OSTEOPORE LIMITED
AND ITS CONTROLLED ENTITIES
ACN 630 538 957
CONSOLIDATED ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Osteopore Limited and its Controlled Entities
Consolidated Annual Report
For the year ended 31 December 2021
CORPORATE INFORMATION
Directors
Mark Leong
Professor Teoh Swee Hin
Daniel Ow
Company Secretary
Deborah Ho
Registered and Principal Office
Ground Floor, 16 Ord Street
West Perth WA 6005
Telephone: +61 8 9482 0500
Share Register
Link Market Services
1A Homebush Bay Drive
Rhodes NSW 2138
Auditor
Grant Thornton Audit Pty Ltd
Central Park
Level 43, 152-158 St Georges Terrace
Perth WA 6000
Solicitors
Hamilton Locke
Central Park
Level 27, 152-158 St Georges Terrace
Perth WA 6000
Website
https://www.osteopore.com/
Osteopore Limited and its Controlled Entities
Consolidated Annual Report
For the year ended 31 December 2021
CONTENTS
Letter from the Chairman
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Additional ASX Information
PAGE
3
5
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58
59
62
Osteopore Limited and its Controlled Entities
Letter from the Chairman
On behalf of the Board, I am pleased to present the 2021 Annual Report to shareholders.
Osteopore Limited (“Osteopore” or the “Company”) is an Australian / Singaporean medical device company
that develops, manufactures, and distributes world leading biomimetic implants that facilitate bone and tissue
regeneration. Our underlying technology has been developed in collaboration with leading research institutions
and is supported by granted patents.
The Company operates in the highly exciting regenerative medicine sector, whereby treatments are being
developed for injuries and diseases by harnessing the body’s own regenerative capabilities. Osteopore is
focused on the bone, cartilage and tendon sectors and is the only company using biomimetic scaffolds that
dissolve over time leaving only healthy bone and tissue.
Osteopore's technology is centred around a novel foundational platform that empowers tissue regeneration,
and we are continuously building an economic moat around this platform. To achieve this, we are
systematically increasing our applications and product pipeline, enhancing our technology through research
and development, and collaborating with world leading partners.
Our scalable and customisable manufacturing process continues to be refined through Industrie 4.0 initiatives,
as well as expanding our intellectual property and trade secrets. During the year, Osteopore successfully
improved its manufacturing margins which will ultimately become a major contributor towards the Company
achieving profitability as revenue scales.
Global regulatory expansion is currently underway and distribution partners have been secured in most major
markets. Osteopore’s CE Mark was extended to include 7 new designs, and we received Hong Kong approval
allowing for the free sale of products. Patents were also granted in both China and Europe for our Smart’ 3D
biomimetic scaffolds.
Osteopore differentiates itself significantly from many other medical technology platforms peers in that its
feasibility and proof of concept is beyond doubt. We have superior, commercially ready products that have
been used in over 60,000 procedures globally, and have significant data illustrating our products improve
patient outcomes, simplify surgical tasks, and reduce health care costs.
2021 was challenging year for the company due to the on-going disruption to global healthcare eco-systems
caused by COVID-19. However, significant progress and milestones were achieved across many areas of the
business, which continue to create a solid foundation for our global expansion and ability to gradually return
revenues to its pre-COVID levels with increased momentum.
The Company secured cross-promotion sales agreements, product development partnerships and
complementary technology research programs. This strong focus on innovation is driving Osteopore further
towards developing new geometric shapes suitable for applications in new areas of regenerative bone
treatment, and investigating the viability of new materials to accelerate bone and tissue growth.
Despite challenging healthcare and hospital conditions due to COVID-19, Osteopore achieved revenue of
$1,113,009 for the year. The Company experienced suppressed demand in its key Asian markets during the
year, however, this was somewhat offset by securing sales in new territories which include the USA, additional
countries in Europe and the Middle East.
Looking forward, we will continue building an economic moat around the Company’s technology platform by
executing additional collaborative partnerships, gaining further regulatory clearances, and launching
complementary products for additional bone regeneration applications. We expect revenue to grow organically
as a result of this strategy.
3
Osteopore Limited and its Controlled Entities
Letter from the Chairman
We also have a fully dedicated sales team ready to take advantage of the backlog of elective surgeries which
have been disrupted by the pandemic. Access to hospitals and surgeons is also increasing as the pandemic
resides, allowing our sales team to further engage with healthcare decision makers to drive sales.
Yours faithfully
Mark Leong
Executive Chairman
Osteopore Limited
4
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
The Directors present their report, together with the consolidated financial report for Osteopore Limited
(“Osteopore” or the “Company”) and its controlled entities (“Group”), for the year ended 31 December 2021.
Directors
The names and particulars of the Directors of the Company during or since the end of the financial year are:
Name
Mark Leong
Mark Leong
Daniel Ow
Vlado Bosanac
Professor Teoh Swee Hin
Brett Sandercock
Geoff Pocock
Stuart Carmichael
Position
Non-Executive Chairman
Executive Chairman
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Chairman
Non-Executive Director
Non-Executive Director
Date Appointed
1 August 2021
28 December 2021
7 October 2021
28 December 2021
24 June 2019
24 June 2019
24 June 2019
11 December 2018
Date Resigned
28 December 2021
-
-
14 February 2022
-
1 August 2021
7 October 2021
7 October 2021
Principal Activities
Osteopore Limited is an Australian and Singapore based medical technology company commercialising a
range of bespoke products specifically engineered to facilitate bone healing across multiple therapeutic areas.
Osteopore's patented technology fabricates specific micro-structured scaffolds for bone regeneration through
3D printing and bioresorbable material.
Osteopore's patent protected scaffolds are made from proprietary polymer formulations, that naturally dissolve
overtime to leave only natural healthy bone tissue, significantly reducing post-surgery complications that are
commonly associated with permanent bone implants.
Significant Changes in State of Affairs
There have been no significant changes in the state of affairs of the Group during the year ended 31 December
2021.
Review of Operations
In March 2020, the World Health Organisation declared the outbreak of a novel coronavirus (COVID-19) as a
pandemic. While Australia has managed comparatively well relative to other counties, the pandemic continues
to be disruptive for Osteopore’s business in most major markets. Despite these challenging global
macroeconomic conditions, Osteopore continued to see consistent sales for the year ended 31 December
2021 with revenue of $1,113,009.
This is the second full year operating as a Group. Osteopore was incorporated on 11 December 2018, with
the acquisition of Osteopore International Pte Ltd (“OIS”) completed and successful listing onto ASX in
September 2019. Importantly, Osteopore has been included as an “essential service” in Singapore, allowing it
to remain open and operational during the pandemic.
2021 saw the Company sign a cooperation agreement with Terumo Blood and Cell Technologies to promote
and sell both companies complementary regenerative products in Asia-Pacific. Osteopore also entered into a
binding MOU with Singular Health to validate their AI model and to conduct a comparative study between
Osteopore’s existing cranial implant design process and the new design process in a clinical environment.
Our progress towards developing new geometric shapes suitable for applications in new areas of regenerative
bone treatment advanced greatly this year. Osteopore signed an agreement with a renowned Queensland
plastic and reconstructive surgeon to conduct two ground-breaking human clinical trials that will validate novel
techniques to treat cranial or lower limb bone defects.
5
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Osteopore also secured a lead role in Clinical-industrial Partnership with National Dental Centre Singapore
and A*STAR research institutes through A$19m project, to develop a next generation jaw implant. The project
encompasses the development of a combination product with patented biological additives and polymer
compound to enhance the bone regeneration capability and clinical outcomes. Expected outcomes include
shorter surgical procedures and faster recovery time for patients.
Osteopore’s CE Mark was extended to include 7 new designs, all sizes of Osteoplug, Osteomesh and
Osteostrip, and extended product shelf-life. The Company estimates that the serviceable available market
value of the incremental access afforded by this extension exceeds A$115 million. Hong Kong’s regulatory
body also provided approval for the free sale of our regenerative bone scaffolds into the Hong Kong craniofacial
market.
Granted patents in Europe and China for our ‘Smart’ 3D biomimetic scaffolds demonstrates Osteopore’s
commitment to product innovation that continuously improves the performance of our regenerative implants.
These patents will support Osteopore’s competitive position in Europe, the fastest growing region which
accounts for roughly one third of global cranial procedures and create research and development opportunities
in China.
Coinciding with Mr Brett Sandercock’s resignation as Osteopore’s non-executive Chairman in August 2021,
Osteopore appointed corporate executive Mark Leong as Osteopore’s Executive Chairman and Director. Mr
Leong has more than 22 years of corporate, management and directorship experience in a broad range of
functions in a diverse range of industries having undertaken several C-suite roles (CEO, COO, & CFO) in
several private as well as listed companies and presently serves as Independent Director in 3 Singapore listed
companies.
Further changes to the board during the year included the resignations of non-executive Directors, Stuart
Carmichael and Geoff Pocock, in October 2021. Coinciding with the resignations of Mr Carmichael and Mr
Pocock, Osteopore appointed corporate executive Daniel Ow as an independent non-executive Director. In
December 2021, Osteopore also appointed corporate executive Vlado Bosanac as the Non-Executive Senior
Independent Director.
Likely Developments and Expected Results of Operations
The outlook for the business remains positive. Osteopore has proven, superior products that empower tissue
regeneration with a significant opportunity to regain revenue momentum as the effects of COVID-19 diminish.
Our fully trained and dedicated sales team are working towards driving growth in the near term and are
operating with global regulatory clearances and distribution partners secured in most major markets. The
Company is also working on a complementary pipeline of products being developed for additional bone
regeneration applications.
Review of Results
The net loss for the year ended 31 December 2021 was $3,620,898 (2020: $1,945,886). The Group had a net
asset position as at 31 December 2021 of $5,372,891 (2020: $8,996,345). Net operating cash outflows were
$3,805,634 (31 December 2020: $1,757,723). Osteopore ends the financial year with a cash balance of
$4,530,175 (31 December 2020: $9,027,016).
The Company confirms that during the financial year ended 31 December 2021, it used its cash and assets in
a form readily convertible to cash, in a manner consistent with its business objectives.
Environmental regulation
The Group is not subject to any significant environmental regulation under Australian Commonwealth or State
law.
6
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Directors’ Details
Mark Leong
Experience
Fellow of ACCA & Chartered
Accountant of the Institute of
Singapore Chartered
Accountants
Non-Executive Chairman (Appointed 01 August 2021 – 28 December 2021)
Executive Chairman (Appointed 28 December 2021)
Mr Leong is a Fellow of the Association of Chartered Certified Accountants
(ACCA), Chartered Accountant of the Institute of Singapore Chartered
Accountants (ISCA) and Member of the Singapore Institute of Directors (SID).
Mr Leong has more than 22 years of corporate, management and directorship
experience in a broad range of functions in a diverse range of industries having
undertaken several C-suite roles (CEO, COO, & CFO) in several private as well
as listed companies and presently serves as Independent Director in 3
Singapore listed companies.
Interest in Shares & Options Nil
Other Listed Entity
Directorships
Current
Non-Executive Director of MDR Limited (SGX:Y3D)
Non-Executive Director of HS Optimus Holdings Limited (SGX:504)
Non-Executive Director of Viking Offshore and Marine Limited (SGX:1Y1)
Non-Executive Director of LMIRT Management Ltd (SGX:D5IU):
Vlado Bosanac
Experience
Previous
Non-Executive Director of LCT Holdings Limited (SGX:delisted December 2020)
Non-Executive Director (Appointed 28 December 2021, resigned 14
February 2022)
Mr Bosanac combines over 30 years’ experience in capital markets, deal
origination, negotiation, corporate advisory, strategy, project implementation,
leveraged and management buy-outs, as well as private and public investment.
Over the past 20 years he has focussed on bio-medical, medical device and
pharmaceutical development.
