Full Press Release Details
Interim financial report
for the half-year 31
Limited ABN 80 063 114 045
Interim financial report - 31 December 2018
| Contents | |
| Page | |
| Corporate directory | 1 |
| Financial statements | 3 |
| Notes to the condensed consolidated financial statements | 7 |
This interim financial report does not include
all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction
with the annual report for the year ended 30 June 2018 and any public announcements made by Immuron Limited.
| Directors | Dr. Roger Aston |
| Independent Non-executive chairman | |
| Mr. Peter Anastasiou | |
| Executive vice chairman | |
| Mr. Daniel Pollock | |
| Independent non-executive director | |
| Mr. Stephen Anastasiou | |
| Independent non-executive director | |
| Prof. Ravi Savarirayan | |
| Independent non-executive director | |
| Mr. Richard Berman (appointed 1 July 2018) | |
| Independent non-executive director | |
| Secretary | Mr. Phillip Hains |
| Chief Executive Officer | Dr. Gary S Jacob (appointed 16 November 2018) |
| Registered Office | Level 3, 62 Lygon Street |
| Carlton VIC 3053 | |
| Australia | |
| Telephone: +61(0)3 9824 5254 | |
| Facsimile: +61(0)3 9824 5254 | |
| Principal Place of Business | Unit 10, 25 - 37 Chapman Street |
| Blackburn North VIC 3130 | |
| Australia | |
| Telephone: +61 (0)3 9824 5254 | |
| Facsimile: +61 (0)3 9822 7735 | |
| Share Registry - United States | Bank of New York |
| 225 Liberty Street | |
| New York, NY 102286 | |
| United States of America | |
| Telephone: +1 212 495 1784 | |
| Share Registry - Australia | Security Transfer Registrars Pty Ltd |
| 770 Canning Highway | |
| Applecross WA 6153 | |
| Australia | |
| Telephone: +61 (0)8 9315 2333 | |
| Facsimile: +61 (08) 9315 2233 | |
| Auditor - Australia and United States | Grant Thornton Audit Pty Ltd |
| Collins Square, Tower 5 727 Collins Street | |
| Melbourne VIC 3008 | |
| Australia | |
| Telephone: +61 (0)3 8320 2222 | |
| Solicitors - Australia | Francis Abourizk Lightowlers (FAL) |
| Level 14, 114 William Street | |
| Melbourne VIC 3000 | |
| Australia | |
| Telephone: +61 (0)3 9642 2252 |
| Solicitors - United States | Carter Ledyard and Milburn LLP |
| 2 Wall Street | |
| New York NY 10005 | |
| United States of America | |
| Telephone: +1 212 238 8605 | |
| Sheppard Mullin | |
| 30 Rockefeller Plaza | |
| New York NY 10112-0015 | |
| United States of America | |
| Telephone: +1 212 653 8700 | |
| Bankers | National Australia Bank (NAB) |
| 330 Collins Street | |
| Melbourne VIC 3000 | |
| Australia | |
| Securities exchange listings | Australian Securities Exchange (Code: IMC) |
| NASDAQ Exchange (Code: IMRN) | |
| Websites | www.immuron.com.au |
| www.travelan.com.au |
consolidated statement of comprehensive income
the half-year 31 December 2018
| Consolidated entity | ||||||||||||
| Notes | 31 December 2018 $ | 31 December 2017 $ | ||||||||||
| Revenue from continuing operations | ||||||||||||
| Sales of goods | 7 | 978,233 | 919,138 | |||||||||
| Total operating revenue | 978,233 | 919,138 | ||||||||||
| Cost of goods sold | (231,479 | ) | (195,356 | ) | ||||||||
| Gross profit | 746,754 | 723,782 | ||||||||||
| Direct selling costs | ||||||||||||
| Sales and marketing costs | (198,652 | ) | (145,150 | ) | ||||||||
| Freight costs | (133,659 | ) | (89,125 | ) | ||||||||
| 414,443 | 489,507 | |||||||||||
| Other income | 7 | 310,436 | 1,387,039 | |||||||||
| Expenses | ||||||||||||
| Research and development | (514,388 | ) | (1,540,436 | ) | ||||||||
| Marketing and promotion | (246,520 | ) | (238,192 | ) | ||||||||
| Consulting, employee and director | (1,068,378 | ) | (815,232 | ) | ||||||||
| Other corporate administrative | (385,455 | ) | (829,999 | ) | ||||||||
| Travel and entertainment expenses | (89,391 | ) | (174,987 | ) | ||||||||
| Depreciation | (2,646 | ) | (2,277 | ) | ||||||||
| Finance fee costs | - | (3,767 | ) | |||||||||
| Impairment of inventory | - | (163,600 | ) | |||||||||
| Loss before income tax | (1,581,899 | ) | (1,891,944 | ) | ||||||||
| Income tax expense | - | - | ||||||||||
