ANNUAL
FINANCIAL REPORT
30 JUNE 2020
Cann Global Limited
ABN 18 124 873 507
and Controlled Entities
CONTENTS
01
About CAnn GlobAl
our vision......................................................................................01
our business MoDeL...............................................................02
our geographic footprint............................................05
06
11
18
31
80
FY20 REVIEW
our Year in review..................................................................06
executive chair’s Message...............................................07
ceo’s Message............................................................................09
ouR BusINEss
our strategic priorities.......................................................11
business overview....................................................................12
boarD of Directors...............................................................16
senior ManageMent................................................................17
dIRECtoRs’ REpoRt
Directors’ report incLuDing
reMuneration report...........................................................1 8
auDitor’s inDepenDence DecLaration...................30
FINANCIAL stAtEmENts
financiaL stateMents.............................................................31
notes to the financiaL stateMents..........................35
Directors’ DecLaration.....................................................75
inDepenDent auDitor’s report......................................76
AddItIoNAL INFoRmAtIoN
sharehoLDer inforMation...............................................80
corporate DirectorY.........................................................84
ABOUT
CANN GLOBAL
A N N U A L F I N A N C I A L R E P O R T
ouR VIsIoN
cann global’s vision is to become a leader in the production and
distribution of high-quality medicinal cannabis and hemp seed
products.
our competitive strength comes from our team’s strong industry
expertise, combined with strategic local and global partnerships
with experts which support cultivation, production and distribution
activities.
Key to our success is building awareness of the benefits of our
products and working with relevant legislative bodies in ensuring
appropriate access to these products.
cann global has a keen focus on innovation and the pursuit of
medical advancement through vital research into the safe use
of cannabis for patients, which has the potential to deliver significant
upside for shareholders.
01
A N N U A L F I N A N C I A L R E P O R T
ouR BusINEss modEL
CULTIVATION & PROCESSING
MEDICAL
CANNABIS LTD
Vitaseeds, Vitahemp,
Hemp Hulling Co.
& Seed Bank
Specialty Foods
(hemp-based foods
& neutraceuticals)
1. FOOD
3. SKINCARE
Cosmeceuticals
50/50 JV
RESEARCH COLLABORATION
PRODUCT DEVELOPMENT
2. HEMP CULTIVATION
& PROCESSING
4. MEDICINE
Pharmaceuticals
50/50 JV
CANN GLOBAL
THAILAND
55% owned
CANN GLOBAL
ASIA
55% owned
Research
DISTRIBUTION & SALES
PRODUCT MANUFACTURE
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cann global continues to hold mining tenements which are not considered
principal activities of the group.
A N N U A L F I N A N C I A L R E P O R T
ouR BusINEss modEL
four key areas of focus
01.
Food
02.
hEmp CuLtIVAtIoN
& pRoCEssING
continued focus on production
and distribution of healthy,
nutritious and vitamin packed
plant-based food products for
the discerning australian and
asian consumer.
broad-acre industrial
cbD hemp cultivation and
processing in asia where growing
conditions are ideal.
03.
skINCARE
04.
mEdICINE
Development of unique
advanced hemp-based
skincare treatment formulations,
dermatological and cosmetic
beauty products.
innovative
pharmaceutical products
developed by our strategic
partners for distribution in
australia and targeted
international markets.
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four key areas of focus
ouR BusINEss modEL
value add through our vertically integrated business model
A N N U A L F I N A N C I A L R E P O R T
CuLtIVAtIoN
& pRoCEssING
pRoduCt
dEVELopmENt
through 55% owned
subsidiary cann global thailand,
the company is growing its
commercial seed operations
specialising in the development
and sale of auto-flowering CBD
hemp seeds.
ongoing pursuit of innovation in
developing products for existing and new
sectors. recent product development
includes chia oil soft-gel capsules
developed by and sold through t12 as
well as hemp-based cosmeceuticals
through its partner pharmocann.
unique cannabinoid formulations and
delivery methods have been
developed by strategic partner
canntab therapeutics.
pRoduCt
mANuFACtuRE
dIstRIButIoN
& sALEs
REsEARCh
CoLLABoRAtIoN
through hemp
hulling co. the
group is involved in
hulling in a world
class processing
plant.
considerable time
and resources applied to
driving new strategies to
enhance and refresh sales
and marketing to raise
brand and range awareness.
cann global together with
Medcan australia via a
facilitation agreement, and
t12 continue to focus on
enhancing distribution of
products into new markets.
support of
research initiatives
in medical cannabis
through Medical cannabis
research group.
this includes sponsoring
research undertaken
by technion into the
commercialisation of
cannabinoid products
to provide treatment for
those with auto-immune
diseases.
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ouR GEoGRAphIC
FootpRINt
A N N U A L F I N A N C I A L R E P O R T
CANADA
u.S.A.
HONG KONG
ISRAEL
VIETNAM
SOUTH AFRICA
AUSTRALIA
THAILAND
cann global operates a global business to leverage research and innovation
from its strategic partners, take advantage of efficiencies for cultivation
and processing, and access a broader market for distribution and sales.
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FY20 REVIEW
A N N U A L F I N A N C I A L R E P O R T
ouR YEAR IN REVIEW
1 JulY
2019
ACQuISItIon oF t12 HolDInGS
InCREASE IntERESt to 100%
in medical Cannabis Limited
FuRtHER 30% IntERESt ACQuIRED to 55%
in hemp hulling Co.
DAVID AuStIn, JonAtHAn CoHEn & JoHn EAStERlInG
join the Board as Independent directors. Alex Neuling
appointed Company secretary.
2 JulY
2019
2 JulY
2019
dRuG CoNtRoL REsEARCh LICENCE
secured by medcan
REInStAtEMEnt to oFFICIAl QuotAtIon ASX:CGb
In the healthcare sector
23 AuGuSt
2019
29 AuGuSt
2019
SuPPlY AGREEMEnt WItH CoStCo AuStRAlIA
for Vitahemp organic premium hemp oil Capsules
t12 SIGnS EXCluSIVE DIStRIbutIon AGREEMEnt
with EpCo Foods in Vietnam
5 SEPtEMbER
2019
9 SEPtEMbER
2019
EPCo GAInS APPRoVAl to IMPoRt
the complete range of t12’s hemp seed Foods
EQuItY PlACEMEnt to l1 CAPItAl GlobAl
5 noVEMbER
2019
11 noVEMbER
2019
t12 lAunCHES blACK lAbEl HEMP SEED RAnGE
incorporating Flax seed, Chia & manuka honey
CAnn GlobAl AnnounCES DEAl to SECuRE RIGHtS
to olivia’s Choice formulas
10 DECEMbER
2019
17 JAnuARY
2020
APPoIntMEnt oF MARIon lESAFFRE
as Chief Operating Officer
EPCo InCREASE oRDER bY 50%
SuPPlY AGREEMEntS WItH CoStCo AuStRAlIA
for two additional products - hemp protein powders
23 JAnuARY
2020
2 MARCH
2020
CAnntAb RECEIVES HEAltH CAnADA PRoCESSInG
and sales licence allowing them to provide commercial quantities
of the product to Australia and international markets
CAnn GlobAl SIGnS ContRACt AGREEMEnt
with AA BIo for hemp operations in thailand
15 JunE
2020
06
A N N U A L F I N A N C I A L R E P O R T
ExECutIVE ChAIR’s
mEssAGE
dEAR shAREhoLdERs,
I am pleased to present Cann Global Limited’s Annual Report for the financial year ended 30 June 2020 in its first
year since relisting. This past financial year has presented a number of challenges, not least the onset of a global
pandemic, but has also been a year of significant evolution and achievements for Cann Global.
early in the year cann global made a company transformational acquisition in acquiring plant-based food
business T12. This has significantly expanded our product offering and underpinned revenue growth through the
establishment of new distribution channels and growing product lines. we also expanded the group’s interests in
Asia establishing hemp cultivation operations in Thailand culminating in delivering a profit in its first year of operation.
thE BoARd ANd mANAGEmENt CoNtINuE to FoCus oN CoRE
stRAtEGIC pRIoRItIEs WhICh REINFoRCE thE FouNdAtIoNs FoR FutuRE
GRoWth ANd pRoVIdE A soLId pAth to AChIEVING pRoFItABILItY
ANd REtuRNs FoR ouR shAREhoLdERs.
CoVId-19 ANd RIsk mANAGEmENt
The coronavirus outbreak has put a lot of pressure on global economies and in turn financial markets, and indeed
the way in which we all live. worldwide we have had to reimagine the way we work, travel and socialise. this
global crisis has been a trigger of change and has shown that to rebuild our society and our economy, we must
all have a shared commitment to health and wellbeing which is at the core of cann global’s business.
it has also been a reminder of the importance of having robust governance, processes, systems and controls
to mitigate operational risks within businesses. the board together with management, has undertaken a full
assessment of operational and workplace risks and subsequently implemented additional necessary controls
and systems. as a global business, the company has experienced some challenges associated with the current
environment but this has had limited impact on the year’s performance.
VALuE CREAtIoN thRouGh dIVERsIFICAtIoN
cann global’s vision is to become a leader in the production and distribution of high quality medicinal cannabis,
hemp seed products and other wellbeing products. our business continues to adapt to the evolving industry, areas
of growing demand, and in particular changes in the legislative environment.
cann global’s strategy to continue to innovate and diversify by offering a number of product lines helps create
business resilience during times of economic uncertainty but also positions the group to leverage opportunities in
a changing industry landscape.
IN AddItIoN, thE GRoup Is FoCusEd oN stRENGthENING dIstRIButIoN
ChANNELs FoR thEsE pRoduCt LINEs thRouGh ACCEssING NEW GLoBAL
mARkEts WIth AN AIm to AChIEVE sCALE.
The Board and management team continually assess the Company’s operating strategy and are confident that
diversification supported by synergies and collaboration across the business portfolio will underpin future growth.
CommItmENt to REsEARCh
as a board we remain committed to supporting research and development of new products particularly in the
field of medicinal cannabis. Cann Global are driven to support patients who can benefit from new cannabinoid
formulations and are confident that together with evolving legislative frameworks, this can be achieved. The discovery of
new medical advancements in treating various autoimmune illnesses remains a significant opportunity for Cann Global.
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A N N U A L F I N A N C I A L R E P O R T
ExECutIVE ChAIR’s
mEssAGE
REGuLAtoRY ChANGEs pRoVIdE BEttER ACCEss to mEdICINAL CANNABIs pRoduCts
recent changes by the australian therapeutic goods administration in reclassifying cannabidiol (cbD)
products makes these products more accessible for those who can benefit most. Cann Global is well positioned
to benefit from this recent change once importation of Canntab cannabinoid tablets has been facilitated. This
reclassification is evidence of the recognition of the benefits of medicinal cannabis and bodes well for the future
growth of the industry.
BoARd ComposItIoN stRENGthENEd
following the relisting of cann global Limited driven by the change in industry focus from mining to healthcare
and wellbeing, we also made changes to strengthen our board with an aim to support future growth. after some
consideration of the appropriate board composition required to effectively oversee the governance and management
of the company we welcomed two new Non-Executive Directors, John Easterling and Jonathan Cohen. These Board
members were appointed in July 2019, and bring to the Board broad industry experience which has already
proven invaluable. at the same time we appointed new company secretary, alexander neuling.
During the past year, the board has provided invaluable guidance in overseeing the group’s evolution and growth. i
am confident that the Board’s composition as it stands now addresses our current requirements for strong industry
expertise, global knowledge and experience in disciplines relevant to cann global, and is therefore well equipped
to guide the strategic direction of the company as it grows.
that said, the board has a responsibility to review the skills mix and capabilities on an ongoing basis to ensure this
is aligned to the company’s strategic direction. a refresh from time to time brings new ideas and new relationships
which benefits the business and translates to value creation for the benefit of all shareholders.
WhILst 2020 WAs A ChALLENGING YEAR, thE BoARd Is pLEAsEd WIth thE
CoNtINuEd GRoWth ANd pRoGREss mAdE ACRoss th E CompANY’s VARIous
dIVIsIoNs ANd CoNtINuEd ExpoNENtIAL GR oWth oF REVENuEs ANd WE thANk
ALL oF CANN GLoBAL’s stAFF FoR thEIR CoNtINuEd EFFoRts ANd shAREhoLdERs
FoR thEIR suppoRt.
pNINA FELdmAN
Executive Chair
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A N N U A L F I N A N C I A L R E P O R T
CEo’s mEssAGE
ExECutIVE ChAIR’s
mEssAGE
dEAR shAREhoLdERs,
I would like to take this opportunity to update you on Cann Global’s significant progress in implementing its
business strategy since the reinstatement to official quotation in August 2019. I am pleased to report that we
have had a year of solid revenue growth and are confident in the value creation opportunities for shareholders
through transitioning into the healthcare and wellbeing industry.
our vision is to be a leader in the production and distribution of high-quality medicinal cannabis, hemp seed
and other health focused products. we are positioned to achieve this vision by focusing on our strategic priorities
to continue investing in innovative products, enhancing distribution channels, and continuing our commitment
to research. Our operations remain focused on cost efficient cultivation and production, and growing our
product lines and services by leveraging global partnerships and opportunities.
to capitalise on growing demand for health and wellbeing products and to identify emerging trends within
the industry, innovation is essential. improving operations and products are important and so is the way we
develop and execute our long-term strategy. Last year in a major milestone for the business, we are pleased
to have added plant-based food business t12 to our group which is delivering solid revenue growth as a result
of the establishment of new distribution channels and growing product lines.
2020 FINANCIAL pERFoRmANCE
$1.8
million
in sales revenue,
up 275%
on the prior year
$7.4m
in cash
reserves as at
30 June
2020
Looking back on 2020, i’m pleased to share that our commitment to
our core strategic priorities has resulted in strong revenue growth and
demonstrated our ability to execute as we transform our company
into a leading player in the global healthcare and wellbeing industry.
Despite significant market volatility during this global economic crisis,
we have grown our revenue both via disciplined business acquisition
and through organic growth, at the same time reducing our costs.
i am pleased to report a record revenue result of $1,781k for the year and
whilst the company still reported a loss this was significantly less than
the previous year, demonstrating the resilience of cann global during
the current uncertain environment. the company has remained largely
unimpacted by coviD-19 as a result of measures implemented to overcome
various operational challenges, including those associated with shipping
and legislative delays.
As expected, the underlying loss reflects the operating cost base for
the business as cann global continues to innovate with new products,
strengthen its distribution channels and invest for growth opportunities.
post balance date the group announced a rights issue and with the
support of our shareholders we raised over $3 million. these funds will
underpin the company’s growth over the next 12 months increasing
product inventory to meet demand, facilitate the path to sales for new
product lines, and support further research.
a good performance in 2020 provides a strong foundation for growth in
2021. there is still much work to be done, and we are excited about the
initiatives underway across our group to further improve our operations
during this time of change and deliver growth translating into value to
our shareholders.
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A N N U A L F I N A N C I A L R E P O R T
CEo’s mEssAGE
pREpARING FoR FutuRE GRoWth
we have in place an experienced management team with a solid track record in supporting our growth objectives.
The bench strength of our senior management team has been significantly enhanced during the course of the
year with the appointment of Marion Lesaffre as Chief Operating Officer. Ms Lesaffre was appointed following
almost 10 years with the company and having played an instrumental role in the company’s strategic direction
for some time. we also welcomed our new Director of sales & Marketing franc Zvonar who has already played
an integral role in developing sales and marketing strategies for our expanding product range. these important
appointments have been made to position the company for what we expect to be a period of sustained growth.
During the year, the company also continued to progress new product initiatives across our divisions, and we
anticipate new innovations including the pharmocann skincare range, new soft-gel chia capsules and a pet
food range to launch during the first half of this financial year.