Over his career, Mr Bosanac has contributed towards several listing and liquidity
events for numerous companies.
Interest in Shares & Options Nil
Other Listed Entity
Directorships
Current
Mr Bosanac has no other current listed entity directorships in the last three
years.
Previous
Advanced Human Imaging Ltd (ASX:AHI / NASDAQ:AHI) (resigned February
2022)
7
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Daniel Ow
Experience
B Com, C.P.A (Aust)
Graduate Certificate in
Financial Planning (FINSIA)
Non-Executive Director (Appointed 7 October 2021)
Mr Ow, an Australian qualified CPA, has over twenty years’ international
experience across multiple industries, including infrastructure, resources,
property and fast-moving consumer goods. Mr Ow has held several accounting
and management roles with large multinational corporations and is currently
Manager Financial Business Partners at Perth Airport. Along with professional
experience in investor relations, he also served as Trustee Director on the Rio
Tinto Staff Superannuation Fund (now merged with Equip Super).
Interest in Shares & Options Nil
Other Listed Entity
Directorships
Mr Ow has no other current and has had no previous listed entity directorships
in the last three years.
Professor Teoh Swee Hin
Experience
B Eng (1st Hons), PhD
Materials Engineering
(Singapore)
is
in
Non-Executive Director (Appointed 24 June 2019)
Prof. Teoh is the President's Chair, School of Chemical and Biomedical
Engineering (SCBE). He holds a joint appointment with the Lee Kong Chian
School of Medicine (LKC Med) at Nanyang Technological University. His
translation of 3D
the development and clinical
contribution
bioresorbable scaffolds. Majoring in Materials Engineering (B. Eng - 1st
Class Hon and PhD, Monash University), his research journey focused on
translating the materials research to biomedical benefits. He is a Fellow of
the Academy of Engineers Singapore and Chief Engineer at Skin Research
Institute of Singapore. His research focused on the study of mechanisms
that promote cells proliferation and differentiation as a result of mechno
induction through load bearing scaffolds for tissue regeneration and
remodelling.
Prof. Teoh's pioneering work on 3D printed scaffold led to him receiving the
prestigious "Golden Innovation Award" at the Far East Economic Review,
and the Institute of Engineers "Prestigious Engineering Achievement
Award" in 2004. His group was ranked 1st in bone tissue engineering
scaffolds in World Web of Science 2010. He was honoured with the Special
Award for "Scientific Life-Time Achievement in Bone Tissue Engineering"
at Bone-Tec 2015, Stuttgart. As a part of SG50 celebrations, he was
featured as one of Singapore's profiled scientists in the book titled
"Singapore's Scientific Pioneers".
Prof. Teoh
is presently the Chairman, Singapore Academy, Asia
Regulatory Professional Association (ARPA). He sits in as board of editors
Tissue Engineering, Journal of Tissue Engineering and Regenerative
Medicine, Journal of Mechanical Behaviour of Biomedical Materials,
Journal of Oral & Maxillofacial Research and Proceedings of the Institution
of Mechanical Engineers Part H: Journal of Engineering in Medicine.
Interest in Shares & Options
7,030,309 fully paid ordinary shares
1,500,000 unlisted options exercisable at $0.25 per option, expiring 30
June 2022
Other Listed Entity
Directorships
Prof. Teoh has no other current and has had no previous listed entity
directorships in the last three years.
8
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Brett Sandercock
Experience
B Econ, C.A. (Aust)
Non-Executive Chairman (Appointed 24 June 2019, resigned 1 August
2021)
Mr Sandercock was appointed Chief Financial Officer of Resmed Limited
(NYSE: RMD, ASX: RMD) in January 2006. Previously he served as
Resmed’s Vice President of Treasury and Finance from November 2004
until December 2005, and group accountant and controller from 1998 to
2004.
Before joining ResMed, Mr Sandercock was Manager of Financial
Accounting and Group Reporting at Norton Abrasives from 1996 to 1998.
He also held finance and accounting roles from 1994 to 1996 at Health
Care of Australia. From 1989 to 1994, he worked at PriceWaterhouse
Coopers in Sydney, specialising in audits of clients across distribution and
manufacturing financial services, technology, and other industries.
Mr Sandercock holds a bachelor's in economics from Macquarie University
in Sydney and is a Chartered Accountant.
Interest in Shares & Options
155,039 fully paid ordinary shares
500,000 unlisted options exercisable at $0.25 per option, expiring 30 June
2022
Other Listed Entity
Directorships
Mr Sandercock has no other current and has had no previous listed entity
directorships in the last three years.
Geoff Pocock
Experience
B Sc (1st Hons), B. LLB
Postgraduate Diploma in
Applied Finance and
Investment from the
Securities Institute of
Australia
Executive Director (Appointed 24 June 2019 – 2 November 2020)
Non-Executive Director (From 2 November 2020, resigned 7 October
2021)
Mr Pocock has significant experience as a corporate advisor and strategy
consultant advising companies on commercialisation and IP management,
business development, mergers and acquisitions strategy and raising
equity capital from private and public equity markets.
Mr Pocock is currently the Principal of Polaris Consulting (WA) Pty Ltd, and
was formerly the Managing Director of Hazer Group Ltd, an ASX-listed
cleantech chemical engineering company, commercialising a novel low
cost and low emission graphite and hydrogen production process initially
developed by the University of Western Australia.
Mr Pocock previously spent several years as a research scientist in the
biopharmaceutical industry in Australia and the United Kingdom.
Interest in Shares & Options
168,539 fully paid ordinary shares
1,200,000 unlisted options exercisable at $0.25 per option, expiring 30
June 2022
Other Listed Entity
Directorships
Current
Non-Executive Director of Emvision Medical Devices Limited (ASX:EMV)
Executive Director of Argenica Therapeutics Limited (ASX:AGN)
Previous
Managing Director of Hazer Group Ltd (ASX: HZR) (Resigned April 2018)
9
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Stuart Carmichael
Experience
B Com, C.A (Aust)
Non-Executive Director (Appointed 11 December 2020, resigned 7
October 2021)
Mr Carmichael is a Chartered Accountant with over 20 years of experience
in the provision of corporate advisory services both within Australia and
internationally. Mr Carmichael is a partner and director of Ventnor Capital
Pty Ltd and Ventnor Securities Pty Ltd which specialises in the provision of
corporate and financial advice to small cap ASX listed companies including
capital raisings, initial public offerings, corporate restructures and mergers
and acquisitions.
Interest in Shares & Options
1,000,001 fully paid ordinary shares
500,000 unlisted options exercisable at $0.25 per option, expiring 30 June
2022
Other Listed Entity
Directorships
Current
Non-Executive Chairman of Schrole Limited (ASX:SCL)
Non-Executive Chairman of K-TIG Limited (ASX:KTG)
Non-Executive Director of De.mem Limited (ASX:DEM)
Non-Executive Director of ClearVue Technologies Limited (ASX:CPV)
Non-Executive Director of Harvest Technologies Limited (ASX:HTG)
Non-Executive Director of Orexplore Technologies Limited (ASX:OXT)
Previous
Non-Executive Director of Swick Mining Services Limited (ASX:SWK)
(resigned February 2022)
10
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Company Secretary
Ms Deborah Ho is an Associate Member of the Governance Institute of Australia. Ms Ho has over seven years
of experience in company secretarial, corporate compliance and financial accounting matters. She has acted
as Company Secretary to a number of ASX listed and private companies.
Meetings of Directors
The number of meetings of the company's Board of Directors ('the Board') and of each Board committee held
during the financial year ended 31 December 2021 and the number of meetings attended by each director
were:
Board Meeting
Audit & Compliance Committee
Meetings*
Eligible to
Attend
5
-
3
13
7
10
10
Attended
5
-
3
13
7
10
10
Eligible to
Attend
-
-
-
-
-
-
-
Attended
-
-
-
-
-
-
-
Mark Leong
Vlado Bosanac
Daniel Ow
Prof. Teoh Swee Hin
Brett Sandercock
Geoff Pocock
Stuart Carmichael
*
these are conducted by the Board as a whole, as part of board meetings.
The Board also approved 8 circular resolutions during the year ended 31 December 2021 which were signed
by all Directors of the Company.
Matters Subsequent to The End of The Financial Year
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial year
that, in their opinion, has significantly affected or may significantly affect in future financial years, the operations
of the Group, the results of those operations or the Group’s state of affairs.
11
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
REMUNERATION REPORT (AUDITED)
The remuneration report details the key management personnel remuneration arrangements for the Company,
in accordance with the requirements of the Corporations Act 2001 and the Corporation Regulations 2001. Key
management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group, directly or indirectly, including all directors.
The key management personnel of Osteopore Limited for the financial year consists of:
• Mark Leong (Executive Chairman – appointed 1 August 2021)
• Daniel Ow (Non-Executive Director – appointed 7 October 2021)
• Vlado Bosanac (Non-Executive Senior Independent Director – appointed 28 December 2021, resigned
14 February 2022)
• Professor Teoh Swee Hin (Non-Executive Director)
• Brett Sandercock (Non-Executive Chairman – resigned 1 August 2021)
• Geoff Pocock (Non-Executive Director – resigned 7 October 2021)
• Stuart Carmichael (Non-Executive Director – resigned 7 October 2021)
• Goh Khoon Seng (Chief Executive Officer)
• Lim Jing (Chief Technology Officer)
• Carl Runde (Chief Financial Officer – resigned 11 February 2022)
Principles used to Determine the Nature and Amount of Remuneration
Remuneration levels for Directors and senior executives of the Company will be competitively set to attract
and retain appropriately qualified and experienced Directors and senior executives. The Board may obtain
independent advice on the appropriateness of remuneration packages given trends in comparative companies
both locally and internationally and the objectives of the Group’s remuneration strategy. No such advice was
obtained during the current year.
The remuneration structures explained below are designed to attract suitably qualified candidates, reward the
achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders.
The remuneration structures take into account:
•
•
•
•
the capability and experience of the Directors and senior executives;
the Directors and senior executives’ ability to control the relevant performance;
the Group’s performance; and
the amount of incentives within each Directors and senior executive’s remuneration.
Remuneration packages include a mix of fixed remuneration and variable remuneration and short and long-
term performance-based incentives. Short-term incentives include Osteopore’s Employee Securities Incentive
Plan. The Company’s Employee Securities Incentive Plan allows the Board from time to time, in its absolute
discretion, make a written offer to any Eligible Participant (as defined in the Plan) to apply for Securities, upon
the terms set out in the Plan and upon such additional terms and conditions as the Board determines. In
exercising that discretion, the Board may have regard to the following (without limitation):
I.
II.
III.
IV.
The Eligible Participant’s length of service with the Group;
The contribution made by the Eligible Participant to the Group;
The potential contribution of the Eligible Participant to the Group; or
Any other matter the Board considers relevant.
Fixed remuneration consists of base remuneration, as well as employer contributions to superannuation funds
where applicable or equivalent. Remuneration levels will be, if necessary, reviewed annually by the Board
through a process that considers the overall performance of the Group. If required, external consultants provide
analysis and advice to ensure the Directors’ and senior executives’ remuneration is competitive in the
marketplace.
12
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Before a determination is made by the Company in a general meeting, the aggregate sum of the fees payable
by the Company to the Non-Executive Directors is a maximum of AU$500,000 per annum.
