Document And Entity Information
Document And Entity Information - USD ($) | Dec. 31, 2021 | Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 |
Document Information [Line Items] | ||||
Entity Registrant Name | Universal Biosensors, Inc. | |||
Document, Type | 10-K | |||
Document, Annual Report | true | |||
Document, Period End Date | Dec. 31, 2021 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2021 | |||
Document, Transition Report | false | |||
Entity, File Number | 000-52607 | |||
Entity, Incorporation, State or Country Code | DE | |||
Entity, Tax Identification Number | 98-0424072 | |||
Entity, Address, Address Line One | 1 Corporate Avenue, | |||
Entity, Address, City or Town | Rowville | |||
Entity, Address, Address Line Two | 3178, Victoria | |||
Entity, Address, Country | AU | |||
City Area Code | 61 | |||
Local Phone Number | 3 9213 9000 | |||
Entity, Well-known Seasoned Issuer | No | |||
Entity, Voluntary Filers | No | |||
Entity, Current Reporting Status | Yes | |||
Entity, Interactive Data, Current | Yes | |||
Entity, Filer Category | Non-accelerated Filer | |||
Entity, Small Business | true | |||
Entity, Emerging Growth Company | true | |||
ICFR Auditor Attestation Flag | false | |||
Entity, Shell Company | false | |||
Entity, Public Float | $ 68,525,205 | |||
Entity, Common Stock Shares, Outstanding | 177,838,504 | |||
Amendment Flag | false | |||
Entity Central Index Key | 0001279695 | |||
Entity Ex Transition Period | false | |||
Auditor Name | PricewaterhouseCoopers | PricewaterhouseCoopers | ||
Auditor Location | Newcastle, Australia | Newcastle, Australia | ||
Auditor Firm ID | 1379 | 1379 |
Consolidated Balance Sheets
Consolidated Balance Sheets - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 15,318,201 | $ 23,561,807 |
Inventories | 2,143,504 | 1,879,853 |
Accounts receivable | 476,164 | 73,073 |
Prepayments | 399,290 | 107,511 |
Restricted cash – current assets | 1,968,814 | 2,174,806 |
Other current assets | 4,544,273 | 3,598,596 |
Total current assets | 24,850,246 | 31,395,646 |
Non-current assets: | ||
Property, plant and equipment | 29,622,945 | 29,339,380 |
Less accumulated depreciation | (25,523,265) | (24,984,001) |
Property, plant & equipment - net | 4,099,680 | 4,355,379 |
Intangible assets | 16,371,996 | 16,371,996 |
Less amortization of intangible assets | (3,720,908) | (2,084,605) |
Intangible assets - net | 12,651,088 | 14,287,391 |
Right-of-use asset | 2,050,336 | 4,024,962 |
Restricted cash | 812,204 | 2,318,507 |
Other non-current assets | 38,421 | 0 |
Total non-current assets | 19,651,729 | 24,986,239 |
Total assets | 44,501,975 | 56,381,885 |
Current liabilities: | ||
Accounts payable | 436,763 | 447,523 |
Accrued expenses | 2,800,815 | 1,152,008 |
Contingent consideration | 2,067,255 | 1,947,546 |
Other liabilities | 2,823,322 | 2,659,534 |
Contract liabilities | 38,431 | 1,628,426 |
Lease liability | 500,284 | 524,844 |
Employee entitlements liabilities | 670,295 | 602,711 |
Short-term loan - unsecured | 64,900 | 0 |
Total current liabilities | 9,402,065 | 8,962,592 |
Non-current liabilities: | ||
Asset retirement obligations | 2,721,260 | 2,734,800 |
Long-term loan - unsecured | 0 | 40,741 |
Employee entitlements liabilities | 29,268 | 20,960 |
Deferred income tax liability | 3,050,837 | 3,050,837 |
Lease liability | 1,690,716 | 3,594,531 |
Total non-current liabilities | 7,492,081 | 9,441,869 |
Total liabilities | 16,894,146 | 18,404,461 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, US$0.0001 par value. Authorized 300,000,000 shares; issued and outstanding 177,828,504 shares at December 31, 2021 (177,611,854 at December 31, 2020) | 17,783 | 17,761 |
Additional paid-in capital | 93,737,565 | 93,570,030 |
Accumulated deficit | (55,317,296) | (47,679,272) |
Current year loss | (10,506,935) | (7,638,024) |
Accumulated other comprehensive loss | (323,288) | (293,071) |
Total stockholders’ equity | 27,607,829 | 37,977,424 |
Total liabilities and stockholders’ equity | $ 44,501,975 | $ 56,381,885 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) | Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Preferred stock, par value (in AUD per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 177,828,504 | 177,828,504 | 177,611,854 | 177,611,854 |
Common stock, shares outstanding (in shares) | 177,828,504 | 177,828,504 | 177,611,854 | 177,611,854 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Total revenue | $ 5,777,751 | $ 3,202,609 |
Operating costs and expenses | ||
Cost of goods sold & services | 3,672,057 | 2,579,523 |
Gross profit | 2,105,694 | 623,086 |
Other operating costs and expenses | ||
Product support | 80,007 | 25,212 |
Depreciation and amortization | 2,176,751 | 2,226,940 |
Research and development | 9,281,928 | 5,044,613 |
Selling, general and administrative | 5,605,092 | 5,884,504 |
Total operating costs and expenses | 17,143,778 | 13,181,269 |
Loss from operations | (15,038,084) | (12,558,183) |
Other income/(expense) | ||
Interest income | 49,947 | 293,816 |
Financing costs | (121,910) | (154,800) |
Research and development tax incentive income | 3,897,543 | 2,826,244 |
Exchange gain/(loss) | 274,857 | (167,952) |
Other income | 430,712 | 2,122,851 |
Total other income | 4,531,149 | 4,920,159 |
Net loss before tax | (10,506,935) | (7,638,024) |
Income tax benefit/(expense) | 0 | 0 |
Net loss | $ (10,506,935) | $ (7,638,024) |
Loss per share | ||
Net loss per share - basic and diluted (in AUD per share) | $ (0.06) | $ (0.04) |
Average weighted number of shares - basic and diluted (in shares) | 177,714,201 | 177,574,046 |
Other comprehensive gain/(loss), net of tax: | ||
Foreign currency translation reserve | $ (30,217) | $ 48,671 |
Other comprehensive income/(loss) | (30,217) | 48,671 |
Comprehensive loss | (10,537,152) | (7,589,353) |
Product [Member] | ||
Revenue | ||
Total revenue | 3,815,397 | 2,565,747 |
Operating costs and expenses | ||
Cost of goods sold & services | 2,367,084 | 1,715,538 |
Service [Member] | ||
Revenue | ||
Total revenue | 1,962,354 | 636,862 |
Operating costs and expenses | ||
Cost of goods sold & services | $ 1,304,973 | $ 863,985 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity and Comprehensive Income/(Loss) - AUD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 177,571,854 | ||||
Balance at Dec. 31, 2019 | $ 17,757 | $ 93,396,802 | $ (47,679,272) | $ (341,742) | $ 45,393,545 |
Net loss | 0 | 0 | (7,638,024) | 0 | (7,638,024) |
Other comprehensive gain | $ 0 | 0 | 0 | 48,671 | 48,671 |
Shares exercised and issued (in shares) | 40,000 | ||||
Exercise of stock options issued to employees | $ 4 | (4) | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 173,232 | 0 | 0 | 173,232 |
Balance (in shares) at Dec. 31, 2020 | 177,611,854 | ||||
Balance at Dec. 31, 2020 | $ 17,761 | 93,570,030 | (55,317,296) | (293,071) | 37,977,424 |
Net loss | 0 | 0 | (10,506,935) | 0 | (10,506,935) |
Other comprehensive gain | $ 0 | 0 | 0 | (30,217) | (30,217) |
Shares exercised and issued (in shares) | 216,650 | ||||
Exercise of stock options issued to employees | $ 22 | 75,103 | 0 | 0 | 75,125 |
Stock-based compensation expense | $ 0 | 92,432 | 0 | 0 | 92,432 |
Balance (in shares) at Dec. 31, 2021 | 177,828,504 | ||||
Balance at Dec. 31, 2021 | $ 17,783 | $ 93,737,565 | $ (65,824,231) | $ (323,288) | $ 27,607,829 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (10,506,935) | $ (7,638,024) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,566,719 | 2,430,941 |
Stock-based compensation expense | 92,432 | 173,232 |
Loss/(gain) on fixed assets disposal | 1,765 | (45) |
Unrealized foreign exchange (gains)/losses | (592,230) | 370,322 |
Change in assets and liabilities: | ||
Inventories | (263,651) | (801,790) |
Accounts receivable | (408,827) | 43,553 |
Prepayments and other assets | (1,129,077) | (127,703) |
Other non-current assets | (87,659) | 0 |
Contract liabilities | (1,395,483) | (2,475,658) |
Employee entitlements | 75,892 | (191,186) |
Accounts payable and accrued expenses | 1,750,434 | (74,781) |
Net cash used in operating activities | (9,896,620) | (8,291,139) |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 0 | 45 |
Purchases of property, plant and equipment | (664,584) | (387,046) |
Proceeds from government grants and insurance recovery | 0 | 14,797 |
Net cash used in investing activities | (664,584) | (372,204) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 20,496 | 43,644 |
Proceeds received | 75,125 | 0 |
Net cash provided by financing activities | 95,621 | 43,644 |
Net decrease in cash, cash equivalents and restricted cash | (10,465,583) | (8,619,699) |
Cash, cash equivalents and restricted cash at beginning of period | 28,055,120 | 37,192,907 |
Effect of exchange rate fluctuations on the balances of cash held in foreign currencies | 509,682 | (518,088) |
Cash, cash equivalents and restricted cash at end of period | $ 18,099,219 | $ 28,055,120 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). Unless otherwise noted, references in this Annual Report to “Universal Biosensors”, the “Company,” “Group,” “we,” “our” or “us” means Universal Biosensors, Inc. (“UBI”) a Delaware corporation and, when applicable, its wholly owned Australian operating subsidiary, Universal Biosensors Pty Ltd (“UBS”) , its wholly owned US operating subsidiary, Universal Biosensors LLC (“UBS LLC”) and UBS’ wholly owned Canadian operating subsidiary, Hemostasis Reference Laboratory Inc. (“HRL”) and wholly owned Dutch operating subsidiary, Universal Biosensors B.V. (“UBS BV”). Unless otherwise noted, all references in this Form 10 The consolidated financial statements have been prepared assuming the Company will continue as a going concern. We rely largely on our existing cash and cash equivalents balance and operating cash flow to provide for the working capital needs of our operations. We believe we have sufficient cash and cash equivalents to fund our operations for at least the next twelve not no Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, UBS, UBS LLC, HRL and UBS BV. All intercompany balances and transactions have been eliminated on consolidation. Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include deferred income taxes, research and development tax incentive income and stock-based compensation expenses. Actual results could differ from those estimates. Recent Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10 December 31, 2021. no 2021 Net Loss per Share and Anti-dilutive Securities Basic and diluted net loss per share is presented in conformity with ASC 260 Foreign Currency Functional and Reporting Currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of UBI and UBS is Australian dollars (“AUD” or “A$”) for all years presented. The functional currencies of UBS LLC, HRL and UBS BV are United States dollars (“US$”), Canadian dollars (“CAD$”) and Euros (“€”), respectively, for all years presented. The consolidated financial statements are presented using a reporting currency of Australian dollars. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive income/(loss). The results and financial position of all the Group entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● assets and liabilities for each balance sheet item reported are translated at the closing rate at the date of that balance sheet; ● income and expenses for each income statement item reported are translated at average exchange rates (unless this is not ● all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are taken to the Accumulated Other Comprehensive Income/(Loss). Fair Value of Financial Instruments The carrying value of all current assets and current liabilities approximates fair value because of their short-term nature. The estimated fair value of all other amounts has been determined, depending on the nature and complexity of the assets or the liability, by using one ● Market approach – based on market prices and other information from market transactions involving identical or comparable assets or liabilities. ● Cost approach – based on the cost to acquire or construct comparable assets less an allowance for functional and/or economic obsolescence. ● Income approach – based on the present value of a future stream of net cash flows. These fair value methodologies depend on the following types of inputs: ● Quoted prices for identical assets or liabilities in active markets (Level 1 ● Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not 2 ● Unobservable inputs that reflect estimates and assumptions (Level 3 Concentration of Credit Risk and Other Risks and Uncertainties Cash, cash equivalents and restricted cash and accounts receivable consist of financial instruments that potentially subject the Company to concentration of credit risk to the extent of the amount recorded on the consolidated balance sheets. The Company’s cash, cash equivalents and restricted cash are primarily invested with one not not Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an initial maturity of three The Company maintains cash and restricted cash, which includes performance guarantee issued in favor of a customer, tenant security deposits and credit card security deposits. Inventory Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and estimated costs necessary to dispose. Inventories are principally determined under the average cost method which approximates cost. Cost comprises direct materials, direct labour and an appropriate portion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. The Company recognizes inventory on the consolidated balance sheet when they have concluded that the substantial risks and rewards of ownership, as well as the control of the asset, have been transferred. Receivables Trade accounts receivable are recorded at the invoiced amount and do not not Prepayments Prepaid expenses represent expenditures that have not Other Current Assets The Company’s other current assets is primarily represented by the estimated receivable in relation to the research and development tax incentive income. Property, Plant and Equipment Property, plant and equipment are recorded at acquisition cost, less accumulated depreciation. Depreciation on plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery and equipment is three ten not not Impairment of Long-Lived Assets The Company reviews its capital assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not Intangible Assets The intangible assets, having finite useful lives, are amortized over their estimated useful lives. Finite life intangible assets are amortized over the shorter of their contractual or useful economic lives. The intangible assets comprise of distribution rights and are amortized on a straight-line basis over ten Impairment of Intangible Assets Intangible assets with an indefinite life are tested for impairment at least annually and when there is an indication of impairment. Australian Goods and Services Tax ( GST ), Canadian Harmonized Sales Tax ( HST ), US Sales Tax and European Value Added Tax ( VAT ), collectively Sales Tax Revenues, expenses and assets are recognized net of the amount of associated Sales Tax, unless the Sales Tax incurred is not Leases On January 1, 2020, No. 2016 02, 842 No. 2016 02” At contract inception, the Company determines if the new contractual arrangement is a lease or contains a leasing arrangement. If a contract contains a lease, the Company evaluates whether it should be classified as an operating or a finance lease. Currently, all of the Company’s leases have been classified as operating leases. Upon modification of the contract, the Company will reassess to determine if a contract is or contains a leasing arrangement. The Company records lease liabilities based on the future estimated cash payments discounted over the lease term, defined as the non-cancellable time period of the lease, together with all the following: ● periods covered by an option to extend the lease if the Company is reasonably certain to exercise the extension option; and ● periods covered by an option to terminate the lease if the Company is reasonably certain not Leases may not As an implicit discount rate is not 12 not A right-of-use (“ROU”) asset is measured as the amount of the lease liability with adjustments, if applicable, for lease incentives, initial direct costs incurred by the Company and lease prepayments made prior to or at lease commencement. ROU assets are classified as operating lease right-of-use assets, net of accumulated amortization, on the Company’s consolidated balance sheets. The Company evaluates the carrying value of ROU assets if there are indicators of potential impairment and performs the analysis concurrent with the review of the recoverability of the related asset group. If the carrying value of the asset group is determined to not Lease payments may As part of the adoption of ASU No. 2016 02, 1 lease vs. non-lease components relating to the real estate asset class; 2 the short-term lease exemption; and 3 the package of practical expedients, which permits the Company to not not Asset Retirement Obligations Asset retirement obligations (“ARO”) are legal obligations associated with the retirement and removal of long-lived assets. ASC 410 The ARO is in relation to our premises where in accordance with the terms of the lease, the lessee has to restore part of the building upon vacating the premises. Revenue Recognition The Group recognizes revenue predominantly from the sale of coagulation and wine testing devices and the provision of coagulation testing services based on the provisions of ASC 606 five a) Identifying the contract with a customer; b) Identifying the performance obligations within the customer contract; c) Determining the transaction price; d) Allocating the transaction price to the performance obligation; and e) Recognizing revenue when/as performance obligations are satisfied. Nature of goods and services The following is a description of products and services from which the Company generates its revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Coagulation testing products Our point-of-care coagulation testing products use electrochemical cell to measure Prothrombin Time (PT/INR), a test used to monitor the effect of the anticoagulant therapy warfarin. The performance obligation for the sale of these products is satisfied at a point-in-time when the Company transfers control of the products to its customer. The point of transfer of control of the products is dictated by individual terms contained within a customer agreement, as are the payment terms. The transaction price is fixed. Coagulation testing services HRL provides non-diagnostic laboratory services and performs coagulation testing services on behalf of customers. The performance obligation for the services is satisfied when the testing has been finalized and results have been reported to the customer. In some cases, the performance obligations will be satisfied as predetermined milestones have been achieved by the Company. Standard payment terms are generally 30 60 Wine testing products Our Sentia wine analyzer is used to measure free SO₂ levels in post-fermentation wine. The performance obligation for the sale of this product is satisfied at a point-in-time when the Company transfers control of the products to its customer. The point of transfer of control of the products is dictated by the individual terms contained within a customer agreement, as are the individual payment terms. The transaction price is fixed. See Note 12 Interest Income Interest income is recognized as it accrues, taking into account the effective yield and consists primarily of interest earned on cash, cash equivalents and restricted cash in interest-bearing accounts. Research and Development Tax Incentive Income Research and development tax incentive income is recognized when there is reasonable assurance that the income will be received, the relevant expenditure has been incurred and the consideration can be reliably measured. The research and development tax incentive is one 1997 may ( 1 as a 43.5% refundable tax offset if aggregate turnover (which generally means an entity’s total income that it derives in the ordinary course of carrying on a business, subject to certain exclusions) of the entity is less than A$20,000,000, ( 2 as a 38.5% non-refundable tax offset if aggregate turnover of the entity is more than A$20,000,000. In accordance with SEC Regulation S- X 5 03, not Management has assessed the Company’s R&D activities and expenditures to determine which activities and expenditures are likely to be eligible under the tax incentive regime described above. At each period end management estimates the refundable tax offset available to the Company based on available information at the time. This estimate is also reviewed by external tax advisors on an annual basis. The Company has recorded research and development tax incentive income of A$3,897,543 A$2,826,244 2021 2020 not A$20,000,000. Federal and State Government Subsidies In response to the COVID- 19 Research and Development Expenditure R&D expenses consist of costs incurred to further the Company’s research and product development activities and include salaries and related employee benefits, costs associated with clinical trial and preclinical development, regulatory activities, research-related overhead expenses, costs associated with the manufacture of clinical trial material, costs associated with developing a commercial manufacturing process, costs for consultants and related contract research, facility costs and depreciation. R&D costs are expensed as incurred as they fall in the scope of ASC 730 Clinical Trial Expenses Clinical trial costs are a component of R&D expenses. These expenses include fees paid to participating hospitals and other service providers, which conduct certain testing activities on behalf of the Company. Depending on the timing of payments to the service providers and the level of service provided, the Company records prepaid or accrued expenses relating to these costs. Stock-based Compensation We measure stock-based compensation at grant date, based on the estimated fair value of the award and recognize the cost as an expense on a straight-line basis over the vesting period of the award. We estimate the fair value of stock options using the Trinomial Lattice model. We record deferred tax assets for awards that will result in deductions on our income tax returns, based on the amount of compensation cost recognized and our statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported in our income tax return are recorded in expense or in capital in excess of par value if the tax deduction exceeds the deferred tax assets or to the extent that previously recognized credits to paid-in-capital are still available if the tax deduction is less than the deferred tax asset. Employee Benefit Costs For periods ending on or before June 30, 2021, July 1, 2021, not third Registered Retirement Savings Plan and Deferred Sharing Profit Plan The Company provides eligible HRL employees a retirement plan. The retirement plan includes a Registered Retirement Savings Plan (“RRSP”) and Deferred Profit Sharing Plan (“DPSP”). The RRSP is voluntary and the employee contributions are matched by the Company up to a maximum of 5% based on their continuous years of service and placed into the RRSP. The Company contributes 1% to 2% of the employee’s base earnings towards the DPSP. The DPSP contributions are vested immediately. Benefit Plan The Company provides eligible HRL employees a Benefit Plan. In general, the Benefit Plan includes extended health care, dental care, basic life insurance, basic accidental death and dismemberment and disability insurance. Income Taxes The Company applies ASC 740 Where it is more likely than not not not Pursuant to the U.S. tax reform rules, UBI is subject to regulations addressing Global Intangible Low-Taxed Income ("GILTI"). The GILTI rules are provisions of the U.S. tax code enacted as a part of tax reform legislation in the U.S. passed in December 2017. 1 2 We are subject to income taxes in Australia, Canada, the Netherlands and the United States. Tax returns up to and including the 2020 2021 2022. |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, 2021 2020 A$ A$ Cash and cash equivalents 15,318,201 23,561,807 Restricted cash – current assets 1,968,814 2,174,806 Restricted cash – non-current assets 812,204 2,318,507 18,099,219 28,055,120 Restricted cash maintained by the Company in the form of term deposits is as follows: December 31, 2021 2020 A$ A$ Performance guarantee (a) - current assets 1,968,814 2,174,806 Collateral for facilities (b) - non-current assets 320,000 320,000 Performance guarantee (a) - non-current assets 492,204 1,998,507 2,781,018 4,493,313 (a) Performance guarantee represents letter of credit issued in favour of Siemens pursuant to the 2019 US$5,000,000 September 18, 2019. (b) Collateral for facilities represents bank guarantee of A$250,000 A$70,000. Interest earned on the restricted cash for years ended December 31, 2021 2020 A$8,668 A$44,830 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. December 31, 2021 2020 A$ A$ Raw materials 1,207,077 761,279 Work in progress 410,731 640,885 Finished goods 525,696 477,689 2,143,504 1,879,853 |
