Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ALTERITY THERAPEUTICS LTD |
Entity Central Index Key | 0001131343 |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --06-30 |
Document Type | 20-F |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,037,358,032 |
Entity File Number | 000-49843 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | C3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 9,196,892 | $ 14,399,904 |
Trade and other receivables | 61,321 | 4,829,497 |
Other current assets | 578,136 | 631,769 |
Total Current Assets | 9,836,349 | 19,861,170 |
Non-Current Assets | ||
Property and equipment, net of accumulated depreciation of A$355,955 and A$329,824 respectively | 39,503 | 48,748 |
Right-of-use assets net of accumulated depreciation of A$215,875 | 31,866 | |
Total Non-Current Assets | 71,369 | 48,748 |
Total Assets | 9,907,718 | 19,909,918 |
Current Liabilities | ||
Trade and other payables | 2,069,604 | 2,718,174 |
Provisions | 612,039 | 601,995 |
Lease liabilities | 32,879 | |
Total Current Liabilities | 2,714,522 | 3,320,169 |
Non-Current Liabilities | ||
Provisions | 41,514 | 34,976 |
Lease liabilities | 868 | |
Total Non-Current Liabilities | 42,382 | 34,976 |
Total Liabilities | 2,756,904 | 3,355,145 |
Net Assets | 7,150,814 | 16,554,773 |
Equity | ||
Issued capital 2020: 1,037,358,032 fully paid ordinary shares Nil options over fully paid ordinary shares 2019: 860,837,432 fully paid ordinary shares Nil options over fully paid ordinary shares | 160,703,754 | 156,632,636 |
Reserves | 866,121 | 1,158,975 |
Accumulated deficit during the development stage | (154,419,061) | (141,236,838) |
Total Equity | $ 7,150,814 | $ 16,554,773 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Statement of financial position [abstract] | ||
Accumulated depreciation of property and equipment | $ 355,955 | $ 329,824 |
Accumulated depreciation of right use of assets | $ 215,875 | |
Number of shares issued | 1,037,358,032 | 860,837,432 |
Number of ordinary shares issued |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Loss - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of profit or loss and other comprehensive income [abstract] | |||
Interest income | $ 17,117 | $ 108,538 | $ 201,174 |
Other income | 122,729 | 4,951,167 | 3,125,775 |
Intellectual property expenses | (352,922) | (322,097) | (224,580) |
General and administration expenses | (3,446,139) | (4,308,352) | (4,341,058) |
Research and development expenses | (10,098,439) | (12,983,185) | (6,698,016) |
Other operating expenses | (44,217) | (132,965) | (58,172) |
Other gains and losses | 333,055 | 349,064 | (270,860) |
Forfeited options from reserves | 12,016 | ||
Loss before income tax expense | (13,456,800) | (12,337,830) | (8,265,737) |
Income tax expense | |||
Loss for the year | (13,456,800) | (12,337,830) | (8,265,737) |
Other comprehensive loss | |||
Total comprehensive loss for the year | $ (13,456,800) | $ (12,337,830) | $ (8,265,737) |
Loss per share (basic and diluted - cents per share) | $ (1.5) | $ (2) | $ (1.55) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per share | 894,872,224 | 615,772,236 | 533,891,470 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | |||
Payments to suppliers and employees | $ (14,363,974) | $ (17,325,579) | $ (9,466,459) |
Interest received | 19,162 | 119,089 | 198,598 |
R&D tax refund | 4,824,880 | 3,251,672 | 3,022,673 |
Interest paid | (3,878) | ||
COVID-19 government relief | 92,688 | ||
Net cash flows used in operating activities | (9,431,122) | (13,954,818) | (6,245,188) |
Cash Flows from Investing Activities | |||
Payment for payroll and rental security deposits | 43,988 | ||
Payments for purchase of plant and equipment | (16,744) | (7,022) | (62,405) |
Net cash flows used in investing activities | (16,744) | (7,022) | (18,417) |
Cash Flows from Financing Activities | |||
Proceeds from issue of securities and other equity securities | 4,363,886 | 13,084,629 | |
Payment of share issue costs | (292,768) | (362,320) | (107,678) |
Principle elements of lease payments | (89,241) | ||
Net cash flows generated from/(used in) financing activities | 3,981,877 | 12,722,309 | (107,678) |
Net (decrease) in cash and cash equivalents | (5,465,989) | (1,239,531) | (6,371,283) |
Opening cash and cash equivalents brought forward | 14,399,904 | 15,235,556 | 21,884,957 |
Exchange rate adjustments on cash and cash equivalents held in foreign currencies | 262,977 | 403,879 | (278,118) |
Closing cash and cash equivalents carried forward | $ 9,196,892 | $ 14,399,904 | $ 15,235,556 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - AUD ($) | Issued Capital | Reserves | Accumulated Deficit During Development Stage | Total |
Balance at Jun. 30, 2017 | $ 144,018,006 | $ 2,320,480 | $ (122,648,452) | $ 23,690,034 |
Balance (in shares) at Jun. 30, 2017 | 533,891,470 | |||
Transactions with owners in their capacity as owners: | ||||
Issuance of shares in connection with At-The-Market facility, net of costs | ||||
Issuance of shares in connection with At-The-Market facility, net of costs, (in shares) | ||||
Issuance of shares in connection with share purchase plan, net of costs | ||||
Issuance of shares in connection with share purchase plan, net of costs, (in shares) | ||||
Non-cash issuance of options to employees | $ 764,538 | $ 764,538 | ||
Non-cash issuance of options to consultants | ||||
Issuance of shares in connection with exercise of options, net of costs | ||||
Issuance of shares in connection with exercise of options, net of costs, (in shares) | ||||
Transaction costs from issuance of shares | $ (107,678) | $ (107,678) | ||
Transaction costs from issuance of shares, (in shares) | ||||
Expired options | $ (1,331,064) | $ 1,331,064 | ||
Total transactions with owners in their capacity as owners | $ (107,678) | $ (566,526) | $ 1,331,064 | $ 656,860 |
Total transactions with owners in their capacity as owners, shares | ||||
Net loss | $ (8,265,737) | $ (8,265,737) | ||
Total comprehensive loss for the year | (8,265,737) | (8,265,737) | ||
Balance at Jun. 30, 2018 | $ 143,910,328 | 1,753,954 | (129,583,125) | 16,081,157 |
Balance (in shares) at Jun. 30, 2018 | 533,891,470 | |||
Transactions with owners in their capacity as owners: | ||||
Issuance of shares | $ 13,084,629 | $ 13,084,629 | ||
Issuance of shares, (in shares) | 326,945,962 | |||
Issuance of shares in connection with share purchase plan, net of costs | ||||
Issuance of shares in connection with share purchase plan, net of costs, (in shares) | ||||
Non-cash issuance of options to employees | $ 89,138 | $ 89,138 | ||
Non-cash issuance of options to consultants | ||||
Issuance of shares in connection with exercise of options, net of costs | ||||
Issuance of shares in connection with exercise of options, net of costs, (in shares) | ||||
Transaction costs from issuance of shares | $ (362,321) | $ (362,321) | ||
Transaction costs from issuance of shares, (in shares) | ||||
Expired options | $ (684,117) | $ 684,117 | ||
Total transactions with owners in their capacity as owners | $ 12,722,308 | $ (594,979) | $ 684,117 | $ 12,811,446 |
Total transactions with owners in their capacity as owners, shares | 326,945,962 | |||
Net loss | $ (12,337,830) | $ (12,337,830) | ||
Total comprehensive loss for the year | (12,337,830) | (12,337,830) | ||
Balance at Jun. 30, 2019 | $ 156,632,636 | 1,158,975 | (141,236,838) | 16,554,773 |
Balance (in shares) at Jun. 30, 2019 | 860,837,432 | |||
Transactions with owners in their capacity as owners: | ||||
Initial adoption of IFRS 16 | (6,261) | (6,261) | ||
Restated total equity at 1 July 2019 | $ 156,632,636 | $ 1,158,975 | $ (141,243,099) | $ 16,548,512 |
Restated total equity at 1 July 2019, shares | 860,837,432 | |||
Issuance of shares | $ 4,363,886 | $ 4,363,886 | ||
Issuance of shares, (in shares) | 176,520,600 | |||
Issuance of shares in connection with share purchase plan, net of costs | ||||
Issuance of shares in connection with share purchase plan, net of costs, (in shares) | ||||
Non-cash issuance of options to employees | ||||
Non-cash issuance of options to consultants | ||||
Issuance of shares in connection with exercise of options, net of costs | ||||
Issuance of shares in connection with exercise of options, net of costs, (in shares) | ||||
Transaction costs from issuance of shares | $ (292,768) | $ (292,768) | ||
Transaction costs from issuance of shares, (in shares) | ||||
Expired options | $ (280,838) | $ 280,838 | ||
Forfeited options reversed to profit or loss | (12,016) | (12,016) | ||
Total transactions with owners in their capacity as owners | $ 4,071,118 | (292,854) | 280,838 | 4,059,102 |
Total transactions with owners in their capacity as owners, shares | 176,520,600 | |||
Net loss | (13,456,800) | (13,456,800) | ||
Total comprehensive loss for the year | (13,456,800) | (13,456,800) | ||
Balance at Jun. 30, 2020 | $ 160,703,754 | $ 866,121 | $ (154,419,061) | $ 7,150,814 |
Balance (in shares) at Jun. 30, 2020 | 1,037,358,032 |
Background and Summary of Signi
Background and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of background and significant accounting policies [abstract] | |
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Background Alterity Therapeutics Limited and its controlled subsidiaries, Alterity Therapeutics Inc. and Alterity Therapeutics UK Limited (referred to collectively as "Alterity" or the "Company"), is a development stage enterprise engaged in the research and development of therapeutic drugs designed to treat the underlying cause of degeneration of the brain focusing on Alzheimer's disease, Huntington disease, Parkinson's disease and other neurological disorders. Alterity Therapeutics Limited, the parent entity, was incorporated on November 11, 1997 in Melbourne, Australia and the UK and U.S. subsidiaries were incorporated in August 2004. Financial Reporting Framework The financial report of Alterity Therapeutics Limited for the year ended June 30, 2020 was authorized for issue on September 15, 2020. Alterity Therapeutics Limited is a for-profit entity for the purpose of preparing the financial statements. The consolidated financial statements of the Company comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (IASB). These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial liabilities at fair value through profit or losses. Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. The accounting policies set out below have been applied in preparing the financial statements for the year ended June 30, 2020 and the comparative information presented in these financial statements for the years ended June 30, 2019 and 2018. Critical accounting estimates, judgments and assumptions Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Share-based Payments The value attributed to share options and remuneration shares issued is an estimate calculated using an appropriate mathematical formula based on an option pricing model. The choice of models and the resultant option value require assumptions to be made in relation to the likelihood and timing of the conversion of the options to shares and the value and volatility of the price of the underlying shares. R&D Tax Incentives The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011 July 1, 2011 On December 5, 2019, the Treasury Laws Amendment (R&D Tax Incentive Bill 2019) was introduced into Parliament. The draft bill contains proposed amendments to the R&D tax incentive regulations. Under the proposed amendments, the refundable tax offset rate for companies with an aggregated turnover of less than $20 million would become 41% and the maximum refund would be capped at $4m (exclusive of expenditure incurred relating to clinical trial activities). As of June 30, 2020, the bill remains under review by the Senate Committee. Management does not consider the rate reduction or the refund cap to be substantially enacted as of June 30, 2020 due to the continued legislative debate in Parliament. Going Concern Basis The Group is a development stage medical biotechnology company and as such expects to be utilizing cash until its research activities have become marketable. The Group has incurred recurring losses since inception including a loss of $13,456,800 (2019: $12,337,830) and an operating cash outflow of $9,431,122 (2019: $13,954,818). The Group expects to continue incurring losses into the foreseeable future and will need to raise additional capital to continue the development of its planned research and development programs, and as a result, there is substantial doubt about the entity's ability to continue as a going concern for one year from the date of the issuance of its consolidated financial statements for the year ended June 30, 2020. The consolidated financial statements have been prepared assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of its liabilities in the normal course of business. The continuing viability of the Group is dependent on its ability to raise additional capital to finance the continuation of its planned research and development programs, maintaining implemented cost containment and deferment strategies, and successfully commercializing its initiatives. The directors intend to raise new equity funding within the next six months to enable progression of the Group's planned research and development programs, however there is uncertainty associated with our ability to execute raisings at the time and amount needed to meet the Group's requirements. The inability to obtain funding, as and when needed, would have a negative impact on the Group's financial condition and ability to pursue its business strategies. If the Group is unable to obtain the required funding to run its operations and to develop and commercialize its product candidates, the Group could be forced to delay, reduce or eliminate some or all of its research and development programs, which could adversely affect its business prospects. Management and the directors believe the Group will be successful in the above matters and accordingly have prepared the financial report on a going concern basis, notwithstanding there is a material uncertainty that may cast significant doubt on our ability to continue as a going concern and that the Group may be unable to realize its assets and liabilities in the normal course of business. References to matters that may cast significant doubt about the Group's ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board ("PCAOB") standards. Use of Estimates The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that COVID-19 could have on the Group's significant accounting estimates. The Group's future assessments of the impact of COVID-19 could result in material impacts to the Group's consolidated financial statements in future periods. However, COVID-19 has had limited effect thus far on the Group's operation. Development activities have continued with minimal disruption. Slowdown in collaborative research activities do not have a material impact on the Group's operations. Development Stage – Risks and Uncertainties As a development stage enterprise, the Company's prospects are subject to the risks, expenses and uncertainties frequently encountered by companies which have not yet commercialized any applications of their technology, particularly in new and evolving markets. Alterity's operating results may fluctuate significantly in the future as a result of a variety of factors, including capital expenditure and other costs relating to establishing, maintaining and expanding the operations, the number and mix of potential customers, potential pricing of future products by the Company and its competitors, new technology introduced by the Company and its competitors, delays or expense in obtaining necessary equipment, economic and social conditions in the biotechnology industry and general economic conditions. The Company cannot be certain that it will be able to raise any required funding or capital, on favorable terms or at all, or that it will be able to establish corporate collaborations on acceptable terms, if at all. If the Company is unable to obtain such additional funding or capital, it may be required to reduce the scope of its development plans. The Company's experience in exploiting its technology is limited and it cannot be certain that its operations will be profitable in the short-term, or at all. If the Company fails in its efforts to establish or expand its business, the results of operations, financial condition and liquidity of the Company could be materially adversely affected. The Company cannot be certain that it will be able to sell and deliver its technology or to obtain or retain any permits required in the market in which it operates. Any of these factors could result in the reduction or cessation of the Company's operations. Significant Accounting Policies Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. The following significant accounting policies have been adopted in the preparation and presentation of the financial report. (a) Principles of Consolidation The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the Company, being Alterity Therapeutics Limited and its subsidiaries as defined in Accounting Standard IFRS10: Consolidated Financial Statements Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholder of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. In preparing the consolidated financial statements, all inter-company balances and transactions, and unrealized profits/losses arising within the Company are eliminated in full. Investments in subsidiaries are accounted for at cost in the individual financial statements of Alterity Therapeutics Limited. (b) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Alterity Therapeutics Limited. For the current and previous reporting periods, the Group operated in one segment, being research into Parkinsonian and other neurodegenerative disorders. (c) Income Tax Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognized as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax assets and liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. However, deferred tax assets and liabilities are not recognized if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit or loss. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with these investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset when the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Current and deferred tax for the period Current and deferred tax is recognized as an expense or income in the Statement of Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognized directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill. The Company has significant unused tax losses and as such a significant deferred tax asset; however, the deferred tax asset has not been recognized, as it is not probable that future taxable profit will be available against which the unused losses and unused tax credits can be utilized, given the nature of the Company's business (research and development) and its history of losses. (d) Property and Equipment Property and equipment is measured at historical cost less accumulated depreciation and impairment and consists of laboratory equipment, computer equipment, furniture and fittings and leasehold improvements attributable to the Company's premises at Melbourne, Victoria, Australia and San Francisco, USA. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the income statement during the reporting period in which they are incurred. Depreciation Depreciation is provided on property and equipment. Depreciation is calculated on a straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The following estimated useful lives, ranging from 3 to 20 years are used in the calculation of depreciation: Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33% Computer equipment 33% Plant and equipment 10-33% Leasehold improvements 33% Leasehold improvements are depreciated over the shorter of the lease term and useful life. The depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at each annual reporting period. (e) Leases The accounting policies for the Group's lease recognition are explained in note 13. (f) Investments and other financial assets Classification From July 1, 2018, the Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group's right to receive payments is established. Impairment From July 1, 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 10(b) for further details. Prior Period Accounting Policy For fiscal year 2018, loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Loans and receivables are included in trade and other receivables in the balance sheet. Trade receivables, loans, and other receivables are recorded at amortized cost less impairment. (g) Impairment of Assets At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is reversed to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income immediately. No impairment charges were incurred during the three years ended June 30, 2020, 2019 and 2018. (h) Intangible Assets - Research and Development Expenditure during the research phase of a project is recognized as an expense when incurred. Where no internally generated intangible assets can be recognized, development expenditure is recognized as an expense in the period as incurred. Development costs are capitalized if and only if, all of the following are 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. Internally-generated intangible assets (capitalized development costs) are stated at cost less accumulated amortization and impairment, and are amortized on a straight-line basis over their useful lives over a maximum of five years. As of June 30, 2020, 2019 and 2018, Alterity had no capitalized research and development costs. (i) Foreign Currency Transactions and Balances Functional and Presentation Currency Items included in the financial statements of each of the Company's entities are measured using Australian dollars, which is the currency of the primary economic environment in which the Company operates (the functional currency). The consolidated financial statements are presented in Australian dollars ($), which is Alterity Therapeutics Limited's functional and presentation currency. Foreign currency transactions All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at each reporting date are translated at the exchange rate existing at each reporting date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned or likely to occur, which form part of the net investment in a foreign operation, are recognized in the foreign currency translation reserve and recognized in profit or loss on disposal of the net investment. Group companies The results and financial position of all the Company's entities that have a functional currency difference from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, and ● income and expenses for each income statement are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and ● all resulting exchange differences are recognized as a separate component of equity. On consolidation, the assets and liabilities of the Company's overseas operations are translated at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are recognized in the foreign currency translation reserve, and recognized in profit or loss on disposal of the foreign operations.. (j) Employee Benefits Short-term obligations Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Company's obligations for short-term employee benefits such as wages and salaries are recognized as a part of current trade and other payables in the statement of financial position. The Company's obligations for annual leave are presented as part of provisions in the Statement of Financial Position. The obligations are presented as current liabilities in the Statement of Financial Position if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period regardless of when the actual settlement is expected to occur. Other long-term obligations The liability for long service leave is not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. The liability is therefore recognized in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. (k) Provisions Provisions are recognized when the Company has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably. (l) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. (m) Other income from ordinary activities Other income is recognized to the extent that it is probable that the economic benefits will flow to the entity and the interest can be reliably measured. Other income is made up of interest income which is recognized on a time proportion basis using the effective interest method. (n) Grants Grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is expected to compensate. (o) Goods and Services Tax ("GST") Revenues, expenses and assets are recognized net of the amount of GST, except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances the GST is recognized as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the Balance Sheet are shown 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 as operating cash flows. (p) Trade and Other Payables These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. (q) Share-Based Payments Equity-settled share-based payments granted after November 7, 2002 that were unvested as of January 1, 2005 are measured at fair value. The measurement date is determined for share-based payments issued to directors, employees and consultants as follows: Directors The issuance of share-based payments to directors is subject to approval by shareholders as per ASX Listing Rule 10.11. The measurement date for share-based payments issued to directors is the grant date, being the date at which the share-based payments are approved by shareholders. Employees The issuance of share-based payments to employees may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company's shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to employees is the grant date, being the date at which a shared understanding of the terms and conditions of the arrangement is reached. However, if an issuance to an employee is subject to shareholder approval because it exceeds |
