REPORT
ANNUAL
For the year ended 30 June 2024
Appendix 4E Preliminary Final Report
Chairman’s message
Dear shareholders,
A year in review
The year ended 30 June 2024 has delivered major wins for icetana AI, including a
strengthening of the sales and marketing function, a new focus on the Middle East and
the launch of updated branding. Our enhanced product offering leverages the latest
developments in AI globally to strengthen our ability to review and analyse video
surveillance data. As a result we have broadened product applications beyond safety and
security to include retail analytics, licence plate identification and facial recognition.
These new applications appeal to new customer segments with more valuable use cases,
whilst also providing upsell opportunities to our existing customer base.
Annualised recurring revenue (ARR) grew 16% year-on-year, our strongest ARR growth
in three years. Annual revenue grew 112% compared to last year, driven by a large
non-recurring hardware deployment.
Looking back on FY2024, I am compelled to reflect not just on how far icetana AI has
evolved over the past 12 months, but indeed over the past fifteen years.
Our next-generation software, introduced two years ago, has been adopted by nearly all
of our customers. icetana AI’s software solution now detects critical real-time events in
video surveillance across 75 sites in 15 countries.
Over the years, artificial intelligence has become ubiquitous, we no longer need to
educate our customers about the benefits it can provide. Instead we are increasingly
seeing prospective customers reach out to us, eager to apply our technology to enhance
their operations, which is apparent in our fast-growing deal pipeline.
Beyond our key, traditional verticals of shopping malls and university campuses, we are
seeing increasing traction with guarding services and government security operations.
Our licence plate identification and facial recognition offerings, in particular, set us out as
a market-leading integrated provider in the video analytics industry.
Post year end
Following the receipt of an R&D tax incentive payment in August and $770,000 of
convertible notes announced this week, the company is well positioned for future
investments and sustained growth.
With on-going long term support from our three substantial shareholders - Macnica, the
Meurs family office and Lance East Office - we are looking forward to delivering some big
wins in terms of new sales over the 2025 financial year.
In thanks
I would like to express sincere gratitude to our dynamic executive team and dedicated
board members. Their commitment, good humour, strategic vision and relentless drive
have been pivotal in navigating this year’s challenges.
The combined executive team of Kevin Brown, Raf Kimberley-Bowen and Matt James
continues to perform strongly as a high functioning team, and make my job as Chair
easier than expected. The broader team is to be commended for their extra efforts
throughout 2024, a year in which we had no unplanned resignations and saw significant
cash investment by several staff in our listed shares (when trading windows were open).
Looking to the future, our focus remains on accelerating the conversion of our sales
pipeline to deliver high margin revenue growth on the path to profitability.
Thank you for your continued trust and support.
Warm regards,
Matthew Macfarlane
Non-Executive Chairman
icetana Limited
Appendix 4E
1. Company details
Name of entity:
icetana Limited
ABN:
90 140 449 725
Reporting period:
Year ended 30 June 2024
Previous corresponding period:
Year ended 30 June 2023
Release date:
30 August 2024
2. Results for announcement to the market
Revenues from ordinary activities
up
112% to
3,700,321
Loss from ordinary activities after tax attributable to the owners of icetana Limited
down
5% to
1,951,095
Loss for the year attributable to the owners of icetana Limited
down
8% to
1,934,889
3. Statement of comprehensive income
Refer to the attached Financial Report for the year ended 30 June 2024.
4. Statement of financial position
Refer to the attached Financial Report for the year ended 30 June 2024.
5. Statement of cash flows
Refer to the attached Financial Report for the year ended 30 June 2024.
6. Statement of changes in equity
Refer to the attached Financial Report for the year ended 30 June 2024.
7. Dividend payments
Refer to the attached Financial Report for the year ended 30 June 2024. The Company does not propose to pay any
dividends in the current period.
8. Dividend reinvestment plans
Not applicable.
9. Net tangible assets
30 Jun 2024
30 Jun 2023
Net tangible assets per share (cents) *
0.32
0.21
* Net assets (excluding intangible assets and net deferred tax liabilities) divided by number of shares outstanding at the
end of the period.
10. Control gained over entities
Not applicable.
icetana Limited
Appendix 4E
11. Other significant information
Not applicable.
12. Foreign entities
Australian Accounting Standards are utilised when compiling the Financial Report.
13. Commentary on the results for the period
Refer to the Review of Operations section contained in the Directors Report.
14. Audit qualification or review
The above information is extracted or derived from the consolidated financial statements and notes attached below which
have been audited by Dry Kirkness (Audit) Pty Ltd.
Signed
Date: 28 August 2024
Matthew Macfarlane
Non-Executive Chairman
Perth, Western Australia
Approved for release by the Board of icetana Limited
icetana Limited
Corporate Directory
For the year ended 30 June 2024
Board of Directors
Matthew Macfarlane
Non-Executive Chairman - appointed 31 July 2023
Geoff Pritchard - resigned 31 July 2023
Non-Executive Chairman
Colm O’Brien
Non-Executive Director
Clinton Snow
Non-Executive Director
Company Secretary
Rafael Kimberley-Bowen
Registered office and principal place of business
Level 32
152 St Georges Terrace
Perth
Western Australia 6000
Website
www.icetana.ai
Auditors
Dry Kirkness (Audit) Pty Ltd
Ground Floor
50 Colin Street
West Perth
Western Australia 6005
www.drykirkness.com.au
Share registry
Automic Registry Services
Level 5
191 St Georges Terrace
Perth
Western Australia 6000
www.automicgroup.com.au
Stock exchange
ASX Limited (ASX)
www.asx.com.au
ASX code
ASX:ICE
icetana Limited
Contents
For the year ended 30 June 2024
Results for announcement to the market
Corporate directory
Directors’ report
2
Auditor’s independence declaration
19
Consolidated statement of profit or loss for the year ended 30 June 2024
20
Consolidated statement of financial position as at 30 June 2024
21
Consolidated statement of changes in equity for the year ended 30 June 2024
22
Consolidated statement of cash flows for the year ended 30 June 2024
23
Notes to the consolidated financial statements for the year ended 30 June 2024
24
Consolidated entity disclosure statement
45
Directors’ declaration
46
Audit report
47
icetana Limited
Directors' report
30 June 2024
The directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter
as the 'Consolidated Entity') consisting of icetana Limited (referred to hereafter as the 'Company' or 'Parent Entity') and the
entities it controlled for the year ended 30 June 2024.
Directors
The following persons were directors of icetana Limited during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Matthew Macfarlane
Geoff Pritchard (resigned 31 July 2023)
Colm O’Brien
Clinton Snow
Principal activities
During the financial year the principal continuing activity of the Consolidated Entity consisted of the development and sale
of an AI assisted video surveillance software using technology based on machine learning to provide automatic real-time
anomalous event detection.
Review of operations
Founded in 2009, icetana AI was formed to commercialise technology developed by researchers at Curtin University that
allows for the efficient analysis of very large data sets to identify anomalous activity and events outside normal patterns.
icetana AI has commercialised the technology by developing Artificial Intelligence (AI) assisted video surveillance software
using machine learning techniques to provide automated real-time anomalous event detection (icetana AI Solution) for use
cases including security, loss prevention, theft and health and safety. The icetana AI solution integrates with existing video
surveillance systems or can be deployed to directly interface with surveillance camera feeds. The software ‘learns’ activity
patterns for fixed-field-of-view cameras and creates a model of ‘normal’ movement patterns and activity. After the learning
phase, the software then reports anomalous or unusual movement patterns and activity in real-time, through a user interface
that highlights those anomalous events. Security operators, typically based in operations centres responsible for monitoring
hundreds to thousands of cameras, can review the unusual events and determine appropriate response.
To date, significant traction has been made in securing enterprise grade customers and the Company currently has over 35
active customers across a number of core industry verticals with installed sites in over 75 locations supporting in excess of
16,000 video surveillance cameras globally. The product has application to multiple customer segments and use-cases and
will be targeting additional industry verticals as part of the product development roadmap (e.g. prisons, healthcare and
guarding services).
icetana AI’s business has transitioned over the years to a predominantly Software as a Service (SaaS) operation, allowing
the Company to build recurring revenue streams. This is complemented by a non-SaaS direct-licensing model which
includes recurring maintenance fees where customers or markets have a strong preference for such an upfront
arrangement.
2
icetana Limited
Directors' report
30 June 2024
Review of operations (cont.)
The Company continues to carefully manage costs, and following a successful share placement in October 2023 the
Company has invested into its sales and marketing function whilst maintaining a strong cash position.
The loss for the Consolidated Entity after providing for income tax amounted to $1,902,708 (30 June 2023: $2,124,965), a
10% improvement on the prior year.
The reported losses of the Consolidated Entity for the year ended 30 June 2024 include non-cash costs in relation to the
Employee Share Investment Plan: a net expense of $119,929 over the year.
Removing the non-cash impact of the ESIP plan from the Consolidated Entity’s results for the year ended 30 June 2024
would reduce the reported losses by 7%, to $1,782,779.
For the year ended 30 June 2024 the Consolidated Entity reported sales revenue of $3,700,321 were up 112% on the
previous year ($1,744,714). However recurring revenues by way of SaaS and maintenance fees increased as a
proportion of total revenue for the financial year to approximately 125% (96% in 2022). The Company also had
$1,220,141 in unearned revenue as at 30 June 2024 (2022: $1,501,645), representing pre-payments received from
customers who typically pay for annual subscriptions 12 months in advance.
The financial position of the Consolidated Entity remains strong with net current assets of $1,083,559 (30 June 2023:
$714,908) and nil debt.
Dividends
No dividends were paid or declared since the start of the financial period. No recommendation for payment of dividends
has been made.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Consolidated Entity during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future
financial years.
Likely developments and expected results of operations
icetana AI will continue to implement the business strategies put in place to drive the Company towards a growth trajectory
in the foreseeable future, subject to a stable macro-economic environment. The Company will continue to seek new
opportunities to build scale and to broaden its customer base, product offering and technological advantage.
In reliance on s299A(3) of the Corporations Act 2001, we have not disclosed further information on business strategies and
prospects, because disclosure of that information is likely to result in unreasonable prejudice to the Group.
