Annual Report 2019
Cann Global Limited
ABN 18 124 873 507
and Controlled Entities
Hemp Seed Crops at
Waltanna Farms, Victoria
Photographer: Eli Levy
Cann Global Limited
ABN 18 124 873 507
and Controlled Entities
Annual Financial
Report
For the year ended 30 June 2019
EXECUTIVE CHAIRPERSON’S REPORT
‘Cann Global’s view is very positive for the
Medicinal Cannabis and Industrial Hemp
Seed industries and we are well placed to
meet the demands for commodities that are
needed globally well into the future.’
Dear Shareholder,
I am pleased to provide this Annual Report of Cann
Global’s performance in FY2019.
This year, Cann Global has undertaken a transformation
and re-compliance of business activities which has
strengthened and expanded our business footprint,
sharpened our focus on consumer goods productivity,
enhanced our Capital Infrastructure framework and
delivered solid revenue during a 12 months restricted
trading period.
It should be noted that although T12 operated the hemp
food production and distribution division during most of
the past year, its revenues are not included within this
report as the formal acquisition of T12 only concluded
following the current reporting period (July 2018 – June
2019) prior to the relisting in August 2019, so it is only
consolidated into the Company’s accounts from July
2019, and is not included in the current presented audited
accounts of the Company Group for the previous year.
During the past year, we have taken steps to invest in the
future of medicinal Cannabis (MC) and Hemp Seed
Foods through a multi-million dollar investment in capital
infrastructure, partnership acquisition, medicinal cannabis
research and consumer goods product development.
During the 12 months re-compliance period your Board
strengthened our portfolio by completing the 100%
merger of Medical Cannabis Limited, (Medical Cannabis
Division) and T12 Holdings Pty Ltd (Food Division),
secured partnerships with Pharmocann Israel and Bio
Health Pharmaceuticals (Pharmaceutical and
Manufacturing) and completed a full service management
agreement with Medcan Australia to manage and
oversee our MC Pharmaceutical and Nutraceutical
production.
As part of our expansion activities and in discussion with
the ASX, and approval of our shareholders, we increased
our Board to 5 members which now include Jonathan
Cohen, David Austin, and John Easterling. Alex Neuling
was engaged as Company Secretary, which allows
Sholom Feldman to focus his time on the development
and management of the Company.
We consider that tenure and skills, proficiency and
attributes which are required to effectively govern and
manage risk within CGB are now at the right balance to
ensure that we have the correct mix between experience
and fresh perspectives.
I am fully aware that the successful operation of any
company is dependent upon having capable, dedicated
and professional team members. At Cann Global, our
people are the backbone of our company, and we have
been very grateful for the dedication and tireless devotion
by the team to complete the massive technical
undertaking that was required to successfully complete
the re-compliance process and have us relisted on the
ASX on August 23.
With our new Food product range, International
partnerships, Asian Food Distributorship deals and our
upcoming release of our Pharmocann Nutraceuticals, we
are very positive about the short-term market outlook.
I will provide a further update on Cann Global’s progress
and achieving key milestones at our Annual general
meeting in Sydney, later this year.
We are confident that CGB and its management team
has all the right assets and capability, and is well placed,
globally, to continue to deliver and increase shareholder
value and wealth.
The Board thanks you for your continued support of
CGB.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 1
Pnina Feldman
Executive Chairperson
CANN GLOBAL’S BUSINESS STRUCTURE
(ASX:CGB)
HEMP SEED FOODS
DIVISION
MEDICAL CANNABIS RESEARCH
Hemp Seed Food
products and other
health food products
combined with
Hemp seed
VitaHemp
SEED BANK
25 unique
local cultivars
& genetics
TECHNION HAIFA
Auto-immune disease research
headed by
Professor David (Dedi) Meiri
PARTNERSHIPS
PHARMACEUTICAL DIVISION
Other products
LICENCES
All licences that Cann
Global business plan
requires
FACILITIES
GMP & TGA
approved
PHARMACEUTICALS
‘XR’ Pills and other
digestible pharmaceutical
products
NUTRACEUTICALS
A range of cosmetic beauty &
therapeutic skin formulas unique to
Cann Global. Products for men &
women
MINING & EXPLORATION
BAUXITE
INVESTIGATING
new potentially
profitable mining &
exploration
opportunities
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | i
9th October 2018
18th October 2018
Cann Global’s management partner,
Medcan Australia, secures ODC
Manufacture License
Cann Global signed an MOU
with a top Israeli Medicinal
Cannabis company,
PharmoCann
27th November 2018
Annual General Meeting
25th January 2019
8th February 2019
Change of name to Cann Global
(ASX: CGB)
Strategic Alliance with TGA approved
Manufacturer – Bio Health
Pharmaceuticals
15th May 2019
Cann Global receives ASX Listing approval
11th June 2019
Cann Global issues 2019 Prospectus
End of Year
2nd July 2019
Cann Global’s management partner,
Medcan Australia, secures ODC Research
License
2nd July 2019
Meeting of Shareholders - EGM
1st August 2019
23rd August 2019
26th August 2019
29th August 2019
5th September 2019
Cann Global introduces new Board of
Directors & Company Secretary
Reinstatement to Official Quotation
(ASX: CGB)
Pharmocann Partnership Operational
Update
Cann Global’s T12 Food Division
announces Costco supply order
Cann Global’s T12 Food Division signs
exclusive Vietnam Distributorship
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Food Division
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CONTENTS
Executive Chairperson’s Report
Corporate Directory
Schedule of Mineral Tenements as at 30 June 2019
Directors’ Report
Auditor’s Independence Declaration
Financial Statements
Notes to the Financial Statements for the year ended 30 June 2019
Directors’ Declaration
Independent Auditor’s Report
Additional Information
1
2
3
4
20
21
26
67
68
71
Directors’ report |
Bankers
Bank of Western Australia
Sydney NSW 2000
Share Registry
Computershare Investor Services Pty Limited
Level 11
172 St Georges Terrace
Perth WA 6000
Telephone: (08) 9323 2000
Stock Exchange Listing
The Company is listed on the Australian
Securities Exchange Ltd (ASX).
Website
www.canngloballimited.com
Australian Securities Exchange
Code:
CGB
Corporate Directory
Directors
Pnina Feldman
(Executive Chairperson)
Sholom Feldman
(Managing Director)
David Austin
(Non Executive Director)
John Easterling
(Non Executive Director)
Joanthan Cohen
(Non Executive Director)
Company Secretary
Alex Neuling
Registered Office
Level 21, 133 Castlereagh Street
SYDNEY NSW 2000
Telephone:
Facsimile:
(02) 8379 1832
(02) 9291 9099
Email: sfeldman@canngloballimited.com
Auditor
Nexia Sydney Partnership
Level 16
1 Market Street
Sydney NSW 2000
Telephone:
(02) 9251 4600
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 2
Schedule of Mineral Tenements as at 30 June 2019
Directors’ report |
Project Name
Eastern Australia Bauxite
Projects
Status
Interest Held
%
Expiry date
South Johnstone
South Johnstone
EPM18463
MDL2004
Granted
Granted
100%
100%
25/05/2020
31/10/2019
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Directors’ report |
Directors’ Report
The Directors present their report together with the consolidated financial statements of the Group comprising Cann
Global Limited (“the Company” or “CGB”) and its subsidiaries, for the financial year ended 30 June 2019 and the
independent auditor’s report thereon.
Directors
The names and details of the Company’s Directors in office during the financial year and until the date of this
report are as follows. Directors were in office for this entire period unless otherwise stated.
Names, qualifications, experience and individual responsibilities
Pnina Feldman
Executive Chairperson
Pnina Feldman was the first woman in Australia to publicly list a successful mining company (Diamond Rose NL –
known at the time as “The float of the decade”). Executive Chairperson of publicly listed companies for over 20 years,
she is a well-known entrepreneur and negotiator of deals in the mining industry. She has been involved in the
exploration of gold, diamonds, gemstones, iron ore and bauxite amongst other minerals. Pnina Feldman was crucial
to the change of Queensland Bauxite to Medicinal Cannabis and Hemp Seed food and to the development of that
portion of the company. Mrs Feldman is known for her philanthropic work and was the first person to receive the
“Wentworth Community Award”, for dedication and service to the community, presented by the then Wentworth
MP the Hon Malcolm Turnbull. She studied arts/law at Melbourne University followed by three years of study in
Gateshead, England. She was founding principal at Kesser Torah girls’ high school (formerly Yeshiva Girls High School)
and founding principal of Yeshiva College Bondi.
Sholom Feldman
Managing Director
Sholom Feldman has been Managing Director of Cann Global since he co-founded the Company in 2007. Sholom has
extensive experience in general commercial management, has performed advisory and company secretarial work
for both listed and unlisted companies and has managed both private and listed exploration companies. Sholom
was general manager of the publicly listed Diamond Rose NL between 1999 and 2005 and is a director and manager
of several private companies. He has been instrumental in negotiating, financing, developing and managing many
exploration projects internationally including the purchase of the Guanaco Mine in Chile for Austral Gold Limited
from the Canadian Kinross Gold Corporation, and subsequently the purchase of Kinross’ Australian gold assets
including the Norseman and Broads Dam Gold Project. Sholom studied at the International MBA program at Bar Ilan
University in Israel and has also completed a Company Secretarial Practice and Meetings course with the Chartered
Institute of Company Secretaries Australia.
Meyer Gutnick (Resigned 2nd July 2019)
Non-executive Director
Mr. Gutnick has many years’ experience in the investing and finance industry. He has built his reputation in building
significant investor portfolios in the banking, insurance and real estate sectors in New York. He is also a seasoned
investor in the public markets, including many years controlling investments in the mineral exploration industry
including companies on the ASX and the public markets in North America. He is also a well-known philanthropist
who has supported many charities internationally and has been instrumental in the establishment of a number of
charities particularly focused on higher education and advanced learning.
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Directors’ report |
David Austin
Non-executive Director
David Austin is a solicitor practising in Sydney.
He had spent many years in the corporate world in the computer, aerospace and heavy engineering industries, and
worked for the Northern Territory Government in the 1980s when he was responsible for petroleum, energy, and
pipeline policy. During a secondment, he reviewed the Northern Territory Mineral Royalty Act and devised a new
mineral royalty regime which encouraged the development of a number of major mining projects.
Jonathan Cohen (appointed 2nd July 2019)
Non-executive Director
Jonathan Cohen is admitted to practise as a barrister in the State of New South Wales. He completed his Diploma
of Law at Sydney University, Legal Practitioners Admission Board in 1998 and was admitted as a lawyer in the
Supreme Court of New South Wales in 1999. He was admitted to the Bar in New South Wales in 2007 and has
practised continuously as a barrister in the State of New South Wales. He has also worked in the ACT, Queensland,
South Australia and Victoria. He has a broad practice and works amongst other things in the areas of criminal law
and commercial law.
John Easterling (appointed 2nd July 2019)
Non-executive Director
John Easterling comes with a wealth of experience in developing therapeutical products from plants, which includes
many years of experience in medical Cannabis cultivation and products. He is nicknamed “Amazon John” due to the
many years he has worked with plants and gemstones from the Amazon. He married Olivia Newton-John in 2008
and shares her passion in supporting the continuing growth of the Olivia Newton-John Cancer Wellness and
Research Centre in Melbourne.
John is a big advocate for legislation reform in Australia to allow wider access to medical Cannabis. He has met on
numerous occasions with influential government officials on both sides of parliament, from the Prime Minister and
members of the Coalition government to the Leader of the Opposition and shadow ministers, to promote the
importance of access to medical Cannabis for patients in need of its benefits.
The Board of CGB believe that the addition of Mr Easterling and his experience, knowledge and contacts to the team,
will add enormous value and assistance to CGB, to ensure that it continues to be the leading medical Cannabis and
hemp company in Australia as the industry continues to open up to the massive local and global market
opportunities.
Since 1976 John Easterling has been an explorer and treasure hunter in the Amazon Rainforest. It was there, after a
personal health crisis, he was introduced to the traditional use of medicinal plants by the Indigenous People in Peru.
Since then, his passion for plant medicine has only accelerated.
Easterling's original degree is in Environmental Studies. He founded the Amazon Herb Company in 1990 and serves
on the board of the Amazon Center of Environmental Education and Research. Amazon John’s 28 years of Plant
Medicine experience have been profiled on TV and Radio including "Good Morning America" and "Fox and Friends".
His product formulations have sold over $100 million worldwide. John has been featured in two PBS documentaries,
World News Report "Amazon John and Rainforest Medicines" and Jean Michel Cousteau's "Return to the Amazon."
His passion for Cannabis as a plant medicine began with his first cultivation in 1970. He currently maintains a
personal research garden of multiple cannabis strains in California and is co-owner of a licensed medical cannabis
farm, Crystal Pharm Organics, in Oregon. He has bred a dozen new genetics, and his focus now is formulating using
a broad range of cannabinoid and terpene profiles for specific therapeutic benefits.
As a formulator and educator John has met with researchers and cultivators in many states in America as well as
Canada, Israel and Australia and is convinced that cannabis and plant medicine can eliminate or alleviate most of the
degenerative health issues people are facing. Easterling believes the dramatic growth and interest in cannabis is still
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 5
Directors’ report |
in its early stages, and Australia has a unique window of opportunity to become a global leader in this space.
Interests in the shares and options of the Company and related bodies corporate
The relevant interest of each Director in the shares or options over shares of the Company and any other related
body corporate, as notified by the Directors to the Australian Securities Exchange in accordance with S205G(1) of
the Corporations Act 2001, at the date of this report is as follows:
Ordinary shares
Options over ordinary
shares
Pnina Feldman (1), (2)
Sholom Feldman (1), (2)
David Austin
Jonathan Cohen
John Easterling
193,597,812
193,597,812
-
-
-
-
-
-
-
-
1) Pnina Feldman and Sholom Feldman are each directors of L'Hayyim Pty Ltd which holds 4,222,812 shares in its
capacity as trustee of the 770 Unit Trust.
2) Pnina Feldman and Sholom Feldman are each directors of Volcan Australia Corporation Pty Ltd which holds
189,375,000 shares.
Share options
Unissued shares under options
At the date of this report unissued ordinary shares of the Company under option are 116,140,260. (2018: NIL)
Made up of:
Equity subscriptions 85,000,260
L1 Capital 31,140,000
Total 116,140,260
These options do not entitle the holder to participate in any share issue of the Company or any other body corporate.
Shares issued on exercise of options
During or since the end of the financial year, the Group issued no ordinary shares of the Company, as a result of the
exercise of options.
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Directors’ report |
Earnings per share
Dividends
Cents
Basic earnings (loss) per share
(0.57)
Diluted earnings (loss) per share
(0.57)
No dividends were paid or declared since the end of the previous financial year. The Directors do not recommend a
payment of a dividend in respect of the current financial year.
Directors’ meetings
The number of meetings of Directors held during the year (including meetings of committees of Directors) and the
number of meetings attended by each Director were as follows:
Pnina Feldman
Sholom Feldman
Meyer Gutnick
David Austin
Board meetings
A
12
12
12
-
B
12
12
12
12
Notes
A = number of meetings attended
B = number of meetings held during the time the Director held office during the year or was a member of the board.
Principal activities
The principal activities of the Group during the year were legally developing, growing, cultivating and producing
hemp and medicinal cannabis products, and mining exploration and evaluation in Australia.
There were significant changes in the nature of the Group’s current metals and mining activities during the year. The
Company has re-complied with Chapters 1 and 2 of the ASX Listing Rules and was granted admission to the Official
List of ASX on 23 August 2019 in the Health Care sector.
