Immuron Ltd 6-K, filed Aug 30, 2023
Immuron Ltd (IMRN)
About this 6-K
Immuron Ltd filed this 6-K on August 30, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2023
Commission File Number: 001-38104
IMMURON LIMITED
(Name of Registrant)
Level 3, 62 Lygon Street, Carlton South, Victoria, 3053, Australia
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
IMMURON LIMITED
EXPLANATORY NOTE
Immuron Limited (the “Company”) published one announcement (the “Public Notices”) to the Australian Securities Exchange on August 30, 2023 titled:
| - | “Appendix 4E Preliminary Final Report” |
A copy of the Public Notice is attached as an exhibit to this report on Form 6-K.
This report on Form 6-K (including the exhibit hereto) shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
1
EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Appendix 4E Preliminary Final Report |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IMMURON LIMITED | ||
 | ||
| Date: August 30, 2023 | By: | /s/ Phillip Hains |
| Phillip Hains | ||
| Company Secretary | ||
3
Exhibit 99.1
Immuron Limited
Appendix 4E
30 June 2023
Immuron Limited
Appendix 4E
Preliminary Final Report
Year ended 30 June 2023
Name of entity: ABN: Year ended: Previous period: |
Immuron Limited 80 063 114 045 30 June 2023 30 June 2022 |
| Results for announcement to the market | ||||||||||||||||
| $ | ||||||||||||||||
| Revenue from ordinary activities | Up | 135.8 | % | to | 1,804,705 | |||||||||||
| Loss from ordinary activities after tax attributable to members | Up | 32.7 | % | to | (3,786,507 | ) | ||||||||||
| Net loss for the period attributable to members | Up | 32.7 | % | to | (3,786,507 | ) | ||||||||||
Distributions
No dividends have been paid or declared by the company for the current financial year. No dividends were paid for the previous financial year.
Explanation of results
The reported after tax loss of the current financial year of $3,786,507 (2022: $2,854,254) is after fully expensing the company’s research and development expenditure of $2,592,145 incurred during the year (2022: $657,715). Of which, $2,158,936 (2022: $369,045) was funded by the R&D grant from Medical Technology Enterprise Consortium (MTEC). Research and development expenses increased by $1,934,430 from the financial year 2022 to 2023. The increase in the research and development expenditure reflects the recommencement of research and development activities following a short-term delay during the Covid-19 pandemic.
The revenue from contracts with customers for the year was $1,804,705, which is an increase of 135.8% from the prior financial year (2022: $765,193), primarily due to the sales recovery in the Australian, U.S. and North American markets for Travelan®. We anticipate that revenues from sales of our Travelan® product will continue to increase in the future.
As at 30 June 2023 the company’s cash position was $17,159,764 (30 June 2022: $22,110,278). The company had trade and other receivables of $417,420 (30 June 2022: $662,896). This receivables amount includes future receivables from the Australian Government under the R&D Tax Incentive program mentioned above.
The preliminary financial report follows, with the further details to be included in the audited financial statements to be released by 29 September 2023.
Immuron Limited
Appendix 4E
30 June 2023
(continued)
Net tangible assets per security
| 2023
Cents | 2022 Cents | |||||||
| Net tangible asset backing (per security) | 8.53 | 10.08 | ||||||
Changes in controlled entities
There have been no changes in controlled entities during the year ended 30 June 2023.
Other information required by Listing Rule 4.2A
| a. | Details of individual and total dividends or distributions and dividend or distribution payments: | N/A |
| b. | Details of any dividend or distribution reinvestment plans: | N/A |
| c. | Details of associates and joint venture entities: |
| Name of entity | Place
of business/ country of incorporation | Ownership
interest held by the group | ||||
| 30 June 2023 | ||||||
| % | ||||||
| Ateria Health Limited | United Kingdom | 17.5 | ||||
On 25 November 2022, Immuron has been allotted 800,767 shares in Ateria Health Limited (Ateria), representing 17.5% of the issued share capital of Ateria post the group’s upfront cash investment, following satisfaction of conditions precedent for the transaction, including completion of Immuron confirmatory due diligence and Ateria shareholder approval. As at 30 June 2023, Immuron has a 17.5% interest and one board seat in Ateria. Immuron is deemed to have significant influence over Ateria. For further information, please refer to the interim financial report for the half-year 31 December 2022.
| d. | Other information | N/A |
Audit
The financial statements are currently in the process of being audited. The audited financial statements along with the independent auditor report for the year end 30 June 2023 will be provided in the due course.
