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Immuron Limited Appendix 4E 30 June 2021 Immuron Limited Appendix 4E Preliminary Final Report Year ended 30 June 2021 Name of entity: Immuron Limited ABN: Year ended: Previous period: 80 063 114 045 30 June 2021 30 June

Tuesday, August 31, 2021 5 min read
Key Takeaway: Immuron Limited Appendix 4E Preliminary Final Report Year ended 30 June 2021 Name of entity: Immuron Limited ABN: Year ended: Previous period: 80 063 114 045 30 June 2021 30 June 2020 Results for announcement to the market $ Revenue from ordinary activities Do

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Immuron Limited Appendix 4E Preliminary Final Report Year ended 30 June 2021
Name of entity: Immuron Limited
ABN: Year ended: Previous period: 80 063 114 045 30 June 2021 30 June 2020
Results for announcement to the market
$
Revenue from ordinary activities Down (94.2)% to 145,776
Loss from ordinary activities after tax attributable to members Up 186.4% to (8,384,465 )
Net loss for the period attributable to members Up 186.4% to (8,384,465 )
dividends have been paid or declared by the company for the current financial year. No dividends were paid for the previous financial
reported after tax loss of $8,384,465 is after fully expensing the company's research and development expenditure of $1,367,054
incurred during the year.
company has engaged a specialised R&D Tax consultant to review the research and development expenses of the company for the financial
year 2021, to ensure the maximum rebate is received under the Australian Government's R&D Tax Incentive program.
gross revenue from contracts with customers for the year was $145,776, which is a decrease of 94.2% from the prior financial year (2020:
$2,518,566), due to the ongoing Coronavirus (COVID-19) pandemic.
at 30 June 2021 the company's cash position was $25,047,281 (30 June 2020: $3,250,468). The company had trade and other receivables
of $334,707 (30 June 2020: $327,689). This receivables amount includes future receivables from the Australian Government under the R&D
Tax Incentive program mentioned above.
July 2020, the company completed a capital raise of US$20m (gross proceeds before costs).
appendix 4E financial report follows, with the further details to be included in the audited financial statements to be released by 30
2021 2020
Cents Cents
Net tangible asset backing (per security) 11.39 3.17
in controlled entities
have been no changes in controlled entities during the year ended 30 June 2021.
information required by Listing Rule 4.3A
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: N/A
d. Other information N/A
financial statements are currently in the process of being audited. An audited financial statements along with the independent auditor
report for the year end 30 June 2021 will be provided in the due course.
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
Secretary Mr Phillip Hains
Registered office Level 3, 62 Lygon Street Carlton VIC 3053 Australia
Telephone: +61 (0)3 9824 5254
Facsimile: +61 (0)3 9822 7735
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 register Automic Pty Ltd
Level 5, 126 Phillip Street
Sydney NSW 2000 Australia
Telephone: +61 (0)2 9698 5414
Bank of New York 225 Liberty Street New York NY 102286 United States
Telephone: +1 212 495 1784
Auditor Grant Thornton Audit Pty Ltd
Collins Square
Tower 5, 727 Collins Street
Melbourne VIC 3008 Australia
Telephone: +61 (0)3 8320 2222
Solicitors Francis Abourizk Lightowlers (FAL)
Level 14, 144 William Street
Melbourne VIC 3000 Australia
Telephone: +61 (0)3 9642 2252
Sichenzia Ross Ference LLP 1185 Avenue of the America's New York NY 10036
United States
Telephone: +1 212 930 9700
Bankers National Australia Bank
330 Collins Street
Melbourne VIC 3000 Australia
Stock exchange listings Immuron Limited shares are listed on the Australian Securities Exchange (ASX: IMC) and the National Association of Securities Dealers Automated Quotations (NASDAQ: IMRN).