Service Agreements
Remuneration and other terms of employment for key management personnel are formalised in service
agreements. Details of these agreements are as follows:
Mark Leong
Executive Chairman
Commenced: 28 December 2021
Term: Indefinite term until terminated
Remuneration: Base salary of AU$150,000 per annum
Goh Khoon Seng
Chief Executive Officer
Commenced: 23 September 2019
Term: Indefinite term until terminated
Remuneration: Base salary of SG$195,000 per annum (exclusive of CPF),
Lim Jing
Chief Technology Officer
Commenced: 17 November 2014
Term: Indefinite term until terminated
Remuneration: Base salary of SG$8,000 per month (exclusive of CPF)
Carl Runde
Chief Financial Officer
Commenced: 2 November 2020
Terminated: 11 February 2022 (resignation)
Term: Indefinite term until terminated
Remuneration: Base salary of AU$165,000 per annum (exclusive of
superannuation), 375,000 options exercisable at $0.63 with 5-year expiry
(to be granted 3 months subsequent to employment commencement)
Details of Remuneration
Fixed Remuneration
At Risk – STI
At Risk – LTI
2021
2020
2021
2020
2021
2020
Directors
Mark Leong 1
Daniel Ow 2
Vlado Bosanac 3
Brett Sandercock 4
Geoff Pocock 5
Prof. Teoh Swee Hin
Stuart Carmichael 6
100%
100%
100%
100%
100%
100%
100%
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde 7
100%
100%
100%
-
-
-
100%
100%
100%
100%
100%
100%
100%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 Appointed on 1 August 2021
2 Appointed on 7 October 2021
3 Appointed on 28 December 2021, resigned 14 February 2022
4 Resigned on 1 August 2021
5 Resigned on 7 October 2021
6 Resigned on 7 October 2021
7 Resigned on 11 February 2022
-
-
-
-
-
-
-
-
-
13
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Details of Remuneration (Continued)
Details of the remuneration of key management personnel of the Company are set out in the following tables.
2021
Directors
Mark Leong 1
Daniel Ow 2
Vlado Bosanac 3
Brett Sandercock 4
Geoff Pocock 5
Prof. Teoh Swee Hin
Stuart Carmichael 6
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde 7
Salary
and fees
$
Short-term benefits
Cash
bonus
$
Non-
monetary
$
Post-employment
benefits
Superannuation
or equivalent
$
Share-based payments
Equity-settled Equity-settled
shares
$
options
$
Total
$
21,045
8,310
-
28,000
27,690
36,000
27,690
193,146
118,463
165,000
625,344
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,000
831
-
2,680
2,679
3,510
2,679
8,706
13,673
16,088
52,846
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
73,538
73,538
23,045
9,141
-
30,680
30,369
39,510
30,369
201,852
132,136
254,626
751,728
1 Appointed on 1 August 2021
2 Appointed on 7 October 2021
3 Appointed on 28 December 2021, resigned 14 February 2022
4 Resigned on 1 August 2021
5 Resigned on 7 October 2021
6 Resigned on 7 October 2021
7 Resigned on 11 February 2022
14
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Details of Remuneration (Continued)
2020
Directors
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde 1
1 Appointed on 2 November 2020
Salary
and fees
$
Short-term benefits
Cash
bonus
$
Non-
monetary
$
Post-employment
benefits
Share-based payments
Superannuation Equity-settled Equity-settled
shares
$
or equivalent
$
options
$
Total
$
48,000
143,250
36,000
36,000
204,896
109,278
27,500
604,924
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,560
-
3,420
3,420
11,884
14,290
2,613
40,187
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
52,560
143,250
39,420
39,420
216,780
123,568
30,113
645,111
15
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Share-based Compensation
Options Issued as Remuneration
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 past reporting years are as follows.
2021
Directors
Mark Leong
Daniel Ow
Vlado Bosanac
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
Number of
Options
Granted Grant Date
Vesting
Date
Expiry
Date
Exercise
Price ($)
Fair Value
per Option
($)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Key Management Personnel
Goh Khoon Seng
Jing Lim
Carl Runde 1
Carl Runde 1
-
-
187,500
187,500
-
-
27-Jun-21
27-Jun-21
-
-
2-Nov-21
2-Nov-22
-
-
2-Nov-25
2-Nov-25
-
-
0.624
0.624
-
-
0.284
0.284
1 The options were granted as an incentive for ongoing performance with an underlying service condition
requiring continuous employment until the respective vesting dates for each tranche to vest.
There were no options granted to key management personnel in the 2020 financial year.
Options granted carry no dividend or voting rights. All options were granted over unissued fully paid ordinary
shares in the company. 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 or 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 are set out below:
16
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Share-based Compensation (Continued)
Options Issued as Remuneration (Continued)
Value of
options
Granted/vested
during the
period
$
Value of options
exercised during
the period
$
Value of options
lapsed during the
period
$
Remuneration
consisting of
options for the
period
%
Directors
Mark Leong
Daniel Ow
Vlado Bosanac
Brett Sandercock
Geoff Pocock
Prof Teoh Swee Hin
Stuart Carmichael
-
-
-
-
-
-
-
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde
-
-
73,538
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Additional Disclosures Relating to Key Management Personnel
Shareholding
The number of shares in the Company held during the financial years ended 31 December 2021 and 2020 by
each director and other members of key management personnel of the Company, including their personally
related parties, is set out below:
Balance at
the start of
the year
Received as
part of
remuneration
Additions
Disposals /
Other
2021
Directors
Mark Leong
Daniel Ow
Vlado Bosanac
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
-
-
-
155,039
168,539
7,030,309
1,000,001
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde
6,835,317
2,360,000
-
17,549,205
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
the end of
the year / at
resignation
-
-
-
155,039
168,539
7,030,309
1,000,001
6,835,317
2,360,000
-
17,549,205
17
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Additional Disclosures Relating to Key Management Personnel (Continued)
Balance at
the start of
the year
Received as
part of
remuneration
Additions
Disposals /
Other
Balance at
the end of
the year / at
resignation
2020
Directors
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
155,039
168,539
7,030,309
1,000,001
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde
6,835,317
2,360,000
-
17,549,205
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
155,039
168,539
7,030,309
1,000,001
6,835,317
2,360,000
-
17,549,205
Option holding
The number of options over ordinary shares in the company held during the financial years ended 31 December
2021 and 2020 by each director and other members of key management personnel of the Company, including
their personally related parties, is set out below:
Granted
Exercised
Expired /
Forfeited /
Other
Balance at
the end of
the year / at
resignation
2021
Directors
Mark Leong
Daniel Ow
Vlado Bosanac
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
Balance at
the start of
the year
-
-
-
500,000
1,200,000
1,500,000
500,000
-
-
-
-
-
-
-
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde
3,500,000
-
-
7,200,000
-
-
375,000
375,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,000
1,200,000
1,500,000
500,000
3,500,000
-
375,000
7,575,000
18
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Additional Disclosures Relating to Key Management Personnel (Continued)
Option holding (Continued)
2020
Directors
Brett Sandercock
Geoff Pocock
Prof. Teoh Swee Hin
Stuart Carmichael
500,000
1,200,000
1,500,000
500,000
Key Management Personnel
Goh Khoon Seng
Lim Jing
Carl Runde
3,500,000
-
-
7,200,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,000
1,200,000
1,500,000
500,000
3,500,000
-
-
7,200,000
Other Equity-related Key Management Personnel Transactions
There have been no other transactions involving equity instruments apart from those described in the tables
above relating to shareholdings and options.
Other Transactions with Key Management Personnel and/or their Related Parties
There were no other transactions conducted between the Group and Key Management Personnel or their
related parties, apart from those disclosed above and below, that were conducted other than in accordance
with normal employee, customer or supplier relationships on terms no more favourable than those reasonably
expected under arm’s length dealings with unrelated persons.
Mark Leong – Expense reimbursements
Brett Sandercock – Travel reimbursements
Polaris Consulting (WA) Pty Ltd (director related entity of Mr Pocock)
– Travel reimbursements
Ventnor Capital Pty Ltd (director related entity of Mr Carmichael)
– Corporate advisory (IPO and acquisition), company secretarial and
registered office services
Khoon Seng – Expense reimbursements
Lim Jing – Expense reimbursements
Carl Runde – Expense reimbursements
Consolidated
31 Dec 2021 31 Dec 2020
$
$
323
-
-
-
69
16,361
109,199
88,307
5,670
20,009
2,471
137,672
5,917
13,516
-
124,170
19
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Other Transactions with Key Management Personnel and/or their Related Parties (Continued)
Loans to/from related parties
Amount due to key management personnel – Mr Goh Khoon Seng 1
Amount due to related party – Irenne Pte Ltd (director related entity of Prof.
Teoh) 1
Consolidated
31 Dec 2021 31 Dec 2020
$
-
-
-
$
56,012
288,546
344,558
1 Amounts due to key management personnel and related party are non-trade, unsecured, interest-free and
repayable on demand.
End of Remuneration Report (Audited)
Share Options
At the date of this report, the unissued ordinary shares of the Company under option are as follows.
Number of
Options Granted
7,200,000
2,500,000
300,000
100,000
3,000,000
187,500
Grant Date
23/06/2019
17/09/2019
05/05/2020
05/05/2020
28/08/2020
2/06/2021
Expiry Date
30/06/2022
30/06/2022
02/12/2022
31/12/2022
28/08/2023
02/11/2025
Exercise Price ($)
$0.25
$0.25
$1.00
$1.00
$1.20
$0.624
Fair Value per
Option ($)
$0.115
$0.111
$0.283
$0.288
$0.354
$0.284
Non-Audit Services
No non-audit services were provided by the entity's auditor, Grant Thornton Audit Pty Ltd during the year ended
31 December 2021.
Indemnification of Officers and Auditors
The Group has not otherwise, during or since the financial year, except to the extent permitted by law,
indemnified or agreed to indemnify an officer or auditor of the Company or of any related body corporate
against a liability incurred as such an officer or auditor.
Proceedings of 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.
Auditor’s Independence Declaration
The auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 has
been received and immediately follows the Directors’ Report.
Dividends Paid or Recommended
No dividends were paid or recommended during the year ended 31 December 2021.
20
Osteopore Limited and its Controlled Entities
Directors’ Report
For the year ended 31 December 2021
Corporate Governance
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors
support and have adhered to principles of sound corporate governance. The Company continued to follow
best practice recommendations as set out by the 4th edition of the ASX Corporate Governance Council’s
Corporate Governance Principles and Recommendations. Where the Company has not followed best practice
for any recommendation, explanation is given in the Corporate Governance Statement which is available on
the Company’s website.
Signed in accordance with a resolution of the Directors.