More recently, the australian therapeutic goods administration in australia has announced that following research
and public consultation they have made an interim decision to reclassify cannabidiol (cbD) products. they have
concluded that cbD products at low dosages are deemed safe and can be dispensed by a pharmacist without
a doctor’s prescription. This is a significant development for the industry making these products more accessible
for those who can benefit most, and Cann Global is set to benefit initially through the sale of Canntab cannabinoid
tablets directly to pharmacies following the facilitation of their importation to australia.
we will also continue to pursue routes to market in china and expansion in asia in general, and clinical trials of
cannabis formulations to treat Ms and other autoimmune diseases, and we will provide further updates to the
market as these are progressed.
in a rapidly growing global market of people who seek wellness and relief from illness and an enhanced quality of
life, our mission is to help people gain access to high quality medicinal cannabis and other natural plant-based
products, promoting a healthy lifestyle. the evolving consumer demand and lifestyle advances are underlying
the changes we have seen in the food and healthcare industry in recent years.
CANN GLoBAL CoNtINuEs to BE WELL posItIoNEd to LEVERAGE ChANGEs IN thE
INdustRY ANd INCREAsEd dEmANd FoR hEALth ANd WELL-BEING pRoduCts.
i would like to take this opportunity to sincerely thank our shareholders, partners, suppliers, and the cann global
team for their continued support in paving the way for cann global to become a leader in the production and
distribution of high quality medicinal cannabis, hemp seed and other health and wellbeing products.
shoLoM feLDMan
Chief Executive Officer
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OUR BUSINESS
A N N U A L F I N A N C I A L R E P O R T
ouR stRAtEGIC pRIoRItItEs
value creation through focus on our strategic priorities
CoSt EFFICIEnt CultIVAtIon AnD PRoDuCtIon
Cost efficient extraction and manufacturing services for pharmaceutical
grade products in thailand in an ideal growing environment.
InnoVAtIon In PRoDuCt DEVEloPMEnt
Innovation in product development to meet growing demand for new products
including in new markets.
StREnGtHEn DIStRIbutIon CHAnnElS
strengthen existing distribution channels in Australia and Vietnam.
pursuit of new distribution channels in China, south korea and Japan.
lEVERAGE GlobAl PARtnERSHIPS
Leverage global partnerships channels in Israel, south East Asia, Europe,
North America & south Africa.
MEDICAl ADVAnCEMEnt tHRouGH RESEARCH
Continue to sponsor research which will contribute to medical advancement
and innovation in new products including use of our extensive seed bank.
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BusINEss oVERVIEW
KEY buSInESS DEVEloPMEntS
cann global operates in the healthcare, medical
and wellbeing sectors which continue to experience
growth, notwithstanding the challenges in the current
environment. the group has experienced continued
growth and progress made across the company’s
various divisions and continued growth of revenues.
a major milestone for the group in the last year has been
the acquisition of plant-based food business t12 which
produces and distributes a number of leading brands in
the hemp and health food sector. since acquisition t12
has experienced solid revenue growth as a result of the
establishment of new distribution channels and growing
product lines underpinning cann global’s record revenue
for the year.
the company continued to deliver on its strategic priorities
to efficiently manufacture its high-quality products,
to expand the product range through innovation to
leverage new markets, to strengthen its distribution
channels and to facilitate the distribution of its product
range globally. the company also continued supporting
research into the medicinal benefits of Cannabis products.
CoSt EFFICIEnt CultIVAtIon
AnD PRoDuCtIon
Another key development during the last financial year
was the establishment of the company’s commercial
seed operations in south east asia. cann global thailand
which is cultivating auto-flowering CBD hemp has entered
into supply agreements which has delivered a profit for
the Company in the first year of operation and bodes
well for continued growth in revenue from these operations.
A N N U A L F I N A N C I A L R E P O R T
InnoVAtIon In PRoDuCt
DEVEloPMEnt
cann global continued to progress new product initiatives
during the year across various divisions. the company
is well progressed to launch the pharmocann skincare
range, soft-gel chia capsules and a pet food range during
the first half of this financial year.
the new skin-care range will be marketed under the
cann global label for sale in australia and for export
to asia and other international markets. cann global’s
research indicates these new australian made and
manufactured skin-care products will be welcomed by
australian and asian consumers due to the current high
demand around the world for these types of products.
StREnGtHEnInG DIStRIbutIon
CHAnnElS
strengthening existing distribution channels, but also
extending the markets where cann global products can
be sold, has been a strategic priority. the group is continuing
to pursue routes to market in asia and china in particular,
where research has shown strong demand for health and
wellbeing products.
cann global continues to pursue distribution opportunities
in china and has sent various samples for testing to its
industry partners to continue developing its export strat-
egies. Exporting offers the Group further diversification of
the customer base.
Due to delays arising from the global pandemic,
progress towards the production and distribution of
medicinal cannabis in south africa through the joint
venture with Koegas Medicinal herbs has been put
on hold. at an appropriate time, the company will
resume efforts to establish its presence in this highly
strategic location, and leverage what is considered to
be a huge emerging market in this region.
lEVERAGInG GlobAl
PARtnERSHIPS
Cann Global continues to benefit from the services of
medcan Australia through a facilitation agreement where
medcan manages regulatory processes, distribution
pathways and logistics for the importation or exportation
of Cann Global’s products.
Cann Global also continues to leverage from its relationship
with expert partners in France, industry leaders in hemp
Cultivation, and experts in the beauty and health sector.
France is the second most prolific producer of hemp in
the world and the French cosmetic industry is a global
leader.
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BusINEss oVERVIEW
MEDICAl ADVAnCEMEnt
tHRouGH RESEARCH
the group continues to support research into the use of
medicinal cannabis and solid progress has been made
by strategic partner technion with successful in vitro and
in vivo trials of cannabis formulations to treat Ms and
other autoimmune diseases.
REGulAtoRY PRoGRESS
The Export Control Amendment (Certificate of Narcotics
Exports) Bill 2020 passed on 17 June 2020. The Bill serves
to broaden the framework under which the australian
government certifies agricultural exports by permitting
phytosanitary certification of legitimate exports of
narcotic products. this change now allows australian
exporters to access international markets such as
south-east asia and china. before the passing of this
bill narcotic goods including hemp foods and medical
Cannabis were excluded from the definition of goods
in the acts and were not eligible for australian government
certification to satisfy the importing requirements of
many overseas countries, including vietnam.
in another major development the therapeutic goods
administration (tga) in australia has recently announced
that following research and public consultation they
have made an interim decision to reclassify cannabidiol
(cbD) products. they have concluded that cbD prod-
ucts at low dosages are deemed safe and can be dis-
pensed by a pharmacist without a doctor’s prescription.
the tga’s provisional ruling means that these products
must be kept behind the counter at a pharmacy,
requiring interaction with a pharmacist prior to the
sale. companies can register their applicable
products to be available through a pharmacist.
this regulatory change is likely to benefit cann
global through wider distribution and sales of the
canntab cannabinoid tablets once importation
into australia has been facilitated.
DIVISIonAl DEVEloPMEntS
the following provides an overview of each of cann
global’s four key divisions.
01. Food
In July last year the Company acquired a 100% interest in
t12 holdings pty Ltd. t12 is the operating company which
owns organic Markets Direct (oMD), a major wholesaler
of health foods that include hemp seed products, chia
seeds, green Leaf stevia, cacao and other well-known
health foods.
t12 also owns and operates australian & international
brands including eM super foods products which can be
A N N U A L F I N A N C I A L R E P O R T
found at woolworths, australian grown naturals (agn)
and Black Bag. These brands have assisted significantly
in the distribution and production of cann global’s suite
of nutritional hemp products, in addition to the company’s
existing vitahemp brand.
Throughout the financial year T12 continued to strengthen
its food division distribution channels and introduce new
products. t12 also entered into a supply agreement with
Midlands tasmania for raw hemp seeds.
following costco australia’s initial order of vitahemp
hemp seed oil capsules in august 2019, cann global has
expanded its product range made available through
costco to include organic hemp protein powder.
an exclusive distribution agreement was signed with
epco food co in september last year facilitating
distribution of raw and packaged foods, including chia
seeds and more recently hemp seed food products to
the vietnamese market. the export of hemp seed food
products was delayed until the passing of the export
Control Amendment Bill in June 2020. Due to high demand
for the initial product range epco food co’s order has
since been extended to include nutraceutical products.
During the year the company also developed a number
of new products including chia oil soft gel capsules
and significant investment was made into new product
markets including hemp based pet-foods. t12 is
collaborating with an australian natural pet and equine
food manufacturer to develop market leading chia
and hemp-food including equine and plant-based
recovery foods.
over the past 12 months, management have invested
considerable time and resources into new strategies
to enhance and refresh the sales, marketing and
operational systems within t12 which is expected to
continue to yield results throughout the current financial
year.
Early in June 2020, T12 Tasmanian growers confirmed that
the new season contracted raw hemp seeds are ready
for dispatch, in addition to reporting a very successful
crop, exceeding the previous year yields.
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BusINEss oVERVIEW
2. hEmp CuLtIVAtIoN ANd
pRoCEssING
In its first month of operation, Cann Global Thailand a recently
incorporated 55% owned subsidiary, has pleasingly
generated a net profit of $143k which has served to highlight
the profit generating capability of this revenue for service
and capital light business model. this was underpinned by
an agreement with aa bio co Ltd, a company incorporated
in thailand, to provide extraction services to thai cultivators.
cann global’s launch into south-east asia continues
despite challenges presented by coviD-19 and border
closures. Following the execution of the first five customer
agreements, the first tranche of revenue was received in the
fourth quarter of fY20.
cann global thailand is specialising in the development
and sale of auto-flowering CBD hemp seeds. The Company
believes that a large niche market for autoflowering seeds
will develop in asia where the warmer growing conditions
allow for the outdoor cultivation of cbD hemp in the off
season.
cann global thailand also recently signed a supply
agreement with naga organics LLc (usa) valued at usD
750,000 whereby the company will be supplying five
million feminised auto-flowering CBD hemp seeds. These
purchase orders represent a major milestone for the
company’s commercial seed operation.
cann global have also recently entered into a contracting
agreement with aa bio Ltd, a company incorporated in
thailand, to undertake hemp cultivation activities, under the
current hemp regulations in thailand. aa bio is undertaking
a hemp research & development program with the
uttaradit rajabaht university which the cultivation and
extraction services are supporting. cann global is working
with aa bio to leverage this work.
A N N U A L F I N A N C I A L R E P O R T
3. mEdICINE
cann global entered into a 50/50 joint venture with
Canntab Therapeutics in January 2018 to bring their
suite of hard pill cannabinoid formulations to australia
and asia. these tablets have a distinct advantage over
competitors’ products as they represent a uniform
dosage tablet produced to pharmaceutical grade
standards and are already being distributed in canada
with success and have recently been patented in the us.
the company looks forward to releasing the product into
the Australian market for the first time, once appropriate
australian government approvals have been granted.
Medcan australia is managing the regulatory processes,
distribution pathways and logistics under the facilitation
agreement it has with cann global.
the company is continuing its discussion with industry
partners to develop protocols for randomised clinical
trials (rct) and cannabinoid Medicine observational
studies (cMos) in australia for the canntab products
and the Cannabis strain identified in the research
undertaken by Dr Dedi Meiri at the technion in israel.
the company signed an exclusive agreement to
commercialise the ip rights to olivia’s choice medical
cannabis formulas in December 2019, details of which
were announced at the time. this agreement is between
the company and John Easterling, a non-executive
director of the company, and as such is subject to
shareholder approval. in order to progress with this
agreement cann global continues to work towards
seeking appropriate regulatory approvals and permits
required to produce these formulas in australia and
make them available to patients through the special
access scheme.
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BusINEss oVERVIEW
A N N U A L F I N A N C I A L R E P O R T
BRANds
4. skINCARE
cann global has a 50/50 joint venture agreement with
one of israel’s leading cannabis companies pharmocann,
to produce and sell pharmocann’s unique advanced
cannabis-based treatment formulations, dermatological
and cosmetic beauty products.
cann global, in discussion with Medcan australia, and
manufacturing australian partners are continuing to
make preparations for the production and manufacture
of the new skin-care range which will be marketed under
the cann global label for sale in australia and for export
to asia and international markets.
following market research phases 1 and 2, cann global
is formalising its brand strategy and position along-
side pharmocann, as well as its go to market plans for
its range of plant-based skin care beauty products. a
pilot phase to analyse demand is expected to launch
this half year. preliminary preparations to produce and
manufacture the full range of cannabis and hemp skin-care
range under the JV are underway.
5. mINING opERAtIoNs updAtE
the company is progressing with renewal applications
and the preparation of further programs together with
the Queensland Department of natural resources to
ensure the company maintains its bauxite assets in
good standing.
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BoARd oF dIRECtoRs
pNINA FELdmAN
Executive Chair
A N N U A L F I N A N C I A L R E P O R T
Executive Chair and CEo of Asx listed companies over the last 20 years. she is a well
known entrepreneur in the mining industry and has been instrumental in establishing,
financing and developing numerous publicly listed, publicly unlisted and private companies.
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, from the
then member for Wentworth and former prime minister, the hon malcolm turnbull mp. mrs
Feldman studied Arts/Law at melbourne university.
shoLom FELdmAN
Chief Executive Officer
Mr Feldman has been Chief Executive Officer of Cann Global since he co-founded the
company in 2007. sholom was general manager of the publicly listed diamond Rose NL
between 1999 and 2005 and is a director of several private companies. he has extensive
experience in general commercial management, and has had advisory and company
secretarial roles in a number of publicly listed and private companies since 1999. sholom
studied an International mBA at Bar Ilan university Israel and has also completed courses
with the Chartered Institute of Company secretaries.
JoNAthAN CohEN
Independent Non-Executive Director
Jonathan is admitted to practice 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 NsW in 1999. he was admitted to the
Bar in New south Wales in 2007 and has practised continuously as a barrister in NsW. 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 and commercial law.
JohN EAstERLING
Independent Non-Executive Director
John Easterling has extensive experience developing therapeutical products from plants,
including many years of experience in medical cannabis cultivation and development of
products. he founded the Amazon herb Company in 1990 with his product formulations
generating over $100m in revenue worldwide. John has bred a dozen new genetics from the
Cannabis plant and his focus is on formulating a broad range of cannabinoid and terpene
profiles for therapeutic benefits. 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 an advocate for legislation reform in Australia to
allow for wider access for medical Cannabis.
dAVId AustIN
Independent Non-Executive Director
david is a solicitor practising in sydney. he has spent many years in the corporate world
in the computer, aerospace and heavy engineering industries, and worked for the Northern
territory Government in the 1980’s 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.
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shoLom FELdmAN
Chief Executive Officer
mr Feldman has been CEo of Cann Global since he co-founded the
company in 2007. As CEo, mr Feldman is responsible for the management
of the company, ensuring the organisation’s operations and business are
managed within the parameters set by the board. mr Feldman thrives to
create and sustain a culture of innovation and enablement, underpinned
by and expressing the values and vision of the company. sholom completed
an International mBA at Bar Ilan university Israel and has studied courses
with the Chartered Institute of Company secretaries.
mARIoN LEsAFFRE
Chief Operating Officer
As Coo mrs Lesaffre is responsible for implementing the strategic direction of
the company, and reviewing operational processes to maximise growth and
the appropriate path to profitability. Each of the divisional managers report
directly to mrs Lesaffre and she retains oversight of marketing activities as
well as finance and accounting. Mrs Lesaffre has been with Cann Global for
over 10 years and is passionate about the health and wellness industry. she
was the driving force behind the acquisition of medicinal Cannabis Limited in
2017 and the expansion into plant based food products via the acquisition of
t12, both of which were company transformational events. mrs Lesaffre has a
masters degree in Clinical psychology and an Advanced diploma in Western
herbal medicine.
ANdREW kAVAsILAs
Director, Medical Cannabis Limited
Andrew is the founder and a director of medical Cannabis Limited. he is
also secretary of the Australian hEmp party. Andrew has had a long and
in-depth association with hemp growing and the research of the therapeutic
properties of Cannabis. In 2001/02, Andrew was the only grower in Australia/
NsW permitted to cultivate high thC Cannabis for trials. the trials led Andrew
to publish his research in 2004, medical uses of Cannabis – Information
for medical practitioners. he is a regular participant at numerous parliamentary
Inquiries on medical and other Cannabis related law reform issues.