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Directors’ report |
Operating and financial review
Cann Global Ltd (ASX: CGB) (“CGB” or “the Company”) presents the following report on activities for the year ending
30 June 2019.
FOOD DIVISION
Developments
As announced in August 2018, the Company entered into an agreement to purchase 100% of T12, which
produces and distributes a number of leading brands in the hemp and health food industries. T12 took over
the management of CGB’s food production and distribution division from the time of entering into the
agreement. As mentioned above, the acquisition was not formally concluded until prior to the relisting in
August this year which is after the reporting period, and therefore T12 accounts have not been included in
this report, as the consolidation of T12 only became formally included within the Group accounts following
the end of this reporting period ending June 2019.
The following are the developments associated with the Company’s food division as operated by T12 from
the time of announcing the deal with CGB last year.
T12 - Wholesale & Distribution
In 2018/19, T12, in conjunction with HHC, undertook a major infrastructure upgrade at the Coolum Beach
Dehulling facility in Queensland in order to ensure that its manufacturing and production reached the
highest quality standards of Organic Food Certification required to export its organic foods range to Asia
and for distribution in Australia. HHC was pleased to receive HACCP Certification and Certified Organic
Certification.
T12 continues to introduce new lines and is strengthening its market reach, both in Australia and Asia. T12
will launch 7 new product lines in September and October 2019.
In August, Cann Global was pleased to announce that T12 received their first Australian Costco order. T12
will supply eight full pallets of VitaHemp soft-gel Hemp Seed capsules to Costco. This first order will be
distributed across the Australian Costco Wholesale Network.
T12 recently announced that it had signed an exclusive distribution agreement with EPCO Foods VIETNAM
to export an ongoing 20MT of Australian premium ‘Australian Grown Naturals’ and ‘OMD Black Bag’ Chia
Seed directly to Southeast Asia. EPCO Foods have now received the necessary approvals from the
Vietnamese government to allow it to import T12’s premium Hemp Seed Food range. EPCO distribute food
consumables to Vietnam, Laos, and Thailand.
Sebastian and Samuel Edwards, T12’s Food Division managers have recently signed a large contract with
Midland Seeds in Tasmania to source high grade hemp seeds for its seed and oil processing and extraction.
This significant contract will ensure that the Company will be able to meet its Retail/Wholesale/Distributor
supply contracts in Australia and across Southeast Asia through 2020/2021.
T12 - Retail
Online Shop
In 2017, Andrew Kavasilas founded Vitahemp Australia and introduced Australians to premium quality
Australian Hemp Seed Foods. In 2019, T12, have continued in honouring Andrew’s ethos to supply
‘Nature’s best’ by expanding its natural foods range and this is now reflected in the recent upgrade of its
T12 website and Social media presence to ensure that a full range of organic food products are now
available to Australian consumers through T12’s online network. The T12 Online food Network supplies all
of T12’s popular Australian and International brands Vitahemp, Australian Grown Naturals (AGN), OMD
Black Bag, EM Foods, and Blanck & Co.
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Directors’ report |
Retail Network
Sebastian and Samuel Edwards working with Cann Global’s Corporate Food Division Head continue to
build, service and supply speciality food stores and natural food shops across Australia. The Edwards are
very proud of the relationship and reputation that T12 has carefully built with its Retail supply network since
2014, ensuring that T12’s premium natural foods meet the high demands expected by the discerning
Australian consumer.
Our Corporate team at Cann Global Food Division continue to focus on chain stores, pharmacy groups and
distributors and independents.
T12 have high-quality products that resonate well with consumers. Cann Global’s aim is to expand its range
of quality foods by providing Australians with ‘ease of access’ to its products through a well-established
network of distributors, speciality stores and retailers throughout Australia and directly through its online
webstore network.
MEDICAL CANNABIS DIVISION
Formalised Agreement with Bio Health Pharmaceuticals
Cann Global signed a formal agreement with Bio Health Pharmaceuticals in March. The new alliance, and
now formalised agreement with Bio Health Pharmaceuticals, a TGA and GMP approved pharmaceutical
and complementary medicines manufacturing company, is intended to significantly move forward our
production timetable. This required the company to request, from the ASX, a further extension of our re-
compliance, to approach our shareholders with a further delay in returning to market, and to renegotiate a
variation of agreement with Medcan Australia.
Cann Global responds to the legislative changes in Israel
With the recent changes in the legislative environment in Israel towards medical Cannabis and in order to
take full advantage of the new export opportunities opening in that country, it was necessary to vary the
agreement with the Board of Medcan and to sign the strategic agreement with Bio Health. A further benefit
was identified in discussions with the Bio Health management team, when we discovered that Bio Health
has the infrastructure in place to produce and manufacture our Pharmocann range of products and our
CannTab ‘XR’ extended-relief Cannabis pill formulations out of the same facility.
Bio Health has experienced and dedicated professionals who are fully trained and certified to manufacture
GMP standard pharmaceutical products and have approved data/security management protocols in place
required to facilitate specialised pharmaceutical preparations and manufacturing procedures. The company
also has an independent, full time, 3rd party monitor who is on site to ensure compliance in manufacturing
and preparation of pharmaceutical products.
Canntab XR Extended Release Tablets
VitaCann and CannTab will work towards having Canntab’s tablets formally approved for sale in Australia
and to export to Asia. Pursuant to recent and evolving legislation in Australia, the Canntab product should
qualify for approval, as it should meet all the standard medical requirements that would be expected by the
medical industry.
The Canntab – VitaCann JV has intellectual property licensed by Canntab, with access now to MCL’s
Australian Cannabis strains, and six filed patents protecting the Extended-Release Tablets™ (XR).
Patents for different formulations targeted at specific ailments have already been filed with the Canadian
Patent Office.
Canntab’s proprietary extended-release tablets make it easier for doctors and patients to manage dosage.
They’re easier to take, eliminate social stigma, and do not have the adverse side effects of smoking
Cannabis.
Canntab XR Tablets have been designed to pharmaceutical standards to offer both uniform dosages in
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Directors’ report |
every tablet, and effective relief released over time. Unlike other delivery mechanisms, our extended-
release formulation is designed to offer consistent and stable relief over many hours. For the first time
doctors and patients don’t have to worry about the inconsistencies of medicinal ingredient delivery that
come with smoking or edibles.
Our range of extended-release tablets is intended to treat ailments such as sleep disorders, pain, PTSD,
social anxiety, and arthritis, as well as being a potential treatment for the pain management and appetite
loss associated with cancer treatments. Clinical trials are intended to take place in parallel with the importing
and sale of the product in Australia under the special access scheme.
It is anticipated that the Canntab product will finally receive export and sale approval from the Canadian
Government later this year, and we expect to be able to begin supplying the Canntab product in Australia
in the first quarter of 2020.
MEDICAL CANNABIS RESEARCH DIVISION
Auto-Immune Disease Research
Medical Cannabis Research Group (MCRG) plans to take advantage of the underlying barrier of using a
lawful source of cannabinoids (as described by UN Drug Treaties) for scientific research and medical uses.
By partnering with advanced researchers, MCRG will be in a better position to address technological
barriers. The opportunities which now arise for MCRG due to the Australian government’s new laws and
opportune regulations will enable us the ability to explore and exploit various avenues of commercialisation.
Medical Cannabis Research Group entered into a sponsored research agreement with the Technion
Research and Development Foundation Ltd (TRDF or Technion). The research is led by Professor David
(Dedi) Meri from the faculty of Biology.
We are approaching this project in the spirit in which the Australian government has introduced new laws
in relation to medical Cannabis research and drug development. Medical Cannabis research and the
potential range of products that can be produced from cannabinoids leads us to believe there will be
numerous opportunities for commercialisation.
Given the ample number of opportunities that are emerging and now available to a company like MCRG,
returns are expected to be significant in the mid-to long-term. Most medical Cannabis products produced
in Australia will be first to market and a substantial market share is anticipated.
In this work, we aim to elucidate the immunoregulatory properties of phytocannabinoids and terpenes in
MS, as well as further investigate Cannabis’s mechanisms of action in these areas.
This research not only has the ability to advance the identification of new drug candidates but also advance
our abilities to optimise Cannabis treatment options and efforts toward the creation of personalised
medicine for MS patients.
The objective of this study is to match effective Cannabis extracts and specific cannabinoid compositions
that regulate/modulate immune function, specifically, autoimmunity in multiple sclerosis (MS) in order to
optimise treatments for MS patients.
The basic premise of this research is that MS and other autoimmune conditions respond favourably to low
doses of certain specific cannabinoids. Our goal is to identify the effects of different cannabinoids and
terpenes both individually and in combination on the function of immune cells, specifically on MS-derived
autoimmune and regulatory cells. This will enable us the ability to detect the most effective Cannabis
extract(s) and cannabinoid profiles for regulating immunopathology in MS.
To date, our research has returned phenomenal results in the lab in vitro, and in mice trials, with specific
combinations of certain cannabinoids successfully stopping the progression of the disease in these trials.
Tests on human patients are being currently planned, and the Company is hopeful that a product will be
achieved even in the short term that will help millions worldwide.
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MINING DIVISION
As at 30th June 2019, the Company held the following tenements:
Project Name
Eastern Australia Bauxite
Projects
Directors’ report |
Interest Held %
South Johnstone QLD
EPM18463
South Johnstone
MDL2004
Granted
Granted
100%
100%
Competent Person Statement
The information in this announcement that relates to exploration results, Exploration Targets or Mineral Resources is
based on, and fairly represents, information compiled by Dr Robert Coenraads. Dr Robert Coenraads is a Fellow of the
Australasian Institute of Mining and Metallurgy. Dr Coenraads contracts services to Cann Global Limited. Dr Coenraads
has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and
the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr
Coenraads has given his consent to the inclusion in the announcement of the matters based on this information in the
form and context in which it appears.
Material Risks
For a discussion of material risks which could impact on the Company’s ability to deliver its strategy set out in the
above Review of Operations, refer to pages 114-126 of the Prospectus dated 6 June 2019.
For further information please visit the company’s website at www.canngloballimited.com or contact:
Sholom Feldman
Managing Director
E: sfeldman@canngloballimited.com
About Cann Global
Cann Global Limited is a driving force in the medical Cannabis and nutritional hemp industries. Our strength comes from our
team’s core competencies and expertise and our solid and strategic partnerships with experts in Australia, Israel and Canada.
We believe in building a stronger industry together. We are working under the provision of legislations to ensure that the
future in Medical Cannabis and Natural Foods will allow medical practitioners, patients and consumers to gain access to the
right information, as well as the safest, highest quality, most effective and sustainable products. Part of our work is to keep
researching and educating. We are part of a worldwide movement, the return to Nature. This movement is more than just a
phenomenon, it is a necessity. At Cann Global Limited, we are committed to leading a movement, not just a business.
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Directors’ report |
Operating results
The operating loss after tax for the year ended 30 June 2019 for the Group was $9,234,372 (2018: loss $5,001,453).
Environmental regulation
The Group is subject to and compliant with all aspects of environmental regulation in relation to its activities. The
Directors are not aware of any environmental law that is not being complied with.
Significant changes in the state of affairs
During the period, there were no changes in the state of affairs of the Group other than those referred to elsewhere
in this report, or the financial statements or notes thereto.
Events subsequent to balance date
Acquisition of Hemp Hulling Co (QLD) Pty Ltd – additional 30% interest
Effective 1 July 2019 Medical Cannabis Ltd, acquired an additional 30% of the ordinary shares of Hemp Hulling Co
(QLD) Pty Ltd (HHC), to bring its interest to 55%, to continue to develop its operations in the medicinal cannabis and
hemp food industry.
Acquisition of T12 Pty Ltd – 100% interest
Effective 1 July 2019 Cann Global Limited, acquired 100% of the ordinary shares of T12 Pty Ltd to continue to develop
its operations in the medicinal cannabis and hemp food industry.
Share capital raising
On 19 July 2019, the capital raising outlined in the Replacement Prospectus dated 7 June 2019 was finalised, with
the issue of 170,000,000 shares at $0.035, being total capital raised of $5,950,000.
Seed capital loans
On 19 July 2019, seed capital loans of $2,134,102 were settled by the issue of 76,217,978 ordinary shares.
Convertible securities – L1 Capital
Since balance date, 1,250,000 convertible securities with a face value of $1,500,000 have been converted to ordinary
shares.
Other than the matters listed above, there has not arisen in the interval between the end of the financial year and
the date of this report any further item, transaction or event of a material and unusual nature likely, in the opinion
of the directors of the Company, to affect significantly the operations of the Company, the results of those
operations, or the state of affairs of the Company, in future financial years.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 12
Directors’ report |
Likely developments
Further information about likely developments in the operations of the Group in future years, the expected results
of those operations, the strategies of the Group and its prospects for future financial years has not been included in
this report, because disclosure of the information would be likely to result in unreasonable prejudice to the
Company.
Indemnification and insurance of officers
Indemnification
The Company has agreed to indemnify the following current Directors of the Company, Mrs Pnina Feldman,
Mr Sholom Feldman, Mr Meyer Gutnick (resigned 2 July 2019), Mr David Austin, Mr Jonathan Cohen and Mr John
Easterling against all liabilities to another person (other than the Company or a related body corporate) that may
arise from their position as Directors and Officers of the Company and its controlled entities, except where the
liability arises out of conduct involving a lack of good faith. This agreement stipulates that the Company will meet
the full amount of any such liabilities, including costs and expenses.
Non-audit services
The Company’s auditor, Nexia Sydney Partnership was appointed auditor of the Company in January 2008.
Details of the amounts paid to the auditor of the Company, Nexia Sydney Partnership, and its related practices for
audit and non-audit services provided during the year are set out below:
Statutory audit
- audit of financial report
- half-year review of financial report
- audit of newly acquired subsidiaries
Services other than statutory audit
83,169
44,833
15,600
- corporate advisory services
33,278
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 13
Directors’ report |
Remuneration Report – Audited
Remuneration policies
The Board has adopted a framework for corporate governance, including policies dealing with Board and Executive
remuneration. Policies adopted by the Board reflect the relative stage of development of the Company, having
regard for the size and structure of the organisation.
Remuneration levels are competitively set to attract and retain appropriately qualified and experienced Directors
and Senior Executives. The remuneration packages of Executive Directors provide for a fixed level of remuneration.
Other than as noted below Executive remuneration packages do not have guaranteed equity-based components or
performance-based components.
Fixed remuneration
Fixed remuneration consists of base remuneration (salary or consulting fees) including any FBT charges as well as
employer contributions to superannuation funds, where applicable.
Remuneration levels are reviewed annually by the Board of Directors.
Performance linked remuneration
During the previous financial period, the Board of Directors completed a review of compensation and benefit
structures.
Long-term incentives are provided as options over ordinary shares of the Company. There has been no issue of
shares or options to Executive Directors as a form of remuneration in the current year.
Consequences of performance on shareholders wealth
In view of the relatively early stage of development of the Company's business and remuneration policies, there is
insufficient information to provide a meaningful quantitative analysis of the relationship between remuneration and
Company performance.
Service agreements
The Company and Australian Gemstone Mining Pty Limited (AGMPL) are parties to a management services
agreement (Management Services Agreement) dated 1 July 2007, and the Variation Deed signed 1 July 2017, for
the provision by AGMPL of executive and corporate services, including geological and technical expertise, to the
Company by the following executives:
●
●
●
Pnina Feldman – Executive Director, Business Development;
Dr Robert Coenraads – Principal Geologist, Exploration and Mining; and
Sholom Feldman – Managing Director.