Environmental regulation
The current activities of the Company are not subject to any significant environmental regulation. However, the Board
believes that the Company has adequate systems in place to manage its environmental obligations and is not aware of any
breach of any environmental requirements during the period covered by this report as they apply to the Company.
3
icetana Limited
Directors' report
30 June 2024
Information on directors
Name:
Matthew Macfarlane
Title:
Non Executive Chairman
Qualifications:
B.Com, CA (Australia), GAICD
Experience and expertise:
Matthew was the founding CEO of the Company and returned to the role in September
2018. He is a successful entrepreneur, angel and venture capital investor and worked for
over 10 years doing international cross-border mergers and acquisitions.
He co-founded software start-up Vibe Capital (Minti) which raised over $2.6m from early
stage investors; and also co-founded the $40m venture capital firm Yuuwa Capital in 2009.
He has taken on acting-CEO roles at icetana AI and Australian Export Grains Innovation
Centre in the past 5 years during CEO absences. In 2018 he was recognised by the West
Australian IT and Telecoms Association (WAITTA) as the Pearcey Entrepreneur of the Year.
He is an independent director of PetRescue Ltd, the Australian Export Grains Innovation
Centre and AgriFutures.
Other current ASX
directorships:
None
Former ASX directorships
(last three years):
None
Special responsibilities:
None
Interests in shares:
2,831,404
Interests in options:
2,797,773
Interests in performance
rights:
None
Contractual right to shares:
Nil
Name:
Colm O’Brien
Title:
Non-Executive Director
Qualifications:
BCL
Experience and expertise:
Colm has over 20 years’ experience at executive and director level, including ten years as
CEO with ASX-listed media company Aspermont Limited, where he developed a digitally
led global resources media business. Mr O’Brien is also a founder of Carrington Partners, a
boutique management consulting group. In addition to his media industry experience, Mr
O’Brien has worked in international financial services, tier one management consultancy at
Andersen Consulting (Accenture) and Barclays Bank Plc. Colm is a founding director of
Carrington Partners, a specialised management consultancy focused.
Other current ASX
directorships:
Non-executive director of Sports Entertainment Group (ASX: SEG), appointed 1 September
2015; Non-executive director of Schrole Group (ASX:SCL), appointed October 2022.
Former ASX directorships
(last three years):
None
Special responsibilities:
None
Interests in shares:
200,000
Interests in options:
975,000
Interests in performance
rights:
Nil
Contractual right to shares:
None
4
icetana Limited
Directors' report
30 June 2024
Name:
Clinton Snow
Title:
Non-Executive Director
Qualifications:
B.Eng/B.Com
Experience and expertise:
Clinton has nearly 20 years of experience as a technology leader with a focus on
engineering management and leading the development and implementation of engineering
solutions in the oil and gas industry. He has previously served as a non-executive director
and chairman and currently provides advisory services to a family office and related
investments.
Other current ASX
directorships:
Non-executive director of Dimerix (ASX: DXB), appointed 1 May 2023.
Former ASX directorships
(last three years):
None
Special responsibilities:
None
Interests in shares:
38,085,163
Interests in options:
7,700,048
Interests in performance
rights:
Nil
Contractual right to shares:
None
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last three years)' quoted above are directorships held in the last three years for listed entities only
and excludes directorships of all other types of entities, unless otherwise stated.
Company secretary
Rafael Kimberley-Bowen (GAICD, MBA, FCMA, BSc) has served as the Company’s Chief Financial Officer since 1 February
2021 and as Company Secretary since 22 February 2022. He is an advisor and finance professional with expertise in
fast-growing technology companies. He is a director and founder of advisory firm scale.partners, and director of StartupWA
and Perth Angels.
Meeting of directors
The number of meetings of the Consolidated Entity’s Board of Directors (‘the Board’) during the year ended 30 June 2024,
and the number of meetings attended by each director were:
Director
Attended
Held
Matthew Macfarlane
8
8
Geoff Pritchard
1
1
Colm O’Brien
8
8
Clinton Snow
8
8
Held: represents the number of meetings held during the time that the director held office.
Remuneration report (Audited)
The remuneration report details the key management personnel remuneration arrangements for the Consolidated Entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
5
icetana Limited
Directors' report
30 June 2024
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Consolidated Entity's executive reward framework is to ensure reward for performance is competitive
and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic
objectives and the creation of value for shareholders, and it is considered to conform to the market best practice for the
delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for
good reward governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
The Board is responsible for determining and reviewing remuneration arrangements for its directors and executives. The
performance of the Consolidated Entity depends on the quality of its directors and executives. The remuneration philosophy
is to attract, motivate and retain high performance and high quality personnel.
The Board has structured an executive remuneration framework that is market competitive and complementary to the
reward strategy of the Consolidated Entity.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
●
rewarding capability and experience
●
reflecting competitive reward for contribution to growth in shareholder wealth
●
providing a clear structure for earning rewards
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors'
fees and payments are reviewed annually by the Board. The Board may, from time to time, receive advice from independent
remuneration consultants to ensure non-executive directors' fees and payments are appropriate and in line with the market.
The chairman's fees are determined independently to the fees of other non-executive directors based on comparative roles
in the external market. The chairman is not present at any discussions relating to the determination of his own remuneration.
Non-executive directors do not receive share options or other incentives.
ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by a general
meeting. The existing approved maximum annual aggregate remuneration is $300,000.
Executive remuneration
The Consolidated Entity aims to reward executives based on their position and responsibility, with a level and mix of
remuneration which has both fixed and variable components.
The executive remuneration and reward framework has four components:
●
base pay and non-monetary benefits
6
icetana Limited
Directors' report
30 June 2024
●
short-term performance incentives
●
share-based payments
●
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the
Board based on individual and business unit performance, the overall performance of the Consolidated Entity and
comparable market remunerations.
Executives may receive their fixed remuneration in the form of cash or other fringe benefits where it does not create any
additional costs to the Consolidated Entity and provides additional value to the executive.
The short-term incentives ('STI') program is designed to align the targets of the business units with the performance hurdles
of executives. STI payments are granted to executives based on specific annual targets and key performance indicators
('KPIs') being achieved. KPIs include profit contribution, customer satisfaction, leadership contribution and product
management. No STIs were paid to executives during the year ended 30 June 2024.
The long-term incentives ('LTI') include long service leave and share-based payments. Options awarded to executives vest
over a period of three years. The Board reviewed the long-term equity-linked performance incentives specifically for
executives during the year ended 30 June 2024.
Consolidated entity performance and link to remuneration
From 1 July 2020, remuneration for certain individuals has been directly linked to the performance of the Consolidated
Entity. A portion of cash bonus and incentive payments are dependent on defined earnings per share targets being met. The
remaining portion of the cash bonus and incentive payments are at the discretion of the Board. Refer to the section
'Additional information' below for details of the earnings and total shareholders return for the last five years.
The Board is of the opinion that the continued improved results can be attributed in part to the adoption of performance
based compensation and is satisfied that this improvement will continue to increase shareholder wealth if maintained over
the coming years.
Use of remuneration consultants
Other than the external review of a proposed ESIP compensation package, the Consolidated Entity did not engage external
consultants to review existing remuneration policies during the year ended 30 June 2024.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Consolidated Entity are set out in the following tables.
The key management personnel of the Consolidated Entity consisted of the following directors of icetana Limited:
●
Geoff Pritchard - Non-Executive Director and Chairman (resigned 31 July 2023)
●
Matthew Macfarlane - Non-Executive Director and Chairman (since 31 July 2023)
●
Colm O’Brien - Non-Executive Director
●
Clinton Snow - Non-Executive Director
And the following persons:
●
Kevin Brown - Chief Executive Officer (from 1 August 2023, previously Chief Operating Officer)
●
Matt James - Chief Technology Officer
●
Sean Clarke - Chief Revenue Officer
●
Rafael Kimberley-Bowen - Company Secretary and Chief Financial Officer
7
icetana Limited
Directors' report
30 June 2024
There have been no changes since the end of the reporting period.
Short term benefits
Post
employm
ent
benefits
Long
term
benefits
Share based
payments
Cash
salary
and fees
Cash
bonus
Non-
monetary
Super-
annuation
Long
service
leave
Equity -
settled
Equity -
settled
shares
options
Total
2024
$
$
$
$
$
$
$
$
Non-Executive Directors:
Geoff Pritchard ¹
5,417
-
-
596
-
-
713
6,726
Matthew Macfarlane
(Chair) ²
95,658
-
-
10,522
-
-
6,119
112,299
C. O'Brien
39,945
-
-
-
-
-
4,114
44,059
C. Snow
36,000
-
-
3,960
-
-
4,114
44,074
Other Key Management
Personnel:
Kevin Brown
226,800
-
-
20,790
9,046
-
48,828
305,464
R. Kimberley-Bowen
169,628
-
-
6,653
-
-
16,233
192,514
S. Clarke ³
169,500
-
-
18,645
698
-
5,868
194,711
M. James ⁴
220,000
-
-
24,200
917
-
9,146
254,263
962,948
-
-
85,366
10,661
-
95,135
1,154,110
1 Represents remuneration from 1 July 2023 to resignation on 31 July 2023
2 Change from Executive Director to Non-Executive Director and Chair on 31 July 2023
3 Represents remuneration from employment start date on 1 July 2023 to 30 June 2024
4 Represents remuneration from employment start date on 2 October 2023 to 30 June 2024
8
icetana Limited
Directors' report
30 June 2024
Short term benefits
Post
employm
ent
benefits
Long
term
benefits
Share based
payments
Cash
salary
and fees
Cash
bonus
Non-
monetary
Super-
annuation
Long
service
leave
Equity -
settled
Equity -
settled
shares
options
Total
2023
$
$
$
$
$
$
$
$
Non-Executive Directors:
Geoff Pritchard (Chair)
65,000
-
-
6,825
-
-
12,613
84,438
D. Carpenter ¹
14,455
-
-
1,518
-
-
2,276
18,249
C. O'Brien
39,780
-
-
-
-
-
2,927
42,707
C. Snow
36,000
-
-
3,780
-
-
2,927
42,707
Executive Directors:
Matthew Macfarlane
192,000
-
-
20,160
8,082
-
180,307
400,549
Other Key Management
Personnel:
Kevin Brown
190,800
-
-
20,034
2,490
-
148,444
361,768
R. Kimberley-Bowen
172,800
-
-
18,144
-
-
29,211
220,155
710,835
-
-
70,461
10,572
-
378,705
1,170,573
1 Represents remuneration from 1 July 2022 to 23 November 2022
9
icetana Limited
Directors' report
30 June 2024
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk - STI
At risk - LTI
Name
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
M. Macfarlane
95%
55%
-
-
5%
45%
G. Pritchard
89%
85%
-
-
11%
15%
D. Carpenter
N/a
88%
-
-
N/a
12%
C. O'Brien
91%
93%
-
-
9%
7%
C. Snow
91%
93%
-
-
9%
7%
Other Key Management
Personnel:
K. Brown
84%
59%
-
-
16%
41%
R. Kimberley-Bowen
92%
87%
-
-
8%
13%
S. Clarke
97%
0%
-
-
3%
0%
M. James
96%
0%
-
-
4%
0%
Cash bonuses are dependent on meeting defined performance measures. The amount of the bonus is determined having
regard to the satisfaction of performance measures and weightings as described above in the section 'Consolidated entity
performance and link to remuneration'. The maximum bonus values are established at the start of each financial year and
amounts payable are determined in the final month of the financial year by the Board.