Immuron Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2023
| Notes | 2023 $ | 2022 $ | ||||||||
| Revenue from contracts with customers | 1 | 1,804,705 | 765,193 | |||||||
| Cost of goods sold | (495,558 | ) | (241,691 | ) | ||||||
| Gross profit | 1,309,147 | 523,502 | ||||||||
| Other income | 2(a) | 2,591,498 | 957,725 | |||||||
| Fair value gains/(losses) to financial assets | (523,666 | ) | - | |||||||
| Net foreign exchange gains/(losses) | 363,724 | 247,558 | ||||||||
| Movement in inventory provision | 2(b) | 430,932 | - | |||||||
| General and administrative expenses | 2(c) | (4,220,905 | ) | (3,524,388 | ) | |||||
| Research and development expenses | 2(c) | (2,592,145 | ) | (657,715 | ) | |||||
| Selling and marketing expenses | 2(c) | (927,423 | ) | (416,537 | ) | |||||
| Operating loss | (3,568,838 | ) | (2,869,855 | ) | ||||||
| Finance income | 116,323 | 21,785 | ||||||||
| Finance expenses | (9,652 | ) | (6,184 | ) | ||||||
| Finance costs - net | 106,671 | 15,601 | ||||||||
| Share of profit/(loss) from associates | (324,340 | ) | - | |||||||
| Loss before income tax | (3,786,507 | ) | (2,854,254 | ) | ||||||
| Income tax expense | - | - | ||||||||
| Loss for the year | (3,786,507 | ) | (2,854,254 | ) | ||||||
| Other comprehensive income | ||||||||||
| Items that may be reclassified to profit or loss: | ||||||||||
| Exchange differences on translation of foreign operations | 4(b) | (1,012 | ) | 6,708 | ||||||
| Total comprehensive loss for the year | (3,787,519 | ) | (2,847,546 | ) | ||||||
| Cents | Cents | |||||||||
| Loss per share for loss attributable to the ordinary equity holders of the company: | ||||||||||
| Basic and diluted loss per share | (1.66 | ) | (1.25 | ) |
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
| Immuron Limited | 1 |
Immuron Limited
Consolidated balance sheet
As at 30 June 2023
| Notes | 2023 $ | 2022 $ | ||||||||
| ASSETS | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | 3(a) | 17,159,764 | 22,110,278 | |||||||
| Trade and other receivables | 3(b) | 417,420 | 662,896 | |||||||
| Inventories | 839,968 | 326,578 | ||||||||
| Financial assets | 3(c) | 1,834,034 | - | |||||||
| Other current assets | 158,151 | 572,400 | ||||||||
| Total current assets | 20,409,337 | 23,672,152 | ||||||||
| Investments accounted for using the equity method | 159,066 | - | ||||||||
| Property, plant and equipment | 200,133 | 226,736 | ||||||||
| Inventories | 1,219,646 | 956,936 | ||||||||
| Total non-current assets | 1,578,845 | 1,183,672 | ||||||||
| Total assets | 21,988,182 | 24,855,824 | ||||||||
| LIABILITIES | ||||||||||
| Current liabilities | ||||||||||
| Trade and other payables | 1,192,769 | 1,160,893 | ||||||||
| Provision for sales returns | - | 95,931 | ||||||||
| Employee benefit obligations | 289,408 | 211,776 | ||||||||
| Other current liabilities | 38,767 | 34,376 | ||||||||
| Deferred income | 3(d) | 698,195 | - | |||||||
| Total current liabilities | 2,219,139 | 1,502,976 | ||||||||
| Non-current liabilities | ||||||||||
| Employee benefit obligations | 1,882 | 36 | ||||||||
| Other non-current liabilities | 150,325 | 175,411 | ||||||||
| Total non-current liabilities | 152,207 | 175,447 | ||||||||
| Total liabilities | 2,371,346 | 1,678,423 | ||||||||
| Net assets | 19,616,836 | 23,177,401 | ||||||||
| EQUITY | ||||||||||
| Share capital | 4(a) | 88,436,263 | 88,436,263 | |||||||
| Other reserves | 4(b) | 3,235,969 | 3,166,419 | |||||||
| Accumulated losses | (72,055,396 | ) | (68,425,281 | ) | ||||||
| Total equity | 19,616,836 | 23,177,401 | ||||||||
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
| Immuron Limited | 2 |
Immuron Limited
Consolidated statement of changes in equity
For the year ended 30 June 2023
| Attributable
to owners of Immuron Limited | ||||||||||||||||||||