In respect of each of these executives (Key Persons), AGMPL was paid a retainer for the period ended 30 June 2019.
The Company was also reimbursed for all reasonable expenses incurred by or on behalf of the Key Persons.
●
AGMPL is a company owned and controlled by Pnina Feldman.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 14
Directors’ report |
Each of Pnina Feldman, Dr Coenraads and Sholom Feldman has entered into an executive services agreement with
AGMPL. Each of these executive services agreements contains standard provisions dealing with employment
obligations and standard covenants dealing with general duties and the protection of AGMPL’s interests and mirrors
the Management Services Agreement in respect of termination provisions.
AGMPL also provides suitable fully serviced offices to the Company at its Bellevue Hill office at 24 Birriga Road, which
includes use of office space, the board room, kitchen, daily cleaning, and essential office infrastructure, including
telephones, fax, printer, broadband internet connections and suitable office furniture.
AGMPL also provides additional administrative services to the Company, such as secretarial, accounting and office
management services. These services are provided to the Company by AGMPL on reasonable arm's length terms as
approved by the independent director(s).
AGMPL Services
Rent
Management and secretarial
Geological fees
Executive and corporate services
Reimbursement of expenses
Administration fees
Marketing services
Total
Consolidated Entity
2019 2018
$ $
175,317
180,000
360,000
624,000
17,490
330,000
120,000
168,000
180,000
360,000
624,000
34,577
240,000
120,000
1,806,807
1,726,577
Non-Executive Directors
Non-Executive directors are paid up to $70,000 per annum directors fees.
Director and Executive disclosures
Details of Directors and Company Executives (including Key Management Personnel)
Other than the Executive Directors, no other person is concerned in, or takes part in, the management of the
Company or has authority and responsibility for planning, directing and controlling the activities of the entity. As
such, during the financial year, the Company did not have any person, other than Directors, that would meet the
definition of “Key Management Personnel” for the purposes of AASB124 or “Company Executive or Relevant Group
Executive” for the purposes of section 300A of the Corporations Act 2001 (Act). Remuneration details of the
Company Secretary are disclosed as section 300A(1B)(a) of the Act defines a “Company Executive” to specifically
include a secretary of the entity.
Directors and Key Management Personnel
Pnina Feldman
Sholom Feldman
Meyer Gutnick
John Easterling
Jonathan Cohen
David Austin
Executive Chairperson
Managing Director
Non-Executive Director – Resigned on 2 July 2019
Non-Executive Director – Appointed on 2 July 2019
Non-Executive Director – Appointed on 2 July 2019
Non-Executive Director
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 15
Directors’ report |
Short term
Post
employment
Share based
payments
Share based
payments
Other
Specified Directors
Salary & fees
$
Cash bonus
$
Non-
monetary
benefits
$
Super-
annuation
$
Termination
Benefits
$
Shares
$
Options
$
Bonuses
$
Total
$
Value of
options as a
proportion
of
remunerati
on
%
Proportion of
remuneration
performance
Related
%
Pnina Feldman
2019
2018
Sholom Feldman
2019
2018
Meyer Gutnick
2019
2018
David Austin
2019
2018
312,000
312,000
312,000
312,000
70,000
70,000
20,000
20,000
Total Compensation:
Directors including Key Management Personnel
(Company and Group)
2019
2018
714,000
714,000
Total Compensation:
Executive Officers (Company and Group)
2019
2018
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
312,000
312,000
312,000
312,000
70,000
70,000
20,000
20,000
714,000
714,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 16
Corporate governance statement |
Options and rights over equity instruments granted as compensation
Details of options over ordinary shares in the Company that were granted as compensation to each key management
person during the reporting period and details of options that were vested during the reporting period are as follows.
The options were issued free of charge. Each option entitles the holder to subscribe for one fully paid ordinary share
in the entity at the exercise price shown below.
2019
Directors
Vested
Number
Granted
Number
Grant
Date
Pnina Feldman
Sholom Feldman
Meyer Gutnick
David Austin
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2018
Directors
Vested
Number
Granted
Number
Grant
Date
Pnina Feldman
Sholom Feldman
Meyer Gutnick
David Austin
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Value per
Option at
Grant Date
$
-
Exercise
Price
per Share
$
-
-
-
-
-
-
-
-
-
Value per
Option at
Grant Date
$
-
Exercise
Price
per Share
$
-
-
-
-
-
-
-
-
-
First
Exercise
Date
Last
Exercise
Date
-
-
-
-
-
-
-
-
-
-
First
Exercise
Date
Last
Exercise
Date
-
-
-
-
-
-
-
-
-
-
No options have been granted since the end of the financial year.
Movements in shares
The movement during the reporting period in the number of ordinary shares in CGB held, directly, indirectly or
beneficially, by each key management person, including their related parties, is as follows:
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 17
Corporate governance statement |
2019
Directors
Held at
1 July 2018
-
Pnina Feldman (1)(2)
193,597,812
Sholom Feldman (1)(2)
193,597,812
Meyer Gutnick
David Austin
2018
Directors
5,000,000
-
-
Held at
1 July 2017
Pnina Feldman (1)(2)
193,597,812
Sholom Feldman (1)(2)
193,597,812
Meyer Gutnick
David Austin
5,000,000
-
Acquired
Disposed
Held at
30 June 2019
-
-
-
-
Acquired
Disposed
-
-
-
-
-
-
-
-
-
-
-
-
193,597,812
193,597,812
1,748,304
-
Held at
30 June 2018
193,597,812
193,597,812
5,000,000
-
(1) Pnina Feldman and Sholom Feldman are each directors of L'Hayyim Pty Ltd which currently holds
4,222,812 Shares in its capacity as trustee of the 770 Unit Trust; and
(2) Pnina Feldman and Sholom Feldman are each directors of Volcan Australia Corporation Pty Ltd which
currently holds 189,375,000 shares.
Modification of terms of equity-settled share-based payment transactions
No terms of equity-settled share-based payment transactions (including options and rights granted as compensation
to a key management person) have been altered or modified by the issuing entity during the reporting period. Directo re port
Exercise of options granted as compensation
During the period, there were no shares issued as a consequence of the exercise of options previously granted as
remuneration.
Analysis of share-based payments granted as compensation
2019
No shares were issued to non-executive Directors in lieu of Directors fees.
2018
No shares were issued to non-executive Directors in lieu of Directors fees.
End of audited Remuneration Report.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 18
Corporate governance statement |
Lead Auditor’s Independence Declaration under Section 307C of
the Corporations Act 2001
The lead auditor’s independence declaration is set out on page 20 and forms part of the directors’ report for the
year ended 30 June 2019.
Signed in accordance with a resolution of the Board of Directors:
Pnina Feldman, Chairperson
Dated this 27th September 2019
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 19
The Board of Directors
Cann Global Limited
Level 21
133 Castlereagh Street
SYDNEY NSW 2000
To the Board of Directors of Cann Global Limited
Auditor’s Independence Declaration under section 307C of the Corporations Act 2001
As lead audit partner for the audit of the financial statements of Cann Global Limited for the year ended
30 June 2019, I declare that to the best of my knowledge and belief, there have been no contraventions
of:
(a) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(b) any applicable code of professional conduct in relation to the audit.
Yours sincerely
Nexia Sydney Partnership
Stephen Fisher
Partner
Sydney
27 September 2019
20
Financial statements |
Financial Statements
Consolidated statement of profit or loss and other comprehensive
income
For the year ended 30 June 2019
Note
Revenue from sale of goods
Licence fee revenue
Operating revenue
Administrative and corporate expenses
Advertising and marketing
Cost of goods sold
Depreciation and amortisation
Amortisation
Foreign currency exchange (loss)/gain realised
Loss on equity settled liabilities
Legal expenses
Directors fees CGB
Directors fees MCL
Occupancy expenses
Exploration written off
Impairment of exploration assets
Impairment of other receivables
Financial assets at FVTPL – net change in value
Research costs
Share of loss in equity-accounted investees – net of tax
Travelling expenses
Other expenses
Share based payments expense
Total expenses
Finance income
Finance costs
Net finance costs
Loss before income tax
Income tax expense
Loss after tax from continuing operations
Other comprehensive income, net of tax
Total comprehensive loss
Loss attributable to members of Cann Global Limited
19
20
18
14
21
22
8
8
9
27
2019
$
480,647
-
480,647
(1,708,525)
(226,421)
(562,218)
(22,529)
(39,550)
(24,810)
2018
$
144,773
3,577,308
3,722,081
(1,270,888)
(212,324)
(202,851)
(10,226)
(23,000)
104,091
-
(1,835,920)
(713,533)
(714,000)
(120,000)
(267,871)
(13,683)
(172,281)
(714,000)
(120,000)
(187,844)
(13,579)
-
(1,678,687)
(485,036)
(2,902,853)
(407,878)
(75,313)
(252,781)
(132,105)
(257,583)
-
(674,455)
(500,282)
(11,715)
(325,814)
(63,070)
(223,500)
(8,926,689)
(8,136,345)
123,285
(911,615)
(788,330)
(9,234,372)
-
(9,234,372)
-
(9,234,372)
(6,434,935)
152,685
(447,208)
(294,523)
(4,708,787)
(292,666)
(5,001,453)
-
(5,001,453)
(5,440,129)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 21
Financial statements |
(Loss)/profit attributable to non-controlling interest
(2,799,437)
438,676
Total comprehensive loss attributable to members of Cann
Global Limited
Total comprehensive (loss)/income attributable to non-
controlling interest
28
Basic loss per share (cents per share)
Diluted loss per share (cents per share)
The accompanying notes form part of these financial statements.
(6,434,935)
(5,440,129)
(2,799,437)
(0.57)
(0.57)
438,676
(0. 32)
(0. 32)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 22
Financial statements |
Consolidated statement of financial position
As at 30 June 2019
Note
2019
$
2018
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Exploration and evaluation
Property, plant and equipment
Intangible assets
Investments
Equity-accounted investees
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Current tax liability
Other financial liabilities
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Share capital
Share based payments reserve
Accumulated losses
TOTAL
Non-controlling interest
TOTAL EQUITY
13
14
15
18
19
20
21
22
23
24
25
26
27
28
5,183,769
1,039,570
168,864
6,392,203
2,238,019
73,404
1,919,311
-
210,974
4,441,708
10,833,911
1,249,247
292,666
6,405,001
7,946,914
7,946,914
2,886,997
29,600,842
5,253,372
(29,858,406)
4,995,808
(2,108,811)
2,886,997
6,409,317
579,247
563,995
7,552,559
1,863,760
95,933
1,933,261
2,902,853
286,287
7,082,094
14,634,653
586,741
292,666
2,205,857
3,085,264
3,085,264
11,549,389
29,600,842
4,701,599
(23,617,200)
10,685,241
864,148
11,549,389
The accompanying notes form part of these financial statements.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 23
Financial statements |
Consolidated statement of changes in equity
For the year ended 30 June 2019
Share
Capital
Ordinary
Accumulate
d Losses
Share
Based
Payments
Reserve
Non-
controlling
Interest
Total
Note
$
$
$
$
$
Balance at 30 June 2017
25,287,433 (18,622,071)
4,728,549
(197,396)
11,196,515
Loss attributable to members of consolidated
entity
Share based payments
Share based payment related to options issued
in
respect of the issue of convertible securities
27
26
26
Transfer from share based payment reserve to
27
accumulated losses
-
-
-
-
(5,440,129)
-
-
-
282,330
135,720
445,000
(445,000)
438,676
(5,001,453)
282,330
135,720
-
-
-
-
Shares issued during the year
25
4,313,409
-
-
622,868
4,936,277
Balance at 30 June 2018
29,600,842 (23,617,200)
4,701,599
864,148
11,549,389
Loss attributable to members of consolidated
entity
Share based payments
Share based payment related to options issued
in
respect of the issue of convertible securities
27
26
26
Transfer from share based payment reserve to
26
accumulated losses
Transfer from accumulated losses to non-
27
controlling interest
Balance at 30 June 2019
The accompanying notes form part of these financial statements.
(6,434,935)
-
(2,799,437)
-
-
257,583
314,397
20,207
(20,207)
-
-
173,522
-
(173,522)
-
-
-
-
-
(9,234,372)
257,583
314,397
-
-
29,600,842 (29,858,406)
5,253,372
(2,108,811)
2,886,997
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 24
Consolidated statement of cash flows
For the year ended 30 June 2019
Financial statements |
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest received
Interest paid
Net cash used in operating activities
31
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in equity-accounted entity
Payment for plant and equipment
Payment for intangibles
Payment for exploration asset
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Loan provided (to)/by related entity – Australian
Gemstone Mining Pty Ltd
Loan provided to other entity – Medcan Australia Trust
Pty Ltd
Loan provided to associated entity – Hemp Hulling Co.
(QLD) Pty Ltd
Loan provided to other entities
Loan provided to related entity – Plateau Bauxite
Limited
Loan provided by related party - MCL Director
Loan provided by related party – Director
Loan provided by other entity
Proceeds from convertible securities
Proceeds from share capital
Proceeds from share capital – non controlling interest
28
Proceeds from seed capital loans
Net cash from financing activities
Net decrease in cash held
Cash at beginning of financial year
Cash at end of financial year
12
The accompanying notes form part of these financial statements.
2019
$
291,777
(4,284,646)
123,285
(1,505)
(3,871,089)
-
-
(25,600)
(374,256)
(399,856)
(28,123)
(405,342)
(34,452)
(92,233)
(6,134)
219,499
115,037
150,000
1,100,000
-
-
2,027,145
3,045,397
(1,225,548)
6,409,317
5,183,769
2018
$
84,638
(4,444,302)
152,685
-
(4,206,979)
(298,000)
(63,871)
-
(417,555)
(779,426)
12,106
(73,560)
(77,168)
-
-
-
-
-
600,000
766,018
622,868
1,005,000
2,855,264
(2,131,141)
8,540,458
6,409,317
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 25
Notes to the financial statements for the year ended 30 June 2019
Notes to the financial statements for the year ended
30 June 2019
Note 1: Reporting entity
Cann Global Limited (the ‘Company’) is a company domiciled in Australia. The address of the company’s registered
office is level 21, 133 Castlereagh Street, Sydney, NSW 2000. The consolidated financial statements of the Company
as at and for the year ended 30 June 2019 comprise the Company and its subsidiaries (together referred to as the
‘Group’ and individually as ‘Group entities’).
The Group is a for-profit entity and is primarily involved in the legal growing and cultivation of hemp and medicinal
cannabis products and the exploration for mineral deposits in Australia.
Note 2: Basis of preparation
a
Statement of compliance
The consolidated financial statements are general purpose financial statements which have been prepared in
accordance with Australian Accounting Standards (‘AASBs’) adopted by the Australian Accounting Standards Board
(‘AASB’) and the Corporations Act 2001. The consolidated financial statements comply with International Financial
Reporting Standards (‘IFRSs’) adopted by the International Accounting Standards Board (‘IASB’).
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB
that are mandatory for the current reporting period. The adoption of these Accounting Standards and
Interpretations did not have any significant impact on the Group.
The consolidated financial statements were authorised for issue by the Board of Directors on 27 September 2019.
The Board of Directors have the power to amend and reissue the financial statements.
b
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following
material items in the statement of financial position:
i
Investments
The methods used to measure fair values are discussed further in note 6.
ii
Other non-derivative financial liabilities
The methods used to measure fair values are discussed further in note 6.
c
Functional and presentation currency
These consolidated financial statements are presented in Australian dollars, which is the Company’s functional
currency and the functional currency of the Group.
d
Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 26
Notes to the financial statements for the year ended 30 June 2019
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
e
Key estimates and judgements
Impairment
The Group assesses impairment at the end of each reporting year by evaluation of conditions and events
specific to the Group that may be indicative of impairment triggers. Recoverable amounts of relevant assets
are reassessed using the higher of fair value less costs to sell and value-in-use calculations, which
incorporate various key assumptions.