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A N N U A L F I N A N C I A L R E P O R T
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 2020 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 Chair
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
CEO
sholom feldman has been ceo 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 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.
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.
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JonAtHAn CoHEn (APPoIntED 2nD JulY 2019)
Non-executive Director
A N N U A L F I N A N C I A L R E P O R T
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 has extensive experience developing therapeutical products from plants, including
many years of experience in medical cannabis cultivation and development of products. he founded
the amazon herb company in 1990 with his product formulations generating over $100m in revenue
worldwide. John has bred a dozen new genetics from the Cannabis plant and his focus is on formulating a
broad range of cannabinoid and terpene profiles for therapeutic benefits. 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 an advocate for legislation reform in Australia to allow for wider
access for medical cannabis.
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.
AlEXAnDER nEulInG (APPoIntED 2nD JulY 2019)
Company Secretary
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:
pnina Feldman (1), (2)
sholom Feldman (1), (2)
david Austin
Jonathan Cohen
John Easterling
Ordinary shares
OptiOns Over Ordinary
shares
240,941,562
240,941,562
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23,671,875
23,671,875
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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 236,718,750 shares, and 23,671,875 options.
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shARE optIoNs
unissued shares under options
at the date of this report unissued ordinary shares of the company under option are 393,952,980.
(2019: 116,140,260)
A N N U A L F I N A N C I A L R E P O R T
made up Of:
obsidian
L1 Capital
unquoted options
total
25,000,000
31,140,000
337,812,980
393,952,980
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.
Earnings per share
Basic earnings (loss) per share
diluted earnings (loss) per share
Cents
(0.25)
(0.25)
dIVIdENds
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:
full bOard
remuneratiOn and
nOminatiOn COmmittee
audit & risk
COmmittee
attended
held
attended
held
attended
held
pnina Feldman
sholom Feldman
Jonathan Cohen
david Austin
John Easterling
meyer Gutnick
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1
1
1
1
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2
2
2
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Held: represents the number of meetings held during the time the Director held office.
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pRINCIpAL ACtIVItIEs
A N N U A L F I N A N C I A L R E P O R T
the principal activities of the group during the year were legally developing, growing, cultivating and
producing hemp and medicinal cannabis products..
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.
opERAtING ANd FINANCIAL REVIEW
Cann Global Ltd (ASX:CGB) (“CGB” or “the company”) presents the following report on financial
performance and business activities for the year ending 30 June 2020.
Financial review: business innovation drives strong revenue growth momentum
sales revenue for the year including all contracted sales was $1,805k, up 275% over the prior year (fY19:
$481k). this increase was due primarily to the acquisition of t12 in august 2019 and higher sales overall
driven by a focused retail and wholesale sales strategy.
the food division was the primary driver of revenue generation, delivering $1,630k for fY20, an increase
of 232% on the prior year (fY19: $481k). cann global thailand pty Ltd (55% owned) also contributed a
first-year profit of $143,250.
as a result of the growth in revenue, cost of goods sold has increased to $1,312k (fY19: $562k). pleasingly,
the growth in revenue outweighs the increase in the production and manufacturing costs and the
Group delivered a Gross Profit of $470k up 680% compared to a loss in the prior year (FY19: $81k).
Research expenses increased this financial year with $2,130k invested in Medical Cannabis research
(fY19: $408K). research results to date are very encouraging with trials focused on developing a product
that may assist people suffering from Ms and other autoimmune diseases.
Total expenses for the year were $6,660k ex finance costs, a reduction of 20% (FY19: $8,364), despite the
significant increase in research investment expenses during FY20.
finance costs have increased to $2,009k (fY19: $912k) due to the increased amount of funds raised
during the period.
net loss for the year is ($8,050k), an improvement of 13% over the previous period (fY19: $9,234k).
the balance sheet remains strong with cash reserves of $7,417k up 43% on the prior year (fY19: $5,184k)
and total current assets of $8,771k. this was predominantly due to the capital raising that took place
in July 2019. The rights issue post balance date has further increased cash reserves by over $3 million,
ensuring ongoing liquidity to drive further investment in new and existing ventures.
this increased cash reservs, together with increased inventory to meet ongoing demand for cann
global’s products, drove an increase in total assets up 53% to $16,547k.
Total equity increased significantly from $2,887k as at 30 June 2019 to $9,758k as at 30 June 2020.
Operational review: Significant progress in product development
and enhanced distribution channels
product developments during the year included chia oil soft-gel capsules and a new pet food range
anticipated to be launched in the first half of this financial year, as well as progress towards bringing
a suite of cannabinoid formulations developed by venture partner canntab therapeutics to australia
and asia.
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operational highlights include:
A N N U A L F I N A N C I A L R E P O R T
increased t12 marketing activities to increase brand and range awareness, launches new products
including a pet food range.
t12 expands distribution channels with supply agreements with costco australia and epco vietnam.
regulatory changes in thailand and vietnam have opened new market opportunities.
Cann Global Thailand established plans to focus on development of auto-flowering raw hemp seeds
and signs supply agreement with naga organics LLc (usa) valued at usD 750,000.
200Mt of hemp seed secured for processing, exceeding prior year yields.
canadian partners canntab have received their health canada processing and sales license, allow-
ing commercial quantities to be distributed to the australian and international markets.
technion concluded successful in vivo and in vitro trials of cannabis formulations to treat Ms patients
and began the application process for patents
cann global continues to seek appropriate regulatory approvals to facilitate distribution of new products
globally and supports research initiatives in medicinal cannabis in what remains an emerging market and
a significant opportunity.
The Group continues to hold bauxite assets in South Johnstone, Queensland and is progressing with re-
newal applications and the preparation of further programs together with the Queensland Department of
natural resources to ensure the company maintains these assets in good standing.
for further detail on business activities please refer to the executive chair’s Message, ceo’s Message and
business overview review which form part of this annual report.
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.cannglobal.com.au or contact: sholom
feldman, ceo.
e: sfeldman@cannglobal.com.au
ABout CANN GLoBAL
cann global Limited (asx:cgb) is a driving force in the hemp and medical cannabis industries. our strength
comes from our team’s core competencies and expertise, and our solid and strategic partnerships with
experts in australia, usa, israel, south east asia, and canada. we are working under the relevant legislation 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, most effective and sustainable
products.
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opERAtING REsuLts
A N N U A L F I N A N C I A L R E P O R T
The operating loss after tax for the year ended 30 June 2020 for the Group was $8,050,808 (2019: loss
$9,234,372).
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
Share capital raising
On the 3 July 2020, the company announced a rights issue to raise up to $4,237,486 at $0.005 per share
and with a free attaching option exercisable at 1.2c per share prior to 31 January 2022. On 28 July 2020,
the company announced that it had raised $2,200,748 under the rights issue. on 21 august 2020, the
company lodged a prospectus for the shortfall of the rights issue, and on the 28 august the company
announced that it had issued 153,676,366 shares under the shortfall offer for a total consideration of
$768,381 and on 21 september the company announced that it had issued an additional 81,800,000
shares under the shortfall offer for a total consideration of $409,000.
Coronavirus (CoVID-19) pandemic
the impact of the coronavirus (coviD-19) pandemic is ongoing and it is not practicable to estimate the
potential impact after the reporting date. the situation is rapidly developing and is dependent on measures
imposed by the australian government and other countries, such as maintaining social distancing
requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
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 oF oFFICERs ANd AudItoRs
During the financial year, the Company paid a premium in respect of a contract insuring all the directors
and officers of the Consolidated Entity against liabilities incurred in their capacities as directors and officers
to the extent permitted by the corporations act 2001.
Disclosure of the nature of the liabilities covered and the amount of the premium is prohibited by a
confidentiality clause in the contract of insurance.
The Company has not otherwise, during or since the financial year, except to the extent permitted by
law, indemnified or agreed to indemnify an officer or an auditor of the Company or of any related body
corporate against a liability incurred as such officer or auditor.
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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:
A N N U A L F I N A N C I A L R E P O R T
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
- half-year
- other services
2020
$
57,556
38,350
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AudItEd
A N N U A L F I N A N C I A L R E P O R T
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.
the remuneration committee is responsible for reviewing remuneration arrangements for its Directors
and executives and for making recommendations to the board on remuneration policies.
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.
the company’s remuneration policy is reviewed at least once a year and is subject to amendments to
ensure it reflects the best market practice.
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
Dr. robert coenraads - principal geologist, exploration and Mining; and
Sholom Feldman - Chief Executive Officer
in respect of each of these executives (Key persons), agMpL was paid a retainer for the period ended 30
June 2020. 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.
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A N N U A L F I N A N C I A L R E P O R T
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 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 no longer provides fully serviced offices, effective from 26 September 2019. The Company’s head
office has been relocated to 133 Castlereagh Street, Sydney NSW 2000.
aGmpl serviCes
Rent
management and secretarial
Geologist fees
Executive and corporate services (directors
Fees)
Reimbursement of expenses
marketing services
Administration services
totAL
2020
$
25,635
180,000
198,000
624,000
13,543
200,579
54,000
1,295,757
2019
$
175,317
180,000
360,000
624,000
17,490
330,000
120,000
1,806,807
NoN-ExECutIVE dIRECtoRs
non-executive directors are paid up to $30,000 per annum directors fees.
dIRECtoR ANd ExECutIVE dIsCLosuREs
Details of Directors and Company Executives (including Key Management Personnel)
the remuneration report outlines the company’s remuneration strategy for the financial year 2020
and provides detailed information on the remuneration outcomes for the year for Directors and other
Key Management personnel. 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.
the directors are pleased to present the remuneration report for the company and its subsidiaries for the
financial year ended 30 June 2020. This report forms part of the Directors’ Report and has been prepared
and audited in accordance with the requirements of the corporations’ act 2001.
name
pnina Feldman
sholom Feldman
John Easterling
Jonathan Cohen
david Austin
marion Lesaffre
title
Executive Chair
Chief Executive Officer
Non-Executive Independent director – Appointed 2 July 2019
Non-Executive Independent director – Appointed 2 July 2019
Non-Executive Independent director
Chief Operating Officer – Appointed 17 January 2020
Alexander Neuling
Company secretary – Appointed 2 July 2019
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REmuNERAtIoN REpoRt - AudItEd
A N N U A L F I N A N C I A L R E P O R T
Remuneration of Directors and Key Management Personnel
Details of the remuneration of Directors and Key Management personnel is set out in the table below:
Short-term
employment benefitS
poSt-
employment
Share-baSed
paymentS
other
total
FInAnCIAl
YEAR
SAlARY
AnD FEES
StI CASH
bonuS
non-
MonEtARY
bEnEFItS
SuPER-
AnnuAtIon
tERMInAtIon
bEnEFItS
SHARES oPtIonS
bonuSES
$
$
$
$
$
$
$
$
$
$
EXECutIVE
DIRECtoRS
pnina Feldman
2020
312,000
2019
sholom Feldman
2020
2019
312,000
312,000
312,000
non-EXECutIVE
DIRECtoRS
Jonathan Cohen
2020
30,000
2019
-
david Austin
2020
30,000
2019
20,000
John Easterling
2020
2019
2019
meyer Gutnick
otHER KMPS
-
-
70,000
marion Lesaffre
2020
177,840
2019
-
totAl
CoMPEnSAtIon
directors including
key management
personnel
2020
861,840
2019
714,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16,895
-
16,895
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
312,000
312,000
312,000
312,000
30,000
-
30,000
20,000
-
-
70,000
194,735
-
878,735
714,000
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REmuNERAtIoN REpoRt - AudItEd
A N N U A L F I N A N C I A L R E P O R T
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:
2020
direCtOrs
vested
number
Granted
number
Grant
date
value per
OptiOn at
Grant date
exerCise
priCe
per share
first
exerCise
date
last
exerCise
date
pnina Feldman
sholom Feldman
John Easterling
Jonathan Cohen
david Austin
totAl
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2019
direCtOrs
vested
number
Granted
number
Grant
date
value per
OptiOn at
Grant date
exerCise
priCe
per share
first
exerCise
date
last
exerCise
date
pnina Feldman
sholom Feldman
meyer Gutnick
david Austin
totAl
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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:
2020
direCtOrs
held at
1 July 2019
aCquired
dispOsed
pnina Feldman (1)(2)
193,597,812
sholom Feldman (1)(2)
193,597,812
John Easterling
david Austin
Jonathan Cohen
-
-
-
meyer Gutnick (3)
1,748,304
-
-
-
-
-
-
-
-
-
-
-
1,748,304
2019
direCtOrs
held at
1 July 2018
aCquired
dispOsed
pnina Feldman (1)(2)
193,597,812
sholom Feldman (1)(2)
193,597,812
-
-
-
-
held at 30
June 2020
193,597,812
193,597,812
-
-
-
-
held at 30
June 2019
193,597,812
193,597,812
meyer Gutnick
david Austin
5,000,000
1,748,304
5,000,000
1,748,304
-
-
-
-
(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.
(3) Ordinary shares disposed is not a disposal as such but represents the number of shares held at date of resignation on 2 July 2019.
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FINANCIAL stAtEmENts
REmuNERAtIoN REpoRt - AudItEd
A N N U A L F I N A N C I A L R E P O R T
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.
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
2020
no shares were issued to non-executive Directors in lieu of Directors fees.
2019
no shares were issued to non-executive Directors in lieu of Directors fees.
end of audited remuneration report.
LEAd AudItoR’s INdEpENdENCE dECLARAtIoN uNdER sECtIoN 307 C
oF thE CoRpoRAtIoNs ACt 2001
the lead auditor’s independence declaration is set out on page 30 and forms part of the directors’ report
for the year ended 30 June 2020.