| Loss from continuing operations | (1,581,899 | ) | (1,891,944 | ) | ||||||||
| Other comprehensive income | ||||||||||||
| Item that may be reclassified to profit or loss | ||||||||||||
| Exchange differences on translation of foreign operations | 2 | (b) | (112,270 | ) | 28,281 | |||||||
| Total comprehensive loss for the period | (112,270 | ) | 28,281 | |||||||||
| Total comprehensive income for the period is attributable to: | ||||||||||||
| Owners of Immuron Limited | (1,694,169 | ) | (1,863,663 | ) | ||||||||
| Cents | Cents | |||||||||||
| Earnings per share for profit attributable to the ordinary equity holders of the Company: | ||||||||||||
| Basic loss per share | 9 | (1.2 | ) | (1.5 | ) | |||||||
| Diluted loss per share | 9 | (1.2 | ) | (1.5 | ) |
above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
consolidated balance sheet
As at 31 December 2018
| Consolidated entity | ||||||||||||
| Notes | 31 December 2018 (unaudited) $ | 30 June 2018 $ | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 4,190,259 | 4,727,430 | ||||||||||
| Trade and other receivables | 643,206 | 1,683,305 | ||||||||||
| Inventories | 8 | 530,495 | 497,902 | |||||||||
| Other current assets | 239,695 | 141,800 | ||||||||||
| Total current assets | 5,603,655 | 7,050,437 | ||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 17,737 | 20,384 | ||||||||||
| Inventories | 8 | 2,075,683 | 2,171,867 | |||||||||
| Total non-current assets | 2,093,420 | 2,192,251 | ||||||||||
| Total assets | 7,697,075 | 9,242,688 | ||||||||||
| LIABILITIES | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 403,521 | 689,326 | ||||||||||
| Employee benefit obligations | 117,713 | 114,012 | ||||||||||
| Total current liabilities | 521,234 | 803,338 | ||||||||||
| Total liabilities | 521,234 | 803,338 | ||||||||||
| Net assets | 7,175,841 | 8,439,350 | ||||||||||
| EQUITY | ||||||||||||
| Issued capital | 2 | (a) | 58,442,043 | 58,372,043 | ||||||||
| Reserves | 2 | (b) | 2,756,727 | 2,606,722 | ||||||||
| Accumulated losses | (54,022,929 | ) | (52,539,415 | ) | ||||||||
| Total equity | 7,175,841 | 8,439,350 |
above condensed consolidated balance sheet should be read in conjunction with the accompanying notes.
consolidated statement of changes in equity
the half-year 31 December 2018
| Attributable to owners of Immuron Limited | ||||||||||||||||
| Consolidated entity | Issued capital $ | Reserves $ | Accumulated losses $ | Total equity $ | ||||||||||||
| Balance at 1 July 2017 | 53,632,995 | 2,470,417 | (49,528,486 | ) | 6,574,926 | |||||||||||
| Loss for the period | - | - | (1,891,944 | ) | (1,891,944 | ) | ||||||||||
| Other comprehensive income | - | 28,281 | - | 28,281 | ||||||||||||
| Total comprehensive income for the half-year | - | 28,281 | (1,891,944 | ) | (1,863,663 | ) | ||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||
| Contributions of equity, net of transaction costs | 213,396 | - | - | 213,396 | ||||||||||||
| Options and warrants issued/expensed | - | 59,512 | - | 59,512 | ||||||||||||
| 213,396 | 59,512 | - | 272,908 | |||||||||||||
| Balance at 31 December 2017 | 53,846,391 | 2,558,210 | (51,420,430 | ) | 4,984,171 | |||||||||||
| Balance at 1 July 2018 as originally presented | 58,372,043 | 2,606,722 | (52,539,415 | ) | 8,439,350 | |||||||||||
| Loss for the period | - | - | (1,581,899 | ) | (1,581,899 | ) | ||||||||||
| Other comprehensive income | - | (112,270 | ) | - | (112,270 | ) | ||||||||||
| Total comprehensive income for the half-year | - | (112,270 | ) | (1,581,899 | ) | (1,694,169 | ) | |||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||
| Contributions of equity, net of transaction costs | 70,000 | - | - | 70,000 | ||||||||||||
| Options and warrants issued/expensed | - | 360,660 | - | 360,660 | ||||||||||||
| Lapse of unexercised options | - | (98,385 | ) | 98,385 | - | |||||||||||
| 70,000 | 262,275 | 98,385 | 430,660 | |||||||||||||
| Balance at 31 December 2018 | 58,442,043 | 2,756,727 | (54,022,929 | ) | 7,175,841 |
condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
consolidated statement of cash flows
the half-year 31 December 2018