Business combinations
Management uses valuation techniques in determining the fair values of the various elements of a business
combination. (Refer Note 5a).
Note 3: New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
AASB 9 Financial Instruments
The consolidated entity has adopted AASB 9 from 1 July 2018. The standard introduced new classification and
measurement models for financial assets. A financial asset shall be measured at amortised cost if it is held within a
business model whose objective is to hold assets in order to collect contractual cash flows which arise on specified
dates and that are solely principal and interest. A debt investment shall be measured at fair value through other
comprehensive income if it is held within a business model whose objective is to both hold assets in order to collect
contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset
on the basis of its fair value. All other financial assets are classified and measured at fair value through profit or loss
unless the entity makes an irrevocable election on initial recognition to present gains and losses on equity
instruments (that are not held-for-trading or contingent consideration recognised in a business combination) in
other comprehensive income ('OCI'). Despite these requirements, a financial asset may be irrevocably designated as
measured at fair value through profit or loss to reduce the effect of, or eliminate, an accounting mismatch. For
financial liabilities designated at fair value through profit or loss, the standard requires the portion of the change in
fair value that relates to the entity's own credit risk to be presented in OCI (unless it would create an accounting
mismatch). New simpler hedge accounting requirements are intended to more closely align the accounting
treatment with the risk management activities of the entity. New impairment requirements use an 'expected credit
loss' ('ECL') model to recognise an allowance. Impairment is measured using a 12-month ECL method unless the
credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL
method is adopted. For receivables, a simplified approach to measuring expected credit losses using a lifetime
expected loss allowance is available.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 27
Notes to the financial statements for the year ended 30 June 2019
AASB 15 Revenue from Contracts with Customers
The consolidated entity has adopted AASB 15 from 1 July 2018. The standard provides a single comprehensive model
for revenue recognition. The core principle of the standard is that an entity shall recognise revenue to depict the
transfer of promised goods or services to customers at an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services. The standard introduced a new contract-based
revenue recognition model with a measurement approach that is based on an allocation of the transaction price.
This is described further in the accounting policies below. Credit risk is presented separately as an expense rather
than adjusted against revenue. Contracts with customers are presented in an entity's statement of financial position
as a contract liability, a contract asset, or a receivable, depending on the relationship between the entity's
performance and the customer's payment. Customer acquisition costs and costs to fulfil a contract can, subject to
certain criteria, be capitalised as an asset and amortised over the contract period.
Impact of adoption
AASB 9 and AASB 15 were adopted using the modified retrospective approach and as such comparatives have not
been restated. There was no material impact of adoption on opening retained profits as at 1 July 2018.
Revenue recognition
The consolidated entity recognises revenue as follows
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to
be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account estimates of variable consideration and the time value of
money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-
alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each
performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services
promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent
events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The
measurement of variable consideration is subject to a constraining principle whereby revenue will only be
recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable
consideration is subsequently resolved. Amounts received that are subject to the constraining principle are
recognised as a refund liability.
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods,
which is generally at the time of delivery.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount of the financial asset.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 28
Notes to the financial statements for the year ended 30 June 2019
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Note 4: New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June
2019. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and
Interpretations, most relevant to the consolidated entity, are set out below.
AASB 16 Leases
This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard replaces
AASB 117 'Leases' and for lessees will eliminate the classifications of operating leases and finance leases. Subject to
exceptions, a 'right-of-use' asset will be capitalised in the statement of financial position, measured at the present
value of the unavoidable future lease payments to be made over the lease term. The exceptions relate to short-term
leases of 12 months or less and leases of low-value assets (such as personal computers and small office furniture)
where an accounting policy choice exists whereby either a 'right-of-use' asset is recognised or lease payments are
expensed to profit or loss as incurred. A liability corresponding to the capitalised lease will also be recognised,
adjusted for lease prepayments, lease incentives received, initial direct costs incurred and an estimate of any future
restoration, removal or dismantling costs. Straight-line operating lease expense recognition will be replaced with a
depreciation charge for the leased asset (included in operating costs) and an interest expense on the recognised
lease liability (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease
under AASB 16 will be higher when compared to lease expenses under AASB 117. However EBITDA (Earnings Before
Interest, Tax, Depreciation and Amortisation) results will be improved as the operating expense is replaced by
interest expense and depreciation in profit or loss under AASB 16. For classification within the statement of cash
flows, the lease payments will be separated into both a principal (financing activities) and interest (either operating
or financing activities) component. For lessor accounting, the standard does not substantially change how a lessor
accounts for leases. The consolidated entity will adopt this standard from 1 July 2019 and its impact on adoption is
expected to result in no change to total assets or total liabilities.
Note 5: Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated
financial statements and have been applied consistently by Group entities.
a
i
Basis of consolidation
Business combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred
by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair value of assets
transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises as identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets
acquired and liabilities assumed are measured at their acquisition date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum
of: (a) fair value of consideration transferred (b) the recognised amount of any non-controlling interest in the
acquiree; and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition date
fair values of identifiable net assets.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 29
Notes to the financial statements for the year ended 30 June 2019
ii
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has a right
to variable returns from its involvement with the entity and has the ability to affect those returns through its power
over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from
the date that control commences until the date that control ceases.
iii
Non-controlling interests
Non-controlling interests are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition.
iv
Interests in equity-accounted investees
The Group’s interest in equity-accounted investees comprise interests in associates. Associates are those entities in
which the Group has significant influence, but not control or joint control, over the financial and operating policies.
Interests in associates are accounted for using the equity method. They are initially recognised at cost, which
includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the
Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date
on which significant influence ceases.
v
Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements.
b
i
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the
exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies
are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and
liabilities that are measured at fair value in a foreign currency exchange are translated into the functional currency
at the exchange rate when the fair value was determined. Non-monetary items that are measured based on
historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign-
currency differences are generally recognised in profit or loss.
ii
Foreign operations
The asset and liabilities of foreign operations are translated in $A at the exchange rates at the reporting date. The
income and expenses of foreign operations are translated into $A at the exchange rates at the dates of the
transactions.
c
i
Financial instruments
Non-derivative financial assets
Cash and cash equivalents
Cash and cash equivalents includes cash on hand and deposits held at call with financial institutions.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 30
Notes to the financial statements for the year ended 30 June 2019
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of
the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based
on both the business model within which such assets are held and the contractual cash flow characteristics of the
financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and
the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part or all of a financial asset, it's carrying value is written off.
ii
Non-derivative financial liabilities
The Group initially recognizes debt securities issued on the date that they are originated. All other financial liabilities
are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual
provisions of the instrument.
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.
The Group classifies the non-derivative financial liabilities into trade and other payables and other financial liabilities
categories. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs.
Subsequent to initial recognition, these financial liabilities are measured at amortised cost.
Other financial liabilities comprise trade and other payables, loans and convertible securities.
d
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
share options are recognized as a deduction from equity, net of any tax effects.
e
i
Property, plant and equipment
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is
integral to the functionality of the related equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
ii
Subsequent costs
Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with
the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 31
Notes to the financial statements for the year ended 30 June 2019
iii
Depreciation
Items of property, plant and equipment are depreciated on a straight-line basis in profit and loss over the estimated
useful lives of each component. Items of property, plant and equipment are depreciated from the date that they are
installed and are ready for use.
The estimated useful lives for the current and comparative years of significant items of property, plant and
equipment are as follows:
. mining equipment
. plant and equipment
10 years
10 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
f
Exploration and evaluation expenditure
Exploration and evaluation expenditure, including the costs of acquiring the licences, are capitalised as exploration
and evaluation assets on an area of interest basis. Costs incurred before the Company has obtained the legal rights
to explore an area are recognised in the statement of profit or loss and other comprehensive income.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:
the expenditures are expected to be recouped through successful development and exploitation or from
sale of the area of interest; or
activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations
in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical
feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the
recoverable amount (see impairment accounting policy 5i). For the purposes of impairment testing, exploration and
evaluation assets are allocated to cash-generating units to which the exploration activity relates. The cash
generating unit shall not be larger than the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest
are finalised, exploration and evaluation assets attributable to that area of interest are first tested for impairment
and then reclassified to mining property and development assets within property, plant and equipment.
When an area of interest is abandoned or the directors decide that it is not commercial, any accumulated costs in
respect of that area are written off in the financial period the decision is made.
g
Goodwill
Goodwill represents the future economic benefits arising from a business combination that are not individually
identified and separately recognised. Refer note 5a for information on how goodwill is initially determined. Goodwill
is carried at cost less accumulated impairment losses. Refer to Note 5i for a description of impairment procedures.
h
Other intangible assets
Acquired intangible assets
Seedbank and plant genetics acquired in a business combination that qualify for separate recognition are recognised
as intangible assets at their fair values (refer Note 5a).
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 32
Notes to the financial statements for the year ended 30 June 2019
Subsequent measurement
All intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight-
line basis over their estimated useful lives as these assets are considered finite. Residual values and useful lives are
reviewed at each reporting date. In addition, they are subject to impairment testing as described in Note 5i.
Amortisation of seedbank and plant genetics and the intellectual property (website) is calculated to write-off the
cost of intangible assets less their estimated residual values using the straight-line method over their estimated
useful lives, and is recognised in the profit and loss.
The following useful lives are applied:
o
o
Seedbank and plant genetics 10 years
Intellectual property – website 2 years
i
i
Impairment
Non-derivative financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of the loss
allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the
financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and
supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses
that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become
credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on
the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis
of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at
the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised
within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.
ii
Non-financial assets
The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether
there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its
recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows that
largely are independent from other assets and groups.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset.
Impairment losses are recognized in profit or loss.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortization, if no impairment loss had been
recognized.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 33
Notes to the financial statements for the year ended 30 June 2019
j
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first
in first out principle. In the case of manufactured inventories, cost includes an appropriate share production
overhead based on normal operating capacity.
k
Revenue
Revenue is recognized at the fair value of consideration received or receivable. Revenue is recognised at the point
in time that sales or service performance has been completed.
Sale of goods
Sale of goods revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods,
the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as
revenue are net of sales returns and trade discounts.
License fee revenue
License fee revenue is recognised when the right to receive payment is established.
Interest
Revenue is recognised as interest accrues using the effective interest method. The effective interest method uses
the effective interest rate which is the rate that exactly discounts the estimated future cash receipts over the
expected life of the financial asset.
l
Research and development
Expenditure on research activities is recognised in profit and loss as incurred.
m
Finance income and finance costs
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the
effective interest method.
Finance costs comprise interest expense and other costs of borrowings. All finance costs are recognised in profit or
loss using the effective interest method.
n
Lease payments
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the
lease.
o
Income tax
Tax expense comprises current and deferred tax. Current and deferred tax is recognised in profit or loss except to
the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, using tax rates enacted or substantively enacted at the reporting date.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 34
Notes to the financial statements for the year ended 30 June 2019
A deferred tax asset is recognized for unused tax losses and deductible temporary differences, to the extent that it
is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax
benefit will be realised.
The Company and its wholly-owned Australian resident entities are part of a tax-consolidated group. As a
consequence, all members of the tax-consolidated group are taxed as a single entity. The head entity within the tax-
consolidated group is Cann Global Limited.
p
Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the
amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised
as part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or
payable to, the ATO is included as a current asset or liability in the statement of financial position.
Cash flows are included in the cash flow statement on a gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash
flows.
q
Share-based payments
Equity-settled share-based payments are provided to certain vendors and suppliers in exchange for the acquisition
of businesses or rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date of the businesses acquired or services
received if reasonably measurable. Otherwise, fair value is measured at the quoted market price of the Company’s
ordinary shares on grant date, adjusted where applicable to take into account the terms and conditions upon which
the shares were granted.
r
Going concern basis of accounting
Notwithstanding the loss for the year of $9,234,372, negative cash flows from operations of $3,871,089 and
historical financial performance, and net current liabilities of $1,554,711, the financial report has been prepared on
a going concern basis. This assessment is based on a cash at bank balance at balance date of $5,183,769, additional
cash of $5,950,000 from a capital raising subsequent to year-end, conversion to shares of convertible securities and
seed capital loans of $3,634,102 also subsequent to year-end, and the directors’ understanding of expected net cash
outflows in the coming financial year.
Note 6: Determination of fair values
A number of the Group’s accounting policies and disclosures require the determination of fair value, for both
financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or
disclosure purposes based on the following methods. When applicable, further information about the assumptions
made in determining fair values is disclosed in the notes specific to that asset or liability.
Investments
Investments are measured at fair value, at initial recognition and for disclosure purposes, at each annual reporting
date. Fair value is calculated based on the market value of the ASX publicly listed share price.
Other non-derivative financial liabilities
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 35
Notes to the financial statements for the year ended 30 June 2019
Other non-derivative financial liabilities are measured at fair value, at initial recognition and for disclosure purposes,
at each annual reporting date. Fair value is calculated based on the present value of future principal and interest
cash flows, discounted at the market rate of interest at the measurement date. In respect of the liability component
of convertible notes, the market rate of interest is determined with reference to similar liabilities that do not have a
conversion option.
Note 7: Financial risk management
Overview
The Company and Group have exposure to the following risks from their use of financial instruments:
liquidity risk; and
market risk.
This note presents information about the Company’s and Group’s exposure to each of the above risks, their
objectives, policies and processes for measuring and managing risk. Further quantitative disclosures are included
throughout this financial report.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management
framework.
Risk management policies are established to identify and analyse the risks faced by the Company and Group, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company’s and Group’s activities.
The Company and Group, through their training and management standards and procedures, aim to develop a
disciplined and constructive control environment in which all employees understand their roles and obligations.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses.
Market risk
Market risk is the risk that changes in market prices will affect the Group, for example changes in interest rates, and
changes in share price for investments at FVTPL.
Note 8: Finance costs
Interest income on cash at bank
Finance income
Financial liabilities measured at amortised cost –
interest expense
Equity settled (share based payment expense – note
26)
Finance costs
Net finance costs
2019
$
123,285
123,285
(911,615)
2018
$
152,685
152,685
(388,378)
-
(58,830)
(911,615)
(788,330)
(447,208)
(294,523)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 36
Notes to the financial statements for the year ended 30 June 2019
Note 9: Income tax
Major components of income tax expense
a.
Income tax benefit
Loss before income tax
Prima facie tax benefit on the loss from ordinary
activities before income tax at 27.5% (2018: 27.5%)
differs from the income tax provided in the financial
statements as follows:
Tax benefit at 27.5%
Add/(Less) tax effect
- Non-assessable income
- Non-deductible expenses
- Exploration expenditure capitalised
- Tax loss recouped
- Deferred tax asset not brought to account
Income tax expense attributable to operating loss
b. Unrecognised deferred tax assets
Deferred tax assets have not been recognised in
respect of the following item:
Add/(Less) tax effect
- Tax losses – income at 27.5%
- Tax losses – capital at 27.5%
2019
$
2018
$
(9,234,372)
(2,539,452)
(4,708,787)
(1,294,916)
-
1,543,587
(102,921)
-
1,098,786
-
(56,382)
1,324,284
(107,402)
(154,552)
581,634
292,666
5,664,856
135,076
4,566,070
135,076
The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets
have not been recognised in respect of these items because it is not probable that future taxable profit will be
available against which the Group can utilise the benefits therefrom.