signed in accordance with a resolution of the board of Directors:
pnina feLDMan, Executive Chair
Dated this 30th september 2020
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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 2020, 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
Dated: 30 September 2020
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FINANCIAL STATEMENTS
A N N U A L F I N A N C I A L R E P O R T
CoNsoLIdAtEd stAtEmENt oF pRoFIt oR Loss ANd othER CompREhENsIVE INComE
For the year ended 30 June 2020
COnsOlidated
Revenue from sales
operating revenue
Cost of goods sold
groSS profit/(loSS)
R&d Refund
total other income
Administrative and corporate expenses
sales and marketing
depreciation
Amortisation
Foreign currency exchange gain/(loss) realised
Loss on equity settled liabilities
Legal expenses
directors fees CGB
directors fees mCL
occupancy expenses
Exploration written off
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
nOte
8
8
9
9
12
10
10
14
2020
$
1,781,723
1,781,723
(1,311,860)
469,863
23,281
23,281
(1,673,403)
(207,319)
(45,564)
(33,574)
7,313
(399,345)
(171,085)
(684,000)
(120,000)
(112,905)
-
79,258
-
(2,130,349)
-
(209,122)
(186,057)
(773,946)
2019
$
480,647
480,647
(562,218)
(81,571)
-
-
(1,708,525)
(226,420)
(22,530)
(39,550)
(24,810)
-
(713,533)
(714,000)
(120,000)
(267,871)
(13,683)
(485,036)
(2,902,853)
(407,878)
(75,313)
(252,781)
(132,105)
(257,583)
(6,660,098)
(8,364,471)
124,725
(2,008,579)
(1,883,854)
(8,050,808)
-
123,285
(911,615)
(788,330)
(9,234,372)
-
loSS after tax from continuing operationS
(8,050,808)
(9,234,372)
other comprehensive income, net of tax
-
total comprehenSive loSS
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(8,050,808)
Loss attributable to members of Cann Global Limited
total comprehenSive income attributable to
memberS of cann global limited
loSS attributable to non-controlling intereSt
total comprehenSive income attributable to
non-controlling intereSt
baSic loSS per Share (centS per Share)
diluted loSS per Share (centS per Share)
(8,012,138)
(8,012,141)
(38,670)
(38,670)
(0.25)
(0.25)
11
11
-
(9,234,372)
(6,434,935)
(6,434,935)
(2,799,437)
(2,799,437)
(0.57)
(0.57)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
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Note 18. Inventories
FINANCIAL stAtEmENts
Consolidated Statement of Financial Position
As at 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
nOte
2020
$
2019
$
COnsOlidated
aSSetS
current aSSetS
Cash and cash equivalents
prepayments
trade and other receivables
Inventories
total current aSSetS
non-current aSSetS
Exploration and evaluation
property, plant and equipment
Right-of-use assets
Intangible assets
Investments
Equity-accounted investees
total non-current aSSetS
total aSSetS
liabilitieS
current liabilitieS
trade and other payables
Current tax liability
Lease liabilities
Other financial liabilities
total current liabilitieS
non current liabilitieS
Lease liabilities
total non current liabilitieS
total liabilitieS
net aSSetS
eQuity
share capital
share based payments reserve
Acquisition of NCI reserve
Accumulated losses
total
Non-controlling interest
total eQuity
16
17
18
19
20
21
22
23
24
28
27
25
26(i)
26(ii)
37
31
7,417,095
154,591
709,632
489,475
8,770,793
2,451,028
486,458
138,416
4,501,160
200,000
2
7,777,064
16,547,857
2,067,980
292,666
77,184
4,290,747
6,728,577
61,232
61,232
6,789,809
9,758,048
84,159,575
6,027,318
(42,498,259)
(37,870,544)
9,818,090
(60,042)
9,758,048
5,183,769
103,513
936,057
168,864
6,392,203
2,238,019
73,403
-
1,919,311
-
210,975
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
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The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
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aCCumulated
lOsses
$
share based
payments reserve
$
aCquisitiOn Of
nOn-COntrOllinG
interests reserve
$
nOn-COntrOllinG
interest (nCi)
$
tOtal equity
$
(23,617,200)
(6,434,935)
20,207
-
-
4,701,599
-
(20,207)
257,583
314,397
173,522
-
-
-
-
-
-
-
-
864,148
(2,799,437)
-
-
-
11,549,389
(9,234,372)
-
257,583
314,397
(173,522)
-
(2,108,811)
2,886,997
FINANCIAL stAtEmENts
Consolidated Statement of Changes in Equity
For the year ended 30 June 2020
COnsOlidated
nOte
balance at 1 July 2018
Loss for the year
transfer from share-based payments
reserve to accumulated losses
share and option-based payments
12
share based payment related to options
issued in respect of the issue of convertible
securities
transfer from accumulated losses to non-
controlling interest
issued
Capital
$
29,600,842
-
-
-
-
-
balance at 30 June 2019
29,600,842
(29,858,406)
5,253,372
COnsOlidated
nOte
issued
Capital
$
aCCumulated
lOsses
$
share based
payments reserve
$
aCquisitiOn Of
nOn-COntrOllinG
interests reserve
$
nOn-COntrOllinG
interest (nCi)
$
tOtal equity
$
balance at 1 July 2019
Loss for the year
share and option-based payments
Acquisition of additional 45% interest in
mCL
12
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shares issued during the year
29,600,842
(29,858,406)
5,253,372
-
-
40,410,820
14,147,913
(8,012,138)
-
-
-
-
773,946
-
-
-
-
-
(2,108,811)
(38,670)
-
(42,498,259)
2,087,439
-
-
balance at 30 June 2020
84,159,575
(37,870,544)
6,027,318
(42,498,259)
(60,042)
2,886,997
(8,050,808)
773,946
-
14,147,913
9,758,048
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
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FINANCIAL stAtEmENts
Consolidated Statement of Cash Flows
For the year ended 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
COnsOlidated
caSh flowS from operating activitieS
Receipts from customers
payments to suppliers and employees
Interest received
R&d Grant
Interest paid
nOte
2020
$
2019
$
1,803,296
(6,727,564)
124,725
23,281
-
291,777
(4,284,646)
123,285
-
(1,505)
net caSh outflow from operating activitieS
35a
(4,776,262)
(3,871,089)
caSh flowS from inveSting activitieS
payment for property, plant and equipment
payment for intangibles
payment for exploration assets
Net cash outflow from investing activities
Cash flows from financing activities
Loan provided by/(to) 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 repaid (to)/provided by related party - mCL director
Loan repaid (to)/provided by related party – CGB director
Loan provided by other entity
Loan repaid by Volcan Australia Corporation pty Ltd
proceeds from convertible securities
proceeds from share capital issued
Loans repaid to seed capital
proceeds from seed capital loans
net caSh inflow from financing activitieS
net increaSe/(decreaSe) in caSh and caSh eQuivalentS
Cash and cash equivalents at the beginning of the year
Cash acquired from hemp hulling Co and t12 Acquisition
Cash and cash equivalents at the end of the year
16
(16,834)
(14,750)
(213,009)
(244,593)
39,641
-
-
-
-
(482,908)
(115,037)
-
79,258
2,833,200
6,618,560
(1,758,000)
-
7,214,714
2,193,859
5,183,769
39,467
7,417,095
-
(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
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 1. Reporting Entity
A N N U A L F I N A N C I A L R E P O R T
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 2020 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, other than AASB 16:
Leases. refer to note 3.
The consolidated financial statements were authorised for issue by the Board of Directors on 30
September 2020. 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 5.
ii Other non-derivative financial liabilities
the methods used to measure fair values are discussed further in note 5.
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.
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.
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
e. Key estimates and judgements
iMpairMent
A N N U A L F I N A N C I A L R E P O R T
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.
coronavirus (coviD-19) panDeMic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic
has had, or may have, on the company based on known information. this consideration extends to
the nature of the products and services offered, customers, supply chain, staffing and geographic
regions in which the company operates. Other than as addressed in specific notes, there does not
currently appear to be either any significant impact upon the financial statements or any significant
uncertainties with respect to events or conditions which may impact the company unfavourably as at
the reporting date or subsequently as a result of the coronavirus (coviD-19) pandemic.
convertibLe securities
Management uses valuation techniques in determining the fair value of convertible securities (both
host contract and conversion features). refer to note 5 for the description of the fair value measurement
of convertible securities.
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.
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 recognized 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 Group has adopted this standard from 1 July 2019. The Group applied the
modified retrospective approach under Paragraph C8(b)(ii).
right-of-use assets
the group has operating lease contracts for property, which are recognised on the balance sheet at
commencement of the lease, with the exception of short-term leases not exceeding 12 months. the
group applied practical expedients and the exemption to short-term leases available in the accounting
standard.
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iMpact of aDoption of aasb 16
A N N U A L F I N A N C I A L R E P O R T
During the year ended 30 June 2020, the Group recognised a right-of-use asset of $138,416 and a lease
liability of $138,416. the impact of aasb 16 on retained earnings was $nil.
the group applied an incremental borrowing rate of 4.5%.
The implementation of AASB 16 resulted in no change to leasing expense or profit before tax.
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 2020. 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.
Conceptual Framework for Financial Reporting (Conceptual Framework)
the revised conceptual framework is applicable to annual reporting periods beginning on or after
1 January 2020 and early adoption is permitted. The Conceptual Framework contains new definition
and recognition criteria as well as new guidance on measurement that affects several accounting
standards. where the consolidated entity has relied on the existing framework in determining its
accounting policies for transactions, events or conditions that are not otherwise dealt with under the
australian accounting standards, the consolidated entity may need to review such policies under
the revised framework. at this time, the application of the conceptual framework is not expected to
have a material impact on the consolidated entity’s financial statements.
Note 4. 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. basis of consolidation
i 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.
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ii Subsidiaries
A N N U A L F I N A N C I A L R E P O R T
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. Foreign currency
i 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. Financial instruments
i Non-derivative financial assets
cash anD cash eQuivaLents
Cash and cash equivalents includes cash on hand and deposits held at call with financial institutions.
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traDe anD other receivabLes
A N N U A L F I N A N C I A L R E P O R T
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.
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. Property, plant and equipment
i 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.
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ii Subsequent costs
A N N U A L F I N A N C I A L R E P O R T
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.
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
10 years
plant and equipment
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. 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.
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g. Goodwill
A N N U A L F I N A N C I A L R E P O R T
Goodwill represents the future economic benefits arising from a business combination that are not
individually identified and separately recognised. Goodwill is carried at cost less accumulated impairment
losses. refer note 4a for information on how goodwill is initially determined. refer to note 4i for a description
of impairment assessment 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.
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.
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:
seedbank and plant genetics 10 years
intellectual property – website 2 years
i. Impairment
i 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.
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ii Non-financial assets
A N N U A L F I N A N C I A L R E P O R T
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 recognised.
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. Right-of-use assets
a right-of-use asset is recognised at the commencement date of a lease. the right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable,
any lease payments made at or before the commencement date net of any lease incentives
received, any initial direct costs incurred, and, except where included in the cost of inventories, an
estimate of costs expected to be incurred for dismantling and removing the underlying asset, and
restoring the site or asset.
right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or
the estimated useful life of the asset, whichever is the shorter. where the consolidated entity expects
to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated
useful life. right-of use assets are subject to impairment or adjusted for any remeasurement of lease
liabilities.
l. lease liabilities
A lease liability is recognised at the commencement date of a lease.
the lease liability is initially recognised at the present value of the lease payments to be made over
the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the consolidated entity’s incremental borrowing rate. Lease payments comprise
of fixed payments less any lease incentives receivable, variable lease payments that depend on an
index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a
purchase option when the exercise of the option is reasonably certain to occur, and any anticipated
termination penalties. the variable lease payments that do not depend on an index or a rate are
expensed in the period in which they are incurred.
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A N N U A L F I N A N C I A L R E P O R T
Lease liabilities are measured at amortised cost using the effective interest method. the carrying
amounts are remeasured if there is a change in the following: future lease payments arising
from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase
option and termination penalties. when a lease liability is remeasured, an adjustment is made to
the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use
asset is fully written down.
the consolidated entity has elected not to recognise a right-of-use asset and corresponding lease
liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease
payments on these assets are expensed to profit or loss as incurred.
m. Revenue
revenue is recognised 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
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.
n. Research and development
Expenditure on research activities is recognised in profit and loss as incurred.
o. 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.
p. 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 recognised in respect of temporary differences between the carrying amount of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
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A N N U A L F I N A N C I A L R E P O R T
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.
a deferred tax asset is recognised 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
utilised. 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.
q. 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.
r. 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.
s. Going concern basis of accounting
Notwithstanding the loss for the year of $8,050,808, negative cash flows from operations of
$4,776,262 and historical financial performance, and net current liabilities of $2,042,216, 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 $7,417,095, additional cash over $3 million from a capital raising subsequent
to year-end, conversion to shares of convertible securities, and the directors’ understanding of
expected net cash outflows in the coming financial year.
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Note 5. Determination of fair values
A N N U A L F I N A N C I A L R E P O R T
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
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 6. Financial risk management
a. overview
The Company and Group have exposure to the following risks from their use of financial instruments:
liquidity risk
market risk
interest rate risk
foreign currency risk
credit risk; and
price 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.
b. 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.
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interest rate risK
A N N U A L F I N A N C I A L R E P O R T
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.
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 2020 – CoNtRACtuAL CAsh FLoWs
CarryinG
amOunt
$
tOtal
$
less than
12 mOnths
$
1-2 years
$
2-5 years
$
mOre than
5 years
$
Non derivative financial liabilities
obsidian
3,903,889
4,203,889
4,203,889
L1 Capital Global
85,200
85,200
85,200
Loan - A kavasilas
211,113
211,113
211,113
Loan – other
90,545
90,545
90,545
trade and other payables
2,067,980
2,067,980
2,067,980
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30 JuNE 2019 – CoNtRACtuAL CAsh FLoWs
CarryinG
amOunt
$
tOtal
$
less than
12 mOnths
$
1-2 years
$
2-5 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
Loan – other
115,037
115,037
115,037
153,333
153,333
153,333
trade and other payables
1,249,247
1,249,247
1,249,247
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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FINANCIAL stAtEmENts
For the Year ended 30 June 2020
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.
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.
c. 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.
conSolidated entity
weighted average
effective
intereSt rate
intereSt
bearing
fixed
intereSt
bearing -
floating
non-intereSt
bearing
total
2020
%
2019
%
2020
$
2019
$
2020
$
2019
$
2020
$
2019
$
2020
$
2019
$
FInAnCIAl
ASSEtS:
Cash and cash
equivalents
trade and other
receivables
FInAnCIAl
lIAbIlItIES:
trade and other
payables
Current tax
liability
1.98%
2.10%
-
-
-
-
-
-
Other financial
liabilities
38.10%
81.10%
Interest rate sensitivity analysis
-
-
-
-
-
-
-
-
-
153,333
7,416,995
5,183,669
100
100
7,417,095
5,183,769
-
-
-
-
-
-
-
-
-
-
709,632
936,057
709,632
936,057
1,249,247
2,067,980
1,249,247
292,666
292,666
292,666
292,666
4,290,747
6,251,668
4,290,747
6,405,001
At 30 June 2020, 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%
2020
$
74,170
2019
$
51,834
decrease in interest rate by 1%
(74,170)
(51,834)
F
I
N
A
N
C
I
A
L
s
t
A
t
E
m
E
N
t
s
47
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
d. 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:
ToTal carrying
amounT
Fair value
ToTalcarrying
amounT
Fair value
2020
$
7,417,095
709,632
2,067,980
292,666
4,290,747
2020
$
7,417,095
709,632
2019
$
2019
$
5,183,769
5,183,769
936,057
936,057
2,067,980
1,249,247
1,249,247
292,666
4,290,747
292,666
292,666
6,405,001
6,405,001
FInAnCIAl ASSEtS
Cash and cash equivalents
trade and other receivables
FInAnCIAl lIAbIlItIES
trade and other payables
Current tax liability
Other financial liabilities
F
I
N
A
N
C
I
A
L
s
t
A
t
E
m
E
N
t
s
48
A N N U A L F I N A N C I A L R E P O R T
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 7. 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.