Interest and Other Income from
Interest and Other Income from Continuing Operations | 12 Months Ended |
Jun. 30, 2020 | |
Interest and other income from continuing operations [abstract] | |
INTEREST AND OTHER INCOME FROM CONTINUING OPERATIONS | 2. INTEREST AND OTHER INCOME FROM CONTINUING OPERATIONS Years Ended June 30, 2020 2019 2018 Interest income Interest income 17,117 108,538 201,174 Total interest income 17,117 108,538 201,174 Other income R&D Tax Incentive (1) - 4,951,167 3,125,775 COVID-19 relief (2) 122,729 - - Total other income 122,729 4,951,167 3,125,775 Total interest and other income from continuing operations 139,846 5,059,705 3,326,949 (1) The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011 July 1, 2011 (2) The COVID-19 relief relates to government assistance received during the year, from the Australian Governments (at both federal and state level), in response to the economic and financial challenges in the current economy. This COVID-19 relief consists of the eligible cash flow boost grants and state level payroll tax refund and waivers. The Company has recognized this relief as part of government grants in line with IAS 20. |
Expenses from Ordinary Activiti
Expenses from Ordinary Activities | 12 Months Ended |
Jun. 30, 2020 | |
Expenses by nature [abstract] | |
EXPENSES FROM ORDINARY ACTIVITIES | 3. EXPENSES FROM ORDINARY ACTIVITIES Years Ended June 30, 2020 2019 2018 Research and Development Expenses (1) Employee expenses 2,698,139 2,645,512 2,223,807 Other research and development expenses 7,400,300 10,337,673 4,474,209 General and Administration Expenses Depreciation on fixed assets 25,988 29,696 21,799 Depreciation on leased assets 86,439 - - Employee expenses (non R&D related) 617,889 735,775 909,756 Consultant and director expenses 742,390 1,477,369 1,279,014 Audit, internal control and other assurance expenses 217,506 208,972 186,660 Corporate compliance expenses 384,705 470,294 351,611 Insurance expenses 628,060 448,769 422,475 Office rental 72,757 132,836 142,233 Other administrative and office expenses 670,405 804,641 902,916 Other gains and losses Foreign exchange (gain)/loss (333,055 ) (349,064 ) 270,860 (1) Research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Income Tax
Income Tax | 12 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
INCOME TAX | 4. INCOME TAX Years Ended June 30, 2020 2019 2018 (a) Income tax expense: Current tax - - - Adjustment for current tax of prior periods - - - Deferred tax - - - (b) Numerical reconciliation of income tax expense to prima facie tax payable: Prima facie tax on net loss before income tax at 27.5% (2019: 27.5%, 2018: 27.5%) (3,700,620 ) (3,392,903 ) (2,273,078 ) Effect of lower tax rates of tax on overseas income (18,308 ) 19,045 12,375 Add tax effect of: Research and development expenditure (net of tax incentive) - 1,688,887 1,187,557 Other 148,105 145,245 324,249 Deferred tax asset not recognized 3,570,823 1,539,726 748,896 Income tax expense attributable to loss before income tax - - - (c) Potential deferred tax asset as of June 30, 2020, 2019 and 2018 in respect of: tax losses not brought to account is (1): 40,133,912 35,913,682 34,373,956 Temporary differences (1,793,626 ) (1,119,563 ) (1,254,136 ) (1) As of June 30, 2020, the Group had a potential tax benefit related to tax losses carried forward of $145,941,499 (2019: $130,709,461). Such amount includes net profit of A$95,446 related to subsidiaries in the United States (U.S.). The remaining balance is attributable to the Group's operations in Australia. (2) Tax losses can be carried forward indefinitely subject to continuity of ownership and same business test rules, except for the losses generated for the period since inception to 31 December 2017 by the U.S subsidiary which can only be carried forward for 20 years. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | 5. TRADE AND OTHER RECEIVABLES Years Ended June 30, 2020 2019 Accrued interest income 12,584 2,129 R&D tax incentive receivable - 4,825,270 Goods and services tax receivable 48,737 2,098 Total Trade and Other Receivables 61,321 4,829,497 R&D tax incentive receivable represents the amount of the financial year 2020 R&D tax incentive the Company expects to recover. For further details, see note 2. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Jun. 30, 2020 | |
Other current assets [abstract] | |
OTHER CURRENT ASSETS | 6. OTHER CURRENT ASSETS Years Ended June 30, 2020 2019 Current Prepayments 567,884 621,737 Other 10,252 10,032 Total 578,136 631,769 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current payables [abstract] | |
TRADE AND OTHER PAYABLES | 7. TRADE AND OTHER PAYABLES Years Ended June 30, 2020 2019 Trade creditors 954,033 1,693,885 Accrued research and development expenses 843,419 752,156 Accrued professional fees 187,199 181,378 Other accrued expenses 73,991 79,035 Other payables 10,962 11,720 Total 2,069,604 2,718,174 |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of other provisions [abstract] | |
PROVISIONS | 8. PROVISIONS Years Ended June 30, 2020 2019 Current Annual leave (1) 285,360 245,804 Long service leave (1)(2) 326,679 356,191 Total 612,039 601,995 Non-Current Long service leave (2) 41,514 34,976 A provision has been recognized for employee entitlements relating to long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 1 to this report. (1) Movements in provisions Movements in each class of provision during the financial year are set out below: Years Ended June 30, 2020 2019 2018 Annual leave Carrying amount at start of year 245,804 266,487 298,508 Charged/(credited) to profit or loss -additional provisions recognized 278,686 308,032 261,354 Amounts used during the year (240,734 ) (328,715 ) (293,375 ) Change in foreign exchange 1,604 1,886 - Carrying amount at end of year 285,360 245,804 266,487 Long service leave Carrying amount at start of year 391,167 323,122 399,970 Charged/(credited) to profit or loss (62,991 ) - (103,363 ) -additional provisions recognized 40,017 68,045 26,515 Carrying amount at end of year 368,193 391,167 323,122 TOTAL 653,553 636,971 589,609 (2) Amounts not expected to be settled within the next 12 months The current provision for long service leave includes all unconditional entitlements where employees have completed the required period of service and also those where employees are entitled to pro-rata payments in certain circumstances. The entire amount is presented as current, since the Company does not have an unconditional right to defer settlement. However, based on past experience, the Company does not expect all employees to take the full amount of accrued long service leave or require payment within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12 months. Years Ended June 30, 2020 2019 Long service leave obligation expected to be settled after 12 months 41,514 34,976 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and contingencies [abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES R&D Tax Incentive The Group's research and development activities are eligible under an Australian Government tax incentive for eligible expenditure from July 1, 2011. As per the prior period, and under the same sets of facts, the Group have applied to the Australian Taxation Office (ATO) for a determination regarding its eligibility to receive the R&D Tax Incentive as a refundable cash offset. While a formal determination has not yet been made with respect to the application, The Group has been advised by the ATO that it is their preliminary view that the Group may not receive the tax incentive as a refundable cash offset under the applicable regulations. The Group is considering its options, including appealing an unfavorable decision if received, nevertheless the Group have not recognized a receivable and other income of $3,363,433 relating to eligible expenditure for the year ended June 30, 2020. There are no contingent liabilities at the date of this report. The Company is not involved in any legal or arbitration proceedings and, so far as management is aware, no such proceedings are pending or threatened against the Company. In respect of expenditure commitments, refer to Note 15. |
Issued Capital
Issued Capital | 12 Months Ended |
Jun. 30, 2020 | |
Issued capital [abstract] | |
ISSUED CAPITAL | 10. ISSUED CAPITAL (a) Issued Capital Years Ended June 30, Notes 2020 2019 2018 1,037,358,032 (2019: 860,837,432) fully paid ordinary shares 10(b) 160,703,754 156,632,636 143,910,328 Nil (2019: Nil) options for fully paid ordinary shares 10(c) - - - 160,703,754 156,632,636 143,910,328 (b) Movements in Issued Shares June 30, 2020 2019 2018 No. of A$ No. of A$ No. of A$ Beginning of the year 860,837,432 156,632,636 533,891,470 143,910,328 533,891,470 144,018,006 Movement during the year 176,520,600 4,071,118 326,945,962 12,722,308 - (107,678 ) End of the year 1,037,358,032 160,703,754 860,837,432 156,632,636 533,891,470 143,910,328 Details of share issuances are as follows: Date Details Notes Number Issue Price A$ Year end June 30, 2017 - - (159,564 ) June 30, 2018 Security issuance costs - - (107,678 ) Year end June 30, 2018 - - (107,678 ) 13 July 2018 Issue of shares under ATM Facility 3,083,580 0.05 166,086 4 January 2019 Issue of shares under ATM Facility 15,789,360 0.05 749,614 4 February 2019 Issue of shares under ATM Facility 1,912,440 0.04 78,508 21 March 2019 Issue of shares under ATM Facility 7,930,740 0.05 430,346 21 March 2019 Issue of shares under ATM Facility 3,723,120 0.05 169,064 21 March 2019 Issue of shares under ATM Facility 156,000 0.05 7,341 21 March 2019 Issue of shares under ATM Facility 1,014,240 0.04 43,544 8 April 2019 Issue of shares under strategic investment by Life Biosciences LLC 269,905,533 0.04 10,526,318 8 April 2019 Issue of shares to sophisticated and professional investors 23,430,949 0.04 913,807 June 30, 2019 Security issuance costs (362,320 ) Year end June 30, 2019 326,945,962 12,722,308 31 July 2019 Issue of shares under ATM Facility 7,962,060 0.035 277,812 21 November 2019 Issue of shares under ATM Facility 3,814,380 0.025 94,694 15 January 2020 Issue of shares under ATM Facility 758,040 0.019 14,230 16 January 2020 Issue of shares under ATM Facility 12,244,020 0.020 249,402 17 January 2020 Issue of shares under ATM Facility 6,754,020 0.018 123,717 27 March 2020 Issue of shares under ATM Facility 7,042,920 0.017 120,239 25 May 2020 Issue of shares under ATM Facility 137,945,160 0.025 3,483,792 June 30, 2020 Security issuance costs (292,768 ) Year end June 30, 2020 176,520,600 4,071,118 (c) Terms and Conditions of Issued Capital Ordinary shares Ordinary shares have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to vote, either in person or by proxy, at a meeting of the Company's shareholders. Options Option holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company's shareholders. Options may be exercised at any time from the date they vest to the date of their expiration. Share options convert into ordinary shares on a one for one basis on the date they are exercised. (d) Shares Issued after Reporting Date Subsequent to the end of the current financial year, on July 2, 2020, 47,646,000 new ordinary shares were issued. Refer to Note 17 for further details. |
Reserves
Reserves | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
RESERVES | 11. RESERVES (a) Share Based Payments Years Ended June 30, Notes 2020 2019 2018 21,550,000 (2019: 25,300,000, 2018: 25,216,490) options for fully paid ordinary shares 11(c) 866,121 1,158,975 1,753,954 866,121 1,158,975 1,753,954 The share-based payment reserve is used to recognize the fair value of options issued to directors, executives, employees and consultants but not exercised. Amounts are transferred out of the reserve and into issued capital when the options are exercised. When options expire, the amount is transferred from reserve to accumulated losses. (b) Warrants Years Ended June 30, Notes 2020 2019 2018 Nil (2019: 586,672,964, 2018: Nil) warrants for fully paid ordinary shares (1) 11(c) - - - - - - 1. On 9 April 2019, the Group issued a total of 586,672,964 two for one free-attaching warrants each with an exercise price of A$0.045 (4.5 cents), vested on 8 June 2019 and expiring on 19 December 2019. These warrants were issued as part of the strategic investment made by Life Biosciences LLC, and an accompanying placement with sophisticated investors. On 19 December 2019, the warrants expired without exercise. (c) Movements in Options/Warrants for Fully Paid Ordinary Shares Years Ended June 30, 2020 2019 2018 Number of Comp. Number of Comp. Number of Comp. (A$) (A$) (A$) Beginning of the year 611,972,964 1,158,975 25,216,490 1,753,954 26,826,063 2,320,480 Options issued during the year - - 2,450,000 30,370 12,100,000 764,539 Warrants issued during the year - - 586,672,964 - - - Warrants expired during the year (586,672,964 ) - - - - - Expired during the year (3,400,000 ) (280,838 ) (2,366,490 ) (684,117 ) (11,349,573 ) (1,126,843 ) Forfeited during the year (350,000 ) (12,016 ) - - (2,360,000 ) (204,221 ) Share based payment expense - - - 58,768 - - End of the year 21,550,000 866,121 611,972,964 1,158,975 25,216,490 1,753,954 Details of option/warrant grants are summarized as follows. Year ended June 30, 2018: ● On October 10, 2017, 2,360,000 options were forfeited upon resignation of an employee. ● On December 13, 2017, 8,500,00 options expired. ● On January 18, 2018, the Company issued 12,100,000 options to directors and employees under the 2004 Plan (see Note 15) in recognition of services rendered to the Company. The options are exercisable at A$0.11 consideration and expire on December 14, 2022. The fair value of the option is A$0.047. ● On April 6, 2018, 1,200,000 options expired. ● On June 25, 2018, 1,649,573 options expired. Year ended June 30, 2019: ● On July 13, 2018 700,000 options were issued to an employee of the company under the 2004 plan (see Note 15) in recognition of services rendered to the Company. The options are exercisable at A$0.083 consideration and expire on January 31, 2023. The fair value of the options is A$0.038. ● On August 4, 2018 306,490 options expired. ● On August 28, 2018 500,000 options were issued to a consultant under the 2004 Plan (see Note 15) in recognition of services rendered to the Company. The options are exercisable at A$0.11 consideration and expire on December 14, 2022. The fair value of the options is A$0.019. ● On October 1, 2018 360,000 options expired. ● On October 24, 2018 200,000 options expired ● On November 2, 2018 1,250,000 options were issued to a director under the 2004 Plan (see Note 15) in recognition of services rendered to the Company. The options are exercisable at A$0.11 consideration and expire on December 14, 2022. The fair value of the options is A$0.016. ● On November 3, 2018 200,000 options expired ● On December 11, 2018 1,200,000 options expired ● On February 5, 2019 100,000 options expired ● On April 9, 2019 586,672,964 short term warrants were issued to Life Biosciences LLC and other investors as approved at the shareholder meeting on April 8, 2019. The warrants are exercisable at A$0.045 consideration and expire on December 19, 2019. Year ended June 30, 2020: ● On September 30, 2019, 150,000 options were forfeited upon resignation of an employee. ● On January 30, 2020, 200,000 options were forfeited upon resignation of an employee. ● On February 18, 2020, 2,000,000 options expired. ● On May 25, 2020, 1,400,000 options expired. ● On December 19, 2019 586,672,964 short term warrants expired. (d) Terms and Conditions of Reserves Options and warrants Option holders and warrant holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company's shareholders. Options and warrants may be exercised at any time from the date they vest to the date of their expiration. Share options are exercisable into ordinary shares on a one for one basis on the date they are exercised. Options granted under the 2018 ADS Plan are exercisable into ADRs, being one option for one ADR, which equals ten ordinary shares, on the date they are exercised. In Australia, there is not a set number of authorized shares, shares are not reserved for the exercise of options, and shares do not have a par value. (e) Options and Warrants Issued after Reporting Date No option issues have occurred after reporting date. There have been no warrants granted after reporting date. |
Accumulated Deficit During Deve
Accumulated Deficit During Development Stage | 12 Months Ended |
Jun. 30, 2020 | |
Accumulated deficit during development stage [abstract] | |
ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE | 12. ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE Years Ended June 30, 2020 2019 2018 Balance at beginning of year 141,236,838 129,583,125 122,648,452 Impact of initial adoption of IFRS 16 6,261 - - Net loss for the year 13,456,800 12,337,830 8,265,737 Reclassify expired options from contributed equity - - - Reclassify expired options from reserves (280,838 ) (684,117 ) (1,331,064 ) Reclassify expired options/warrants from reserves - - - Balance at end of year 154,419,061 141,236,838 129,583,125 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [abstract] | |
LEASES | 13. LEASES (i) Amounts recognized in the statement of financial position The statement of financial position shows the following amounts relating to leases: Years Ended June 30, Right-of-use assets 2020 2019 2018 Right-of-use assets 31,866 - - Lease liabilities - Current 32,879 - - Non-current 868 - - 33,747 - - Additions to the right-of-use assets during the current financial year were $29,827. (ii) Amounts recognized in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases: Years Ended June 30, Depreciation charge of right-of-use assets 2020 2019 2018 Right-of-use assets 86,439 - - Interest expense 3,877 - - Expenses relating to short-term leases (included in general and administration expenses) 46,913 - - Expenses relating to variable lease payments not included in lease liabilities (included in general and administration expenses) 25,844 - - The total cash outflow for leases in 2020 was $165,875. (iii) The group's leasing activities and how these are accounted for The Group has adopted IFRS 16 Leases during the year ended June 30, 2020 using the modified retrospective approach. The modified approach does not require restatement of comparative periods. Instead the cumulative impact of applying IFRS 16 is accounted for as an adjustment to equity at the start of the current financial year in which it was first applied, known as the 'date of initial application'. Refer to note 1(v) for further details. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease year so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable ● variable lease payment that are based on an index or a rate ● amounts expected to be payable by the lessee under residual value guarantees ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group's incremental borrowing rate applied at the commencement date. Right-of-use assets are measured at cost comprising the following: ● the amount of the initial measurement of lease liability ● any lease payments made at or before the commencement date, less any lease incentives received ● any initial direct costs, and ● restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Jun. 30, 2020 | |
Cash flow information [abstract] | |