Condensed consolidated
statement of cash flows
| Consolidated entity | ||||||||||||
| Notes | 31 December 2018 $ | 31 December 2017 $ | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Receipts from customers (inclusive of GST) | 1,138,524 | 1,184,856 | ||||||||||
| Payments to suppliers and employees (inclusive of GST) | (2,753,669 | ) | (4,367,410 | ) | ||||||||
| Interest received | 39 | 43 | ||||||||||
| Other - R&D tax concession refund and other government grants | 1,190,205 | - | ||||||||||
| Interest and other costs of finance paid | - | (3,767 | ) | |||||||||
| Net cash outflow from operating activities | (424,901 | ) | (3,186,278 | ) | ||||||||
| Cash flows from investing activities | ||||||||||||
| Payments for property, plant and equipment | - | (2,180 | ) | |||||||||
| Net cash outflow from investing activities | - | (2,180 | ) | |||||||||
| Cash flows from financing activities | ||||||||||||
| Repayment of borrowings | - | (243,950 | ) | |||||||||
| Capital raising costs | - | (1,934 | ) | |||||||||
| Net cash outflow from financing activities | - | (245,884 | ) | |||||||||
| Net (decrease) in cash and cash equivalents | (424,901 | ) | (3,434,342 | ) | ||||||||
| Cash and cash equivalents at the beginning of the financial year | 4,727,430 | 3,994,924 | ||||||||||
| Effects of exchange rate changes on cash and cash equivalents | (112,270 | ) | 28,281 | |||||||||
| Cash and cash equivalents at end of the half-year | 4,190,259 | 588,863 |
above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
to the condensed consolidated financial statements
entity has identified its operating segments based on the internal reports that are reviewed and used by the executive management
team in assessing performance and determining the allocation of resources.
executive management team considers the business from both a product and a geographic perspective and has identified three reportable
| Research and Development (R&D) | Income and expenses directly attributable to the Company's research and development projects performed in Australia, Israel and United States. |
| HyperImmune Products | Income and expenses directly attributable to Travelan activities which occur in Australia, New Zealand, US and Canada. In 2018, the Company earned 67%, 1% and 32% of its revenues from customers located in Australia, Canada and US, respectively. In 2017, the Company earned 66%, 0% and 34% of its revenues from customers located in Australia, Canada and US, respectively. |
| Research & Development | HyperImmune Products | Unallocated Corporate | Total | |||||||||||||
| Consolidated entity 31 December 2018 (unaudited) | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Segment revenue and other income | ||||||||||||||||
| Revenue from external customers | - | 978,233 | - | 978,233 | ||||||||||||
| R&D tax concession refund | 310,166 | - | - | 310,166 | ||||||||||||
| Interest income | - | - | 270 | 270 | ||||||||||||
| Segment revenue and other income | 310,166 | 978,233 | 270 | 1,288,669 | ||||||||||||
| Segment expenses | ||||||||||||||||
| Depreciation and amortisation | - | - | (5,047 | ) | (5,047 | ) | ||||||||||
| Share-based payments | - | - | (360,660 | ) | (360,660 | ) | ||||||||||
| Other operating expenses | (403,521 | ) | (563,790 | ) | (1,537,550 | ) | (2,504,861 | ) | ||||||||
| Segment expenses | (403,521 | ) | (563,790 | ) | (1,903,257 | ) | (2,870,568 | ) | ||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| (Loss)/Profit for the period | (93,355 | ) | 414,443 | (1,902,987 | ) | (1,581,899 | ) | |||||||||
| Segment assets | 310,990 | 2,718,889 | 4,667,196 | 7,697,075 | ||||||||||||
| Total assets | 310,990 | 2,718,889 | 4,667,196 | 7,697,075 | ||||||||||||
| Segment liabilities | (71,903 | ) | (11,974 | ) | (437,357 | ) | (521,234 | ) | ||||||||
| Total liabilities | (71,903 | ) | (11,974 | ) | (437,357 | ) | (521,234 | ) |
to the condensed consolidated financial statements
Segment results (continued)
| Research & Development | HyperImmune Products | Unallocated Corporate | Total | |||||||||||||