The proportion of the cash bonus paid/payable or forfeited is as follows:
Cash bonus paid/payable
Cash bonus forfeited
Name
2024
2023
2024
2023
Non-Executive Directors:
M. Macfarlane
0%
0%
100%
100%
Other Key Management Personnel:
K. Brown
0%
0%
100%
100%
R. Kimberley-Bowen
0%
0%
100%
100%
S. Clarke
0%
0%
100%
100%
M. James
0%
0%
100%
100%
10
icetana Limited
Directors' report
30 June 2024
Fully paid shares
Balance at 1
Jul 2023
Received on
exercise of
options
Balance held
on
resignation
Acquired/
disposed of
Balance at
30 Jun 2024
2024
Number
Number
Number
Number
Number
Non-Executive Directors:
Geoff Pritchard ¹
1,361,427
-
1,361,427
-
-
Matthew Macfarlane (Chair) ²
2,259,975
-
n/a
571,429
2,831,404
C. O'Brien
200,000
-
n/a
-
200,000
C. Snow
30,942,306
-
n/a
7,142,857
38,085,163
Other Key Management Personnel:
Kevin Brown
2,925,098
-
n/a
497,250
3,422,348
R. Kimberley-Bowen
913,600
-
n/a
395,116
1,308,716
S. Clarke ³
-
-
n/a
1,500,000
1,500,000
M. James ⁴
-
-
n/a
1,292,838
1,292,838
38,602,406
-
1,361,427
11,399,490
48,640,469
1 Represents fully paid shares from 1 July 2023 to resignation on 31 July 2023
2 Change from Executive Director to Non-Executive Director and Chair on 31 July 2023
3 Represents fully paid shares from employment start date on 1 July 2023 to 30 June 2024
4 Represents fully paid shares from employment start date on 2 October 2023 to 30 June 2024
Balance at 1
Jul 2022
Received on
exercise of
options
Balance held
on
resignation
Acquired/
disposed of
Balance at
30 Jun 2023
2023
Number
Number
Number
Number
Number
Non-Executive Directors:
Geoff Pritchard (Chair)
1,361,427
-
n/a
-
1,361,427
D. Carpenter ¹
-
-
-
-
n/a
C. O'Brien
200,000
-
n/a
-
200,000
C. Snow
14,455,042
-
n/a
16,487,264
30,942,306
Executive Directors:
Matthew Macfarlane
2,259,975
-
n/a
-
2,259,975
Other Key Management Personnel:
Kevin Brown
2,825,098
-
n/a
100,000
2,925,098
R. Kimberley-Bowen
913,600
-
n/a
-
913,600
22,015,142
-
-
16,587,264
38,602,406
11
icetana Limited
Directors' report
30 June 2024
1 Represents fully paid ordinary shares from 1 July 2022 to 23 November 2022
Share options
Balance at
1 Jul 2023
Granted as
compensati
on
Cancelled/E
xpired
Net other
change
Balance
held at
resignatio
n
Balance at
30 Jun
2024
Vested and
exercisable
ESIP
options
ESIP
options
vested
during year
2024
Number
Number
Number
Number
Number
Number
Number
Number
Non-Executive Directors:
Geoff Pritchard ¹
2,141,164
-
(1,000,000)
-
1,141,164
-
500,000
-
Matthew Macfarlane (Chair) ²
18,118,156
1,000,000 (16,320,383)
-
n/a
2,797,773
1,833,333
166,667
C. O'Brien
900,000
750,000
(675,000)
-
n/a
975,000
350,000
125,000
C. Snow
24,112,312
750,000
(675,000)
(16,487,264
)
n/a
7,700,048
350,000
125,000
Other Key Management
Personnel:
Kevin Brown
16,302,787 10,000,000
(6,877,859)
-
n/a 19,424,928
8,500,000
7,166,666
R. Kimberley-Bowen
5,362,500
2,000,000
(929,167)
-
n/a
6,433,333
4,080,000
2,573,333
S. Clarke ³
-
2,000,000
-
-
n/a
2,000,000
-
-
M. James ⁴
200,000
3,000,000
(150,000)
-
n/a
3,050,000
300,000
266,667
67,136,919 19,500,000 (26,627,409)
(16,487,264
)
1,141,164 42,381,082 15,913,333 10,423,333
1 Represents share options from 1 July 2023 to resignation on 31 July 2023
2 Change from Executive Director to Non-Executive Director and Chair on 31 July 2023
3 Represents share options from employment start date on 1 July 2023 to 30 June 2024
4 Represents share options from employment start date on 2 October 2023 to 30 June 2024
Balance at
1 Jul 2022
Granted as
compensati
on
Cancelled/
Expired
Net other
change
Balance
held at
resignation
Balance at
30 Jun
2023
Vested and
exercisable
ESIP
options
ESIP
options
vested
during year
2023
Number
Number
Number
Number
Number
Number
Number
Number
Non-Executive Directors:
Geoff Pritchard (Chair)
813,458
1,500,000
(172,294)
-
n/a
2,141,164
718,870
328,145
D. Carpenter ¹
468,870
-
(234,435)
-
234,435
n/a
234,435
78,145
C. O'Brien
-
900,000
-
-
n/a
900,000
150,000
150,000
C. Snow
4,099,166
900,000 (2,049,583) 21,162,729
n/a
24,112,312
150,000
150,000
Executive Directors:
12
icetana Limited
Directors' report
30 June 2024
Matthew Macfarlane
18,249,262
-
(131,106)
-
n/a
18,118,156
9,320,383
3,604,958
Other Key Management
Personnel:
Kevin Brown
16,302,787
-
-
-
n/a 16,302,787
7,323,620
3,037,052
R. Kimberley-Bowen
5,362,500
-
-
-
n/a
5,362,500
1,506,667
1,006,667
45,296,043
3,300,000 (2,587,418) 21,162,729
234,435 66,936,919 19,403,975
8,354,967
1 Represents share options from 1 July 2022 to 23 November 2022
Performance rights
As at the end of the financial year Kevin Brown held 187,500 performance rights, these will expire on 23 December 2024 if
vesting conditions are not met.
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Kevin Brown
Title:
Chief Executive Officer
Agreement commenced:
7 October 2019. Previous agreement (as Chief Operating Officer) ended on 31 July
2023. Appointed as Chief Executive Officer on 1 August 2023.
Term of agreement:
Ongoing
Details:
Full time equivalent salary for the year ending 30 June 2024 of $226,800 plus
superannuation, to be reviewed annually by the Board. Three month termination
notice by either party, eligible to participate in Employee Stock Investment Plan
(ESIP) subject to a Performance Review and Board approval, non-solicitation and
non-compete clauses.
Name:
Rafael Kimberley-Bowen
Title:
Chief Financial Officer and Company Secretary
Agreement commenced:
4 February 2021
Term of agreement:
Ongoing
Details:
Since 1 November 2023, contracted through Scale Partners Pty Ltd to provide CFO
and Company Secretary services for $17,325 per month plus GST. Two month
termination notice by either party, eligible to participate in Employee Stock Investment
Plan (ESIP) subject to a Performance Review and Board approval, non-solicitation
and non-compete clauses.
Prior to 1 November 2023, employed on a full time equivalent salary of $216,000 plus
superannuation.
Name:
Matt James
Title:
Chief Technology Officer
Agreement commenced:
1 July 2023
Term of agreement:
Ongoing
Details:
Full time equivalent salary for the year ending 30 June 2024 of $220,000 plus
superannuation. Two month termination notice by either party, eligible to participate in
Employee Stock Investment Plan (ESIP) subject to a Performance Review and Board
approval, non-solicitation and non-compete clauses,
13
icetana Limited
Directors' report
30 June 2024
Name:
Sean Clarke
Title:
Chief Revenue Officer
Agreement commenced:
2 October 2023
Term of agreement:
Ongoing
Details:
Full time equivalent salary for the year ending 30 June 2024 of $226,000 plus
superannuation. Two month termination notice by either party, eligible to participate in
Employee Stock Investment Plan (ESIP) subject to a Performance Review and Board
approval, non-solicitation and non-compete clauses.
14
Icetana Limited
Directors' report
30 June 2024
Share-based compensation
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key
management personnel in this financial year or future reporting years are as follows:
Name
Number of
options granted
Grant date
Vesting date
and
exercisable
date
Expiry date
Exercise price
Fair value per
option at grant
date
K Brown
10,000,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
K Brown
7,666,667
27-Apr-22
Note 2
26-Apr-26
$0.15
$0.02
R. Kimberley-Bowen
2,000,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
R. Kimberley-Bowen
2,913,333
27-Apr-22
Note 2
26-Apr-26
$0.15
$0.02
R. Kimberley-Bowen
1,000,000
2-Jun-21
Note 1
2-Jun-25
$0.25
$0.05
S Clarke
2,000,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
M James
3,000,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
M James
50,000
16-Nov-22
Note 2
15-Nov-26
$0.15
$0.024
M Macfarlane
1,666,667
27-Apr-22
Note 2
26-Apr-26
$0.15
$0.02
M Macfarlane
1,000,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
G Pritchard
500,000
30-Nov-22
Note 2
29-Nov-26
$0.15
$0.024
C Snow
225,000
30-Nov-22
Note 2
29-Nov-26
$0.15
$0.024
C Snow
750,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
C O'Brien
750,000
19-Oct-23
Note 3
19-Oct-27
$0.046
$0.021
C O'Brien
225,000
30-Nov-22
Note 2
29-Nov-26
$0.15
$0.024
Notes.