Note 4 - Receivables
Note 4 - Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 4. December 31, 2021 2020 A$ A$ Receivables 476,164 73,073 Allowance for credit losses 0 0 476,164 73,073 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. December 31, 2021 2020 A$ A$ Plant and equipment 20,183,757 20,171,121 Leasehold improvements 9,271,033 9,168,259 Capital work in process 168,155 0 29,622,945 29,339,380 Accumulated depreciation (25,523,265 ) (24,984,001 ) Property, plant & equipment - net 4,099,680 4,355,379 |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company’s lease portfolio consists primarily of operating leases for office space and equipment with contractual terms expiring from November 2021 December 2025. may one three None December 31, 2021 2020 A$ A$ Operating lease right-of-use assets: Non-current 2,050,336 4,024,962 Operating lease liabilities: Current 500,284 524,844 Non-current 1,690,716 3,594,531 Weighted average remaining lease terms (in years) 4.0 7.0 Weighted average discount rate 5.0 % 6.0 % The components of lease income/expense were as follows: Years ended December 31, 2021 2020 A$ A$ Fixed payment operating lease expense 715,086 771,693 Short-term lease expense 0 100,361 Sub-lease income 163,397 180,631 The sub-lease income was deemed an operating lease. The components of the fixed payment operating and short-term lease expense as classified in the Consolidated Statements of Comprehensive Income/(Loss) are as follows: Years ended December 31, 2021 2020 A$ A$ Cost of goods sold 119,437 141,291 Cost of services 104,344 100,266 Research and development 360,159 511,227 Selling, general and administrative 131,146 119,270 715,086 872,054 Supplemental cash flow information related to the Company’s leases was as follows: Years ended December 31, 2021 2020 A$ A$ Operating cash outflows from operating leases 716,247 488,382 Supplemental noncash information related to the Company’s leases was as follows: Years ended December 31, 2021 2020 A$ A$ Right of use assets obtained in exchange for lease liabilities 0 4,324,727 Right of use asset modifications (1,392,953 ) 0 Future lease payments are as follows: December 31, 2021 A$ 2022 598,564 2023 594,392 2024 608,443 2025 623,654 2026 0 Thereafter 0 Total future lease payments 2,425,053 Less: imputed interest (234,053 ) Total operating lease liabilities 2,191,000 Current 500,284 Non-current 1,690,716 On January 1, 2021, 1 December 31, 2025 two five not not On June 28, 2021, February 2022, ten not On October 22, 2021, January 2022 1 seven As of December 31, 2021, not not |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Provision for Income Taxes A reconciliation of the (benefit)/provision for income taxes is as follows: Years Ended December 31, 2021 2020 A$ % A$ % Loss before income taxes (10,506,935 ) (7,638,024 ) Computed by applying income tax rate of home jurisdiction (3,152,081 ) 30 (2,291,407 ) 30 Effect of tax rates in foreign jurisdictions 76,914 (1 ) 17,122 0 Research and development tax incentive 1,518,698 (15 ) 1,103,924 (14 ) Disallowed expenses/(income): Stock-based compensation 27,730 0 51,970 (1 ) Amortization expense (490,891 ) 5 (625,381 ) 8 Other 49,441 0 12,011 0 Change in valuation allowance 1,970,189 (19 ) 1,731,761 (23 ) Income tax expense/(benefit) 0 0 0 0 The components of our loss before income taxes as either domestic or foreign is as follows: Years Ended December 31, 2021 2020 A$ A$ Foreign 52,186 (489,187 ) Domestic (10,559,121 ) (7,148,837 ) (10,506,935 ) (7,638,024 ) Deferred Tax Assets and Liabilities Years Ended December 31, 2021 2020 A$ A$ Deferred tax assets: Operating loss carry forwards 5,676,365 5,232,734 Depreciation and amortization 1,366,666 2,030,293 Asset retirement obligations 816,378 820,440 Employee entitlements 204,712 181,222 Accruals 1,692,194 1,082,516 Decline in value of patents 1,070,959 1,121,593 Unrealized exchange loss 56,706 (88,319 ) Other (3,750 ) (4,423 ) Total deferred tax assets 10,880,230 10,376,056 Valuation allowance for deferred tax assets (10,689,001 ) (9,693,936 ) Net deferred tax asset 191,229 682,120 Deferred tax liabilities: Intangible assets 3,242,066 3,732,957 Total deferred tax liabilities 3,242,066 3,732,957 Net deferred tax liabilities 3,050,837 3,050,837 Significant components of deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. A valuation allowance has been established, as realization of such assets is not not. At December 31, 2021 A$18,921,216 A$17,315,505 December 31, 2020) not may not A$3,374,776 A$3,374,776 December 31, 2020) December 31, 2021. may nil December 31, 2021 ( nil December 31, 2020). CAD$120,376 CAD$779,887 December 31, 2021 2020, |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued expenses consist of the following: December 31, 2021 2020 A$ A$ Legal, tax and accounting fees 52,982 254,348 Salary and related costs 348,657 231,290 Research and development costs 1,052,814 462 Patent fees 395,420 314,802 Inventory purchases 268,317 188,720 Occupancy expenses 345 111,142 Other 682,280 51,244 2,800,815 1,152,008 |
Note 9- Contingent Consideratio
Note 9- Contingent Consideration | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 9. Pursuant to the Siemens Acquisition and the agreement dated September 2019, US$1,500,000 five 90 not |
Note 10 - Other Liabilities
Note 10 - Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 10. Other liabilities represents a marketing support payment due to one |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. The unsecured loan is a government guaranteed loan called Canada Emergency Business Account (CEBA) of CAD$60,000 CAD$40,000 2020 CAD$20,000 2021. 19 ● the loan is interest-free and no December 31, 2022; ● if the Company chooses to repay at least CAD$40,000 December 31, 2022, ● if the loan is not 3 5% ● at the end of the 3 December 31, 2025. In January 2022 2022 January 2022 In January 2022 April 2022 |
Note 12 - Revenue
Note 12 - Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Disaggregation of Revenue In the following table, revenue is disaggregated by major product and service lines and timing of revenue recognition. Years Ended December 31 2021 2020 A$ A$ Major product/service lines Coagulation testing products 2,667,541 2,565,747 Coagulation testing services 1,962,354 568,528 Other services 0 68,334 Wine testing products 1,147,856 0 5,777,751 3,202,609 Timing of revenue recognition Products and services transferred at a point in time 5,777,751 3,202,609 5,777,751 3,202,609 Contract Balances The following table provides information about receivables and contract liabilities from contracts with customers. December 31, 2021 2020 A$ A$ Receivables 476,164 73,073 Contract liabilities 38,431 1,628,426 The Company’s contract liabilities represent the Company’s obligation to transfer products to customers for which the Company has received consideration from customers, but the transfer has not Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Years Ended December 31, 2021 2020 A$ A$ Contract Liabilities - Current Opening balance 1,628,426 2,682,404 Closing balance 38,431 1,628,426 Net increase/(decrease) (1,589,995 ) (1,053,978 ) Contract Liabilities - Non-Current Opening balance 0 1,421,680 Closing balance 0 0 Net increase/(decrease) 0 (1,421,680 ) The Company expects all of the Company’s contract liabilities to be realized by December 31, 2022. |
Note 13 - Other Income
Note 13 - Other Income | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 13. Other income is recognized when there is reasonable assurance that the income will be received and the consideration can be reliably measured. Other income is as follows for the relevant periods: Years Ended December 31 2021 2020 A$ A$ Insurance recovery 2,262 674,083 Federal and state government subsidies 153,001 1,265,149 Rental income 163,397 180,631 Other income 112,052 2,988 430,712 2,122,851 Insurance recovery for the year ended December 31, 2020 A$600,000 Federal and state government subsidies which primarily include Australian JobKeeper payments and Canada Emergency Wage Subsidy, represent assistance provided by government authorities as a stimulus during COVID- 19. 2021 |
Note 14 - Employee Incentive Sc
Note 14 - Employee Incentive Schemes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. Incentive Schemes In 2004, 2021 During the year ended December 31, 2021, December 31, 2020, At December 31, 2021, A$92,432 2020: A$173,232 (a) Stock Options Stock options (“options”) may one may ten three An option holder is not The number of options granted in 2021 2020 In accordance with ASC 718, January 2021 Exercise Price (A$) 0.50 0.50 0.50 Share Price at Grant Date (A$) 0.29 0.29 0.29 Volatility 62 % 62 % 62 % Maximum Life (years) 2.0 3.0 4.0 Risk-Free Interest rate 0.19 % 0.19 % 0.19 % Fair Value (A$) 0.05 0.06 0.07 Each of the inputs to the Trinomial Lattice model is discussed below. Share Price and Exercise Price at Valuation Date The value of the options granted has been determined using the closing price of our common stock trading in the form of CDIs on ASX at the time of grant of the options. The ASX is the only exchange upon which our securities are quoted. Volatility We applied volatility having regard to the historical price change of our shares in the form of CDIs available from the ASX. Time to Expiry All options granted under our Equity Incentive Plan have a maximum ten Risk free rate The risk free rate which we applied is equivalent to the yield on an Australian government bond with a time to expiry approximately equal to the expected time to expiry on the options being valued. Stock option activity during the current period is as follows: Number of options Weighted average exercise price A$ Balance at December 31, 2020 9,398,450 0.29 Granted 250,000 0.50 Exercised (216,650 ) 0.35 Lapsed (553,000 ) 0.48 Balance at December 31, 2021 8,878,800 0.29 At December 31, 2021, 2020: December 31, 2021, A$3,780 2020: A$173,232 The following table represents information relating to stock options outstanding under the plans as of December 31, 2021: Exercise price A$ Options Weighted average remaining life in years Options exercisable shares 0.23 20,000 0 20,000 0.45 37,500 1 37,500 0.50 861,000 1 861,000 0.33 52,000 2 52,000 0.50 234,300 2 234,300 0.20 2,364,666 2 2,364,666 0.25 2,364,667 3 2,364,667 0.30 2,364,667 3 2,364,667 0.30 500,000 3 500,000 0.50 80,000 0 80,000 8,878,800 8,878,800 The table below sets forth the number of employee stock options exercised and the number of shares issued in the period from January 1, 2020. 