CASH FLOW INFORMATION | 14. CASH FLOW INFORMATION (a) Reconciliation of Net Loss to Net Cash Flows From Operations Years Ended June 30, 2020 2019 2018 Net loss (13,456,800 ) (12,337,830 ) (8,265,737 ) Non-cash items Depreciation of property and equipment 25,988 29,696 21,799 Depreciation on leased assets 86,439 - - Non-cash issue of equity in consideration of operating expenses (12,016 ) 89,138 764,539 Foreign exchange (gain) loss (262,977 ) (403,879 ) 278,117 - - - Changes in assets and liabilities Decrease (increase) in trade and other receivables 4,768,176 (1,677,087 ) (116,837 ) Decrease (increase) in other current assets 53,633 (365,144 ) 18,988 (Decrease) increase in trade and other payables (648,570 ) 662,926 1,162,812 (Decrease) in other current liabilities (1,577 ) - - Increase (decrease) in provision for employee entitlements 16,582 47,362 (108,869 ) Net cash flows used in operating activities (9,431,122 ) (13,954,818 ) (6,245,188 ) (b) Reconciliation of Cash and Cash Equivalents Cash and cash equivalents balance comprises: - cash and cash equivalents on hand 9,196,892 14,399,904 15,235,556 Closing cash and cash equivalents balance 9,196,892 14,399,904 15,235,556 (c) Non-Cash Financing and Investing Activities There were no non-cash financing and investing activities during the years ended June 30, 2020, 2019 and 2018 . |
Expenditure Commitments
Expenditure Commitments | 12 Months Ended |
Jun. 30, 2020 | |
Expenditure commitments [abstract] | |
EXPENDITURE COMMITMENTS | 15. EXPENDITURE COMMITMENTS The Company has short term leases contracted for but not capitalized in the financial statements. The Company has commitments under these contracts within one year of A$35,075. As of June 30, 2020, the lease commitments mainly relate to the short term leases for the U.S office lease expiring on 31 October 2020 and the extension of 3 months to the Australian office lease expiring on 17 December 2020. The majority of our contracts for research and development programs have a termination notice period of 30 days. As of June 30, 2020, we had research and development termination commitments approximating A$2.0 million. No liability has been recognized within our financial statements for this period. In addition, we have the ability to scale down our operations and prioritize our research and development programs in neurology to reduce expenditures. Details in relation to commitments under employee service agreements with Directors and Key Management Personnel are outlined in Note 21. |
Share Based Payments
Share Based Payments | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE BASED PAYMENTS | 16. SHARE BASED PAYMENTS (a) Employee and Consultant Plans At the Annual General Meeting held on November 17, 2004 As of June 30, 2020 equity, had been issued to 4 Directors, 2 former Directors, 2 Key Management Personnel, 9 employees and 5 consultants under the 2004 ASX Plan. As of June 30, 2019 equity, had been issued to 4 Directors, 2 previous Directors, 2 Key Management Personnel, 11 employees and 7 consultants under the Australian Plan. As of June 30, 2018 equity, had been issued to 5 Directors, 2 Key Management Personnel, 11 employees and 9 consultants under the Australian Plan. At the 2004 Annual General Meeting, shareholders authorized the Company to issue in the aggregate up to 12 million ordinary shares under the two plans. This was increased to 22 million ordinary shares at the 2005 Annual General Meeting and further increased to 30 million ordinary shares at the 2007 Annual General Meeting, 45 million ordinary shares at the 2008 Annual General Meeting and 60 million ordinary shares at the 2009 Annual General Meeting. The Share Plan Committee, a sub-committee of the Remuneration Committee administers the two plans and is able to change the terms of the equity issued under them from the default terms . Under the 2018 ADS Plan, the exercise price must equal or exceed the fair value of the ADS on the date the options are awarded. The option expiration date cannot exceed ten years from the date the options were awarded. The default vesting conditions are 25% per year on the date the options were awarded. Under the 2004 ASX Plan, the exercise price must be equal or be less than the market value of the ordinary shares on ASX on the date of grant. The option expiration date cannot exceed ten years from the date the options were granted. The default vesting conditions are 25% per year on the date the options were granted. Information with respect to the number of options granted under the 2004 ASX Plan as follows: Years Ended June 30, 2020 2019 2018 Number of Weighted Number of Weighted Number of Weighted (A$) (A$) (A$) Beginning of the year 25,300,000 0.12 25,216,490 0.19 26,826,063 0.29 Issued during the year - 2,450,000 0.10 12,100,000 0.11 Exercised during the year - - - - Expired during the year (3,400,000 ) 0.25 (2,366,490 ) 0.87 (11,349,573 ) 0.31 Forfeited during the year (350,000 ) 0.07 (2,360,000 ) 0.19 Outstanding at year end 21,550,000 0.10 25,300,000 0.12 25,216,490 0.19 Vested and Exercisable at year end 21,550,000 0.10 25,300,000 0.12 25,216,490 0.19 Options outstanding at the end of the year have the following expiry date and exercise prices: Series Grant Date Expiry Date Exercise Price Share options 2020 Share options 2019 $A PBTAH 19 February 2015 18 February 2020 0.26 - 2,000,000 PBTAR 27 May 2015 25 May 2020 0.27 - 1,400,000 PBTAS 7 June 2017 6 June 2022 0.07 7,000,000 7,350,000 PBTAAA 18 December 2017 14 December 2022 0.11 13,850,000 13,850,000 PBTAI 1 February 2018 31 January 2023 0.08 700,000 700,000 Total 21,550,000 25,300,000 Weighted average remaining contractual life of options outstanding at end of period 2.29 years 2.95 years Risk free interest rate Dividend yield Expected volatility Expected life Model inputs – The model inputs for the valuations of options approved and issued during the current and previous financial years are as follows: Series Grant Date Exercise Price per Share Share Price at Grant Date Expected Share Price Volatility Years to Expiry Dividend Yield Risk-free Interest Rate A$ A$ PBTAY August 5, 2013 0.66 0.38 62.00 % 5.00 0 % 3.05 % PBTAZ October 2, 2013 0.66 0.41 61.00 % 5.00 0 % 3.24 % PBTAA October 25, 2013 0.61 0.38 63.60 % 5.00 0 % 3.31 % PBTAD November 4, 2013 0.73 0.44 68.80 % 5.00 0 % 3.46 % PBTAE December 13, 2013 1.04 0.69 70.70 % 5.00 0 % 3.45 % PBTAF February 7, 2014 1.12 1.18 58.50 % 5.00 0 % 3.44 % PBTAG April 7, 2014 0.25 0.23 289.40 % 4.00 0 % 3.02 % PBTAB October 3, 2014 0.34 0.22 130.50 % 4.00 0 % 2.71 % PBTAH February 19, 2015 0.26 0.16 74.80 % 5.00 0 % 2.00 % PBTAR May 27, 2015 0.27 0.17 69.40 % 5.00 0 % 2.25 % PBTAS June 7, 2017 0.07 0.05 100.00 % 5.00 0 % 1.97 % PBTAAA December 18, 2017 0.11 0.07 100 % 5.00 0 % 2.38 % PBTAI February 1, 2018 0.08 0.06 100 % 5.00 0 % 2.24 % Information with respect to the number of shares issued under the 2004 ASX Plan as follows: Years Ended June 30, 2020 2019 2018 Number of Number of Number of Beginning of the year 13,277,715 13,277,715 13,277,715 Issued during the year - - - End of the financial year 13,277,715 13,277,715 13,277,715 No shares were granted during the year ended June 30, 2020, 2019 and 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS As announced on July 2, 2020, the Group issued 47,646,000 shares at $0.0328 per share through the use of its "at market" (ATM) facility to fund working capital and progress its research and development activities. In accordance to a resolution of shareholders approved at the General Meeting held on September 3, 2020, incentive options with an exercise price of two times the closing price of the Company's ordinary shares on ASX on the last ASX business day immediately before the day the options are issued, expiring 5 years after the issue date will be issued to the Directors of the Company, as follows: Geoffrey Kempler 14,000,000 Tristan Edwards 7,000,000 Lawrence Gozlan 7,000,000 Peter Marks 7,000,000 Brian Meltzer 7,000,000 David Sinclair 7,000,000 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. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Jun. 30, 2020 | |
Basic and diluted earnings per share [abstract] | |
LOSS PER SHARE | 18. LOSS PER SHARE Years Ended June 30, 2020 2019 2018 Basic and diluted loss per share (cents per share) (1.50 ) (2.00 ) (1.55 ) Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share 894,872,224 615,772,236 533,891,470 The options and warrants in place do not have the effect of diluting the loss per share. |
Key Management Personnel Compen
Key Management Personnel Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Key management personnel compensation [abstract] | |
KEY MANAGEMENT PERSONNEL COMPENSATION | 19. KEY MANAGEMENT PERSONNEL COMPENSATION Years Ended June 30, 2020 2019 2018 Short-term employee benefits 1,549,861 2,046,496 1,522,777 Post-employment benefits 48,947 41,062 44,389 Long-term benefits 20,528 23,016 (1,061 ) Share-based payments - 20,443 608,179 1,619,336 2,131,017 2,174,284 |
Auditors' Remuneration
Auditors' Remuneration | 12 Months Ended |
Jun. 30, 2020 | |
Auditor's remuneration [abstract] | |
AUDITORS' REMUNERATION | 20. AUDITORS' REMUNERATION Years Ended June 30, 2020 2019 2018 - Audit and review of financial statements 194,900 210,422 180,000 - Other audit services 1 60,000 90,000 72,960 254,900 300,422 252,960 1. Audit and other audit services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020, 2019 and 2018 financial years. All services provided are considered audit services for the purpose of SEC classification. PricewaterhouseCoopers was appointed as the Company's principal independent registered public accounting firm on November 30, 2006. Australian law does not require the Company's Auditors to be appointed at the Company's annual general meeting of shareholders. There is an annual engagement letter which is signed, subject to the Company's audit committee approval, with PricewaterhouseCoopers for audit and review work. No non-audit services were provided by PricewaterhouseCoopers during the 2020, 2019 and 2018 fiscal years. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 21. RELATED PARTY TRANSACTIONS a. Equity Interests in Subsidiaries Alterity Therapeutics Limited owns 100% of its subsidiaries, Alterity Therapeutics Inc. and Alterity Therapeutics UK Ltd. b. Key Management Personnel Remuneration The Directors of Alterity during the year: Mr. Geoffrey Kempler, Chairman & CEO Mr. Brian Meltzer, Independent Non-Executive Director Mr. Peter Marks, Independent Non-Executive Director Mr. Lawrence Gozlan, Non-Executive Director Dr. David Sinclair, Non-Executive Director Mr. Tristan Edwards, Non-Executive Director The Key Management Personnel of the Company during the year: Dr. David Stamler Chief Medical Officer and Senior Vice President Clinical Development Ms. Kathryn Andrews Chief Financial Officer Remuneration of all key management personnel of the Company is determined by the Board of Directors following recommendation by the Remuneration Committee. The Company is committed to remunerating senior executives in a manner that is market competitive and consistent with 'best practice' including the interests of shareholders. Remuneration packages are based on fixed and variable components, determined by the executive's position, experience and performance, and may be satisfied via cash or equity. Non-executive Directors are remunerated out of the aggregate amount approved by shareholders and at a level that is consistent with industry standards. Non-executive Directors do not receive performance based bonuses and prior shareholder approval is required to participate in any issuance of equity. No retirement benefits are payable other than statutory superannuation, if applicable. The Company's remuneration policy is not solely based on the Company's performance, but also on industry practice. The Company's primary focus is research activities with a long term objective of developing and commercializing its research and development results. The Company envisages its performance in terms of earnings will remain negative whilst the Company continues in the research and clinical trials. Shareholder wealth reflects this speculative and volatile market sector. This pattern is indicative of the Company's performance over the past four years. The purpose of a performance bonus is to reward individual performance in line with Company objectives. Consequently, performance based remuneration is paid to an individual where the individual's performance clearly contributes to a successful outcome for the Company. This is regularly measured in respect of performance against key performance indicators ("KPI's"). The Company uses a variety of KPI's to determine achievement, depending on the role of the executive being assessed. These include: ● successful contract negotiations; ● Company share price reaching a targeted rate on the ASX or applicable market over a period of time; or ● achievement of research project milestones within scheduled time and/or budget. 2020 Short Term Benefits Post- Superannuation Long Term Long- Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) 412,544 - 21,003 12,462 - 446,009 Mr. Brian Meltzer 73,059 - 6,941 - - 80,000 Mr. Peter Marks 60,000 - - - - 60,000 Mr. Lawrence Gozlan 60,000 - - - - 60,000 Dr. David Sinclair 45,000 - - - - 45,000 Mr. Tristan Edwards 45,000 - - - - 45,000 695,603 - 27,944 12,462 - 736,009 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. 2019 Short Term Benefits Post- Long Term Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) 395,728 - 20,531 7,794 - 424,053 Mr. Brian Meltzer 80,000 - - - - 80,000 Dr. George Mihaly (2) 66,667 - - - - 66,667 Mr. Peter Marks 60,000 - - - - 60,000 Mr. Lawrence Gozlan (3) 580,000 - - - - 580,000 Dr. Ira Shoulson (2)(4) 58,314 - - - 20,443 78,757 Dr. David Sinclair (2) 10,750 - - - - 10,750 Mr. Tristan Edwards (2) 10,750 - - - - 10,750 1,262,209 - 20,531 7,794 20,443 1,310,977 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) The remuneration for Dr. George Mihaly and Dr. Ira Shoulson covered the period from 1 July 2018 to 8 April 2019, being the last day of being the Company's director. The remuneration for Dr. David Sinclair and Mr. Tristan Edwards covered the period from 8 April 2019, being the date of their appointment as directors of the Company, to June 30, 2019. (3) Includes corporate advisory fees paid to an associated entity of Mr. Lawrence Gozlan in the amount of A$520,000. (4) Dr. Ira Shoulson received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. 2018 Short Term Benefits Post- Long Term Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) (3) 381,340 - 20,049 7,763 235,000 644,152 Mr. Lawrence Gozlan (3) 60,000 - - - 58,750 118,750 Mr. Brian Meltzer (3) 82,500 - - - 58,750 141,250 Dr. George Mihaly (3) 77,500 - - - 58,750 136,250 Mr. Peter Marks (3) 60,000 - - - 58,750 118,750 Dr. Ira Shoulson (2) 78,885 - - - - 78,885 740,225 - 20,049 7,763 470,000 1,238,037 (1) Base Fee includes movements in the annual leave provision relating to Mr Geoffrey Kempler. (2) Includes consulting fees paid to Dr Ira Shoulson in the amount of A$12,021. (3) The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. Post-Employment Long Term 2020 Short Term Benefits Superannuation Long-service Equity Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Kathryn Andrews (1) 228,788 - 21,003 8,066 - 257,857 Dr. David Stamler (1) 625,470 - - - - 625,470 (1) Base Fee includes movements in annual leave provision for, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. Post-Employment Long Term 2019 Short Term Benefits Superannuation Long-service Equity Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Kathryn Andrews (1) 236,665 20,531 15,222 - 272,418 Dr. David Stamler (1) 547,622 - 547,622 (1) Base Fee includes movements in annual leave provision for, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. Post-Employment Long Term Equity 2018 Short Term Benefits Superannuation Long-service Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Dianne Angus (1) (2) 81,589 - 5,736 (8,920 ) (3,433 ) 74,972 Ms. Kathryn Andrews (1) (3) 196,689 - 18,604 96 15,735 231,124 Dr. David Stamler (1) (3) 504,274 - - - 125,877 630,151 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. (3) The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. The following Director was under contract during the year ended June 30, 2020: Directors Duration Notice Requirements Termination Geoffrey Kempler Until termination by either party. Signed 21 September 2007 For Good Reason Mr Kempler may terminate with 30 days' notice Pay Geoffrey Kempler within ninety (90) days of the termination date $1,000,000 provided the Company has sufficient capital requirements to fulfill this clause Accrued entitlements including all unreimbursed business expenses Accelerate the vesting of any unvested options Without Good Reason Mr Kempler may terminate with 90 days' notice Bonus pro-rated only if termination occurs in 1st year Without Cause the Company may terminate with 90 days' notice Pay Geoffrey Kempler within ninety (90) days of the termination date $1,000,000 provided the Group has sufficient capital requirements to fulfill this clause Accrued entitlements including all unreimbursed business expenses Accelerate the vesting of any unvested options With Cause the Company may terminate with 30 days' notice Bonus pro-rated only if termination occurs in 1st year The following Senior Executives were under contract during the year ended June 30, 2020: Key management personnel Duration Notice Requirements Termination Kathryn Andrews Until termination by either party. Signed 11 November 2014 Ms Andrews may terminate with 30 days' notice, or Accrued entitlements including all unreimbursed business expenses Without Cause the Company may terminate with 30 days' notice, or Permitted to keep and/or exercise options that have vested at the time of termination With Cause the Company may terminate without notice David Stamler Until termination by either party. Signed 18 April 2017. By the company without cause or by Dr. Stamler with good reason, 3 months' notice, increasing to 6 months' notice after 18 months of employment, unless otherwise agreed in writing. Payment equivalent to seventy five percent of current annualized salary Accrued entitlements including all unreimbursed business expenses Unexercised options shall be exercisable within 30 days after the date of termination With Cause, the Company may terminate at any time upon written notice Accrued entitlements including all unreimbursed business expenses Unexercised options shall be exercisable within 30 days after the date of termination c. Key Management Personnel Equity Holdings Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Mr. Peter Marks 43,111 - - - 43,111 Dr. David Sinclair - - - - - Mr. Tristan Edwards - - - - - Ms. Kathryn Andrews - - - - - Dr. David Stamler - - - - - 18,380,777 - - - 18,380,777 Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Dr. George Mihaly (1) 226,666 - - (226,666 ) - Mr. Peter Marks 43,111 - - - 43,111 Dr. David Sinclair - - - - - Mr. Tristan Edwards - - - - - Dr. Ira Shoulson - - - - - Ms. Kathryn Andrews - - - - - Dr. David Stamler - - - - - 18,607,443 - - (226,666 ) 18,380,777 1. Other changes represented the holdings of Dr. George Mihaly when he ceased to be a director of the Group on 8 April 2019. Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Dr. George Mihaly 226,666 - - - 226,666 Mr. Peter Marks 43,111 - - - 43,111 Dr. Ira Shoulson - - - - - Ms. Dianne Angus 146,128 - - (146,128 ) - Ms. Kathryn Andrews - - - - - Dr. David Stamler (1) - - - - - 18,753,571 - - (146,128 ) 18,607,443 (1) Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. Share Options of the Company Balance Granted as Options Options Options Net Change Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 5,000,000 - - - - - - 5,000,000 5,000,000 - Mr. Lawrence Gozlan 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Brian Meltzer 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Peter Marks 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. David Sinclair - - - - - - - - - - Mr. Tristan Edwards - - - - - - - - - - Ms. Kathryn Andrews 500,000 - - - - - - 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - - - 4,000,000 4,000,000 - 13,250,000 - 0 0 - - - 13,250,000 13,250,000 - Share Options of the Company Balance Granted as Options Options Options Net Change Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 5,000,000 - - - - - - 5,000,000 5,000,000 - Mr. Brian Meltzer 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. George Mihaly (1) 1,250,000 - - - (1,250,000 ) - - - - Mr. Peter Marks 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Lawrence Gozlan 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. Ira Shoulson (1) - 1,250,000 - - (1,250,000 ) - - - - Dr. David Sinclair - - - - - - - - - - Mr. Tristan Edwards - - - - - - - - - - Ms. Kathryn Andrews 500,000 - - - - - - 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - - - 4,000,000 4,000,000 - 14,500,000 1,250,000 0 0 - (2,500,000 ) - 13,250,000 13,250,000 - (1) Dr. George Mihaly and Dr. Ira Shoulson resigned on 8 April 2019. Share Options of the Company Balance Granted as Options Options Options Net Change Other Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 4,000,000 5,000,000 - (4,000,000 ) - 5,000,000 5,000,000 - Mr. Lawrence Gozlan 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 Mr. Brian Meltzer 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Dr. George Mihaly 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Mr. Peter Marks 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Dr. Ira Shoulson - - - - - - - - Ms. Dianne Angus (1) 2,360,000 - - - (2,360,000 ) - - - Ms. Kathryn Andrews 500,000 - - - - 500,000 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - 4,000,000 4,000,000 4,000,000 - 14,860,000 10,000,000 - (8,000,000 ) (2,360,000 ) 4,500,000 14,500,000 14,500,000 (1) Ms Angus resigned effective October 10, 2017. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 22. SEGMENT INFORMATION The Company's Chief Executive Officer (Chief Operating Decision Maker) examines internal reports to assess the Company's performance and determine the allocation of resources. The Company's activities are predominantly within Australia and cover research into Parkinsonian movement disorders, Alzheimer's disease, Huntington disease, and other neurodegenerative disorders. Accordingly, the Company has identified one reportable segment. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | 23. FINANCIAL INSTRUMENTS The Company's activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Company. Risk management is carried out under policies approved by the Board of Directors and overseen by the Audit Committee. (a) Market Risk (i) Foreign Currency Risk The Company engages in international purchase transactions and is exposed to foreign currency risk arising from various currency exposures, primarily with respect to the Australian dollar. The parent entity also has exposure to foreign exchange risk in the currency cash reserves it holds to meet its foreign currency payments. The Company does not make use of derivative financial instruments to hedge foreign exchange risk. The following financial assets and liabilities are subject to foreign currency risk, the currency of the original amounts are displayed in brackets, all the amounts in the table below are displayed in A$ at year-end spot rates: Consolidated Entity 2020 2019 A$ A$ Cash and cash equivalents (USD) 5,403,402 9,726,790 Cash and cash equivalents (€EUR) - 178 Cash and cash equivalents (£GBP) 430 433 Trade and other payables (USD) (562,710 ) (1,196,358 ) Trade and other payables (€EUR) (12,245 ) - Trade and other payables (£GBP) (4,337 ) (35,242 ) Total exposure 4,824,540 8,495,801 As shown in the table above, the group is primarily exposed to changes in USD/AUD exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US-dollar denominated financial instruments and there is no impact on other components of equity. The Group's exposure to interest rate risk, which is the risk that a financial instruments value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities. Based on the financial instruments held as of June 30, 2020, had the Australian dollar weakened/strengthened by 2.17% (2019: 6.36%) against the USD with all other variables held constant, the Group's post-tax loss for the year would have been A$105,090 lower/higher (2019: A$542,116 lower/higher). (ii) Interest Rate Risk The Company has an exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities. The Company's exposure to interest rate risk has not changed since the prior year. At June 30, 2020, the Company had the following cash accounts: ● A$3,448,551 in an Australian dollar transaction account at an interest rate of 0.60% as of June 30, 2020; ● A$83,932 in an Australian dollar transaction account at an interest rate of 0.05% as of June 30, 2020; ● A$66,841 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2020; ● US$3,716,309 (A$5,403,402) in U.S. checking accounts at an interest rate of 0% as of June 30, 2020; ● A$42,713 in a three month term deposit at a fixed interest rate of 0.80% which matures on September 7, 2020; ● A$150,000 in a three month term deposit at a fixed interest rate of 0.80% which matures on September 11, 2019. At June 30, 2019, the Company had the following cash accounts: ● A$1,354,771 in an Australian dollar transaction account at an interest rate of 0.60% as of June 30, 2019; ● A$45,486 in an Australian dollar transaction account at an interest rate of 0.05% as of June 30, 2019; ● A$66,534 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2019; ● A$15 in an Australian Trust account at an interest rate of 0% as of June 30, 2019; ● US$6,836,116 (A$9,726,016) in U.S. checking accounts at an interest rate of 0% as of June 30, 2019; ● A$2,012,329 in a three month term deposit at a fixed interest rate of 1.50% which matures on August 26, 2019; ● A$1,000,000 in a three month term deposit at a fixed interest rate of 1.85% which matures on July 27, 2019; ● A$42,713 in a three month term deposit at a fixed interest rate of 2.00% which matures on September 7, 2019; ● A$150,000 in a three month term deposit at a fixed interest rate of 2.00% which matures on September 11, 2019. At June 30, 2018, the Company had the following cash accounts: ● A$ 2,552,615 in an Australian dollar transaction account at an interest rate of 0.60% as of June 30, 2018; ● A$63,791 in an Australian dollar transaction account at an interest rate of 0.05% as of June 30, 2018; ● A$114,990 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2018; ● A$135 in an Australian Trust account at an interest rate of 0% as of June 30, 2018; ● US$4,675,242 (A$6,308,538) in U.S. checking accounts at an interest rate of 0.03% as of June 30, 2018; ● A$3,000,000 in a three month term deposit at a fixed interest rate of 2.40% which matures on September 25, 2018; ● A$3,000,000 in a three month term deposit at a fixed interest rate of 2.40% which matures on August 3, 2018; ● A$42,713 in a three month term deposit at a fixed interest rate of 2.40% which matures on September 7, 2018; ● A$150,000 in a three month term deposit at a fixed interest rate of 2.40% which matures on September 11, 2018. The weighted average interest rate is 0.12% for cash and cash equivalents and 0.80% for terms deposits over three months and apart from usual variances in general rates of interest the Company is not exposed to any significant interest rate risk. Receivables and payables are non-interest bearing. The Company's exposure to interest rates and the effective weighted average interest rate for classes of financial assets and liabilities is set out below: June 30, 2020 Floating Fixed Interest Non-Interest bearing Total Average Interest Rate (A$) (A$) (A$) (A$) 1 year or less 1-5 years Financial Assets Cash and cash equivalents 3,532,485 192,713 - 5,471,694 9,196,892 0.24 % Trade and other receivables - - - 61,711 61,711 Total Financial Assets 3,532,485 192,713 - 5,533,405 9,258,603 0.24 % Financial Liabilities Trade and other payables - - - (2,069,604 ) (2,069,604 ) Lease liabilities - (32,879 ) (868 ) - (33,747 ) Total Financial Liabilities - (32,879 ) (868 ) (2,069,604 ) (2,103,351 ) June 30, 2019 Floating Interest Rate Fixed Interest Non-Interest bearing Total Average Interest Rate (A$) (A$) (A$) (A$) 1 year or less 1-5 years Financial Assets Cash and cash equivalents 1,400,257 3,205,042 - 9,794,605 14,399,904 0.42 % Trade and other receivables - - - 4,829,497 4,829,497 Other current assets - - - 621,737 621,737 Other non-current assets - - - - - Total Financial Assets 1,400,257 3,205,042 15,245,839 19,851,138 0.42 % Financial Liabilities - - Trade and other payables - - - (2,718,174 ) (2,718,174 ) Total Financial Liabilities - - - (2,718,174 ) (2,718,174 ) (b) Credit Risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has no significant concentration of credit risk and it is not the Company's policy to hedge credit risk. The Company ensures that surplus cash is invested with financial institutions of appropriate credit worthiness and limits the amount of credit exposure to any one counter party. There has been no significant change in the Company's exposure to credit risk since the previous year. The carrying amount of the Company's financial assets represents the maximum credit exposure. (c) Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Company manages liquidity risk by maintaining sufficient bank balances to fund its operations and the availability of funding through committed credit facilities. Management monitors rolling forecasts of the Company's liquidity reserve on the basis of expected cash flows. For further discussion on the going concern basis of preparation, refer to Note 1. Maturities of Financial Liabilities 2020 Less than 6-12 months Greater than Total Carrying Trade and other payables (2,069,604 ) - - (2,069,604 ) (2,069,604 ) Lease liabilities (16,440 ) (16,439 ) (868 ) (33,747 ) (33,747 ) Total (2,086,044 ) (16,439 ) (868 ) (2,103,351 ) (2,103,351 ) 2019 Less than 6-12 months Greater than Total Carrying Trade and other payables (2,718,174 ) - - (2,718,174 ) (2,718,174 ) Total (2,718,174 ) - - (2,718,174 ) (2,718,174 ) (d) Capital Risk Management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may issue new shares or reduce its capital, subject to the provisions of the Company's constitution. The capital structure of the Company consists of equity attributed to equity holders of the Company, comprising contributed equity, reserves and accumulated losses disclosed in Notes 10, 11 and 12 (e) Fair Value Estimation The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective fair values, determined in accordance with the accounting policies disclosed in Note 1 to the financial statements. Financial Instruments measured at Fair Value The financial instruments recognized at fair value in the Statement of Financial Position have been analyzed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels: - quoted prices in active markets for identical assets or liabilities (Level 1); - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and - inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). In 2020 and 2019, none of the Company's assets and liabilities had their fair value determined using the fair value hierarchy. No transfers between the levels of the fair value hierarchy occurred during the current or previous years. |
Background and Summary of Sig_2
Background and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of background and significant accounting policies [abstract] | |
Principles of Consolidation | (a) Principles of Consolidation The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the Company, being Alterity Therapeutics Limited and its subsidiaries as defined in Accounting Standard IFRS10: Consolidated Financial Statements Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholder of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. In preparing the consolidated financial statements, all inter-company balances and transactions, and unrealized profits/losses arising within the Company are eliminated in full. Investments in subsidiaries are accounted for at cost in the individual financial statements of Alterity Therapeutics Limited. |
Segment Reporting | (b) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Alterity Therapeutics Limited. For the current and previous reporting periods, the Group operated in one segment, being research into Parkinsonian and other neurodegenerative disorders. |
Income Tax | (c) Income Tax Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognized as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax assets and liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. However, deferred tax assets and liabilities are not recognized if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit or loss. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with these investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset when the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Current and deferred tax for the period Current and deferred tax is recognized as an expense or income in the Statement of Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognized directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill. The Company has significant unused tax losses and as such a significant deferred tax asset; however, the deferred tax asset has not been recognized, as it is not probable that future taxable profit will be available against which the unused losses and unused tax credits can be utilized, given the nature of the Company's business (research and development) and its history of losses. |
Property and Equipment | (d) Property and Equipment Property and equipment is measured at historical cost less accumulated depreciation and impairment and consists of laboratory equipment, computer equipment, furniture and fittings and leasehold improvements attributable to the Company's premises at Melbourne, Victoria, Australia and San Francisco, USA. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the income statement during the reporting period in which they are incurred. Depreciation Depreciation is provided on property and equipment. Depreciation is calculated on a straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The following estimated useful lives, ranging from 3 to 20 years are used in the calculation of depreciation: Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33% Computer equipment 33% Plant and equipment 10-33% Leasehold improvements 33% Leasehold improvements are depreciated over the shorter of the lease term and useful life. The depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at each annual reporting period. |
Leases | (e) Leases The accounting policies for the Group's lease recognition are explained in note 13. |
Investments and other financial assets | (f) Investments and other financial assets Classification From July 1, 2018, the Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group's right to receive payments is established. Impairment From July 1, 2018, the Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 10(b) for further details. Prior Period Accounting Policy For fiscal year 2018, loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Loans and receivables are included in trade and other receivables in the balance sheet. Trade receivables, loans, and other receivables are recorded at amortized cost less impairment. |
Impairment of Assets | (g) Impairment of Assets At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is reversed to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income immediately. No impairment charges were incurred during the three years ended June 30, 2020, 2019 and 2018. |
Intangible Assets - Research and Development | (h) Intangible Assets - Research and Development Expenditure during the research phase of a project is recognized as an expense when incurred. Where no internally generated intangible assets can be recognized, development expenditure is recognized as an expense in the period as incurred. Development costs are capitalized if and only if, all of the following are 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. Internally-generated intangible assets (capitalized development costs) are stated at cost less accumulated amortization and impairment, and are amortized on a straight-line basis over their useful lives over a maximum of five years. As of June 30, 2020, 2019 and 2018, Alterity had no capitalized research and development costs. |
Foreign Currency Transactions and Balances | (i) Foreign Currency Transactions and Balances Functional and Presentation Currency Items included in the financial statements of each of the Company's entities are measured using Australian dollars, which is the currency of the primary economic environment in which the Company operates (the functional currency). The consolidated financial statements are presented in Australian dollars ($), which is Alterity Therapeutics Limited's functional and presentation currency. Foreign currency transactions All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at each reporting date are translated at the exchange rate existing at each reporting date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned or likely to occur, which form part of the net investment in a foreign operation, are recognized in the foreign currency translation reserve and recognized in profit or loss on disposal of the net investment. Group companies The results and financial position of all the Company's entities that have a functional currency difference from the presentation currency are translated into the presentation currency as follows: ● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, and ● income and expenses for each income statement are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and ● all resulting exchange differences are recognized as a separate component of equity. On consolidation, the assets and liabilities of the Company's overseas operations are translated at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are recognized in the foreign currency translation reserve, and recognized in profit or loss on disposal of the foreign operations.. |
Employee Benefits | (j) Employee Benefits Short-term obligations Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Company's obligations for short-term employee benefits such as wages and salaries are recognized as a part of current trade and other payables in the statement of financial position. The Company's obligations for annual leave are presented as part of provisions in the Statement of Financial Position. The obligations are presented as current liabilities in the Statement of Financial Position if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period regardless of when the actual settlement is expected to occur. Other long-term obligations The liability for long service leave is not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. The liability is therefore recognized in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. |
Provisions | (k) Provisions Provisions are recognized when the Company has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably. |
Cash and Cash Equivalents | (l) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
Other income from ordinary activities | (m) Other income from ordinary activities Other income is recognized to the extent that it is probable that the economic benefits will flow to the entity and the interest can be reliably measured. Other income is made up of interest income which is recognized on a time proportion basis using the effective interest method. |
Grants | (n) Grants Grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is expected to compensate. |
Goods and Services Tax ("GST") | (o) Goods and Services Tax ("GST") Revenues, expenses and assets are recognized net of the amount of GST, except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances the GST is recognized as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the Balance Sheet are shown 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 as operating cash flows. |
Trade and Other Payables | (p) Trade and Other Payables These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. |
Share-Based Payments | (q) Share-Based Payments Equity-settled share-based payments granted after November 7, 2002 that were unvested as of January 1, 2005 are measured at fair value. The measurement date is determined for share-based payments issued to directors, employees and consultants as follows: Directors The issuance of share-based payments to directors is subject to approval by shareholders as per ASX Listing Rule 10.11. The measurement date for share-based payments issued to directors is the grant date, being the date at which the share-based payments are approved by shareholders. Employees The issuance of share-based payments to employees may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company's shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to employees is the grant date, being the date at which a shared understanding of the terms and conditions of the arrangement is reached. However, if an issuance to an employee is subject to shareholder approval because it exceeds the 15% threshold per ASX Listing Rule 7.1, then the measurement date of these share-based payments is the date at which the share-based payments are approved by shareholders. Consultants The issuance of share-based payments to consultants may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company's shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to consultants who provide services considered to be similar to employees is deemed to be the date at which a shared understanding of the terms and conditions of the arrangement is reached. The measurement date for share-based payments issued to consultants who provide services considered to be differentiated from those provided by employees is deemed to be the date at which the entity obtains the goods or the counterparty renders the service. If a service period applies and the work is continually provided over the service period, and if the share price of the Company does not change significantly during the service period, then the average share price, volatility and risk-free rate over the service period are used in calculating the value of the share-based payments issued. However, if the underlying share price of the Company does change significantly during the service period, then the value of share-based payments are calculated at each individual date that goods and services are provided, using the actual valuation inputs at that date. Shares issued to consultants for services are recorded as non-cash compensation and are recognized at either the fair value of the services rendered, or if this cannot be reasonably estimated, the fair value of the underlying equity instruments issued. Equity-based compensation benefits are provided to directors, employees and consultants under the 2004 ASX Plan (the "2004 ASX Plan") and the 2018 American Depository Share (ADS) Option Plan (the "2018 ADS Plan"). Information relating to this plan is set out in Note 16 The fair value of options granted under these plans is recognized as an expense with a corresponding increase in equity. The fair value is measured at grant date and recognized over the period during which the recipients become unconditionally entitled to the options. The fair value at grant date is independently determined using a Black-Scholes (for options without market condition) and Barrier Pricing (for options with market conditions) model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. |
Loss Per Share | (r) Loss Per Share Basic loss per share is determined by dividing the net loss after income tax expense by the weighted average number of ordinary shares outstanding during the financial period. For all periods presented, diluted loss per share is equivalent to basic loss per share as the potentially dilutive securities are excluded from the computation of diluted loss per share because the effect is anti-dilutive. |
Share Capital | (s) Share Capital Ordinary share capital is recognized as the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognized directly in equity as a reduction of the share proceeds received. |
Trade and Other Receivables | (t) Trade and Other Receivables Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method less provision for impairment. |
Comparative Figures | (u) Comparative Figures Comparative figures, are, where appropriate, reclassified to be comparable with figures presented in the current financial year. |