Mark Leong
Executive Chairman
31 March 2022
21
Central Park, Level 43
152-158 St Georges Terrace
Perth WA 6000
Correspondence to:
PO Box 7757
Cloisters Square
Perth WA 6000
T +61 8 9480 2000
F +61 8 9480 2050
E info.wa@au.gt.com
W www.grantthornton.com.au
Auditor’s Independence Declaration
To the Directors of Osteopore Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Osteopore
Limited for the year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
L A Stella
Partner – Audit & Assurance
Perth. 31 March 2022
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
22
Osteopore Limited and its Controlled Entities
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2021
Revenue
Cost of sales
Gross profit
Other income
Selling and distribution expenses
Administrative expenses
Operating loss
Finance costs
Loss before income tax
Income tax benefit
Loss after income tax
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation loss
Total comprehensive loss attributable to the owners
Note
Consolidated
31 Dec 2021 31 Dec 2020
$
$
3
4
5
5
6
1,113,009
(301,366)
811,643
1,504,578
(549,252)
955,326
291,453
(504,686)
(4,203,005)
(3,604,595)
724,474
(327,184)
(3,280,900)
(1,928,284)
(16,303)
(3,620,898)
-
(3,620,898)
(17,602)
(1,945,886)
-
(1,945,886)
(86,039)
(3,706,937)
(64,625)
(2,010,511)
Basic and diluted loss per share (cents)
20
(3.09)
(1.82)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
23
Osteopore Limited and its Controlled Entities
Consolidated Statement of Financial Position
As at 31 December 2021
ASSETS
Current Assets
Cash and cash equivalents
Trade receivables
Other assets
Inventories
Total Current Assets
Non-Current Assets
Property, plant and equipment
Right-of-use asset
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Employee provisions
Borrowings
Lease liabilities
Total Current Liabilities
Non-Current Liabilities
Lease liabilities
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSET
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Note
Consolidated
31 Dec 2021 31 Dec 2020
$
$
7
8
9
10
11
12
13
14
15
16
16
17
18
4,530,175
400,737
285,925
201,625
5,418,462
9,027,016
305,189
258,094
151,382
9,741,681
483,383
104,446
587,829
6,006,291
483,538
22,715
506,253
10,247,934
450,795
75,896
-
37,808
564,499
741,221
56,375
427,359
26,634
1,251,589
68,901
68,901
633,400
-
-
1,251,589
5,372,891
8,996,345
26,066,131
(12,744,115)
(7,949,125)
5,372,891
26,066,131
(12,741,559)
(4,328,227)
8,996,345
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes
24
Osteopore Limited and its Controlled Entities
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Issued Capital
$
Share Based
Payment Reserve
$
Common Control
Reserve
$
Foreign Currency
Translation
Reserve
$
Accumulated
Losses
$
Total Equity
$
Balance at 31 December 2019
19,190,063
1,108,302
(14,915,451)
(33,293)
(2,382,341)
2,967,280
Loss after income tax
Other comprehensive loss
Total comprehensive loss for the year
-
-
-
-
-
-
-
-
-
-
(64,625)
(64,625)
(1,945,886)
-
(1,945,886)
(1,945,886)
(64,625)
(2,010,511)
Placement (Note 17)
Share issue costs (Note 17)
Options issued (Note 18)
Balance at 31 December 2020
8,500,000
(563,386)
(1,060,546)
26,066,131
-
-
1,163,508
2,271,810
-
-
-
(14,915,451)
-
-
-
-
-
-
(97,918)
(4,328,227)
8,500,000
(563,386)
102,962
8,996,345
Loss after income tax
Other comprehensive loss
Total comprehensive loss for the year
-
-
-
-
-
-
-
-
-
-
(86,039)
(86,039)
(3,620,898)
-
(3,620,898)
(3,620,898)
(86,039)
(3,706,937)
Options issued (Note 18)
Balance at 31 December 2021
-
26,066,131
83,483
2,355,293
-
(14,915,451)
-
-
(183,957)
(7,949,125)
83,483
5,372,891
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
25
Osteopore Limited and its Controlled Entities
Consolidated Statement of Cash Flows
For the year ended 31 December 2021
Consolidated
Note
31 Dec 2021
$
31 Dec 2020
$
Cash flows from operating activities
Loss before income tax
Adjustments for
Depreciation expense
Share based payment expense
Finance costs
Interest income
Gain on assets disposed
Operating cash flows before changes in working capital
5
Changes in trade receivables
Changes in other assets
Changes in inventory
Changes in trade and other payables
Changes in provisions
Interest paid
Interest received
Net cash (used in) operating activities
Cash flows from investing activities
Acquisition of plant and equipment
Net cash (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares
Payment of share issue costs
Repayment of borrowings
Repayment of lease principal
Net cash (used in) / provided by financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Effects of exchange rate changes on cash
Cash and cash equivalents at the end of the year
7
(3,620,898)
(1,945,886)
225,468
83,483
16,303
(1,886)
(15)
(3,297,545)
165,886
102,962
2,621
(17,602)
(67)
(1,692,086)
(57,061)
(131,040)
(50,243)
(274,849)
19,521
256,102
(249,258)
(127,855)
18,104
22,289
(16,303)
1,886
(3,805,634)
(2,621)
17,602
(1,757,723)
(194,616)
(194,616)
(381,044)
(381,044)
-
-
(442,936)
(42,941)
(485,877)
(4,486,127)
9,027,016
(10,714)
4,530,175
8,500,000
(563,386)
(58,386)
(41,058)
7,837,170
5,698,403
3,294,809
33,804
9,027,016
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
26
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies
General
These consolidated financial statements and notes represent those of Osteopore Limited (the “Company”) and
its controlled entities (“Group”). In accordance with the Corporations Act 2001, these financial statements
present the results of the Group only. Supplementary information about the Company is disclosed in Note 28:
Parent Entity Disclosures. The financial report was authorised for issue by the Board on 31 March 2022.
Basis of Preparation
The financial report is a general-purpose financial report which has been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements
of the Australian Accounting Standards Board (“AASB”) and the Corporations Act 2001. Osteopore Limited is
a for-profit entity for financial reporting purposes under Australian Accounting Standards. Compliance with the
Australian Accounting Standards ensures that the financial statements and notes also comply with
International Financial Reporting Standards as issued by the International Accounting Standards Board.
Except for cash flow information, the financial report has been prepared on an accruals basis and is based on
historical costs, modified where applicable, by the measurement at fair value of selected financial assets and
financial liabilities. Cost is based on the fair values of the consideration given in exchange for assets.
The financial statements have been presented in Australian dollars (AUD), which is the functional currency of
the Company. The functional currency of the Company’s controlled entities is Singapore Dollars (SGD).
Going concern assumption
The consolidated financial statements have been prepared on a going concern basis, which assumes that the
Group will be able to continue trading, realise its assets and discharge its liabilities in the ordinary course of
business for a period of at least 12 months from the date that these financial statements are approved.
The Directors note that the Group generated a loss after tax for the year of $3,620,898 (2020: $1,945,886),
had net operating cash outflows for the year of $3,805,634 (2020: $1,757,723).
In assessing the appropriateness of using the going concern assumption, the Directors:
•
have considered that the Group has expenditure commitments of $1.8m over 3 years representing the
required contribution to a research project developing jaw implants under a clinical-industrial partnership
agreement signed in December 2021;
are confident of the sales pipeline post-COVID will trend upwards allowing the Group to achieving revenue
targets in line with management’s forecasts;
are confident of managing all costs in line with management’s forecasts; and
remain confident that, if required, the Group will be able to access further working capital through either a
debt or equity raise.
•
•
•
After considering the above factors, the Directors have concluded that the use of the going concern assumption
is appropriate.
These conditions indicate a material uncertainty that may cast significant doubt about the Group’s ability to
continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its
liabilities in the normal course of business. The financial report does not include any adjustments relating to
the recoverability or classification of recorded asset amounts, nor the amounts or classification of liabilities that
might be necessary should the Company not be able to continue as a going concern.
27
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Foreign Currency
Transactions and Balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at
the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate.
Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the
transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when
fair values were determined.
Exchange differences arising on the translation of monetary items are recognised in the statement of profit and
loss and other comprehensive income. Exchange differences arising on the translation of non-monetary items
are recognised directly in equity to the extent that the gain or loss is directly recognised in equity; otherwise
the exchange difference is recognised in the statement of profit and loss and comprehensive income.
Foreign Operation
The financial results and position of foreign controlled entities whose functional currency is different from the
presentation currency are translated as follows:
• Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
•
• Retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Income and expenses are translated at average exchange rates for the period; and
Exchange differences arising on translation of foreign controlled entities are transferred directly to the foreign
currency translation reserve in the statement of financial position. These differences are recognised in the
statement of profit or loss and other comprehensive income in the period in which the operation is disposed.
New or Amended Accounting Standards and Interpretations Adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board that are mandatory for the current reporting period. Accounting
pronouncements which have become effective from 1 January 2021 and that have been adopted, do not have
a significant impact on the Group’s financial results or position.
New Accounting Standards and Interpretations Not Yet Mandatory
Certain new accounting standards and interpretations have been published that are not mandatory for 31
December 2021 reporting periods and have not been early adopted by the Group. These standards are not
expected to have a material impact on the entity in the current or future reporting periods and on foreseeable
future transactions.
Principles of Consolidation
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the
Group 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 Group. They are de-consolidated from the date that control
ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment
of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
28
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Principles of Consolidation (Continued)
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity
of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that
results in a deficit balance.
Business Combinations
The Group applies the acquisition method in accounting for business combinations unless transacting a
business combination under common control.
Under the acquisition method, the consideration transferred by the Group to obtain control of a subsidiary is
calculated as the sum of the acquisition-date fair value of assets transferred, liabilities incurred and the equity
interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination
regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the
acquisition. Assets acquired and liabilities assumed are measured at their acquisition-date fair value.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of
the sum of: (a) fair value of consideration transferred; (b) the recognised amount of any non-controlling interest
in the acquisition; and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the
acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum
calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss
immediately.
Where business combinations occur under common control, these are scoped out of AASB 3: Business
Combinations, and therefore a suitable accounting policy needs to be adopted in accordance with the hierarchy
in AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors. This hierarchy requires the
adoption of a policy that provides users of the financial statements with relevant and reliable information about
the financial position and performance of the reporting entity. Therefore, certain accounting policy choices are
available for this business combination. The reporting entity has the choice to either apply the purchase method
(applying a fair value approach to the acquisition value) or to apply the pooling of interest method where the
combination is recorded at carrying value at the date of acquisition. Further, the reporting entity may elect to
restate the comparatives for the results of both businesses while under common control.
Given the continuing common control of the ultimate parent of the businesses, the Directors consider that is
appropriate to use the pooling of interest method to account for the transaction using the carrying value at the
date of acquisition for the acquired assets and liabilities rather than remeasuring to more subjective and
uncertain fair values. The Directors have elected to not restate comparatives.
All transaction costs incurred in relation to the business combination are expensed to the statement of
comprehensive income.
29
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Revenue Recognition
Sale of Goods
To determine whether to recognise revenue, the Group follow a 5 step process:
Identifying the contract with a customer
Identifying the performance obligations
1.
2.
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as the performance obligation(s) are satisfied.
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the
goods, being when the goods have been shipped to the specific location agreed with the customer.
Following delivery, the customer has full discretion over the disposition of the goods, bears the primary
responsibility and risks of obsolescence and loss in relations to the goods, as either the customer has accepted
the goods in accordance with the sales contract the acceptance provision have lapsed, or the Group has
objective evidence that all criteria for acceptance have been satisfied. A receivable is recognised by the Group
when the goods are delivered to the customer as this represents the point in time at which the right to
consideration becomes unconditional, as only the passage of time is required before payment is due.
No element of financing is deemed present as the sales are made with a credit term of 30-60 days, which is
consistent with market practice. Revenue is the amount of consideration to which the entity expects to be
entitled in exchange for transferring promised goods or services. Revenue is shown net of estimated customer
returns, rebates and other similar allowances.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Government Grants
Government grants are recognised when there is reasonable assurance that the grant will be received, and all
attaching conditions will be complied with. Where the grant relates to an asset, the fair value is recognised as
deferred capital grant on the statement of financial position and is amortised to profit and loss over the expected
useful life of the relevant asset by equal annual instalments.
When the grant relates to operating expenditure, the grant income is recognised on a systematic basis in the
profit or loss over the periods necessary to match the related cost which they are intended to compensate.
Income Tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and
liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior
periods, where applicable.
30
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Income Tax (Continued)
There are many transactions and calculations undertaken during the ordinary course of business for which the
ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax audit
issues based on the consolidated entity's current understanding of the tax law. Where the final tax outcome of
these matters is different from the carrying amounts, such differences will impact the current and deferred tax
provisions in the period in which such determination is made.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or
substantively enacted. 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.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits
will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are
recognised to the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to
the same taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
Tax consolidation
Osteopore Limited and its wholly owned subsidiaries have not formed an income tax consolidated group under
tax consolidation legislation.
Goods and Services Tax ('GST') and Other Similar Taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred
is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of
the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount
of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in
the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as operating
cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
tax authority.
31
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Segment Reporting
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses (including revenues and expenses relating to transactions with other
components of the same entity), whose operating results are regularly reviewed by the Group's chief operating
decision maker to make decisions about resources to be allocated to the segment and assess its performance
and for which discrete financial information is available. This includes start-up operations which are yet to earn
revenues. Management will also consider other factors in determining operating segments such as the
existence of a line manager and the level of segment information presented to the board of directors. Operating
segments have been identified based on the information provided to the chief operating decision makers –
being the executive management team.