1933, Period ending Number of Options Exercised and Corresponding Number of Shares Issued Weighted average exercise price A$ Proceeds Received (A$) 2020 40,000 0.00 0 2021 216,650 0.35 75,125 As of December 31, 2021, 2020: nil (b) Restricted Shares The Equity Incentive Plan permits our Board to grant shares of our common stock to our employees and directors (although our Board has determined not A$1,000 no not three 2021 2020. Restricted stock awards activity during the current period is as follows: Number of shares Weighted average issue price A$ Balance at December 31, 2020 91,652 0.24 Release of restricted shares (91,652 ) 0.24 Balance at December 31, 2021 0 (c) Equity Equity may one may Such equity granted does not four The terms of the awards include a variety of market, performance and service conditions. The number of performance rights granted in 2021 7,425,000 2020: nil In accordance with ASC 718, Feb-21 Aug-21 Dec-21 Exercise Price (A$) 0 0 0 Share Price at Grant Date (A$) 0.41 0.77 0.81 Volatility 63 % 64 % 63 % Maximum Life (years) 0.92 3.60 1.07 Risk-Free Interest rate 0.25 % 0.12 % 0.57 % Fair Value (A$) 0.39 0.77 0.81 Each of the inputs to the Trinomial Lattice model is discussed below. Share Price and Exercise Price at Valuation Date The value of the performance rights granted has been determined either using the closing price of our common stock trading in the form of CDIs on ASX at the time of grant of the performance rights. The ASX is the only exchange upon which our securities are quoted. Volatility We applied volatility having regard to the historical price change of our shares in the form of CDIs available from the ASX. Time to Expiry All performance rights granted under our Equity Incentive Plan have a maximum four Risk free rate The risk free rate which we applied is equivalent to the yield on an Australian government bond with a time to expiry approximately equal to the expected time to expiry on the options being valued. Performance rights activity during the current period is as follows: Number of rights Weighted average exercise price A$ Balance at December 31, 2020 0 Granted 7,425,000 0.76 Exercised 0 Lapsed (150,000 ) 0.39 Balance at December 31, 2021 7,275,000 0.76 At December 31, 2021, no December 31, 2021, A$88,652 2020: nil The following table represents information relating to the maximum quantity of performance rights outstanding under the plans as of December 31, 2021: Exercise price A$ Rights Weighted average remaining life in years Rights exercisable shares 0 150,000 0 0 0 6,750,000 3 0 0 375,000 1 0 7,275,000 0 As of December 31, 2021, A$5,471,098 2020: nil December 31, 2021 |
Note 15 - Total Comprehensive I
Note 15 - Total Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. The Company follows ASC 220 The tax effect allocated to each component of other comprehensive income/(loss) is as follows: Before-Tax Amount Tax (Expense)/ Benefit Net-of-Tax Amount A$ A$ A$ Year Ended December 31, 2021 Foreign currency translation reserve (30,217 ) 0 (30,217 ) (30,217 ) 0 (30,217 ) Year Ended December 31, 2020 Foreign currency translation reserve 48,671 0 48,671 48,671 0 48,671 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity - Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 16. Equity - Common Stock Holders of common stock are generally entitled to one not not Trading in our shares of common stock on ASX is undertaken using CHESS Depositary Interests (“CDIs”). Each CDI represents beneficial ownership in one Holders of CDIs have the same economic benefits of holding the shares, such as dividends (if any), bonus issues or rights issues as though they were holders of the legal title. Holders of CDIs are not may may |
Note 17 - Net Loss per Share
Note 17 - Net Loss per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. The following table shows the computation of basic and diluted loss per share for 2021 2020: Years Ended December 31, 2021 2020 A$ A$ Numerator: Net loss (10,506,935 ) (7,638,024 ) Denominator: Weighted-average basic and diluted shares 177,714,201 177,574,046 Basic and diluted loss per share (0.06 ) (0.04 ) The number of shares not December 31, 2021 2020, Basic and diluted net loss per share was computed by dividing the net loss applicable to common stock by the weighted-average number of common stock outstanding during the period. |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. Details of related party transactions material to the operations of the Group other than compensation arrangements, expense allowances and other similar items in the ordinary course of business, are set out below: Mr. Coleman is a Non-Executive Chairman of the Company and Executive Chairman of Viburnum Funds Pty Ltd. Viburnum Funds Pty Ltd, as an investment manager for its associated funds, holds a beneficial interest and voting power over approximately 16% of our shares. There were no December 31, 2021 |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. These were nil December 31, 2021 December 31, 2020. December 31, 2021 December 31, 2020 A$881,134 A$369,779, Refer to Note 9 |
Note 20 - Segment Information
Note 20 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. We operate in one We operate predominantly in one The Company’s material long-lived assets are predominantly based in Australia. Our total income as disclosed below is attributed to countries based on location of customer. Location has been determined generally based on contractual arrangements. Total income includes revenue from products and services, interest income, research and development tax incentive income and other income as disclosed in the Consolidated Statements of Comprehensive Income/(Loss). Years Ended December 31, 2021 2020 A$ A$ Australia (home country) 4,580,741 5,003,332 Americas 1,419,436 681,806 Europe 3,905,621 2,760,382 Other 250,155 0 Total income 10,155,953 8,445,520 % of total revenue from products and services derived from major customers: Years Ended December 31, 2021 2020 A$ A$ Siemens 30 % 77 % Bayer 16 % 2 % Other 54 % 21 % |
Note 21 - Deed of Cross Guarant
Note 21 - Deed of Cross Guarantee | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deed of Cross Guarantee [Text Block] | 21. Universal Biosensors, Inc. and its wholly owned subsidiary, Universal Biosensors Pty Ltd, are parties to a deed of cross guarantee under which each company guarantees the debts of the other. By entering into the deed, the wholly-owned entity has been relieved from the requirements to prepare a financial report and directors’ report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. The above companies represent a “Closed Group” for the purposes of the Class Order, and as there are no The consolidated financial statements presented within this report comprise that of Universal Biosensors, Inc. and its wholly owned subsidiary, Universal Biosensors Pty Ltd. These two |
Note 22 - Guarantees and Indemn
Note 22 - Guarantees and Indemnifications | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Guarantees [Text Block] | 22. The amended and restated certificate of incorporation and amended and restated bylaws of the Company provide that the Company will indemnify officers and directors and former officers and directors in certain circumstances, including for expenses, judgments, fines and settlement amounts incurred by them in connection with their services as an officer or director of the Company or its subsidiaries, provided that such person acted in good faith and in a manner such person reasonably believed to be in the best interests of the Company, and, with respect to any criminal action or proceeding, the Company had reasonable cause to believe that such person’s conduct was not In addition to the indemnities provided in the amended and restated certificate of incorporation and amended and restated bylaws, the Company has entered into indemnification agreements with certain of its officers and each of its directors. Subject to the relevant limitations imposed by applicable law, the indemnification agreements, among other things: ● indemnify the relevant officers and directors for certain expenses, judgments, fines and settlement amounts incurred by them in connection with their services as an officer or director of the Company or its subsidiaries; and ● require the Company to make a good faith determination whether or not The Company maintains directors’ and officers’ liability insurance providing for the indemnification of our directors and certain of our officers against certain liabilities incurred as a director or officer, including costs and expenses associated in defending legal proceedings. In accordance with the terms of the insurance policy and commercial practice, the amount of the premium is not No liability has arisen under these indemnities as of December 31, 2021 2020. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 23. In January 2022 2022 January 2022 There has been no may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule ii Valuation and Qualifying Accounts Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at end of Period A$ A$ A$ A$ A$ Year Ended December 31, 2021 Deferred income tax valuation allowance 9,693,936 1,970,189 (349,743 ) (625,381 ) 10,689,001 Year Ended December 31, 2020 Deferred income tax valuation allowance 8,220,770 1,731,761 (258,595 ) 0 9,693,936 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). Unless otherwise noted, references in this Annual Report to “Universal Biosensors”, the “Company,” “Group,” “we,” “our” or “us” means Universal Biosensors, Inc. (“UBI”) a Delaware corporation and, when applicable, its wholly owned Australian operating subsidiary, Universal Biosensors Pty Ltd (“UBS”) , its wholly owned US operating subsidiary, Universal Biosensors LLC (“UBS LLC”) and UBS’ wholly owned Canadian operating subsidiary, Hemostasis Reference Laboratory Inc. (“HRL”) and wholly owned Dutch operating subsidiary, Universal Biosensors B.V. (“UBS BV”). Unless otherwise noted, all references in this Form 10 The consolidated financial statements have been prepared assuming the Company will continue as a going concern. We rely largely on our existing cash and cash equivalents balance and operating cash flow to provide for the working capital needs of our operations. We believe we have sufficient cash and cash equivalents to fund our operations for at least the next twelve not no Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, UBS, UBS LLC, HRL and UBS BV. All intercompany balances and transactions have been eliminated on consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include deferred income taxes, research and development tax incentive income and stock-based compensation expenses. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10 December 31, 2021. no 2021 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share and Anti-dilutive Securities Basic and diluted net loss per share is presented in conformity with ASC 260 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Functional and Reporting Currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of UBI and UBS is Australian dollars (“AUD” or “A$”) for all years presented. The functional currencies of UBS LLC, HRL and UBS BV are United States dollars (“US$”), Canadian dollars (“CAD$”) and Euros (“€”), respectively, for all years presented. The consolidated financial statements are presented using a reporting currency of Australian dollars. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive income/(loss). The results and financial position of all the Group entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● assets and liabilities for each balance sheet item reported are translated at the closing rate at the date of that balance sheet; ● income and expenses for each income statement item reported are translated at average exchange rates (unless this is not ● all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are taken to the Accumulated Other Comprehensive Income/(Loss). |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of all current assets and current liabilities approximates fair value because of their short-term nature. The estimated fair value of all other amounts has been determined, depending on the nature and complexity of the assets or the liability, by using one ● Market approach – based on market prices and other information from market transactions involving identical or comparable assets or liabilities. ● Cost approach – based on the cost to acquire or construct comparable assets less an allowance for functional and/or economic obsolescence. ● Income approach – based on the present value of a future stream of net cash flows. These fair value methodologies depend on the following types of inputs: ● Quoted prices for identical assets or liabilities in active markets (Level 1 ● Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not 2 ● Unobservable inputs that reflect estimates and assumptions (Level 3 |