Our American Depositary Shares (each, an "ADS" and, collectively the "ADSs") and warrants (each, a "Warrant" and collectively, the "Warrants") are listed on NASDAQ under the symbols "IMRN" and "IMRNW", respectively. Each ADS represents 40 of our ordinary shares (IMC), no par value.
Website www.immuron.com.au
Final Report - 30 June 2021
Financial statements
Consolidated statement of profit or loss and other comprehensive income 4
Consolidated balance sheet 5
Consolidated statement of changes in equity 6
Consolidated statement of cash flows (direct method) 7
Notes to the financial statements 8
financial statements are consolidated financial statements for the group consisting of Immuron Limited and its subsidiaries. A list of
major subsidiaries is included in note 12.
financial statements are presented in the Australian currency.
Limited is a company limited by shares, incorporated and domiciled in Australia.
registered office is:
principal place of business is:
10, 25-37 Chapman Street
statement of profit or loss and other comprehensive income
the year ended 30 June 2021
Notes 2021 2020
$ $
Revenue from contracts with customers 2 145,776 2,518,566
Cost of sales of goods (51,071 ) (688,836 )
Gross profit 94,705 1,829,730
Other income 3(a) 617,110 473,674
Other (losses)/gains - net 3(b) (1,342,293 ) 11,335
General and administrative expenses 3(c) (3,978,679 ) (3,703,990 )
Share-based payment expenses 16(b) (2,116,013 ) 533,912
Research and development expenses 3(c) (1,367,054 ) (1,178,685 )
Selling and marketing expenses 3(c) (287,684 ) (871,551 )
Operating loss (8,379,908 ) (2,905,575 )
Finance income 9,204 -
Finance expenses (13,761 ) (21,631 )
Finance costs - net (4,557 ) (21,631 )
Loss before income tax (8,384,465 ) (2,927,206 )
Income tax expense 4 - -
Loss for the period (8,384,465 ) (2,927,206 )
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations 7(b) (14,953 ) 102,938
Total comprehensive loss for the period (8,399,418 ) (2,824,268 )
Cents Cents
Loss per share for loss attributable to the ordinary equity holders of the company:
Basic and diluted loss per share 18 (3.79 ) (1.66 )
above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
Notes 2021 2020
$ $
ASSETS
Current assets
Cash and cash equivalents 5(a) 25,047,281 3,250,468
Trade and other receivables 5(b) 334,707 327,689
Inventories 6(b) 292,532 797,690
Other current assets 78,258 33,194
Total current assets 25,752,778 4,409,041
Property, plant and equipment 6(a) 33,741 70,773
Inventories 6(b) 1,266,587 1,722,349
Total non-current assets 1,300,328 1,793,122
Total assets 27,053,106 6,202,163
LIABILITIES
Current liabilities
Trade and other payables 5(c) 758,494 384,397
Provision for sales returns 5(d) 213,024 -
Employee benefit obligations 6(c) 129,837 89,838
Other current liabilities 6(d) 20,498 42,176
Total current liabilities 1,121,853 516,411
Non-current liabilities
Employee benefit obligations 6(c) 36,196 22,910
Other non-current liabilities 6(d) - 18,929
Total non-current liabilities 36,196 41,839
Total liabilities 1,158,049 558,250
Net assets 25,895,057 5,643,913
EQUITY
Share capital 7(a) 88,361,303 62,426,991
Other reserves 7(b) 3,466,642 1,133,345
Accumulated losses (65,932,888 ) (57,916,423 )
Total equity 25,895,057 5,643,913
consolidated balance sheet should be read in conjunction with the accompanying notes.
