Name of Entity | AssetOwl Limited |
ABN | 12 122 727 342 |
Financial Year Ended | 12 months ended 30 June 2017 |
Previous Corresponding Reporting Period | 12 months ended 30 June 2016 |
$ | Percentage increase/ (decrease) over previous corresponding period | |
Revenue from ordinary activities | 15,700 | 2,254% |
Loss from ordinary activities after tax attributable to members | (1,405,763) | 171% |
Net loss attributable to members | (1,405,763) | 171% |
Dividends (distributions) | Amount per security | Franked amount per security | |
Final Dividend | Nil | Nil | |
Interim Dividend | Nil | Nil | |
Record date for determining entitlements to the dividends (if any) | Not Applicable |
Brief explanation of any of the figures reported above necessary to enable the figures to be understood:
The increase in quantum of the Company's revenue and loss has arisen from the Company's acquisition of AssetOwl Technologies Pty Ltd on the 23rd of December 2017, from this date, the Company's focus changed from an exploration Company to a technology and software development Company.
Following a change in accounting policy, the carrying value of Exploration and Evaluation assets in the prior year has been transferred to the retained earnings. During the year, Exploration and Evaluation expenditure amount of $41,995 (2016: 92,680) has been recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. The values disclosed for the 2016 Consolidated Statement of Profit or Loss and Other Comprehensive Income and Consolidated Statement of Financial Position reflect this change in accounting policy.
In the prior year the company had $667 interest revenue; the above revenue amount is interest revenue and has arisen due to a higher average bank balance in the year compared to the prior year, as a result of funds raised in a capital raising which was completed on the 23rd of December 2016.
The Company's reported net loss for the period includes R&D incentive of $514,722 and 'change in fair value of contingent consideration payable' of a gain of $387,620. Items of this nature did not exist in the comparative period.
Part 3 - Contents of ASX Appendix 4E | ||
Part 1 | Details of entity, reporting period | |
Part 2 | Results for announcement to the market | |
Part 3 | Contents of ASX Appendix 4E | |
Part 4 | Consolidated Statement of Profit or Loss and Other Comprehensive Income | |
Part 5 | Consolidated Statement of Financial Position | |
Part 6 | Consolidated Accumulated Loss | |
Part 7 | Consolidated Statement of Cash Flows | |
Part 8 | Basis of Preparation | |
Part 9 | Commentary on results | |
Part 10 | Notes to the Consolidated Statement of Cash Flows | |
Part 11 | Details relating to Dividends | |
Part 12 | Loss per Share | |
Part 13 | Net Tangible Assets per Security | |
Part 14 | Details of entities over which control has been gained or lost | |
Part 15 | Research and Development | |
Part 16 | Trade and Other Receivables | |
Part 17 | Property, Plant and Equipment | |
Part 18 | Intangible Assets | |
Part 19 | Financial Liabilities Through Profit or Loss | |
Part 20 | Details of associates and joint venture entities | |
Part 21 | Issued Securities | |
Part 22 | Segment Information | |
Part 23 | Change in Accounting Policy | |
Part 24 | Subsequent Events | |
Part 25 | Information on Audit or Review |
Parts | 2017 ($) | 2016 ($) restated | |
OTHER INCOME | |||
Interest | 15,700 | 667 | |
R&D tax incentive benefit | 15 | 514,722 | - |
Change in Fair Value Contingent Consideration payable | 19 | 387,620 | - |
EXPENSES | |||
Accounting and Audit expenses | (89,751) | (28,602) | |
Legal expenses | (223,605) | (78,681) | |
Corporate and administrative expenses | (171,914) | (145,167) | |
Professional consultant and contractor fees | (230,291) | (26,042) | |
Employee benefit expenses | (206,638) | (133,536) | |
Research expenses | (1,253,584) | - | |
Depreciation and amortisation | (18,699) | - | |
Exploration expenditure | (41,995) | (92,680) | |
Tenements administration expenses | (15,995) | (2,420) | |
Other expenses from ordinary activities | (71,333) | (13,657) | |
LOSS BEFORE INCOME TAX | (1,405,763) | (520,118) | |
Income tax benefit | - | - | |
LOSS FOR THE YEAR | (1,405,763) | (520,118) | |
Loss is attributable to: | |||
Owners of AssetOwl Limited | (1,405,763) | (520,118) | |
NET LOSS FOR THE YEAR | (1,405,763) | (520,118) | |
Other Comprehensive Income | - | - | |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR | (1,405,763) | (520,118) | |
Total comprehensive loss for the year is attributable to | |||
Owners of AssetOwl Limited | (1,405,763) | (520,118) | |
Basic loss (cents per share) | 12 | (3.16) | (4.98) |
Parts | 2017 ($) | 2016 ($) Restated* | |
CURRENT ASSETS | |||
Cash and cash equivalents | 1,690,810 | 1,097,149 | |
Trade and other receivables | 16 | 921,841 | 11,818 |
TOTAL CURRENT ASSETS | 2,612,651 | 1,108,967 | |
NON-CURRENT ASSETS | |||
Property, Plant and Equipment | 17 | 44,801 | - |
Intangible Assets (including goodwill) | 18 | 5,823,188 | - |
TOTAL NON-CURRENT ASSETS | 5,867,989 | - | |
TOTAL ASSETS | 8,480,640 | 1,108,967 | |
CURRENT LIABILITIES | |||
Trade and other payables | 93,338 | 76,703 | |
Employee Benefit Obligations | 140,331 | 1,928 | |
Contingent Consideration Payable | 19 | 800,000 | - |
TOTAL CURRENT LIABILITIES | 1,033,669 | 78,631 | |
NON-CURRENT LIABILITIES | |||
Contingent Consideration Payable | 19 | 1,022,335 | - |
TOTAL NON-CURRENT LIABILITIES | 1,022,335 | - | |
TOTAL LIABILITIES | 2,056,004 | 78,631 | |
NET ASSETS | 6,424,636 | 1,030,336 | |
EQUITY | |||
Contributed Equity | 21 | 17,045,391 | 11,704,402 |
Reserves | 1,518,435 | 59,361 | |
Accumulated Losses | 6 | (12,139,190) | (10,733,427) |
TOTAL EQUITY | 6,424,636 | 1,030,336 |
*The restatement includes the change in accounting policy (refer Part 23); the carrying value of Exploration and Evaluation assets in the prior year has been transferred to the retained earnings.
AssetOwl Limited published this content on 31 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 September 2017 06:27:07 UTC.
Original documenthttps://investors.assetowl.com/files/ASXreleases/2017/2017-08-31-AssetOwl_Ltd_Appendix_4E_Final.pdf
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