COnsOlidated – 2020
revenue
segment revenues
Less: Intersegment revenues
total revenue
Interest income
depreciation
Amortisation
Impairment of receivables
Finance costs
other costs
mininG explOratiOn
and evaluatiOn
Cannabis
COrpOrate
tOtal
-
-
-
(4,603)
-
-
1,805,004
-
-
-
1,805,004
-
1,805,004
1,805,004
-
124,725
124,725
(40,961)
(33,574)
-
79,258
(45,564)
(33,574)
79,258
-
(2,008,579)
(2,008,579)
(3,798,649)
(4,173,429)
(7,972,078)
loSS before income tax expenSe
(4,603)
(2,068,180)
(5,978,025)
(8,050,808)
Income tax expense
loSS after income tax expenSe
Capital Expenditures
total aSSetS
total liabilitieS
-
(4,603)
214,727
2,471,882
-
-
-
-
(2,068,180)
(5,978,025)
(8,050,808)
16,834
6,497,774
797,740
-
231,561
7,578,201
16,547,857
5,992,069
6,789,809
F
I
N
A
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I
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L
s
t
A
t
E
m
E
N
t
s
49
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 7. Operating segments (continued)
A N N U A L F I N A N C I A L R E P O R T
COnsOlidated – 2019
revenue
segment revenues
Less: Intersegment revenues
total revenue
intereSt income
depreciation
amortiSation
-
Impairment of receivables
Finance costs
other costs
Loss before income tax expense
Income tax expense
Loss after income tax expense
mininG explOratiOn
and evaluatiOn
Cannabis
COrpOrate
tOtal
-
-
-
-
(13,038)
-
-
(13,683)
(26,721)
-
(26,721)
480,647
-
480,647
-
-
-
-
123,285
(13,241)
(35,800)
(478,902)
-
-
-
(6,134)
(911,615)
480,647
-
480,647
123,285
(26,279)
(35,800)
(485,036)
(911,615)
(4,969,601)
(3,396,290)
(8,379,574)
(5,016,897)
(4,190,754)
(9,234,372)
-
-
-
(5,016,897)
(4,190,754)
(9,234,372)
Capital expenditures
374,259
25,600
-
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
F
I
N
A
N
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I
A
L
s
t
A
t
E
m
E
N
t
s
50
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
Note 7. Operating segments (continued)
c. Disaggregation of revenue
the disaggregation of revenue from contracts with customers is as follows:
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
services transferred at a point in time
hemp fOOd
prOduCts
2020
$
1,594,394
26,187
1,746
58,194
23,278
10,475
7,856
59,593
hemp fOOd
prOduCts
2019
$
194,164
95,047
79,664
57,080
10,757
25,262
8,423
10,250
1,781,723
480,647
1,050,192
731,531
1,781,723
1,781,723
-
1,781,723
480,647
-
480,647
480,647
-
480,647
F
I
N
A
N
C
I
A
L
s
t
A
t
E
m
E
N
t
s
51
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 8. Revenue and other income
A N N U A L F I N A N C I A L R E P O R T
Revenue from sale of goods
Revenue from services
other income
Interest income
Research & development Grant for FY18
Note 9. Expenses
COnsOlidated
adminiStrative & corporate expenSeS
salaries and consulting fees CGB
salaries and consulting fees t12
shareholders' services
other administrative expenses
occupancy expenSeS
Warehouse t12/Vitahemp
Headquarter offices CGB
Note 10. Net Finance Costs
COnsOlidated
Interest income on cash at bank
finance income
Financial liabilities measured at amortised
cost – interest expense
finance coStS
net finance coStS
2020
$
1,630,532
151,191
-
124,725
23,281
1,929,729
2020
$
(576,390)
(577,398)
(141,296)
(378,319)
(1,673,403)
(107,202)
(5,703)
(112,905)
2020
$
124,725
124,725
(2,008,579)
(2,008,579)
(1,883,854)
2019
$
480,647
-
-
123,285
-
603,932
2019
$
(532,007)
(165,925)
(559,525)
(451,068)
(1,708,525)
(41,304)
(226,567)
(267,87)
2019
$
123,285
123,285
(911,615)
(911,615)
(788,330)
F
I
N
A
N
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I
A
L
s
t
A
t
E
m
E
N
t
s
52
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 11. Earnings per share
COnsOlidated
baSic earningS per Share
a. Basic loss per share (cents)
Loss attributable to ordinary shareholders ($)
Earnings used to calculate basic Eps ($)
A N N U A L F I N A N C I A L R E P O R T
2020
$
(0.25)
(8,012,138)
(8,012,138)
2019
$
(0.57)
(9,234,372)
(9,234,372)
b. Issued ordinary shares at 1 July
1,612,435,425
1,606,852,092
Effect of shares issued during the year
1,530,967,451
4,830,593
.
Weighted average number of ordinary shares at 30 June
3,143,402,876
1,611,682,685
diluted earningS per Share
a. diluted loss per share (cents)
Loss attributable to ordinary shareholders ($)
Earnings used to calculate diluted Eps ($)
(0.25)
(8,012,138)
(8,012,138)
(0.57)
(9,234,372)
(9,234,372)
b. Weighted average number of ordinary shares (basic)
3,143,402,876
1,611,682,685
Weighted average number of ordinary shares (diluted) at 30 June
3,143,402,876
1,611,682,685
As at 30 June 2020, 56,140,000 options (2019: 31,140,000) and 50,000,000 performance shares (2019:
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.
F
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N
A
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I
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L
s
t
A
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E
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t
s
53
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
Note 12. Share based payment arrangement
Description of the share based payment arrangements.
The following share based payment arrangements exist as at 30 June 2020.
ordinary shares granted
On 19 July 2019 the Company issued 5,405,405 shares to Sebastian and Samuel Edwards as consideration for
t12 management fees. the share price at the grant date was $0.035 per share, resulting in consideration for
consulting services of $189,189.
On 19 July 2019, the Company issued 2,250,000 shares to Medcan Australia as consideration for facilitation
services. the share price at grant date was $0.035 per share, resulting in consideration for facilitation
services of $78,750.
on 15 november 2019, the company issued 10,250,295 shares to consultants as consideration for
consulting services. the share price grant date was $0.025, resulting in consideration for consulting
services of $256,257.
on 26 november 2019, the company issued 3,330,000 shares to Medcan australia as consideration for
facilitation services. the share price at the grant date was $0.025 per share, resulting in consideration for
facilitation services of $83,250.
on 5 february 2020, the company issued 1,956,054 shares to neil sweeny as consideration for
consulting fees. the share price at the grant date was $0.015 per share, resulting in consideration
for consulting services of $30,000.
on 8 april 2020, the company issued 13,512,779 shares to Medcan australia as consideration for facilitation
services. the share price at the grant date was $0.01 per share, resulting in consideration for facilitation
services of $136,500.
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 ordinary shares 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.
Expenses recognised in Profit & Loss
COnsOlidated entity
eQuity Settled Share baSed payment tranSactionS
Consulting fees – ordinary shares granted
2020
$
773,946
773,946
2019
$
257,583
257,583
F
I
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A
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I
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L
s
t
A
t
E
m
E
N
t
s
54
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Reconciliation of outstanding share options
A N N U A L F I N A N C I A L R E P O R T
2020
2020
2019
2019
nuMbER oF
oPtIonS
WEIGHtED
AVERAGE
EXERCISE PRICE
nuMbER oF
oPtIonS
WEIGHtED
AVERAGE
EXERCISE PRICE
outstanding at the beginning
of the year
31,140,000
0.050
2,846,046
0.06
0.05
-
-
0.06
0.05
0.05
Granted
Forfeited
Exercised
Expired
25,000,000
0.025
31,140,000
-
-
-
-
-
-
0.039
0.039
-
-
(2,846,046)
31,140,000
31,140,000
outstanding at year-end
EXERCISAblE At YEAR-EnD
56,140,000
56,140,000
There were no options exercised during the year ended 30 June 2020 (2019: Nil) in respect of share-based
payment arrangements.
Note 13. Key Management Personnel Disclosure
a. 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
pnina Feldman
sholom Feldman
John Easterling
david Austin
Jonathan Cohen
marion Lesaffre
pOsitiOn
Executive Chairperson
Executive director
Non-Executive director
Non-Executive director
Non-Executive director
Chief Operating Officer
b. the aggregate compensation made to directors and other members of key management personnel
of the consolidated entity is set out below:
COnsOlidated
Short-term employee benefits
Post-employment benefits
Long-term benefits
share-based payments
2020
$
2019
$
878,735
714,000
-
-
-
-
-
-
878,735
714,000
F
I
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A
N
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I
A
L
s
t
A
t
E
m
E
N
t
s
55
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
short terM eMpLoYee benefits
A N N U A L F I N A N C I A L R E P O R T
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 14. Income Tax
COnsOlidated
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-deductible expenses
- Exploration expenditure capitalised
- 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%
2020
$
2019
$
(8,050,808)
(9,234,372)
(2,213,973)
(2,539,452)
807,274
(59,050)
1,465,749
-
1,543,587
(102,921)
1,098,786
-
7,130,606
5,664,856
135,076
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 there from.
F
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A
N
C
I
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L
s
t
A
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E
m
E
N
t
s
56
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 15. Auditors’ Remuneration
A N N U A L F I N A N C I A L R E P O R T
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
2020
$
2019
$
57,556
-
38,350
83,169
15,600
44,833
- Corporate advisory services
-
33,278
Note 16. Cash and Cash Equivalents
COnsOlidated
Current
Cash on hand
Cash at bank
2020
$
2019
$
100
100
7,416,995
5,183,669
Cash and Cash equivalents in the statement Of Cash flOws
7,417,095
5,183,769
Note 17. Trade and other receivables
COnsOlidated
Current
trade receivables
other receivables
Loans to related parties – refer note 34
Loan to other party
2020
$
554,968
154,664
-
-
2019
$
337,717
354,833
151,274
92,233
709,632
936,057
F
I
N
A
N
C
I
A
L
s
t
A
t
E
m
E
N
t
s
57
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 17. Trade and other receivables (continued)
A N N U A L F I N A N C I A L R E P O R T
Allowance for expected credit losses
the ageing of the receivables and allowance for expected credit losses provided for above are as follows:
expected credit
loSS rate
COnsOlidated
Not overdue
0 to 3 months overdue
3 to 6 months overdue
over 6 months overdue
2020
%
0%
0%
0%
0%
2019
%
0%
0%
0%
0%
carrying amount
2020
$
219,673
2019
$
-
296,439
330,463
33,092
7,254
5,764
-
554,968
337,717
Note 18. Inventories
COnsOlidated
Current
seeds and crops in progress – at cost
Finished goods – at cost
Note 19. Exploration and evaluation
COnsOlidated
nOn-Current
Epm 18463
Balance as at 30 June
allowance for
expected credit loSSeS
2020
$
2019
$
-
-
-
-
-
2020
$
12,675
476,800
489,475
-
-
-
-
-
2019
$
75,659
93,205
168,864
2020
$
2019
$
2,238,019
1,863,760
mining permits, tenement acquisition and administration and geologist expenses
213,009
374,259
Impairment of exploration assets
balanCe as at 30 June
-
-
2,451,028
2,238,019
The Exploration and Evaluation asset of $2,451,028, relates to the South Johnstone Project, Queensland,
mining tenement epM 18463. this mining tenement was set to expire on 25 May 2020. cgb has lodged the
renewal application for the mining tenement with the Queensland government’s, Department of natural
resources, Mines and energy (DnrMe). the status of the tenement is therefore granted (renewal lodged).
cgb have lodged the renewal application on time prior to expiry date and are now waiting for the DnrMe’s
decision. cgb is yet to be advised whether the renewal application will be approved. if the renewal is
unsuccessful then in that event the capitalised exploration an evaluation asset cost of $2,451,028 will be
fully impaired. cgb has no reason to believe the renewal will be unsuccessful.
58
F
I
N
A
N
C
I
A
L
s
t
A
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E
m
E
N
t
s
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 20. Plant and equipment
COnsOlidated
nOn-Current
mining Equipment
At cost
Accumulated depreciation
tOtal
plant and Equipment
At cost
Accumulated depreciation
tOtal
tOtal written dOwn amOunt
Movements in carrying amounts
A N N U A L F I N A N C I A L R E P O R T
2020
$
2019
$
195,426
195,426
(187,366)
(182,764)
8,060
12,662
564,659
(86,261)
478,398
76,519
(15,778)
60,741
486,458
73,403
Movement in the carrying amounts for each class of property, plant and equipment between the
beginning and the end of the current financial year.
CarryinG amOunt year ended 30 June 2018
Additions
depreciation expense
CarryinG amOunt year ended 30 June 2019
Additions
Acquisition of hemp hulling Co.
depreciation expense
CarryinG amOunt year ended 30 June 2020
Note 21. Right-of-use assets
COnsOlidated
nOn-Current
Land and buildings - right-of-use
Less: Accumulated depreciation
balanCe as at 30 June
plant and
equipment
$
mininG
equipment
$
70,232
-
(9,491)
60,741
16,834
441,785
(40,962)
478,398
25,701
-
(13,039)
12,662
-
-
(4,602)
8,060
2020
$
138,416
-
138,416
tOtal
$
95,933
-
(22,530)
73,403
16,834
441,785
(45,564)
486,458
2019
$
`-
-
-
additions to the right-of-use assets during the year were $138,416.
the group leases land and buildings for its factory under agreements of two years. on renewal, the
terms of the leases are renegotiated. there is no renewal option held by the group on these leases.
59
F
I
N
A
N
C
I
A
L
s
t
A
t
E
m
E
N
t
s
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 22. Intangible assets
COnsOlidated
seedbank and plant genetics
Accumulated amortisation
Goodwill
Intellectual property – website at cost
A N N U A L F I N A N C I A L R E P O R T
2020
$
230,000
(69,000)
4,322,016
44,100
(27,206)
1,250
2019
$
230,000
(46,000)
1,726,261
25,600
(16,550)
-
4,501,160
1,919,311
Accumulated amortisation
trademark
tOtal intanGible assets
COnsOlidated
CarryinG amOunt
year ended 30 June
2018
Additions
Accumulated
amortisation
CarryinG amOunt
year ended 30 June
2019
Additions
Acquisition of t12
holdings pty Ltd
Accumulated
amortisation
2020
iMpairMent testing
intelleCtual
prOperty
website
$
seedbank
and plant
GenetiCs
$
GOOdwill
$
trademark
$
tOtal
$
-
207,000
1,726,261
25,600
(16,550)
-
(23,000)
-
-
9,050
184,000
1,726,261
-
-
-
-
1,933,261
25,600
(39,550)
1,919,311
13,500
4,918
-
-
(10,574)
(23,000)
2,595,755
1,250
2,610,505
-
-
-
-
4,918
(33,574)
16,894
161,000
4,322,016
1,250
4,501,160
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, hemp hulling co
(QLD) pty Ltd and t12 holdings pty Ltd are considered to be one cash generating unit (cgu). the measure
used in assessing fair value is based on the market value of the cannabis cgu derived from the sale of
the remaining 45% interest in Medical Cannabis Ltd to the Group on 1 July 2019. The resulting fair value is
compared to the carrying value for the cgu at balance date 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.
F
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s
60
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 23. Investments
COnsOlidated
Investment in koegas medicinal herb (pty) Ltd (Note i)
A N N U A L F I N A N C I A L R E P O R T
2020
$
200,000
2019
$
-
i. on 19 December 2019, cann global entered into a heads of agreement with south african company
Koegas Medicinal Herb (Pty ) Ltd to establish a Joint Venture entity. The JV entity will operate in Medicinal
Cannabis Production and Distribution in Africa. The JV entity will be called Cann Global South Africa Pty Ltd.
Note 24 Equity accounted investees
COnsOlidated
hemp hulling Co (Qld) pty Ltd
Canntab therapeutics Australia (Note i)
2020
$
-
2
2
2019
$
210,973
2
210,975
i. on 27 December 2018, 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 2020 is $2 (2019: $2). The JV did not trade prior to 30 June 2020. Refer to Note 33
for disclosure of future commitments to the JV at 30 June 2020.
Note 25. Share Capital
a) shares on Issue
share capital on issue
3,389,989,043 (2019: 1,612,435,425) fully paid ordinary shares (no par value)
2020
$
2019
$
83,409,575
28,850,842
50,000,000 (2019: 50,000,000) performance shares (no par value)
750,000
750,000
84,159,575
29,600,842
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 25. Share Capital (continued)
A N N U A L F I N A N C I A L R E P O R T
ordinary ShareS
At the beginning of reporting period
1,612,435,425
28,850,842
1,606,852,092
28,850,842
2020
n°
2020
$
2019
n°
2019
$
share based payments
36,704,533
-
5,583,333
Capital raising
Acquisition mCL 45%
Acquisition hhC 30%
Acquisition t12 100%
Investment in Cann Global south Africa
170,000,000
5,950,000
1,154,250,000
40,398,750
40,540,541
21,621,621
10,000,000
1,418,919
756,757
200,000
Collateral shares - L1 Capital
35,000,000
-
share placement
Conversion of convertible securities into ordinary
shares – L1 Capital
59,000,000
668,560
142,218,947
2,390,145
Collateral shares – obsidian
25,000,000
-
Conversion of seed loans into ordinary shares
76,932,262
2,692,629
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Conversion of loan into ordinary shares
Less: Cost of capital raising
at reporting date
performance ShareS
6,285,714
-
176,000
(93,028)
3,389,989,043
83,409,574
1,612,435,425
28,850,842
At the beginning of reporting period
50,000,000
750,000
50,000,000
750,000
At reporting date
total
50,000,000
750,000
50,000,000
750,000
3,439,989,043
84,159,574
1,662,435,425
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.
