WIDE OPEN AGRICULTURE LIMITED
ABN 86 604 913 822
CONSOLIDATED FINANCIAL REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONTENTS
Corporate Directory
1
Letter from the Chair
2
Director's Report
3
Consolidated Statement of Profit or Loss and Other Comprehensive Income
23
Consolidated Statement of Financial Position
25
Consolidated Statement of Changes in Equity
26
Consolidated Statement of Cash Flows
27
Notes to the Consolidated Financial Statements
28
Consolidated Entity Disclosure Statement
67
Director's Declaration
68
Auditor’s Independent Declaration
69
Independent Auditor’s Report
70
Additional ASX Information
73
1
CORPORATE DIRECTORY
DIRECTORS
Ms Yaxi Zhan (Non-Executive Chairperson)
Mr Anthony Maslin (Non-Executive Director)
Ms Joanne Ford (Non-Executive Director)
COMPANY SECRETARY
Mr Harry Miller
BUSINESS OFFICE
Suite 2, 284 Oxford Street
Leederville, Western Australia 6007
Email: info@wideopenagriculture.com.au
REGISTERED OFFICE
Level 5, 191 St Georges Terrace
Perth WA 6000
WEBSITE
www.wideopenagriculture.com.au
AUDITORS
RSM Australia Partners
Level 32, 2 The Esplanade
Perth, Western Australia, 6000
SHARE REGISTRY
Link Market Services Limited
QV1 Building
Level 12, 250 St Georges Terrace
Perth, Western Australia, 6000
Telephone: +61 1300 554 474 (within Australia)
STOCK EXCHANGE
Australian Securities Exchange
Central Park
152-158 St Georges Terrace
Perth Western Australia 6000
ASX CODE (SHARES): WOA
2
LETTER FROM THE CHAIR
Dear Shareholders,
I am pleased to present Wide Open Agriculture’s (WOA) Annual Report for FY2024, a period of significant
transformation for our Company. This year, we refocused on becoming a plant protein business centred around
commercialising our globally patented Buntine Protein® product, developed by Curtin University and quality
assured by CSIRO. This shift in focus enables WOA to position itself as a global leader in Agricultural
Technology (AgTech) by achieving strategic acquisitions, partnerships, and operational milestones.
The strategic acquisition of Prolupin GmbH enabled us to produce lupin protein isolate at scale. This facility
allows us to bring Buntine Protein® to the broader European market. In addition, the acquisition included
valuable patents, trademarks, and inventory, along with a team of highly skilled engineers. This facility is
specifically designed for extracting and processing lupin proteins and provides significant momentum in
expanding the WOA scope of production. This asset also allows us to attract partners requiring high-tech
production facilities for further commercialisation opportunities.
Our investigation into key international markets continued with the establishment of strategic agreements
across the globe. We are exploring opportunities in the US, Japan, and the broader Pacific region, including
Australia.
As announced, WOA completed the Dirty Clean Food (DCF) divestment, valued at A$1.5 million. This decision
marked a clear strategic shift towards our core business—plant proteins. This move has streamlined our
operations, reduced cash burn, and aims to accelerate our path towards future profitability.
We also continued to innovate. Our proprietary technology enabled the successful development of protein
isolates from pea and fava, broadening our ingredient portfolio. Furthermore, WOA brought a new lupin fibre
product to commercial readiness to unlock new revenue streams by transforming a waste byproduct into a
value-added ingredient.
Despite the milestones achieved this year, we acknowledge that this transition hasn’t been without challenges.
The Company is continuing to focus on thorough strategic reviews, improving corporate and regulatory
compliance processes, improving cost management and enhancing efficiency across all our operations to
promote long-term success and stability. The new Board and executive team of WOA are focused on our
strengths in the global AgTech plant-based protein market. We are committed to driving sustainable growth,
innovation, and value creation for all stakeholders.
Yours sincerely,
Yaxi Zhan
Non-Executive Chairperson
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
3
Your directors present this report on Wide Open Agriculture Ltd (the “Company” or “WOA”) and its subsidiaries
(“Consolidated Entity” or “Group”) for the year ended 30 June 2024.
DIRECTORS
The name of the directors in office at any time during, or since the end of the year are:
Yaxi Zhan – Non-Executive Chairperson (appointed on 13 August 2024)
BComSc, MAccFin, CPA, AusIMM, MAICD
An experienced executive with over 17 years of experience across startups, large-scale mining operations and
ASX-listed companies. With strong connections in the Australian and Chinese business communities, Yaxi is
recognised for her business acumen and efficiency across diverse business and cultural environments. Yaxi
is currently an Executive Director of Accelerate Resources Ltd (ASX:AX8).
Anthony Maslin – Non-Executive Director (appointed 13 August 2024), previously Non-Executive Chairperson
BBus (Fin and Ent)
Anthony started as a stockbroker 28 years ago managing capital raisings and providing ethical investment
advice. In 1998 he founded Solar Energy Systems Ltd (now Solco Ltd), which became the first solar energy
company to list on the ASX. Since then he has consulted to and managed various listed companies, including
five years as Managing Director of Buxton Resources Ltd. Anthony served as a Non-Executive Director of
Pancontinental Oil & Gas NL (ASX:PCL) and resigned 15 January 2016. Anthony is currently a Non-Executive
Director of Buxton Resources Ltd (ASX:BUX). Anthony also co-founded community art hub the Artspace
Collective and the Mo, Evie and Otis Maslin Foundation, which focuses on early intervention for dyslexia. In
the last three years, Anthony was not a director of any other publicly listed company than those noted above.
Joanne Ford –Non-Executive Director
B.Com, FCMA, CGMA, GAICD
Joanne is an experienced director and executive with over 30 years’ experience in ASX and international listed
groups, start-ups and not for profit companies. From 2008 to 2015, Joanne was a member of the executive
team (CFO) at market disruptor Nestle Nespresso. Due to success in Australia, Joanne was approached to
lead the turnaround of Nespresso USA’s Finance Operations. Aside from her extensive experience in the food
nutrition sectors, Joanne brings a strong focus on finance and governance, having worked as Chief Financial
Officer (CFO), Director of Finance and Company Secretary across multiple listed and unlisted companies,
within previously ASX listed Navitas (ASX:NVT), Mycolivia Group and Delica Therapeutics. Joanne is a FCMA
registered with CIMA UK and a graduate of the Australian Institute of Company Directors (GAICD). She is
currently a Non-Executive Director at CEnet Limited, Deka Australia Management One Pty Ltd and Deka
Australia Management Two Pty Ltd.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
4
Ben Cole – Non-Executive Director (appointed 15 December 2023 and resigned 13 August 2024), previously
Executive Director
B.Env.Sc (Hons) PhD
With a PhD in environmental engineering, Ben is a proven entrepreneur with demonstrated strategic and
operational experience. Ben has over 17 years of experience working with companies with a proven
commitment to delivering strong results that deliver a positive environmental and social impact. Between 2008
to 2013 he founded, managed and sold a profitable, manufacturing company in Vietnam. Ben has extensive
international experience as a manager of market-based, public health projects totalling $30 million. Ben is a
Non-Executive Director of the not for profit Regional Regeneration Alliance. In the last three years, Ben was
not a director of any other publicly listed company.