| Notes | Share capital $ | Other reserves $ | Accumulated losses $ | Total equity $ | ||||||||||||||||
| Balance at 1 July 2022 | 88,436,263 | 3,166,419 | (68,425,281 | ) | 23,177,401 | |||||||||||||||
| Loss for the year | - | - | (3,786,507 | ) | (3,786,507 | ) | ||||||||||||||
| Other comprehensive income | - | (1,012 | ) | - | (1,012 | ) | ||||||||||||||
| Total comprehensive loss for the year | - | (1,012 | ) | (3,786,507 | ) | (3,787,519 | ) | |||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||
| Options and warrants issued/expensed | 4(b) | - | 104,753 | - | 104,753 | |||||||||||||||
| Options and warrants lapsed/expired | 4(b) | - | (156,392 | ) | 156,392 | - | ||||||||||||||
| Performance rights issued/expensed | 4(b) | - | 122,201 | - | 122,201 | |||||||||||||||
| - | 70,562 | 156,392 | 226,954 | |||||||||||||||||
| Balance at 30 June 2023 | 88,436,263 | 3,235,969 | (72,055,396 | ) | 19,616,836 | |||||||||||||||
| Attributable
to owners of Immuron Limited | ||||||||||||||||||||
| Notes | Share capital $ | Other reserves $ | Accumulated losses $ | Total equity $ | ||||||||||||||||
| Balance at 1 July 2021 | 88,361,303 | 3,466,642 | (65,932,888 | ) | 25,895,057 | |||||||||||||||
| Loss for the year | - | - | (2,854,254 | ) | (2,854,254 | ) | ||||||||||||||
| Other comprehensive income | - | 6,708 | - | 6,708 | ||||||||||||||||
| Total comprehensive income/(loss) for the year | - | 6,708 | (2,854,254 | ) | (2,847,546 | ) | ||||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||
| Contributions of equity, net of transaction costs and tax | 4(a) | 74,960 | - | - | 74,960 | |||||||||||||||
| Options and warrants issued/expensed | - | 54,930 | - | 54,930 | ||||||||||||||||
| Options and warrants lapsed/expired | - | (361,861 | ) | 361,861 | - | |||||||||||||||
| 74,960 | (306,931 | ) | 361,861 | 129,890 | ||||||||||||||||
| Balance at 30 June 2022 | 88,436,263 | 3,166,419 | (68,425,281 | ) | 23,177,401 | |||||||||||||||
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
| Immuron Limited | 3 |
Immuron Limited
Consolidated statement of cash flows
For the year ended 30 June 2023
| Notes | 2023 $ | 2022 $ | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Receipts from customers | 1,912,689 | 696,603 | ||||||||||
| Payments to suppliers and employees | (7,842,052 | ) | (4,629,139 | ) | ||||||||
| Australian R&D tax incentive refund | 251,986 | 306,154 | ||||||||||
| Government grants and other grants received | 3,082,182 | 478,589 | ||||||||||
| Net cash (outflow) from operating activities | (2,595,195 | ) | (3,147,793 | ) | ||||||||
| Cash flows from investing activities | ||||||||||||
| Payments for property, plant and equipment | (7,739 | ) | (10,048 | ) | ||||||||
| Payment for acquisition of associate | (2,729,863 | ) | - | |||||||||
| Interest received | 116,323 | 21,785 | ||||||||||
| Net cash (outflow) inflow from investing activities | (2,621,279 | ) | 11,737 | |||||||||
| Cash flows from financing activities | ||||||||||||
| Principal elements of lease payments | (35,015 | ) | (36,264 | ) | ||||||||
| Interest and other costs of finance paid | (9,652 | ) | (6,184 | ) | ||||||||
| Net cash (outflow) from financing activities | (44,667 | ) | (42,448 | ) | ||||||||
| Net (decrease) in cash and cash equivalents | (5,261,141 | ) | (3,178,504 | ) | ||||||||
| Cash and cash equivalents at the beginning of the financial year | 22,110,278 | 25,047,281 | ||||||||||
| Effects of exchange rate changes on cash and cash equivalents | 310,627 | 241,501 | ||||||||||
| Cash and cash equivalents at end of year | 3(a) | 17,159,764 | 22,110,278 | |||||||||
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
| Immuron Limited | 4 |
Immuron
Limited
Notes to the financial statements
30 June 2023
| 1 | Revenue from contract with customers |