Note 10: Key management personnel disclosures
Names and positions held of economic and parent entity key management personnel in office at any time during the
financial year are:
Key management person
Position
Pnina Feldman
Sholom Feldman
Meyer Gutnick
David Austin
Executive Chairperson
Managing Director
Non-Executive Director
Non-Executive Director
The key management personnel remuneration has been included in the remuneration report section of the
directors’ report.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 37
Notes to the financial statements for the year ended 30 June 2019
The aggregate compensation made to directors and other members of key management personnel of the
consolidated entity is set out below:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
Short term employee benefits
Consolidated
2019
2018
$
$
714,000
714,000
-
-
-
-
-
-
714,000
714,000
These amounts include fees and benefits paid to non-executive directors as well as salary, paid leave benefits,
fringe benefits and cash bonuses awarded to the executive Chairperson, executive directors and other KMP.
Post-employment benefits
These amounts are the current-year’s costs of providing for superannuation contributions under the Australian
Government’s superannuation guarantee scheme.
Other long-term benefits
These amounts represent long service leave benefits accruing during the year, long-term disability benefits and
deferred bonus payments.
Share based payment expense
These amounts represent the expense related to the participation of specified executives in equity-settled benefit
schemes as measured by the fair value of the shares granted on grant date.
Note 11: Auditors’ remuneration
Remuneration of the auditor (Nexia Sydney Partnership) of the parent entity for:
An audit or review of the financial report of the Company
-
Current year
- Audit of the newly acquired subsidiaries
- Half-year
Other services
2019
$
2018
$
83,169
15,600
44,833
63,641
23,600
46,607
-
Corporate advisory services
33,278
50,000
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 38
Notes to the financial statements for the year ended 30 June 2019
Note 12: Earnings per share
Basic Earnings per Share
a. Basic loss per share (cents)
Loss attributable to ordinary shareholders ($)
Earnings used to calculate basic EPS ($)
b. Issued ordinary shares at 1 July
Effect of shares issued during the year
.
2019
2018
(0.57)
(0.32)
(9,234,372)
(5,001,453)
(9,234,372)
(5,001,453)
1,606,852,092
1,408,097,244
4,830,593
134,815,892
Weighted average number of ordinary shares at 30 June
1,611,682,685
1,542,913,136
Diluted Earnings per Share
a. Diluted loss per share (cents)
Loss attributable to ordinary shareholders ($)
Earnings used to calculate diluted EPS ($)
(0.57)
(0.32)
(9,234,372)
(5,001,453)
(9,234,372)
(5,001,453)
No.
b. Weighted average number of ordinary shares (basic)
1,611,682,685
1,542,913,136
Weighted average number of ordinary shares (diluted) at 30 June
1,611,682,685
1,542,913,136
As at 30 June 2019, NIL options (2018: 2,846,046) and 50,000,000 performance shares (2018: 50,000,000) were
excluded from the diluted weighted-average number of ordinary shares calculation because their effect would
have been anti-dilutive.
The average market value of the Company’s shares for the purpose of calculating the dilutive effect of share
options was based on quoted market prices for the year.
Note 13: Cash and cash equivalents
CURRENT
Cash on hand
Cash at bank
Cash and cash equivalents in the statement of cash flows
2019
$
2018
$
100
5,183,669
5,183,769
100
6,409,217
6,409,317
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 39
Notes to the financial statements for the year ended 30 June 2019
Note 14: Trade and other receivables
CURRENT
Trade receivables
Other receivables
Loans to related parties – refer to note 33
Loan to other parties (i)
Prepayments
2019
$
2018
$
7,254
354,833
151,274
422,696
103,513
1,039,570
100,782
309,870
88,699
73,560
6,336
579,247
(i) – included in Loan to other parties is an amount due from T12 Pty Ltd of $421,134. T12 Pty Ltd was acquired with
an effective date of 1 July 2019, refer Note 39.
(ii) - A loan provided to Medcan Australia Trust Pty Ltd of $478,902 was impaired, as well a loan to a related party
(Plateau Bauxite Limited) of $6,134. Total impairment of receivables for the year ended 30 June 2019 was
$485,036 (2018: $Nil).
Note 15: Inventories
CURRENT
Seeds and crops in progress – at cost
Finished goods – at cost
Note 16: Other receivables
NON CURRENT
Loan to Volcan Australia Corporation Pty Ltd - Unsecured#
Less impairment of loan
Loan to Volcan Australia Corporation Pty Ltd – Unsecured
Less impairment of loan
2019
$
2018
$
75,659
93,205
168,864
106,532
457,463
563,995
2019
$
2018
$
1,200,000
1,200,000
(1,200,000)
(1,200,000)
79,258
(79,258)
79,258
(79,258)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 40
Notes to the financial statements for the year ended 30 June 2019
# The loan to Volcan Australia Corporation Pty Ltd (VAC) was not a cash loan from CGB to VAC, but the amount that
was to be paid by VAC in consideration for the transfer to Volcan Australia Corporation Pty Ltd of a sapphire mining
project ML1492 from the company pursuant to the transactions completed on 14th December 2010 as approved at
the time by shareholders at an EGM. VAC was to have invested in the development of that asset and monetised that
asset within that time period, and pay CGB the above amount. This amount was unsecured, due for payment in cash
on 14th December 2012 from the proceeds of the mine, and there was no interest payable on the amount due.
Following the transactions in 2010, although VAC did invest in the asset as contemplated, the markets for sapphires
worsened and VAC was not able to monetise the asset prior to 14th December 2012. The directors have agreed that
it is in CGB’s interest to allow VAC further time to endeavour to monetise the asset to make the agreed payment
from that asset. As the timing of this payment is at present uncertain, it is considered prudent for this amount to be
impaired in the accounts until the payment is able to be made.
Note 17: Controlled entities
Country of incorporation
Percentage owned (%)
2019
2018
Controlled entities consolidated
Parent entity:
Cann Global Limited
Subsidiaries of Cann Global Limited
South Johnstone Bauxite Pty Ltd
Volcan Queensland Bauxite Pty Ltd
Rosie’s Gold Pty Ltd
New England Bauxite Pty Ltd (Deregistered by ASIC on
01.07.2018)
Medical Cannabis Limited
Medical Cannabis Information Service Pty Ltd (Deregistered
by ASIC on 21.01.2018)
Medical Cannabis Research Group Pty Ltd
Vitahemp Pty Ltd
Vitaseeds Pty Ltd
Vitacann Pty Ltd
Medical Cannabis (Cambodia) Co., Ltd
* Percentage of voting power is in proportion to ownership.
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Cambodia
100%
100%
100%
-
55%
-
55%
52%
55%
100%
51%
100%
100%
100%
100%
55%
55%
55%
52%
55%
100%
51%
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 41
Notes to the financial statements for the year ended 30 June 2019
Note 18: Exploration and evaluation
NON-CURRENT
EPM 18463
Balance as at 30 June
Mining permits, tenement acquisition and administration
and geologist expenses
Impairment of exploration assets
Balance as at 30 June
2019
$
2018
$
1,863,760
374,259
-
1,473,206
390,554
-
2,238,019
1,863,760
The value of the Company’s interest in exploration expenditure is dependent upon the:
●
●
●
continuance of the economic entity’s right to tenure of the areas of interest;
results of future exploration, and
recoupment of costs through successful development and exploitation of the areas of interest, or
alternatively, by their sale.
The exploration and evaluation asset balance relating to the mining tenement EPM 18463 is $2,238,019 as at 30
June 2019 (2018 $1,863,760). The mining tenement EPM 18463 has been renewed for a further 2 years to 25 May
2020.
Note 19: Property, plant and equipment
NON-CURRENT
Mining Equipment
At cost
Accumulated depreciation
TOTAL
Plant and Equipment
At cost
Accumulated depreciation
Total written down amount
2019
$
2018
$
195,426
(182,764)
12,662
76,519
(15,778)
60,741
73,403
195,426
(169,725)
25,701
76,519
(6,287)
70,232
95,933
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 42
Notes to the financial statements for the year ended 30 June 2019
Movements in carrying amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and
the end of the current financial year.
2019
Plant and Equipment Mining Equipment
Carrying amount year ended 30 June 2018
Additions
Depreciation expense
Carrying amount year ended 30 June 2019
$
70,232
-
(9,491)
60,741
Total
$
$
25,701
95,933
-
-
(13,039)
(22,530)
12,662
73,403
2018
Plant and Equipment Mining Equipment
Carrying amount year ended 30 June 2018
Additions
Depreciation expense
Carrying amount year ended 30 June 2019
Note 20 – Intangible assets
Seedbank and plant genetics
Accumulated amortisation
Goodwill
Intellectual property – website at cost
Accumulated amortisation
Total intangible assets
$
18,000
56,519
(4,287)
70,232
$
24,288
7,352
(5,939)
25,701
2019
$
230,000
(46,000)
1,726,261
25,600
(16,550)
Total
$
42,288
63,871
(10,226)
95,933
2018
$
230,000
(23,000)
1,726,261
-
-
1,919,311
1,933,261
2019
Intellectual property
Website
Seedbank and
plant genetics
Goodwill
Total
Carrying amount year ended 30 June 2018
Additions
Accumulated amortisation
Carrying amount year ended 30 June 2019
$
-
25,600
(16,550)
9,050
$
$
$
207,000
1,726,261 1,933,261
-
(23,000)
184,000
-
-
25,600
(39,550)
1,726,261 1,919,311
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 43
Notes to the financial statements for the year ended 30 June 2019
2018
Seedbank and plant genetics
Goodwill
Total
Carrying amount year ended 30 June 2017
Accumulated amortisation
Carrying amount year ended 30 June 2018
Impairment testing
$
$
$
230,000
1,726,261
1,956,261
(23,000)
-
(23,000)
207,000
1,726,261
1,933,261
Goodwill acquired through a business combination has been allocated to the cannabis cash-generating unit. The
Group determines whether goodwill is impaired at least on an annual basis. The recoverable amount of goodwill is
based on the Directors' estimate of fair value of the cash generating unit to which it relates less costs to sell. In
determining fair value, Medical Cannabis Ltd is considered a separate cash generating unit. The measure used in
assessing fair value is based on the Directors' estimate of market value of the proposed sale of the remaining 45%
interest in Medical Cannabis Ltd. The resulting fair value is compared to the carrying value for the cash generating
unit and in the event that the carrying value exceeds the recoverable amount, an impairment loss is recognised. No
reasonable change in assumptions would result in the recoverable amount of the cash generating unit being
materially less than the carrying value.
Note 21: Investments
2019
$
2018
$
Listed ordinary shares – designated as at FVTPL
-
2,902,853
The equity securities were acquired as non-cash consideration received for the licensing of certain cannabis
intellectual property of the company to an unrelated company.
Equity securities have been designated as at fair value through profit and loss (FVTPL) to avoid an accounting
mismatch arising from the recognition of the licensing income in profit and loss if the fair value movements of the
equity securities were being recognised in other comprehensive income.
Movement in fair value for FVTPL
Reconciliations
Reconciliation of the written down value at the beginning and end of the current and previous financial year are set
out below:
Balance at 30 June 2017
Recognition of license fee revenue
Write-down to fair value
Balance at 30 June 2018
Write-down to fair value
Balance at 30 June 2019
Total
$
-
3,577,308
(674,455)
2,902,853
(2,902,853)
-
The investment relates to shares in an ASX listed company which have been voluntarily suspended from trading
since 1 February 2019.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 44
Notes to the financial statements for the year ended 30 June 2019
210,972
2
210,974
286,285
2
286,287
Note 22: Equity-accounted investees
Hemp Hulling Co (Qld) Pty Ltd (Note i)
Canntab Therapeutics Australia (Note ii)
Note i
On 31 January 2018, the Group acquired a 25% equity interest in the associate Hemp Hulling Co. (QLD) Pty Ltd
(HHC). HHC is involved in the processing of hemp seeds.
Percentage ownership owned
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets (100%)
Group’s share of net assets (25%)
Carrying amount of interest in investee
Revenue
Loss from continuing operations (100%)
Other comprehensive income (100%)
Total comprehensive income (100%)
Total comprehensive income (25%)
Group’s share of total comprehensive income
Note ii
2019
$
25%
12,493
1,298,048
(466,653)
-
843,888
210,972
210,972
63,449
(301,252)
-
(301,252)
(75,313)
(75,313)
2018
$
25%
30,022
1,256,941
(141,823)
-
1,145,140
286,285
286,285
33,190
(46,861)
-
(46,861)
(11,715)
(11,715)
On 27 December 2017, the Group entered a 50:50 joint venture arrangement with Canntab Therapeutics Ltd, named
Canntab Therapeutics Australia (JV). The initial investment and carrying value at 30 June 2019 is $2 (2018: $2). The
JV did not trade prior to 30 June 2019. Refer to Note 29 for disclosure of future commitments to the JV at 30 June
2019.
Note 23: Trade and other payables
CURRENT
Unsecured liabilities
Trade payables
Accrued expenses
2019
$
1,184,662
64,585
1,249,247
2018
$
546,741
40,000
586,741
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 45
Notes to the financial statements for the year ended 30 June 2019
Note 24: Other financial liabilities
CURRENT
Loan - Seed capital loans – unsecured (i), (Note 31d)
Loan from MCL Director – unsecured (Notes 31d and 33)
Loan from related party – Director – unsecured (Notes
31d and 33)
Loan from other party – unsecured (Note 31d)
Convertible securities - L1 Capital pursuant to the
financing agreement – secured (ii), (Note 31d)
2019
$
3,638,575
694,021
115,037
153,333
1,804,035
6,405,001
2018
$
1,206,000
474,522
-
-
525,335
2,205,857
(i) – The seed capital loans can either be converted to CGB shares at a discount of 20% to the CGB 5-day VWAP at
conversion date or settled in cash with a 20% premium to the loan principal.
(ii) - As per the amended agreement dated 4 April 2019, the L1 Capital convertible securities have a face value of
$1.20, inclusive of a $0.20 premium, and a maturity date of 15 November 2019. The convertible securities can be
converted to CGB shares at the amount of 85% of the average daily volume weighted average price (VWAP) of CGB
shares during the five actual trading days prior to the conversion notice date or otherwise settled in cash at the face
value upon maturity. Total options issued as a result of the agreement were 31,140,000. These options have an
exercise price of $0.05 and an expiry date of 2 September 2022.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 46
Notes to the financial statements for the year ended 30 June 2019
Note 25: Issued capital
Share capital on issue
1,612,435,425 (2018: 1,606,852,092) fully paid ordinary shares
(no par value)
50,000,000 (2018: 50,000,000) performance shares (no par
value)
The Company has no authorised capital.
2019
$
2018
$
28,850,842
28,850,842
750,000
29,600,842
750,000
29,600,842
2019
No.
2019
$
2018
No.
2018
$.
Ordinary shares
At the beginning of reporting period
1,606,852,092 28,850,842 1,408,097,244
24,537,433
Share based payments (note 32)
5,583,333
-
11,848,201
-
Conversion of convertible notes into ordinary
shares
Options exercised @0.012
-
-
- 130,533,928
3,547,391
-
56,372,719
766,018
At reporting date (30 June 2019)
1,612,435,425 28,850,842 1,606,852,092
28,850,842
Performance shares
At the beginning of reporting period
50,000,000
750,000 50,000,000
750,000
At reporting date (30 June)
50,000,000
750,000 50,000,000
750,000
TOTAL at reporting date (30 June)
1,662,435,425 29,600,842 1,656,852,092
29,600,842
Terms and Conditions of Issued Capital
Ordinary Shares
Ordinary shares have the right to receive dividends as declared by the board and, in the event of winding
up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the
number of and amounts paid up on shares held. Ordinary shares entitle the holder to one vote either in
person or by proxy at a meeting of the Company.