62
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 25. Share Capital (continued)
b) options on issue
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
Note 26. Reserves
A N N U A L F I N A N C I A L R E P O R T
2020
n°
2019
n°
31,140,000
2,846,046
25,000,000
31,140,000
-
-
-
-
-
(2,846,046)
56,140,000
31,140,000
56,140,000
31,140,000
(i) share based payment reserve.
the share-based payments reserve records items recognised as expenses on share-based payments.
bAlAnCE AS At 1 JulY
2020
$
2019
$
5,253,372
4,701,599
Equity settled share based payment – consulting fees – shares
773,946
Equity settled share based payment – options issued in respect of the issue of
convertible securities
transfer to accumulated losses for expired options
-
-
257,583
314,397
(20,207)
bAlAnCE AS At 30 JunE
6,027,318
5,253,372
(ii) acquisition of non-controlling interest reserve
additional acquisition of remaining 45% shares in Medical cannabis Limited in accordance with the
Replacement Prospectus Transaction approved by shareholders’ meeting held on 2 July 2019. As MCL
was already a controlled entity of cgb at the time of the acquisition of the additional 45%, the additional
equity consideration is recognised directly in equity as a negative reserve as follows:
Fair value of shares issued as consideration for the acquisition
40,398,750
Add: NCI negative carrying value at acquisition date
bAlAnCE oF ACQuISItIon oF nCI RESERVE
2,099,509
42,498,259
$
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 27. Other financial liabilities
CuRREnt
Loan - seed capital loans – unsecured (i), (Note 35c)
Loan from mCL director – unsecured (Notes 34 and 35c)
Loan from related party – director – unsecured (Notes 34 and 35c)
Loan from other party – unsecured (Note 35c)
Convertible securities - L1 Capital pursuant to the financing agreement –
secured (ii), (Note 35c)
Convertible securities - Obsidian pursuant to the financing agreement –
secured (iii), (Note 35c)
A N N U A L F I N A N C I A L R E P O R T
2020
$
-
211,113
-
90,545
2019
$
3,638,575
694,021
115,037
153,333
85,200
3,903,889
1,804,035
-
4,290,747
6,405,001
(i) the seed capital loans were 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.
(iii) as per the agreement dated 9 March 2020, the obsidian convertible securities have a face value of
$1.15, inclusive of a $0.10 premium, and a maturity date of 9 november 2020. 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
25,000,000. these options have an exercise price of $0.025 and an expiry date of 9 March 2023.
Note 28. Trade and other payables
CuRREnt
unSECuRED lIAbIlItIES
other creditors
unearned revenue
trade payables
Accrued expenses
2020
$
3,025
65,000
2019
$
-
-
1,959,065
1,184,662
40,890
64,585
2,067,980
1,249,247
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64
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 29. Controlled entities
A N N U A L F I N A N C I A L R E P O R T
COuntry Of inCOrpOratiOn
perCentaGe Owned (%)
2020
$
2019
$
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
(deregistered by AsIC on 14/03/2020)
New England Bauxite pty Ltd (deregistered by
AsIC on 01.07.2018)
medical Cannabis Limited
medical Cannabis Research Group pty Ltd
Vitahemp pty Ltd
Vitaseeds pty Ltd
Vitacann pty Ltd
t12 holdings pty Ltd
hemp hulling Co (QLd) pty Ltd
Cann Global Asia pty Ltd
Cann Global thailand pty Ltd
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
medical Cannabis (Cambodia) Co., Ltd
Cambodia
100%
100%
-
-
100%
100%
95%
100%
100%
100%
55%
55%
55%
51%
100%
100%
100%
-
55%
55%
52%
55%
100%
-
25%
-
-
51%
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 30. Business combinations
A N N U A L F I N A N C I A L R E P O R T
Acquisition of Hemp Hulling Co (QlD) Pty ltd – additional 30% interest
Effective 1 July 2019 Cann Global Limited acquired an additional 30% interest of the ordinary shares of
hemp hulling co (QLD) pty Ltd (hhc), to bring the interest to 55%, to continue to develop its operations in
the medicinal cannabis and hemp food industry. the acquired business contributed revenues of $29,874
and loss after tax of $100,634 to the consolidated entity for the period from 1 July 2019 to 30 June 2020.
details as fOllOws:
Cash and cash equivalents
Receivables
Inventory
plant and equipment
Investments
trade and other payables
Loans
Net liabilities acquired
Net liabilities acquired – 55%
Goodwill
Acquisition-date fair value of the total consideration transferred
Representing:
Cann Global Limited consideration shares
Investment in hhC – current value
totAL
fair value
$
3,837
6,631
2,025
441,785
10,805
(300,872)
(165,781)
(1,570)
(864)
1,630,755
1,629,891
1,418,919
210,972
1,629,891
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66
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
A N N U A L F I N A N C I A L R E P O R T
Note 30. Business combinations (continued)
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. the acquired business
contributed revenues of $1,600,404 and loss after tax of $144,458 to the consolidated entity for the period
from 1 July 2019 to 30 June 2020.
details 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
Note 31. Non-controlling interest
2020
$
2019
$
non-ContRollInG IntERESt In EQuItY – bAlAnCE AS At 1 JulY
(2,108,811)
864,148
Non-controlling interest in share capital raising – medical Cannabis Ltd capital
2,087,439
-
transfer from accumulated losses to non-controlling interest
-
(173,522)
Loss attributable to non-controlling interest
(38,670)
(2,799,437)
bAlAnCE AS At 30 JunE
(60,042)
(2,108,811)
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A
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E
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s
67
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 32. Operating Leases
A N N U A L F I N A N C I A L R E P O R T
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
2020
$
-
-
-
2019
$
14,000
-
14,000
Due to having less than 12 months of the lease period remaining at 1 July 2019 and being of small value
aasb 16 Leases was not applied to this lease.
Note 33. Commitment for expenditure
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
2020
$
135,780
145,780
-
2019
$
282,000
-
-
- Later than 1 year but no later than 5 years
1,429,000
1,429,000
tRdF Israel Research (Note iii)
- Not later than a year
- Later than 1 year but no later than 5 years
900,000
1,029,000
285,714
2,214,000
2,896,274
4,954,000
i. this relates to exploration and evaluation activity for mining tenement epM18463.
ii. 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).
iii. 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.
68
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 34. Related parties disclosures
Identity of related parties
A N N U A L F I N A N C I A L R E P O R T
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
Dr robert coenraads – principal geologist, exploration and Mining; and
Sholom Feldman – Chief Executive Officer.
in respect of each of these executives (Key Management personnel), agMpL was paid a retainer for the
period ended 30 June 2020. 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.
Until 26 September 2019, 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 and
accounting.
aGmpl serviCes
Rent
management and secretarial
Geologist fees
Executive and corporate services (directors Fees)
Reimbursement of expenses
marketing services (note i)
Administration services
totAl
2020
$
25,635
180,000
198,000
624,000
13,543
200,579
54,000
2019
$
175,317
180,000
360,000
624,000
17,490
330,000
120,000
1,295,757
1,806,807
i. included in marketing services of $200,579 is a payment of $120,579 to the sydney talmudical college
association, an entity of which sholom feldman is a Director. this was for services provided by elimelech
Levy (a close relative of pnina and sholom feldman) for marketing and sales work and project development.
also included is an additional $60,000 paid to agMpL for elimelech Levy’ services.
Related party transactions with Kavasil Pty ltd
Directors fees $120,000 (2019: $120,000) for the Medical cannabis Limited Director andrew Kavasilas, were
paid to his director related entity - Kavasil pty Ltd.
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 34. Related parties disclosures (continued)
other transactions with related parties
A N N U A L F I N A N C I A L R E P O R T
2020
$
2019
$
loAnS ADVAnCED to DIRECtoR RElAtED CoMPAnIES
CuRREnt
Australian Gemstone mining pty Ltd
-
39,654
The above loan is unsecured, interest free and there is no fixed date for re-
payment.
non-CuRREnt
Volcan Australia Corporation pty Ltd
1,200,000
1,200,000
Expected credit loss recognised as at 30 June 2020
(1,200,000)
(1,200,000)
due for repayment on 14 december 2012 1
Volcan Australia Corporation pty Ltd
Expected credit loss recognised as at 30 June 2019
The loan has been repaid and the impairment reversed
loAnS PRoVIDED bY DIRECtoRS
meyer Gutnick
-
-
-
Andrew kavasilas (mCL director)
211,113
The above loans are unsecured, interest free and there is no fixed date for
repayment.
loAn ADVAnCED to ASSoCIAtE EntItY
CuRREnt
hemp hulling Co (QLd) pty Ltd
purchases from associate company –
hemp hulling Co (QLd) pty Ltd
-
-
79,258
(79,258)
115,037
694,021
111,620
1,730
1 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.
70
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 35. Cash flow information
a. Reconciliation of cash flows from operating activities
Loss FoR thE YEAR
NoN-CAsh FLoWs IN Loss
share of loss of equity-accounted investee - net of tax
depreciation and amortisation
security deposit
share based payments expense
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 in other receivables
Increase in trade debtors
Increase in prepayments
decrease)/(increase) in Gst receivable
(Increase)/decrease in inventory
Increase in trade payables, accruals and other creditors
Increase in unearned revenue
NEt CAsh FRom opERAtING ACtIVItIEs
b. Non-cash investing and financing activities
Conversion of convertible notes and loans into ordinary shares
Consulting fees – ordinary shares granted - refer note 12
A N N U A L F I N A N C I A L R E P O R T
2020
$
2019
$
(8,050,808)
(9,234,372)
-
79,138
(500)
75,313
62,080
-
773,946
257,583
(79,258)
485,036
-
2,902,853
2,008,575
901,861
399,345
-
-
15,000
(156,098)
(236,935)
(146,729)
(97,177)
238,105
(59,963)
(198,057)
395,131
291,079
662,501
65,000
-
(4,776,262)
(3,871,089)
2020
$
5,258,775
2019
$
-
773,846
257,583
F
I
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NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 35. Cash flow information (continued)
A N N U A L F I N A N C I A L R E P O R T
c. Changes in liabilities
arising from financing
activities
seed
Capital
lOans
$
$
$
1,206,000
474,522
525,335
andrew
kavasilas
l1
Capital
meyer
GutniCk
Other
lOan
Obsidian
tOtal
$
-
-
-
-
-
-
-
-
-
-
-
$
2,205,857
2,027,145
1,100,000
484,536
346,000
(660,398)
901,861
6,405,001
2,833,200
(2,355,945)
90,545
$
-
-
-
$
-
-
-
2,027,145
-
-
-
-
405,430
-
-
-
1,100,000
219,499
-
115,037
150,000
-
-
-
346,000
(660,398)
493,098
-
-
-
-
-
3,333
3,638,575
694,021
1,804,035
115,037
153,333
balance at 30 June
2018
net cash provided by
financing activities:
seed capital loans
advanced
Convertible securities
issued
other loans advanced
other changes:
Increase in face value
to $1.20
Finance cost to be
amortised to June 2020
Finance cost
recognised
balance at 30 June
2019
Cash movements:
Convertible securities
issued
-
-
90,545
-
-
2,833,200
-
Loans repaid
(1,758,000)
(482,908)
other loan advanced
other changes:
Assignment to
obsidian
Finance cost
recognised
Loss on equity settled
liability
-
-
762,055
-
Conversion to shares
(2,692,630)
other
balance at 30 June
2020
50,000
-
-
-
-
-
-
-
211,113
-
-
(3,772,000)
1,091,968
399,345
(2,390,145)
118,797
85,200
(115,037)
-
-
-
-
-
-
-
-
3,772,000
-
22,667
131,889
2,008,579
-
399,345
(176,000)
-
-
-
(5,258,775)
168,797
90,545
3,903,889
4,290,747
F
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N
A
N
C
I
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L
s
t
A
t
E
m
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t
s
72
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 36. Accumulated losses
A N N U A L F I N A N C I A L R E P O R T
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
2020
$
2019
$
(29,858,406)
(23,617,200)
(8,050,808)
(9,234,372)
-
-
20,207
173,522
38,670
2,799,437
(37,870,544)
(29,858,406)
Note 37: Parent entity disclosures
As at and throughout the financial year ending 30 June 2020 the parent entity of the Group was Cann
global Limited.
finanCial pOsitiOn Of parent entity at year end
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
2020
$
2019
$
7,559,344
209,311
7,768,655
646,762
3,989,089
5,874,773
1,188,952
7,063,725
1,179,758
-
4,635,851
1,179,758
84,159,575
29,600,842
5,577,201
4,803,255
(86,603,972)
(28,520,130)
3,132,804
5,883,967
(58,083,842)
(3,033,837)
-
-
totAl CoMPREHEnSIVE loSS FoR tHE YEAR
(58,083,842)
(3,033,837)
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73
A N N U A L F I N A N C I A L R E P O R T
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
Note 38. 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
Note 39. Capital Management Policies
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:
2020
$
2019
$
9,758,048
2,886,997
9,758,048
2,886,997
total equity
Capital
Note 40. Subsequent events
Rights Issue
On the 3 July 2020, the company announced a rights issue to raise up to $4,237,486 at .005 per share and with
a free attaching option exercisable at 1.2c per share prior to 31 January 2022. On 28 July 2020, the company
announced that it had raised $2,200,748 under the rights issue. on 21 august 2020, the company lodged a
prospectus for the shortfall of the rights issue, and on the 28 august the company announced that it had
issued 153,676,366 shares under the shortfall offer for a total consideration of $768,381 and on 21 september
the company announced that it had issued an additional 81,800,000 shares under the shortfall offer for a
total consideration of $409,000.
Coronavirus (CoVID-19) pandemic
the impact of the coronavirus (coviD-19) pandemic is ongoing and it is not practicable to estimate the
potential impact after the reporting date. the situation is rapidly developing and is dependent on measures
imposed by the australian government and other countries, such as maintaining social distancing requirements,
quarantine, travel restrictions and any economic stimulus that may be provided.