| (a) | Disaggregation of revenue from contracts with customers |
The group derives revenue from the transfer of hyperimmune products at a point in time in the following major product lines and geographical regions:
| Australia | Travelan United States | Canada | Protectyn Australia | Total | ||||||||||||||||
| 2023 | $ | $ | $ | $ | $ | |||||||||||||||
| Hyperimmune products revenue | 1,100,725 | 642,819 | 1,201 | 59,960 | 1,804,705 | |||||||||||||||
| Revenue from external customers | 1,100,725 | 642,819 | 1,201 | 59,960 | 1,804,705 | |||||||||||||||
| Australia | Travelan United States | Canada | Protectyn Australia | Total | ||||||||||||||||
| 2022 | $ | $ | $ | $ | $ | |||||||||||||||
| Hyperimmune products revenue | 143,378 | 501,228 | 63,172 | 57,415 | 765,193 | |||||||||||||||
| Revenue from external customers | 143,378 | 501,228 | 63,172 | 57,415 | 765,193 | |||||||||||||||
| 2 | Other income and expense items |
| (a) | Other income |
2023 $ | 2022 $ | |||||||
| Australian R&D tax incentive refund | 392,877 | 257,500 | ||||||
| MTEC R&D grant | 2,158,936 | 369,045 | ||||||
| HJF R&D grant | - | 306,595 | ||||||
| Other income | 11,685 | 24,585 | ||||||
| EMDG grant | 28,000 | - | ||||||
| 2,591,498 | 957,725 | |||||||
| (i) | Fair value of R&D tax incentive |
The group's research and development (R&D) activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognised when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended 30 June 2023, the group has included an item in other income of $398,391 offset by an overestimation from the prior period of $5,514 (2022: $257,500) to recognise income over the year necessary to match the R&D tax incentive on a systematic basis with the costs that they are intended to compensate.
| (b) | Movement in inventory provision |
The gains of $430,932 from the movement in inventory provision during the period reflect the write back resulting from the change in accounting estimate driven from the sales recovery in the Australian, U.S. and North American markets for Travelan as compared to the prior period.
| Immuron Limited | 5 |
Immuron
Limited
Notes to the financial statements
30 June 2023
(continued)
| 2 | Other income and expense items (continued) |
| (c) | Breakdown of expenses by nature |
| 2023 $ | 2022 $ | |||||||
| General and administrative expenses | ||||||||
| Accounting and audit | 657,970 | 499,331 | ||||||
| Bad debts | 2,376 | - | ||||||
| Consulting | 23,241 | 226,710 | ||||||
| Depreciation | 48,662 | 42,606 | ||||||
| Employee benefits | 1,874,963 | 1,212,721 | ||||||
| Expected credit losses | 19,111 | 8,809 | ||||||
| Insurance | 434,699 | 401,121 | ||||||
| Investor relations | 194,754 | 38,567 | ||||||
| Legal | 233,243 | 520,698 | ||||||
| Listing and share registry | 152,954 | 164,949 | ||||||
| Share-based payment expenses - options | 104,753 | 94,891 | ||||||
| Share-based payment expenses - performance rights | 122,201 | - | ||||||
| Superannuation | 141,539 | 62,647 | ||||||
| Travel and entertainment | 105,535 | 9,459 | ||||||
| Other | 104,904 | 241,879 | ||||||
| 4,220,905 | 3,524,388 | |||||||
| Research and development expenses | ||||||||
| Consulting | 111,530 | 230,684 | ||||||
| Project research and development | 2,480,615 | 427,031 | ||||||
| 2,592,145 | 657,715 | |||||||
| Selling and marketing expenses | ||||||||
| Selling | 192,878 | 57,854 | ||||||
| Marketing | 474,926 | 113,472 | ||||||
| Distribution costs | 259,619 | 245,211 | ||||||
| 927,423 | 416,537 | |||||||
| 3 | Financial assets and financial liabilities |
| (a) | Cash and cash equivalents |
| 2023 $ | 2022 $ | |||||||
| Current assets | ||||||||
| Cash at bank and in hand | 17,159,764 | 22,110,278 | ||||||
| (i) | Classification as cash equivalents |
Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest.