The group aggregates two or more operating segments when they have similar economic characteristics, and
the segments are similar in each of the following respects:
• Nature of the products and services;
• Nature of the production processes;
• Type or class of customer for the products and services;
• Methods used to distribute the products or provide the services; and if applicable
• Nature of the regulatory environment.
Operating segments that meet the quantitative criteria as prescribed by AASB 8 are reported separately.
However, an operating segment that does not meet the quantitative criteria is still reported separately where
information about the segment would be useful to users of the financial statements. Information about other
business activities and operating segments that are below the quantitative criteria are combined and disclosed
in a separate category for “all other segments”.
Current and Non-Current Classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed
in the Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised
within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are
classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group’s normal operating cycle;
it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period;
or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting
period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
32
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenses directly
attributable to the manufacturing process as well as suitable portions of related production overheads, based
on normal operating capacity. Costs of ordinarily interchangeable items are assigned using the first in, first out
cost formula. Net realisable value is the estimated selling price in the ordinary course of business less any
applicable selling expenses. When necessary, allowance is provided for damaged, obsolete and slow-moving
items to adjust the carrying value of inventories to the lower of cost and net realisable value.
Property, Plant and Equipment
Property, plant and equipment is measured on the cost basis less depreciation and impairment losses.
The carrying amount of property, plant and equipment is reviewed annually by directors to ensure it is not in
excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the
expected net cash flows that will be received from the asset’s employment and subsequent disposal. The
expected net cash flows have been discounted to their present values in determining recoverable amounts.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount.
Depreciation
The depreciable amount of all fixed assets is depreciated over its useful life commencing from the time the
asset is held ready for use. Depreciation is computed using the straight-line method to write off the cost of
these assets over their estimated useful lives as follows:
• Computer
• Furniture and fittings
• Plant and machinery
• Leasehold improvements
1 year
5 years
6 years
5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date
and where adjusted, shall be accounted for as a change in accounting estimate. Where depreciation rates or
method are changed, the net written down value of the asset is depreciated from the date of the change in
accordance with the new depreciation rate or method.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains
and losses are included in profit or loss.
Impairment of Non-Financial Assets
The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine
whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset, the Group estimate the recoverable amount of the cash-
generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised immediately in profit or loss.
33
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Impairment of Non-Financial Assets (Continued)
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined had no impairment loss been recognised
for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately
in profit or loss.
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs,
except for those carried at fair value through profit or loss, which are measured initially at fair value.
Subsequent measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire,
or when the financial asset and all substantial risks and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at
the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
Financial Instruments
For the purpose of subsequent measurement, financial assets other than those designated and effective as
hedging instruments are classified into the following categories upon initial recognition:
•
•
•
•
amortised cost
fair value through profit or loss (FVPL)
equity instruments at fair value through other comprehensive income (FVOCI)
debt instruments at fair value through other comprehensive income (FVOCI)
All income and expenses relating to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables which is
presented within other expenses.
Classifications are determined by both:
•
•
The entities business model for managing the financial asset
The contractual cash flow characteristics of the financial assets
All income and expenses relating to financial assets that are recognised in profit or loss are presented within
finance costs, finance income or other financial items, except for impairment of trade receivables, which is
presented within other expenses.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•
•
they are held within a business model whose objective is to hold the financial assets and collect its
contractual cash flows
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal
and interest on the principal amount outstanding
34
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Financial Instruments (Continued)
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting
is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and
most other receivables fall into this category of financial instruments as well as government bonds.
There are no FVPL and FVOCI instruments for the group.
Impairment of Financial assets
AASB 9’s impairment requirements use more forward-looking information to recognize expected credit losses
– the ‘expected credit losses (ECL) model’. Instruments within the scope of the new requirements included
loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract
assets recognised and measured under AASB 15 and loan commitments and some financial guarantee
contracts (for the issuer) that are not measured at fair value through profit or loss.
The Group considers a broader range of information when assessing credit risk and measuring expected credit
losses, including past events, current conditions, reasonable and supportable forecasts that affect the
expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
•
•
financial instruments that have not deteriorated significantly in credit quality since initial recognition
or that have low credit risk (‘Stage 1’) and
financial instruments that have deteriorated significantly in credit quality since initial recognition and
whose credit risk is not low (‘Stage 2’).
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-
month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are
recognised for the second category.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses
over the expected life of the financial instrument.
Trade and other receivables
The Group makes use of a simplified approach in accounting for trade and other receivables and records the
loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the
Group uses its historical experience, external indicators and forward-looking information to calculate the
expected credit losses using a provision matrix.
Classification and measurement of financial liabilities
As the accounting for financial liabilities remains largely unchanged from AASB 139, the Group’s financial
liabilities were not impacted by the adoption of AASB 9. However, for completeness, the accounting policy is
disclosed below.
The Group’s financial liabilities include borrowings, trade payables and other payables.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss.
35
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Financial Instruments (Continued)
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except
for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with
gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and
effective as hedging instruments). The Group derecognises financial liabilities when, and only when, the
Group’s obligations are discharged, cancelled or they expire. The Group does not hold any financial liabilities
classified as fair value through profit or loss measurement category.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit
or loss are included within finance costs or finance income.
Leases
The Group as a lessee
For any new contracts, the Group considers whether a contract is, or contains a lease. A lease is defined as
‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of
time in exchange for consideration’.
To apply this definition the Group assesses whether the contract meets three key evaluations which are
whether:
• The contract contains an identified asset, which is either explicitly identified in the contract or implicitly
specified by being identified at the time the asset is made available to the Group
• The Group has the right to obtain substantially all of the economic benefits from use of the identified
asset throughout the period of use, considering its rights within the defined scope of the contract
• The Group has the right to direct the use of the identified asset throughout the period of use. The
Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout
the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the balance
sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease
liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the
asset at the end of the lease, and any lease payments made in advance of the lease commencement date
(net of any incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also
assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the
Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted
using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing
rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including
in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a
residual value guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and finance cost. The
finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the
lease liability.
36
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Leases (Continued)
The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments
arising from a change in the lease term or a change in the assessment of an option to purchase a leased asset.
The revised lease payments are discounted using the Group’s incremental borrowing rate at the date of
reassessment when the rate implicit in the lease cannot be readily determined. The amount of the
remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use
asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then
any excess is recognised in profit or loss.
Payments under leases can also change when there is either a change in the amounts expected to be paid
under residual value guarantees or when future payments change through an index or a rate used to determine
those payments, including changes in market rental rates following a market rent review. The lease liability is
remeasured only when the adjustment to lease payments takes effect and the revised contractual payments
for the remainder of the lease term are discounted using an unchanged discount rate. Except for where the
change in lease payments results from a change in floating interest rates, in which case the discount rate is
amended to reflect the change in interest rates.
The remeasurement of the lease liability is dealt with by a reduction in the carrying amount of the right-of-use
asset to reflect the full or partial termination of the lease for lease modifications that reduce the scope of the
lease. Any gain or loss relating to the partial or full termination of the lease is recognised in profit or loss. The
right-of-use asset is adjusted for all other lease modifications.
The Group has elected to account for short-term leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are
recognised as an expense in profit or loss on a straight-line basis over the lease term. On the statement of
financial position, right-of-use assets have been included in property, plant and equipment (except those
meeting the definition of investment property) and lease liabilities have been included in trade and other
payables.
Measurement and recognition of leases as a lessor
As a lessor, the Group classifies its leases as either operating or finance leases. A finance lease is where
substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, is
transferred to entities in the Group.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the
fair value of the leased property or the present value of the minimum lease payments, including any guaranteed
residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest
expense for the period.
Leased assets are depreciated over the shorter of their estimated useful lives or the lease term. Lease
payments for operating leases, where substantially all the risks and benefits remain with the lessor, are
charged as expenses in the periods in which they are incurred. Lease incentives under operating leases are
recognised as a liability and amortised on a straight-line basis over the life of the lease term.
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and
are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
37
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date, the loans or borrowings are classified as non-current.
Borrowing costs
Borrowing costs include interest, amortisation of discounts or premiums relating to borrowings, amortisation of
ancillary costs incurred in connection with arrangement of borrowings and lease finance charges. Borrowing
costs are expensed as incurred.
Employee Benefits
Short-Term Benefits
Short-term employee benefit obligations, including accumulated compensated absences, are measured on an
undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount
expected to be paid under short-term cash bonus if the Group has a present legal or constructive obligation to
pay this amount as a result of past service provided by the employee, and the obligation can be estimated
reliably.
Defined Contribution plans
The Group participates in the defined contribution national pension schemes as provided by the laws of the
countries in which it has operations. A defined contribution plan is a post-employment benefit plan under which
an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay
further amounts.
Other Employee Entitlements
Employee entitlements to annual leave and long service leave are recognised when they accrue to employees.
Accruals is made for the estimated liability for unconsumed leave as a result of services rendered by
employees up to the end of the reporting period.
Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principal market; or in the absence of a principal market, in the most
advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the use
of relevant observable inputs and minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each
reporting date and transfers between levels are determined based on a reassessment of the lowest level of
input that is significant to the fair value measurement.
38
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Fair Value Measurement (Continued)
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.
Share-Based Payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of
services, where the amount of cash is determined by reference to the share price.
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 Group receives the services that entitle
the employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity
over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value
of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the
vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at
each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying
either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions
on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is
calculated as follows:
• During the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired option of the vesting period.
• From the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the
cash paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to
market conditions are considered to vest irrespective of whether or not that market condition has been met,
provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not
been made. An additional expense is recognised, over the remaining vesting period, for any modification that
increases the total fair value of the share-based compensation benefit as at the date of modification.
39
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Share-Based Payments (Continued)
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is
treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied
during the vesting period, any remaining expense for the award is recognised over the remaining vesting
period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled
award, the cancelled and new award is treated as if they were a modification.
Issued Capital
Ordinary shares are classified as equity. Issued and paid-up capital is recognised at the fair value of the
consideration received by the Group. Any transaction costs arising on the issue of ordinary shares are
recognised directly in equity as a reduction of the share proceeds received.
Basic loss per share is determined by dividing the operating profit / (loss) after income tax attributable to
members of the Company by the weighted average number of ordinary shares outstanding during the financial
year
Diluted loss per share adjusts the amounts used in the determination of basic loss per share by taking into
account unpaid amounts on ordinary shares and any reduction in loss per share that will probably arise from
the exercise of options outstanding during the financial year.
Dividends
Dividends are recognised when declared during the financial year and no longer at the discretion of the
company.
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 within the next financial year are discussed below.
Share-Based Payments
The Group 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.
40
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 1. Significant Accounting Policies (Continued)
Critical Accounting Judgements, Estimates and Assumptions (Continued)
Allowance for Expected Credit Losses
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is
based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to
allocate an overall expected credit loss rate for each group. These assumptions include recent sales
experience, historical collection rates, the impact of the Coronavirus (COVID-19) pandemic and forward-
looking information that is available. The allowance for expected credit losses, as disclosed in note 8, is
calculated based on the information available at the time of preparation. The actual credit losses in future years
may be higher or lower.
Note 2. Controlled Entities
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.
Osteopore International
Pte Ltd
Country of
Incorporation
Singapore
Osteopore Medico Pte Ltd
Singapore
Osteopore Australasia Pty
Ltd 1
Australia
Osteopore (Suzhou)
Medical Technologies Pte
Ltd. 2
China
Principal Activities
Manufacture and trade
medical implants
Manufacture and trade
medical implants
Manufacture and trade
medical implants
Sale of Class III medical
devices and the
provision of technology
services, research and
development.