1 Options vest 1⁄3 in 12 months and quarterly thereafter over a total three year period commencing on the issue date. If
employment is ceased during the vesting period, any unvested options held are forfeited by the Director / KMP.
2 40% of options vest quarterly over a total three year period commencing on the issue date. 30% of options vest when
revenue over a six month period prior to 31 December 2024 exceeds $1.5m. 30% of options vest when revenue over a six
month period prior to 31 December 2025 exceeds $2.25m. If employment is ceased during the vesting period, any unvested
options held are forfeited by the Director / KMP.
3 50% of options vest quarterly over a total three year period commencing on the issue date. 25% of options vest when
revenue within a financial year prior to 30 June 2025 exceeds $3m. 25% of options vest when revenue within a financial
year prior to 30 June 2028 exceeds $4m. If employment is ceased during the vesting period, any unvested options held are
forfeited by the Director / KMP.
Options granted carry no dividend nor voting rights.
All options were granted over unissued fully paid ordinary shares in the company. The number of options granted was
determined having regard to the satisfaction of performance measures and weightings as described above in the section
'Consolidated entity performance and link to remuneration'. Options vest based on the provision of service over the vesting
period whereby the executive becomes beneficially entitled to the option on vesting date. Options are exercisable by the
holder as from the vesting date. There has not been any alteration to the terms or conditions of the grant since the grant
date. There are no amounts paid nor payable by the recipient in relation to the granting of such options other than on their
potential exercise.
Values of options over ordinary shares granted, exercised and lapsed for directors and other key management personnel as
part of compensation during the year ended 30 June 2024 are set out below (note – value of options provided below is value
of options vested as at 30 June 2024):
15
Icetana Limited
Directors' report
30 June 2024
Vested and
exercisable as
at 30 June 2024
Value of options
vested during
the year
Value of options
exercised during
the year
Value of options
lapsed during
the year
Remuneration
consisting of
options for the
year
Name
number
$
$
$
%
M Macfarlane
1,833,333
6,119
-
634,078
5%
G Pritchard
500,000
713
-
-
11%
K Brown
8,500,000
48,828
-
501,678
18%
R Kimberley-Bowen
4,080,000
16,233
-
-
8%
C Snow
350,000
4,114
-
-
9%
C O'Brien
350,000
4,114
-
-
9%
S Clarke
-
5,868
-
-
3%
M James
300,000
9,146
-
-
4%
This concludes the remuneration report, which has been audited.
Shares under option
All unissued ordinary shares of icetana Ltd under option (relating to key management personnel and other personnel,
including departed personnel) at the date of this report are as follows:
Grant date
Expiry date
Exercise price
Number under option
2 Jun 2021
2 Jun 2025
$0.25
1,901,102
27 Apr 2022
26 Apr 2026
$0.15
14,965,418
16 Nov 2022
15 Nov 2026
$0.15
50,000
30 Nov 2022
29 Nov 2026
$0.15
950,000
19 Oct 2023
19 Oct 2027
$0.046
23,450,000
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
company or of any other body corporate.
Shares issued on the exercise of options
No options were exercised during the year ended 30 June 2024 and up to the date of this report.
Indemnity and insurance of officers
The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the company paid a premium in respect of a contract to insure the directors and executives of the
company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
16
icetana Limited
Directors' report
30 June 2024
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company
or any related entity.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking
responsibility on behalf of the company for all or part of those proceedings.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor
are outlined in note 26 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another
person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by
the Corporations Act 2001.
The directors are of the opinion that the services as disclosed in note 26 to the financial statements do not compromise the
external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
●
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the company,
acting as advocate for the company or jointly sharing economic risks and rewards.
Officers of the company who are former partners or directors of Dry Kirkness (Audit) Pty Ltd
There are no officers of the company who are former partners or directors of Dry Kirkness (Audit) Pty Ltd.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors' report.
Auditor
Dry Kirkness (Audit) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act
2001.
On behalf of the directors
Matthew Macfarlane
Non-Executive Chairman
28 August 2024
Perth, Western Australia
17
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of icetana Ltd for the year ended 30 June 2024, I declare that, to
the best of my knowledge and belief, there have been:
For the year ended 30 June 2024
Appendix 4E Preliminary Final Report
No contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to the audit; and
b) No contraventions of any applicable code of professional conduct in relation to the
audit.
This declaration is in respect of icetana Ltd and the entities it controlled during the year.
DRY KIRKNESS (AUDIT) PTY LTD
Robert Hall CA
Director
Perth
Date: 28 August 2024
icetana Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2024
Note
30 Jun 2024
30 Jun 2023
$
$
Revenue from continuing operations
4
3,700,321
1,744,714
Cost of sales
(1,568,708)
(221,609)
Gross profit
2,131,613
1,523,105
Foreign exchange gains
(21,869)
69,057
Other income
5
-
71,238
Interest revenue
31,400
20,369
Expenses
Accountancy and audit fees
(63,309)
(53,480)
Advertising and marketing
(174,974)
(303,865)
Consultancy fees
(37,506)
(115,421)
Depreciation and amortisation expense
(201,480)
(161,382)
Employee benefits expense
(3,416,848)
(2,822,615)
Other expenses
6
(697,404)
(617,401)
Share based payments expense
(119,929)
(452,080)
Loss before income tax expense from continuing operations
(2,570,306)
(2,842,475)
Income tax benefit
7
667,598
717,510
Loss after income tax expense from continuing operations
(1,902,708)
(2,124,965)
Loss after income tax expense for the year
(1,902,708)
(2,124,965)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(627)
(94,316)
Other comprehensive income for the year, net of tax
(627)
(94,316)
Total comprehensive loss for the year
(1,903,335)
(2,219,281)
Net loss after income tax expense attributable to:
Non-controlling interest
48,387
(69,287)
Owners of icetana Limited
(1,951,095)
(2,055,678)
(1,902,708)
(2,124,965)
Total comprehensive loss attributable to:
Non-controlling interest
31,554
(110,069)
Owners of icetana Limited
(1,934,889)
(2,109,212)
(1,903,335)
(2,219,281)
Loss per share for profit attributable to the owners of icetana Limited
Cents
Cents
Basic loss per share
19
(0.78)
(1.10)
Diluted loss per share
19
(0.78)
(1.10)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
19
icetana Limited
Consolidated statement of financial position
As at 30 June 2024
Note
30 Jun 2024
30 Jun 2023
$
$
Assets
Current assets
Cash and cash equivalents
8
1,477,914
994,150
Trade and other receivables
9
206,229
324,592
Prepayments
10
98,067
94,545
Inventory
3,863
3,884
Income tax refundable
667,598
717,510
Right-of-use asset
15
83,550
83,073
Total current assets
2,537,221
2,217,754
Non-current assets
Property, plant and equipment
11
144,153
175,869
Total non-current assets
144,153
175,869
Total assets
2,681,374
2,393,623
Liabilities
Current liabilities
Trade and other payables
12
190,538
140,711
Unearned revenue
13
904,979
1,079,501
Employee benefits
14
274,595
199,561
Lease liabilities
16
83,550
83,073
Total current liabilities
1,453,662
1,502,846
Non-current liabilities
Unearned revenue
13
315,162
422,144
Employee benefits
14
54,326
51,181
Total non-current liabilities
369,488
473,325
Total liabilities
1,823,150
1,976,171
Net assets
858,224
417,452
Equity
Issued capital
17
24,060,680
21,836,502
Reserves
18
95,127
1,656,109
Non-controlling interest
20
(280,439)
(311,993)
Retained losses
21
(23,017,144)
(22,763,166)
Total equity
858,224
417,452
The above statement of financial position should be read in conjunction with the accompanying notes
20
icetana Limited
Consolidated statement of changes in equity
For the year ended 30 June 2024
Issued
capital
Foreign
currency
translation
reserve
Share
based
payments
reserve
Accumulated
losses
Non-control
ling interest
Total equity
$
$
$
$
$
$
Balance at 1 July 2022
21,082,982
(165,991)
2,031,554
(21,315,488)
(201,924)
1,431,133
Profit after income tax expense for the year
-
-
-
(2,055,678)
(69,287)
(2,124,965)
Other comprehensive income for the year, net
of tax
-
(53,534)
-
-
(40,782)
(94,316)
Total comprehensive income for the year
-
(53,534)
-
(2,055,678)
(110,069)
(2,219,281)
Transactions with owners in their capacity as
owners:
Shares issued
770,535
-
-
-
-
770,535
Share issue costs
(17,015)
-
-
-
-
(17,015)
Share-based adjustments
-
-
(607,655)
607,655
-
-
Share-based payments
-
-
451,735
345
-
452,080
Balance at 30 June 2023
21,836,502
(219,525)
1,875,634
(22,763,166)
(311,993)
417,452
Issued
capital
Foreign
currency
translation
reserve
Share
based
payments
reserve
Accumulated
losses
Non-control
ling interest
Total equity
$
$
$
$
$
$
Balance at 1 July 2023
21,836,502
(219,525)
1,875,634
(22,763,166)
(311,993)
417,452
Profit after income tax expense for the year
-
-
-
(1,951,095)
48,387
(1,902,708)
Other comprehensive income for the year, net
of tax
-
16,206
-
-
(16,833)
(627)
Total comprehensive income for the year
-
16,206
-
(1,951,095)
31,554
(1,903,335)
Transactions with owners in their capacity as
owners:
Shares issued
2,285,501
-
-
-
-
2,285,501
Share issue costs
(61,323)
-
-
-
-
(61,323)
Share-based adjustment
-
-
(1,697,117)
1,697,117
-
-
Share-based payments
-
-
119,929
-
-
119,929
Balance at 30 June 2024
24,060,680
(203,319)
298,446
(23,017,144)
(280,439)
858,224
The above statement of changes in equity should be read in conjunction with the accompanying notes
21
icetana Limited
Consolidated statement of cash flows
For the year ended 30 June 2024
Note
30 Jun 2024
30 Jun 2023
$
$
Cash flows from operating activities
Receipts from customers
3,537,179
1,975,451
Payments to suppliers and employees
(5,826,547)
(4,057,777)
(2,289,368)
(2,082,326)
Interest received
31,400
20,369
R&D tax rebate
717,510
669,632
Net cash used in operating activities
30
(1,540,458)
(1,392,325)
Cash flows from investing activities
Payments for property, plant and equipment
(40,390)
(164,134)
Proceeds on disposal of property, plant and equipment
-
-
Net cash used in investing activities
(40,390)
(164,134)
Cash flows from financing activities
Proceeds from share issue
2,285,501
770,535
Share issue costs
(61,323)
(17,015)
Reduction in finance lease principal
(158,939)
(123,758)
Net cash generated from financing activities
2,065,239
629,762
Net (decrease)/increase in cash and cash equivalents
484,391
(926,697)
Cash and cash equivalents at the beginning of the year
994,150
2,015,163
Effects of exchange rate changes on cash and cash equivalents
(627)
(94,316)
Cash and cash equivalents at the end of the year
8
1,477,914
994,150
The above statement of cash flows should be read in conjunction with the accompanying notes
22
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 1. Material Accounting Policy Information
The financial statements cover icetana as a Consolidated Entity consisting of icetana Limited and the entities it controlled at
the end of, or during the financial year. The financial statements are presented in Australian dollars, which is icetana
Limited’s functional and presentation currency. icetana Limited is a listed public group limited by shares, incorporated and
domiciled in Australia.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities.