statement of changes in equity
the year ended 30 June 2021
Attributable to owners of
Immuron Limited
Notes Share capital Other reserves Accumulated losses Total equity
$ $ $ $
Balance at 1 July 2020 62,426,991 1,133,345 (57,916,423 ) 5,643,913
Loss for the period - - (8,384,465 ) (8,384,465 )
Other comprehensive income - (14,953 ) - (14,953 )
Total comprehensive loss for the period - (14,953 ) (8,384,465 ) (8,399,418 )
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax 7(a) 24,386,005 - - 24,386,005
Options and warrants issued/expensed 7(b) - 3,003,060 - 3,003,060
Options and warrants exercised 7(b) 1,329,307 (213,722 ) - 1,115,585
Options and warrants forfeited/lapsed 7(b) - (368,000 ) 368,000 -
Shares issued to directors 7(b) 219,000 - - 219,000
Share-based payment expenses 7(b) - (73,088 ) - (73,088 )
25,934,312 2,348,250 368,000 28,650,562
Balance at 30 June 2021 88,361,303 3,466,642 (65,932,888 ) 25,895,057
Attributable to owners of
Immuron Limited
Notes Share capital Other reserves Accumulated losses Total equity
$ $ $ $
Balance at 1 July 2019 60,289,875 4,300,319 (57,239,058 ) 7,351,136
Change in accounting policy - - (1,479 ) (1,479 )
Restated total equity at the beginning of the financial year 60,289,875 4,300,319 (57,240,537 ) 7,349,657
Loss for the period - - (2,927,206 ) (2,927,206 )
Other comprehensive income - 102,938 - 102,938
Total comprehensive income/(loss) for the period - 102,938 (2,927,206 ) (2,824,268 )
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs and tax 7(a) 1,652,436 - - 1,652,436
Options and warrants issued/expensed 7(b) 484,680 (484,680 ) - -
Options and warrants forfeited/lapsed 7(b) - (2,251,320 ) 2,251,320 -
Re-valuation of options issued in prior period 7(b) - (607,000 ) - (607,000 )
Share-based payment expenses 7(b) - 73,088 - 73,088
2,137,116 (3,269,912 ) 2,251,320 1,118,524
Balance at 30 June 2020 62,426,991 1,133,345 (57,916,423 ) 5,643,913
above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
statement of cash flows
the year ended 30 June 2021
Notes 2021 2020
$ $
Cash flows from operating activities
Receipts from customers (inclusive of GST) 192,185 2,914,614
Payments to suppliers and employees (inclusive of GST) (4,865,633 ) (6,748,674 )
Research and development tax incentive received 358,280 531,828
Government grants and other grants received 236,421 154,904
Net cash (outflow) from operating activities 8(a) (4,078,747 ) (3,147,328 )
Cash flows from investing activities
Payments for property, plant and equipment 6(a) (6,630 ) (864 )
Interest received 9,204 -
Net cash inflow (outflow) from investing activities 2,574 (864 )
Cash flows from financing activities
Proceeds from issues of shares 29,281,421 1,957,164
Share issue transaction costs (2,746,871 ) (374,728 )
Proceeds from borrowings 212,794 -
Repayment of borrowings (212,794 ) (366,655 )
Principal elements of lease payments (40,607 ) (41,390 )
Interest paid (13,761 ) (17,439 )
Net cash inflow from financing activities 26,480,182 1,156,952
Net increase (decrease) in cash and cash equivalents 22,404,009 (1,991,240 )
Cash and cash equivalents at the beginning of the financial year 3,250,468 5,119,887
Effects of exchange rate changes on cash and cash equivalents (607,196 ) 121,821
Cash and cash equivalents at end of year 5(a) 25,047,281 3,250,468
above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
to the financial statements
of the notes to the financial statements
Page
1 Segment information 9
2 Revenue from contract with customers 10
3 Other income and expense items 11
4 Income tax expense 13
5 Financial assets and financial liabilities 13
6 Non-financial assets and liabilities 15
7 Equity 20
8 Cash flow information 23
9 Critical estimates, judgements and errors 24
10 Financial risk management 24
11 Capital management 27
12 Interests in other entities 27
13 Contingent liabilities 27
14 Events occurring after the reporting period 27
15 Related party transactions 28
16 Share-based payments 28
17 Remuneration of auditors 30
18 Loss per share 31
19 Parent entity financial information 31
20 Summary of significant accounting policies 34
to the financial statements
group 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.