Elizabeth Brennan – Previous Non-Executive Director (resigned 8 September 2023)
B.Bus FARLF GAICD
Elizabeth coordinates a multidisciplinary agricultural research development program in Papua New Guinea on
behalf of the Department of Foreign Affairs and Trade (DFAT) and the Australian Centre for International
Agricultural Research (ACIAR). Elizabeth previously led the marketing strategy development and
implementation for one of the largest citrus operations in WA, Moora Citrus, as well as other international fresh
produce brands such as Bravo Apples™, Family Tree Farms and Fruitico. She is a Board Director for the
Rural, Regional and Remote Women’s Network of WA (RRR Network) and a Commissioner for the Agricultural
Produce Commission. Elizabeth is a Graduate of the Australian Institute of Company Directors (GAICD), a
Fellow with the Australian Rural Leadership Foundation (FARLF) and is currently studying a Master of Food
Security. In the last three years, Elizabeth was not a director of any other publicly listed company.
Ronnie Duncan – Previous Non-Executive Director (resigned 2 November 2023)
Ronnie Duncan was the co-founder and Chairman of Meerkats, one of Australia’s leading branding,
communication and advertising agencies – named the 2019 Australia/New Zealand independent agency of
the year in the London International Advertising Awards – acquired by WPP AUSNZ Limited on 31 July 2020.
Ronnie Duncan has extensive experience in purpose-led, brand strategy development and implementation in
the food and energy sectors. Ronnie Duncan is a Committee Member of RegenWA – Western Australia’s
network of farmers and industry stakeholders committed to an ecological approach to farming that encourages
landscapes to renew themselves. In the last three years, Ronnie was not a director of any other publicly listed
company.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
5
COMPANY SECRETARY
Harry Miller (appointed 11 October 2023)
BCom, MPA
Harry has extensive company secretarial experience and currently acts as Company Secretary for a number
of ASX listed companies across a diverse range of industries. Mr Miller works at Automic Group, which
provides market leading, cloud-based share registry technology, compliance and governance solutions,
supported by a tailored range of professional services. He also has experience in the areas of financial
accounting and audit.
Matthew Skinner (appointed 8 September 2023 and resigned 11 October 2023)
BCom, MAICD
With a Finance and Management career spanning Australia, the UK and the Middle East, Matthew brings
extensive experience in managing complex and fast changing business environments while nurturing a strong
financial performance management culture. Matthew has worked with listed companies in the UK and
Australia, with his most recent role working for lntertek Group plc, a global leader in the provision of qualily and
safely services. At lntertek, Matthew held roles across internal audit. finance transformation and commercial
finance, before taking operational management roles across the Middle East, North Africa and Pakistan based
in Dubai.
Sam Wright (resigned 8 September 2023)
Sam has 20 years' experience in relation to public company responsibilities, including ASX and ASIC
compliance, control and implementation of corporate governance. statutory financial reporting. and
shareholder relations with both retail and institutional investors. He is currently the company secretary for a
number of ASX listed companies.
REVIEW OF OPERATIONS
The loss of the Group for the financial year after income tax amounted to $13,251,153 (2023: loss of
$14,661,768).
Wide Open Agriculture Limited (WOA) had a transformative year, highlighted by three major strategic moves:
the acquisition of Prolupin GmbH, the disposal of its Dirty Clean Food (DCF) brand, and two significant capital
raisings.
Acquisition of Prolupin GmbH
In October 2023, WOA acquired German lupin protein producer Prolupin GmbH for approximately €2.5 million
($4.2million). This acquisition positioned WOA as the world's largest producer of lupin protein isolate, a key
component in plant-based dairy alternatives and other protein-rich products. Prolupin’s facility in Germany has
a production capacity of 500 tonnes per annum, with potential room for future expansion.
The acquisition not only granted WOA immediate manufacturing capacity with all required food safety & related
certifications in Europe, but also provided access to Prolupin’s business-to-business (B2B) network and its
market expertise in plant-based dairy and protein isolates. This move accelerated WOA's goal of expanding
into Europe and the global plant-based protein market.
Since acquisition, WOA has successfully integrated its technology into the site to make Buntine Protein® at
scale and is now shipping commercial samples and initial product sales from the site.
WOA has also expanded into toll manufacturing to enhance utilisation of the facility, working with a number of
European companies expanding into the plant protein ingredient sector.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
6
Disposal of Dirty Clean Food
During the year Dirty Clean Food continued to grow in both domestic and international markets. However,
WOA made the strategic decision to divest its Dirty Clean Food (DCF) business as part of its focus on lupin
protein production and its global expansion. By selling DCF in a deal valued at $1.5 million WOA reduced
complexity within the organisation, reduced its cost base and allowed for all resources to be focused on scaling
up its lupin protein operations.
Capital Raisings
WOA completed two major capital raisings in the 2023-24 to support its growth initiatives. The first raising was
through a share placement that raised AUD $6.2 million. This placement was crucial in financing the Prolupin
acquisition and was strongly backed by key investors, including one of the Company's largest shareholders.
The second raising followed the divestment of the Dirty Clean Food business and raised a further $7.1 million
through a two Tranche share placement; $0.9 million raised in Tranche 1 in May 2024 and $6.2 million raised
in Tranche 2 in July 2024.
The 2023 financial year marked a pivotal moment for WOA. With the acquisition of Prolupin, the disposal of
Dirty Clean Food, and successful capital raisings, the Company is now firmly focused on becoming a global
leader in the plant-based protein sector. These strategic moves reflect WOA's commitment to sustainable,
plant-based nutrition and its ambitious growth trajectory in both domestic and international markets.
Lupin Protein
Lupin is increasingly being recognised as a high-quality source of protein, with applications in dairy
alternatives, alt-meats, protein supplements, and baked goods. With increasing global demand for sustainable,
high-protein food sources, lupin protein presents a unique opportunity due to its high protein content, gluten-
free nature, and low environmental impact. WOA has long recognized the importance of lupin in driving a shift
towards plant-based diets, and its development of Buntine Protein® represents an innovative approach to this
growing market.
Buntine Protein® has been the cornerstone of WOA's lupin protein portfolio. The product, which is developed
through a patented process, has gained attention for its versatility and sustainability. WOA’s proprietary
technology allows the extraction of high-quality lupin protein, and the co-products, including fibre and oil, have
numerous commercial applications which the Company continues to explore.
In addition to its environmental benefits, Buntine Protein® offers superior functional properties, such as high
emulsification capacity and water-binding ability, making it an ideal ingredient for various food products. These
attributes have helped differentiate Buntine Protein® from other plant-based proteins, allowing WOA to position
itself as a premium supplier in the burgeoning market for sustainable proteins.
WOA is actively developing its sales pipeline, and there are multiple products for sale across the USA, Europe
and Australia in multiple sectors, including plant-based beverages, plant-based cheese, protein shakes and
hybrid meats. The Company is working to achieve sales of large scale volumes, but with long sales cycles in
the food sector, this work is ongoing.
IP development
WOA has secured the exclusive global licence for Curtin University’s patented lupin protein isolate extraction
technology. This IP has also been used to extract the protein from pea and fava, further demonstrating the
versatility of the technology and its significant commercial applications.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
7
Financial Results
Wide Open Agriculture achieved revenue of $8,994,328 for this financial year, primarily from the sale of
regenerative food and beverage products through the Dirty Clean Food business, which was disposed of in
April 2024.
The Group earned revenue from the sale of lupin protein for this financial year of $73,130, which is expected
to grow as the sales pipeline for lupin protein develops.