New Accounting Standards And Interpretations | (v) New Accounting Standards And Interpretations The Group has adopted IFRS 16 using the modified retrospective approach with an effective date of July 1, 2019, but has not restated comparatives, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on July 1, 2019. On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of July 1, 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on July 1, 2019 was 5.20%. The associated right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of June 30, 2020. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application. In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: ● the use of a single discount rate to a portfolio of leases with reasonably similar characteristics ● reliance on previous assessments on whether leases are onerous ● the accounting for operating leases with a remaining lease term of less than 12 months as of July 1, 2019 as short-term leases, and ● the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the group relied on its assessment made applying IAS 17 and Interpretation 4 Determining whether an arrangement contains a Lease. Measurement of Lease Liabilities $ Operating lease commitments disclosed as of June 30, 2019 111,811 Discounted using the lessee's incremental borrowing rate of at the date of initial application 108,028 Less short-term lease not recognized as a liability (1) (13,290 ) Lease liability recognized as of July 1, 2019 94,738 Of which are: Current lease liability 77,665 Non-current lease liability 17,073 94,738 Right of use of asset increased by 88,477 Lease liability increased by 94,738 The net impact on retained earnings on July 1, 2019 was a decrease of (6,261 ) (1) The practical expedient guidelines permit operating leases with a remaining lease term of less than 12 months as of July 1, 2019 as short-term leases. On impact of adoption, the right-of-use assets of $88,477 are classified under right-of-use assets in the consolidated statement of financial position. The corresponding current lease liability of $77,665 and the non-current lease liability of $17,073. |
Background and Summary of Sig_3
Background and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of background and significant accounting policies [abstract] | |
Schedule of estimated useful lives | Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33% Computer equipment 33% Plant and equipment 10-33% Leasehold improvements 33% |
Schedule of measurement of lease liabilities | Measurement of Lease Liabilities $ Operating lease commitments disclosed as of June 30, 2019 111,811 Discounted using the lessee's incremental borrowing rate of at the date of initial application 108,028 Less short-term lease not recognized as a liability (1) (13,290 ) Lease liability recognized as of July 1, 2019 94,738 Of which are: Current lease liability 77,665 Non-current lease liability 17,073 94,738 Right of use of asset increased by 88,477 Lease liability increased by 94,738 The net impact on retained earnings on July 1, 2019 was a decrease of (6,261 ) (1) The practical expedient guidelines permit operating leases with a remaining lease term of less than 12 months as of July 1, 2019 as short-term leases. |
Interest and Other Income fro_2
Interest and Other Income from Continuing Operations (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Interest and other income from continuing operations [abstract] | |
Schedule of interest and other income from continuing operations | Years Ended June 30, 2020 2019 2018 Interest income Interest income 17,117 108,538 201,174 Total interest income 17,117 108,538 201,174 Other income R&D Tax Incentive (1) - 4,951,167 3,125,775 COVID-19 relief (2) 122,729 - - Total other income 122,729 4,951,167 3,125,775 Total interest and other income from continuing operations 139,846 5,059,705 3,326,949 (1) The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011 July 1, 2011 (2) The COVID-19 relief relates to government assistance received during the year, from the Australian Governments (at both federal and state level), in response to the economic and financial challenges in the current economy. This COVID-19 relief consists of the eligible cash flow boost grants and state level payroll tax refund and waivers. The Company has recognized this relief as part of government grants in line with IAS 20. |
Expenses from Ordinary Activi_2
Expenses from Ordinary Activities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Expenses by nature [abstract] | |
Schedule of expenses from ordinary activities | Years Ended June 30, 2020 2019 2018 Research and Development Expenses (1) Employee expenses 2,698,139 2,645,512 2,223,807 Other research and development expenses 7,400,300 10,337,673 4,474,209 General and Administration Expenses Depreciation on fixed assets 25,988 29,696 21,799 Depreciation on leased assets 86,439 - - Employee expenses (non R&D related) 617,889 735,775 909,756 Consultant and director expenses 742,390 1,477,369 1,279,014 Audit, internal control and other assurance expenses 217,506 208,972 186,660 Corporate compliance expenses 384,705 470,294 351,611 Insurance expenses 628,060 448,769 422,475 Office rental 72,757 132,836 142,233 Other administrative and office expenses 670,405 804,641 902,916 Other gains and losses Foreign exchange (gain)/loss (333,055 ) (349,064 ) 270,860 (1) Research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Schedule of income tax | Years Ended June 30, 2020 2019 2018 (a) Income tax expense: Current tax - - - Adjustment for current tax of prior periods - - - Deferred tax - - - (b) Numerical reconciliation of income tax expense to prima facie tax payable: Prima facie tax on net loss before income tax at 27.5% (2019: 27.5%, 2018: 27.5%) (3,700,620 ) (3,392,903 ) (2,273,078 ) Effect of lower tax rates of tax on overseas income (18,308 ) 19,045 12,375 Add tax effect of: Research and development expenditure (net of tax incentive) - 1,688,887 1,187,557 Other 148,105 145,245 324,249 Deferred tax asset not recognized 3,570,823 1,539,726 748,896 Income tax expense attributable to loss before income tax - - - (c) Potential deferred tax asset as of June 30, 2020, 2019 and 2018 in respect of: tax losses not brought to account is (1): 40,133,912 35,913,682 34,373,956 Temporary differences (1,793,626 ) (1,119,563 ) (1,254,136 ) (1) As of June 30, 2020, the Group had a potential tax benefit related to tax losses carried forward of $145,941,499 (2019: $130,709,461). Such amount includes net profit of A$95,446 related to subsidiaries in the United States (U.S.). The remaining balance is attributable to the Group's operations in Australia. (2) Tax losses can be carried forward indefinitely subject to continuity of ownership and same business test rules, except for the losses generated for the period since inception to 31 December 2017 by the U.S subsidiary which can only be carried forward for 20 years. |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
Schedule of trade and other receivables | Years Ended June 30, 2020 2019 Accrued interest income 12,584 2,129 R&D tax incentive receivable - 4,825,270 Goods and services tax receivable 48,737 2,098 Total Trade and Other Receivables 61,321 4,829,497 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other current assets [abstract] | |
Schedule of other current assets | Years Ended June 30, 2020 2019 Current Prepayments 567,884 621,737 Other 10,252 10,032 Total 578,136 631,769 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other current payables [abstract] | |
Schedule of trade and other payables | Years Ended June 30, 2020 2019 Trade creditors 954,033 1,693,885 Accrued research and development expenses 843,419 752,156 Accrued professional fees 187,199 181,378 Other accrued expenses 73,991 79,035 Other payables 10,962 11,720 Total 2,069,604 2,718,174 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of other provisions [abstract] | |
Schedule of provisions | Years Ended June 30, 2020 2019 Current Annual leave (1) 285,360 245,804 Long service leave (1)(2) 326,679 356,191 Total 612,039 601,995 Non-Current Long service leave (2) 41,514 34,976 (1) Movements in provisions (2) Amounts not expected to be settled within the next 12 months |
Schedule of movements in provisions | Years Ended June 30, 2020 2019 2018 Annual leave Carrying amount at start of year 245,804 266,487 298,508 Charged/(credited) to profit or loss -additional provisions recognized 278,686 308,032 261,354 Amounts used during the year (240,734 ) (328,715 ) (293,375 ) Change in foreign exchange 1,604 1,886 - Carrying amount at end of year 285,360 245,804 266,487 Long service leave Carrying amount at start of year 391,167 323,122 399,970 Charged/(credited) to profit or loss (62,991 ) - (103,363 ) -additional provisions recognized 40,017 68,045 26,515 Carrying amount at end of year 368,193 391,167 323,122 TOTAL 653,553 636,971 589,609 |
Schedule of amounts not expected to be settled within the next 12 months | Years Ended June 30, 2020 2019 Long service leave obligation expected to be settled after 12 months 41,514 34,976 |
Issued Capital (Tables)
Issued Capital (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Issued capital [abstract] | |
Schedule of issued capital by classes | Years Ended June 30, Notes 2020 2019 2018 1,037,358,032 (2019: 860,837,432) fully paid ordinary shares 10(b) 160,703,754 156,632,636 143,910,328 Nil (2019: Nil) options for fully paid ordinary shares 10(c) - - - 160,703,754 156,632,636 143,910,328 |
Schedule of movements in issued shares | June 30, 2020 2019 2018 No. of A$ No. of A$ No. of A$ Beginning of the year 860,837,432 156,632,636 533,891,470 143,910,328 533,891,470 144,018,006 Movement during the year 176,520,600 4,071,118 326,945,962 12,722,308 - (107,678) End of the year 1,037,358,032 160,703,754 860,837,432 156,632,636 533,891,470 143,910,328 |
Schedule of share issuances | Date Details Notes Number Issue Price A$ Year end June 30, 2017 - - (159,564 ) June 30, 2018 Security issuance costs - - (107,678 ) Year end June 30, 2018 - - (107,678 ) 13 July 2018 Issue of shares under ATM Facility 3,083,580 0.05 166,086 4 January 2019 Issue of shares under ATM Facility 15,789,360 0.05 749,614 4 February 2019 Issue of shares under ATM Facility 1,912,440 0.04 78,508 21 March 2019 Issue of shares under ATM Facility 7,930,740 0.05 430,346 21 March 2019 Issue of shares under ATM Facility 3,723,120 0.05 169,064 21 March 2019 Issue of shares under ATM Facility 156,000 0.05 7,341 21 March 2019 Issue of shares under ATM Facility 1,014,240 0.04 43,544 8 April 2019 Issue of shares under strategic investment by Life Biosciences LLC 269,905,533 0.04 10,526,318 8 April 2019 Issue of shares to sophisticated and professional investors 23,430,949 0.04 913,807 June 30, 2019 Security issuance costs (362,320 ) Year end June 30, 2019 326,945,962 12,722,308 31 July 2019 Issue of shares under ATM Facility 7,962,060 0.035 277,812 21 November 2019 Issue of shares under ATM Facility 3,814,380 0.025 94,694 15 January 2020 Issue of shares under ATM Facility 758,040 0.019 14,230 16 January 2020 Issue of shares under ATM Facility 12,244,020 0.020 249,402 17 January 2020 Issue of shares under ATM Facility 6,754,020 0.018 123,717 27 March 2020 Issue of shares under ATM Facility 7,042,920 0.017 120,239 25 May 2020 Issue of shares under ATM Facility 137,945,160 0.025 3,483,792 June 30, 2020 Security issuance costs (292,768 ) Year end June 30, 2020 176,520,600 4,071,118 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of reserves within equity [abstract] | |
Schedule of reserves of share based payments | Years Ended June 30, Notes 2020 2019 2018 21,550,000 (2019: 25,300,000, 2018: 25,216,490) options for fully paid ordinary shares 11(c) 866,121 1,158,975 1,753,954 866,121 1,158,975 1,753,954 Years Ended June 30, Notes 2020 2019 2018 Nil (2019: 586,672,964, 2018: Nil) warrants for fully paid ordinary shares (1) 11(c) - - - - - - |
Schedule of movements in options for fully paid ordinary shares | Years Ended June 30, 2020 2019 2018 Number of Comp. Number of Comp. Number of Comp. (A$) (A$) (A$) Beginning of the year 611,972,964 1,158,975 25,216,490 1,753,954 26,826,063 2,320,480 Options issued during the year - - 2,450,000 30,370 12,100,000 764,539 Warrants issued during the year - - 586,672,964 - - - Warrants expired during the year (586,672,964 ) - - - - - Expired during the year (3,400,000 ) (280,838 ) (2,366,490 ) (684,117 ) (11,349,573 ) (1,126,843 ) Forfeited during the year (350,000 ) (12,016 ) - - (2,360,000 ) (204,221 ) Share based payment expense - - - 58,768 - - End of the year 21,550,000 866,121 611,972,964 1,158,975 25,216,490 1,753,954 |
Accumulated Deficit During De_2
Accumulated Deficit During Development Stage (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accumulated deficit during development stage [abstract] | |
Schedule of accumulated deficit during development stage | Years Ended June 30, 2020 2019 2018 Balance at beginning of year 141,236,838 129,583,125 122,648,452 Impact of initial adoption of IFRS 16 6,261 - - Net loss for the year 13,456,800 12,337,830 8,265,737 Reclassify expired options from contributed equity - - - Reclassify expired options from reserves (280,838 ) (684,117 ) (1,331,064 ) Reclassify expired options/warrants from reserves - - - Balance at end of year 154,419,061 141,236,838 129,583,125 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [abstract] | |
Schedule of amounts relating to leases | Years Ended June 30, Right-of-use assets 2020 2019 2018 Right-of-use assets 31,866 - - Lease liabilities - Current 32,879 - - Non-current 868 - - 33,747 - - |
Schedule of amounts recognized in profit or loss relating leases | The statement of profit or loss shows the following amounts relating to leases: Years Ended June 30, Depreciation charge of right-of-use assets 2020 2019 2018 Right-of-use assets 86,439 - - Interest expense 3,877 - - Expenses relating to short-term leases (included in general and administration expenses) 46,913 - - Expenses relating to variable lease payments not included in lease liabilities (included in general and administration expenses) 25,844 - - |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cash flow information [abstract] | |
Schedule of cash flow information | Years Ended June 30, 2020 2019 2018 Net loss (13,456,800 ) (12,337,830 ) (8,265,737 ) Non-cash items Depreciation of property and equipment 25,988 29,696 21,799 Depreciation on leased assets 86,439 - - Non-cash issue of equity in consideration of operating expenses (12,016 ) 89,138 764,539 Foreign exchange (gain) loss (262,977 ) (403,879 ) 278,117 - - - Changes in assets and liabilities Decrease (increase) in trade and other receivables 4,768,176 (1,677,087 ) (116,837 ) Decrease (increase) in other current assets 53,633 (365,144 ) 18,988 (Decrease) increase in trade and other payables (648,570 ) 662,926 1,162,812 (Decrease) in other current liabilities (1,577 ) - - Increase (decrease) in provision for employee entitlements 16,582 47,362 (108,869 ) Net cash flows used in operating activities (9,431,122 ) (13,954,818 ) (6,245,188 ) (b) Reconciliation of Cash and Cash Equivalents Cash and cash equivalents balance comprises: - cash and cash equivalents on hand 9,196,892 14,399,904 15,235,556 Closing cash and cash equivalents balance 9,196,892 14,399,904 15,235,556 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of number of options granted | Years Ended June 30, 2020 2019 2018 Number of Weighted Number of Weighted Number of Weighted (A$) (A$) (A$) Beginning of the year 25,300,000 0.12 25,216,490 0.19 26,826,063 0.29 Issued during the year - 2,450,000 0.10 12,100,000 0.11 Exercised during the year - - - - Expired during the year (3,400,000 ) 0.25 (2,366,490 ) 0.87 (11,349,573 ) 0.31 Forfeited during the year (350,000 ) 0.07 (2,360,000 ) 0.19 Outstanding at year end 21,550,000 0.10 25,300,000 0.12 25,216,490 0.19 Vested and Exercisable at year end 21,550,000 0.10 25,300,000 0.12 25,216,490 0.19 |
Schedule of options outstanding | Series Grant Date Expiry Date Exercise Price Share options 2020 Share options 2019 $A PBTAH 19 February 2015 18 February 2020 0.26 - 2,000,000 PBTAR 27 May 2015 25 May 2020 0.27 - 1,400,000 PBTAS 7 June 2017 6 June 2022 0.07 7,000,000 7,350,000 PBTAAA 18 December 2017 14 December 2022 0.11 13,850,000 13,850,000 PBTAI 1 February 2018 31 January 2023 0.08 700,000 700,000 Total 21,550,000 25,300,000 Weighted average remaining contractual life of options outstanding at end of period 2.29 years 2.95 years |
Schedule of valuations of options approved and issued | Series Grant Date Exercise Price per Share Share Price at Grant Date Expected Share Price Volatility Years to Expiry Dividend Yield Risk-free Interest Rate A$ A$ PBTAY August 5, 2013 0.66 0.38 62.00 % 5.00 0 % 3.05 % PBTAZ October 2, 2013 0.66 0.41 61.00 % 5.00 0 % 3.24 % PBTAA October 25, 2013 0.61 0.38 63.60 % 5.00 0 % 3.31 % PBTAD November 4, 2013 0.73 0.44 68.80 % 5.00 0 % 3.46 % PBTAE December 13, 2013 1.04 0.69 70.70 % 5.00 0 % 3.45 % PBTAF February 7, 2014 1.12 1.18 58.50 % 5.00 0 % 3.44 % PBTAG April 7, 2014 0.25 0.23 289.40 % 4.00 0 % 3.02 % PBTAB October 3, 2014 0.34 0.22 130.50 % 4.00 0 % 2.71 % PBTAH February 19, 2015 0.26 0.16 74.80 % 5.00 0 % 2.00 % PBTAR May 27, 2015 0.27 0.17 69.40 % 5.00 0 % 2.25 % PBTAS June 7, 2017 0.07 0.05 100.00 % 5.00 0 % 1.97 % PBTAAA December 18, 2017 0.11 0.07 100 % 5.00 0 % 2.38 % PBTAI February 1, 2018 0.08 0.06 100 % 5.00 0 % 2.24 % |
Schedule of number of shares issued under the 2004 ASX Plan | Years Ended June 30, 2020 2019 2018 Number of Number of Number of Beginning of the year 13,277,715 13,277,715 13,277,715 Issued during the year - - - End of the financial year 13,277,715 13,277,715 13,277,715 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Subsequent Events | |
Schedule of incentive options with an exercise price | Geoffrey Kempler 14,000,000 Tristan Edwards 7,000,000 Lawrence Gozlan 7,000,000 Peter Marks 7,000,000 Brian Meltzer 7,000,000 David Sinclair 7,000,000 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Basic and diluted earnings per share [abstract] | |
Schedule of earning loss per share | Years Ended June 30, 2020 2019 2018 Basic and diluted loss per share (cents per share) (1.50 ) (2.00 ) (1.55 ) Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share 894,872,224 615,772,236 533,891,470 |
Key Management Personnel Comp_2
Key Management Personnel Compensation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Key management personnel compensation [abstract] | |
Schedule of key management personnel compensation | Years Ended June 30, 2020 2019 2018 Short-term employee benefits 1,549,861 2,046,496 1,522,777 Post-employment benefits 48,947 41,062 44,389 Long-term benefits 20,528 23,016 (1,061 ) Share-based payments - 20,443 608,179 1,619,336 2,131,017 2,174,284 |
Auditors' Remuneration (Tables)
Auditors' Remuneration (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Auditor's remuneration [abstract] | |
Schedule of auditors' remuneration | Years Ended June 30, 2020 2019 2018 - Audit and review of financial statements 194,900 210,422 180,000 - Other audit services 1 60,000 90,000 72,960 254,900 300,422 252,960 1. Audit and other audit services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020, 2019 and 2018 financial years. All services provided are considered audit services for the purpose of SEC classification. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of directors' remuneration | 2020 Short Term Benefits Post- Superannuation Long Term Long- Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) 412,544 - 21,003 12,462 - 446,009 Mr. Brian Meltzer 73,059 - 6,941 - - 80,000 Mr. Peter Marks 60,000 - - - - 60,000 Mr. Lawrence Gozlan 60,000 - - - - 60,000 Dr. David Sinclair 45,000 - - - - 45,000 Mr. Tristan Edwards 45,000 - - - - 45,000 695,603 - 27,944 12,462 - 736,009 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. 2019 Short Term Benefits Post- Long Term Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) 395,728 - 20,531 7,794 - 424,053 Mr. Brian Meltzer 80,000 - - - - 80,000 Dr. George Mihaly (2) 66,667 - - - - 66,667 Mr. Peter Marks 60,000 - - - - 60,000 Mr. Lawrence Gozlan (3) 580,000 - - - - 580,000 Dr. Ira Shoulson (2)(4) 58,314 - - - 20,443 78,757 Dr. David Sinclair (2) 10,750 - - - - 10,750 Mr. Tristan Edwards (2) 10,750 - - - - 10,750 1,262,209 - 20,531 7,794 20,443 1,310,977 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) The remuneration for Dr. George Mihaly and Dr. Ira Shoulson covered the period from 1 July 2018 to 8 April 2019, being the last day of being the Company's director. The remuneration for Dr. David Sinclair and Mr. Tristan Edwards covered the period from 8 April 2019, being the date of their appointment as directors of the Company, to June 30, 2019. (3) Includes corporate advisory fees paid to an associated entity of Mr. Lawrence Gozlan in the amount of A$520,000. (4) Dr. Ira Shoulson received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. 2018 Short Term Benefits Post- Long Term Equity Directors' remuneration Base Fee Bonus Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Mr. Geoffrey Kempler (1) (3) 381,340 - 20,049 7,763 235,000 644,152 Mr. Lawrence Gozlan (3) 60,000 - - - 58,750 118,750 Mr. Brian Meltzer (3) 82,500 - - - 58,750 141,250 Dr. George Mihaly (3) 77,500 - - - 58,750 136,250 Mr. Peter Marks (3) 60,000 - - - 58,750 118,750 Dr. Ira Shoulson (2) 78,885 - - - - 78,885 740,225 - 20,049 7,763 470,000 1,238,037 (1) Base Fee includes movements in the annual leave provision relating to Mr Geoffrey Kempler. (2) Includes consulting fees paid to Dr Ira Shoulson in the amount of A$12,021. (3) The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. |
Schedule of executives' remuneration | Post-Employment Long Term 2020 Short Term Benefits Superannuation Long-service Equity Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Kathryn Andrews (1) 228,788 - 21,003 8,066 - 257,857 Dr. David Stamler (1) 625,470 - - - - 625,470 (1) Base Fee includes movements in annual leave provision for, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. Post-Employment Long Term 2019 Short Term Benefits Superannuation Long-service Equity Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Kathryn Andrews (1) 236,665 20,531 15,222 - 272,418 Dr. David Stamler (1) 547,622 - 547,622 (1) Base Fee includes movements in annual leave provision for, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. Post-Employment Long Term Equity 2018 Short Term Benefits Superannuation Long-service Executives' Remuneration Base Fee Other Contribution Leave Options Total A$ A$ A$ A$ A$ A$ Ms. Dianne Angus (1) (2) 81,589 - 5,736 (8,920 ) (3,433 ) 74,972 Ms. Kathryn Andrews (1) (3) 196,689 - 18,604 96 15,735 231,124 Dr. David Stamler (1) (3) 504,274 - - - 125,877 630,151 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. (3) The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. |
