutive calendar months. |
Expiry Date | 30 June 2024 |
Tranche 3 [member] | |
IfrsStatementLineItems [Line Items] | |
Vesting Conditions | Total Group operating revenue greater than A$2,000,000 for 3 consecutive calendar months. |
Expiry Date | 30 June 2024 |
Summary of performance rights m
Summary of performance rights movements (Details) - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Tranche 1 [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of year | 82,686 | 10,890 |
Granted during the year | 42,493 | 73,296 |
Forfeited during the year | (4,063) | (1,500) |
Exercised during the year | ||
Expired during the year | ||
Balance at end of year | 121,116 | 82,686 |
Tranche 2 [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of year | 17,200 | 18,929 |
Granted during the year | 5,900 | 4,271 |
Forfeited during the year | (6,301) | (6,000) |
Exercised during the year | ||
Expired during the year | ||
Balance at end of year | 16,799 | 17,200 |
Tranche 3 [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at beginning of year | 28,680 | 27,381 |
Granted during the year | 10,628 | 10,049 |
Forfeited during the year | (10,515) | (8,750) |
Exercised during the year | ||
Expired during the year | ||
Balance at end of year | 28,793 | 28,680 |
Share-based payments (Details N
Share-based payments (Details Narrative) - AUD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payments | ||
[custom:PerformanceRightsLiability-0] | $ 2,203,370 | $ 1,054,776 |
[custom:EmployeeServiesRecognised] | $ 460,603 | $ 291,029 |
Summary of employee benefits ex
Summary of employee benefits expense (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
IfrsStatementLineItems [Line Items] | ||||
Total | $ 5,267,246 | $ 4,411,926 | $ 2,359,459 | |
Directors [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Short term Salary & fees | 656,685 | |||
Short term Cash bonus & non-monetary benefits | ||||
Short term Annual leave accrual | [1] | (138,697) | ||
Post-employment Super-annuation | 60,295 | |||
Other long term Long service leave accrual | [2] | (83,531) | ||
Share-based payments Performance Rights | [3] | 639,351 | ||
Total | $ 1,134,103 | |||
[1]Represents accounting adjustments for accrued annual leave.[2]In accordance with AASB 119 Employee benefits, long service leave is classified as other long-term employee benefits.[3]The fair value of the performance rights is calculated in accordance with IFRS 2 Share-based Payments for non-market performance conditions. The value disclosed is the portion of the grant-date fair value of the performance rights recognised as an expense in each reporting period. |
Summary of performance rights h
Summary of performance rights held (Details) - Directors [member] | 12 Months Ended | |
Jun. 30, 2023 shares | ||
IfrsStatementLineItems [Line Items] | ||
Performance Rights Held, Beginning Balance | 96,357 | [1] |
Performance Rights Held, Granted as compensation | 24,721 | [2] |
Performance Rights Held, Exercised | ||
Performance Rights Held, Lapsed | ||
Performance Rights Held, Forfeited | ||
Performance Rights Held, Other changes | ||
Performance Rights Held, Ending Balance | 121,078 | |
Performance Rights Held, Vested during the year | ||
Performance Rights Held, Vested and exerciseable | ||
[1]On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding performance rights were split on the same basis. The number of performance rights following the Reverse Share Split are reflected in the table above.[2]In order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director’s fees as at 30 June 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of US$ 7.46 0.6670 |
Summary of performance rights_2
Summary of performance rights held (Details) (Parenthetical) - Directors [member] | 12 Months Ended |
Jun. 30, 2023 $ / shares | |
IfrsStatementLineItems [Line Items] | |
Weight average price | $ 7.46 |
Average exchange rate | 0.6670 |
Summary of shares held (Details
Summary of shares held (Details) - Directors [member] | 12 Months Ended | |
Jun. 30, 2023 shares | ||
IfrsStatementLineItems [Line Items] | ||
Shares Held, Beginning Balance | 283,968 | [1] |
Shares Held, Received on exercise of Performance Rights | ||
Shares Held, Other changes | 2,360 | [2] |
Shares Held, Ending Balance | 286,328 | |
[1]On 7 December 2022, our shareholders authorised at an extraordinary general shareholders’ meeting, a one-for-twenty reverse share split of our issued and outstanding ordinary shares (the “Reverse Share Split”). Issued and outstanding shares were split on the same basis. The number of shares following the Reverse Share Split are reflected in the table above.[2]Other changes represent shares that were purchased or sold during the year. |
Related party transactions (Det
Related party transactions (Details Narrative) | Jun. 30, 2023 AUD ($) |
Mr ranko matic [member] | |
IfrsStatementLineItems [Line Items] | |
Other related party transactions | $ 6,000 |