Ownership
2021 (%)
Ownership
2020 (%)
100
100
100
100
100
100
100
-
1 Company was incorporated on 7 September 2020
2 Company was incorporated on 7 July 2021 (dormant in the period since incorporation)
41
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 3. Revenue
Sale of goods
All sale of goods is recognised at a point in time.
Consolidated
31 Dec 2021 31 Dec 2020
$
$
1,113,009
1,504,578
The Group’s revenue disaggregated by primary geographical markets is as follows:
Korea
Singapore
Vietnam
Germany
Australia
USA
Italy
Taiwan
Other countries
Refer to concentration of customers within credit risk note 24.
Note 4. Other Income
NAMIC grant
Government grant
Other grants
Other income
Consolidated
31 Dec 2021 31 Dec 2020
$
$
566,404
123,218
107,834
56,125
53,375
51,281
22,066
21,922
110,784
1,113,009
943,299
105,020
232,017
7,331
57,669
8,636
7,378
5,807
137,421
1,504,578
Consolidated
31 Dec 2021 31 Dec 2020
$
$
-
34,957
256,481
15
291,453
221,498
269,514
114,118
119,344
724,474
42
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 5. Expenses
Selling and distribution expenses mainly comprise of:
Marketing expense
Travel expense
Administrative expenses mainly comprise of:
Legal and professional fees
Share-based payment expense
Depreciation expense
Regulatory audit and testing expenses
Insurance fees
Employee expenses
Key management personnel
Salaries and other related costs
Contributions to defined contribution plans
Other personnel
Salaries and other related costs
Contributions to defined contribution plans
Note 6. Income Tax
The prima facie tax on loss before income tax in reconciled to the income
tax as follows:
Loss before income tax
Prima facie tax payable on loss from ordinary activities before income tax
at 30% (2020: 30%)
Non-assessable non-exempt
Other non-deductible expenditure
Other non-assessable income
Share based payments
Foreign tax rate differential (Singapore)
Movement in unrecognised deferred tax assets
Income tax benefit
Deferred tax assets have not been recognised in respect of the following
items:
Consolidated
31 Dec 2021 31 Dec 2020
$
$
444,410
54,302
252,280
64,887
395,946
83,483
225,468
317,951
184,662
553,792
102,963
165,886
-
150,419
625,344
52,846
604,924
40,187
919,958
321,654
693,287
285,860
Consolidated
31 Dec 2021 31 Dec 2020
$
$
(3,620,898)
(1,945,886)
(1,086,269)
(583,766)
20,725
-
-
25,045
309,441
731,058
-
41,701
77,433
(43,129)
30,889
114,018
362,854
-
Carry forward tax losses – Australia (at 30%):
Carry forward tax losses – Singapore (at 17%):
Total
770,769
516,696
1,287,465
417,164
114,796
531,960
43
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 6. Income Tax (Continued)
The Group has tax losses arising in entities in Australia and Singapore that are available indefinitely to be
offset against the future taxable profits of the Group.
The Group has not carried forward the pre-acquisition tax losses of the Singapore-based entities pending
approval from the Singaporean tax authorities under relevant continuity of ownership test taxation provisions
in that jurisdiction.
The potential deferred tax assets, arising from tax losses (as disclosed above) are not brought to account as
management is of the view that there is uncertainty in the realisation of the related tax benefits through future
taxable profits. The amount of these benefits is based on the assumption that no adverse change will occur in
income tax legislation and the anticipation that the Group will derive sufficient future assessable income to
enable the benefit to be realised and comply with the conditions of deductibility imposed by law.
Note 7. Cash and Cash Equivalents
Consolidated
31 Dec 2021 31 Dec 2020
$
$
Cash in bank and on hand
4,530,175
9,027,016
The carrying amounts of cash and cash equivalents approximate their fair value and are denominated in the
following currencies:
Australia dollar
Singapore dollar
United States dollar
Note 8. Trade Receivables
Trade receivables
Less expected credit losses
4,412,125
107,128
10,922
4,530,175
8,757,809
266,680
2,527
9,027,016
Consolidated
31 Dec 2021 31 Dec 2020
$
$
439,225
(38,488)
400,737
324,247
(19,058)
305,189
Trade receivables are non-interest bearing and generally on 30 days term (2020: 30 days). For allowance for
expected credit losses analysis at the end of the reporting period, please refer to Note 24.
44
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 8. Trade Receivables (Continued)
Expected credit loss
rate (%)
Carrying Amount ($)
2021
2020
2021
2020
Allowance of expected
credit losses ($)
2020
2021
Current
Past due 31 – 60 days
Past due 60 – 180 days
Past due 180 – 360 days
Past due over 360 days
7
11
34
98
100
3
5
16
53
100
239,979
69,300
111,705
16,021
2,220
439,225
181,277
85,018
41,270
9,780
6,902
324,247
13,790
14,180
6,131
2,167
2,220
38,488
3,997
2,794
2,534
3,358
6,375
19,058
The Group has increased its monitoring of debt recovery as there is an increased probability of customers
delaying payment, due to the Coronavirus (COVID-19) pandemic. As a result, the calculation of expected credit
losses has been revised as at 31 December 2021 and rates have increased in each category.
Movements in the allowance for expected credit losses are as follows:
Opening balance
Additional provisions recognised
Unused amounts reversed
Closing balance
Note 9. Other Assets
Prepayments
Deposits
Other receivables
Note 10. Inventories
Raw materials
Work in progress
Finished goods
Consolidated
31 Dec 2021 31 Dec 2020
$
$
19,058
19,430
-
38,488
-
19,058
-
19,058
Consolidated
31 Dec 2021 31 Dec 2020
$
$
268,876
17,049
-
285,925
185,462
16,396
56,236
258,094
Consolidated
31 Dec 2021 31 Dec 2020
$
$
85,584
78,421
37,620
201,625
79,005
33,816
38,561
151,382
45
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 11. Property, Plant and Equipment
Furniture &
Fittings
$
Consolidated
Plant &
Machinery
$
Leasehold
Improvements
$
Total
$
Computers
$
Cost
Less accumulated
depreciation
183,140
106,680
609,939
408,627
1,308,386
(147,238)
(74,511)
(332,315)
(270,939)
(825,003)
35,902
32,169
277,624
137,688
483,383
Cost
Balance at 31 Dec 2019
Additions
Disposals
Exchange rate movement
Balance at 31 Dec 2020
Additions
Disposals
Exchange rate movement
Balance at 31 Dec 2021
Accumulated
Depreciation
Balance at 31 Dec 2019
Depreciation
Disposals
Exchange rate movement
Balance at 31 Dec 2020
Depreciation
Disposals
Exchange rate movement
Balance at 31 Dec 2021
90,767
40,264
(5,397)
(6,690)
118,944
61,757
(207)
2,646
183,140
75,615
23,038
(5,397)
(5,573)
87,683
57,757
(207)
2,005
147,238
93,684
9,908
(176)
(6,905)
96,511
8,189
-
1,980
106,680
290,853
213,513
297,487
117,426
- -
(21,438)
482,928
117,105
-
9,906
609,939
(21,927)
392,986
7,580
-
8,061
408,627
772,791
381,111
(5,573)
(56,960)
1,091,369
194,631
(207)
22,593
1,308,386
49,486
14,814
(176)
(3,640)
60,484
12,787
-
1,240
74,511
204,035
50,374
202,615
32,614
- -
(15,039)
239,370
88,035
-
4,910
332,315
(14,935)
220,294
46,126
-
4,519
270,939
531,751
120,840
(5,573)
(39,187)
607,831
204,705
(207)
12,674
825,003
46
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 12. Right-Of-Use Asset
Cost
Less accumulated depreciation
Cost
Balance at the beginning of the year
Revaluation at balance date
Exchange rate movement
Balance at the end of the year
Accumulated depreciation
Balance at the beginning of the year
Depreciation
Exchange rate movement
Balance at the end of the year
Consolidated
31 Dec 2021 31 Dec 2020
$
$
214,145
(109,699)
104,446
89,298
123,016
1,831
214,145
66,583
41,750
1,366
109,699
89,298
(66,583)
22,715
103,921
(6,963)
(7,660)
89,298
35,063
34,105
(2,585)
66,583
The right-of-use assets relate to the leases for the office premises in Singapore.
Note 13. Trade and Other Payables
Trade payables
Accruals
Other payables
Consolidated
31 Dec 2021 31 Dec 2020
$
$
279,328
151,394
20,074
450,796
325,668
401,495
14,058
741,221
Trade payables are due to third parties, unsecured, interest-free and repayable according to credit terms of 30
days (2020: 30 days). The carrying amounts of trade payables approximate their fair value and are
denominated in the following currencies:
Singapore dollar
Australia dollar
Note 14. Employee Provisions
Annual leave provision
275,722
3,606
279,328
310,162
15,506
325,668
Consolidated
31 Dec 2021 31 Dec 2020
$
$
75,896
56,375
47
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 15. Borrowings
Amounts due to directors (Note 22)
Amounts due to related party (Note 22)
Amounts due to third parties
Insurance premium funding
Consolidated
31 Dec 2021 31 Dec 2020
$
$
-
-
-
-
-
56,012
288,546
46,815
35,986
427,359
Amounts due to directors, related party and third parties are non-trade, unsecured, interest-free and repayable
on demand. Premium funding relates to funding on Directors’ and Officers’ insurance.
Note 16. Lease Liabilities
Current
Non-Current
Consolidated
31 Dec 2021 31 Dec 2020
$
$
37,808
68,901
106,709
26,634
-
26,634
Amounts recognised in the statement of profit or loss and other comprehensive income
Depreciation expense on right of use asset (Note 12)
Interest expense
41,750
5,692
34,105
5,415
The Group has leases for the office and photocopier. The lease liabilities are secured by the related underlying
assets. Future minimum lease payments at 31 December were as follows:
2021
Lease payments
Finance charges
Net present value
2020
Lease payments
Finance charges
Net present value
Within 1 Year
Minimum Lease Payments
1-5 Years
After 5 Years
Total
47,569
(9,761)
37,808
27,615
(981)
26,634
75,317
(6,416)
68,901
-
-
-
-
-
-
-
-
-
122,886
(16,177)
106,709
27,615
(981)
26,634
48
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 17. Issued Capital
2021
$
No. of
Shares
2020
$
No. of
Shares
Fully paid ordinary shares
117,268,238
26,066,131
117,268,238
26,066,131
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. There is no current on-market share buy-back.
Movements in ordinary share capital
Date
No. of
Shares
Issue price
($)
$
Balance at 31 December 2019
101,230,502
19,190,063
Placement
Share issue costs
Balance at 31 December 2020
28/8/2020
16,037,736
-
117,268,238
0.53
8,500,000
(1,623,932)
26,066,131
Balance at 31 December 2021
117,268,238
26,066,131
Note 18. Reserves
Common control reserve
Share based payment reserve
Foreign currency translation reserve
Consolidated
31 Dec 2021 31 Dec 2020
$
$
(14,915,451)
2,355,293
(183,957)
(12,744,115)
(14,915,451)
2,271,810
(97,918)
(12,741,559)
Common Control Reserve
In September 2019, the Company acquired 100% of OIS. The acquisition has been accounted for with
reference to common controlled entities. The Group has adopted the predecessor accounting method to form
one enlarged group. The Company has recorded the excess consideration above the net asset of OIS to a
common control reserve in September 2019.
49
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 18. Reserves (Continued)
Share Based Payment Reserve
The share-based payment reserve arises from the equity-settled compensation plan issued to its director,
provided that the director remains in continuous employment with the Company from the date of grant. Equity-
settled compensation plan is share of commons stock that vest and restricted share units are awards that will
result in a payment if performance goals are achieved or the awards otherwise vest. The terms and conditions
of these awards are established in the employment contract.