Schedule of key management personnel equity holdings | Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Mr. Peter Marks 43,111 - - - 43,111 Dr. David Sinclair - - - - - Mr. Tristan Edwards - - - - - Ms. Kathryn Andrews - - - - - Dr. David Stamler - - - - - 18,380,777 - - - 18,380,777 Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Dr. George Mihaly (1) 226,666 - - (226,666 ) - Mr. Peter Marks 43,111 - - - 43,111 Dr. David Sinclair - - - - - Mr. Tristan Edwards - - - - - Dr. Ira Shoulson - - - - - Ms. Kathryn Andrews - - - - - Dr. David Stamler - - - - - 18,607,443 - - (226,666 ) 18,380,777 1. Other changes represented the holdings of Dr. George Mihaly when he ceased to be a director of the Group on 8 April 2019. Fully Paid Ordinary Shares of the Company Balance Received as Received on Net Change Balance No. No. No. No. No. Mr. Geoffrey Kempler 18,011,000 - - - 18,011,000 Mr. Lawrence Gozlan - - - - - Mr. Brian Meltzer 326,666 - - - 326,666 Dr. George Mihaly 226,666 - - - 226,666 Mr. Peter Marks 43,111 - - - 43,111 Dr. Ira Shoulson - - - - - Ms. Dianne Angus 146,128 - - (146,128 ) - Ms. Kathryn Andrews - - - - - Dr. David Stamler (1) - - - - - 18,753,571 - - (146,128 ) 18,607,443 (1) Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. Share Options of the Company Balance Granted as Options Options Options Net Change Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 5,000,000 - - - - - - 5,000,000 5,000,000 - Mr. Lawrence Gozlan 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Brian Meltzer 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Peter Marks 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. David Sinclair - - - - - - - - - - Mr. Tristan Edwards - - - - - - - - - - Ms. Kathryn Andrews 500,000 - - - - - - 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - - - 4,000,000 4,000,000 - 13,250,000 - 0 0 - - - 13,250,000 13,250,000 - Share Options of the Company Balance Granted as Options Options Options Net Change Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 5,000,000 - - - - - - 5,000,000 5,000,000 - Mr. Brian Meltzer 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. George Mihaly (1) 1,250,000 - - - (1,250,000 ) - - - - Mr. Peter Marks 1,250,000 - - - - - - 1,250,000 1,250,000 - Mr. Lawrence Gozlan 1,250,000 - - - - - - 1,250,000 1,250,000 - Dr. Ira Shoulson (1) - 1,250,000 - - (1,250,000 ) - - - - Dr. David Sinclair - - - - - - - - - - Mr. Tristan Edwards - - - - - - - - - - Ms. Kathryn Andrews 500,000 - - - - - - 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - - - 4,000,000 4,000,000 - 14,500,000 1,250,000 0 0 - (2,500,000 ) - 13,250,000 13,250,000 - (1) Dr. George Mihaly and Dr. Ira Shoulson resigned on 8 April 2019. Share Options of the Company Balance Granted as Options Options Options Net Change Other Options Vested Balance Total Total No. No. No. No. No. No. No. No. Mr. Geoffrey Kempler 4,000,000 5,000,000 - (4,000,000 ) - 5,000,000 5,000,000 - Mr. Lawrence Gozlan 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 Mr. Brian Meltzer 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Dr. George Mihaly 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Mr. Peter Marks 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Dr. Ira Shoulson - - - - - - - - Ms. Dianne Angus (1) 2,360,000 - - - (2,360,000 ) - - - Ms. Kathryn Andrews 500,000 - - - - 500,000 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - 4,000,000 4,000,000 4,000,000 - 14,860,000 10,000,000 - (8,000,000 ) (2,360,000 ) 4,500,000 14,500,000 14,500,000 (1) Ms Angus resigned effective October 10, 2017. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of financial assets and liabilities subject to foreign currency risk | Consolidated Entity 2020 2019 A$ A$ Cash and cash equivalents (USD) 5,403,402 9,726,790 Cash and cash equivalents (€EUR) - 178 Cash and cash equivalents (£GBP) 430 433 Trade and other payables (USD) (562,710 ) (1,196,358 ) Trade and other payables (€EUR) (12,245 ) - Trade and other payables (£GBP) (4,337 ) (35,242 ) Total exposure 4,824,540 8,495,801 |
Schedule of interest rates and the effective weighted average interest rate for classes of financial assets and liabilities | June 30, 2020 Floating Fixed Interest Non-Interest bearing Total Average Interest Rate (A$) (A$) (A$) (A$) 1 year or less 1-5 years Financial Assets Cash and cash equivalents 3,532,485 192,713 - 5,471,694 9,196,892 0.24 % Trade and other receivables - - - 61,711 61,711 Total Financial Assets 3,532,485 192,713 - 5,533,405 9,258,603 0.24 % Financial Liabilities Trade and other payables - - - (2,069,604 ) (2,069,604 ) Lease liabilities - (32,879 ) (868 ) - (33,747 ) Total Financial Liabilities - (32,879 ) (868 ) (2,069,604 ) (2,103,351 ) June 30, 2019 Floating Interest Rate Fixed Interest Non-Interest bearing Total Average Interest Rate (A$) (A$) (A$) (A$) 1 year or less 1-5 years Financial Assets Cash and cash equivalents 1,400,257 3,205,042 - 9,794,605 14,399,904 0.42 % Trade and other receivables - - - 4,829,497 4,829,497 Other current assets - - - 621,737 621,737 Other non-current assets - - - - - Total Financial Assets 1,400,257 3,205,042 15,245,839 19,851,138 0.42 % Financial Liabilities - - Trade and other payables - - - (2,718,174 ) (2,718,174 ) Total Financial Liabilities - - - (2,718,174 ) (2,718,174 ) |
Schedule of Company's liquidity reserve on the basis of expected cash flows | Maturities of Financial Liabilities 2020 Less than 6-12 months Greater than Total Carrying Trade and other payables (2,069,604 ) - - (2,069,604 ) (2,069,604 ) Lease liabilities (16,440 ) (16,439 ) (868 ) (33,747 ) (33,747 ) Total (2,086,044 ) (16,439 ) (868 ) (2,103,351 ) (2,103,351 ) 2019 Less than 6-12 months Greater than Total Carrying Trade and other payables (2,718,174 ) - - (2,718,174 ) (2,718,174 ) Total (2,718,174 ) - - (2,718,174 ) (2,718,174 ) |
Background and Summary of Sig_4
Background and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Furniture and fittings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 5.00% |
Furniture and fittings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33.00% |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33.00% |
Plant and equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 10.00% |
Plant and equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33.00% |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33.00% |
Background and Summary of Sig_5
Background and Summary of Significant Accounting Policies (Details 1) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Of which are: | ||||
Current lease liability | $ 32,879 | |||
Non-current lease liability | 868 | |||
Total | 33,747 | |||
Right of use of asset increased by | 31,866 | |||
Measurement of Lease Liabilities [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease commitments disclosed as of June 30, 2019 | 111,811 | |||
Discounted using the lessee’s incremental borrowing rate of at the date of initial application | 108,028 | |||
Less short-term lease not recognized as a liability | [1] | (13,290) | ||
Lease liability recognized as of July 1, 2019 | 94,738 | |||
Of which are: | ||||
Current lease liability | 77,665 | |||
Non-current lease liability | 17,073 | |||
Total | 94,738 | |||
Right of use of asset increased by | 88,477 | |||
Lease liability increased by | 94,738 | |||
The net impact on retained earnings on July 1 2019 was a decrease of | $ (6,261) | |||
[1] | The practical expedient guidelines permit operating leases with a remaining lease term of less than 12 months as of July 1, 2019 as short-term leases. |
Background and Summary of Sig_6
Background and Summary of Significant Accounting Policies (Details Textual) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Background and Summary of Significant Accounting Policies (Textual) | |||
Other income | $ 3,363,433 | ||
Operating loss | (13,456,800) | $ (12,337,830) | $ (8,265,737) |
Operating cash outflow | $ 9,431,122 | $ 13,954,818 | |
Refundable tax offset rate | 43.50% | 43.50% | 43.50% |
Annual aggregate turnover | $ 20,000,000 | ||
Refundable tax offset rate, description | Under the proposed amendments, the refundable tax offset rate for companies with an aggregated turnover of less than $20 million would become 41% and the maximum refund would be capped at $4m (exclusive of expenditure incurred relating to clinical trial activities). | ||
Right of use of asset increased by | $ 31,866 | ||
Current lease liability | 32,879 | ||
Non-current lease liability | $ 868 | ||
Lease liabilities percentage | 5.20% | ||
Lease liabilities | $ 33,747 | ||
Measurement of Lease Liabilities [Member] | |||
Background and Summary of Significant Accounting Policies (Textual) | |||
Right of use of asset increased by | 88,477 | ||
Current lease liability | 77,665 | ||
Non-current lease liability | 17,073 | ||
Lease liabilities | $ 94,738 |
Background and Summary of Sig_7
Background and Summary of Significant Accounting Policies (Details Textual 1) | 12 Months Ended |
Jun. 30, 2020 | |
Background and Summary of Significant Accounting Policies (Textual) | |
Estimated useful lives of property and equipment | 3 to 20 years |
Amortization method | straight-line basis |
Estimated useful lives of intangible assets | five years |
Payment period of trade and other payables | 30 days |
Interest and Other Income fro_3
Interest and Other Income from Continuing Operations (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Interest income | ||||
Interest income | $ 17,117 | $ 108,538 | $ 201,174 | |
Total interest income | 17,117 | 108,538 | 201,174 | |
Other income | ||||
R&D Tax Incentive | [1] | 4,951,167 | 3,125,775 | |
COVID-19 relief | [2] | 122,729 | ||
Total other income | 122,729 | 4,951,167 | 3,125,775 | |
Total interest and other income from continuing operations | $ 139,846 | $ 5,059,705 | $ 3,326,949 | |
[1] | The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011. The provisions provide refundable or non-refundable tax offsets. The research and development tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. A 43.5% for FY2020 (43.5% for FY2019 & 43.5% for FY2018) refundable tax offset, will be available to eligible small companies with an annual aggregate turnover of less than $20 million. As per the prior period, and under the same sets of facts, the Group have applied to the Australian Taxation Office (ATO) for a determination regarding its eligibility to receive the R&D Tax Incentive as a refundable cash offset. While a formal determination has not yet been made with respect to the application, the Group has been advised by the ATO that it is their preliminary view that the Group may not receive the tax incentive as a refundable cash offset under the applicable regulations. The Group is considering its options, including appealing an unfavorable decision if received, nevertheless the Group has not recognized a receivable and other income of $3,363,433 relating to eligible expenditure for the year ended June 30, 2020. | |||
[2] | The COVID-19 relief relates to government assistance received during the year, from the Australian Governments (at both federal and state level), in response to the economic and financial challenges in the current economy. This COVID-19 relief consists of the eligible cash flow boost grants and state level payroll tax refund and waivers. The Company has recognized this relief as part of government grants in line with IAS 20. |
Interest and Other Income fro_4
Interest and Other Income from Continuing Operations (Details Textual) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and Other Income from Continuing Operations (Textual) | |||
Refundable tax offset rate | 43.50% | 43.50% | 43.50% |
Annual aggregate turnover | $ 20,000,000 | ||
Other income | $ 3,363,433 |
Expenses from Ordinary Activi_3
Expenses from Ordinary Activities (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Research and Development Expenses | ||||
Employee expenses | [1] | $ 2,698,139 | $ 2,645,512 | $ 2,223,807 |
Other research and development expenses | [1] | 7,400,300 | 10,337,673 | 4,474,209 |
General and Administration Expenses | ||||
Depreciation on fixed assets | 25,988 | 29,696 | 21,799 | |
Depreciation on leased assets | 86,439 | |||
Employee expenses (non R&D related) | 617,889 | 735,775 | 909,756 | |
Consultant and director expenses | 742,390 | 1,477,369 | 1,279,014 | |
Audit, internal control and other assurance expenses | 217,506 | 208,972 | 186,660 | |
Corporate compliance expenses | 384,705 | 470,294 | 351,611 | |
Insurance expenses | 628,060 | 448,769 | 422,475 | |
Office rental | 72,757 | 132,836 | 142,233 | |
Other administrative and office expenses | 670,405 | 804,641 | 902,916 | |
Other gains and losses | ||||
Foreign exchange (gain)/loss | $ (333,055) | $ (349,064) | $ 270,860 | |
[1] | Research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Income Tax (Details)
Income Tax (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
(a) Income tax expense: | ||||
Current tax | ||||
Adjustment for current tax of prior periods | ||||
Deferred tax | ||||
b) Numerical reconciliation of income tax expense to prima facie tax payable: | ||||
Prima facie tax on net loss before income tax at 27.5% (2019: 27.5%, 2018: 27.5%) | (3,700,620) | (3,392,903) | (2,273,078) | |
Effect of lower tax rates of tax on overseas income | (18,308) | 19,045 | 12,375 | |
Add tax effect of: | ||||
Research and development expenditure (net of tax incentive) | 1,688,887 | 1,187,557 | ||
Other | 148,105 | 145,245 | 324,249 | |
Deferred tax asset not recognized | 3,570,823 | 1,539,726 | 748,896 | |
Income tax expense attributable to loss before income tax | ||||
(c) Potential deferred tax asset as of June 30, 2020, 2019 and 2018 in respect of: tax losses not brought to account is (1): | [1] | 40,133,912 | 35,913,682 | 34,373,956 |
Temporary differences | $ (1,793,626) | $ (1,119,563) | $ (1,254,136) | |
[1] | As of June 30, 2020, the Group had a potential tax benefit related to tax losses carried forward of $145,941,499 (2019: $130,709,461). Such amount includes net profit of A$95,446 related to subsidiaries in the United States (U.S.). The remaining balance is attributable to the Group's operations in Australia. |
Income Tax (Details Textual)
Income Tax (Details Textual) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Period of carried forward for tax losses | 20 years | ||
Prima facie tax on net loss before income tax | 27.50% | 27.50% | 27.50% |
Tax losses carried forward [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Potential tax benefit related to tax losses carried forward | $ 145,941,499 | $ 130,709,461 | |
Tax losses carried forward [Member] | U.S subsidiary [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Potential tax benefit related to tax losses carried forward | $ 95,446 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other current receivables [abstract] | ||
Accrued interest income | $ 12,584 | $ 2,129 |
R&D tax incentive receivable | 4,825,270 | |
Goods and services tax receivable | 48,737 | 2,098 |
Total Trade and Other Receivables | $ 61,321 | $ 4,829,497 |
Other Current Assets (Details)
Other Current Assets (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Current | ||
Prepayments | $ 567,884 | $ 621,737 |
Other | 10,252 | 10,032 |
Total | $ 578,136 | $ 631,769 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other current payables [abstract] | ||
Trade creditors | $ 954,033 | $ 1,693,885 |
Accrued research and development expenses | 843,419 | 752,156 |
Accrued professional fees | 187,199 | 181,378 |
Other accrued expenses | 73,991 | 79,035 |
Other payables | 10,962 | 11,720 |
Total | $ 2,069,604 | $ 2,718,174 |
Provisions (Details)
Provisions (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of other provisions [line items] | |||
Current | $ 612,039 | $ 601,995 | |
Non-Current | 41,514 | 34,976 | |
Annual Leave [Member] | |||
Disclosure of other provisions [line items] | |||
Current | [1] | 285,360 | 245,804 |
Long Service Leave [Member] | |||
Disclosure of other provisions [line items] | |||
Current | [1],[2] | 326,679 | 356,191 |
Non-Current | [2] | $ 41,514 | $ 34,976 |
[1] | Movements in provisions | ||
[2] | Amounts not expected to be settled within the next 12 months |
Provisions (Details 1)
Provisions (Details 1) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation of changes in other provisions [abstract] | |||
TOTAL | $ 653,553 | $ 636,971 | $ 589,609 |
Annual Leave [Member] | |||
Reconciliation of changes in other provisions [abstract] | |||
Carrying amount at start of year | 245,804 | 266,487 | 298,508 |
Charged/(credited) to profit or loss | |||
-additional provisions recognized | 278,686 | 308,032 | 261,354 |
Amounts used during the year | (240,734) | (328,715) | (293,375) |
Change in foreign exchange | 1,604 | 1,886 | |
Carrying amount at end of year | 285,360 | 245,804 | 266,487 |
Long Service Leave [Member] | |||
Reconciliation of changes in other provisions [abstract] | |||
Carrying amount at start of year | 391,167 | 323,122 | 399,970 |
Charged/(credited) to profit or loss | (62,991) | (103,363) | |
-additional provisions recognized | 40,017 | 68,045 | 26,515 |
Carrying amount at end of year | $ 368,193 | $ 391,167 | $ 323,122 |
Provisions (Details 2)
Provisions (Details 2) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of other provisions [abstract] | ||
Long service leave obligation expected to be settled after 12 months | $ 41,514 | $ 34,976 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Jun. 30, 2020AUD ($) | |
Commitments and Contingencies (Textual) | |
Other income | $ 3,363,433 |
Other income of relating to eligible expenditure | $ 122,729 |
Issued Capital (Details)
Issued Capital (Details) - shares | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of classes of share capital [line items] | |||
Issued Capital | 160,703,754 | 156,632,636 | 143,910,328 |
Ordinary Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Issued Capital | 160,703,754 | 156,632,636 | 143,910,328 |
Options [Member] | |||
Disclosure of classes of share capital [line items] | |||
Issued Capital |
Issued Capital (Parentheticals)
Issued Capital (Parentheticals) (Details) - shares | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 1,037,358,032 | 860,837,432 | |
Ordinary Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 1,037,358,032 | 860,837,432 | 533,891,470 |
Options [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued |
Issued Capital (Details 1)
Issued Capital (Details 1) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of classes of share capital [line items] | ||||
Beginning of the year | $ 156,632,636 | |||
Movement during the year (in shares) | 176,520,600 | 326,945,962 | ||
Movement during the year | $ 4,071,118 | $ 12,722,308 | ||
End of the year | $ 160,703,754 | $ 156,632,636 | ||
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 860,837,432 | 533,891,470 | 533,891,470 | |
Beginning of the year | $ 156,632,636 | $ 143,910,328 | $ 144,018,006 | |
Movement during the year (in shares) | 176,520,600 | 326,945,962 | ||
Movement during the year | $ 4,071,118 | $ 12,722,308 | $ (107,678) | $ (159,564) |
Balance (in shares) | 1,037,358,032 | 860,837,432 | 533,891,470 | 533,891,470 |
End of the year | $ 160,703,754 | $ 156,632,636 | $ 143,910,328 | $ 144,018,006 |
Issued Capital (Details 2)
Issued Capital (Details 2) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 176,520,600 | 326,945,962 | ||
Issued during the year | $ 4,071,118 | $ 12,722,308 | ||
Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 176,520,600 | 326,945,962 | ||
Issued during the year | $ 4,071,118 | $ 12,722,308 | $ (107,678) | $ (159,564) |
Issue Price | ||||
Ordinary shares [Member] | 30 June 2017 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issue Price | ||||
Security issuance costs | $ (159,564) | |||
Ordinary shares [Member] | June 30, 2018 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issue Price | ||||
Security issuance costs | $ (107,678) | |||
Ordinary shares [Member] | 13 July 2018 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 3,083,580 | |||
Issue Price | $ 0.05 | |||
Issue of shares under ATM Facility | $ 166,086 | |||
Ordinary shares [Member] | 4 January 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 15,789,360 | |||
Issue Price | $ 0.05 | |||
Issue of shares under ATM Facility | $ 749,614 | |||
Ordinary shares [Member] | 4 February 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 1,912,440 | |||
Issue Price | $ 0.04 | |||
Issue of shares under ATM Facility | $ 78,508 | |||
Ordinary shares [Member] | 21 March 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 7,930,740 | |||
Issue Price | $ 0.05 | |||
Issue of shares under ATM Facility | $ 430,346 | |||
Ordinary shares [Member] | 21 March 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 3,723,120 | |||
Issue Price | $ 0.05 | |||
Issue of shares under ATM Facility | $ 169,064 | |||
Ordinary shares [Member] | 21 March 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 156,000 | |||
Issue Price | $ 0.05 | |||
Issue of shares under ATM Facility | $ 7,341 | |||
Ordinary shares [Member] | 21 March 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 1,014,240 | |||
Issue Price | $ 0.04 | |||
Issue of shares under ATM Facility | $ 43,544 | |||
Ordinary shares [Member] | 8 April 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 269,905,533 | |||
Issue Price | $ 0.04 | |||
Issue of shares under strategic investment by Life Biosciences LLC | $ 10,526,318 | |||
Ordinary shares [Member] | 8 April 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 23,430,949 | |||
Issue Price | $ 0.04 | |||
Issue of shares to sophisticated and professional investors | $ 913,807 | |||
Ordinary shares [Member] | June 30, 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Security issuance costs | $ (292,768) | $ (362,320) | ||
Ordinary shares [Member] | 31 July 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 7,962,060 | |||
Issue Price | $ 0.035 | |||
Issue of shares under ATM Facility | $ 277,812 | |||
Ordinary shares [Member] | 21 November 2019 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 3,814,380 | |||
Issue Price | $ 0.025 | |||
Issue of shares under ATM Facility | $ 94,694 | |||
Ordinary shares [Member] | 15 January 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 758,040 | |||
Issue Price | $ 0.019 | |||
Issue of shares under ATM Facility | $ 14,230 | |||
Ordinary shares [Member] | 16 January 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 12,244,020 | |||
Issue Price | $ 0.020 | |||
Issue of shares under ATM Facility | $ 249,402 | |||
Ordinary shares [Member] | 17 January 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 6,754,020 | |||
Issue Price | $ 0.018 | |||
Issue of shares under ATM Facility | $ 123,717 | |||
Ordinary shares [Member] | 27 March 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 7,042,920 | |||
Issue Price | $ 0.017 | |||
Issue of shares under ATM Facility | $ 120,239 | |||
Ordinary shares [Member] | 25 May 2020 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued during the year | 137,945,160 | |||
Issue Price | $ 0.025 | |||
Issue of shares under ATM Facility | $ 3,483,792 |
Issued Capital (Details Textual
Issued Capital (Details Textual) | Jul. 02, 2020shares |
Non-adjusting events after reporting period [member] | |
Statement Line Items [Line Items] | |
Subsequently new ordinary shares issued after the current financial year | 47,646,000 |
Reserves (Details)
Reserves (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reserves within equity [line items] | |||||
Reserve of share-based payments | $ 866,121 | $ 1,158,975 | $ 1,753,954 | ||