| Immuron Limited | 6 |
Immuron Limited
Notes to the financial statements
30 June 2023
(continued)
| 3 | Financial assets and financial liabilities (continued) |
| (b) | Trade and other receivables |
| 2023 | 2022 | ||||||||||||||||||||||||
| Notes | Current $ | Non-
current $ | Total
$ | Current $ | Non- current $ | Total $ | |||||||||||||||||||
| Trade receivables | 46,949 | - | 46,949 | 217,154 | - | 217,154 | |||||||||||||||||||
| Loss allowance | (27,920 | ) | - | (27,920 | ) | (8,809 | ) | - | (8,809 | ) | |||||||||||||||
| 19,029 | - | 19,029 | 208,345 | - | 208,345 | ||||||||||||||||||||
| Accrued income - Australian R&D tax incentive refund | 398,391 | - | 398,391 | 257,500 | - | 257,500 | |||||||||||||||||||
| Other income receivables - R&D grants | - | - | - | 197,051 | - | 197,051 | |||||||||||||||||||
| 398,391 | - | 398,391 | 454,551 | - | 454,551 | ||||||||||||||||||||
| Total trade and other receivables | 417,420 | - | 417,420 | 662,896 | - | 662,896 | |||||||||||||||||||
| (i) | Classification as trade receivables |
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
| (ii) | Accrued receivables |
These amounts primarily comprise receivables from the Australian Taxation Office in relation to the R&D tax incentive.
| (iii) | Fair value of trade and other receivables |
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
| (c) | Financial assets |
The group classifies the following as financial assets recognised at fair value through profit or loss (FVPL) as part of Immuron's strategic investment in Ateria:
| ● | Immuron is entitled to 735,000 share options with a total exercise price of £1,470,000, expiring on 31 July 2023; and |
| ● | Immuron may receive up to 457,577 shares in Ateria based on performance targets which is deemed highly probable as at 30 June 2023. |
| Immuron Limited | 7 |
Immuron Limited
Notes to the financial statements
30 June 2023
(continued)
| 3 | Financial assets and financial liabilities (continued) |
| (c) | Financial assets (continued) |
Financial assets mandatorily measured at FVPL include the following:
| 2023 | 2022 | |||||||
| $ | $ | |||||||
| Current assets | ||||||||
| Share options | 221,620 | - | ||||||
| Contingent shares | 1,612,414 | - | ||||||
| 1,834,034 | - | |||||||
| (d) | Deferred income |
| 2023 | 2022 | |||||||
| $ | $ | |||||||
| Current liabilities | ||||||||
| Other deferred income | 698,195 | - | ||||||
For the year ended 30 June 2023, the group has received $2,857,131 R&D grant from Medical Technology Enterprise Consortium (MTEC) in cash. However, the group has recognised $2,158,936 R&D grant from MTEC as other income over the year necessary to match the grants on a systematic basis with the costs that they are intended to compensate. The remaining balance of $698,195 of cash received from MTEC was recognised as other deferred income as at 30 June 2023 (30 June 2022: nil).
| 4 | Equity |
| (a) | Share capital |
| Notes | 2023 Shares | 2022 Shares | 2023 $ | 2022 $ | ||||||||||||||
| Ordinary shares Fully paid | 4(a)(i) | 227,798,346 | 227,798,346 | 88,436,263 | 88,436,263 | |||||||||||||
| 227,798,346 | 227,798,346 | 88,436,263 | 88,436,263 | |||||||||||||||
| (i) | Movements in ordinary shares: |
| Details | Number
of shares | Total
$ | ||||||
| Balance at 1 July 2021 | 227,246,596 | 88,361,303 | ||||||
| Issue at $0.12 under ESOP Plan (2021-11-05) | 333,000 | 39,960 | ||||||
| Issue at $0.16 in lieu of payment for services (2021-12-17) | 218,750 | 35,000 | ||||||
| Less: Transaction costs arising on share issues | - | - | ||||||
| Balance at 30 June 2022 | 227,798,346 | 88,436,263 | ||||||
| Less: Transaction costs arising on share issues | - | - | ||||||
| Balance at 30 June 2023 | 227,798,346 | 88,436,263 | ||||||
| Immuron Limited | 8 |
Immuron Limited
Notes to the financial statements
30 June 2023
(continued)
| 4 | Equity (continued) |
| (a) | Share capital (continued) |
| (ii) | Ordinary shares |
Ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion to the number of and amounts paid on the shares held.