Improving Wide Open Agriculture’s balance sheet, the Company successfully raised $6.2 million (before costs)
in October through to December 2023 from a number of existing shareholders, including a European impact-
investment family office, along with multiple new institutional and high net-worth investors. An additional
AUD$0.5m was also raised via a Share Purchase Plan.
The loss of the Group for the financial year after income tax amounted to $13,251,153 (2023: loss of
$14,661,768).
Cash Position
In May 2024 the Group completed Tranche 1 of a private placement of shares to sophisticated investors,
raising $0.9 million before costs. Tranche 2 of the private placement, together with a priority offer to
shareholders was completed in July 2024 and raised a further $6.2 million before costs. This indicates strong
support from existing and new shareholders.
The Group remains adequately funded to pursue its growth initiatives and will continue to demonstrate
appropriate fiscal restraint.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the financial year were the sale of regenerative food and beverage
products, and the commercialisation of lupin protein isolate.
MATERIAL BUSINESS RISKS
Scaling, commercialisation and growth risk
To fund the growth of the Group, the manufacturing facility in Germany needs to be able to produce the plant
protein and plant fibre products, including Buntine Protein® at scale, and at a cost that allows the product to
be sold profitably. The product is currently more expensive than pea and soy products in the market, and there
is no guarantee that the production cost will come down to a level that allows for profitable operation.
The Company is seeking to expand its business operations both domestically in Australia, and in overseas
markets including Asia, Europe and the Americas. The Company has also yet to record profits. There is a risk
that management of the Company will not be able to successfully implement the Company’s growth strategy
across these different geographic regions, which will adversely affect the Company’s financial performance.
Funding and dilution risk
The existing funds of the Group may not be sufficient for expenditure required for certain aspects of the Group’s
business plan, including the operation of the protein extraction facility in Germany and the R&D team in
Australia, the sales and business development activities being undertaken globally, and the corporate costs
associated with being a listed entity. Raising additional capital may result in significant dilution for existing
shareholders, or may not be available at all which would result in a curtailment or cessation of Group activities.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
8
Competition risk
The Group operates in a competitive space, with lots of alternative plant proteins and food brands for
consumers to purchase from, and alternative retail outlets from which to buy these products. The Group is
therefore subject to competitive pressure, both from the alternative suppliers of similar products, and from the
different retailers and providers of these products.
Further, there are multiple competitors in the plant-based protein category, with soy and pea protein having a
market dominant position and a price advantage due to the ability to produce at scale, and with potentially
underutilised assets. The companies that produce these ingredients also have large technical resources to
support their customers with product development and recipe formulations. The Group is aiming to break into
this market with a novel protein product, Buntine Protein® however the Group’s resources to compete in this
market are more limited than its competitors.
The Group has no influence or control over the activities or actions of its competitors, whose activities or
actions may, positively or negatively, affect the operating and financial performance of the Group’s business.
Personnel risk
The Group’s success depends in part on the core competencies of the Directors, management and the ability
of the Group to retain key executives and staff, including those associated with the production of the Group’s
plant-based protein products and manufacturing processes. Loss of these key personnel may have an adverse
impact on the Group’s performance.
Environmental risk
The operations and proposed activities of the Group are subject to laws and regulations concerning the
environment in Australia at both State and Federal level, as well as in Germany and Europe. It is the Group’s
intention to conduct its activities to the highest standard of environmental obligation, including compliance with
all environmental laws.
Patent risk
The Group’s proposition in plant-based proteins with Buntine Protein® is based on unique intellectual property
created to impact the structure of the lupin protein, that improves its functionality for use in multiple food
categories. This intellectual property is unique in the plant-based protein industry in that it is a post extraction
manufacturing process. If lost or stolen, this could result in the Group losing its unique position in the market,
with other parties able to copy the process to produce an equivalent product.
Regulatory and safety risk
The Group is subject to significant regulatory oversight in its operations, particularly in relation to its food
related and manufacturing operations in Australia and Germany. In addition, the Group is a publicly traded
company on the ASX, and is subject to the Listing Rules and the Corporations Act. There are also numerous
regulations related to the pay awards under which Group staff are employed. The consequences of breaching
any of these regulations could impact the Group’s ability to operate. The Group’s manufacturing operations
related to plant-based proteins bring about different hazards and risks. Should an incident occur, this could
have an impact on the health and wellbeing of staff.
Cyber risk
The Company has implemented increasingly complex IT operating systems as it seeks to automate and
standardise its production process for Dirty Clean Food and its plant-based protein manufacture. These
systems control the flow of materials and products through the production process and control how certain
equipment operates and records data related to the process. A cyber attack could severely impact the
Company’s ability to operate its business and have a significant financial impact.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
9
EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
Subsequent to year end, on 15 July 2024 the Group issued a total of 310,163,191 fully paid ordinary shares
at $0.02 per share with respect to share subscriptions prior to 30 June 2024 (refer to Note 15) and additional
$3.6 million after year-end, bringing the total raise to approximately $6.2 million under tranche 2 of the
placement offer to sophisticated investors and its priority offer to existing shareholders. Further, on 19 July
2024 the Group issued a total of 177,331,596 free attaching options to placement and priority offer investors,
each exercisable at $0.03 and expiring 15 July 2026. The Group applied to quote these options on the ASX
on 22 July 2024.
On 13 August 2024 the Group announced the following Board and management changes:-
Yaxi Zhan was appointed as Non-Executive Chairperson
Anthony Maslin transitioned from Chairperson to Non-Executive Director
Ben Cole resigned as a Director
Matthew Skinner resigned as interim Chief Executive Officer
No matter or circumstance has arisen subsequent to the end of the reporting date which has significantly
affected the operations of the Group, the results of the operations or the state of affairs of the Group.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Group and the expected results of those operations in future
financial years have not been included in this report as the inclusion of such information is likely to result in
unreasonable prejudice to the Group.
ENVIRONMENTAL REGULATION
The Group's operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a state or territory.
DIVIDENDS
No dividends were paid during the year and the directors do not recommend the payment of a dividend.
DIRECTORS’ INTERESTS
As at the date of this report, the number of shares and options in the Company held by each Director of Wide
Open Agriculture Ltd and other key management personnel of the Group, including their personally-related
entities, are as follows:
Specified Directors and Key
Management Personnel
Shares
Listed Options
Unlisted
Options
Yaxi Zhan*
-
-
-
Anthony Maslin
27,004,379
9,250,000
3,035,000
Joanne Ford
75,000
-
325,000
* As announced to the ASX on 13 August 2024, the Group intends to seek shareholder approval to issue up
to 20,000,000 unlisted options to Yaxi Zhan at its next Annual General Meeting of Shareholders.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
10
UNISSUED SHARES UNDER OPTION AND PERFORMANCE RIGHTS
As at the date of this report, the number of unissued ordinary shares of Wide Open Agriculture Ltd under option
and other rights to be issued, are as follows:
Stream of
Options
Expiry
Date
Exercise Price
Number of
options
Listed Options
15/07/2026
$0.03
177,331,616
Unlisted Options
30/11/2024
$1.28
3,625,000
Unlisted Options
07/04/2025
$1.03
2,952,064
Unlisted Options
30/11/2025
$1.24
4,367,754
Unlisted Options
30/11/2025
$0.48
1,924,542
Unlisted Options
18/01/2026
$0.20
1,017,500
Unlisted Options
01/12/2026
$0.25
2,500,000
Unlisted Options
15/12/2026
$0.2325
750,000
Unlisted Options
22/12/2025
$0.20
33,730,240
Unlisted Options
30/11/2025
$0.46
3,625,000
Unlisted Options
17/11/2026
$0.26
1,895,000
Unlisted Options
17/11/2026
$0.26
2,324,572
236,043,288
Stream of
Performance Rights
Expiry
Date
Exercise
Price
Number of rights
Performance Rights
11/12/2024
1:1 conversion
169,196
Performance Rights
12/12/2024
1:1 conversion
155,100
324,296
No ordinary shares of Wide Open Agriculture Limited were issued during the year ended 30 June 2024 and
up to the date of this report on the exercise of options or performance rights. To note that 1,010,000 Unlisted
Options on issue (exercisable at $0.26 each and expiring 16 November 2026) will be lapsed after the date of
this report.