Reserve of warrants payments | |||||
Options for fully paid ordinary shares [Member] | |||||
Disclosure of reserves within equity [line items] | |||||
Reserve of share-based payments | 2,320,480 | 1,158,975 | 1,753,954 | $ 2,320,480 | |
Warrants for fully paid ordinary shares [Member] | |||||
Disclosure of reserves within equity [line items] | |||||
Reserve of warrants payments | [1] | ||||
[1] | On 9 April 2019, the Group issued a total of 586,672,964 two for one free-attaching warrants each with an exercise price of A$0.045 (4.5 cents), vested on 8 June 2019 and expiring on 19 December 2019. These warrants were issued as part of the strategic investment made by Life Biosciences LLC, and an accompanying placement with sophisticated investors. On 19 December 2019, the warrants expired without exercise. |
Reserves (Details 1)
Reserves (Details 1) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comp.Expense | |||
Comp. Expense Beginning of the year | $ 1,158,975 | $ 1,753,954 | |
Comp. expense end of the year | $ 866,121 | $ 1,158,975 | $ 1,753,954 |
Movements in Options/Warrants for Fully Paid Ordinary Shares [Member] | |||
Number of Options | |||
Beginning of the year | 611,972,964 | 25,216,490 | 26,826,063 |
Options issued during the year | 2,450,000 | 12,100,000 | |
Warrants issued during the year | 586,672,964 | ||
Warrants expired during the year | (586,672,964) | ||
Expired during the year | (3,400,000) | (2,366,490) | (11,349,573) |
Forfeited during the year | (350,000) | (2,360,000) | |
Outstanding at year end | 26,826,063 | 611,972,964 | 25,216,490 |
Comp.Expense | |||
Comp. Expense Beginning of the year | $ 1,158,975 | $ 1,753,954 | $ 2,320,480 |
Options issued during the year | 30,370 | 764,539 | |
Warrants issued during the year | |||
Expired during the year | (280,838) | (684,117) | (1,126,843) |
Forfeited during the year | (12,016) | (204,221) | |
Share based payment expense | 58,768 | ||
Comp. expense end of the year | $ 2,320,480 | $ 1,158,975 | $ 1,753,954 |
Reserves (Details Textual)
Reserves (Details Textual) | Feb. 05, 2019shares | Dec. 11, 2018shares | Nov. 03, 2018shares | Nov. 02, 2018shares$ / shares | Oct. 01, 2018shares | Aug. 04, 2018shares | Jul. 13, 2018shares$ / shares | Jun. 30, 2020shares | May 25, 2020shares | Feb. 18, 2020shares | Jan. 30, 2020shares | Dec. 19, 2019shares | Apr. 09, 2019shares$ / shares | Oct. 24, 2018shares | Aug. 28, 2018shares$ / shares | Jun. 25, 2018shares | Apr. 06, 2018shares | Jan. 18, 2018shares$ / shares | Dec. 13, 2017shares | Oct. 10, 2017shares | Jun. 30, 2020shares | Jun. 30, 2019shares | Jun. 30, 2018shares |
Options for fully paid ordinary shares/warrants [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Number of share options expired | 100,000 | 1,200,000 | 200,000 | 360,000 | 306,490 | 1,400,000 | 2,000,000 | 200,000 | 1,649,573 | 1,200,000 | 850,000 | ||||||||||||
Options for fully paid ordinary shares/warrants [Member] | Employee [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Expiry Date | January 31, 2023 | ||||||||||||||||||||||
Number of share options forfeited | 150,000 | 200,000 | 2,360,000 | ||||||||||||||||||||
Number of share options issued | 700,000 | ||||||||||||||||||||||
Options for fully paid ordinary shares/warrants [Member] | Directors and Employees [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Exercise price of outstanding share options | $ / shares | $ 0.083 | $ 0.11 | |||||||||||||||||||||
Fair value of outstanding share options | $ / shares | $ 0.038 | $ 0.047 | |||||||||||||||||||||
Expiry Date | December 14, 2022 | ||||||||||||||||||||||
Number of share options issued | 12,100,000 | ||||||||||||||||||||||
Options for fully paid ordinary shares/warrants [Member] | Consultant [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Exercise price of outstanding share options | $ / shares | $ 0.11 | ||||||||||||||||||||||
Fair value of outstanding share options | $ / shares | $ 0.019 | ||||||||||||||||||||||
Expiry Date | December 14, 2022 | ||||||||||||||||||||||
Number of share options issued | 500,000 | ||||||||||||||||||||||
Options for fully paid ordinary shares/warrants [Member] | Director [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Exercise price of outstanding share options | $ / shares | $ 0.11 | ||||||||||||||||||||||
Fair value of outstanding share options | $ / shares | $ 0.016 | ||||||||||||||||||||||
Expiry Date | December 14, 2022 | ||||||||||||||||||||||
Number of share options issued | 1,250,000 | ||||||||||||||||||||||
Options for fully paid ordinary shares/warrants [Member] | Life Biosciences LLC [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Expiry Date | December 19, 2019 | ||||||||||||||||||||||
Number of warrants issued | 586,672,964 | ||||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 0.045 | ||||||||||||||||||||||
Reserve Of Share Based Payments For Options [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Number of stock options outstanding | 21,550,000 | 21,550,000 | 25,300,000 | 25,216,490 | |||||||||||||||||||
Number of share options forfeited | (350,000) | (2,360,000) | |||||||||||||||||||||
Number of share options expired | (3,400,000) | (2,366,490) | (11,349,573) | ||||||||||||||||||||
Reserve Of Share Based Payments For Warrants [Member] | |||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||
Number of stock options outstanding | 586,672,964 | ||||||||||||||||||||||
Number of share options expired | 586,672,964 |
Accumulated Deficit During De_3
Accumulated Deficit During Development Stage (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated deficit during development stage [abstract] | |||
Balance at beginning of year | $ 141,236,838 | $ 129,583,125 | $ 122,648,452 |
Impact of initial adoption of IFRS 16 | 6,261 | ||
Net loss for the year | 13,456,800 | 12,337,830 | 8,265,737 |
Reclassify expired options from contributed equity | |||
Reclassify expired options from reserves | (280,838) | (684,117) | (1,331,064) |
Reclassify expired options/warrants from reserves | |||
Balance at end of year | $ 154,419,061 | $ 141,236,838 | $ 129,583,125 |
Leases (Details)
Leases (Details) - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Leases [abstract] | |||
Right-of-use assets | $ 31,866 | ||
Lease liabilities | |||
Current | 32,879 | ||
Non-current | 868 | ||
Total | $ 33,747 |
Leases (Details 1)
Leases (Details 1) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [abstract] | |||
Right-of-use assets | $ 86,439 | ||
Interest expense | 3,877 | ||
Expenses relating to short-term leases (included in general and administration expenses) | 46,913 | ||
Expenses relating to variable lease payments not included in lease liabilities (included in general and administration expenses) | $ 25,844 |
Leases (Details Textual)
Leases (Details Textual) | 12 Months Ended |
Jun. 30, 2020AUD ($) | |
Leases [abstract] | |
Additions to the right-of-use assets | $ 29,827 |
Total cash outflow for leases | $ 165,875 |
Short term lease term | 12 months or less. |
Cash Flow Information (Details)
Cash Flow Information (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
(a) Reconciliation of Net Loss to Net Cash Flows From Operations | ||||
Net loss | $ (13,456,800) | $ (12,337,830) | $ (8,265,737) | |
Non-cash items | ||||
Depreciation of property and equipment | 25,988 | 29,696 | 21,799 | |
Depreciation on leased assets | 86,439 | |||
Non-cash issue of equity in consideration of operating expenses | (12,016) | 89,138 | 764,539 | |
Foreign exchange (gain) loss | (262,977) | (403,879) | 278,118 | |
Changes in assets and liabilities | ||||
Decrease (increase) in trade and other receivables | 4,768,176 | (1,677,087) | (116,837) | |
Decrease (increase) in other current assets | 53,633 | (365,144) | 18,988 | |
(Decrease) increase in trade and other payables | (648,570) | 662,926 | 1,162,812 | |
(Decrease) in other current liabilities | (1,577) | |||
Increase (decrease) in provision for employee entitlements | 16,582 | 47,362 | (108,869) | |
Net cash flows used in operating activities | (9,431,122) | (13,954,818) | (6,245,188) | |
Cash and cash equivalents balance comprises: | ||||
- cash and cash equivalents on hand | 9,196,892 | 14,399,904 | 15,235,556 | |
Closing cash and cash equivalents balance | $ 9,196,892 | $ 14,399,904 | $ 15,235,556 | $ 21,884,957 |
Expenditure Commitments (Detail
Expenditure Commitments (Details) | 12 Months Ended |
Jun. 30, 2020AUD ($) | |
Expenditure Commitments (Textual) | |
Termination notice period for research and development contracts | 30 days |
Research and development termination commitments | $ 2,000,000 |
U.S office lease [Member] | |
Expenditure Commitments (Textual) | |
Lease expire | Oct. 31, 2020 |
Australian Office Lease [Member] | |
Expenditure Commitments (Textual) | |
Term of office lease | 3 months |
Lease expire | Dec. 17, 2020 |
Not later than one year [Member] | |
Expenditure Commitments (Textual) | |
Commitments under non-cancellable operating lease contract | $ 35,075 |
Share Based Payments (Details)
Share Based Payments (Details) - 2004 ASX Plan [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Options | |||
Beginning of the year | 25,300,000 | 25,216,490 | 26,826,063 |
Issued during the year | 2,450,000 | 12,100,000 | |
Exercised during the year | |||
Expired during the year | (3,400,000) | (2,366,490) | (11,349,573) |
Forfeited during the year | (350,000) | (2,360,000) | |
Outstanding at year end | 21,550,000 | 25,300,000 | 25,216,490 |
Vested and Exercisable at year end | 21,550,000 | 25,300,000 | 25,216,490 |
Weighted Average Exercise Price | |||
Beginning of the year | $ 0.12 | $ 0.19 | $ 0.29 |
Issued during the year | 0.10 | 0.11 | |
Exercised during the year | |||
Expired during the year | 0.25 | 0.87 | 0.31 |
Forfeited during the year | 0.07 | 0.19 | |
Outstanding at year end | 0.10 | 0.12 | 0.19 |
Vested and Exercisable at year end | $ 0.10 | $ 0.12 | $ 0.19 |
Share Based Payments (Details 1
Share Based Payments (Details 1) - $ / shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options | 21,550,000 | 25,300,000 |
Weighted average remaining contractual life of options outstanding at end of period | 2 years 3 months 15 days | 2 years 11 months 12 days |
PBTAH [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 19 February 2015 | |
Expiry Date | 18 February 2020 | |
Exercise Price | $ 0.26 | |
Share options | 2,000,000 | |
PBTAR [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 27 May 2015 | |
Expiry Date | 25 May 2020 | |
Exercise Price | $ 0.27 | |
Share options | 1,400,000 | |
PBTAS [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 7 June 2017 | |
Expiry Date | 6 June 2022 | |
Exercise Price | $ 0.07 | |
Share options | 7,000,000 | 7,350,000 |
PBTAAA [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 18 December 2017 | |
Expiry Date | 14 December 2022 | |
Exercise Price | $ 0.11 | |
Share options | 13,850,000 | 13,850,000 |
PBTAI [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 1 February 2018 | |
Expiry Date | 31 January 2023 | |
Exercise Price | $ 0.08 | |
Share options | 700,000 | 700,000 |
Share Based Payments (Details 2
Share Based Payments (Details 2) | 12 Months Ended |
Jun. 30, 2020$ / shares | |
PBTAY [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | August 5, 2013 |
Exercise Price per Share | $ 0.66 |
Share Price at Grant Date | $ 0.38 |
Expected Share Price Volatility | 62.00% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.05% |
PBTAZ [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 2, 2013 |
Exercise Price per Share | $ 0.66 |
Share Price at Grant Date | $ 0.41 |
Expected Share Price Volatility | 61.00% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.24% |
PBTAA [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 25, 2013 |
Exercise Price per Share | $ 0.61 |
Share Price at Grant Date | $ 0.38 |
Expected Share Price Volatility | 63.60% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.31% |
PBTAD [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | November 4, 2013 |
Exercise Price per Share | $ 0.73 |
Share Price at Grant Date | $ 0.44 |
Expected Share Price Volatility | 68.80% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.46% |
PBTAE [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | December 13, 2013 |
Exercise Price per Share | $ 1.04 |
Share Price at Grant Date | $ 0.69 |
Expected Share Price Volatility | 70.70% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.45% |
PBTAF [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | February 7, 2014 |
Exercise Price per Share | $ 1.12 |
Share Price at Grant Date | $ 1.18 |
Expected Share Price Volatility | 58.50% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.44% |
PBTAG [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | April 7, 2014 |
Exercise Price per Share | $ 0.25 |
Share Price at Grant Date | $ 0.23 |
Expected Share Price Volatility | 289.40% |
Years to Expiry | 4 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.02% |
PBTAB [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 3, 2014 |
Exercise Price per Share | $ 0.34 |
Share Price at Grant Date | $ 0.22 |
Expected Share Price Volatility | 130.50% |
Years to Expiry | 4 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.71% |
PBTAH [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 19 February 2015 |
Exercise Price per Share | $ 0.26 |
Share Price at Grant Date | $ 0.16 |
Expected Share Price Volatility | 74.80% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.00% |
PBTAR [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 27 May 2015 |
Exercise Price per Share | $ 0.27 |
Share Price at Grant Date | $ 0.17 |
Expected Share Price Volatility | 69.40% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.25% |
PBTAS [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 7 June 2017 |
Exercise Price per Share | $ 0.07 |
Share Price at Grant Date | $ 0.05 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 1.97% |
PBTAAA [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 18 December 2017 |
Exercise Price per Share | $ 0.11 |
Share Price at Grant Date | $ 0.07 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.38% |
PBTAI [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 1 February 2018 |
Exercise Price per Share | $ 0.08 |
Share Price at Grant Date | $ 0.06 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | 5 years |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.24% |
Share Based Payments (Details 3
Share Based Payments (Details 3) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Issued during the year (in shares) | 176,520,600 | 326,945,962 | |
2004 ASX Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance (in shares) | 13,277,715 | 13,277,715 | 13,277,715 |
Issued during the year (in shares) | |||
Balance (in shares) | 13,277,715 | 13,277,715 | 13,277,715 |
Share Based Payments (Details T
Share Based Payments (Details Textual) | 12 Months Ended | |||||||
Jun. 30, 2020Key_management_personnelemployeeDirectorConsultant | Jun. 30, 2019Key_management_personnelemployeeDirectorConsultant | Jun. 30, 2018Key_management_personnelemployeeDirectorConsultant | Jun. 30, 2009shares | Jun. 30, 2008shares | Jun. 30, 2007shares | Jun. 30, 2005shares | Jun. 30, 2004shares | |
2004 ASX Plan [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of former director | Director | 2 | 2 | ||||||
Number of director | Director | 4 | 4 | 5 | |||||
Number of key management personnel | Key_management_personnel | 2 | 2 | 2 | |||||
Number of employees | employee | 9 | 11 | 11 | |||||
Number of consultant | Consultant | 5 | 7 | 9 | |||||
Number of ordinary shares authorized under plan | shares | 6,000,000 | 4,500,000 | 3,000,000 | 2,200,000 | 1,200,000 | |||
Option expiration period | 10 years | |||||||
Percentage of default vesting conditions per year | 25.00% | |||||||
2018 ADS Plan [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of ordinary shares authorized under plan | shares | 6,000,000 | 4,500,000 | 3,000,000 | 2,200,000 | 1,200,000 | |||
Option expiration period | 10 years | |||||||
Percentage of default vesting conditions per year | 25.00% |
Subsequent Events (Details)
Subsequent Events (Details) - Shareholders approved [Member] | Sep. 03, 2020shares |
Geoffrey Kempler [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 14,000,000 |
Tristan Edwards [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 7,000,000 |
Lawrence Gozlan [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 7,000,000 |
Peter Marks [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 7,000,000 |
Brian Meltzer [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 7,000,000 |
David Sinclair [Member] | |
Statement Line Items [Line Items] | |
Incentive options with an exercise price | 7,000,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Shareholders approved [Member] - $ / shares | Sep. 03, 2020 | Jul. 02, 2020 |
Statement Line Items [Line Items] | ||
Shares, issued | 47,646,000 | |
Par, share value | $ 0.0328 | |
Expiring, years | 5 years |
Loss Per Share (Details)
Loss Per Share (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic and diluted earnings per share [abstract] | |||
Basic and diluted loss per share (cents per share) | $ (1.5) | $ (2) | $ (1.55) |
Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share | 894,872,224 | 615,772,236 | 533,891,470 |
Key Management Personnel Comp_3
Key Management Personnel Compensation (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Key management personnel compensation [abstract] | |||
Short-term employee benefits | $ 1,549,861 | $ 2,046,496 | $ 1,522,777 |
Post-employment benefits | 48,947 | 41,062 | 44,389 |
Long-term benefits | 20,528 | 23,016 | (1,061) |
Share-based payments | 20,443 | 608,179 | |
Total | $ 1,619,336 | $ 2,131,017 | $ 2,174,284 |
Auditors' Remuneration (Details
Auditors' Remuneration (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Auditor's remuneration [abstract] | ||||
- Audit and review of financial statements | $ 194,900 | $ 210,422 | $ 180,000 | |
- Other audit services | [1] | 60,000 | 90,000 | 72,960 |
Total auditors' remuneration | $ 254,900 | $ 300,422 | $ 252,960 | |
[1] | Audit and other audit services consist of fees billed for assurance and related services that generally only the statutory auditor could reasonably provide to a client. Included in the balance are amounts related to additional regulatory filings during the 2020, 2019 and 2018 financial years. All services provided are considered audit services for the purpose of SEC classification. |
Related Party Transactions (Det
Related Party Transactions (Details) - AUD ($) | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | $ 1,549,861 | $ 2,046,496 | $ 1,522,777 | |||
Post-Employment Superannuation Contribution | 48,947 | 41,062 | 44,389 | |||
Equity Options | 20,443 | 608,179 | ||||
Total | 1,619,336 | 2,131,017 | 2,174,284 | |||
Directors [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 695,603 | 1,262,209 | 740,225 | |||
Short Term Benefits Bonus | ||||||
Post-Employment Superannuation Contribution | 27,944 | 20,531 | 20,049 | |||
Long Term Benefits Long-service Leave | 12,462 | 7,794 | 7,763 | |||
Equity Options | 20,443 | 470,000 | ||||
Total | 736,009 | 1,310,977 | 1,238,037 | |||
Directors [Member] | Geoffrey Kempler [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 412,544 | [1] | 395,728 | [1] | 381,340 | [2],[3] |
Short Term Benefits Bonus | [1] | [1] | [2],[3] | |||
Post-Employment Superannuation Contribution | 21,003 | [1] | 20,531 | [1] | 20,049 | [2],[3] |
Long Term Benefits Long-service Leave | 12,462 | [1] | 7,794 | [1] | 7,763 | [2],[3] |
Equity Options | [1] | [1] | 235,000 | [2],[3] | ||
Total | 446,009 | [1] | 424,053 | [1] | 644,152 | [2],[3] |
Directors [Member] | Lawrence Gozlan [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 60,000 | 580,000 | [4] | 60,000 | [3] | |
Short Term Benefits Bonus | [4] | [3] | ||||
Post-Employment Superannuation Contribution | [4] | [3] | ||||
Long Term Benefits Long-service Leave | [4] | [3] | ||||
Equity Options | [4] | 58,750 | [3] | |||
Total | 60,000 | 580,000 | [4] | 118,750 | [3] | |
Directors [Member] | Brian Meltzer [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 73,059 | 80,000 | 82,500 | [3] | ||
Short Term Benefits Bonus | [3] | |||||
Post-Employment Superannuation Contribution | 6,941 | [3] | ||||
Long Term Benefits Long-service Leave | [3] | |||||
Equity Options | 58,750 | [3] | ||||
Total | 80,000 | 80,000 | 141,250 | [3] | ||
Directors [Member] | George Mihaly [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 66,667 | [5] | 77,500 | [3] | ||
Short Term Benefits Bonus | [5] | [3] | ||||
Post-Employment Superannuation Contribution | [5] | [3] | ||||
Long Term Benefits Long-service Leave | [5] | [3] | ||||
Equity Options | [5] | 58,750 | [3] | |||
Total | 66,667 | [5] | 136,250 | [3] | ||
Directors [Member] | Peter Marks [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 60,000 | 60,000 | 60,000 | [3] | ||
Short Term Benefits Bonus | [3] | |||||
Post-Employment Superannuation Contribution | [3] | |||||
Long Term Benefits Long-service Leave | [3] | |||||
Equity Options | 58,750 | [3] | ||||
Total | 60,000 | 60,000 | 118,750 | [3] | ||
Directors [Member] | Ira Shoulson [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 58,314 | [5],[6] | 78,885 | [7] | ||
Short Term Benefits Bonus | [5],[6] | [7] | ||||
Post-Employment Superannuation Contribution | [5],[6] | [7] | ||||
Long Term Benefits Long-service Leave | [5],[6] | [7] | ||||
Equity Options | 20,443 | [5],[6] | [7] | |||
Total | 78,757 | [5],[6] | $ 78,885 | [7] | ||
Directors [Member] | Dr. David Sinclair [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 45,000 | 10,750 | [5] | |||
Short Term Benefits Bonus | [5] | |||||
Post-Employment Superannuation Contribution | [5] | |||||
Long Term Benefits Long-service Leave | [5] | |||||
Equity Options | [5] | |||||
Total | 45,000 | 10,750 | [5] | |||
Directors [Member] | Mr. Tristan Edwards [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 45,000 | 10,750 | [5] | |||
Short Term Benefits Bonus | [5] | |||||
Post-Employment Superannuation Contribution | [5] | |||||
Long Term Benefits Long-service Leave | [5] | |||||
Equity Options | [5] | |||||
Total | $ 45,000 | $ 10,750 | [5] | |||
[1] | Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. | |||||
[2] | Base Fee includes movements in the annual leave provision relating to Mr Geoffrey Kempler. | |||||
[3] | The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. | |||||
[4] | Includes corporate advisory fees paid to an associated entity of Mr. Lawrence Gozlan in the amount of A$520,000. | |||||
[5] | The remuneration for Dr. George Mihaly and Dr. Ira Shoulson covered the period from 1 July 2018 to 8 April 2019, being the last day of being the Company's director. The remuneration for Dr. David Sinclair and Mr. Tristan Edwards covered the period from 8 April 2019, being the date of their appointment as directors of the Company, to June 30, 2019. | |||||