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.
Ordinary shares have no par value and the company does not have a limited amount of authorised capital.
| (b) | Other reserves |
The following table shows a breakdown of the consolidated balance sheet line item ‘other reserves’ and the movements in these reserves during the year. A description of the nature and purpose of each reserve is provided below the table.
| Notes | Share-based payments $ | Foreign currency translation $ | Total
other reserves $ | |||||||||||
| At 1 July 2021 | 3,360,128 | 106,514 | 3,466,642 | |||||||||||
| Currency translation differences | - | 6,708 | 6,708 | |||||||||||
| Other comprehensive income | - | 6,708 | 6,708 | |||||||||||
| Transactions with owners in their capacity as owners | ||||||||||||||
| Options and warrants issued/expensed | 4(b)(ii) | 54,930 | - | 54,930 | ||||||||||
| Options and warrants lapsed/expired | 4(b)(ii) | (361,861 | ) | - | (361,861 | ) | ||||||||
| At 30 June 2022 | 3,053,197 | 113,222 | 3,166,419 | |||||||||||
| Foreign | ||||||||||||||
| Share-based | currency | Total other | ||||||||||||
| Notes | payments $ | translation $ | reserves
$ | |||||||||||
| At 1 July 2022 | 3,053,197 | 113,222 | 3,166,419 | |||||||||||
| Currency translation differences | - | (1,012 | ) | (1,012 | ) | |||||||||
| Other comprehensive income | - | (1,012 | ) | (1,012 | ) | |||||||||
| Transactions with owners in their capacity as owners | ||||||||||||||
| Options and warrants issued/expensed | 4(b)(ii) | 104,753 | - | 104,753 | ||||||||||
| Options and warrants lapsed/expired | 4(b)(ii) | (156,392 | ) | - | (156,392 | ) | ||||||||
| Performance rights issued/expensed | 4(b)(ii) | 122,201 | - | 122,201 | ||||||||||
| At 30 June 2023 | 3,123,759 | 112,210 | 3,235,969 | |||||||||||
| (i) | Nature and purpose of other reserves |
Share-based payments
The share-based payment reserve records items recognised as expenses on valuation of share options and warrants issued to key management personnel, other employees and and eligible contractors.
| Immuron Limited | 9 |
Immuron Limited
Notes to the financial statements
30 June 2023
(continued)
| 4 | Equity (continued) |
| (b) | Other reserves (continued) |
Foreign currency translation
Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
| (ii) | Movements in options, warrants and performance rights: |
| Details | Number
of options or performance rights |
Total $ |
||||||
| Balance at 1 July 2021 | 45,309,478 | 3,360,128 | ||||||
| Lapse of unexercised options at $0.50 (2021-07-01) | (1,200,000 | ) | (188,400 | ) | ||||
| Issue of ESOP unlisted options at $0.25 (2021-11-05) | 500,000 | 18,624 | ||||||
| Lapse of unexercised options at $1.94 (2021-11-30) | (14,493 | ) | (28,813 | ) | ||||
| Lapse of unexercised options at $1.94 (2022-06-14) | (24,721,108 | ) | (144,648 | ) | ||||
| Unlisted options granted in previous year at $0.12 | - | 36,306 | ||||||
| Balance at 30 June 2022 | 19,873,877 | 3,053,197 | ||||||
| Share-based payment expenses - options | 1,430,000 | 104,753 | ||||||
| Lapse of unexercised options | (8,424,157 | ) | (156,392 | ) | ||||
| Share-based payment expenses - performance rights* | - | 122,201 | ||||||
| Balance at 30 June 2023 | 12,879,720 | 3,123,759 | ||||||
| * | 1,688,839 performance rights were subsequently issued on 12 July 2023. |
| 5 | Events occurring after the reporting period |
On 30 June 2023, the company announced the transition of Mr. Paul Brennan from Non-Executive Director to Chairman, effective 1 July 2023. Dr. Roger Aston will continue on the Board, transitioning from Chairman to Non-Executive Director.
Immuron elected to not exercise its option to acquire 735,000 Ateria shares prior to the option expiry date of 31 July 2023.
On 9 August 2023, the Therapeutic Goods Administration (TGA) has given GMP Clearance for Immuron’s packaging supplier allowing Travelan® to be released for sale in Australia to retail pharmacy wholesalers and other customers.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial years.
| Immuron Limited | 10 |