DIRECTORS’ ATTENDANCE AT BOARD AND COMMITTEE MEETINGS DURING THE YEAR
The number of meetings of the Board of Directors ('the Board') and of each Board committee held during the
year ended 30 June 2024, and the number of meetings attended by each director were:
Name
Board of Directors’
Meetings
Remuneration Committee
Audit & Risk Committee
No.
attended
No. eligible
to attend
No.
attended
No. eligible
to attend
No.
attended
No. eligible
to attend
Anthony
Maslin
9
9
2
5
-
-
Joanne Ford
9
9
1
1
4
4
Ben Cole
9
9
2
2
4
4
Elizabeth
Brennan
1
1
1
1
2
2
Ronnie
Duncan
3
3
1
1
-
-
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
11
INDEMNIFICATION OF OFFICERS
The Group has paid premiums to insure the directors against liabilities for costs and expenses incurred by
them defending legal proceedings arising from their conduct while acting in the capacity of directors of the
Company, other than conduct involving a wilful breach of duty in relation to the Company.
INDEMNIFICATION OF AUDITOR
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor
of the Group or any related entity against a liability incurred by the auditor.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Group or intervene in any
proceedings to which the Group is a part for the purpose of taking responsibility on behalf of the Group for all
or any part of those proceedings.
The Group was not a party to any such proceedings during the year.
REMUNERATION REPORT (AUDITED)
The remuneration report details the key management personnel remuneration arrangements for the
consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
Principles used to determine the nature and amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aligns executive reward with the
achievement of strategic objectives and the creation of value for shareholders, and it is considered to
conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures
that executive reward satisfies the following key criteria for good reward governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
performance linkage / alignment of executive compensation
●
transparency
The reward framework is designed to promote superior performance and long-term commitment to the
Group. The main principles of the policy are:
●
Remuneration is reasonable and fair, taking into account the Group’s obligations at law, the competitive
market in which the Group operates and the relative size and scale of the Group’s business;
●
Individual reward should be linked to clearly specified performance targets which should be aligned to the
Group’s short term and long-term performance objectives; and
●
Executives should be rewarded for both financial and non-financial performance
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
12
In accordance with best practice corporate governance, the structure of non-executive director and executive
director remuneration is separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-
executive directors' fees and payments are reviewed annually by the Remuneration Committee. The
Remuneration Committee may, from time to time, receive advice from independent remuneration consultants
to ensure non-executive directors' fees and payments are appropriate and in line with the market. The
chairman's fees are determined independently to the fees of other non-executive directors based on
comparative roles in the external market. Non-executive directors receive share options and other
incentives.
Executive remuneration
The consolidated entity aims to reward executives based on their position and responsibility, with a level and
mix of remuneration which has both fixed and variable components.
The executive remuneration and reward framework has four components:
●
base pay and non-monetary benefits
●
short-term performance incentives including cash bonuses
●
share-based payments
●
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed
annually by the Remuneration Committee based on individual and business unit performance, the overall
performance of the consolidated entity and comparable market remunerations.
Executives may receive their fixed remuneration in the form of cash, payable monthly.
The short-term incentives ('STI') program is designed to align the targets of the business units with the
performance hurdles of executives. Executives are eligible to participate in a profit participation plan if
deemed appropriate.
Executives are eligible to receive annual bonuses, in the form of cash or equity incentives, which are
considered and awarded by the Remuneration Committee based on individual performance and the overall
performance of the consolidated entity.
The long-term incentives ('LTI') include long service leave and share-based payments. Executives may
participate in equity incentive schemes, which may require the prior approval of the shareholders.
Use of remuneration consultants
During the financial year ended 30 June 2024, no remuneration consultants were engaged.
Voting and comments made at the Company’s last Annual General Meeting
At the 2023 Annual General Meeting (‘AGM’) of shareholders, 94.19% of the votes received supported the
adoption of the remuneration report for the year ended 30 June 2023. The Company did not receive any
specific feedback at the AGM regarding its remuneration practices.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
13
Details of remuneration
The key management personnel of the consolidated entity consisted of the following directors and
executives of Wide Open Agriculture Limited:
Anthony Maslin – Non-Executive Director (appointed 13 August 2024), previously Non-Executive
Chairman
Joanne Ford – Non-Executive Director (appointed 20 March 2023)
Ben Cole – Non-Executive Director (appointed 15 December 2023 and resigned 13 August 2024)
and previously Executive Director
Elizabeth Brennan – previously Non-Executive Director (resigned 8 September 2023)
Ronnie Duncan – previously Non-Executive Director (resigned 2 November 2023)
James Albany – previously Chief Executive Officer (resigned 24 April 2024)
Matthew Skinner – Interim Chief Executive Officer (appointed 11 March 2024 and resigned 11
August 2024), Chief Financial Officer (appointed 7 July 2022 and resigned 4 July 2024) and
Company Secretary (appointed 8 September 2023 and resigned 11 October 2023)
Miranda Stamps – Chief Operating Officer (position made redundant 25 June 2024)
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following
tables.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
14
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-based payments
Cash salary
Cash
Non-
Annual
Super-
Long service
Equity-
settled
Equity-
settled
and fees
bonus monetary
Leave
annuation
leave
shares
options
Total
2024
$
$
$
$
$
$
$
$
$
Non-Executive Directors:
Anthony Maslin
70,000
-
-
-
3,208
-
-
20,601
93,809
Joanne Ford
40,000
-
-
-
4,033
-
-
20,601
64,634
Ben Cole (resigned)1
21,699
-
-
-
1,650
-
-
20,601
43,950
Elizabeth Brennan (resigned)2
7,333
-
-
-
-
-
-
-
7,333
Ronnie Duncan (resigned)3
13,333
-
-
-
1,467
-
-
14,800
Executives:
Matthew Skinner4
233,572
30,144
-
19,051
27,901
4,128
38,757
88,176
441,729
Jay Albany5
210,105
33,728
-
16,120
26,761
3,370
43,365
59,725
393,174
Miranda Stamps6
220,550
30,144
-
16,923
27,516
3,667
38,757
52,671
390,228
Ben Cole (resigned)1
98,830
-
-
35,799
9,350
24,748
-
-
168,727
915,422
94,016
-
87,893
101,886
35,913
120,879
262,375
1,618,384
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
15
1 Ben Cole transitioned from his previous role of Executive Director to a Non-Executive Director on 15 December 2023. Mr Cole resigned from his role of Non-Executive
Director after the end on this financial year on 13 August 2024.