Going Concern
During the year the Consolidated Entity continued to incur losses, though a decrease from the previous year, following
investment in our next generation product. For the year ended 30 June 2024, the Consolidated Entity incurred a loss from
continuing operations after tax of $1,902,708 (30 June 2023: $2,124,965). In the same period the consolidated entity had
operating cash outflows of $1,540,458 (year ended 30 June 2023: $1,392,325).
Notwithstanding these matters, the consolidated financial statements have been prepared on a going concern basis. The
Directors consider this to be appropriate for the following reasons:
●
the projected cash flow through the renewal of existing customers and the addition of new customer orders;
●
the ability to reduce operating cash outflows dependent on the addition of new customer orders;
●
access to capital markets, should funding be required, for the Consolidated Entity to continue to execute against its
business plan in the medium term.
The Directors have a reasonable expectation that existing cash, additional inflows from sales to existing customers and the
R&D rebate recognised at year end will be sufficient to sustain operations for a period of not less than 12 months from the
date of signing the financial report. Furthermore, the Consolidated Entity has the ability to adjust its cash flows to ensure that
it can pay its debts as and when they fall due.
Historical cost convention
The financial statements have been prepared on an accruals basis under the historical cost convention, except for, where
applicable, the revaluation of financial assets and liabilities at fair value through profit or loss.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Consolidated Entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 2.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Consolidated Entity only.
Supplementary information about the parent entity is disclosed in note 27.
23
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 1. Material Accounting Policy Information (continued)
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of icetana Limited ('company'
or 'parent entity') as at 30 June 2024 and the results of all subsidiaries for the year then ended. icetana Limited and its
subsidiaries together are referred to in these financial statements as the 'Consolidated Entity'.
The Consolidated Entity controls an entity when the Consolidated Entity is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated Entity. They are
de-consolidated from the date that control ceases.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same
basis as the internal reports to the Board. The Board is responsible for the allocation of resources to operating segments
and assessing their performance.
Revenue recognition
The Consolidated Entity recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Consolidated Entity is expected to be
entitled in exchange for transferring goods or services to a customer.
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is
generally at the time of implementation.
Rendering of services
Revenue from a contract to provide services is recognised over time as the services are rendered based on either a fixed
price or an hourly rate.
Income tax
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
icetana Limited does not have any wholly-owned Australian subsidiaries and has not formed an income tax consolidated
group under the tax consolidation regime.
Research and development tax rebates are treated as an income tax benefit.
Trade and other receivables
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.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Plant and equipment
3-7 years
24
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 1. Material Accounting Policy Information (continued)
Right-of-use assets
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.
Employee benefits
Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined
using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the
option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not
determine whether the Consolidated Entity receives the services that entitle the employees to receive payment. No account
is taken of any other vesting conditions.
Fair value measurement
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not
available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and
reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is
undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where
applicable, with external sources of data.
Issued capital
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
New or amended Accounting Standards and Interpretations adopted
AASB101 Presentation of Financial Statements has been revised for annual reporting periods beginning on or after 1
January 2023, to require the disclosure of material accounting policy information rather than significant accounting policies.
Accounting policy information which does not satisfy one of the following requirements has been removed from these
financial statements:
●
Changes in accounting policy
●
Documentation of choice in the accounting standards
●
An accounting policy developed in the absence of an explicit accounting standard requirement
●
Significant judgement or estimation
●
Complex transaction and accounting policy need to explain statement
New Accounting Standards and Interpretations not yet mandatory or early adopted
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been 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 2024. The
Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations,
most relevant to the Consolidated Entity as having no significant impact.
25
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 2. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next
financial year are discussed below.
Share-based payment transactions
The Consolidated Entity measures the cost of equity-settled transactions with employees by reference to the fair value of
the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or
Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The
accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the
carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Refer to note 18 for further information.
Revenue from contracts with customers involving sale of goods
When recognising revenue in relation to the sale of goods to customers, the key performance obligation of the
Consolidated Entity is considered to be the point of delivery of the goods to the customer, as this is deemed to be the time
that the customer obtains control of the promised goods and therefore the benefits of unimpeded access.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Consolidated Entity considers it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Taxation
Balances disclosed in the financial statements and the notes hereto, related to taxation are based on the best estimates of
Directors. These estimates take into account both the financial performance and position of the Company as they pertain to
current income tax legislation and the Directors understanding thereof. No adjustment has been made for pending or future
tax legislation. The current income tax position represents that Directors' best estimate, pending an assessment by the
Australian Taxation Office.
26
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 3. Operating Segments
Identification of reportable operating segments
The Board assess the Consolidated Entity’s performance based on geographical areas of operation. Accordingly, the
Consolidated Entity has identified 3 reportable segments, which are presented below:
Segment
Information
Asia Pacific (APAC)
Responsible for all sales, marketing and product development efforts in
Australia and the broader Asia Pacific region
North America (NA)
Responsible for all sales and marketing efforts in the United States and
Canada
Europe, Middle East & Africa (EMEA)
Responsible for all sales and marketing efforts in Europe, the Middle East
and Africa
Cost of revenue (included in EBITDA) are all the costs directly attributable to the ongoing delivery of the product. Sales and
marketing costs include direct in-country costs. A portion of general and administration costs, representing general operating
and product development expenses, remain unallocated in determining the segment contribution presented by the Board.
The assets and liabilities of the Consolidated Entity are reported and reviewed by the Board in total and are not allocated by
operating segment. Operating segment assets and liabilities are therefore not disclosed.
Operating segment information:
Note
APAC
NA
EMEA
Total
$
$
$
$
Consolidated - 30 June 2024
Revenue
Sales to external customers
4
1,205,970
263,915
2,230,436
3,700,321
Intersegment sales
127,033
-
-
127,033
Total sales revenue
1,333,003
263,915
2,230,436
3,827,354
Intersegmental eliminations
(127,033)
-
-
(127,033)
Interest revenue
31,400
-
-
31,400
Other income
-
-
-
-
Total segment revenue
1,237,370
263,915
2,230,436
3,731,721
EBITDA
(2,512,105)
-
111,880
(2,400,225)
Depreciation and amortisation
(184,479)
-
(17,002)
(201,481)
Interest revenue
31,400
-
-
31,400
Finance costs
-
-
-
-
Profit before income tax expense
(2,665,184)
-
94,878
(2,570,306)
Income tax expense
667,598
-
-
667,598
Profit after income tax expense
(1,997,586)
-
94,878
(1,902,708)
27
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note
APAC
NA
EMEA
Total
$
$
$
$
Consolidated - 30 June 2023
Revenue
Sales to external customers
4
860,319
307,430
576,965
1,744,714
Intersegment sales
538,886
-
-
538,886
Total sales revenue
1,399,205
307,430
576,965
2,283,600
Intersegmental eliminations
(538,886)
-
-
(538,886)
Interest revenue
20,369
-
-
20,369
Other income
71,238
-
-
71,238
Total segment revenue
951,926
307,430
576,965
1,836,321
EBITDA
(2,646,308)
67,393
(122,546)
(2,701,461)
Depreciation and amortisation
(144,648)
-
(16,735)
(161,383)
Interest revenue
20,369
-
-
20,369
Finance costs
-
-
-
-
Profit before income tax expense
(2,770,587)
67,393
(139,281)
(2,842,475)
Income tax expense
717,510
-
-
717,510
Profit after income tax expense
(2,053,077)
67,393
(139,281)
(2,124,965)
28
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 4. Revenue
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
30 Jun 2024
30 Jun 2023
$
$
Revenue
Types of revenue and other income
Recurring revenue
1,888,794
1,675,066
Enterprise revenue
1,811,527
69,648
Total sales revenue
3,700,321
1,744,714
Geographic regions
APAC
1,205,970
860,319
AME
263,915
307,430
EMEA
2,230,436
576,965
Total sales revenue
3,700,321
1,744,714
Revenue by industry
Education
220,529
189,081
Retail
2,576,622
989,763
Commercial and other
903,170
565,870
Total sales revenue
3,700,321
1,744,714
Note 5. Other income
Other income
-
34,638
Grant income
-
36,600
Insurance recoveries
-
-
-
71,238
Note 6. Other expenses
Insurance
124,676
123,842
Legal fees
49,087
5,722
Travel
156,245
102,251
Other
367,396
385,586
697,404
617,401
29
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 7. Income tax expense
30 Jun 2024
30 Jun 2023
$
$
R&D tax incentive income
(667,598)
(717,510)
Current tax
-
-
Deferred tax
-
-
Aggregate income tax expense
(667,598)
(717,510)
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(2,570,306)
(2,842,475)
Tax at stat rate of 25% (2023: 25%)
(642,577)
(710,619)
Tax effect of R&D tax incentive income
(166,900)
(179,378)
Tax effect of permanent differences
445,754
527,806
Tax effect of temporary differences
(59,041)
(73,717)
Tax losses unrecognised / (recouped)
(245,355)
(281,604)
Aggregate income tax expense
(667,598)
(717,510)
(a) The Company has revenue losses of approximately $11,754,157 (2023: $10,587,169) for which no deferred tax asset
has been recognised.