considers the business from both a product and a geographic perspective and has identified two reportable segments:
and development (R&D): income and expenses directly attributable to the group's R&D projects performed in Australia,
Israel and United States.
products: income and expenses directly attributable to Travelan and Protectyn activities which occur predominantly in Australia,
the United States and Canada.
segment information for the reportable segments for the year ended 30 June 2021 is as follows:
2021 Research and development Hyperimmune products Unallocated Total
$ $ $ $
Hyperimmune products revenue - 145,776 - 145,776
Cost of sales of goods - (51,071 ) - (51,071 )
Gross profit - 94,705 - 94,705
Other income 431,030 24,480 161,600 617,110
Other gains/(losses) - net - (759,765 ) (582,528 ) (1,342,293 )
General and administrative expenses - - (3,978,679 ) (3,978,679 )
Share-based payment expenses - - (2,116,013 ) (2,116,013 )
Research and development expenses (1,367,054 ) - - (1,367,054 )
Selling and marketing expenses - (287,684 ) - (287,684 )
Operating profit/(loss) (936,024 ) (928,264 ) (6,515,620 ) (8,379,908 )
Finance income - - 9,204 9,204
Finance costs - - (13,761 ) (13,761 )
Income tax expense - - - -
Profit/(loss) for the year (936,024 ) (928,264 ) (6,520,177 ) (8,384,465 )
Assets
Segment assets 306,154 1,587,672 25,159,280 27,053,106
Total assets 306,154 1,587,672 25,159,280 27,053,106
Liabilities
Segment liabilities 243,565 284,657 629,827 1,158,049
Total liabilities 243,565 284,657 629,827 1,158,049
to the financial statements
segment information for the reportable segments for the year ended 30 June 2020 is as follows:
2020 Research and development Hyperimmune products Unallocated Total
$ $ $ $
Hyperimmune products revenue - 2,518,566 - 2,518,566
Cost of sales of goods - (688,836 ) - (688,836 )
Gross profit - 1,829,730 - 1,829,730
Other income 308,225 10,545 154,904 473,674
Other gains/(losses) - net - - 11,335 11,335
General and administrative expenses - - (3,170,078 ) (3,170,078 )
Research and development expenses (1,178,685 ) - - (1,178,685 )
Selling and marketing expenses - (871,551 ) - (871,551 )
Operating profit/(loss) (870,460 ) 968,724 (3,003,839 ) (2,905,575 )
Finance costs - - (21,631 ) (21,631 )
Profit/(loss) for the year (870,460 ) 968,724 (3,025,470 ) (2,927,206 )
Assets
Segment assets 308,225 2,539,503 3,354,435 6,202,163
Total assets 308,225 2,539,503 3,354,435 6,202,163
Liabilities
Segment liabilities 101,092 30,377 426,781 558,250
Total liabilities 101,092 30,377 426,781 558,250
group derives revenue from the transfer of hyperimmune products at a point in time in the following major product lines and geographical
2021 Australia Travelan United States Other Protectyn Australia Total
$ $ $ $ $
Hyperimmune products revenue 1 (10,308 ) 4,264 101,639 50,181 145,776
Revenue from external customers (10,308 ) 4,264 101,639 50,181 145,776
Travelan United Protectyn
2020 Australia States Other Australia Total
$ $ $ $ $
Hyperimmune products revenue 1,240,393 926,325 301,915 49,933 2,518,566
Revenue from external customers 1,240,393 926,325 301,915 49,933 2,518,566
to the financial statements
group had the following major customers in the hyperimmune product segment with revenues amounting to 10 percent or more of total group
2021 2020
$ $
Customer A 41,040 -
Customer B 27,563 -
Customer C 25,319 -
Customer D 23,214 462,490
Customer E 22,886 -
Customer F - 442,916
Customer G - 438,065
Customer H - 327,559
Customer I - 227,952
140,022 1,898,982
arises mainly from the sale of products in the hyperimmune category. To determine whether to recognise revenue, the group follows the
process of identifying the contract with a customer, identifying the performance obligations, determining the transaction price, allocating
the transaction price to the performance obligations and recognising revenue when performance obligations are satisfied.
from the sale of hyperimmune products is recognised when or as the group transfers control of the assets to the customer.
is no variable consideration or significant cost to obtain the contract. There is no warranties and no refunds. Returns are provided
where this is outlined in a customer agreement.