[6] | Dr. Ira Shoulson received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the relevant inputs. | |||||
[7] | Includes consulting fees paid to Dr Ira Shoulson in the amount of A$12,021. |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - AUD ($) | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | $ 1,549,861 | $ 2,046,496 | $ 1,522,777 | ||||
Post-Employment Superannuation Contribution | 48,947 | 41,062 | 44,389 | ||||
Long Term Benefits Long-service Leave | 20,528 | 23,016 | (1,061) | ||||
Equity Options | 20,443 | 608,179 | |||||
Total | 1,619,336 | 2,131,017 | 2,174,284 | ||||
Executives [Member] | Dianne Angus [Member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | [1],[2] | 81,589 | |||||
Short Term Benefits Other | [1],[2] | ||||||
Post-Employment Superannuation Contribution | [1],[2] | 5,736 | |||||
Long Term Benefits Long-service Leave | [1],[2] | (8,920) | |||||
Equity Options | [1],[2] | (3,433) | |||||
Total | [1],[2] | 74,972 | |||||
Executives [Member] | Kathryn Andrews [Member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | [3] | 228,788 | 236,665 | 196,689 | [4] | ||
Short Term Benefits Other | [3] | [4] | |||||
Post-Employment Superannuation Contribution | [3] | 21,003 | 20,531 | 18,604 | [4] | ||
Long Term Benefits Long-service Leave | [3] | 8,066 | 15,222 | 96 | [4] | ||
Equity Options | [3] | 15,735 | [4] | ||||
Total | [3] | 257,857 | 272,418 | 231,124 | [4] | ||
Executives [Member] | Dr. David Stamler [Member] | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | 625,470 | [3] | 547,622 | [3] | 504,274 | [1],[4] | |
Short Term Benefits Other | [3] | [1],[4] | |||||
Post-Employment Superannuation Contribution | [3] | [3] | [1],[4] | ||||
Long Term Benefits Long-service Leave | [3] | [3] | [1],[4] | ||||
Equity Options | [3] | [3] | 125,877 | [1],[4] | |||
Total | $ 625,470 | [3] | $ 547,622 | [3] | $ 630,151 | [1],[4] | |
[1] | Base Fee includes movements in annual leave provision for Ms Dianne Angus, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. | ||||||
[2] | The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. | ||||||
[3] | Base Fee includes movements in annual leave provision for, Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. | ||||||
[4] | The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. |
Related Party Transactions (D_3
Related Party Transactions (Details 2) | 12 Months Ended |
Jun. 30, 2020AUD ($) | |
Directors [Member] | Geoffrey Kempler [Member] | Termination Without Cause By Group [Member] | |
Disclosure of transactions between related parties [line items] | |
Termination benefits | $ 1,000,000 |
Notice period of termination | 90 days |
Termination benefit to be paid, period | 90 days |
Directors [Member] | Geoffrey Kempler [Member] | Termination Without Good Reason [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 90 days |
Directors [Member] | Geoffrey Kempler [Member] | Termination With Good Reason [Member] | |
Disclosure of transactions between related parties [line items] | |
Termination benefits | $ 1,000,000 |
Notice period of termination | 30 days |
Termination benefit to be paid, period | 90 days |
Directors [Member] | Geoffrey Kempler [Member] | Termination With Cause By Group [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives [Member] | Kathryn Andrews [Member] | Termination Without Cause By Group [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives [Member] | Kathryn Andrews [Member] | Termination With Good Reason [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives [Member] | Dianne Angus [Member] | Termination With Good Reason [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 6 months |
Termination benefit to be paid, period | 18 months |
Executives [Member] | Dianne Angus [Member] | Termination With Cause By Group [Member] | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Termination benefit to be paid, period | 30 days |
Related Party Transactions (D_4
Related Party Transactions (Details 3) - shares | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Directors [Member] | Geoffrey Kempler [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 18,011,000 | 18,011,000 | 18,011,000 | ||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | 18,011,000 | 18,011,000 | 18,011,000 | ||
Directors [Member] | Lawrence Gozlan [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | |||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | |||||
Directors [Member] | Brian Meltzer [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 326,666 | 326,666 | 326,666 | ||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | 326,666 | 326,666 | 326,666 | ||
Directors [Member] | George Mihaly [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 226,666 | 226,666 | |||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | 226,666 | ||||
Directors [Member] | Peter Marks [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 43,111 | 43,111 | 43,111 | ||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | 43,111 | 43,111 | 43,111 | ||
Directors [Member] | Ira Shoulson [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | |||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | |||||
Directors [Member] | Dianne Angus [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 146,128 | ||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | (146,128) | ||||
Balance (in shares) | |||||
Directors [Member] | Dr. David Sinclair [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | |||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | |||||
Directors [Member] | Mr. Tristan Edwards [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | |||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | |||||
Executives [Member] | Kathryn Andrews [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | |||||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | |||||
Executives [Member] | Dr. David Stamler [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | [1] | ||||
Received as Remuneration | [2] | [1] | |||
Received on Exercise of Options | [2] | [1] | |||
Net Change Other | [2] | [1] | |||
Balance (in shares) | |||||
Directors And Executives [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Balance (in shares) | 18,607,443 | 18,607,443 | 18,753,571 | ||
Received as Remuneration | |||||
Received on Exercise of Options | |||||
Net Change Other | |||||
Balance (in shares) | 18,607,443 | 18,607,443 | 18,607,443 | ||
[1] | Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. | ||||
[2] | Other changes represented the holdings of Dr. George Mihaly when he ceased to be a director of the Group on 8 April 2019. |
Related Party Transactions (D_5
Related Party Transactions (Details 4) - shares | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Directors [Member] | Geoffrey Kempler [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 5,000,000 | 5,000,000 | 4,000,000 | |||
Granted as Remuneration | 5,000,000 | |||||
Options Exercised | ||||||
Options Expired | (4,000,000) | |||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | 5,000,000 | 5,000,000 | 5,000,000 | |||
Total Vested and Exercisable | 5,000,000 | 5,000,000 | 5,000,000 | |||
Total Unvested | ||||||
Directors [Member] | Lawrence Gozlan [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 1,250,000 | 1,250,000 | 1,000,000 | |||
Granted as Remuneration | 1,250,000 | |||||
Options Exercised | ||||||
Options Expired | (1,000,000) | |||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Vested and Exercisable | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Unvested | ||||||
Directors [Member] | Brian Meltzer [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 1,250,000 | 1,250,000 | 1,000,000 | |||
Granted as Remuneration | 1,250,000 | |||||
Options Exercised | ||||||
Options Expired | (1,000,000) | |||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Vested and Exercisable | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Unvested | ||||||
Directors [Member] | George Mihaly [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | [1] | 1,250,000 | 1,000,000 | |||
Granted as Remuneration | [1] | 1,250,000 | ||||
Options Exercised | [1] | |||||
Options Expired | [1] | (1,000,000) | ||||
Options Forfeited | [1] | |||||
Net Change Other | (1,250,000) | |||||
Options Vested | ||||||
Outstanding at year end | [1] | 1,250,000 | ||||
Total Vested and Exercisable | 1,250,000 | |||||
Total Unvested | ||||||
Directors [Member] | Peter Marks [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 1,250,000 | 1,250,000 | 1,000,000 | |||
Granted as Remuneration | 1,250,000 | |||||
Options Exercised | ||||||
Options Expired | (1,000,000) | |||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Vested and Exercisable | 1,250,000 | 1,250,000 | 1,250,000 | |||
Total Unvested | ||||||
Directors [Member] | Ira Shoulson [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | ||||||
Granted as Remuneration | 1,250,000 | [1] | ||||
Options Exercised | [1] | |||||
Options Expired | [1] | |||||
Options Forfeited | [1] | |||||
Net Change Other | (1,250,000) | [1] | ||||
Options Vested | [1] | |||||
Outstanding at year end | ||||||
Total Unvested | [1] | |||||
Executives [Member] | Dianne Angus [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | [2] | 2,360,000 | ||||
Granted as Remuneration | [2] | 0 | ||||
Options Exercised | [2] | |||||
Options Expired | [2] | |||||
Options Forfeited | [2] | (2,360,000) | ||||
Net Change Other | [2] | |||||
Outstanding at year end | [2] | |||||
Total Unvested | ||||||
Executives [Member] | Kathryn Andrews [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 500,000 | 500,000 | 500,000 | |||
Granted as Remuneration | ||||||
Options Exercised | ||||||
Options Expired | ||||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | 500,000 | |||||
Outstanding at year end | 5,000,000 | 500,000 | 500,000 | |||
Total Vested and Exercisable | 5,000,000 | 500,000 | 500,000 | |||
Total Unvested | ||||||
Executives [Member] | Dr. David Stamler [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 4,000,000 | 4,000,000 | 4,000,000 | |||
Granted as Remuneration | ||||||
Options Exercised | ||||||
Options Expired | ||||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | 4,000,000 | |||||
Outstanding at year end | 4,000,000 | 4,000,000 | 4,000,000 | |||
Total Vested and Exercisable | 4,000,000 | 4,000,000 | 4,000,000 | |||
Total Unvested | ||||||
Executives [Member] | Dr. David Sinclair [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | ||||||
Granted as Remuneration | ||||||
Options Exercised | ||||||
Options Expired | ||||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | ||||||
Total Vested and Exercisable | ||||||
Total Unvested | ||||||
Executives [Member] | Mr. Tristan Edwards [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | ||||||
Granted as Remuneration | ||||||
Options Exercised | ||||||
Options Expired | ||||||
Options Forfeited | ||||||
Net Change Other | ||||||
Options Vested | ||||||
Outstanding at year end | ||||||
Total Vested and Exercisable | ||||||
Total Unvested | ||||||
Directors And Executives [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Beginning of the year | 13,250,000 | 14,500,000 | 14,860,000 | |||
Granted as Remuneration | 1,250,000 | 10,000,000 | ||||
Options Exercised | 0 | |||||
Options Expired | 0 | (8,000,000) | ||||
Options Forfeited | (2,360,000) | |||||
Net Change Other | (2,500,000) | |||||
Options Vested | 4,500,000 | |||||
Outstanding at year end | 13,250,000 | 13,250,000 | 14,500,000 | |||
Total Vested and Exercisable | 13,250,000 | 13,250,000 | 14,500,000 | |||
Total Unvested | ||||||
[1] | Dr. George Mihaly and Dr Ira Shoulson resigned on 8 April 2019. | |||||
[2] | Ms Angus resigned effective October 10, 2017. |
Related Party Transactions (D_6
Related Party Transactions (Detail Textuals) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | $ 742,390 | $ 1,477,369 | $ 1,279,014 |
Lawrence Gozlan [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | $ 52,000,000 | ||
Ira Shoulson [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | $ 1,202,100 | ||
Prana Biotechnology Inc [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership interest in subsidiary | 100.00% | ||
Prana Biotechnology Uk Ltd [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership interest in subsidiary | 100.00% |
Financial Instruments (Details)
Financial Instruments (Details) - Foreign Currency Risk [Member] - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | $ 4,824,540 | $ 8,495,801 |
USD [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | 5,403,402 | 9,726,790 |
USD [Member] | Trade And Other Payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | (562,710) | (1,196,358) |
EUR [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | 178 | |
EUR [Member] | Trade And Other Payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | (12,245) | |
GBP [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | 430 | 433 |
GBP [Member] | Trade And Other Payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | $ (4,337) | $ (35,242) |
Financial Instruments (Details
Financial Instruments (Details 1) - Interest rate risk [Member] - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 9,258,603 | $ 19,851,138 |
Total Financial Liabilities | $ (2,103,351) | $ (2,718,174) |
Average Interest Rate | 0.24% | 0.42% |
Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | $ (2,069,604) | $ (2,718,174) |
Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | (33,747) | |
Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 9,196,892 | $ 14,399,904 |
Average Interest Rate | 0.24% | 0.42% |
Trade and other receivables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 61,711 | $ 4,829,497 |
Other current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 621,737 | |
Other non-current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Floating Interest Rate [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 3,532,485 | 1,400,257 |
Total Financial Liabilities | ||
Floating Interest Rate [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 19,851,138 | |
Total Financial Liabilities | ||
Floating Interest Rate [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | ||
Floating Interest Rate [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 3,532,485 | 1,400,257 |
Floating Interest Rate [Member] | Trade and other receivables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Floating Interest Rate [Member] | Other current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Floating Interest Rate [Member] | Other non-current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | 1 year or less [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 192,713 | 3,205,042 |
Total Financial Liabilities | ||
Fixed Interest [Member] | 1 year or less [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | ||
Fixed Interest [Member] | 1 year or less [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | (32,879) | |
Fixed Interest [Member] | 1-5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Total Financial Liabilities | ||
Fixed Interest [Member] | 1-5 years [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | ||
Fixed Interest [Member] | 1-5 years [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | (868) | |
Fixed Interest [Member] | Cash and cash equivalents [Member] | 1 year or less [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 192,713 | 3,205,042 |
Fixed Interest [Member] | Cash and cash equivalents [Member] | 1-5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Trade and other receivables [Member] | 1 year or less [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Trade and other receivables [Member] | 1-5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Other current assets [Member] | 1 year or less [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Other current assets [Member] | 1-5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Other non-current assets [Member] | 1 year or less [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Fixed Interest [Member] | Other non-current assets [Member] | 1-5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | ||
Non-Interest bearing [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 5,533,405 | 15,245,839 |
Non-Interest bearing [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | (2,069,604) | (2,718,174) |
Non-Interest bearing [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | ||
Non-Interest bearing [Member] | Cash and cash equivalents [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 5,471,694 | 9,794,605 |
Non-Interest bearing [Member] | Trade and other receivables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 61,711 | 4,829,497 |
Non-Interest bearing [Member] | Other current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 621,737 | |
Non-Interest bearing [Member] | Other non-current assets [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - Liquidity Risk [Member] - AUD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ (2,103,351) | $ (2,718,174) |
Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (2,069,604) | (2,718,174) |
Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (33,747) | |
Less than 6 months [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (2,086,044) | (2,718,174) |
Less than 6 months [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (2,069,604) | (2,718,174) |
Less than 6 months [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (16,440) | |
6-12 months [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (16,439) | |
6-12 months [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | ||
6-12 months [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (16,439) | |
Greater than 12 months and less than 5 years [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (868) | |
Greater than 12 months and less than 5 years [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | ||
Greater than 12 months and less than 5 years [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (868) | |
Total contracted cash flows [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (2,103,351) | (2,718,174) |
Total contracted cash flows [Member] | Trade and other payables [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (2,069,604) | $ (2,718,174) |
Total contracted cash flows [Member] | Lease liabilities [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ (33,747) |
Financial Instruments (Detail_3
Financial Instruments (Details Textual) - AUD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Average annual movement foreign exchange rate | 2.17% | 6.36% |
Impact of weakened/strengthened of Australian dollar against US Dollar on post-tax loss | $ 105,090 | $ 542,116 |
Financial Instruments (Detail_4
Financial Instruments (Details Textual 1) - Interest rate risk [member] - AUD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 9,258,603 | $ 19,851,138 | |
Interest rate | 0.80% | ||
Term deposit period | 3 months | ||
Cash And Cash Equivalent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 9,196,892 | 14,399,904 | |
Interest rate | 0.12% | ||
Term deposit period | 3 months | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 0.60 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 3,448,551 | $ 1,354,771 | $ 2,552,615 |
Interest rate | 0.60% | 0.60% | 0.60% |
Cash And Cash Equivalent [Member] | Interest Rate Of 0.00 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 66,841 | $ 66,534 | $ 114,990 |
Interest rate | 0.00% | 0.00% | 0.00% |
Cash And Cash Equivalent [Member] | Interest Rate Of 0.05 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 83,932 | $ 45,486 | $ 63,791 |
Interest rate | 0.05% | 0.05% | 0.05% |
Cash And Cash Equivalent [Member] | Interest Rate Of 0 Percent Two [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 5,403,402 | $ 15 | $ 135 |
Interest rate | 0.00% | 0.00% | 0.00% |
Cash And Cash Equivalent [Member] | Interest Rate Of 0.03 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 6,308,538 | ||
Interest rate | 0.03% | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 0.03 Percent [Member] | USD [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 4,675,242 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 0.00 Three Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 9,726,016 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 0.00 Three Percent [Member] | USD [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 3,716,309 | 6,836,116 | |
Cash And Cash Equivalent [Member] | Interest Rate Of 1.50 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 2,012,329 | ||
Interest rate | 1.50% | ||
Term deposit period | 3 months | ||
Maturity Date | Aug. 26, 2019 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 1.85 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 1,000,000 | ||
Interest rate | 1.85% | ||
Term deposit period | 3 months | ||
Maturity Date | Jul. 27, 2019 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 2.00 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 42,713 | ||
Interest rate | 2.00% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 7, 2019 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of One 2.00 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 150,000 | ||
Interest rate | 2.00% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 11, 2019 | ||
Cash And Cash Equivalent [Member] | Interest Rate Of 0 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 9,726,016 | ||
Term Deposit [Member] | Interest Rate One Of 2.40 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 3,000,000 | ||
Interest rate | 2.40% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 25, 2018 | ||
Term Deposit [Member] | Interest Rate Two Of 2.40 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 3,000,000 | ||
Interest rate | 2.40% | ||
Term deposit period | 3 months | ||
Maturity Date | Aug. 3, 2018 | ||
Term Deposit [Member] | Interest Rate Three Of 2.40 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 42,713 | ||
Interest rate | 2.40% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 7, 2018 | ||
Term Deposit [Member] | Interest Rate Four Of 2.40 Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 150,000 | ||
Interest rate | 2.40% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 11, 2018 | ||
Term Deposit [Member] | Interest Rate Of 0.80% Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 42,713 | ||
Interest rate | 0.80% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 7, 2020 | ||
Term Deposit [Member] | Interest Rate Of 0.80% Percent [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Cash accounts | $ 150,000 | ||
Interest rate | 0.80% | ||
Term deposit period | 3 months | ||
Maturity Date | Sep. 11, 2020 |