(b) The Company has no franking credits currently available for future offset.
Note 8. Current assets - cash and cash equivalents
Cash at bank
1,452,914
969,150
Cash on deposit
25,000
25,000
Total cash and cash equivalents
1,477,914
994,150
30
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 9. Current assets – trade and other receivables
30 Jun 2024
30 Jun 2023
$
$
Trade debtors
163,367
292,899
Sundry debtors
42,862
31,693
Total trade and other receivables
206,229
324,592
Ageing of past due but not impaired trade
receivables
Not overdue
119,845
81,954
0 to 3 months overdue
43,522
203,705
3 to 6 months overdue
-
7,240
163,367
292,899
The Consolidated Entity has continued to maintain rigorous monitoring of debt recovery in a post Coronavirus (COVID-19)
pandemic environment.
There is no allowance for expected credit losses due to the nature of revenue transactions and current limited number of
customers meaning that all customers can individually be reviewed for potential debt issues.
Note 10. Prepayments
Prepaid insurance
70,742
69,984
Other prepayments
27,325
24,561
Total prepayments
98,067
94,545
Note 11. Non-current assets - property, plant and equipment
Production assets - at cost
107,770
89,110
Less: Accumulated depreciation
(40,511)
(10,468)
67,259
78,642
Computers & office equipment - at cost
338,004
320,031
Less: Accumulated depreciation
(261,110)
(222,804)
76,894
97,227
Low value pool - at cost
-
417
Less: Accumulated depreciation
-
(417)
-
-
Total property, plant & equipment
144,153
175,869
31
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out below:
Production assets
Computer & office
equipment
Total
Consolidated
$
$
$
Balance at 1 July 2023
78,642
97,227
175,869
Additions
18,660
21,735
40,395
Disposals
-
-
-
Depreciation expense
(30,043)
(42,068)
(72,111)
Balance at 30 June 2024
67,259
76,894
144,153
Production assets
Computer & office
equipment
Total
Consolidated
$
$
$
Balance at 1 July 2022
-
53,009
53,009
Additions
89,110
75,024
164,134
Disposals
-
-
-
Depreciation expense
(10,468)
(30,806)
(41,274)
Balance at 30 June 2023
78,642
97,227
175,869
Note 12. Trade and other payables
30 Jun 2024
30 Jun 2023
$
$
Trade payables
63,081
88,835
PAYG withholding payable
61,514
49,710
Accrued expenses
33,806
28,225
Net GST/VAT (refundable) / payable
5,663
(28,357)
Sundry creditors
26,474
2,298
190,538
140,711
Note 13. Unearned revenue
Current - unearned revenue
904,979
1,079,501
Non-current unearned revenue
315,162
422,144
Total unearned revenue
1,220,141
1,501,645
32
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Unearned revenue by segment:
APAC
NA
EMEA
Total
Current - unearned revenue
224,427
162,037
518,515
904,979
Non-current unearned revenue
(83,012)
209,971
188,203
315,162
141,415
372,008
706,718
1,220,141
Note 14. Employee provisions
30 Jun 2024
30 Jun 2023
$
$
Provision for annual leave
186,149
137,732
Provision for long service leave
-
-
Provision for employee entitlements
88,446
61,829
Current employee provisions
274,595
199,561
Provision for long service leave
54,326
51,181
Non-current employee provisions
54,326
51,181
Note 15. Right-of-use assets
Cost
159,748
134,540
Accumulated depreciation
(76,198)
(51,530)
Carrying value
83,550
83,010
Note 16. Lease liabilities
Current liabilities
83,550
83,010
Total lease liabilities
83,550
83,010
The Consolidated Entity leases its operating premises. The current lease for the Australian premises is a twelve month
contract from 1 January 2024 to 31 December 2024. The current lease for the Dubai premises is a twelve month lease
contract from 1 April 2024 to 31 March 2025. The group does not currently have operating premises in any other location.
Note 17. Equity - Issued capital
30 Jun 2024
30 Jun 2023
30 Jun 2024
30 Jun 2023
Shares
Shares
$
$
Ordinary shares – fully paid
264,628,435
199,328,417
25,642,816
23,357,315
Share issue costs
(1,582,136)
(1,520,813)
Total
24,060,680
21,836,502
33
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 17. Equity - Issued capital (continued)
Movements in ordinary share capital
Details
Date
Shares
Issue price
$ Value
Opening balance
30 June 2023
199,328,417
21,836,502
Capital placement
13 September
2023
56,971,428
$0.035
1,994,000
Share purchase plan
13 September
2023
8,328,590
$0.035
291,501
Share issue costs
(61,323)
Closing balance
30 June 2024
264,628,435
24,060,680
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the
company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Consolidated Entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Consolidated Entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Consolidated Entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current company's share price at the time of the investment. The Consolidated Entity is not
actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in
order to maximise synergies.
The Consolidated Entity is subject to certain financing arrangements covenants and meeting these is given priority in all
capital risk management decisions. There have been no events of default on the financing arrangements during the financial
year.
The Board manages the capital requirements of the Consolidated Entity on an ongoing basis.
34
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 18. Reserves
As at 30 June the Consolidated Entity had the following reserve accounts:
30 Jun 2024
30 Jun 2023
$
$
(a) Foreign currency translation
(203,319)
(219,525)
(b) Performance rights
-
-
(c) Options
298,446
1,875,634
Total
95,127
1,656,109
(a) Foreign currency translation
Opening balance
(219,525)
(165,991)
Movement
16,206
(53,534)
Closing balance
(203,319)
(219,525)
(b) Performance rights
Details
30 Jun 2024
30 Jun 2023
30 Jun 2024
30 Jun 2023
Number
Number
$
$
Opening Balance
450,000
900,000
-
-
Issued during the reporting period
-
-
-
-
Expired or forfeited during the
reporting period
(262,500)
(450,000)
-
-
Closing balance
187,500
450,000
-
-
(c) Options
Number
$
Opening balance
90,590,708
1,875,634
Issue of new ESIP options during the period
23,550,000
-
Options expired, or forfeited pursuant to leaver
provisions
(58,074,188)
(1,697,117)
Expense recognised as ESIP options vest
-
119,929
Closing balance
56,066,520
298,446
The Company expenses any valuation of the share options as they accrue over time. As at 30 June 2024, the Company
has recognised a cumulative employee (and lead manager) share-based payment expense of $298,446 in relation to
these options (net of options expired or forfeited).
35
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 18. Reserves (continued)
On 19 October 2023 the Company granted a total of 23,550,000 ESIP options to employees, consultants and directors of
the Consolidated Entity, following shareholder approval at the 2023 Annual General Meeting. These options vest evenly
on a quarterly basis until three years after their respective issue date.
Of the options issued on 19 October 2023, 17,000,000 options issued to senior executives are subject to a mix of
time-based vesting conditions and performance hurdles as documented in the relevant ASX announcement dated 31
October 2023. In summary, 25% of the options will vest once revenue in any financial year exceeds $3,000,000, another
25% will vest when it exceeds $4,000,000, and the final 50% will vest on a quarterly basis over the three years following
their issue date.
During the period 58,074,188 options expired or were forfeited under the leaver provisions of the ESIP.
In addition to the options, the Company has in issue 187,500 performance rights, with vesting conditions as follows:
Number
Vesting Conditions
Expiry Date
187,500
$12m revenue in the 12-month audited period ending 31 December 2024
23 December 2024
The fair value of the equity settled options/performance rights as at the date of grant using the Black-Scholes model
taking into account the terms and conditions upon which the options were granted:
Number
Grant Date
Expiry Date
Exercise
Price
Fair value at
grant date
Vesting date
Value
Accrued
$
ESIP series 5a
23,450,000
19 Oct 23
19 Oct 27
$0.046
$0.021
As above
71,962
ESIP series 4b
950,000
30 Nov 22
29 Nov 26
$0.15
$0.02
As above
14,540
ESIP series 4a
50,000
16 Nov 22
15 Nov 26
$0.15
$0.02
As above
1,037
ESIP series 4
14,965,418
27 Apr 22
26 Apr 26
$0.15
$0.02
As above
138,371
ESIP series 3
1,901,102
2 Jun 21
2 Jun 25
$0.25
$0.05
As above
72,536
Performance rights
187,500
18 Dec 19
23 Dec 24
Nil
$0.20
As above
-
298,446
36
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 18. Reserves (continued)
ESIP options
series 3
ESIP options
series 4
ESIP options
series 4a
ESIP options
series 4b
ESIP options
series 5a
Performance
rights
Dividend yields
0%
0%
0%
0%
0%
0%
Expected volatility
100%
95%
100%
100%
100%
100%
Risk-free interest rate
0.25%
1.81%
3.25%
3.25%
4.56%
2.04%
Expected life
4 years
4 years
4 years
4 years
4 years
5 years
Exercise price
$0.25
$0.15
$0.15
$0.15
$0.046
Nil
Grant date share
price
$0.095
$0.043
$0.047
$0.035
$0.032
$0.20
Note 19. Earnings per share
30 Jun 2024
30 Jun 2023
$
$
Total comprehensive loss for the half year:
Loss after income tax
(1,903,335)
(2,219,281)
Less: Non-controlling interest
(31,554)
110,069
Loss after income tax attributable to the owners of icetana Limited
(1,934,889)
(2,109,212)
Cents
Cents
Basic earnings per share
(0.78)
(1.10)
Diluted earnings per share
(0.78)
(1.10)
30 Jun 2024
30 Jun 2023
Number
Number
Weighted average number of ordinary shares
Weighted average number of ordinary shares used in calculating basic
loss per share
248,633,035
191,431,510
Adjustments for calculation of diluted loss per share:
Options over ordinary shares
Nil
Nil
Weighted average number of ordinary shares used in calculating diluted
loss per share
248,633,035
191,431,510
Options are not considered to be dilutive.