No. of
Options
$
Balance at 31 December 2019
9,700,000
1,108,302
Options issued to others (Note 19)
Options issued to lead manager (Note 19)
Balance at 31 December 2020
Vesting of contractor options (Note 19)
Issue of employee options (Note 19)
Balance at 31 December 2021
Note 19. Share Based Payment Expense
400,000
3,000,000
13,100,000
-
375,000
13,475,000
102,962
1,060,546
2,271,810
9,945
73,538
2,355,293
On 5 May 2020, 300,000 options exercisable at $1.00 expiring on 2 December 2022 were issued to an advisor
of the Board as an incentive for ongoing performance. All options vested at grant date.
On 5 May 2020, 100,000 options exercisable at $1.00 expiring on 31 December 2022 were issued to a
contractor as an incentive for ongoing performance.
On 28 August 2020, 3,000,000 options exercisable at $1.20 expiring on 28 August 2023 were issued to the
Joint Lead Managers of the Placement. All options vested at grant date.
On 30 June 2021, 375,000 options exercisable at $0.624 expiring on 2 November 2025 were issued to an
employee as an incentive for ongoing performance. Subsequent to the reporting date, 187,500 of these options
lapsed unvested on resignation of the employee.
The following table illustrates the number and weighted average exercise price and movements in share
options:
31 Dec 2021
31 Dec 2020
Outstanding at the beginning of
year
Granted during the year
Outstanding at the end of year
Exercisable at the end of year
Weighted
average
exercise price
$
0.49
0.624
0.49
0.49
Number
13,100,000
375,000
13,475,000
13,475,000
Number
9,700,000
3,400,000
13,100,000
13,100,000
Weighted
average
exercise price
$
0.25
1.19
0.49
0.49
50
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 19. Share Based Payment Expense (Continued)
The fair value of the options issued was estimated at the date of grant using the Black-Scholes option pricing
model below:
Grant
Date
Expiry
Date
23/06/2019 30/06/2022
17/09/2019 30/06/2022
05/05/2020 02/12/2022
05/05/2020 31/12/2022
28/08/2020 28/08/2023
27/06/2021 02/11/2025
Share
Price at
Grant
Date
$0.20
$0.20
$0.595
$0.595
$0.60
$0.47
Exercise
Price
$0.25
$0.25
$1.00
$1.00
$1.20
$0.624
Expected
Volatility
100%
100%
101%
101%
120%
89%
Dividend
Yield
0%
0%
0%
0%
0%
0%
Risk-Free
Interest
Rate
0.89%
0.85%
0.235%
0.235%
0.29%
0.82%
Fair Value
at Grant
Date
$0.115
$0.111
$0.283
$0.288
$0.354
$0.284
Set out below are the options exercisable at the end of the financial year:
Grant Date
23/06/2019
17/09/2019
05/05/2020
05/05/2020
28/08/2020
27/06/2021
Expiry Date
30/06/2022
30/06/2022
02/12/2022
31/12/2022
28/08/2023
02/11/2025
31 Dec 2021
No. of Options
31 Dec 2020
No. of Options
7,200,000
2,500,000
300,000
100,000
3,000,000
375,000
13,475,000
7,200,000
2,500,000
300,000
100,000
3,000,000
-
13,100,000
Note 20. Loss per Share
The following reflects the income and data used in the calculations of basic and diluted loss per share:
Weighted average number of ordinary shares used in calculating basic
and diluted loss per share
Loss for the year used in calculating operating basic and diluted loss per
share
Basic and diluted loss per share
Consolidated
31 Dec 2021 31 Dec 2020
No. of
Shares
No. of
Shares
117,268,238
106,707,871
$
$
(3,620,898)
(1,945,886)
Cents
Cents
(3.09)
(1.82)
As the Group incurred a loss for the period, the options on issue have an anti-dilutive effect, therefore the
diluted EPS is equal to the basic EPS. A total of 13,475,000 share options (2020: 13,100,000) which could
potentially dilute EPS in the future have been excluded from the diluted EPS calculation because they are anti-
dilutive for the current year presented.
51
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 21. Auditors’ Remuneration
Remuneration from Audit and Review of Financial Statements
Audit and review of financial statements (Grant Thornton Australia)
Other Services
None
Note 22. Related Parties
Key Management Personnel Disclosures
Short term employee benefits
Post-employment benefits
Share based payment benefits
Transactions with Key Management Personnel and their Related Parties
Mark Leong – Expense reimbursements
Brett Sandercock – Travel reimbursements
Polaris Consulting (WA) Pty Ltd (director related entity of Mr Pocock)
– Travel reimbursements
Ventnor Capital Pty Ltd (director related entity of Mr Carmichael)
– Corporate advisory (IPO and acquisition), company secretarial and
registered office services
Khoon Seng – Expense reimbursements
Lim Jing – Expense reimbursements
Carl Runde – Expense reimbursements
Loans to/from related parties
Amount due to key management personnel – Mr Goh Khoon Seng 1
Amount due to related party – Irenne Pte Ltd (director related entity of Prof.
Teoh) 1
Consolidated
31 Dec 2021 31 Dec 2020
$
$
52,500
52,188
-
52,500
-
52,188
Consolidated
31 Dec 2021 31 Dec 2020
$
$
631,355
53,278
73,538
758,171
323
-
-
604,924
40,187
-
645,111
-
69
16,361
109,199
88,307
5,670
20,009
2,471
137,672
-
-
-
5,917
13,516
-
124,170
56,012
288,546
344,558
1 Amounts due to key management personnel and related party are non-trade, unsecured, interest-free and
repayable on demand (Note 15).
52
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 23. Segment Reporting
The Company has identified its operating segments based on the internal reports that are used by the Board
in assessing performance and in determining the allocation of resources. Given the Company’s operations
since incorporation, the Board has identified two relevant business segments based on the Group’s
geographical presence – Singapore and Australia. The following tables are an analysis of the Group’s revenue
and results by reportable segment for the year ended 31 December 2021 and 2020.
2021
Revenue from customers
Intersegment revenue
Gross revenue
Other income
Total revenue
Singapore
$
Australia
$
Consolidated
$
1,113,009
-
1,113,009
290,084
1,403,093
-
-
-
1,369
1,369
1,113,009
-
1,113,009
291,453
1,404,462
Loss for the year
(2,370,918)
(1,249,980)
(3,620,898)
2021
Current assets
Non-current assets
Total assets
Total liabilities
2020
Revenue from customers
Intersegment revenue
Gross revenue
Other income
Total revenue
Loss for the year
Current assets
Non-current assets
Total assets
Total liabilities
Singapore
$
Australia
$
Consolidated
$
916,888
586,692
1,503,580
538,587
1,504,578
-
1,504,578
721,853
2,226,431
4,501,575
1,138
4,502,713
94,814
-
-
-
2,621
2,621
5,418,463
587,830
6,006,293
633,401
1,504,578
-
1,504,578
724,474
2,229,052
(877,058)
(1,068,828)
(1,945,886)
905,943
506,253
1,412,196
1,129,352
8,835,738
-
8,835,738
122,237
9,741,681
506,253
10,247,934
1,251,589
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Singapore
have been identified on the basis of the customer’s geographical location and are disclosed in Note 3.
53
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 24. Financial Instruments
The Group’s activities expose them to credit risk, liquidity risk and market risk – currency, interest rate and
price. The Group’s overall risk management strategy seeks to minimise adverse effects from the volatility of
financial markets on the Group’s financial performance.
The Board of Directors is responsible for setting the objectives and underlying principles of financial risk
management for the Company. Management then establishes the detailed policies such as authority levels,
oversight responsibilities, risk identification and measurement, and exposure limits, in accordance with the
objectives and underlying principles approved by the Board of Directors.
There have been no changes to the Group’s exposure to these financial risks or the way it manages the risk,
except for its credit risk. Market risk exposures are measured using sensitivity analysis indicated below.
Credit Risk
Credit risk refers to the risk that counterparty will default on its contractual obligation, resulting in financial loss
to the Group. A default on a financial asset is when the counterparty fails to make contractual payments as
per agreed terms. This definition of default is determined by considering the business environment in which
entity operates and other macro-economic factors.
Risk Management
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the
risk of financial loss from defaults. The Group do not require collateral from its customers. The Group’s major
classes of financial assets are trade and other receivables.
Trade receivables that are neither past due nor impaired are substantial companies with good collection track
record with the Group. Trade receivables are subjected to credit risk exposure. The Group has identified
significant concentration of credit risks for trade receivables as follows:
Largest customer percentage of trade receivables
Largest customer percentage of customer sales
Consolidated
31 Dec 2021 31 Dec 2020
%
30
35
%
39
35
Impairment of Financial Asset
The Group has the following financial assets that are subject to insignificant credit losses where the expected
credit loss (‘ECL’) model has been applied using the following approaches below. The Group identified $38,488
of underperforming or non-performing financial assets during the year (2020: $19,058).
To measure the expected credit losses, trade receivables were grouped based on shared credit risk
characteristics. Receivables are written off when there is no reasonable expectation of recovery, such as a
debtor failing to engage in a repayment plan with the Group.
The Group has not experienced any instances of non-payment from its customers over the past 12 months
and has used their repayment pattern as a basis for estimation to estimate its ECL for the current year. The
Group did not determine the default risk of it financial instruments as most of its trade receivables are historical
clients that have no bad debt history.
54
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 24. Financial Instruments (Continued)
Credit Risk (Continued)
For the purpose of impairment assessment, other receivables are considered to have low credit risk as they
are not due for payment at the end of the reporting period and there has been no significant increase in the
risk of default on the receivables since initial recognition. Accordingly, the loss allowance is measured at an
amount equal to 12-month ECL.
In determining the ECL, the historical default experience and financial position of the counterparties are taken
into account, adjusted for factors that are specific to the debtors and general economic conditions of the
industry in which the debtors operate, in estimating the probability of default of each of these financial assets
occurring within their respective loss assessment time horizon, as well as the loss upon default in each case.
There has been no change in estimation techniques or significant assumptions made during the current
reporting period in assessing the loss allowance for other receivables.
Market Risk
Market risk is the risk that changes in market price, such as interest rates and foreign exchange rates will affect
the Group’s income. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimising the return on risk.
Foreign Currency Risk
The Group’s foreign exchange risk results mainly from cash flows from transactions denominated in foreign
currencies. At present, the Group does not have any formal policy for hedging against currency risk. The Group
ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot
rates, where necessary, to address short term imbalances between entities.
The carrying amount of the Group's foreign currency denominated financial assets and financial liabilities at
the reporting date were as follows:
Singapore dollar
United States dollar
2021
2020
Assets
$
Liabilities
$
Assets
$
Liabilities
$
1,492,658
10,922
1,503,580
538,587
-
538,587
1,409,670
2,526
1,412,196
1,129,352
-
1,129,352
The Group had net assets denominated in foreign currencies of $964,993 (2020: $282,844). At 31 December
2021, if the Singapore dollar weakened by 10% against these foreign currencies with all other variables held
constant, the Group’s loss before tax would have been $96,499 lower (2020: $28,284) and equity would have
been $96,499 higher (2020: $28,284). The percentage change is the expected overall volatility of the significant
currencies, which is based on management’s assessment of reasonable possible fluctuations taking into
consideration movements over the last 6 months each year and the spot rate at each reporting date. The net
foreign exchange loss included in administrative expenses for the year ended 31 December 2021 was $2,458
(2020: $8,249).
Interest Rate Risk
The Group’s exposure to the risks of changes in market interest rates relates primarily to the Group’s short-
term deposits with a floating interest rate. These financial assets with variable rates expose the Group to cash
flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are non-
interest bearing. The Group does not engage in any hedging or derivative transactions to manage interest rate
risk. The Group has not entered any hedging activities to cover interest rate risk. Regarding its interest rate
risk, the Group does not have a formal policy in place to mitigate such risks.