Concentration of Credit Risk and Other Risks and Uncertainties [Policy Text Block] | Concentration of Credit Risk and Other Risks and Uncertainties Cash, cash equivalents and restricted cash and accounts receivable consist of financial instruments that potentially subject the Company to concentration of credit risk to the extent of the amount recorded on the consolidated balance sheets. The Company’s cash, cash equivalents and restricted cash are primarily invested with one not not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an initial maturity of three The Company maintains cash and restricted cash, which includes performance guarantee issued in favor of a customer, tenant security deposits and credit card security deposits. |
Inventory, Policy [Policy Text Block] | Inventory Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and estimated costs necessary to dispose. Inventories are principally determined under the average cost method which approximates cost. Cost comprises direct materials, direct labour and an appropriate portion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. The Company recognizes inventory on the consolidated balance sheet when they have concluded that the substantial risks and rewards of ownership, as well as the control of the asset, have been transferred. |
Receivable [Policy Text Block] | Receivables Trade accounts receivable are recorded at the invoiced amount and do not not |
Prepayments [Policy Text Block] | Prepayments Prepaid expenses represent expenditures that have not |
Other Current Assets [Policy Text Block] | Other Current Assets The Company’s other current assets is primarily represented by the estimated receivable in relation to the research and development tax incentive income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at acquisition cost, less accumulated depreciation. Depreciation on plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery and equipment is three ten not not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews its capital assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets The intangible assets, having finite useful lives, are amortized over their estimated useful lives. Finite life intangible assets are amortized over the shorter of their contractual or useful economic lives. The intangible assets comprise of distribution rights and are amortized on a straight-line basis over ten |
Impairment of Intangible Assets [Policy Text Block] | Impairment of Intangible Assets Intangible assets with an indefinite life are tested for impairment at least annually and when there is an indication of impairment. |
Goods and Services Tax [Policy Text Block] | Australian Goods and Services Tax ( GST ), Canadian Harmonized Sales Tax ( HST ), US Sales Tax and European Value Added Tax ( VAT ), collectively Sales Tax Revenues, expenses and assets are recognized net of the amount of associated Sales Tax, unless the Sales Tax incurred is not |
Lessee, Leases [Policy Text Block] | Leases On January 1, 2020, No. 2016 02, 842 No. 2016 02” At contract inception, the Company determines if the new contractual arrangement is a lease or contains a leasing arrangement. If a contract contains a lease, the Company evaluates whether it should be classified as an operating or a finance lease. Currently, all of the Company’s leases have been classified as operating leases. Upon modification of the contract, the Company will reassess to determine if a contract is or contains a leasing arrangement. The Company records lease liabilities based on the future estimated cash payments discounted over the lease term, defined as the non-cancellable time period of the lease, together with all the following: ● periods covered by an option to extend the lease if the Company is reasonably certain to exercise the extension option; and ● periods covered by an option to terminate the lease if the Company is reasonably certain not Leases may not As an implicit discount rate is not 12 not A right-of-use (“ROU”) asset is measured as the amount of the lease liability with adjustments, if applicable, for lease incentives, initial direct costs incurred by the Company and lease prepayments made prior to or at lease commencement. ROU assets are classified as operating lease right-of-use assets, net of accumulated amortization, on the Company’s consolidated balance sheets. The Company evaluates the carrying value of ROU assets if there are indicators of potential impairment and performs the analysis concurrent with the review of the recoverability of the related asset group. If the carrying value of the asset group is determined to not Lease payments may As part of the adoption of ASU No. 2016 02, 1 lease vs. non-lease components relating to the real estate asset class; 2 the short-term lease exemption; and 3 the package of practical expedients, which permits the Company to not not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations Asset retirement obligations (“ARO”) are legal obligations associated with the retirement and removal of long-lived assets. ASC 410 The ARO is in relation to our premises where in accordance with the terms of the lease, the lessee has to restore part of the building upon vacating the premises. |
Revenue [Policy Text Block] | Revenue Recognition The Group recognizes revenue predominantly from the sale of coagulation and wine testing devices and the provision of coagulation testing services based on the provisions of ASC 606 five a) Identifying the contract with a customer; b) Identifying the performance obligations within the customer contract; c) Determining the transaction price; d) Allocating the transaction price to the performance obligation; and e) Recognizing revenue when/as performance obligations are satisfied. Nature of goods and services The following is a description of products and services from which the Company generates its revenue. Products and services Nature, timing of satisfaction of performance obligations and significant payment terms Coagulation testing products Our point-of-care coagulation testing products use electrochemical cell to measure Prothrombin Time (PT/INR), a test used to monitor the effect of the anticoagulant therapy warfarin. The performance obligation for the sale of these products is satisfied at a point-in-time when the Company transfers control of the products to its customer. The point of transfer of control of the products is dictated by individual terms contained within a customer agreement, as are the payment terms. The transaction price is fixed. Coagulation testing services HRL provides non-diagnostic laboratory services and performs coagulation testing services on behalf of customers. The performance obligation for the services is satisfied when the testing has been finalized and results have been reported to the customer. In some cases, the performance obligations will be satisfied as predetermined milestones have been achieved by the Company. Standard payment terms are generally 30 60 Wine testing products Our Sentia wine analyzer is used to measure free SO₂ levels in post-fermentation wine. The performance obligation for the sale of this product is satisfied at a point-in-time when the Company transfers control of the products to its customer. The point of transfer of control of the products is dictated by the individual terms contained within a customer agreement, as are the individual payment terms. The transaction price is fixed. See Note 12 Interest Income Interest income is recognized as it accrues, taking into account the effective yield and consists primarily of interest earned on cash, cash equivalents and restricted cash in interest-bearing accounts. Research and Development Tax Incentive Income Research and development tax incentive income is recognized when there is reasonable assurance that the income will be received, the relevant expenditure has been incurred and the consideration can be reliably measured. The research and development tax incentive is one 1997 may ( 1 as a 43.5% refundable tax offset if aggregate turnover (which generally means an entity’s total income that it derives in the ordinary course of carrying on a business, subject to certain exclusions) of the entity is less than A$20,000,000, ( 2 as a 38.5% non-refundable tax offset if aggregate turnover of the entity is more than A$20,000,000. In accordance with SEC Regulation S- X 5 03, not Management has assessed the Company’s R&D activities and expenditures to determine which activities and expenditures are likely to be eligible under the tax incentive regime described above. At each period end management estimates the refundable tax offset available to the Company based on available information at the time. This estimate is also reviewed by external tax advisors on an annual basis. The Company has recorded research and development tax incentive income of A$3,897,543 A$2,826,244 2021 2020 not A$20,000,000. Federal and State Government Subsidies In response to the COVID- 19 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenditure R&D expenses consist of costs incurred to further the Company’s research and product development activities and include salaries and related employee benefits, costs associated with clinical trial and preclinical development, regulatory activities, research-related overhead expenses, costs associated with the manufacture of clinical trial material, costs associated with developing a commercial manufacturing process, costs for consultants and related contract research, facility costs and depreciation. R&D costs are expensed as incurred as they fall in the scope of ASC 730 Clinical Trial Expenses Clinical trial costs are a component of R&D expenses. These expenses include fees paid to participating hospitals and other service providers, which conduct certain testing activities on behalf of the Company. Depending on the timing of payments to the service providers and the level of service provided, the Company records prepaid or accrued expenses relating to these costs. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation We measure stock-based compensation at grant date, based on the estimated fair value of the award and recognize the cost as an expense on a straight-line basis over the vesting period of the award. We estimate the fair value of stock options using the Trinomial Lattice model. We record deferred tax assets for awards that will result in deductions on our income tax returns, based on the amount of compensation cost recognized and our statutory tax rate in the jurisdiction in which we will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported in our income tax return are recorded in expense or in capital in excess of par value if the tax deduction exceeds the deferred tax assets or to the extent that previously recognized credits to paid-in-capital are still available if the tax deduction is less than the deferred tax asset. |