37
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 20. Equity - non-controlling interest
30 Jun 2024
30 Jun 2023
$
$
Accumulated losses at the start of the year
(311,993)
(201,924)
Net (loss) / profit attributable to non-controlling members
31,554
(110,069)
Accumulated losses at the end of the year
(280,439)
(311,993)
Note 21. Equity - retained earnings
Retained losses at the start of the year
(22,763,166)
(21,315,488)
Loss after income tax expense for the year
(1,951,095)
(2,055,678)
Share based adjustments
1,697,117
608,000
Retained losses at the end of the year
(23,017,144)
(22,763,166)
Note 22. Dividends
There were no dividends declared or paid during the year.
38
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 23. Financial instruments
Financial risk management objectives
The Consolidated Entity’s objective is to manage working capital so as to safeguard the Consolidated Entity’s ability to
continue as a going concern so that the Consolidated Entity can provide returns for shareholders.
The Consolidated Entity’s activities expose it to a variety of financial risks which may include market risk (including currency
risk, interest rate risk and price risk), credit risk and liquidity risk. The Consolidated Entity’s risk management program seeks
to minimise potential adverse effects on the financial performance of the Consolidated Entity.
Market risk
Foreign currency risk
The Consolidated Entity undertakes certain transactions denominated in foreign currencies, hence exposure to exchange
rate fluctuations.
The significant exposures are United States Dollar (USD), United Arab Emirates Dirham (AED) Singapore Dollar (SGD) and
British Pound (GBP) currency fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity’s functional currency. The risk is managed using sensitivity analysis and
cash flow forecasting.
Interest rate risk
The Consolidated Entity’s exposure to interest rate risk is limited to fluctuations in the rate of interest earned or payable in
respect of cash balances as all other interest rates are fixed. Fluctuating interest rates are not expected to have a significant
impact on earnings or equity.
Price risk
The Consolidated Entity is not exposed to any significant price risk.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Consolidated Entity. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying
amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to
the financial statements. The Consolidated Entity does not hold any collateral.
As disclosed in note 9, due to the Coronavirus (COVID-19) pandemic, the Consolidated Entity has increased its monitoring
of debt recovery as there is an increased probability of customers delaying payment or being unable to pay. The
Consolidated Entity does not have an allowance for expected loss due to the nature and small size of its customer base.
Customer renewals occurred when due during the year and material renewal receivables as at 30 June 2024 have been
received post year end.
Generally, trade receivables are written off when there is no reasonable explanation of recovery. Indicators of this include
the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual
payments for a period greater than 1 year.
Liquidity risk
Vigilant liquidity risk management requires the Consolidated Entity to maintain sufficient liquid assets (mainly cash and cash
equivalents) to be able to pay debts as and when they become due and payable. There are no arranged available borrowing
facilities at reporting date due to the strong cash position.
39
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 23. Financial instruments (continued)
The Consolidated Entity manages liquidity risk by maintaining adequate cash reserves (and would obtain available
borrowing facilities if deemed necessary) by continuously monitoring actual and forecast cash flows and matching maturity
profiles of financial assets and liabilities.
Financing arrangements
There are no borrowing facilities as at the reporting date.
Remaining contractual maturities
The following tables detail the Consolidated Entity's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as
remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial
position.
Consolidated - 2024
Weighted
average
interest rate
1 year or less
1 to 2 years
Over 2 years
Total
contractual
maturities
%
$
$
$
$
Trade payables
n/a
63,081
-
-
63,081
Accrued expenses
n/a
33,806
-
-
33,806
Sundry creditors
n/a
26,474
-
-
26,474
Unearned revenue
n/a
904,979
294,998
20,164
1,220,141
Lease liability
n/a
83,550
-
-
83,550
Total
1,111,890
294,998
20,164
1,427,052
Consolidated - 2023
Weighted
average
interest rate
1 year or less
1 to 2 years
Over 2 years
Total
contractual
maturities
%
$
$
$
$
Trade payables
n/a
88,835
-
-
88,835
Accrued expenses
n/a
28,225
-
-
28,225
Sundry creditors
n/a
2,298
-
-
2,298
Unearned revenue
n/a
1,079,501
232,391
189,753
1,501,645
Lease liability
n/a
83,010
-
-
83,010
Total
1,281,869
232,391
189,753
1,704,013
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 24. Contingent liabilities and contingent assets
There are no contingent assets or liabilities as at the reporting date. There were no expenditure commitments as at the
reporting date.
40
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 25. Related party transactions
Parent entity
icetana Ltd is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 28.
Associates
There are no associates.
Key management personnel (KMP)
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the Consolidated
Entity, directly or indirectly, including any elected member, are considered KMP. KMP are employed by the Consolidated
Entity under normal employment terms and conditions.
The aggregate compensation made to directors and other members of KMP of the Consolidated Entity is set out below:
30 Jun 2024
30 Jun 2023
$
$
Short term employee benefits
962,948
710,835
Post employment benefits
85,366
70,461
Long term benefits
10,661
10,572
Share based payments
95,135
378,705
1,154,110
1,170,573
Short term employee benefits include salary, fringe benefits and cash bonuses awarded to KMP.
Post employment benefits are the current year’s estimated cost of providing for the Consolidated Entity’s superannuation
contributions made during the year.
Long term benefits represent annual leave and long service leave benefits accruing during the year.
Disclosures relating to key management personnel are also set out in remuneration report included in the directors’ report.
Transactions with related parties
The following transactions occurred with related parties:
Payment for goods and services:
30 Jun 2024
30 Jun 2023
Payment for compliance advice from Scale Partners Pty Ltd (entity
controlled by Rafael Kimberley-Bowen)
27,296
14,232
41
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 25. Related party transactions (continued)
The Consolidated Entity’s main related parties are as follows:
●
KMP - as defined above.
●
Other related parties – Any entity that is controlled by or over which KMP, or close family members of KMP, have
authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, are
considered related parties in relation to the Consolidated Entity.
●
Entities subject to significant influence by the Consolidated Entity – An entity that has the power to participate in the
financial and operating policy decisions of an entity, but does not have control over those policies, is an entity which
holds significant influence. Significant influence may be gained by share ownership, statute or agreement.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 26. Remuneration of auditors
During the financial year the following fees were paid or payable for services rendered by Dry Kirkness (Audit) Pty Ltd, the
auditor of the Consolidated Entity, its network firms and unrelated firms:
30 Jun 2024
30 Jun 2023
$
$
Audit services – Dry Kirkness (Audit) Pty Ltd
Audit of the financial statements
25,270
26,209
Note 27. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
(1,997,585)
2,053,076
Total comprehensive income
(1,997,585)
2,053,076
Statement of financial position
Total current assets
4,613,981
4,567,575
Total assets
4,750,386
4,741,859
Total current liabilities
463,874
805,011
Total liabilities
518,200
856,192
Equity
Issued capital
24,060,680
21,836,502
Reserves
298,446
1,875,634
Retained losses
(20,126,940)
(19,826,469)
Total equity
4,232,186
3,885,667
42
icetana Limited
Notes to the financial statements
For the year ended 30 June 2024
Note 28. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-owned
subsidiaries in accordance with the accounting policy described in note 1:
Name
Principal place of business /
Country of incorporation
Ownership Interest
2024
%
2023
%
icetana Inc
United States of America
100%
100%
icetana Ltd
United Kingdom
100%
100%
The United Kingdom subsidiary (icetana Ltd) was dissolved on 24 January 2023.
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary with
non-controlling interests in accordance with the accounting policy described in note 1:
Name
Principal place of business /
Country of incorporation
Ownership Interest
2024
%
2023
%
Icetana Systems Software Trading LLC
United Arab Emirates (UAE)
49%
49%
The corporate regulations in the UAE require a local company to be a minimum 51% owned by a local UAE individual or
company. This is a common structure for foreign companies establishing UAE subsidiaries for trading purposes. Under the
structure, the Company’s local UAE representative, via a Management Agreement, provides control of corporate decisions
to the Company. LLC has no rights or ownership of the Company’s core intellectual property assets.
All subsidiaries have the same principal activities as the parent entity.
Note 29. Events after the reporting period
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future
financial years.
43
icetana Limited
Consolidated entity disclosure statement
30 June 2024
Note 27. Earnings per share (continued)
Note 30. Reconciliation of profit after income tax to net cash from operating activities
30 Jun 2024
30 Jun 2023
$
$
Loss after income tax expense for the year
(1,902,708)
(2,124,965)
Adjustments for:
Depreciation and amortisation
201,480
161,382
Share based payment expense
119,929
452,080
Income tax
49,912
(47,878)
Production asset COGS adjustment
30,042
10,387
Change in operating assets and liabilities:
Increase / (decrease) in trade and other receivables
118,363
(117,185)
(Increase) / decrease in prepayments
(3,522)
13,360
(Increase) in inventory and other assets
(456)
(6,883)
Increase / (decrease) in trade and other payables
49,827
(10,264)
Increase in provisions
78,179
957
(Decrease) / increase in unearned revenue
(281,504)
276,684
Net cash from operating activities
(1,540,458)
(1,392,325)
44
icetana Limited
Consolidated entity disclosure statement
30 June 2024
Note 27. Earnings per share (continued)
Entity
Type
Principal place of
business & Country
of incorporation
Direct ownership
interest
Tax residency
Icetana Limited
Body corporate -
parent
Australia
-
Australia
Icetana Inc
Body corporate -
subsidiary
United States of
America
100%
United States of
America
Icetana Systems
Software Trading LLC
Body corporate -
subsidiary
United Arab Emirates
49%
United Arab Emirates
Icetana Limited
Body corporate -
subsidiary
United Kingdom
100%
United Kingdom
All subsidiaries have the same principal activities as the parent entity.