55
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 24. Financial Instruments (Continued)
Market Risk (Continued)
Interest Rate Risk (Continued)
The following table set out the carrying amount by maturity of the Group’s exposure to interest rate risk and
the effective weighted average interest rate for each class of these financial instruments.
Fixed Interest Rate
Maturing
Non-
Interest
Bearing
< 1 Year
1 – 5
Years
>
5 years
Floating
Interest
Rate
Total
Weighted
Average
Interest
Rate
$
$
$
$
$
$
118,050
269,207
-
-
-
-
- 4,412,125 4,530,175
0.10%
- 8,757,809 9,027,016
0.05%
2021
Financial assets
Cash and cash
equivalents
2020
Financial assets
Cash and cash
equivalents
Liquidity Risk
The Group manages liquidity risk by maintaining sufficient cash reserves and marketable securities and
through the continuous monitoring of budgeted and actual cash flows. No liquidity risk has been disclosed for
the Group as the Group’s financial assets and liabilities are contractually due on demand or within one year,
and the undiscounted cash flows approximate the carrying amounts as reported on the statement of financial
position.
Fair Values
For other assets and liabilities, the net fair value approximates their carrying value. The Group has no financial
assets or liabilities that are readily traded on organised markets and has no financial assets where the carrying
amount exceeds net fair values at the reporting date.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in
the statement of financial position and in the notes to the financial statements.
Note 25. Contingent Assets and Liabilities
The Directors of the Group are not aware of any contingent liabilities which require disclosure in the financial
year ended 31 December 2021 (2020: nil).
Note 26. Commitments
The Group has expenditure commitments of $1.8m over 3 years representing the required contribution to a
research project developing jaw implants under a clinical-industrial partnership agreement signed in December
2021.
There were no other commitments noted as at 31 December 2021 (31 December 2020: nil).
56
Osteopore Limited and its Controlled Entities
Notes to the Consolidated Financial Statements
For the year ended 31 December 2021
Note 27. Subsequent Events
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial year
that, in their opinion, has significantly affected or may significantly affect in future financial years, the operations
of the Group, the results of those operations or the Group’s state of affairs.
Note 28. Parent Entity Disclosures
The following information has been extracted from the books and records of the legal parent, being Osteopore
Limited and has been prepared in accordance with Accounting Standards.
Financial Position
Total current assets
Total non-current assets
Total assets
Total current liabilities
Total liabilities
Net assets
Issued capital
Common control reserve
Share based payment reserve
Accumulated losses
Total equity
Financial Performance
Loss for the year
Other comprehensive income
Total comprehensive loss
Consolidated
31 Dec 2021 31 Dec 2020
$
$
4,501,575
256,080
4,757,655
94,814
94,814
4,662,841
8,835,738
282,843
9,118,581
122,237
122,237
8,996,344
26,066,131
(14,915,451)
2,355,293
(8,843,132)
4,662,841
26,066,131
(14,915,451)
2,271,810
(4,426,146)
8,996,344
(4,416,986)
-
(4,416,986)
(2,010,512)
-
(2,010,512)
The Parent Entity has no capital commitments and has not entered into a deed of cross guarantee nor are
there any contingent liabilities at the year end.
57
Osteopore Limited and its Controlled Entities
Directors’ Declaration
For the year ended 31 December 2021
In accordance with a resolution of the directors of Osteopore Limited, I state that:
1.
In the opinion of the directors:
(a) the financial statements and notes of Osteopore Limited for the financial year ended 31 December
2021 are in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the consolidated entity’s financial position as at 31 December
2021 and of its performance for the year ended on that date; and
(ii)
complying with Accounting Standards and the Corporations Regulations 2001;
(b) the financial statements and notes also comply with International Financial Reporting Standards; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
2. This declaration has been made after receiving the declarations required to be made to the directors by the
chief executive officer and chief financial officer in accordance with section 295A of the Corporations Act 2001
for the financial year ended 31 December 2021.
On behalf of the board
Mark Leong
Executive Chairman
31 March 2022
58
Central Park, Level 43
152-158 St Georges Terrace
Perth WA 6000
Correspondence to:
PO Box 7757
Cloisters Square
Perth WA 6000
T +61 8 9480 2000
F +61 8 9480 2050
E info.nsw@au.gt.com
W www.grantthornton.com.au
Independent Auditor’s Report
To the Members of Osteopore Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Osteopore Limited (the Company) and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 31 December 2021, the consolidated statement of profit or
loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash
flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
a giving a true and fair view of the Group’s financial position as at 31 December 2021 and of its performance for the
year ended on that date; and
b complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We 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 other ethical responsibilities 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
We draw attention to Note 1 in the financial statements, which indicates that the Group incurred a net loss of $3,620,898
during the year ended 31 December 2021, had net operating cash outflows for the year of $3,805,634. As stated in Note 1,
these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may
cast 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 significance 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 as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
www.grantthornton.com.au
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients
and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International
Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one
another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to
Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to
Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
59
In addition to the matter described in the Material uncertainty related to going concern section, we have determined the
matters described below to be the key audit matters to be communicated in our report.
Key audit matter
Revenue recognition under AASB 15 Revenue from
Contracts with Customers – Note 1 (Accounting policy
note) 3 (Revenue and other income note)
The Group recognised $1,113,009 of revenue from contracts
with customers for the period ended 31 December 2021.
The Group recognises revenue from the sale of its patent
protected scaffolds. Revenue is recognised at the point the
Groups customers receive their product orders in line with
AASB 15 Revenue from Contracts with Customers.
Revenue recognition is a key audit matter due to the
significance of the balance to the financial statements and the
significance of our effort applied in assessing revenue
recognition.
How our audit addressed the key audit matter
Our procedures included, amongst others:
Understanding and documenting the design and
implementation of internal controls for the Group’s revenue
streams;
Assessing the Group’s contractual arrangements with
customers, focusing on the identification of performance
obligations for product sales;
Testing on a sample basis revenue transactions to
supporting documentation;
Assessing the adequacy of Group’s presentation and
disclosures in the financial statements under AASB 15.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included in the
Group’s annual report for the year ended 31 December 2021, but does not include the financial report and our auditor’s report
thereon.
Our opinion on the financial report does not cover the other information and 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 the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
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 Group or to cease operations, or have no realistic alternative but to do so.
60
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 this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance
Standards Board website at: https://www.auasb.gov.au/auditors_responsibilites/ar1_2020.pdf. This description forms part of
our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 12 to 21 of the Directors’ report for the year ended 31
December 2021.
In our opinion, the Remuneration Report of Osteopore Limited, for the year ended 31 December 2021 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.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
L A Stella
Partner – Audit & Assurance
Perth, 31 March 2022
61
Osteopore Limited and its Controlled Entities
ASX Additional Information
Additional information required by the Australian Securities Exchange and not shown elsewhere in this report
is as follows. The information is current at 25 March 2022.
ORDINARY FULLY PAID SHARES
Substantial Shareholders
The names of the substantial shareholders (who hold 5% of more of the issue capital) are listed below:
Name
CITICORP NOMINEES PTY LIMITED
MR MICHAEL MARCUS LIEW
MR PATRICK JOHN MCHALE
BNP PARIBAS NOMS PTY LTD
Number of shares %
21,662,055
15,662,862
7,248,150
6,126,311
50,699,378
18.47
13.36
6.18
5.22
43.23
Distribution of Shareholders
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
Total
Number of Shares
97,082,389
14,701,804
3,021,645
2,188,994
273,406
117,268,238
Number of Holders
67
478
371
807
380
2,103
There were nil holders of ordinary shares holding less than a marketable parcel.
Top Twenty Shareholders
The names of the twenty largest holders of quoted shares are listed below:
Name
CITICORP NOMINEES PTY LIMITED
MR MICHAEL MARCUS LIEW
MR PATRICK JOHN MCHALE
BNP PARIBAS NOMS PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
CHING-YUAN HUANG
LIM THIAM CHYE
HO-CHWAN INVESTMENT CO LTD
MR HANRY YU
MR LIM JING
DIETMAR HUTMACHER
ANNIKA WALTER SCHANTZ
ROUND TABLE PARTNERS BERHAD
DR RUSSELL KAY HANCOCK
BNP PARIBAS NOMS PTY LTD
TAN SIOW KHOON
MR EVAN PHILIP CLUCAS & MS LEANNE JANE WESTON
CELERY PTY LTD
MR FRANKIE WEI SENG LEE
SBV CAPITAL PTY LTD
Number of shares %
21,662,055
15,662,862
7,248,150
6,126,311
4,852,854
4,211,529
3,676,740
3,158,647
3,155,552
2,360,000
2,213,500
2,097,000
1,534,500
1,500,000
1,225,698
1,223,250
981,351
966,279
938,500
875,000
85,669,778
18.47
13.36
6.18
5.22
4.14
3.59
3.14
2.69
2.69
2.01
1.89
1.79
1.31
1.28
1.05
1.04
0.84
0.82
0.80
0.75
73.05
62
Osteopore Limited and its Controlled Entities
ASX Additional Information
UNQUOTED OPTIONS
The Company has 9,700,000 unquoted options exercisable at $0.25 each, expiring on 30 June 2022.
Option Holders
The name of the option holders (who hold 20% of more of the unquoted options issued) are listed below:
Name
KHOON SENG GOH
Distribution of Option Holders
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
TOTAL
Number of shares %
3,500,000
3,500,000
36.08
36.08
Number of Holders
7
4
1
0
0
12
Number of Options
9,500,000
190,000
10,000
0
0
9,700,000
The Company has 300,000 unquoted options exercisable at $1.00 each, expiring on 2 December 2022.
Option Holders
The name of the option holders (who hold 20% of more of the unquoted options issued) are listed below:
Name
JOHN JAMES OMAHONY
Distribution of Option Holders
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
TOTAL
Number of shares %
300,000
300,000
100.00
100.00
Number of Holders
1
-
-
-
-
1
Number of Options
300,000
-
-
-
-
300,000
The Company has 100,000 unquoted options exercisable at $1.00 each, expiring on 31 December 2022.
Option Holders
The name of the option holders (who hold 20% of more of the unquoted options issued) are listed below:
Name
MEDEVICE MARKETING PTY TLD
Number of shares %
100,000
100,000
100.00
100.00
63
Osteopore Limited and its Controlled Entities
ASX Additional Information
Distribution of Option Holders
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
TOTAL
Number of Holders
1
-
-
-
-
1
Number of Options
100,000
-
-
-
-
100,000
The Company has 3,000,000 unquoted options exercisable at $1.20 each, expiring on 28 August 2023.
Option Holders
The name of the option holders (who hold 20% of more of the unquoted options issued) are listed below:
Name
DIXON PRIVATE INVESTMENTS PTY LIMITED
MR SHANE HOEHOCK WEE
Number of shares %
1,500,000
1,000,000
2.500,000
50.00
33.33
83.33
Distribution of Option Holders
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
TOTAL
Number of Holders
4
-
-
-
-
4
Number of Options
3,000,000
-
-
-
-
3,000,000
The Company has 187,500 unquoted options exercisable at $0.624 each, expiring on 2 November 2025.
Option Holders
The name of the option holders (who hold 20% of more of the unquoted options issued) are listed below:
Name
CARL PETER RUNDE
Distribution of Option Holders
Number of shares %
187,500
187,500
100.00
100.00
100,001 and Over
10,001 to 100,000
5,001 to 10,000
1,001 to 5,000
1 to 1,000
TOTAL
Number of Holders
1
-
-
-
-
1
Number of Options
187,500
-
-
-
-
187,500
64
Osteopore Limited and its Controlled Entities
ASX Additional Information
ON-MARKET BUY BACK
There is no current on-market buy back.
VOTING RIGHTS
All ordinary shares carry one vote per share without restriction. Options have no voting rights.
RESTRICTED SECURITIES
The Company does not have any restricted securities (including voluntary restricted securities).
65