Performance Shares
Performance shares do not have the right to receive dividends as declared by the board and, in the event
of winding up the Company, do not participate in the proceeds from the sale of any surplus assets.
Performance shares do not entitle the holder to a vote either in person or by proxy at a meeting of the
Company.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 47
Notes to the financial statements for the year ended 30 June 2019
b.
Options on issue
The following reconciles the outstanding share options at the beginning and year end of the financial year:
Description
At the beginning of reporting period
Granted during the financial year
Forfeited during the financial year
Exercised during the financial year
Expired during the financial year
Balance at the end of the financial year
Exercisable at the end of the financial year
2019
No.
2018
No.
2,846,046
158,455,323
31,140,000
-
-
-
-
(56,372,719)
(2,846,046)
(99,236,558)
31,140,000
2,846,046
31,140.000
2,846,046
Note 26: Share based payments reserve
The share-based payments reserve records items recognised as expenses on share-based payments.
Balance as at 1 July
Equity settled share based payment – consulting fees –
shares (Note 32)
Equity settled share based payment – finance costs –
shares issued in respect to finance costs relating to the
issue of convertible securities (Note 32)
Equity settled share based payment – options issued in
respect of the issue of convertible securities
Transfer to accumulated losses for expired options
Balance as at 30 June
Consolidated Entity
2019
$
2018
$
4,701,599
4,728,549
257,583
223,500
-
58,830
314,397
(20,207)
5,253,372
135,720
(445,000)
4,701,599
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 48
Notes to the financial statements for the year ended 30 June 2019
Note 27: Accumulated losses
Balance as at 1 July
Loss for the year
Transfer from share based payments reserve for
expired and forfeited options
Transfer from accumulated losses to non-
controlling interest in operating loss
Non-controlling interest in operating loss
Balance as at 30 June
Note 28: Non-controlling Interests
2019
$
(23,617,200)
(9,234,372)
2018
$
(18,622,071)
(5,001,453)
20,207
445,000
173,522
-
2,799,437
(438,676)
(29,858,406)
(23,617,200)
2019
$
2018
$
Non-controlling interest in equity – Balance as at 1 July
864,148
(197,396)
Non-controlling interest in share capital raising –
Medical Cannabis Ltd capital
Transfer from accumulated losses to non-controlling
interest
(Loss)/Profit attributable to non-controlling interest
Balance as at 30 June
-
622,868
(173,522)
(2,799,437)
(2,108,811)
-
438,676
864,148
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 49
Notes to the financial statements for the year ended 30 June 2019
Note 29: Commitments for expenditure
Note 20: Capital and leasi ng commitme nts
Exploration and evaluation (Note i)
– not later than 1 year
–
later than 1 year but no later than 5 years
Research and development
Canntab therapeutics (Note ii)
- Not later than a year
-
Later than 1 year but no later than 5 years
TRDF Israel Research (Note iii)
- Not later than a year
-
Later than 1 year but no later than 5 years
2019
$
282,000
-
-
1,429,000
1,029,000
2,214,000
4,954,000
2018
$
272,000
282,000
259,000
1,037,000
1,333,000
2,009,000
5,192,000
Notes:
i.
ii.
iii.
This relates to exploration and evaluation activity for mining tenement EPM18463.
On 27 December 2017 CGB entered into a joint venture agreement with Canntab Therapeutics
Ltd. Under the agreement, each party will contribute $1.4 million (USD$1 million).
On 16 February 2018 Medical Cannabis Research Group and The Research Development
Foundation entered into a research funding agreement. Under the agreement, MCL is required to
pay $4.1 million (USD$2.87 million) over a four-year period.
Note 30: Operating leases
The Group leases a factory facility under operating
lease. The lease runs for a period of 2 years, with no
option to renew:
– not later than 1 year
–
later than 1 year but no later than 5 years
2019
$
2018
$
14,000
-
14,000
28,000
14,000
42,000
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 50
Notes to the financial statements for the year ended 30 June 2019
Note 31: Cash flow information
a.
Reconciliation of cash flows from operating
activities
Loss for the year
Non-cash flows in loss
Licence fee income
Share of loss of equity-accounted investee - net of tax
Depreciation
Amortisation
Share based payments expense
Impairment of exploration asset
Impairment of receivables
Loss on financial assets at FVTPL
Finance cost
Loss on equity settled liabilities
Changes in assets and liabilities, net of the effects of
purchase and disposal of subsidiaries
Decrease/(increase) in other receivables
Increase in trade debtors
Increase in prepayments
Increase in GST receivable
Decrease/(increase) in inventory
Increase in trade payables, accruals and other
creditors
Increase in current tax liability
Net cash from operating activities
2019
$
2018
$
(9,234,372)
(5,001,453)
-
75,313
22,529
39,550
257,583
-
485,036
2,902,853
901,861
-
15,000
(236,935)
(97,177)
(59,963)
395,131
662,502
-
(3,577,308)
11,715
10,226
23,000
282,330
1,678,687
674,455
388,378
1,835,920
(20,133)
(100,782)
(6,336)
(212,076)
(542,069)
55,801
292,666
(3,871,089)
(4,206,979)
b.
Acquisition of entities
There were no entities acquired during the financial year.
c.
Non-cash investing and financing activities
Consolidated
Conversion of convertible notes into ordinary shares
2019
$
-
Consideration for finance costs and consulting services
by shares issued – refer note 32
257,58
3
2018
$
3,547,391
282,330
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 51
Notes to the financial statements for the year ended 30 June 2019
Changes in liabilities arising from financing
d.
activities
Seed
capital
loans
$
MEF 1 LP
Andrew
Kavasilas
L1 Capital
Meyer
Gutnick
Other
loan
Total
$
$
$
$
$
$
Balance at 1 July 2017
-
1,712,662
274,961
Net cash provided by financing
activities:
Seed capital loans advanced
1,005,000
Convertible securities issued
Other loan advanced
Other changes:
Increase in face value to $1.05
Finance cost to be amortised to
June 2019
-
-
-
-
-
-
-
-
-
Finance cost recognised
201,000
126,323
Loss on equity settled liability
Conversion to shares
Realised foreign exchange gain
-
-
-
1,835,920
(3,547,391)
(127,514)
Balance at 30 June 2018
1,206,000
Net cash provided by financing
activities:
Seed capital loans advanced
2,027,145
Convertible securities issued
Other loan advanced
Other changes:
Increase in face value to $1.20
Finance cost to be amortised to
June 2020
-
-
-
-
Finance cost recognised
405,430
Balance at 30 June 2019
3,638,575
-
-
-
-
-
-
-
-
-
-
-
-
199,561
600,000
-
-
-
-
-
-
-
30,000
(165,720)
61,055
-
-
-
474,522
525,335
-
-
- 1,100,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,987,623
-
-
-
-
-
-
-
-
-
-
-
-
1,005,000
600,000
199,561
30,000
(165,720)
388,378
1,835,920
(3,547,391)
(127,514)
2,205,857
2,027,145
1,100,000
219,499
- 115,037
150,000
484,536
-
-
-
-
346,000
(660,398)
493,098
-
-
-
-
-
-
346,000
(660,398)
3,333
901,861
694,021 1,804,035 115,037
153,333
6,405,001
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 52
Notes to the financial statements for the year ended 30 June 2019
Note 32: Share based payment arrangements
Description of the share based payment arrangements.
The following share based payment arrangements exist as at 30 June 2019.
Ordinary shares granted
On 18 July 2018, the Company issued 1,333,333 ordinary shares as consideration for consulting services. The share
price at the grant date was $0.037 per share, resulting in consideration for consulting services of $49,333.
On 28 August 2018, the Company issued 2,870,000 to Craig Cochran and 1,380,000 to Gareth Ball as consideration
for Medcan management fees. The share price at the grant date was $0.037 per share, resulting in consideration
for consulting services of $208,250.
The following share based payment arrangements exist as at 30 June 2018.
Ordinary shares granted
On 25 July 2017, the Company issued 2,671,856 ordinary shares as commitment shares for convertible notes. The
share price at the grant date was $0.011 per share, resulting in consideration for finance costs of $29,390.
On 4 August 2017, the Company issued 2,676,345 ordinary shares as commitment shares for convertible notes.
The share price at the grant date was $0.011 per share, resulting in consideration for finance costs of $24,440.
On 4 August 2017, the Company issued 1,000,000 ordinary shares as consideration for consulting services. The share
price at the grant date was $0.011 per share, resulting in consideration for consulting services of $11,000.
On 4 August 2017, the Company issued 1,500,000 ordinary shares as consideration for consulting services. The share
price at the grant date was $0.011 per share, resulting in consideration for consulting services of $16,500.
On 12 September 2017, the Company issued 50,000,000 performance shares as part consideration for the
acquisition of 55% of the shares in Medical Cannabis Ltd. The share price at the grant date of 30 May 2017 was
$0.015 per share.
On 23 November 2017, the Company issued 500,000 ordinary shares as consideration for consulting services. The
share price at the grant date was $0.049 per share, resulting in consideration for consulting services of $24,500.
On 23 November 2017, the Company issued 3,500,000 ordinary shares as consideration for consulting services. The
share price at the grant date was $0.049 per share, resulting in consideration for consulting services of $171,500.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 53
Notes to the financial statements for the year ended 30 June 2019
Expense recognised in profit or loss
Equity settled share based payment transactions
Consulting fees – ordinary shares granted (note 26)
Finance costs – ordinary shares granted (note 8 and 26)
Total expense recognised for equity settled share based
payments
Reconciliation of outstanding share options
Consolidated Entity
2019
$
257,583
257,583
-
2018
$
223,500
223,500
58,830
257,583
282,330
2019
Number of
options
2019
Weighted
Average
Exercise price
2018
Number of
options
2018
Weighted
average
exercise price
Outstanding at the beginning of
the year
2,846,046
0.06
32,846,046
Granted
Forfeited
Exercised
Expired
Outstanding at year-end
Exercisable at year-end
31,140,000
-
-
(2,846,046)
31,140,000
31,140,000
0.05
-
-
-
-
-
0.06
(30,000,000)
0.05
0.05
2,846,046
2,846,046
0.11
-
-
-
0.12
0.06
-
There were no options exercised during the year ended 30 June 2019 (2018: Nil) in respect of share-based
payment arrangements.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 54
Notes to the financial statements for the year ended 30 June 2019
Note 33: Related parties disclosures
Identity of related parties
The consolidated entity has related party relationships with its subsidiaries, its associate entity, its key management
personnel, and companies related due to common directorships of Pnina Feldman and Sholom Feldman, being
directors of both Cann Global Limited and the director related companies.
Related party transactions with Australian Gemstone Mining Pty Limited
The Company and Australian Gemstone Mining Pty Limited (AGMPL) are parties to a management services
agreement (Management Services Agreement) dated 1 July 2007, and the Variation Deed dated 1 July 2017, for the
provision by AGMPL of executive and corporate services, including geological and technical expertise, to the
Company by the following executives:
●
●
●
Pnina Feldman – Executive Director, Business Development;
Dr Robert Coenraads – Principal Geologist, Exploration and Mining; and
Sholom Feldman – Chief Executive Officer and Company Secretary.
In respect of each of these executives (Key Management Personnel), AGMPL was paid a retainer for the period ended
30 June 2019. The Company was also reimbursed for all reasonable expenses incurred by or on behalf of
the Key Persons.
●
AGMPL is a company owned and controlled by Pnina Feldman.
Each of Pnina Feldman, Robert Coenraads and Sholom Feldman has entered into an executive services agreement
with AGMPL. Each of these executive services agreements contains standard provisions dealing with employment
obligations and standard covenants dealing with general duties and the protection of AGMPL’s interests and mirrors
the Management Services Agreement in respect of termination provisions.
AGMPL also provided suitable fully serviced offices to the Company , which includes use of office space, the board
room, kitchen, daily cleaning, and essential office infrastructure, including telephones, fax, printer, broadband
internet connections and suitable office furniture.
AGMPL also provided additional administrative services to the Company, such as secretarial, accounting and office
management services.
AGMPL services
2019 2018
$ $
Rent
Management and secretarial
Geologist fees
Executive and corporate services
Reimbursement of expenses
Marketing services
Administration services
Total
175,317
180,000
360,000
624,000
17,490
330,000
120,000
168,000
180,000
360,000
624,000
34,577
120,000
240,000
1,806,807
1,726,577
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 55
Notes to the financial statements for the year ended 30 June 2019
2019
$
2018
$
Other transactions with related parties
Loans advanced to director related companies
CURRENT
Australian Gemstone Mining Pty Ltd
39,654
11,531
The above loan is unsecured, interest free and there is no
fixed date for repayment.
NON-CURRENT
Volcan Australia Corporation Pty Ltd
Expected credit loss recognised as at 30 June 2019
Due for repayment on 14 December 2012
Volcan Australia Corporation Pty Ltd
Expected credit loss recognised as at 30 June 2019
No due date for repayment.
1,200,000
(1,200,000)
1,200,000
(1,200,000)
79,258
(79,258)
79,258
(79,258)
The above loan is unsecured and interest free. See note 16 for explanation of Loan to Volcan Australia Corporation
Pty Ltd.
Loans provided by directors
Meyer Gutnick
Andrew Kavasilas (MCL Director)
The above loans are unsecured, interest free and there is no
fixed date for repayment.
115,037
694,021
-
474,522
Loan advanced to associate entity
CURRENT
Hemp Hulling Co (QLD) Pty Ltd
111,620
77,168
The above loan is unsecured, interest free and there is no fixed date for repayment.
Trade creditor balance with associate company -
Hemp Hulling Co (QLD) Pty Ltd
Purchases from associate company –
Hemp Hulling Co (QLD) Pty Ltd
(Purchases are made on normal terms and conditions.)
-
13,015
1,730
11,832
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 56
Notes to the financial statements for the year ended 30 June 2019
Note 34: Financial instruments
a.
Financial risk management
The Group’s financial instruments consist mainly of deposits with banks, trade and other receivables, trade and
other payables and other financial liabilities.
The main risks the Group is exposed to through its financial instruments are interest rate risk, foreign currency
fluctuation risk and liquidity risk.
Interest rate risk
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as
a result in changes in market interest rates, arises mainly from bank deposits accounts. The effective weighted
average interest rates on the financial assets and financial liabilities and interest rate sensitivity analysis are set
out at Note 34(b).
Foreign currency risk
The Group was marginally exposed to fluctuations in foreign currencies during the reporting period.
Credit risk
Neither the Group or the Company have any material credit or other risk exposure to any single receivable or
group of receivables or payables under financial instruments entered into by the Group.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset.
The Group manages liquidity risk by monitoring forecast cash flows and ensuring that adequate cash reserves
or unutilised borrowings are maintained.
The following are the remaining contractual maturities at the end of the reporting period of financial liabilities,
including estimated interest payments:
30 June 2019
Contractual cash flows
Carrying
amount $
Total
Less than12
months
1-2 Years
$
$
$
2 to 5
years
More than
5 years
$
$
Non derivative
financial liabilities
L1 Capital Global
1,804,035
2,076,000
2,076,000
Seed capital loans
3,638,575
3,638,575
3,638,575
Loan - A Kavasilas
694,021
694,021
694,021
Loan – M Gutnick
115,037
115,037
115,037
Loan – other
153,333
153,333
153,333
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 57
Notes to the financial statements for the year ended 30 June 2019
30 June 2018
Carrying
amount $
Total
Less than12
months
1-2 Years
$
$
$
2 to 5
years
More than
5 years
$
$
Non derivative
financial liabilities
L1 Capital Global
525,335
630,000
630,000
Seed capital loans
1,206,000
1,206,000
1,206,000
Loan - A Kavasilas
474,522
474,522
474,522
-
-
-
-
-
-
-
-
-
Price risk
The Group’s anticipated value of the South Johnstone Bauxite project is affected by the price of bauxite and
shipping. Any rise or fall of the price of bauxite or shipping costs may affect the project’s value accordingly.