| Consolidated entity 31 December 2017 (unaudited) | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Segment revenue and other income | ||||||||||||||||
| Revenue from external customers | - | 919,138 | - | 919,138 | ||||||||||||
| R&D tax concession refund | 1,386,790 | - | - | 1,386,790 | ||||||||||||
| Interest income | - | - | 43 | 43 | ||||||||||||
| Other income | - | 206 | - | 206 | ||||||||||||
| Total segment revenue and other income | 1,386,790 | 919,344 | 43 | 2,306,177 | ||||||||||||
| Segment expenses | ||||||||||||||||
| Depreciation and amortisation | - | - | (2,277 | ) | (2,277 | ) | ||||||||||
| Finance costs | - | - | (3,767 | ) | (3,767 | ) | ||||||||||
| Share-based payments | - | - | (59,512 | ) | (59,512 | ) | ||||||||||
| Other operating expenses | (1,540,436 | ) | (429,631 | ) | (2,162,498 | ) | (4,132,565 | ) | ||||||||
| Total segment expenses | (1,540,436 | ) | (429,631 | ) | (2,228,054 | ) | (4,198,121 | ) | ||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| (Loss)/Profit for the period | (153,646 | ) | 489,713 | (2,228,011 | ) | (1,891,944 | ) | |||||||||
| Segment assets | 2,884,901 | 2,536,093 | 736,997 | 6,157,991 | ||||||||||||
| Total assets | 2,884,901 | 2,536,093 | 736,997 | 6,157,991 | ||||||||||||
| Segment liabilities | (481,023 | ) | (154,886 | ) | (537,911 | ) | (1,173,820 | ) | ||||||||
| Total liabilities | (481,023 | ) | (154,886 | ) | (537,911 | ) | (1,173,820 | ) |
| 31 December 2018 (unaudited) No. | 31 December 2018 (unaudited) $ | 30 June 2018 No. | 30 June 2018 $ | |||||||||||||
| Fully paid | 143,215,706 | 58,442,043 | 142,778,206 | 58,372,043 |
Movements in ordinary shares:
| Note | Number of shares | Total $ | ||||||||||
| Details | ||||||||||||
| Opening balance 1 July 2018 | 142,778,206 | 58,372,043 | ||||||||||
| Shares issued during the year | 437,500 | 70,000 | ||||||||||
| Balance 31 December 2018 (unaudited) | 143,215,706 | 58,442,043 |
Rights of each type of share
shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number
of shares held. On a show of hands every holder of ordinary shares present at a meeting or by proxy, is entitled to one vote.
upon a poll every holder is entitled to one vote per share held. The ordinary shares have no par value.
to the condensed consolidated financial statements
following table shows a breakdown of the balance sheet line item other reserves' and the movements in these reserves
during the period. A description of the nature and purpose of each reserve is provided below the table.
| Consolidated entity | No. of Options Qty | Amount $ | Foreign currency translation $ | Total other reserves $ | ||||||||||||
| At 1 July 2018 | 71,349,180 | 2,650,039 | (43,317 | ) | 2,606,722 | |||||||||||
| Options/warrants issued during the year | 3,300,000 | 360,660 | - | 360,660 | ||||||||||||
| Lapse of unexcercised options | (50,000 | ) | (98,385 | ) | - | (98,385 | ) | |||||||||
| Other comprehensive loss for the period | - | - | (112,270 | ) | (112,270 | ) | ||||||||||
| At 31 December 2018 (unaudited) | 74,599,180 | 2,912,314 | (155,587 | ) | 2,756,727 |
following share-based payment arrangements were entered into during the half-year 31 December 2018 due to new options granted
| Grant date | Expiry date | Balance at start of year | Exercise price ($) | Granted | Exercised | Vested | Balance at end of year | |||||||||||||||||||
| 02-Jul-2018 | 01-Jul-2021 | - | 0.50 | 1,300,000 | - | 1,300,000 | 1,300,000 | |||||||||||||||||||
| 19-Nov-2018 | 30-Jun-2020 | - | 0.50 | 2,000,000 | - | 2,000,000 | 2,000,000 |
the options granted during the half-year 31 December 2018, the valuation model inputs used to determine the fair value at the
grant date are outlined below:
| Grant date | Expiry date | Share price at grant date ($) | Exercise price ($) | Expected volatility | Dividend yield | Risk-free interest rate | Fair value at grant date ($) | |||||||||||||||||||
| 02-Jul-2018 | 01-Jul-2021 | 0.32 | 0.50 | 92 | % | 0 | % | 2.09 | % | 204,100 | ||||||||||||||||
| 19-Nov-2018 | 30-Jun-2020 | 0.28 | 0.50 | 92 | % | 0 | % | 2.02 | % | 164,400 |
Company had no contingent liabilities and at 31 December 2018 (2017: nil).