2 Elizabeth Brennan resigned as Non-Executive Director on 8 September 2023.
3 Ronnie Duncan resigned as Non-Executive Director on 2 November 2023.
4 Matthew Skinner served as Chief Financial Officer until his resignation from the role, after the end of this financial year on 4 July 2024.
Mr Skinner was appointed as Interim Chief Executive Officer on 11 March 2024 and served until his resignation from the organisation, after the end of this financial year on
11 August 2024. Further, Mr Skinner acted as Company Secretary from 8 September 2023 until resignation on 11 October 2023.
5 Jay Albany served as Chief Executive Officer until his resignation on 24 April 2024.
6 Miranda Stamps served as Chief Operating Officer until this role was made redundant on 25 June 2024.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
16
Short-term
benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
and fees
Cash
bonus
Non-
monetary
Annual
leave
Super-
annuation
Long service
leave
Equity-
settled
shares
Equity-
settled
options
Equity-
settled
performance
rights
Total
2023
$
$
$
$
$
$
$
$
$
$
Non-Executive Directors:
Anthony Maslin
70,000
-
-
-
7,350
-
-
84,150
- 161,500
Stuart McAlpine
28,817
-
-
-
3,026
-
-
56,100
-
87,943
Elizabeth Brennan
40,000
-
-
-
4,200
-
-
56,100
- 100,300
Ronnie Duncan
40,000
-
-
-
4,200
-
-
56,100
- 100,300
Joanne Ford
10,968
-
-
-
1,152
-
-
-
-
12,120
Executive Directors:
Ben Cole
192,715
-
-
2,419
20,235
18,118
-
112,200
- 345,687
Other Key
Management Personnel:
James Albany
234,682
42,299
-
3,524
29,027
18,400
-
53,107
42,299 423,338
Miranda Stamps
220,550
38,775
-
3,131
27,171
1,973
-
48,682
38,775 379,057
Matthew Skinner
220,000
-
-
2,950
23,100
1,034
-
-
- 247,084
1,057,723
81,074
-
12,024
119,461
39,525
-
466,439
81,074 1,857,329
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
17
Fixed remuneration
Short-Term Incentives
(“STI”)
Long-Term Incentives
(“LTI”)
2024
2023
2024
2023
2024
2023
Non-Executive Directors:
Anthony Maslin
78%
48%
-
-
22%
52%
Stuart McAlpine
-
36%
-
-
-
64%
Elizabeth Brennan
100%
44%
-
-
-
56%
Joanne Ford
68%
100%
-
-
32%
-
Ronnie Duncan
100%
44%
-
-
-
56%
Ben Cole
53%
100%
-
-
47%
-
Executive Directors:
Ben Cole
100%
62%
-
-
-
38%
Other Key
Management Personnel:
James Albany
65%
53%
20%
20%
15%
23%
Matthew Skinner
64%
99%
16%
1%
20%
-
Miranda Stamps
69%
57%
18%
20%
13%
23%
Cash bonuses and other short-term share based payment incentives are determined and paid following an
annual executive performance assessment by the Remuneration Committee. The amount of any bonus is
determined having regard to the individual performance of executives and the consolidated group as
described in the Executive Remuneration section above, and represents 100% of the bonus achievable.
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service
agreements. Details of these agreements are as follows:
Name:
James Albany
Title:
Chief Executive Officer (resigned 24 April 2024)
Agreement Commenced:
6 July 2018 (Amended 1 July 2021)
Term of agreement:
Until terminated by either party
Details:
Base salary $247,656 plus superannuation, to be reviewed annually by the
Board of directors. 6 month termination notice by either party, STI & LTI
arrangements from time to time on terms to be decided by the Board and
approved by shareholders.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
18
Name:
Matthew Skinner
Title:
Interim Chief Executive Officer (resigned 11 August 2024)
Agreement Commenced:
11 March 2024
Term of agreement:
Until terminated by either party
Details:
Base salary $247,656 plus superannuation, to be reviewed annually by the
Board of directors. 6 month termination notice by either party, STI & LTI
arrangements from time to time on terms to be decided by the Board and
approved by shareholders.
Name:
Ben Cole
Title:
Executive Director (resigned on 15 December 2023)
Agreement Commenced:
6 July 2018 (Amended 23 August 2021)
Term of agreement:
Until terminated by either party
Details:
Base salary $220,000 plus superannuation, to be reviewed annually by
the Board of directors. 6 month termination notice by either party, STI &
LTI arrangements from time to time on terms to be decided by the Board
and approved by shareholders.
Name:
Matthew Skinner
Title:
Chief Financial Officer (resigned 4 July 2024)
Agreement Commenced:
7 December 2022
Term of agreement:
Until terminated by either party
Details:
Base salary $220,000 plus superannuation, to be reviewed annually by
the Board of directors. 6 month termination notice by either party, STI &
LTI arrangements from time to time on terms to be decided by the Board
and approved by shareholders.
Name:
Miranda Stamps
Title:
Chief Operating Officer (made redundant 25 June 2024)
Agreement Commenced:
13 December 2022
Term of agreement:
Until terminated by either party
Details:
Base salary $220,000 plus superannuation, to be reviewed annually by the
Board of directors. 3 month termination notice by either party, STI & LTI
arrangements from time to time on terms to be decided by the Board and
approved by shareholders.
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
19
Share-based compensation
Issue of shares
Details of shares issued to directors and other key management personnel as part of compensation
during the year ended 30 June 2024 are set out below:
Name
Date
Shares
Issue Price
Fair Value
$
James Albany
17 Nov 2023
289,097
Nil
43,365
Matthew Skinner
17 Nov 2023
258,377
Nil
38,757
Miranda Stamps
17 Nov 2023
258,377
Nil
38,757
Options
On 30 November 2023 at the Annual General Meeting of Shareholders it was approved to issue
Directors 750,000 unlisted options, exercisable at $0.2325, expiring on 15 December 2026 as an
incentive for future performance.
Further, the Company issued incentive options to other executives and employees as part of
compensation during the financial year, including an issue to key management personnel. Options
issued are as follows:
Grant
Date
Number
Granted
Exercise
Price
Fair Value at
Grant Date
Expiry
Date
Number
Vested
during the
year
Director
Anthony Maslin
30 Nov 2023
250,000
$0.2325
$20,601
15 Dec 2026
250,000
Joanne Ford
30 Nov 2023
250,000
$0.2325
$20,601
15 Dec 2026
250,000
Ben Cole
30 Nov 2023
250,000
$0.2325
$20,601
15 Dec 2026
250,000
Other Key Management Personnel
James Albany
17 Nov 2023
841,084
$0.26
$59,725
17 Nov 2026
841,084
Matthew Skinner 17 Nov 2023
500,000
$0.26
$35,505
16 Nov 2026
500,000
Matthew Skinner 17 Nov 2023
741,744
$0.26
$52,671
17 Nov 2026
741,744
Miranda Stamps
17 Nov 2023
741,744
$0.26
$52,671
17 Nov 2026
741,744
3,574,572
$262,375
3,574,572
Options granted carry no dividend or voting rights.
All options were granted over unissued fully paid ordinary shares in the company. The number of
options granted was determined having regard to the satisfaction of performance measures and
weightings as described above in the 'Non-executive Remuneration and Executive Remuneration’
section above in relation to the granting of such options other than on their potential exercise.