Similarly for the various market prices of cannabis products produced by the Company.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 58
Notes to the financial statements for the year ended 30 June 2019
b.
Financial Instrument interest rate risk
The tables below disclose the contractual interest rates applicable for financial statements and a sensitivity
analysis of movements in variable interest rates.
Weighted average
effective interest rate
Interest bearing
fixed
Interest bearing - floating
Non-interest
bearing
Total
2019
2018
2019
2018
2019
2018
2019
2018
2019
2018
Consolidated Entity
%
%
$
$
$
$
$
$
$
$
Financial assets:
Cash and cash equivalents
2.1%
2.0%
Trade and other receivables
Investments at FVTPL
Financial liabilities:
Trade and other payables
Current tax liability
Other financial liabilities
Interest rate sensitivity analysis
-
-
-
-
81.1%
-
-
-
-
-
-
-
-
-
-
153,333
-
-
-
-
-
-
5,183,669
6,409,217
100
100
5,183,769
6,409,317
-
-
-
-
-
-
-
-
-
-
-
-
1,039,570
579,247
1,039,570
579,247
-
2,902,853
-
2,902,853
1,249,247
586,741
1,249,247
586,741
292,666
292,666
292,666
292,666
6,251,668
2,205,857
6,405,001
2,205,857
At 30 June 2019, the effect on profit and equity as a result of changes in the interest rate, with all other variables
remaining constant would be as follows:
Increase in interest rate by 1%
Decrease in interest rate by 1%
2019 $
51,834
(51,834)
2018 $
64,092
(64,092)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 59
Notes to the financial statements for the year ended 30 June 2019
c. Fair values vs carrying amounts
The fair values of financial assets and liabilities, together with carrying amounts shown on the statement of
financial position,
are as follows:
2019
Total
Carrying
Amount
$
2019
Fair
Value
$
2018
Total
Carrying
Amount
$
2018
Fair
Value
$
Financial Assets
Cash and cash equivalents
5,183,769
5,183,769
6,409,317
6,409,317
Trade and other receivables
Investment at FVTPL
1,039,570
-
1,039,570
-
579,247
2,902,853
579,247
2,902,853
Financial Liabilities
Trade and other payables
Current tax liability
Other financial liabilities
1,249,247
292,666
6,405,001
1,249,247
292,666
6,405,001
586,741
292,666
2,205,857
586,741
292,666
2,205,857
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 60
Notes to the financial statements for the year ended 30 June 2019
Note 35: Parent entity disclosures
As at and throughout the financial year ending 30 June 2019 the parent entity of the Group was Cann Global
Limited.
Financial Position of parent entity at year end
2019 2018
$ $
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Total equity of the parent entity comprising of
Issued capital
Share based payment reserve
Accumulated losses
Total equity
Financial performance
Loss for the year
Other comprehensive income
Total comprehensive loss for the year
Note 36: Company details
The registered office of the Company and principal place of business is:
Cann Global Limited
Level 21, 133 Castlereagh Street
SYDNEY NSW 2000
5,874,773
1,188,952
7,063,725
1,179,758
-
1,179,758
6,710,901
2,260,189
8,971,090
290,662
-
290,662
29,600,842
4,803,255
29,600,842
4,565,879
(28,520,130)
(25,486,293)
5,883,967
8,680,428
(3,033,837)
(5,836,823)
-
-
(3,033,837)
(5,836,823)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 61
Notes to the financial statements for the year ended 30 June 2019
Note 37: Segment information
OPERATING SEGMENTS
a. Basis for segmentation
The Group has three reportable segments; hemp and medical cannabis products, mining exploration and
evaluation and corporate. The corporate segment includes all of our initiatives in corporate growth
activities and provides administrative, technical and financial support.
b.
Information about reportable segments
Information related to each reportable segment is set out below.
Mining
Exploration
and
Evaluation
Hemp and
Medicinal
Cannabis
Products
Corporate
Total
2019
Sales to external customers
Less intersegment sales
Revenues
-
480,647
-
480,647
-
-
-
480,647
-
-
-
480,647
Interest income
-
-
123,285
123,285
Depreciation
Amortisation
Impairment of receivables
Finance costs
Other costs
Loss before tax
(13,038)
-
-
-
(13,241)
(35,800)
(478,902)
-
-
(6,134)
-
(911,615)
(13,683)
(4,969,601)
(3,396,290)
(26,721)
(5,016,897)
(4,190,754)
Income tax expense
-
- -
-
(26,279)
(35,800)
(485,036)
(911,615)
(8,379,574)
(9,234,372)
-
Loss after tax
(26,721)
(5,016,897)
(4,190,754)
(9,234,372)
Capital expenditures
374,259
25,600
0
399,859
Total assets
2,260,682
3,389,458
5,183,771
10,833,911
Total liabilities
-
(1,101,724)
(6,845,190)
(7,946,914)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 62
Notes to the financial statements for the year ended 30 June 2019
Mining
Exploration
and
Evaluation
Hemp and
Medicinal
Cannabis
Products
Corporate
Total
2018
Sales to external customers
-
144,773
-
License fee revenue
Less intersegment sales
Revenues
-
-
-
3,577,308
-
3,722,078
-
-
-
144,773
3,577,308
-
3,722,078
Interest income
-
-
152,685
152,685
Depreciation
Amortisation
(5,939)
(4,287)
-
-
(23,000)
-
(10,226)
(23,000)
Impairment of exploration assets
(1,678,687)
-
(1,678,687)
Finance costs
Other costs
(Loss)/Profit before tax
Income tax expense
-
-
(447,208)
(13,579)
(1,392,830)
(5,018,020)
(1,698,205)
2,301,961
(5,312,543)
-
(292,666) -
(447,208)
(6,424,429)
(4,708,787)
(292,666)
-
(Loss)/Profit after tax
(1,698,205)
2,009,295
(5,312,543)
(5,001,453)
Capital expenditures
397,905
56,519
-
454,424
Total assets
1,889,463
5,756,626
6,988,564
14,634,653
Total liabilities
-
(758,575)
(2,326,689)
(3,085,264)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 63
Notes to the financial statements for the year ended 30 June 2019
c. Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Consolidated - 2019
Major product lines
Seed
Oil
Bi-Products
Protein
Flour
Capsules
Smoothie Blends
Other
Geographical regions
Australia
Rest of the World
Timing of revenue recognition
Goods transferred at a point in time
Consolidated - 2018
Major product lines
Seed
Oil
Bi-Products
Other
Geographical regions
Hemp food
products
License fee
Total
$
$
$
194,164
95,047
79,664
57,080
10,757
25,262
8,423
10,250
480,647
480,647
-
480,647
480,647
480,647
62,009
56,242
23,022
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
194,164
95,047
79,664
57,080
10,757
25,262
8,423
10,250
480,647
480,647
-
480,647
480,647
480,647
62,009
56,242
23,022
3,500
3,577,308
3,580,808
144,773
3,577,308
3,722,081
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 64
Notes to the financial statements for the year ended 30 June 2019
Australia
Rest of the World
Timing of revenue recognition
144,773
3,577,308
3,722,081
-
144,773
-
-
-
3,722,081
Goods transferred at a point in time
144,773
3,577,308
3,722,081
144,773
3,577,308
3,722,081
Note 38: Capital management policies and procedures
The Group’s capital management objectives are to ensure the Group’s ability to continue as a going concern. The
Group monitors capital on the basis of the carrying amount of equity. In order to maintain or adjust the capital, the
Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new
shares.
The amounts managed as capital by the Group for the reporting periods under review are summarised as follow:
Total equity
Capital
2019
$
2,886,997
2,886,997
2018
$
11,549,389
11,549,389
Note 39: Events subsequent to balance date
Acquisition of Hemp Hulling Co (QLD) Pty Ltd – additional 30% interest
Effective 1 July 2019 Medical Cannabis Ltd, acquired an additional 30% of the ordinary shares of Hemp Hulling Co
(QLD) Pty Ltd (HHC), to bring its interest to 55%, to continue to develop its operations in the medicinal cannabis
and hemp food industry.
Details of the acquisition are as follows:
Cash and cash equivalents
Receivables
Inventory
Plant and equipment
Investments
Trade and other payables
Loans
Net liabilities acquired
Net liabilities acquired – 55%
Fair value
$
3,837
6,631
2,025
441,785
10,805
(300,872)
(165,781)
(1,570)
(864)
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 65
Notes to the financial statements for the year ended 30 June 2019
Goodwill
Acquisition-date fair value of the total consideration transferred
Representing:
Cann Global Limited consideration shares
Investment in HHC – current value
Total
Acquisition of T12 Pty Ltd – 100% interest
1,630,755
1,629,891
1,418,919
210,972
1,629,891
Effective 1 July 2019 Cann Global Limited, acquired 100% of the ordinary shares of T12 Pty Ltd to continue to
develop its operations in the medicinal cannabis and hemp food industry.
Details of the acquisition are as follows:
Cash and cash equivalents
Receivables
Inventory
Loans
Intangibles
Trade and other payables
Loans
Net liabilities acquired
Goodwill
Acquisition-date fair value of the total consideration transferred
Representing:
Cann Global Limited consideration shares
Fair value
$
35,630
86,382
120,529
61,769
4,918
(426,800)
(90,671)
(208,243)
965,000
756,757
756,757
Share capital raising
On 19 July 2019, the capital raising outlined in the Replacement Prospectus dated 7 June 2019 was finalised, with
the issue of 170,000,000 shares at $0.035, being total capital raised of $5,950,000.
Seed capital loans
On 19 July 2019, seed capital loans of $2,134,102 were settled by the issue of 76,217,978 ordinary shares.
Convertible securities – L1 Capital
Since balance date, 1,250,000 convertible securities with a face value of $1,500,000 have been converted to
ordinary shares.
Other than the matters listed above, there has not arisen in the interval between the end of the financial year and
the date of this report any further item, transaction or event of a material and unusual nature likely, in the opinion
of the directors of the Company, to affect significantly the operations of the Company, the results of those
operations, or the state of affairs of the Company, in future financial years.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 66
Directors’ Declaration
Directors’ Declaration
In the directors’ opinion:
1.
the financial statements and accompanying notes set out on pages 21 to 66, and the Remuneration Report
on pages 14 to 19 of the Directors’ Report, are in accordance with the Corporations Act 2001 and:
a)
b)
comply with Accounting Standards and the Corporations Regulations 2001; and
give a true and fair view of the Group’s financial position as at 30 June 2019 and of its
performance for the financial year ended on that date;
2.
3.