No other matter or circumstances
has arisen since 31 December 2018 that has significantly affected, or may significantly affect the Group's operations, the results
of those operations, or the Group's state of affairs in future financial years.
Notes to the condensed consolidated financial statements
Transactions with other related parties
following transactions occurred with related parties:
| Premises rental services received from Wattle Laboratories Pty Ltd to Immuron Limited: | 31 December 2018 (unaudited) | 31 December 2017 (unaudited) | ||||||
| Wattle Laboratories Pty Ltd (Wattle) is an entity part-owned and operated by Immuron Directors Peter and Stephen Anastasiou. Commencing on 1 January 2016, Immuron executed a Lease Agreement with Wattle whereby Immuron will lease part of their Blackburn office facilities for Immuron's operations at an arms-length commercial rental rate of $38,940 per annum, payable in monthly instalments. The rental agreement is subject to annual rental increases, and effective 1 January 2017, the annual rent was increased to $39,525. The lease is for a 3 year term with an additional 3 year option period. The lease is cancellable by either party upon 6 months written notice of termination of the agreement. | ||||||||
| Rental fees paid to Wattle Laboratories Pty Ltd during the year through the issue of equity: | $ | Nil | $ | Nil | ||||
| Total paid by the Company to Wattle Laboratories Pty Ltd during the year: | $ | 22,151 | $ | 9,881 | ||||
| At the period end the Company owed Wattle Laboratories Pty Ltd: | $ | 17,374 | $ | Nil |
Notes to the condensed consolidated financial statements
Transactions with other related parties (continued)
| Service rendered by Grandlodge Capital Pty Ltd to Immuron Ltd: | 31 December 2018 (unaudited) | 31 December 2017 (unaudited) | ||||||
| Grandlodge Capital Pty Ltd (Grandlodge) is an entity part-owned and operated by Immuron Directors Peter and Stephen Anastasiou. Mr David Plush is also an owner of Grandlodge, and its associated entities. Grandlodge, and its associated entities, are marketing, warehousing and distribution logistics companies. Commencing on 1 June 2013, Grandlodge was contracted on commercial market arms-length terms to provide warehousing, distribution and invoicing services for Immuron's products for $70,000 per annum. These fees will be payable in new fully paid ordinary shares in Immuron Limited at a set price of $0.16 per share representing Immuron Limited's share price at the commencement of the agreement. The shares to be issued to Grandlodge, or its associated entities, as compensation in lieu of cash payment for the services rendered under this agreement have been subject to the approval of Immuron shareholders at Company shareholder meetings held over the past 18 months. Grandlodge will also be reimbursed in cash for all reasonable costs and expenses incurred in accordance with their scope of works under the agreement, unless both parties agree to an alternative method of payment. The agreement is cancellable by either party upon providing the other party with 30 days written notice of the termination of the agreement. | ||||||||
| Service fees paid to Grandlodge Pty Ltd during the year through the issue of equity: | $ | 70,000 | $ | 140,000 | ||||
| Total paid by the Company to Grandlodge Pty Ltd during the year: | $ | 70,000 | $ | Nil | ||||
| At the period end the Company owed Grandlodge Pty Ltd: | $ | Nil | $ | Nil |
The Company derives the following types of revenue:
| Consolidated entity (unaudited) | ||||||||
| 31 December | 31 December | |||||||
| 2018 | 2017 | |||||||
| $ | $ | |||||||
| Revenue from operating activities | ||||||||
| Sales of good | 1,083,805 | 1,010,919 | ||||||
| Less: discounts and rebates | (105,572 | ) | (91,781 | ) | ||||
| Total revenue from operating activities | 978,233 | 919,138 | ||||||
| Other income | ||||||||
| Interest on financial assets held as investments | 39 | 43 | ||||||
| Other items | 231 | 207 | ||||||
| R&D tax concession refund | 310,166 | 1,386,789 | ||||||
| Total other income | 310,436 | 1,387,039 |
Notes to the condensed consolidated financial statements
| Consolidated entity | ||||||||
| 31 December | 30 June | |||||||