Compensation Related Costs, Policy [Policy Text Block] | Employee Benefit Costs For periods ending on or before June 30, 2021, July 1, 2021, not third |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Registered Retirement Savings Plan and Deferred Sharing Profit Plan The Company provides eligible HRL employees a retirement plan. The retirement plan includes a Registered Retirement Savings Plan (“RRSP”) and Deferred Profit Sharing Plan (“DPSP”). The RRSP is voluntary and the employee contributions are matched by the Company up to a maximum of 5% based on their continuous years of service and placed into the RRSP. The Company contributes 1% to 2% of the employee’s base earnings towards the DPSP. The DPSP contributions are vested immediately. |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Benefit Plan The Company provides eligible HRL employees a Benefit Plan. In general, the Benefit Plan includes extended health care, dental care, basic life insurance, basic accidental death and dismemberment and disability insurance. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company applies ASC 740 Where it is more likely than not not not Pursuant to the U.S. tax reform rules, UBI is subject to regulations addressing Global Intangible Low-Taxed Income ("GILTI"). The GILTI rules are provisions of the U.S. tax code enacted as a part of tax reform legislation in the U.S. passed in December 2017. 1 2 We are subject to income taxes in Australia, Canada, the Netherlands and the United States. Tax returns up to and including the 2020 2021 2022. |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2021 2020 A$ A$ Cash and cash equivalents 15,318,201 23,561,807 Restricted cash – current assets 1,968,814 2,174,806 Restricted cash – non-current assets 812,204 2,318,507 18,099,219 28,055,120 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2021 2020 A$ A$ Performance guarantee (a) - current assets 1,968,814 2,174,806 Collateral for facilities (b) - non-current assets 320,000 320,000 Performance guarantee (a) - non-current assets 492,204 1,998,507 2,781,018 4,493,313 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 A$ A$ Raw materials 1,207,077 761,279 Work in progress 410,731 640,885 Finished goods 525,696 477,689 2,143,504 1,879,853 |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 A$ A$ Receivables 476,164 73,073 Allowance for credit losses 0 0 476,164 73,073 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 A$ A$ Plant and equipment 20,183,757 20,171,121 Leasehold improvements 9,271,033 9,168,259 Capital work in process 168,155 0 29,622,945 29,339,380 Accumulated depreciation (25,523,265 ) (24,984,001 ) Property, plant & equipment - net 4,099,680 4,355,379 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Leases, Supplemental Balance Sheet Infomormation [Table Text Block] | December 31, 2021 2020 A$ A$ Operating lease right-of-use assets: Non-current 2,050,336 4,024,962 Operating lease liabilities: Current 500,284 524,844 Non-current 1,690,716 3,594,531 Weighted average remaining lease terms (in years) 4.0 7.0 Weighted average discount rate 5.0 % 6.0 % |
Lease, Cost [Table Text Block] | Years ended December 31, 2021 2020 A$ A$ Fixed payment operating lease expense 715,086 771,693 Short-term lease expense 0 100,361 Sub-lease income 163,397 180,631 |
Lessee, Operating Lease, Income Statement Information [Table Text Block] | Years ended December 31, 2021 2020 A$ A$ Cost of goods sold 119,437 141,291 Cost of services 104,344 100,266 Research and development 360,159 511,227 Selling, general and administrative 131,146 119,270 715,086 872,054 |
Lessee, Operating Lease, Supplemental Cash Flow Information [Table Text Block] | Years ended December 31, 2021 2020 A$ A$ Operating cash outflows from operating leases 716,247 488,382 |
Lessee, Operating Lease, Noncash Information [Table Text Block] | Years ended December 31, 2021 2020 A$ A$ Right of use assets obtained in exchange for lease liabilities 0 4,324,727 Right of use asset modifications (1,392,953 ) 0 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2021 A$ 2022 598,564 2023 594,392 2024 608,443 2025 623,654 2026 0 Thereafter 0 Total future lease payments 2,425,053 Less: imputed interest (234,053 ) Total operating lease liabilities 2,191,000 Current 500,284 Non-current 1,690,716 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 A$ % A$ % Loss before income taxes (10,506,935 ) (7,638,024 ) Computed by applying income tax rate of home jurisdiction (3,152,081 ) 30 (2,291,407 ) 30 Effect of tax rates in foreign jurisdictions 76,914 (1 ) 17,122 0 Research and development tax incentive 1,518,698 (15 ) 1,103,924 (14 ) Disallowed expenses/(income): Stock-based compensation 27,730 0 51,970 (1 ) Amortization expense (490,891 ) 5 (625,381 ) 8 Other 49,441 0 12,011 0 Change in valuation allowance 1,970,189 (19 ) 1,731,761 (23 ) Income tax expense/(benefit) 0 0 0 0 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2021 2020 A$ A$ Foreign 52,186 (489,187 ) Domestic (10,559,121 ) (7,148,837 ) (10,506,935 ) (7,638,024 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended December 31, 2021 2020 A$ A$ Deferred tax assets: Operating loss carry forwards 5,676,365 5,232,734 Depreciation and amortization 1,366,666 2,030,293 Asset retirement obligations 816,378 820,440 Employee entitlements 204,712 181,222 Accruals 1,692,194 1,082,516 Decline in value of patents 1,070,959 1,121,593 Unrealized exchange loss 56,706 (88,319 ) Other (3,750 ) (4,423 ) Total deferred tax assets 10,880,230 10,376,056 Valuation allowance for deferred tax assets (10,689,001 ) (9,693,936 ) Net deferred tax asset 191,229 682,120 Deferred tax liabilities: Intangible assets 3,242,066 3,732,957 Total deferred tax liabilities 3,242,066 3,732,957 Net deferred tax liabilities 3,050,837 3,050,837 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 A$ A$ Legal, tax and accounting fees 52,982 254,348 Salary and related costs 348,657 231,290 Research and development costs 1,052,814 462 Patent fees 395,420 314,802 Inventory purchases 268,317 188,720 Occupancy expenses 345 111,142 Other 682,280 51,244 2,800,815 1,152,008 |
Note 12 - Revenue (Tables)
Note 12 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31 2021 2020 A$ A$ Major product/service lines Coagulation testing products 2,667,541 2,565,747 Coagulation testing services 1,962,354 568,528 Other services 0 68,334 Wine testing products 1,147,856 0 5,777,751 3,202,609 Timing of revenue recognition Products and services transferred at a point in time 5,777,751 3,202,609 5,777,751 3,202,609 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2021 2020 A$ A$ Receivables 476,164 73,073 Contract liabilities 38,431 1,628,426 Years Ended December 31, 2021 2020 A$ A$ Contract Liabilities - Current Opening balance 1,628,426 2,682,404 Closing balance 38,431 1,628,426 Net increase/(decrease) (1,589,995 ) (1,053,978 ) Contract Liabilities - Non-Current Opening balance 0 1,421,680 Closing balance 0 0 Net increase/(decrease) 0 (1,421,680 ) |
Note 13 - Other Income (Tables)
Note 13 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Years Ended December 31 2021 2020 A$ A$ Insurance recovery 2,262 674,083 Federal and state government subsidies 153,001 1,265,149 Rental income 163,397 180,631 Other income 112,052 2,988 430,712 2,122,851 |
Note 14 - Employee Incentive _2
Note 14 - Employee Incentive Schemes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Exercise Price (A$) 0.50 0.50 0.50 Share Price at Grant Date (A$) 0.29 0.29 0.29 Volatility 62 % 62 % 62 % Maximum Life (years) 2.0 3.0 4.0 Risk-Free Interest rate 0.19 % 0.19 % 0.19 % Fair Value (A$) 0.05 0.06 0.07 Feb-21 Aug-21 Dec-21 Exercise Price (A$) 0 0 0 Share Price at Grant Date (A$) 0.41 0.77 0.81 Volatility 63 % 64 % 63 % Maximum Life (years) 0.92 3.60 1.07 Risk-Free Interest rate 0.25 % 0.12 % 0.57 % Fair Value (A$) 0.39 0.77 0.81 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of options Weighted average exercise price A$ Balance at December 31, 2020 9,398,450 0.29 Granted 250,000 0.50 Exercised (216,650 ) 0.35 Lapsed (553,000 ) 0.48 Balance at December 31, 2021 8,878,800 0.29 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise price A$ Options Weighted average remaining life in years Options exercisable shares 0.23 20,000 0 20,000 0.45 37,500 1 37,500 0.50 861,000 1 861,000 0.33 52,000 2 52,000 0.50 234,300 2 234,300 0.20 2,364,666 2 2,364,666 0.25 2,364,667 3 2,364,667 0.30 2,364,667 3 2,364,667 0.30 500,000 3 500,000 0.50 80,000 0 80,000 8,878,800 8,878,800 |
Schedule of Activity for Options Exercised [Table Text Block] | Period ending Number of Options Exercised and Corresponding Number of Shares Issued Weighted average exercise price A$ Proceeds Received (A$) 2020 40,000 0.00 0 2021 216,650 0.35 75,125 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of shares Weighted average issue price A$ Balance at December 31, 2020 91,652 0.24 Release of restricted shares (91,652 ) 0.24 Balance at December 31, 2021 0 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Number of rights Weighted average exercise price A$ Balance at December 31, 2020 0 Granted 7,425,000 0.76 Exercised 0 Lapsed (150,000 ) 0.39 Balance at December 31, 2021 7,275,000 0.76 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Exercise price A$ Rights Weighted average remaining life in years Rights exercisable shares 0 150,000 0 0 0 6,750,000 3 0 0 375,000 1 0 7,275,000 0 |
Note 15 - Total Comprehensive_2
Note 15 - Total Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Before-Tax Amount Tax (Expense)/ Benefit Net-of-Tax Amount A$ A$ A$ Year Ended December 31, 2021 Foreign currency translation reserve (30,217 ) 0 (30,217 ) (30,217 ) 0 (30,217 ) Year Ended December 31, 2020 Foreign currency translation reserve 48,671 0 48,671 48,671 0 48,671 |
Note 17 - Net Loss per Share (T
Note 17 - Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2021 2020 A$ A$ Numerator: Net loss (10,506,935 ) (7,638,024 ) Denominator: Weighted-average basic and diluted shares 177,714,201 177,574,046 Basic and diluted loss per share (0.06 ) (0.04 ) |
Note 20 - Segment Information (
Note 20 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended December 31, 2021 2020 A$ A$ Australia (home country) 4,580,741 5,003,332 Americas 1,419,436 681,806 Europe 3,905,621 2,760,382 Other 250,155 0 Total income 10,155,953 8,445,520 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Years Ended December 31, 2021 2020 A$ A$ Siemens 30 % 77 % Bayer 16 % 2 % Other 54 % 21 % |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at end of Period A$ A$ A$ A$ A$ Year Ended December 31, 2021 Deferred income tax valuation allowance 9,693,936 1,970,189 (349,743 ) (625,381 ) 10,689,001 Year Ended December 31, 2020 Deferred income tax valuation allowance 8,220,770 1,731,761 (258,595 ) 0 9,693,936 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - AUD ($) | Jul. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Research and Development Tax Incentive Income, Refundable Tax Offset, Percentage | 43.50% | |||
Research and Development Tax Incentive Income, Maximum Aggregated Turnover to Refundable Tax Offset | $ 20,000,000 | |||
Research and Development Tax Incentive Income, Non-refundable Tax Offset, Percentage | 38.50% | |||
Research and Development Tax Incentive Income, Minimum Aggregated Turnover to Non-refundable Tax Offset | $ 20,000,000 | |||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | $ 3,897,543 | $ 2,826,244 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | 9.50% | ||
Registered Retirement Savings Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 5.00% | |||
Distribution Rights [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
Minimum [Member] | Deferred Profit Sharing Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 1.00% | |||
Maximum [Member] | Deferred Profit Sharing Plan [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) | Sep. 18, 2019USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2020AUD ($) |
Restricted Cash, Total | $ 2,781,018 | $ 4,493,313 | |
Interest Income, Deposits with Financial Institutions, Total | 8,668 | $ 44,830 | |
Performance Guarantee [Member] | |||
Restricted Cash, Total | $ 5,000,000 | ||
Deposit, Term (Month) | 42 months | ||
Bank Guarantee for Commercial Lease [Member] | |||
Security Deposit | 250,000 | ||
Security Deposit on Credit Cards [Member] | |||