F
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74
A N N U A L F I N A N C I A L R E P O R T
NotEs to thE CoNsoLIdAtEd
FINANCIAL stAtEmENts
For the Year ended 30 June 2020
dIRECtoRs’ dECLARAtIoN
in the directors’ opinion:
1. the financial statements and accompanying notes set out on pages 31 to 74, and the Remuneration
report on pages 25 to 29 of the Directors’ report, are in accordance with the corporations act 2001 and:
a) comply with accounting standards and the corporations regulations 2001; and
b) give a true and fair view of the Group’s financial position as at 30 June 2020 and of its performance
for the financial year ended on that date;
2. the financial statements and notes also comply with International Financial Reporting Standards, as
disclosed in Note 2(a) to the financial statements;
3. 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, Exectutive Chair
Dated this 30th day of september 2020 sydney nsw
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75
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(cid:28)(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:2)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)1(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18)’(cid:28)(cid:2)(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:2)(cid:14)(cid:20)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)’(cid:2)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)
(cid:20)(cid:14)(cid:2) (cid:20)(cid:10)(cid:18)(cid:2) (cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)((cid:2) (cid:5)(cid:6)(cid:2) (cid:8)(cid:18)(cid:6)(cid:2) (cid:12)(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:13)(cid:2) (cid:20)(cid:14)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:2) (cid:12)(cid:15)(cid:2) (cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2) (cid:31)(cid:12)(cid:13)(cid:7)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (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:2) *(cid:16)(cid:13)(cid:2) #!!+(cid:2) (cid:8)(cid:15)(cid:11)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2)
(cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)*(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)$(cid:2)2(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:2)3(cid:2)4(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:2).(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:2)5(cid:20)(cid:8)(cid:18)(cid:11)’(cid:28)(cid:2)*24.(cid:2)++!(cid:2)(cid:21)(cid:20)(cid:11)(cid:6)(cid:2)(cid:20)(cid:14)(cid:2)4(cid:13)(cid:7)(cid:12)(cid:16)(cid:28)(cid:2)
(cid:14)(cid:20)(cid:18)(cid:2)2(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:2)*(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:8)(cid:15)(cid:13)(cid:28)(cid:2)(cid:26)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)$(cid:2))(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:2).(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:29)(cid:2)(cid:26)(cid:13)(cid:7)(cid:6)(cid:2)(cid:21)(cid:20)(cid:11)(cid:6)(cid:29)(cid:2)(cid:13)(cid:7)(cid:8)(cid:13)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:2)(cid:13)(cid:20)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:12)(cid:15)(cid:2)*(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)((cid:2)(cid:5)(cid:6)(cid:2)(cid:7)(cid:8)(cid:9)(cid:6)(cid:2)(cid:8)(cid:17)(cid:28)(cid:20)(cid:2)(cid:14)(cid:10)(cid:17)(cid:14)(cid:12)(cid:17)(cid:17)(cid:6)(cid:11)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:2)(cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:2)(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:2)(cid:12)(cid:15)(cid:2)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2)(cid:21)(cid:20)(cid:11)(cid:6)((cid:2)
(cid:5)(cid:6)(cid:2)(cid:16)(cid:20)(cid:15)(cid:14)(cid:12)(cid:18)(cid:25)(cid:2)(cid:13)(cid:7)(cid:8)(cid:13)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(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:2)(cid:11)(cid:6)(cid:16)(cid:17)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:18)(cid:6)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:2)(cid:23)(cid:27)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(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:2)*(cid:16)(cid:13)(cid:2)#!!+(cid:30)(cid:2)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:2)(cid:7)(cid:8)(cid:28)(cid:2)(cid:23)(cid:6)(cid:6)(cid:15)(cid:2)$(cid:12)(cid:9)(cid:6)(cid:15)(cid:2)
(cid:13)(cid:20)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)&(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:30)(cid:2)(cid:31)(cid:20)(cid:10)(cid:17)(cid:11)(cid:2)(cid:23)(cid:6)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:28)(cid:8)(cid:25)(cid:6)(cid:2)(cid:13)(cid:6)(cid:18)(cid:25)(cid:28)(cid:2)(cid:12)(cid:14)(cid:2)$(cid:12)(cid:9)(cid:6)(cid:15)(cid:2)(cid:13)(cid:20)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)&(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:2)(cid:8)(cid:28)(cid:2)(cid:8)(cid:13)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:13)(cid:12)(cid:25)(cid:6)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:12)(cid:28)(cid:2)
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(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)((cid:2)
(cid:31)(cid:19)(cid:6)(cid:17)(cid:23)(cid:15)(cid:11)(cid:15)(cid:8)(cid:12)(cid:21)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8)
(cid:5)(cid:6)(cid:2)(cid:11)(cid:18)(cid:8)(cid:31)(cid:2)(cid:8)(cid:13)(cid:13)(cid:6)(cid:15)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:13)(cid:20)(cid:2)(cid:15)(cid:20)(cid:13)(cid:6)(cid:2)+6(cid:2)(cid:13)(cid:20)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:2)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:2)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:28)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:10)(cid:15)(cid:16)(cid:6)(cid:18)(cid:13)(cid:8)(cid:12)(cid:15)(cid:13)(cid:27)(cid:2)(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:2)(cid:13)(cid:20)(cid:2)(cid:18)(cid:6)(cid:15)(cid:6)(cid:31)(cid:8)(cid:17)(cid:2)
(cid:8)(cid:19)(cid:19)(cid:17)(cid:12)(cid:16)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2)(cid:25)(cid:12)(cid:15)(cid:12)(cid:15)$(cid:2)(cid:13)(cid:6)(cid:15)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:2)427(cid:2)+89(cid:4) ((cid:2))(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:18)(cid:6)(cid:15)(cid:6)(cid:31)(cid:8)(cid:17)(cid:2)(cid:12)(cid:28)(cid:2)(cid:10)(cid:15)(cid:28)(cid:10)(cid:16)(cid:16)(cid:6)(cid:28)(cid:28)(cid:14)(cid:10)(cid:17)(cid:2)(cid:13)(cid:7)(cid:6)(cid:15)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:8)(cid:13)(cid:2)(cid:6)(cid:9)(cid:6)(cid:15)(cid:13)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:16)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:12)(cid:28)(cid:6)(cid:11)(cid:2)
4:(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:2)(cid:16)(cid:20)(cid:28)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2);#(cid:30)9<+(cid:30)!#8(cid:2)(cid:31)(cid:12)(cid:17)(cid:17)(cid:2)(cid:23)(cid:6)(cid:2)(cid:14)(cid:10)(cid:17)(cid:17)(cid:27)(cid:2)(cid:12)(cid:25)(cid:19)(cid:8)(cid:12)(cid:18)(cid:6)(cid:11)((cid:2)0(cid:10)(cid:18)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:12)(cid:28)(cid:2)(cid:15)(cid:20)(cid:13)(cid:2)(cid:25)(cid:20)(cid:11)(cid:12)(cid:14)(cid:12)(cid:6)(cid:11)(cid:2)
(cid:12)(cid:15)(cid:2)(cid:18)(cid:6)(cid:28)(cid:19)(cid:6)(cid:16)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:12)(cid:28)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)((cid:2)
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=(cid:6)(cid:27)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:13)(cid:7)(cid:20)(cid:28)(cid:6)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:2)(cid:13)(cid:7)(cid:8)(cid:13)(cid:30)(cid:2)(cid:12)(cid:15)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(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:2)>(cid:10)(cid:11)$(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:2)(cid:31)(cid:6)(cid:18)(cid:6)(cid:2)(cid:20)(cid:14)(cid:2)(cid:25)(cid:20)(cid:28)(cid:13)(cid:2)(cid:28)(cid:12)$(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:12)(cid:15)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)
(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:16)(cid:10)(cid:18)(cid:18)(cid:6)(cid:15)(cid:13)(cid:2)(cid:19)(cid:6)(cid:18)(cid:12)(cid:20)(cid:11)((cid:2)?(cid:7)(cid:6)(cid:28)(cid:6)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:2)(cid:31)(cid:6)(cid:18)(cid:6)(cid:2)(cid:8)(cid:11)(cid:11)(cid:18)(cid:6)(cid:28)(cid:28)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:16)(cid:20)(cid:15)(cid:13)(cid:6):(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:8)(cid:28)(cid:2)(cid:8)(cid:2)(cid:31)(cid:7)(cid:20)(cid:17)(cid:6)(cid:30)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:14)(cid:20)(cid:18)(cid:25)(cid:12)(cid:15)$(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)(cid:30)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:31)(cid:6)(cid:2)(cid:11)(cid:20)(cid:2)(cid:15)(cid:20)(cid:13)(cid:2)(cid:19)(cid:18)(cid:20)(cid:9)(cid:12)(cid:11)(cid:6)(cid:2)(cid:8)(cid:2)(cid:28)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:6)(cid:2)
(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:28)(cid:6)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)((cid:2)
(cid:2)
(cid:3)(cid:4)(cid:2)
(cid:2)
(cid:5)!(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8)
"(cid:12)#(cid:8)(cid:12)(cid:10)(cid:13)(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:23)(cid:4)(cid:4)(cid:13)(cid:5)(cid:15)(cid:15)(cid:5)(cid:4)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)$(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:8)
(cid:30)(cid:10)(cid:15)(cid:11)(cid:3)(cid:5)(cid:15)(cid:15)(cid:8)(cid:22)(cid:12)(cid:19)(cid:20)(cid:11)(cid:3)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:15)(cid:8)
(cid:2)
0(cid:10)(cid:18)(cid:2)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:2)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:2)(cid:8)(cid:25)(cid:20)(cid:15)$(cid:28)(cid:13)(cid:2)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28),(cid:2)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:2)(cid:6):(cid:8)(cid:25)(cid:12)(cid:15)(cid:6)(cid:11)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:17)(cid:27)(cid:12)(cid:15)$(cid:2)(cid:8)$(cid:18)(cid:6)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:2)(cid:14)(cid:20)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:19)(cid:10)(cid:18)(cid:16)(cid:7)(cid:8)(cid:28)(cid:6)(cid:2)(cid:20)(cid:14)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2)(cid:28)(cid:7)(cid:8)(cid:18)(cid:6)(cid:28)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:6)(cid:28)((cid:2)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:2)(cid:6)(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:6)(cid:11)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:13)(cid:18)(cid:8)(cid:15)(cid:28)(cid:14)(cid:6)(cid:18)(cid:18)(cid:6)(cid:11)(cid:2)(cid:23)(cid:27)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2)(cid:12)(cid:11)(cid:6)(cid:15)(cid:13)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:2)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:17)(cid:12)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)-(cid:2)(cid:2)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:2) (cid:8)(cid:15)(cid:8)(cid:17)(cid:27)(cid:28)(cid:6)(cid:11)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2) (cid:20)(cid:14)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:14)(cid:8)(cid:12)(cid:18)(cid:2) (cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:28)(cid:2) (cid:20)(cid:14)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2)
(cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:2) (cid:8)(cid:15)(cid:11)(cid:2) (cid:12)(cid:11)(cid:6)(cid:15)(cid:13)(cid:12)(cid:14)(cid:12)(cid:8)(cid:23)(cid:17)(cid:6)(cid:2) (cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)(cid:2) (cid:8)(cid:15)(cid:11)(cid:2) (cid:17)(cid:12)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2) (cid:8)(cid:13)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2)
(cid:8)(cid:16)%(cid:10)(cid:12)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:11)(cid:8)(cid:13)(cid:6)-(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:2)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:2)(cid:16)(cid:20)(cid:15)(cid:14)(cid:12)(cid:18)(cid:25)(cid:6)(cid:11)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:16)(cid:8)(cid:17)(cid:16)(cid:10)(cid:17)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2)$(cid:20)(cid:20)(cid:11)(cid:31)(cid:12)(cid:17)(cid:17)(cid:2)(cid:20)(cid:15)(cid:2)(cid:8)(cid:16)%(cid:10)(cid:12)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)((cid:2)
(cid:2)
(cid:2)
(cid:2)
/(cid:6)(cid:14)(cid:6)(cid:18)(cid:2)(cid:13)(cid:20)(cid:2)(cid:15)(cid:20)(cid:13)(cid:6)(cid:2) !(cid:2)@(cid:2)5(cid:10)(cid:28)(cid:12)(cid:15)(cid:6)(cid:28)(cid:28)(cid:2)(cid:21)(cid:20)(cid:25)(cid:23)(cid:12)(cid:15)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)
A(cid:20)(cid:13)(cid:6)(cid:2) ##(cid:2) @(cid:2) )(cid:15)(cid:13)(cid:8)(cid:15)$(cid:12)(cid:23)(cid:17)(cid:6)(cid:2) *(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)((cid:2) ?(cid:7)(cid:6)(cid:2) (cid:22)(cid:18)(cid:20)(cid:10)(cid:19)’(cid:28)(cid:2)
(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)$(cid:2) (cid:19)(cid:20)(cid:17)(cid:12)(cid:16)(cid:27)(cid:2)
(cid:12)(cid:15)(cid:2) (cid:18)(cid:6)(cid:28)(cid:19)(cid:6)(cid:16)(cid:13)(cid:2) (cid:20)(cid:14)(cid:2) (cid:23)(cid:10)(cid:28)(cid:12)(cid:15)(cid:6)(cid:28)(cid:28)(cid:2)
(cid:16)(cid:20)(cid:25)(cid:23)(cid:12)(cid:15)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:2)(cid:12)(cid:28)(cid:2)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)A(cid:20)(cid:13)(cid:6)(cid:2)9(cid:26)(cid:8)(cid:29)(cid:26)(cid:12)(cid:29)((cid:2)
4(cid:14)(cid:14)(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:2) (cid:20)(cid:15)(cid:2) +(cid:2) "(cid:10)(cid:17)(cid:27)(cid:2) #!+6(cid:30)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:2) (cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:2)
B(cid:6)(cid:25)(cid:19)(cid:2)B(cid:10)(cid:17)(cid:17)(cid:12)(cid:15)$(cid:2)(cid:21)(cid:20)(cid:2)(cid:26)C(cid:24)&(cid:29)(cid:2)2(cid:13)(cid:27)(cid:2)(cid:24)(cid:13)(cid:11)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)?+#(cid:2)2(cid:13)(cid:27)(cid:2)(cid:24)(cid:13)(cid:11)(cid:2)
(cid:14)(cid:20)(cid:18)(cid:2)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2);+(cid:30)(cid:4)#6(cid:30)86+(cid:2)(cid:8)(cid:15)(cid:11)(cid:2);(cid:3)<(cid:4)(cid:30)(cid:3)<(cid:3)(cid:2)
(cid:18)(cid:6)(cid:28)(cid:19)(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:17)(cid:27)((cid:2)?(cid:7)(cid:12)(cid:28)(cid:2)(cid:18)(cid:6)(cid:28)(cid:10)(cid:17)(cid:13)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:18)(cid:6)(cid:16)(cid:20)$(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2)
(cid:8)(cid:11)(cid:11)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:2)(cid:22)(cid:20)(cid:20)(cid:11)(cid:31)(cid:12)(cid:17)(cid:17)(cid:2)(cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:2)(cid:20)(cid:14)(cid:2);+(cid:30)(cid:4) !(cid:30)(cid:3)<<(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)
;6(cid:4)<(cid:30)!!!(cid:2)
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(cid:18)(cid:6)(cid:28)(cid:19)(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:17)(cid:27)(cid:30)(cid:2) (cid:23)(cid:6)(cid:12)(cid:15)$(cid:2) (cid:8)(cid:2)
;#(cid:30)<6<(cid:30)(cid:3)<<(cid:2)(cid:8)(cid:11)(cid:11)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:2)(cid:22)(cid:20)(cid:20)(cid:11)(cid:31)(cid:12)(cid:17)(cid:17)((cid:2)(cid:2)(cid:2)
?(cid:7)(cid:6)(cid:2) (cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)$(cid:2) (cid:14)(cid:20)(cid:18)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:23)(cid:10)(cid:28)(cid:12)(cid:15)(cid:6)(cid:28)(cid:28)(cid:2) (cid:16)(cid:20)(cid:25)(cid:23)(cid:12)(cid:15)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)
(cid:8)(cid:16)%(cid:10)(cid:12)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:2) (cid:8)(cid:18)(cid:6)(cid:2) (cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:2) (cid:13)(cid:20)(cid:2) (cid:23)(cid:6)(cid:2) (cid:8)(cid:2) D(cid:6)(cid:27)(cid:2) (cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:2)(cid:11)(cid:10)(cid:6)(cid:2)(cid:13)(cid:20),(cid:2)
(cid:2)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2) >(cid:10)(cid:11)$(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:2) (cid:10)(cid:28)(cid:6)(cid:11)(cid:2) (cid:12)(cid:15)(cid:2) (cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:12)(cid:15)$(cid:2) (cid:13)(cid:7)(cid:6)(cid:2)
(cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:2) (cid:20)(cid:14)(cid:2) $(cid:20)(cid:20)(cid:11)(cid:31)(cid:12)(cid:17)(cid:17)(cid:2) (cid:8)(cid:15)(cid:11)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:8)(cid:17)(cid:17)(cid:20)(cid:16)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2) (cid:20)(cid:14)(cid:2)
(cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:2) (cid:23)(cid:6)(cid:13)(cid:31)(cid:6)(cid:6)(cid:15)(cid:2) (cid:13)(cid:7)(cid:6)(cid:28)(cid:6)(cid:2) (cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)(cid:2) (cid:16)(cid:20)(cid:10)(cid:17)(cid:11)(cid:30)(cid:2) (cid:12)(cid:14)(cid:2)