No options over ordinary shares previously granted to directors and other key management
personnel as part of compensation were exercised or lapsed during the year ended 30 June 2024.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
20
Additional Information
The earnings of the consolidated group for the five years to 30 June 2024 are summarised below:
2024
$’000
2023
$’000
2022
$’000
2021
$’000
2020
$’000
Sales revenue from
continuing operations
73
-
9,259
4,315
1,446
Loss after income tax
(13,251)
(14,662)
(10,788)
(7,530)
(1,856)
The factors that are considered to affect total shareholders return (“TSR”) are summarised below:
2024
2023
2022
2021
2020
Share price at financial
year end ($)
0.018
0.325
0.605
0.830
0.410
Total dividends declared
(cents per share)
-
-
-
-
-
Basic earnings / (loss) per
share (cents per share)
(7.69)
(10.27)
(8.29)
(7.51)
(2.56)
Additional disclosures relating to key management personnel
Shareholdings
The number of shares in the Company held during the financial year by each director and other members
of key management personnel of the consolidated entity, including their personally related parties, is set out
below:
Balance at
Received
Balance at
the start of
as part of
Disposals / the end of
the year remuneration Additions
other (1)
the year
Ordinary shares
Anthony Maslin
7,969,379
-
535,000
-
8,504,379
Stuart McAlpine
3,296,627
-
- (3,296,627)
-
Joanne Ford
-
-
75,000
-
75,000
Ben Cole
7,621,786
-
-
-
7,621,786
Elizabeth Brennan
31,627
-
-
(31,627)
-
Ronnie Duncan
31,627
-
-
(31,627)
-
James Albany
72,034
289,097
57,500
(418,631)
-
Miranda Stamps
-
258,377
-
(258,377)
-
Matthew Skinner
4,000
258,377
125,000
-
387,377
19,027,080
805,851
792,500 (4,036,889) 16,588,542
(1) Director or key management personnel resigned or made redundant during the year to 30 June
2024.
Option holding
The number of options over ordinary shares in the Company held during the financial year by each
director and other members of key management personnel of the consolidated entity, including their
personally related parties, is set out below:
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
21
Balance at
Received
Held
Balance at
the start of
as part of
on
the end of
the year remuneration Additions resignation
the year
Options over ordinary shares
Anthony Maslin
2,250,000
250,000
535,000
-
3,035,000
Stuart McAlpine
1,500,000
-
- (1,500,000)
Joanne Ford
-
250,000
75,000
-
325,000
Ben Cole
3,000,000
250,000
-
-
3,250,000
Elizabeth Brennan
1,500,000
-
- (1,500,000)
-
Ronnie Duncan
1,500,000
-
- (1,500,000)
-
James Albany
1,627,306
841,084
57,500 (2,525,890)
-
Miranda Stamps
920,430
741,744
- (1,662,174)
-
Matthew Skinner
-
1,241,744
125,000
-
1,366,744
12,297,736
3,574,572
792,500 (8,688,064)
7,976,744
(1) Director or key management personnel resigned or made redundant during the year to 30
June 2024.
No options over shares held by Directors or key management personnel were exercised during the
year ended 30 June 2024.
Other transactions with key management personnel and their related parties
In addition to the transactions set out in note 15, 16, 23 and 24, the following related party transactions
occurred during the year.
On 29 July 2016 the Group entered into a contract to acquire land, 'East Kulimbah' from Buntine
Holdings Pty Ltd. The land is co-owned by Stuart McAlpine, a former Director of the Group. The land
purchase price was $323,879 of which the Group had paid $200,000 as at 30 June 2023. The
remaining consideration was to be paid in full no later than 23 March 2024. This purchase contract
was cancelled during the financial year as a result of a Board decision and agreed with the seller. The
prepaid purchase consideration was written off and is not refundable to the Group.
On 8 March 2024 the Group entered into a binding Memorandum of Understanding to sell its Dirty
Clean Food business to DCF Global Pty Ltd, a company controlled by Mr Jay Albany. Mr Jay Albany
resigned as Chief Executive Officer of the Group on 24 April 2024. Refer to note 32 for details of the
sale of Dirty Clean Food by the Group.
In the prior financial year, the Group recognised rental income of $9,000 for the lease of farmland to
McAlpine Farms, and interest expense of $3,221 relating to the purchase of Kulimbah East Block.
McAlpine Farms is co-owned by Stuart McAlpine, a former Director of the Group. Rental income of
$13,500 and interest payable of $4,831 was outstanding as at 30 June 2023. No transactions were
noted in the current financial year.
All transactions were made on normal commercial terms and conditions no more favourable than
those available to other parties unless otherwise stated.
This concludes the remuneration report, which has been audited.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR'S REPORT
22
CORPORATE GOVERNANCE
The Consolidated Group’s corporate governance policies and practices are available on the website
http://www.wideopenagriculture.com.au
NON-AUDIT SERVICES
There were no non-audit services provided by the Group’s auditors, RSM Australia Partners, during the
year ended 30 June 2024.
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the year ended 30 June 2024 has been received and
can be found on page 70 required under section 307C of Corporations Act 2001.
Signed for and on behalf of the board in accordance with a resolution of the directors, pursuant to section
298(2)(a) of the Corporations Act 2001.