Security Deposit | $ 70,000 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 15,318,201 | $ 23,561,807 |
Restricted cash – current assets | 1,968,814 | 2,174,806 |
Restricted cash – non-current assets | 812,204 | 2,318,507 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 18,099,219 | $ 28,055,120 |
Note 2 - Cash, Cash Equivalen_5
Note 2 - Cash, Cash Equivalents and Restricted Cash - Restricted Cash (Details) | Dec. 31, 2021AUD ($) | Dec. 31, 2020AUD ($) | Sep. 18, 2019USD ($) | |
Performance guarantee (a) - current assets | $ 1,968,814 | $ 2,174,806 | ||
Performance guarantee (a) - non-current assets | 812,204 | 2,318,507 | ||
Restricted Cash, Total | 2,781,018 | 4,493,313 | ||
Performance Guarantee [Member] | ||||
Performance guarantee (a) - current assets | [1] | 1,968,814 | 2,174,806 | |
Performance guarantee (a) - non-current assets | [1] | 492,204 | 1,998,507 | |
Restricted Cash, Total | $ 5,000,000 | |||
Collateral for Facilities [Member] | ||||
Performance guarantee (a) - current assets | [2] | $ 320,000 | $ 320,000 | |
[1] | Performance guarantee represents letter of credit issued in favour of Siemens pursuant to the 2019 Siemens Agreements. The performance guarantee was initially issued for US$5,000,000 and the same reduces in equal quarterly amounts over the 42 months with effect from September 18, 2019. | |||
[2] | Collateral for facilities represents bank guarantee of A$250,000 for commercial lease of UBS’ premises and security deposit on Company’s credit cards of A$70,000. |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventory, Net (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 1,207,077 | $ 761,279 |
Work in progress | 410,731 | 640,885 |
Finished goods | 525,696 | 477,689 |
Inventory, Net, Total | $ 2,143,504 | $ 1,879,853 |
Note 4 - Receivables - Summary
Note 4 - Receivables - Summary of Receivables (Details) - AUD ($) | Dec. 31, 2021 | Dec. 13, 2021 | Dec. 31, 2020 |
Receivables | $ 476,164 | $ 73,073 | |
Allowance for credit losses | 0 | 0 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 476,164 | $ 476,164 | $ 73,073 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property plant and equipment gross | $ 29,622,945 | $ 29,339,380 |
Accumulated depreciation | (25,523,265) | (24,984,001) |
Property, plant & equipment - net | 4,099,680 | 4,355,379 |
Plant and Equipment [Member] | ||
Property plant and equipment gross | 20,183,757 | 20,171,121 |
Leasehold Improvements [Member] | ||
Property plant and equipment gross | 9,271,033 | 9,168,259 |
Capital Work in Process [Member] | ||
Property plant and equipment gross | $ 168,155 | $ 0 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Dec. 31, 2021 | Oct. 22, 2021 | Jun. 28, 2021 | Jan. 01, 2021 |
Lessee, Operating Lease, Renewal Term (Year) | 3 years | |||
Lease for 1 Corporate Avenue [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Premises Lease [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||
Lease Arrangement to Install Panels [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 7 years |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current | $ 2,050,336 | $ 4,024,962 |
Current | 500,284 | 524,844 |
Non-current | $ 1,690,716 | $ 3,594,531 |
Weighted average remaining lease terms (in years) (Year) | 4 years | 7 years |
Weighted average discount rate | 5.00% | 6.00% |
Note 6 - Leases - Components of
Note 6 - Leases - Components of Lease Income/Expense (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed payment operating lease expense | $ 715,086 | $ 771,693 |
Short-term lease expense | 0 | 100,361 |
Sub-lease income | $ 163,397 | $ 180,631 |
Note 6 - Leases - Income Statem
Note 6 - Leases - Income Statement Information (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease, cost | $ 715,086 | $ 872,054 |
Cost of Goods Sold [Member] | ||
Operating lease, cost | 119,437 | 141,291 |
Cost of Services [Member] | ||
Operating lease, cost | 104,344 | 100,266 |
Research and Development Expense [Member] | ||
Operating lease, cost | 360,159 | 511,227 |
Selling, General and Administrative Expenses [Member] | ||
Operating lease, cost | $ 131,146 | $ 119,270 |
Note 6 - Leases - Supplementa_2
Note 6 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating cash outflows from operating leases | $ 716,247 | $ 488,382 |
Note 6 - Leases - Lease Noncash
Note 6 - Leases - Lease Noncash Information (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Right of use assets obtained in exchange for lease liabilities | $ 0 | $ 4,324,727 |
Right of use asset modifications | $ (1,392,953) | $ 0 |
Note 6 - Leases - Future Lease
Note 6 - Leases - Future Lease Payments (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 598,564 | |
2023 | 594,392 | |
2024 | 608,443 | |
2025 | 623,654 | |
2026 | 0 | |
Thereafter | 0 | |
Total future lease payments | 2,425,053 | |
Less: imputed interest | (234,053) | |
Total operating lease liabilities | 2,191,000 | |
Current | 500,284 | $ 524,844 |
Non-current | $ 1,690,716 | $ 3,594,531 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards, Total | $ 18,921,216 | $ 17,315,505 |
Deferred Assets, Non-refundable Research and Development Tax Offset | 3,374,776 | 3,374,776 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | 0 | 0 |
Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards, Total | $ 120,376 | $ 779,887 |
Note 7 - Income Taxes - Effecti
Note 7 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before income taxes, amount | $ (10,506,935) | $ (7,638,024) |
Computed by applying income tax rate of home jurisdiction, amount | $ (3,152,081) | $ (2,291,407) |
Computed by applying income tax rate of home jurisdiction, percent | 30.00% | 30.00% |
Effect of tax rates in foreign jurisdictions, amount | $ 76,914 | $ 17,122 |
Effect of tax rates in foreign jurisdictions, percent | (1.00%) | 0.00% |
Research and development tax incentive, amount | $ 1,518,698 | $ 1,103,924 |
Research and development tax incentive, percent | (15.00%) | (14.00%) |
Stock-based compensation, amount | $ 27,730 | $ 51,970 |
Stock-based compensation, percent | 0.00% | (1.00%) |
Amortization expense, amount | $ (490,891) | $ (625,381) |
Amortization expense, percent | 5.00% | 8.00% |
Other, amount | $ 49,441 | $ 12,011 |
Other, percent | 0.00% | 0.00% |
Change in valuation allowance, amount | $ 1,970,189 | $ 1,731,761 |
Change in valuation allowance, percent | (19.00%) | (23.00%) |
Income tax expense/(benefit), amount | $ 0 | $ 0 |
Income tax expense/(benefit), percent | 0.00% | 0.00% |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Before Income Tax Domestic and Foreign (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign | $ 52,186 | $ (489,187) |
Domestic | (10,559,121) | (7,148,837) |
Net loss before tax | $ (10,506,935) | $ (7,638,024) |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating loss carry forwards | $ 5,676,365 | $ 5,232,734 |
Depreciation and amortization | 1,366,666 | 2,030,293 |
Asset retirement obligations | 816,378 | 820,440 |
Employee entitlements | 204,712 | 181,222 |
Accruals | 1,692,194 | 1,082,516 |
Decline in value of patents | 1,070,959 | 1,121,593 |
Unrealized exchange loss | (56,706) | (88,319) |
Other | (3,750) | (4,423) |
Total deferred tax assets | 10,880,230 | 10,376,056 |
Valuation allowance for deferred tax assets | (10,689,001) | (9,693,936) |
Net deferred tax asset | 191,229 | 682,120 |
Intangible assets | 3,242,066 | 3,732,957 |
Total deferred tax liabilities | 3,242,066 | 3,732,957 |
Net deferred tax liabilities | $ 3,050,837 | $ 3,050,837 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Liabilities (Details) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Legal, tax and accounting fees | $ 52,982 | $ 254,348 |
Salary and related costs | 348,657 | 231,290 |
Research and development costs | 1,052,814 | 462 |
Patent fees | 395,420 | 314,802 |
Inventory purchases | 268,317 | 188,720 |
Occupancy expenses | 345 | 111,142 |
Other | 682,280 | 51,244 |
Accrued Liabilities, Current, Total | $ 2,800,815 | $ 1,152,008 |
Note 9- Contingent Considerat_2
Note 9- Contingent Consideration (Details Textual) | Dec. 31, 2021AUD ($) | Dec. 31, 2020AUD ($) | Sep. 18, 2019USD ($) |
Business Combination, Contingent Consideration, Liability, Current | $ 2,067,255 | $ 1,947,546 | |
Siemens [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 1,500,000 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) | 1 Months Ended | 12 Months Ended | 13 Months Ended | |
Jan. 31, 2022AUD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Jan. 31, 2022AUD ($) | |
Loan Under Canadian Federal Government’s COVID-19 Economic Response Plan [Member] | ||||
Unsecured Long-term Debt, Noncurrent | $ 60,000 | |||
Proceeds from Issuance of Unsecured Debt | 20,000 | $ 40,000 | ||
Long-term Debt, Amount Must be Repaid for Forgiveness | $ 40,000 | |||
Short-term Loan Facility [Member] | Subsequent Event [Member] | ||||
Debt Instrument, Face Amount | $ 1,002,404 | $ 1,002,404 | ||
Debt Instrument, Number of Installments | 9 | 9 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.49% | 1.49% | ||
Long-term Loan Facility [Member] | Subsequent Event [Member] | ||||
Debt Instrument, Face Amount | $ 65,000 | $ 65,000 | ||
Debt Instrument, Number of Installments | 87 | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.85% | 6.85% |
Note 12 - Revenue - Disaggregat
Note 12 - Revenue - Disaggregation of Revenues (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenue | $ 5,777,751 | $ 3,202,609 |
Transferred at Point in Time [Member] | ||
Total revenue | 5,777,751 | 3,202,609 |
Coagulation Test Devices [Member] | ||
Total revenue | 2,667,541 | 2,565,747 |
Coagulation Services [Member] | ||
Total revenue | 1,962,354 | 568,528 |
Service, Other [Member] | ||
Total revenue | 0 | 68,334 |
Wine Testing Products [Member] | ||
Total revenue | $ 1,147,856 | $ 0 |
Note 12 - Revenue - Contract Ba
Note 12 - Revenue - Contract Balances (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables | $ 476,164 | $ 73,073 |
Contract liabilities | 38,431 | 1,628,426 |
Opening balance | 1,628,426 | 2,682,404 |
Closing balance | 38,431 | 1,628,426 |
Net increase/(decrease) | (1,589,995) | (1,053,978) |
Opening balance | 0 | 1,421,680 |
Closing balance | 0 | 0 |
Net increase/(decrease) | $ 0 | $ (1,421,680) |
Note 13 - Other Income (Details
Note 13 - Other Income (Details Textual) | 12 Months Ended |
Dec. 31, 2020AUD ($) | |
Insurance Recovery, Amount Of Legal Costs Reimbursed | $ 600,000 |
Note 13 - Other Income - Other
Note 13 - Other Income - Other Income (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Insurance recovery | $ 2,262 | $ 674,083 |
Federal and state government subsidies | 153,001 | 1,265,149 |
Rental income | 163,397 | 180,631 |
Other income | 112,052 | 2,988 |
Other Nonoperating Income (Expense), Total | $ 430,712 | $ 2,122,851 |
Note 14 - Employee Incentive _3
Note 14 - Employee Incentive Schemes (Details Textual) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allocated Share Based Compensation Income (Expense) | $ 92,432 | $ 173,232 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 8,878,800 | 8,898,450 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 |
Share-based Payment Arrangement, Option [Member] | ||
Allocated Share Based Compensation Income (Expense) | $ 3,780 | $ 173,232 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Shares Issued upon Exercise (in shares) | 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 250,000 | 7,594,000 |
Restricted Stock [Member] | ||
Share Based Compensation, Shares Granted to Employees Annually, Value Per Employee | $ 1,000 | |
Share Based Compensation Arrangement by Share Based Payment, Award Trading Limitation Period (Year) | 3 years | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 0 | 0 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,425,000 | 0 |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Vested or Exercisable in Period | $ 0 | |
Share-based Payment Arrangement, Expense | 88,652 | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5,471,098 | $ 0 |