45
icetana Limited
Directors' declaration
30 June 2024
In the directors’ opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting
Standards and other mandatory professional reporting requirements;
●
the attached financial statements and notes give a true and fair view of the Consolidated Entity’s financial position
as at 30 June 2024 and of its performance for the financial year ended on that date;
●
the attached Consolidated Entity disclosure statement gives a true and correct view of the Consolidated Entity’s
consolidated entities as at 30 June 2024; and
●
there are reasonable grounds to believe that the Consolidated Entity will be able to pay its debts as and when they
become due and payable.
Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
On behalf of the directors
Matthew Macfarlane
Non-Executive Chair
28 August 2024
Perth, Western Australia
46
INDEPENDENT AUDITOR’S REPORT
To the Members of icetana Limited
Report on the audit of the annual financial report
icetana.ai
Opinion
We have audited the financial report of icetana Limited (“the Company”) and its controlled entities
(“the Group”), which comprises the consolidated statement of financial position as at 30 June 2024,
the consolidated statement of profit and loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then
ended, and notes to the financial statements, including material accounting policy information, the
consolidated entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the
Corporations Act 2001, including:
i)
giving a true and fair view of the Group’s financial position as at 30 June 2024 and
of its financial performance for the year then ended; and
ii) complying with Australian Accounting Standards and the Corporations Regulations
2001.
Basis for Opinion
We have conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have
also fulfilled our ethical requirements in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material Uncertainty Related to Going Concern
Without modifying our opinion, we draw attention to Note 1 in the financial report, which
indicates that the Group incurred a loss after tax of $1,902,708 (2023: $2,124,965) and had net
cash outflows from operating activities of $1,540,458 (2023: $1,392,325) for the year ended 30
June 2024. As stated in Note 1, these conditions, along with other matters as set forth in Note 1,
indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability
to continue as a going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significant
in our audit of the financial report of the current period. These matters were addressed in the
context of our audit of the financial report, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key Audit Matter
How we addressed the Key Audit
Matter
Share Options
Refer note 18.
During the year, the Group issued options in
terms of the Employee Share Incentive Plan
(ESIP) and accounted for options which had
expired or were forfeited.
Revenue and Unearned Revenue
Refer note 4 and 13.
The Group recognises revenue when the
performance obligation under the sales
contract is achieved.
The performance obligation is achieved
upon delivery of goods at the time of
implementation and over time as services
are provided. Any consideration received
in advance of the rendering of services is
recognised as unearned revenue.
Research and Development Tax Incentive
Refer note 7.
Management utilise key assumptions,
judgements and estimates disclosed in
note 1 and 2 in determining the R&D Tax
Incentive disclosed in note 7 which is
material to the financial statements.
Our
audit
procedures
included
an
examination of share options issued during
the year as well as options expired or
forfeited as disclosed in note 18. We
assessed whether or not share-based
payments should have been recognised in
relation to the Employee Share Incentive
Plan and assessed the assumptions used in
the calculation and disclosure of share-
based payments.
We have reviewed the Group’s revenue
recognition policy for compliance with the
accounting standard AASB 15: Revenue from
Contracts with Customers (“AASB 15”).
We performed tests over management’s
internal control system as it relates to
revenue and unearned revenue.
We performed detailed analytical and
substantive procedures to obtain evidence
as to the accuracy, completeness and
occurrence and disclosure of revenue and
unearned revenue.
Our audit procedures included an evaluation
of the assumptions, methodologies and
conclusions utilised by the Group in
preparing the R&D Tax Incentive application.
We also focused on the adequacy of
financial report disclosures regarding these
assumptions as disclosed at note 1 and 2.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial report or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with the Australian Accounting Standards and the Corporations
Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001; and
c) for such internal control as the directors determine is necessary to enable the preparation of:
i) the financial report (other than the consolidated entity disclosure statement) that gives a
true and fair view and is free from material misstatement, whether due to fraud or error;
and
ii) the consolidated entity disclosure statement that is true and correct and is free from
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Company
or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error and to issue an auditor’s report
that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess risks of material misstatement of the financial report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial report or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significant in the audit of the financial report of the current period and are therefore key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh public interest benefits of such communication.
Report on the Remuneration Report
Opinion
We have audited the Remuneration Report included on pages 5 to 16 of the directors’ report for
the year ended 30 June 2024.
In our opinion, the Remuneration Report of icetana Limited and its controlled entities, for the year
ended 30 June 2024, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001.
Our responsibility is to express an opinion on the Remuneration Report, based on our audit
conducted in accordance with Australian Auditing Standards.
DRY KIRKNESS (AUDIT) PTY LTD
Robert Hall CA
Director
Perth
Date: 28 August 2024
Corporate governance
The Company believes corporate governance is a critical pillar on which business
objectives and, in turn, shareholder value must be built. The Board of icetana Limited
has adopted a suite of charters and key corporate governance documents which
articulate the policies and procedures followed by the Company.
These documents are available in the Corporate Governance section of the Company’s
website, https://www.icetana.ai/investor-centre/corporate-governance. These
documents are reviewed to address any changes in governance practices and the law.
The Company’s Corporate Governance Statement 2024, which is current as at 30 June
2024 and has been approved by the Company’s Board, explains how icetana complies
with the ASX Corporate Governance Council’s ‘Corporate Governance Principles and
Recommendations – 3rd Edition’ in relation to the year ended 30 June 2024. The
Corporate Governance Statement is available in the Corporate Governance section of the
Company’s website, https://www.icetana.ai/investor-centre/corporate-governance and
will be lodged with ASX together with an Appendix 4G at the same time that this Annual
Report is lodged.
In addition to the ASX Corporate Governance Council’s ‘Corporate Governance Principles
and Recommendations – 3rd Edition’ the Board has taken into account a number of
important factors in determining its corporate governance policies and procedures;
including the:
• Relatively simple operations of the Company, which currently provides video analytics
solutions designed to automatically identify anomalous actions in real-time for large
scale surveillance networks;
• Cost versus benefit of additional corporate governance requirements or processes;
• Size of the Board;
• Board’s experience in the technology sector;
• Organisational reporting structure and number of reporting functions, operational
divisions and employees;
• Relatively simple financial affairs with limited complexity and quantum;
• Relatively moderate market capitalisation and economic value of the entity; and
• Direct shareholder feedback.
ASX additional information
1. Twenty largest holders of listed securities
The names of the twenty largest holders of listed securities as at 29 October 2024
are listed below:
Position
Holder Name
Holding
% IC
1
MACNICA INC
50,538,324
19.10%
2
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
42,223,581
15.96%
3
SKIPTAN PTY LTD
38,085,163
14.39%
4
CITICORP NOMINEES PTY LIMITED
13,489,710
5.10%
5
CURTIN UNIVERSITY
9,718,940
3.67%
6
BNP PARIBAS NOMINEES PTY LTD
9,097,216
3.44%
7
Kevin Brown
3,422,348
1.29%
8
Matthew Macfarlane
2,831,404
1.07%
9
VIVRE INVESTMENTS PTY LTD
2,810,000
1.06%
10
OVERZONE PTY LTD
2,781,794
1.05%
11
DR ANGIE NATALIE PINTO &
MR DOUGLAS PINTO
2,537,041
0.96%
12
NETWEALTH INVESTMENTS LIMITED
2,525,812
0.95%
13
CITICORP NOMINEES PTY LIMITED
<180828 LITAS SUPER A/C>
2,408,858
0.91%
14
BONEYARD INVESTMENTS PTY LTD
2,225,435
0.84%
15
Geoff Pritchard
2,218,570
0.84%
16
SFO VENTURES PTY LTD
2,010,333
0.76%
17
BNP PARIBAS NOMINEES PTY LTD
1,526,550
0.58%
18
BALJUNA CAPITAL PTY LTD
1,461,472
0.55%
19
Sean Clarke
1,385,488
0.52%
20
Rafael Kimberley-Bowen
1,308,716
0.49%
Total top 20
194,606,755
73.53%
2. Distribution of equity securities
An analysis of numbers of holders of shares by size of holding as at 29 October
2024 is listed below:
Holding Ranges
Holders
Total Units
% Issued
Share Capital
above 0 up to and including 1,000
26
3,581
0.00%
above 1,000 up to and including 5,000
82
289,539
0.11%
above 5,000 up to and including 10,000
86
760,911
0.29%
above 10,000 up to and including
100,000
269
10,704,718
4.05%
above 100,000
170
252,869,686
95.56%
Totals
633
264,628,435
100.00%
There were 286 shareholdings with less than a marketable parcel.
3. Distribution of unlisted securities
An analysis of numbers of holders of options by size of holding as at 29 October
2024 is listed below:
Holding Ranges
Holders
Total Units
% Issued
Share Capital
above 0 up to and including 1,000
-
-
-
above 1,000 up to and including 5,000
-
-
-
above 5,000 up to and including 10,000
6
38,546
0.07%
above 10,000 up to and including 100,000
56
2,952,463
5.39%
above 100,000
59
51,808,844
94.54%
Totals
121
54,799,853
100.00%
4. Voting rights
Each ordinary share is entitled to vote when a poll is called, otherwise each
member present at a meeting or by proxy has one vote on a show of hands.
There are no voting rights attached to any class of equity securities other than
shares.
5. Substantial shareholders
Substantial holders who have notified the Company in accordance with section
671B of the Corporations Act 2001 are as follows:
Holder name
Number of
shares
%
Macnica, Inc.
50,538,324
19.10%
Lance East Holdings Pty Ltd
42,201,550
15.95%
Skiptan Pty Ltd
38,085,163
14.39%
6. Unquoted securities
Shareholder / lead manager options
Holder
50c, expiry
Dec'24
Skiptan Pty Ltd
6,725,048
Others (less than 20% each per class)
10,324,535
Total
15,000,000
Total holders
75
ESIP options
15c, expiry
Apr'26
15c, expiry
Nov'26
4.6c, expiry
Oct'27
4.6c, expiry
Jul'28
25c, expiry
Jun'25
Total
14,798,751
1,000,000
21,350,000
750,000
1,901,102
Total holders
14
4
18
3
6
As at 29 October 2024, there are 187,500 Performance Rights issued under an
employee incentive scheme.
7. On-market buy-back
There is no current on-market buy-back for icetana Limited securities.
8.
Restricted securities
There are no restricted icetana Limited securities.
9. Other ASX required information
There is no other ASX required information.
ABN 90 140 449 725
ASX: ICE
icetana.ai