the financial statements and notes also comply with International Financial Reporting Standards, as disclosed
in Note 2(a) to the financial statements;
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable;
The directors have been given the declarations by the chief executive officer and chief financial officer required by
Section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors. On behalf of the directors:
Pnina Feldman, Chairperson
Dated this 27th day of September 2019
Bellevue Hill NSW
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 67
(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:5)(cid:3)(cid:4)(cid:5)(cid:3)(cid:7)(cid:8)(cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:12)(cid:13)(cid:14)(cid:15)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)(cid:7)(cid:12)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:18)(cid:5)(cid:19)(cid:20)(cid:5)(cid:13)(cid:15)(cid:8)(cid:12)(cid:21)(cid:8)(cid:22)(cid:23)(cid:3)(cid:3)(cid:8)(cid:24)(cid:25)(cid:12)(cid:20)(cid:23)(cid:25)(cid:8)(cid:26)(cid:11)(cid:19)(cid:11)(cid:7)(cid:5)(cid:4)(cid:8)
(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)(cid:12)(cid:3)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:12)(cid:21)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:27)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)
(cid:29)(cid:6)(cid:11)(cid:3)(cid:11)(cid:12)(cid:3)(cid:8)
(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:21)(cid:8)(cid:15)(cid:15)(cid:4)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:4)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:13)(cid:28)(cid:4)(cid:28)(cid:10)(cid:23)(cid:28)(cid:12)(cid:11)(cid:12)(cid:8)(cid:18)(cid:12)(cid:6)(cid:28)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:29)(cid:29)(cid:30)(cid:4)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:12)(cid:28)(cid:6)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:19)(cid:20)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:19)(cid:18)(cid:20)(cid:14)(cid:12)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4)(cid:17)(cid:20)(cid:28)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:6)(cid:7)(cid:6)(cid:15)(cid:28)(cid:12)(cid:9)(cid:6)(cid:4)(cid:12)(cid:15)(cid:16)(cid:20)(cid:25)(cid:6)(cid:30)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)
(cid:16)(cid:7)(cid:8)(cid:15)&(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:6)’(cid:10)(cid:12)(cid:13)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:8)(cid:28)(cid:7)(cid:4)(cid:14)(cid:17)(cid:20)(cid:31)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:15)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:4)(cid:28)(cid:10)(cid:25)(cid:25)(cid:8)(cid:18)(cid:27)(cid:4)(cid:20)(cid:14)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:13)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:19)(cid:20)(cid:17)(cid:12)(cid:16)(cid:12)(cid:6)(cid:28)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28))(cid:4)(cid:11)(cid:6)(cid:16)(cid:17)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4)
+(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:12)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)
#!!$(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&-(cid:4)
(cid:12)(cid:29)(cid:2) &(cid:12)(cid:9)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:19)(cid:20)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:20)(cid:14)(cid:4)(cid:12)(cid:13)(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)
(cid:19)(cid:6)(cid:18)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:15)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)
(cid:12)(cid:12)(cid:29)(cid:2) (cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)0(cid:6)&(cid:10)(cid:17)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)#!!$*(cid:4)
(cid:30)(cid:23)(cid:15)(cid:11)(cid:15)(cid:8)(cid:21)(cid:12)(cid:13)(cid:8)(cid:12)(cid:6)(cid:11)(cid:3)(cid:11)(cid:12)(cid:3)(cid:8)(cid:8)
(cid:5)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)*(cid:4)1(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:20)(cid:28)(cid:6)(cid:4)
(cid:28)(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)2(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13))(cid:4)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)
(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4)(cid:5)(cid:6)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:12)(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)3(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)5(cid:20)(cid:8)(cid:18)(cid:11))(cid:28)(cid:4),34/(cid:4)$$!(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)
4(cid:13)(cid:7)(cid:12)(cid:16)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)3(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:8)(cid:15)(cid:13)(cid:28)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)(cid:29)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:4)(cid:13)(cid:20)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)
,(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)*(cid:4)(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:8)(cid:17)(cid:28)(cid:20)(cid:4)(cid:14)(cid:10)(cid:17)(cid:14)(cid:12)(cid:17)(cid:17)(cid:6)(cid:11)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)*(cid:4)
(cid:5)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:14)(cid:12)(cid:18)(cid:25)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:11)(cid:6)(cid:16)(cid:17)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:4)(cid:23)(cid:27)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:30)(cid:4)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:4)(cid:7)(cid:8)(cid:28)(cid:4)(cid:23)(cid:6)(cid:6)(cid:15)(cid:4)
&(cid:12)(cid:9)(cid:6)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:30)(cid:4)(cid:31)(cid:20)(cid:10)(cid:17)(cid:11)(cid:4)(cid:23)(cid:6)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:28)(cid:8)(cid:25)(cid:6)(cid:4)(cid:13)(cid:6)(cid:18)(cid:25)(cid:28)(cid:4)(cid:12)(cid:14)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:13)(cid:12)(cid:25)(cid:6)(cid:4)
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(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)*(cid:4)
(cid:31)(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:15)(cid:8)
6(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:13)(cid:7)(cid:20)(cid:28)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:30)(cid:4)(cid:12)(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4)7(cid:10)(cid:11)&(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:6)(cid:18)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:25)(cid:20)(cid:28)(cid:13)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:12)(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)
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1(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:25)(cid:20)(cid:15)&(cid:28)(cid:13)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28)-(cid:4)
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(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:13)(cid:8)?(cid:6)(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:16)(cid:13)(cid:12)(cid:9)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4)
(cid:8)(cid:15)(cid:11)(cid:4)
(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:6)(cid:9)(cid:12)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:18)(cid:6)(cid:8)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)
(cid:12)(cid:15)(cid:13)(cid:6)(cid:18)(cid:6)(cid:28)(cid:13)(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&(cid:4)(cid:18)(cid:6)(cid:9)(cid:12)(cid:6)(cid:31)(cid:12)(cid:15)&(cid:4)(cid:14)(cid:10)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:23)(cid:10)(cid:11)&(cid:6)(cid:13)(cid:6)(cid:11)(cid:4)(cid:6)9(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)
(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:31)(cid:20)(cid:18)?(cid:4)(cid:19)(cid:18)(cid:20)&(cid:18)(cid:8)(cid:25)(cid:25)(cid:6)(cid:28).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:4)(cid:13)(cid:6)(cid:28)(cid:13)(cid:6)(cid:11)(cid:4)(cid:8)(cid:4)(cid:28)(cid:8)(cid:25)(cid:19)(cid:17)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:11)(cid:11)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:12)(cid:28)(cid:6)(cid:11)(cid:4)(cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)
(cid:6)9(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:28)(cid:10)(cid:19)(cid:19)(cid:20)(cid:18)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:11)(cid:20)(cid:16)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4)(cid:4)
(cid:4)
(cid:4)
1(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:25)(cid:20)(cid:15)&(cid:28)(cid:13)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28)-(cid:4)
(cid:2)(cid:2)
(cid:2)(cid:2)
(cid:2)(cid:2)
(cid:2)(cid:2)
49(cid:8)(cid:25)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:17)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:8)&(cid:18)(cid:6)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4)
A(cid:6)(cid:18)(cid:12)(cid:14)(cid:12)(cid:6)(cid:11)(cid:4)(cid:14)(cid:10)(cid:15)(cid:11)(cid:28)(cid:4)(cid:18)(cid:6)(cid:16)(cid:6)(cid:12)(cid:9)(cid:6)(cid:11)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4)
0(cid:6)(cid:16)(cid:8)(cid:17)(cid:16)(cid:10)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:25)(cid:20)(cid:18)(cid:13)(cid:12)(cid:28)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:16)(cid:20)(cid:28)(cid:13)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:4)
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(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:16)(cid:20)&(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:8)(cid:28)(cid:4)(cid:31)(cid:6)(cid:17)(cid:17)(cid:4)(cid:8)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:11)(cid:12)(cid:28)(cid:16)(cid:17)(cid:20)(cid:28)(cid:10)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)
/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)*(cid:4)
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(cid:16)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:12)(cid:28)(cid:6)(cid:11)(cid:4)49(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)
49(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)@#(cid:30)# (cid:3)(cid:30)!$%*(cid:4)(cid:4)
8(cid:7)(cid:6)(cid:4)49(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)
49(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)?(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:4)
(cid:23)(cid:6)(cid:16)(cid:8)(cid:10)(cid:28)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13))(cid:28)(cid:4)(cid:16)(cid:8)(cid:18)(cid:18)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:25)(cid:20)(cid:10)(cid:15)(cid:13)(cid:4)
(cid:12)(cid:28)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)
(cid:8)(cid:15)(cid:11)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:13)(cid:4)7(cid:10)(cid:11)&(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:23)(cid:6)(cid:6)(cid:15)(cid:4)
(cid:8)(cid:19)(cid:19)(cid:17)(cid:12)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:12)(cid:15)&(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:8)(cid:15)(cid:4)
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(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4)
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(cid:29)(cid:7)(cid:17)(cid:5)(cid:13)(cid:8)(cid:27)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:26)(cid:11)(cid:23)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7)(cid:11)(cid:5)(cid:15)(cid:8)’(cid:8)
(cid:22)(cid:12)(cid:3)&(cid:5)(cid:13)(cid:7)(cid:11)(cid:20)(cid:25)(cid:5)(cid:8).(cid:5)(cid:28)(cid:10)(cid:13)(cid:11)(cid:7)(cid:11)(cid:5)(cid:15)(cid:8)(cid:23)(cid:3)(cid:4)(cid:8).(cid:5)(cid:5)(cid:4)(cid:8)
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0(cid:6)(cid:14)(cid:6)(cid:18)(cid:4)(cid:13)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:4)#>(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:4) $(cid:26)(cid:11)(cid:29)*(cid:4)
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(cid:18)(cid:6)(cid:19)(cid:18)(cid:6)(cid:28)(cid:6)(cid:15)(cid:13)(cid:6)(cid:11)(cid:4)(cid:23)(cid:27)(cid:4)(cid:24)$(cid:4)(cid:21)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:4)(cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)
/(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)/(cid:6)(cid:6)(cid:11)(cid:4)(cid:21)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:4)(cid:24)(cid:20)(cid:8)(cid:15)(cid:28)*(cid:4)
(cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:4)
(cid:13)(cid:20)(cid:4)(cid:23)(cid:6)(cid:4)(cid:8)(cid:4)?(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)-(cid:4)
(cid:13)(cid:7)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:2)(cid:2)
(cid:13)(cid:18)(cid:8)(cid:15)(cid:28)(cid:8)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:16)(cid:8)(cid:18)(cid:18)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:28)(cid:4)
(cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4)
(cid:8)(cid:15)(cid:11)(cid:4)(cid:4)
(cid:2)(cid:2)
(cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:6)9(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:18)(cid:6)(cid:16)(cid:20)&(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)
(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:12)(cid:15)(cid:28)(cid:13)(cid:18)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)*(cid:4)
(cid:29)(cid:7)(cid:17)(cid:5)(cid:13)(cid:8)(cid:11)(cid:3)(cid:21)(cid:12)(cid:13)(cid:19)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8)
8(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4)8(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:12)(cid:28)(cid:6)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)
(cid:12)(cid:15)(cid:4)(cid:21)(cid:8)(cid:15)(cid:15)(cid:4)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:4)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11))(cid:28)(cid:4)(cid:8)(cid:15)(cid:15)(cid:10)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:11)(cid:20)(cid:6)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)
(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)*(cid:4)
1(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:11)(cid:20)(cid:6)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:16)(cid:20)(cid:9)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:31)(cid:6)(cid:4)(cid:11)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:6)9(cid:19)(cid:18)(cid:6)(cid:28)(cid:28)(cid:4)(cid:8)(cid:15)(cid:27)(cid:4)(cid:14)(cid:20)(cid:18)(cid:25)(cid:4)
(cid:20)(cid:14)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:17)(cid:10)(cid:28)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)*(cid:4)
+(cid:15)(cid:4)(cid:16)(cid:20)(cid:15)(cid:15)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:12)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:18)(cid:6)(cid:8)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:30)(cid:4)
(cid:12)(cid:15)(cid:4)(cid:11)(cid:20)(cid:12)(cid:15)&(cid:4)(cid:28)(cid:20)(cid:30)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:12)(cid:28)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:12)(cid:15)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:28)(cid:13)(cid:6)(cid:15)(cid:13)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4)
(cid:20)(cid:10)(cid:18)(cid:4)?(cid:15)(cid:20)(cid:31)(cid:17)(cid:6)(cid:11)&(cid:6)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:31)(cid:12)(cid:28)(cid:6)(cid:4)(cid:8)(cid:19)(cid:19)(cid:6)(cid:8)(cid:18)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:23)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:11)*(cid:4)+(cid:14)(cid:30)(cid:4)(cid:23)(cid:8)(cid:28)(cid:6)(cid:11)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)
(cid:31)(cid:20)(cid:18)?(cid:4)(cid:31)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:19)(cid:6)(cid:18)(cid:14)(cid:20)(cid:18)(cid:25)(cid:6)(cid:11)(cid:30)(cid:4)(cid:31)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:31)(cid:6)(cid:4)
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(cid:4)
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8(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4)
(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)
(cid:28)(cid:10)(cid:16)(cid:7)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:18)(cid:15)(cid:8)(cid:17)(cid:4)(cid:16)(cid:20)(cid:15)(cid:13)(cid:18)(cid:20)(cid:17)(cid:4)(cid:8)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:15)(cid:6)(cid:16)(cid:6)(cid:28)(cid:28)(cid:8)(cid:18)(cid:27)(cid:4)(cid:13)(cid:20)(cid:4)(cid:6)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)
(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:28)(cid:4)(cid:14)(cid:18)(cid:6)(cid:6)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4)
(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)*(cid:4)(cid:4)
+(cid:15)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:28)(cid:28)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:13)(cid:20)(cid:4)(cid:16)(cid:20)(cid:15)(cid:13)(cid:12)(cid:15)(cid:10)(cid:6)(cid:4)
(cid:8)(cid:28)(cid:4)(cid:8)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:30)(cid:4)(cid:11)(cid:12)(cid:28)(cid:16)(cid:17)(cid:20)(cid:28)(cid:12)(cid:15)&(cid:30)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:19)(cid:19)(cid:17)(cid:12)(cid:16)(cid:8)(cid:23)(cid:17)(cid:6)(cid:30)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:10)(cid:28)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4)
(cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:4)(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:10)(cid:15)(cid:17)(cid:6)(cid:28)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:6)(cid:12)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:17)(cid:12)’(cid:10)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:20)(cid:18)(cid:4)(cid:13)(cid:20)(cid:4)(cid:16)(cid:6)(cid:8)(cid:28)(cid:6)(cid:4)
(cid:20)(cid:19)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:30)(cid:4)(cid:20)(cid:18)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:15)(cid:20)(cid:4)(cid:18)(cid:6)(cid:8)(cid:17)(cid:12)(cid:28)(cid:13)(cid:12)(cid:16)(cid:4)(cid:8)(cid:17)(cid:13)(cid:6)(cid:18)(cid:15)(cid:8)(cid:13)(cid:12)(cid:9)(cid:6)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:13)(cid:20)(cid:4)(cid:11)(cid:20)(cid:4)(cid:28)(cid:20)*(cid:4)
(cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:12)(cid:13)(cid:14)(cid:15)(cid:8)(cid:13)(cid:5)(cid:15)(cid:6)(cid:12)(cid:3)(cid:15)(cid:11)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7) (cid:8)(cid:21)(cid:12)(cid:13)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:12)(cid:21)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:21)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:13)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)
1(cid:10)(cid:18)(cid:4)(cid:20)(cid:23)7(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:4)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:8)(cid:23)(cid:20)(cid:10)(cid:13)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:4)(cid:31)(cid:7)(cid:20)(cid:17)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:14)(cid:18)(cid:6)(cid:6)(cid:4)
(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:28)(cid:4)
(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)*(cid:4)0(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)(cid:7)(cid:12)&(cid:7)(cid:4)(cid:17)(cid:6)(cid:9)(cid:6)(cid:17)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:30)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:12)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:8)(cid:4)&(cid:10)(cid:8)(cid:18)(cid:8)(cid:15)(cid:13)(cid:6)(cid:6)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:8)(cid:15)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)
(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:31)(cid:12)(cid:17)(cid:17)(cid:4)(cid:8)(cid:17)(cid:31)(cid:8)(cid:27)(cid:28)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:16)(cid:13)(cid:4)(cid:8)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)
(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:31)(cid:7)(cid:6)(cid:15)(cid:4)(cid:12)(cid:13)(cid:4)(cid:6)9(cid:12)(cid:28)(cid:13)(cid:28)*(cid:4)=(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:16)(cid:8)(cid:15)(cid:4)(cid:8)(cid:18)(cid:12)(cid:28)(cid:6)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:12)(cid:14)(cid:30)(cid:4)
(cid:12)(cid:15)(cid:11)(cid:12)(cid:9)(cid:12)(cid:11)(cid:10)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:20)(cid:18)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)&&(cid:18)(cid:6)&(cid:8)(cid:13)(cid:6)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:27)(cid:4)(cid:16)(cid:20)(cid:10)(cid:17)(cid:11)(cid:4)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:27)(cid:4)(cid:23)(cid:6)(cid:4)(cid:6)9(cid:19)(cid:6)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:12)(cid:15)(cid:14)(cid:17)(cid:10)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:6)(cid:16)(cid:20)(cid:15)(cid:20)(cid:25)(cid:12)(cid:16)(cid:4)(cid:11)(cid:6)(cid:16)(cid:12)(cid:28)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)
(cid:10)(cid:28)(cid:6)(cid:18)(cid:28)(cid:4)(cid:13)(cid:8)?(cid:6)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:12)(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4)
,(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:19)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:28)(cid:4)(cid:17)(cid:20)(cid:16)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:8)(cid:13)(cid:4)8(cid:7)(cid:6)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4)
,(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:15)(cid:11)(cid:4),(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)5(cid:20)(cid:8)(cid:18)(cid:11)(cid:4)(cid:31)(cid:6)(cid:23)(cid:28)(cid:12)(cid:13)(cid:6)(cid:4)(cid:8)(cid:13)-(cid:4)(cid:31)(cid:31)(cid:31)*(cid:8)(cid:10)(cid:8)(cid:28)(cid:23)*&(cid:20)(cid:9)*(cid:8)(cid:10)C(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18)(cid:28)D(cid:14)(cid:12)(cid:17)(cid:6)(cid:28)C(cid:8)(cid:18)#*(cid:19)(cid:11)(cid:14)*(cid:4)8(cid:7)(cid:12)(cid:28)(cid:4)
(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:19)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:14)(cid:20)(cid:18)(cid:25)(cid:28)(cid:4)(cid:19)(cid:8)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4)
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(cid:8)
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3(cid:8)(cid:18)(cid:13)(cid:15)(cid:6)(cid:18)(cid:4)
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Additional Information
Additional Information – as at 23 September 2019
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set
out below:
Distribution schedule and number of holders of equity securities
as at 23 September 2019
Fully Paid Ordinary Shares (CGB)
136
64
1,113
5,135
1 – 1,000
1,001 –
5,000
5,001 –
10,000
10,001 –
100,000
100,00
1 and
over
2,655
Total
9,103
The number of holders holding less than a marketable parcel of fully paid ordinary shares as 23 September 2019 is
2,187.
Cann Global Limited ABN 18 124 873 507 and Controlled Entities
Page | 71
20 largest holders of quoted equity securities as at 23 September
2019
The names of the twenty largest holders of fully paid ordinary shares (ASX code: CGB) as at 23 September 2019 are:
Additional Information
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
LBT CORPORATION PTY LTD
519,403,514
16.43
VOLCAN AUSTRALIA CORPORATION PTY LTD
189,975,000
MARTIN PLACE SECURITES NOMINEES PTY LTD
158,845,404
ANDREW KAVASILAS
TRANSGLOBAL CAPITAL PTY LTD
151,481,081
146,934,652
FIRST STATE PTY LIMITED
110,021,355
020428 PTY LTD
98,948,375
SEBASTION WILLIAM EWARDS