2021 2020
$ $
Research and development tax incentive 356,209 308,225
COVID-19 government assistance 161,600 154,904
R&D grants 74,821 -
Other income 24,480 10,545
617,110 473,674
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 2021, the group has included an item in other income of $306,154 (2020: $308,225) to recognise
income over the period necessary to match the R&D tax incentive on a systematic basis with the costs that they are intended to compensate.
Furthermore, the group subsequently received additional $50,055 in current financial year as part of the R&D claim for financial
year ended 30 June 2020.
to the financial statements
group's other grant income is recognised when compliance with the conditions attached to the grant have been determined and the
group has ascertained the grant will be received.
the year ended 30 June 2021, the group has recognised $161,600 (2020: $154,904) in the COVID-19 government assistance packages and a
$74,821 (2020: Nil) R&D grant from the Henry M Jackson Foundation.
2021 2020
$ $
Net foreign exchange (losses)/gains (582,528 ) 11,335
Net impairment (losses)/gains (i) (759,765 ) -
(1,342,293 ) 11,335
impairment losses comprises a $328,833 (2020: Nil) finished goods impairment and a $430,932 (2020: Nil) raw materials impairment of inventories
recognised during year ended 30 June 2021 for inventory obsolescence.
Notes 2021 2020
General and administrative expenses $ $
Accounting and audit 547,055 389,798
Bad debts 5,472 26,983
Consulting 126,215 181,474
Depreciation 43,662 44,056
Employee benefits 1,775,809 1,531,037
Expected credit losses 10(b)(iii) (30,055 ) (3,991 )
Insurance 341,202 469,844
Investor relations 38,568 197,839
Legal 205,722 184,382
Listing and share registry 292,113 212,236
Occupancy - 51,973
Superannuation 41,964 48,877
Travel and entertainment 1,398 91,347
Other 589,554 278,135
3,978,679 3,703,990
Research and development expenses
Consulting 1,006,086 262,720
Project research and development 360,968 915,965
1,367,054 1,178,685
Selling and marketing expenses
Selling 25,858 340,046
Marketing 90,652 295,261
Distribution costs 171,174 236,244
287,684 871,551
to the financial statements
2021 2020
$ $
Loss from continuing operations before income tax expense (8,384,465 ) (2,927,206 )
Tax at the Australian tax rate of 26% (2020: 27.5%) (2,179,961 ) (804,982 )
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
R&D tax incentive (92,614 ) (84,762 )
Accounting expenditure subject to R&D tax incentive 212,907 194,855
Share-based payments 550,163 (146,826 )
Net impact of other amounts not deductible (taxable) 428,003 (18,678 )
Subtotal (1,081,502 ) (860,393 )
Tax losses and other timing differences for which no deferred tax asset is recognised 1,081,502 860,393
Income tax expense - -
2021 2020
$ $
Unused tax losses for which no deferred tax asset has been recognised 44,178,579 40,018,956
Potential tax benefit @ 26% (2020: 27.5%) 11,486,431 11,005,213
2021 2020
$ $
Current assets
Cash at bank and in hand 25,047,281 3,250,468
The above figures reconcile to the amount
of cash shown in the consolidated statement of cash flows at the end of the financial year as follows:
2021 2020
$ $
Balances as above 25,047,281 3,250,468
Balances per statement of cash flows 25,047,281 3,250,468
to the financial statements
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Last updated: Aug 31, 2021