Director:
________________________________________________________
Yaxi Zhan
Non-Executive Chairperson
Dated this 4th October 2024
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
30 Jun
2024
30 Jun
2023
Note
$
$
23
Restated (*)
Revenue
2
73,130
210
Cost of goods sold
(422,370)
(2,293)
Gross profit
(349,240)
(2,083)
Other income
2
3,218,448
566,664
Expenses
Auditor’s remuneration
22
(102,665)
(59,500)
Amortisation expense
9
(329,488)
(186,215)
Consultancy and legal fees
(2,234,123)
(1,272,694)
Depreciation expense
8
(402,015)
(91,409)
Employee benefits expense
(3,576,392)
(3,253,905)
Finance costs
(176,862)
(92,891)
Impairment of fixed assets
8
(1,417,757)
-
Impairment of inventory
7
(1,436,107)
-
Selling expenses
(148,684)
(121,921)
Share-based payments
16
(411,008)
(631,136)
Movement in make-good provision
214,000
47,000
Prepaid deposit write-off
25
(200,000)
-
Loss on disposal of discontinued operations
32
(92,812)
-
Other administration expenses
3
(2,083,767)
(1,011,858)
Loss for the year before income tax expense
(9,528,472)
(6,109,947)
Income tax expense
21
-
-
Loss for the year after income tax expense
(9,528,472)
(6,109,947)
Loss for the year after income tax expense from continuing
(9,528,472)
(6,109,947)
Loss for the year after income tax expense from discontinued
32
(3,722,681)
(8,551,821)
Loss for the year after income tax expense
(13,251,153)
(14,661,768)
Other comprehensive income:
Items that may subsequently be reclassified to profit or loss:
Exchange differences on translation of foreign operations
(257,439)
-
Total comprehensive loss for the year
(13,508,592)
(14,661,768)
Total loss from the year is attributable to:
Continuing operations
(9,528,472)
(6,109,947)
Discontinued operations
32
(3,722,681)
(8,551,821)
(13,251,153)
(14,661,768)
Total comprehensive loss for the year is attributable to:
Continuing operations
(9,785,911)
(6,109,947)
Discontinued operations
32
(3,722,681)
(8,551,821)
(13,508,592)
(14,661,768)
Loss per share attributable to members:
Basic loss per share (cents)
26
(7.69)
(10.27)
Diluted loss per share (cents)
26
(7.69)
(10.27)
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
30 Jun
2024
30 Jun
2023
Note
$
$
24
Loss per share from continued operations attributable to
Basic loss per share (cents)
26
(5.53)
(4.28)
Diluted loss per share (cents)
26
(5.53)
(4.28)
Loss per share from discontinued operations attributable to members:
Basic loss per share (cents)
26
(2.16)
(5.99)
Diluted loss per share (cents)
26
(2.16)
(5.99)
* Refer to note 32 for details of discontinuing operations which has resulted in the restatement of comparatives
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 Jun
2024
30 Jun
2023
Note
$
$
25
ASSETS
CURRENT ASSETS
Cash and cash equivalents
4
2,453,523
5,871,597
Trade and other receivables
5
248,685
1,119,527
Inventory
7
-
1,952,665
Other current assets
6
144,383
382,907
TOTAL CURRENT ASSETS
2,846,591
9,326,696
NON-CURRENT ASSETS
Other receivables
5
1,473,446
323,446
Property, plant and equipment
8
3,943,428
3,809,740
Right-of-use assets
9
854,794
1,871,003
Secured loans
10
-
68,182
Intangible assets
29
1,666,548
-
TOTAL NON-CURRENT ASSETS
7,938,216
6,072,371
TOTAL ASSETS
10,784,807
15,399,067
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
11
1,437,083
1,812,269
Lease liabilities
12
185,947
517,653
Borrowings
14
990,262
112,339
Provisions
13
205,167
684,498
TOTAL CURRENT LIABILITIES
2,818,459
3,126,759
NON-CURRENT LIABILITIES
Lease liabilities
12
687,364
1,494,561
Borrowings
14
-
587,178
Provisions
13
25,942
81,803
TOTAL NON-CURRENT LIABILITIES
713,306
2,163,542
TOTAL LIABILITIES
3,531,765
5,290,301
NET ASSETS
7,253,042
10,108,766
EQUITY
Issued capital
15
54,834,295
44,626,557
Share-based payments reserve
16
5,071,677
4,626,547
Foreign exchange reserve
18(b)
(257,439)
-
Accumulated losses
18(a)
(52,395,491)
(39,144,338)
TOTAL EQUITY
7,253,042
10,108,766
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
26
As at 1 July 2022
44,384,452
4,080,514
-
-
(24,482,570)
23,982,396
Loss for the year
-
-
-
-
(14,661,768)
(14,661,768)
Other comprehensive income
-
-
-
-
-
-
Total comprehensive loss for the year
-
-
-
-
(14,661,768)
(14,661,768)
Transactions with owners, in their capacity as owners, and
other transfers
Shares issued on exercise of unlisted options
242,105
-
-
-
-
242,105
Share based payments
-
550,063
-
-
-
550,063
Options exercised
-
(85,104)
-
-
-
(85,104)
Performance rights issued
-
-
81,074
-
-
81,074
Balance at 30 June 2023
44,626,557
4,545,473
81,074
-
(39,144,338)
10,108,766
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Issued Capital
Unlisted Options
Reserve
Performance
Rights Reserve
Foreign Exchange
Reserve
Accumulated
Losses
Total
Equity
$
$
$
$
$
$
Balance at 1 July 2023
44,626,557
4,545,473
81,074
-
(39,144,338)
10,108,766
Loss for the period
-
-
-
-
(13,251,153)
(13,251,153)
Other comprehensive income
-
-
-
(257,439)
-
(257,439)
Total comprehensive loss for the period
-
-
-
(257,439)
(13,251,153)
(13,508,592)
Transactions with owners, in their capacity as owners, and
other transfers
Shares issued
7,869,152
-
-
-
-
7,869,152
Equity funds received in advance
2,609,208
-
-
-
-
2,609,208
Share based payments
120,878
290,130
-
-
-
411,008
Share issue costs
(391,500)
155,000
-
-
-
(236,500)
Balance at 30 June 2024
54,834,295
4,990,603
81,074
(257,439)
(52,395,491)
7,253,042
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
AS AT 30 JUNE 2024
27
30 Jun
2024
30 Jun
2023
Note
$
$
Cash flows from operating activities
Receipts from customers
9,270,733
11,135,715
Payments to suppliers and employees
(20,664,090)
(23,613,252)
Interest received
61,690
211,042
Grants received
2,784,940
411,875
Movement in term deposits
-
(18,253)
Net cash flows (used in) operating activities
20
(8,546,727)
(11,872,873)
Cash flows from investing activities
Payments for acquisition of plant and equipment
8
(634,178)
(1,441,459)
Proceeds from secured loans
-
9,268
Proceeds from sale of business
5
150,000
-
Payments to acquire business
34
(4,507,097)
-
Net cash flows (used in) investing activities
(4,991,275)
(1,432,191)
Cash flows from financing activities
Proceeds from issue of shares (net of issue costs)
7,632,652
-
Proceeds in advance for the issue of shares (net of costs)
2,609,208
-
Proceeds from option entitlement
-
156,833
Repayment of borrowings
(240,526)
-
Proceeds from borrowings
795,000
112,339
Repayment of lease liabilities
(642,087)
(588,256)
Net cash flows from/(used in) financing activities
10,154,247
(319,084)
Net (decrease) in cash and cash equivalents
(3,383,755)
(13,624,148)
Cash and cash equivalents at the beginning of the period
5,871,597
19,474,506
Effects of exchange rate fluctuations on cash held
(34,319)
21,239
Cash and cash equivalents at the end of the period
4
2,453,523
5,871,597
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
28
1
Material Accounting Policy Information
The financial statements cover Wide Open Agriculture Limited ('company' or 'parent entity') and its
subsidiaries as a consolidated entity (Group). Wide Open Agriculture Limited is a company limited by
shares, incorporated and domiciled in Australia.
The accounting policies that are material to the consolidated entity are set out below. The accounting
policies adopted are consistent with those of the previous financial year, unless otherwise stated.
a. Basis of Preparation
These general-purpose financial statements have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial
statements also comply with International Financial Reporting Standards as issued by the International
Accounting Standards Board ('IASB').
Historical cost convention
The financial statements, except for the cash flow information, have been prepared on an accruals
basis and are based on historical costs, modified, where applicable, by the measurement at fair value
of selected non-current assets, financial assets and financial liabilities. The amounts presented in the
financial statements have been rounded to the nearest dollar.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for
the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the
consolidated entity only. Supplementary information about the parent entity is disclosed in note 29.
b. Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the
Company as at 30 June 2024 and the results of all subsidiaries for the year then ended. The Company
and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'
or ‘group’.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated
entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power to direct
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
29
the activities of the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the
consolidated entity 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 consolidated
entity.
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 consolidated entity. Losses incurred by the consolidated entity are attributed
to the non-controlling interest in full, even if that results in a deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including
goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative
translation differences recognised in equity. The consolidated entity recognises the fair value of the
consideration received and the fair value of any investment retained together with any gain or loss in
profit or loss.
c. Going Concern
The financial statements have been prepared on the going concern basis, which contemplates
continuity of normal business activities and the realisation of assets and discharge of liabilities in the
normal course of business.