Note 14 - Employee Incentive _4
Note 14 - Employee Incentive Schemes - Share Based Arrangements (Details) - $ / shares | Dec. 31, 2021 | Aug. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2021 |
Fair Value (A$) (in AUD per share) | $ 0.81 | $ 0.77 | $ 0.39 | |
Share-based Payment Arrangement, Option [Member] | Grant Date 1 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0.50 | $ 0.50 | ||
Share Price at Grant Date (A$) (in AUD per share) | 0.29 | $ 0.29 | ||
Volatility | 62.00% | |||
Maximum Life (years) (Year) | 2 years | |||
Risk-Free Interest rate | 0.19% | |||
Fair Value (A$) (in AUD per share) | $ 0.05 | |||
Share-based Payment Arrangement, Option [Member] | Grant Date 2 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0.50 | 0.50 | ||
Share Price at Grant Date (A$) (in AUD per share) | 0.29 | $ 0.29 | ||
Volatility | 62.00% | |||
Maximum Life (years) (Year) | 3 years | |||
Risk-Free Interest rate | 0.19% | |||
Fair Value (A$) (in AUD per share) | $ 0.06 | |||
Share-based Payment Arrangement, Option [Member] | Grant Date 3 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0.50 | 0.50 | ||
Share Price at Grant Date (A$) (in AUD per share) | 0.29 | $ 0.29 | ||
Volatility | 62.00% | |||
Maximum Life (years) (Year) | 4 years | |||
Risk-Free Interest rate | 0.19% | |||
Fair Value (A$) (in AUD per share) | $ 0.07 | |||
Performance Shares [Member] | Grant Date 1 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0 | |||
Share Price at Grant Date (A$) (in AUD per share) | $ 0.41 | |||
Volatility | 63.00% | |||
Risk-Free Interest rate | 0.25% | |||
Performance Shares [Member] | Grant Date 2 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0 | |||
Share Price at Grant Date (A$) (in AUD per share) | $ 0.77 | |||
Volatility | 64.00% | |||
Risk-Free Interest rate | 0.12% | |||
Performance Shares [Member] | Grant Date 3 [Member] | ||||
Exercise Price (A$) (in AUD per share) | 0 | 0 | ||
Share Price at Grant Date (A$) (in AUD per share) | $ 0.81 | $ 0.81 | ||
Volatility | 63.00% | |||
Maximum Life (years) (Year) | 1 year 25 days | 3 years 7 months 6 days | 11 months 1 day | |
Risk-Free Interest rate | 0.57% |
Note 14 - Employee Incentive _5
Note 14 - Employee Incentive Schemes - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance (in shares) | 8,878,800 | |
Share-based Payment Arrangement, Option [Member] | ||
Balance (in shares) | 9,398,450 | |
Balance (in AUD per share) | $ 0.29 | |
Granted (in shares) | 250,000 | 7,594,000 |
Granted (in AUD per share) | $ 0.50 | |
Exercised (in shares) | (216,650) | (40,000) |
Exercised (in AUD per share) | $ 0.35 | $ 0 |
Lapsed (in shares) | (553,000) | |
Lapsed (in AUD per share) | $ 0.48 | |
Balance (in shares) | 8,878,800 | 9,398,450 |
Balance (in AUD per share) | $ 0.29 | $ 0.29 |
Note 14 - Employee Incentive _6
Note 14 - Employee Incentive Schemes - Share Based Compensation Shares Authorized Under Stock Option Plans (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares outstanding (in shares) | 8,878,800 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 8,878,800 | 8,898,450 |
Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.29 | $ 0.29 |
Shares outstanding (in shares) | 8,878,800 | 9,398,450 |
Exercise option price (in AUD per share) | $ 0.29 | $ 0.29 |
Range One [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.23 | |
Shares outstanding (in shares) | 20,000 | |
Weighted average remaining years (Year) | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 20,000 | |
Exercise option price (in AUD per share) | $ 0.23 | |
Exercise Price Range 2 [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.45 | |
Shares outstanding (in shares) | 37,500 | |
Weighted average remaining years (Year) | 1 year | |
Exercise option price (in AUD per share) | $ 0.45 | |
Range Three [Member] | Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 37,500 | |
Exercise Price Range 3 [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.50 | |
Shares outstanding (in shares) | 861,000 | |
Weighted average remaining years (Year) | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 861,000 | |
Exercise option price (in AUD per share) | $ 0.50 | |
Range Four [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.33 | |
Shares outstanding (in shares) | 52,000 | |
Weighted average remaining years (Year) | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 52,000 | |
Exercise option price (in AUD per share) | $ 0.33 | |
Range Five [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.50 | |
Shares outstanding (in shares) | 234,300 | |
Weighted average remaining years (Year) | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 234,300 | |
Exercise option price (in AUD per share) | $ 0.50 | |
Range Six [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.20 | |
Shares outstanding (in shares) | 2,364,666 | |
Weighted average remaining years (Year) | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,364,666 | |
Exercise option price (in AUD per share) | $ 0.20 | |
Range Seven [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.25 | |
Shares outstanding (in shares) | 2,364,667 | |
Weighted average remaining years (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,364,667 | |
Exercise option price (in AUD per share) | $ 0.25 | |
Range Eight [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.30 | |
Shares outstanding (in shares) | 2,364,667 | |
Weighted average remaining years (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,364,667 | |
Exercise option price (in AUD per share) | $ 0.30 | |
Range Nine [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.30 | |
Shares outstanding (in shares) | 500,000 | |
Weighted average remaining years (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 500,000 | |
Exercise option price (in AUD per share) | $ 0.30 | |
Range Ten [Member] | Share-based Payment Arrangement, Option [Member] | ||
Exercise option price (in AUD per share) | $ 0.50 | |
Shares outstanding (in shares) | 80,000 | |
Weighted average remaining years (Year) | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 80,000 | |
Exercise option price (in AUD per share) | $ 0.50 |
Note 14 - Employee Incentive _7
Note 14 - Employee Incentive Schemes - Schedule of Activity for Options Exercised (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds received | $ 75,125 | $ 0 |
Share-based Payment Arrangement, Option [Member] | ||
Shares exercised and issued (in shares) | 216,650 | 40,000 |
Exercised (in AUD per share) | $ 0.35 | $ 0 |
Proceeds received | $ 75,125 | $ 0 |
Note 14 - Employee Incentive _8
Note 14 - Employee Incentive Schemes - Restricted Stock Awards Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Balance (in shares) | shares | 91,652 |
Balance (in AUD per share) | $ / shares | $ 0.24 |
Release of restricted shares (in shares) | shares | (91,652) |
Release of restricted shares (in AUD per share) | $ / shares | $ 0.24 |
Balance (in shares) | shares | 0 |
Balance (in AUD per share) | $ / shares |
Note 14 - Employee Incentive _9
Note 14 - Employee Incentive Schemes - Performance Shares Outstanding Activity (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance (in shares) | 0 | |
Balance, Weighted average exercise price (in AUD per share) | $ 0.76 | |
Granted , number of rights (in shares) | 7,425,000 | 0 |
Granted, Weighted average exercise price (in AUD per share) | $ 0.76 | |
Exercised , number of rights (in shares) | 0 | |
Exercised, Weighted average exercise price (in AUD per share) | ||
Lapsed, , number of rights (in shares) | (150,000) | |
Lapsed, Weighted average exercise price (in AUD per share) | $ 0.39 | |
Balance (in shares) | 7,275,000 | 0 |
Note 14 - Employee Incentive_10
Note 14 - Employee Incentive Schemes - Performance Shares Unvested Activity (Details) - Performance Shares [Member] - $ / shares $ / shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares (in shares) | 7,275,000 | 0 |
Rights exercisable shares (in shares) | 0 | |
Exercise Price Range 1 [Member] | ||
Exercise price (in AUD per share) | $ 0 | |
Shares (in shares) | 150,000 | |
Weighted average remaining life in years (Year) | 0 years | |
Rights exercisable shares (in shares) | 0 | |
Exercise Price Range 2 [Member] | ||
Exercise price (in AUD per share) | $ 0 | |
Shares (in shares) | 6,750,000 | |
Weighted average remaining life in years (Year) | 3 years | |
Rights exercisable shares (in shares) | 0 | |
Exercise Price Range 3 [Member] | ||
Exercise price (in AUD per share) | $ 0 | |
Shares (in shares) | 375,000 | |
Weighted average remaining life in years (Year) | 1 year | |
Rights exercisable shares (in shares) | 0 |
Note 15 - Total Comprehensive_3
Note 15 - Total Comprehensive Income/(Loss) - Other Comprehensive Income (Loss) (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign currency translation reserve, before tax | $ (30,217) | $ 48,671 |
Foreign currency translation reserve, tax (expense) benefit | 0 | 0 |
Foreign currency translation reserve | (30,217) | 48,671 |
Other comprehensive income, before tax | (30,217) | 48,671 |
Other comprehensive income, tax (expense) benefit | 0 | 0 |
Other comprehensive income/(loss) | $ (30,217) | $ 48,671 |
Note 16 - Stockholders' Equit_2
Note 16 - Stockholders' Equity - Common Stock (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Common Stock, Voting Rights | 1 |
Note 17 - Net Loss per Share (D
Note 17 - Net Loss per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,028,800 | 4,844,333 |
Note 17 - Net Loss per Share _2
Note 17 - Net Loss per Share (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (10,506,935) | $ (7,638,024) |
Weighted-average basic and diluted shares (in shares) | 177,714,201 | 177,574,046 |
Net loss per share - basic and diluted (in AUD per share) | $ (0.06) | $ (0.04) |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) | Dec. 31, 2021 |
Non-executive Chairman of the Company [Member] | |
Related Party Transaction, Ownership Percentage of the Company | 16.00% |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Details Textual) - AUD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Purchase Obligation, Total | $ 881,134 | $ 369,779 |
Note 20 - Segment Information_2
Note 20 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Operating Segments | 1 |
AUSTRALIA | |
Number of Geographical Areas | 1 |
Note 20 - Segment Information -
Note 20 - Segment Information - Revenue from External Customer (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenue | $ 5,777,751 | $ 3,202,609 |
AUSTRALIA | ||
Total revenue | 4,580,741 | 5,003,332 |
UNITED STATES | ||
Total revenue | 1,419,436 | 681,806 |
Europe [Member] | ||
Total revenue | 3,905,621 | 2,760,382 |
Other Countries [Member] | ||
Total revenue | 250,155 | 0 |
All Countries [Member] | ||
Total revenue | $ 10,155,953 | $ 8,445,520 |
Note 20 - Segment Information_3
Note 20 - Segment Information - Schedules of Concentration of Risk (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Siemens [Member] | ||
Concentration Risk, Percentage | 30.00% | 77.00% |
Bayer Inc [Member] | ||
Concentration Risk, Percentage | 16.00% | 2.00% |
Other Customer [Member] | ||
Concentration Risk, Percentage | 54.00% | 21.00% |
Note 22 - Guarantees and Inde_2
Note 22 - Guarantees and Indemnifications (Details Textual) - AUD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Indemnities [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Short-term Loan Facility [Member] | 1 Months Ended | 13 Months Ended |
Jan. 31, 2022AUD ($) | Jan. 31, 2022AUD ($) | |
Debt Instrument, Face Amount | $ 1,002,404 | $ 1,002,404 |
Debt Instrument, Number of Installments | 9 | 9 |
Debt Instrument, Interest Rate, Effective Percentage | 1.49% | 1.49% |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts- Summary of Valuation Allowance (Details) - AUD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 9,693,936 | $ 8,220,770 |
Charge to Cost and Expense | 1,970,189 | 1,731,761 |
Charged to other accounts | (349,743) | (258,595) |
Deductions | (625,381) | 0 |
Balance | $ 10,689,001 | $ 9,693,936 |