| 2018 (unaudited) | 2018 | |||||||
| $ | $ | |||||||
| Raw materials - Colostrum | 294,769 | 198,585 | ||||||
| Work in progress | - | 33,625 | ||||||
| Finished goods - Travelan and Protectyn | 235,726 | 265,692 | ||||||
| Total of inventories classified under current asset | 530,495 | 497,902 |
| Consolidated entity | ||||||||
| 31 December | 30 June | |||||||
| 2018 (unaudited) | 2018 | |||||||
| $ | $ | |||||||
| Colostrum Inventory - Non Current | 2,075,683 | 2,171,867 | ||||||
| Total of inventories classified under non-current asset | 2,075,683 | 2,171,867 |
was no impairment of inventories recognised during financial year 2018 (2017: $163,600 for stock obsolescence in the Statement
of Profit or Loss and Other Comprehensive Income.
the current financial period, management have performed an assessment on its raw materials and its utilisation within 12 months
from reporting date and have determined $294,769 of raw materials relating to Colostrum will be consumed within 12 months and
remaining balance of $2,075,683 will be consumed after 12 months from reporting date.
| Consolidated entity | ||||||||
| (unaudited) | ||||||||
| 31 December | 31 December | |||||||
| 2018 | 2017 | |||||||
| Cents | Cents | |||||||
| From continuing operations attributable to the ordinary equity holders of the company | (1.2 | ) | (1.5 | ) |
| Consolidated entity (unaudited) | ||||||||
| 31 December | 31 December | |||||||
| 2018 | 2017 | |||||||
| $ | $ | |||||||
| Basic/diluted loss per share | ||||||||
| Loss attributable to the ordinary equity holders of the Company used in calculating basic/diluted earnings per share: | ||||||||
| From continuing operations | (1,581,899 | ) | (1,891,944 | ) |
Notes to the condensed consolidated financial statements
| Consolidated entity (unaudited) | ||||||
| 2018 | 2017 | |||||
| Number | Number | |||||
| Weighted average number of ordinary shares used as the denominator in calculating basic/diluted loss per share | 136,365,586 | 130,086,505 |
Company is currently in a loss making position and thus the impact of any potential shares is concluded as anti-dilutive which
includes the Company's options and Convertible Note payable and warrants. Treasury shares are excluded from the calculation of
weighted average number of ordinary shares.
condensed consolidated interim financial report for the half-year reporting period ended 31 December 2018 have been prepared in
accordance with Accounting Standard AASB 134 Interim Financial Reporting.
interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report
is to be read in conjunction with the annual report for the year ended 30 June 2018 and any public announcements made by Immuron.
accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period
and the adoption of the new and amended standards as set out below.
consolidated financial statements of Immuron Limited also comply with International Financial Reporting Standards (IFRS) as issued
by the International Accounting Standards Board (IASB).
number of new or amended standards became applicable for the current reporting period and the Company had to change its accounting
policies and applying the modified retrospective method where required as a result of adopting the following standards:
impact of the adoption of these standards and the new accounting policies are disclosed in note below. The other standards did
not have any impact on the Company's accounting policies and did not require retrospective adjustments.
9 Financial Instruments replaces AASB 139 Financial Instruments: recognition and measurement requirements. It makes major changes
to the previous guidance on the classification and measurement of financial assets and introduces an expected credit loss' model
for impairment of financial assets.
this represents significant new guidance, the implementation of the new guidance did not have a material impact on trade receivables.
As such, the Company has elected not to restate prior periods and have not recognised differences in opening retained earnings
Company has adopted AASB 15 Revenue from Contracts with Customers from 1 July 2018 which did not result in changes in the
accounting policies and adjustments to the amounts recognised in the financial statements.