(cid:19)(cid:6)(cid:18)(cid:14)(cid:20)(cid:18)(cid:25)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:8)(cid:16)(cid:16)(cid:10)(cid:18)(cid:8)(cid:13)(cid:6)(cid:17)(cid:27)(cid:30)(cid:2)(cid:17)(cid:6)(cid:8)(cid:11)(cid:2)(cid:13)(cid:20)(cid:2)(cid:8)(cid:2)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:2)
(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)-(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:2)
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(cid:12)(cid:28)(cid:2)
(cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:6):(cid:12)(cid:13)(cid:27)(cid:2) (cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:6)(cid:11)(cid:2) (cid:12)(cid:15)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:8)(cid:17)(cid:17)(cid:20)(cid:16)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2) (cid:20)(cid:14)(cid:2)
(cid:19)(cid:10)(cid:18)(cid:16)(cid:7)(cid:8)(cid:28)(cid:6)(cid:2)(cid:19)(cid:18)(cid:12)(cid:16)(cid:6)(cid:2)(cid:20)(cid:9)(cid:6)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:15)(cid:6)(cid:13)(cid:2)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)
(cid:8)(cid:16)%(cid:10)(cid:12)(cid:18)(cid:6)(cid:6)((cid:2)
(cid:2)
(cid:28)(cid:12)$(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:13)(cid:2)
(cid:2)(cid:2)
(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:2)
(cid:2)
/(cid:6)(cid:14)(cid:6)(cid:18)(cid:2) (cid:13)(cid:20)(cid:2) (cid:15)(cid:20)(cid:13)(cid:6)(cid:2) #(cid:3)(cid:2) @(cid:2) 0(cid:13)(cid:7)(cid:6)(cid:18)(cid:2) E(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2) (cid:24)(cid:12)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2)
(cid:8)(cid:15)(cid:11)(cid:2)(cid:15)(cid:20)(cid:13)(cid:6)(cid:2) <(cid:26)(cid:16)(cid:29)(cid:2)@(cid:2)(cid:21)(cid:7)(cid:8)(cid:15)$(cid:6)(cid:28)(cid:2)(cid:12)(cid:15)(cid:2)(cid:24)(cid:12)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2)(cid:8)(cid:18)(cid:12)(cid:28)(cid:12)(cid:15)$(cid:2)
(cid:14)(cid:18)(cid:20)(cid:25)(cid:2) E(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:15)$(cid:2) *(cid:16)(cid:13)(cid:12)(cid:9)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)((cid:2) &(cid:10)(cid:18)(cid:12)(cid:15)$(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:27)(cid:6)(cid:8)(cid:18)(cid:2)
(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:2) !(cid:2) "(cid:10)(cid:15)(cid:6)(cid:2) #!#!(cid:30)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:2) (cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:11)(cid:2) (cid:8)(cid:2)
(cid:15)(cid:10)(cid:25)(cid:23)(cid:6)(cid:18)(cid:2)(cid:20)(cid:14)(cid:2)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)((cid:2)(cid:2)
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(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)
; (cid:30)686(cid:30)!86(cid:2)
(cid:18)(cid:6)(cid:19)(cid:18)(cid:6)(cid:28)(cid:6)(cid:15)(cid:13)(cid:6)(cid:11)(cid:2) (cid:23)(cid:27)(cid:2) (cid:24)+(cid:2) (cid:21)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:2) (cid:8)(cid:15)(cid:11)(cid:2) 0(cid:23)(cid:28)(cid:12)(cid:11)(cid:12)(cid:8)(cid:15)(cid:2)
(cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2).(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)((cid:2)
(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2)
(cid:20)(cid:14)(cid:2)
(cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2) (cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2) (cid:8)(cid:18)(cid:6)(cid:2) (cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:2) (cid:13)(cid:20)(cid:2) (cid:23)(cid:6)(cid:2) (cid:8)(cid:2)
D(cid:6)(cid:27)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:2)(cid:11)(cid:10)(cid:6)(cid:2)(cid:13)(cid:20),(cid:2)
(cid:2)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2) (cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:12)(cid:13)(cid:27)(cid:2) (cid:20)(cid:14)(cid:2) (cid:13)(cid:7)(cid:6)(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:2) (cid:8)(cid:15)(cid:11)(cid:2)
(cid:16)(cid:8)(cid:18)(cid:18)(cid:27)(cid:12)(cid:15)$(cid:2) (cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:28)(cid:2)
(cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:12)(cid:15)$(cid:2) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)
(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)-(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:2)
(cid:2)(cid:2)
(cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:6):(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:2) (cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:6)(cid:11)(cid:2) (cid:12)(cid:15)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:18)(cid:6)(cid:16)(cid:20)$(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)
(cid:8)(cid:15)(cid:11)(cid:2)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)
(cid:12)(cid:15)(cid:28)(cid:13)(cid:18)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)((cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
(cid:2)
0(cid:10)(cid:18)(cid:2)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:2)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:2)(cid:8)(cid:25)(cid:20)(cid:15)$(cid:28)(cid:13)(cid:2)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28),(cid:2)
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(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)-(cid:2)
(cid:2)(cid:2) (cid:5)(cid:6)(cid:2) (cid:9)(cid:6)(cid:18)(cid:12)(cid:14)(cid:12)(cid:6)(cid:11)(cid:2) (cid:14)(cid:10)(cid:15)(cid:11)(cid:28)(cid:2) (cid:18)(cid:6)(cid:16)(cid:6)(cid:12)(cid:9)(cid:6)(cid:11)(cid:2) (cid:14)(cid:18)(cid:20)(cid:25)(cid:2) (cid:13)(cid:7)(cid:6)(cid:2) (cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:2) (cid:20)(cid:14)(cid:2) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)
(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)-(cid:2)
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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:2)(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:18)(cid:6)(cid:16)(cid:20)$(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:2)(cid:8)(cid:28)(cid:2)(cid:31)(cid:6)(cid:17)(cid:17)(cid:2)(cid:8)(cid:28)(cid:2)
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*(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)$(cid:2).(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)((cid:2)
(cid:3)(cid:3)(cid:2)
(cid:2)
(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)
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(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)$(cid:2)(cid:10)(cid:15)(cid:17)(cid:6)(cid:28)(cid:28)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)&(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:2)(cid:6)(cid:12)(cid:13)(cid:7)(cid:6)(cid:18)(cid:2)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:11)(cid:2)(cid:13)(cid:20)(cid:2)(cid:17)(cid:12)%(cid:10)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:2)(cid:20)(cid:18)(cid:2)(cid:13)(cid:20)(cid:2)(cid:16)(cid:6)(cid:8)(cid:28)(cid:6)(cid:2)(cid:20)(cid:19)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:30)(cid:2)(cid:20)(cid:18)(cid:2)(cid:7)(cid:8)(cid:9)(cid:6)(cid:2)
(cid:15)(cid:20)(cid:2)(cid:18)(cid:6)(cid:8)(cid:17)(cid:12)(cid:28)(cid:13)(cid:12)(cid:16)(cid:2)(cid:8)(cid:17)(cid:13)(cid:6)(cid:18)(cid:15)(cid:8)(cid:13)(cid:12)(cid:9)(cid:6)(cid:2)(cid:23)(cid:10)(cid:13)(cid:2)(cid:13)(cid:20)(cid:2)(cid:11)(cid:20)(cid:2)(cid:28)(cid:20)((cid:2)
(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)
0(cid:10)(cid:18)(cid:2)(cid:20)(cid:23)>(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:28)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:13)(cid:20)(cid:2)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:2)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:2)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:8)(cid:23)(cid:20)(cid:10)(cid:13)(cid:2)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:8)(cid:28)(cid:2)(cid:8)(cid:2)(cid:31)(cid:7)(cid:20)(cid:17)(cid:6)(cid:2)(cid:12)(cid:28)(cid:2)(cid:14)(cid:18)(cid:6)(cid:6)(cid:2)
(cid:14)(cid:18)(cid:20)(cid:25)(cid:2)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:2)(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:2)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:2)(cid:11)(cid:10)(cid:6)(cid:2)(cid:13)(cid:20)(cid:2)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:2)(cid:20)(cid:18)(cid:2)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:30)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:13)(cid:20)(cid:2)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:2)(cid:8)(cid:15)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18)’(cid:28)(cid:2)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:13)(cid:7)(cid:8)(cid:13)(cid:2)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:28)(cid:2)
(cid:20)(cid:10)(cid:18)(cid:2) (cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)((cid:2) /(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:2) (cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2) (cid:12)(cid:28)(cid:2) (cid:8)(cid:2) (cid:7)(cid:12)$(cid:7)(cid:2) (cid:17)(cid:6)(cid:9)(cid:6)(cid:17)(cid:2) (cid:20)(cid:14)(cid:2) (cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:30)(cid:2) (cid:23)(cid:10)(cid:13)(cid:2) (cid:12)(cid:28)(cid:2) (cid:15)(cid:20)(cid:13)(cid:2) (cid:8)(cid:2) $(cid:10)(cid:8)(cid:18)(cid:8)(cid:15)(cid:13)(cid:6)(cid:6)(cid:2) (cid:13)(cid:7)(cid:8)(cid:13)(cid:2) (cid:8)(cid:15)(cid:2) (cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)
(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)*(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:2)*(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)$(cid:2).(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:2)(cid:31)(cid:12)(cid:17)(cid:17)(cid:2)(cid:8)(cid:17)(cid:31)(cid:8)(cid:27)(cid:28)(cid:2)(cid:11)(cid:6)(cid:13)(cid:6)(cid:16)(cid:13)(cid:2)(cid:8)(cid:2)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:2)(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:2)
(cid:31)(cid:7)(cid:6)(cid:15)(cid:2)(cid:12)(cid:13)(cid:2)(cid:6):(cid:12)(cid:28)(cid:13)(cid:28)((cid:2)7(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:2)(cid:16)(cid:8)(cid:15)(cid:2)(cid:8)(cid:18)(cid:12)(cid:28)(cid:6)(cid:2)(cid:14)(cid:18)(cid:20)(cid:25)(cid:2)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:2)(cid:20)(cid:18)(cid:2)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:2)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:2)(cid:12)(cid:14)(cid:30)(cid:2)(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:2)(cid:20)(cid:18)(cid:2)(cid:12)(cid:15)(cid:2)
(cid:13)(cid:7)(cid:6)(cid:2)(cid:8)$$(cid:18)(cid:6)$(cid:8)(cid:13)(cid:6)(cid:30)(cid:2)(cid:13)(cid:7)(cid:6)(cid:27)(cid:2)(cid:16)(cid:20)(cid:10)(cid:17)(cid:11)(cid:2)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:27)(cid:2)(cid:23)(cid:6)(cid:2)(cid:6):(cid:19)(cid:6)(cid:16)(cid:13)(cid:6)(cid:11)(cid:2)(cid:13)(cid:20)(cid:2)(cid:12)(cid:15)(cid:14)(cid:17)(cid:10)(cid:6)(cid:15)(cid:16)(cid:6)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:6)(cid:16)(cid:20)(cid:15)(cid:20)(cid:25)(cid:12)(cid:16)(cid:2)(cid:11)(cid:6)(cid:16)(cid:12)(cid:28)(cid:12)(cid:20)(cid:15)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:10)(cid:28)(cid:6)(cid:18)(cid:28)(cid:2)(cid:13)(cid:8)D(cid:6)(cid:15)(cid:2)(cid:20)(cid:15)(cid:2)
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(cid:31)(cid:31)(cid:31)((cid:8)(cid:10)(cid:8)(cid:28)(cid:23)($(cid:20)(cid:9)((cid:8)(cid:10)F(cid:8)(cid:11)(cid:25)(cid:12)(cid:15)F(cid:14)(cid:12)(cid:17)(cid:6)F(cid:16)(cid:20)(cid:15)(cid:13)(cid:6)(cid:15)(cid:13)+!#F(cid:16) F(cid:8)(cid:18)#G#!#!((cid:19)(cid:11)(cid:14)((cid:2)?(cid:7)(cid:12)(cid:28)(cid:2)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:19)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:14)(cid:20)(cid:18)(cid:25)(cid:28)(cid:2)(cid:19)(cid:8)(cid:18)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18)’(cid:28)(cid:2)
(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)((cid:2)
(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:16)(cid:5)(cid:19)(cid:10)(cid:3)(cid:5)(cid:13)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(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:12)(cid:3)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:16)(cid:5)(cid:19)(cid:10)(cid:3)(cid:5)(cid:13)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)
(cid:5)(cid:6)(cid:2)(cid:7)(cid:8)(cid:9)(cid:6)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:6)(cid:11)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)/(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)/(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:19)(cid:8)$(cid:6)(cid:28)(cid:2)#<(cid:2)(cid:13)(cid:20)(cid:2)#6(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)&(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)’(cid:2)/(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:14)(cid:20)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:27)(cid:6)(cid:8)(cid:18)(cid:2)
(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:2) !(cid:2)"(cid:10)(cid:15)(cid:6)(cid:2)#!#!((cid:2)(cid:2)
)(cid:15)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:30)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)/(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)/(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:20)(cid:14)(cid:2)(cid:21)(cid:8)(cid:15)(cid:15)(cid:2)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:2)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11)(cid:2)(cid:14)(cid:20)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:27)(cid:6)(cid:8)(cid:18)(cid:2)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:2) !(cid:2)"(cid:10)(cid:15)(cid:6)(cid:2)#!#!(cid:30)(cid:2)(cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:12)(cid:6)(cid:28)(cid:2)
(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2) !!*(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(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:2)*(cid:16)(cid:13)(cid:2)#!!+((cid:2)(cid:2)
(cid:8)
(cid:8)
(cid:8)
(cid:3)8(cid:2)
(cid:2)
(cid:16)(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:11)(cid:5)(cid:15)(cid:8)(cid:8)
?(cid:7)(cid:6)(cid:2)&(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:2)(cid:8)(cid:18)(cid:6)(cid:2)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:2)(cid:14)(cid:20)(cid:18)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:8)(cid:15)(cid:11)(cid:2)(cid:19)(cid:18)(cid:6)(cid:28)(cid:6)(cid:15)(cid:13)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)/(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)
/(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:2)(cid:12)(cid:15)(cid:2)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2) !!*(cid:2)(cid:20)(cid:14)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)(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:2)*(cid:16)(cid:13)(cid:2)#!!+((cid:2)0(cid:10)(cid:18)(cid:2)(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:2)(cid:12)(cid:28)(cid:2)(cid:13)(cid:20)(cid:2)(cid:6):(cid:19)(cid:18)(cid:6)(cid:28)(cid:28)(cid:2)(cid:8)(cid:15)(cid:2)
(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:2)(cid:20)(cid:15)(cid:2)(cid:13)(cid:7)(cid:6)(cid:2)/(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:2)/(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:2)(cid:23)(cid:8)(cid:28)(cid:6)(cid:11)(cid:2)(cid:20)(cid:15)(cid:2)(cid:20)(cid:10)(cid:18)(cid:2)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:2)(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:2)(cid:12)(cid:15)(cid:2)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:2)(cid:31)(cid:12)(cid:13)(cid:7)(cid:2)*(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:2)*(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)$(cid:2)
.(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)((cid:2)
)(cid:5)*(cid:11)(cid:23)(cid:8)’!(cid:4)(cid:3)(cid:5)!(cid:8)+(cid:23)(cid:13)(cid:7)(cid:3)(cid:5)(cid:13)(cid:15)(cid:17)(cid:11)(cid:6)(cid:2)
(cid:8)
(cid:2)
’(cid:7)(cid:5)(cid:6)(cid:17)(cid:5)(cid:3)(cid:8)(cid:27)(cid:11)(cid:15)(cid:17)(cid:5)(cid:13)(cid:8)
2(cid:8)(cid:18)(cid:13)(cid:15)(cid:6)(cid:18)(cid:2)
(cid:2)
&(cid:8)(cid:13)(cid:6)(cid:11),(cid:2) !(cid:2).(cid:6)(cid:19)(cid:13)(cid:6)(cid:25)(cid:23)(cid:6)(cid:18)(cid:2)#!#!(cid:2)
(cid:2)
(cid:2)
(cid:3)6(cid:2)
ADDITIONAL
INFORMATION
A N N U A L F I N A N C I A L R E P O R T
shAREhoLdER INFoRmAtIoN
as at 25 september 2020
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 25 September 2020
1 – 1,000
1,001 –
5,000
5,001 –
10,000
10,001 –
100,000
100,00
1 and
Over
tOtal
Fully paid ordinary shares (CGB)
137
64
937
4,511
3,116
8,765
the number of holders holding less than a marketable parcel of fully paid ordinary shares as
25 september 2020 is 5,800.
80
shAREhoLdER INFoRmAtIoN
as at september 2020
A N N U A L F I N A N C I A L R E P O R T
20 largest holders of quoted equity securities
as at 25 September 2020
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
LBt CoRpoRAtIoN ptY Ltd
VoLCAN AustRALIA CoRpoRAtIoN ptY Ltd
FIRst stAtE ptY LImItEd
ANdREW kAVAsILAs
tRANsGLoBAL CApItAL ptY Ltd
020428 ptY Ltd
AChIEVEmENt NomINEEs
sEBAstIoN WILLIAm EWARds