As disclosed in the financial statements, the Group incurred a net loss of $13,251,153 and had net
cash outflows from operating activities of $8,546,727 and net cash outflows from investing activities of
$4,991,275 for the year ended 30 June 2024. As at that date, the Group had net current assets of
$28,132.
The Directors believe there are reasonable grounds to believe that the Group will be able to continue
as a going concern after consideration of the following factors:
-
The ability to reduce expenditure to extend length of time that current cash resources will fund
ongoing operations;
-
The expected receipt of R&D tax offsets for domestic and overseas activities for the 2023/24
financial year;
-
The ability to sell or dispose of assets to bring in additional funding; and
-
The ability to raise further funding in the capital or debt markets.
Accordingly the Directors believe that the Group will be able to continue as a going concern and that
it is appropriate to adopt the going concern basis in the preparation of the financial report.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
30
Should the Group not achieve the matters set out above there exists a material uncertainty that may
cast significant doubt on the Group’s ability to continue as a going concern and therefore they may be
unable to realise their assets and extinguish their liabilities in the normal course of business and at the
amounts stated in the financial report. The financial report does not include any adjustments relating
to the amount or classification of recorded assets or liabilities that might be necessary if the Group
does not continue as a going concern.
d. Foreign Currency Translation
The financial statements are presented in Australian dollars, which is the Wide Open Agriculture
Limited’s functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at financial year-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange
rates at the reporting date. The revenues and expenses of foreign operations are translated into
Australian dollars using the average exchange rates, which approximate the rates at the dates of the
transactions, for the period. All resulting foreign exchange differences are recognised in other
comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net
investment is disposed of.
e. Financial Instruments
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. Financial instruments (except for trade receivables)
are measured initially at fair value adjusted by transactions costs, except for those carried “at fair value
through profit or loss”, in which case transaction costs are expensed to profit or loss. Where available,
quoted prices in an active market are used to determine the fair value. In other circumstances,
valuation techniques are adopted. Subsequent measurement of financial assets and financial liabilities
are described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a
significant financing component in accordance with AASB 15.
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.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
31
Classification and subsequent measurement
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).
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 other comprehensive income (FVOCI); and
-
fair value through profit or loss (FVPL).
Classifications are determined by both:
-
The contractual cash flow characteristics of the financial assets; and
-
The entities business model for managing the financial asset.
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; and
-
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.
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.
Financial assets at fair value through other comprehensive income
The Group measures debt instruments at fair value through other comprehensive income (OCI) if both
of the following conditions are met:
-
The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding; and
-
The financial asset is held within a business model with the objective of both holding to collect
contractual cash flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and
impairment losses or reversals are recognised in the statement of profit or loss and computed in the
same manner as for financial assets measured at amortised cost. The remaining fair value changes
are recognised in OCI.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
32
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity
instruments designated at fair value through OCI when they meet the definition of equity under AASB
132 Financial Instruments: Presentation and are not held for trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial
assets designated upon initial recognition at fair value through profit or loss, or financial assets
mandatorily required to be measured at fair value. Financial assets are classified as held for trading if
they are acquired for the purpose of selling or repurchasing in the near term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
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.
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.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are
recognised in profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. For trade receivables, the Group applies
the simplified approach permitted by AASB, which requires expected lifetime losses to be recognised
from initial recognition of the receivables.
f.
Property, Plant & Equipment
Land and buildings are shown at historical cost, unless stated otherwise, less subsequent depreciation
and impairment for buildings. The cost of self-constructed assets includes the cost of materials, direct
labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and
restoring the site on which they are located, and an appropriate proportion of production overheads.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a diminishing value basis to write off the net cost of each item of property,
plant and equipment (excluding land) over their expected useful lives. Items valued at cost under
$1,000 are immediately deducted.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
33
The depreciation rate used for each class of depreciable asset in Australia is:
Asset Class
Depreciation Rate
Plant & Equipment
30% Diminishing Value
Leasehold Improvements
10% Diminishing Value
Capital Work-in-Progress
-
The depreciation rate used for each class of depreciable asset in Germany is:
Asset Class
Straight line
Plant & Equipment
2-23 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate,
at each reporting date.
Leasehold improvements and plant and equipment under lease are depreciated over the unexpired
period of the lease or the estimated useful life of the assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future
economic benefit to the consolidated entity. Gains and losses between the carrying amount and the
disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item
disposed of is transferred directly to retained profits.
Capital expenditure on assets under construction and not yet ready for use by the Group is reflected
as a distinct item in capital works in progress until the period of completion. Upon completion, the asset
is reclassified and shown as distinct item in fixed assets.
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is
measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable,
any lease payments made at or before the commencement date net of any lease incentives received,
any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of
costs expected to be incurred for dismantling and removing the underlying asset, and restoring the
site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or
the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects
to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its
estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement
of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease
liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease
payments on these assets are expensed to profit or loss as incurred.
Intangible assets
Intangible assets acquired as part of a business combination, other than goodwill, are initially
measured at their fair value at the date of the acquisition. Intangible assets acquired separately are
initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently
measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost
less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the
derecognition of intangible assets are measured as the difference between net disposal proceeds and
the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
34
are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted
for prospectively by changing the amortisation method or period.
Goodwill
Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested
annually for impairment, or more frequently if events or changes in circumstances indicate that it might
be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill
are taken to profit or loss and are not subsequently reversed.
Industrial rights
Industrial rights acquired in a business combination are amortised on a straight-line basis over the
period of their expected benefit, being their finite life of 15 – 20 years.
g. Impairment of Non-financial Assets
Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation
and are tested annually for impairment, or more frequently if events or changes in circumstances
indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset's carrying amount exceeds its
recoverable amount.
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-
tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that
do not have independent cash flows are grouped together to form a cash-generating unit.
h. Trade and Other Receivables
Trade receivables are recognised initially at the transaction price (i.e. fair value) and are subsequently
measured at amortised cost less allowance for expected credit losses. Receivables expected to be
collected within 12 months of the end of the reporting period are classified as current assets. All other
receivables are classified as non-current assets.
At the end of each reporting period, the carrying amount of trade and other receivables are reviewed
to determine whether there is any objective evidence that the amounts are not recoverable. If so, an
impairment loss is recognised immediately in statement of comprehensive income.
i.
Cash and Cash Equivalents
Cash and cash equivalents includes 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. For the statement of cash flows presentation purposes, cash and cash equivalents also includes
bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial
position.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
35
j.
Inventories
Raw materials, work in progress and finished goods are stated at the lower of cost and net realisable
value on a 'first in first out' basis. Cost comprises of direct materials and delivery costs, direct labour,
import duties and other taxes, an appropriate proportion of variable and fixed overhead expenditure
based on normal operating capacity. Costs of purchased inventory are determined after deducting
rebates and discounts received or receivable.
Stock in transit is stated at the lower of cost and net realisable value. Cost comprises of purchase and
delivery costs, net of rebates and discounts received or receivable.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated
costs of completion and the estimated costs necessary to make the sale.
k. Revenue Recognition
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is
expected to be entitled in exchange for transferring goods or services to a customer. For each contract
with a customer, the consolidated entity: identifies the contract with a customer; identifies the
performance obligations in the contract; determines the transaction price which takes into account
estimates of variable consideration and the time value of money; allocates the transaction price to the
separate performance obligations on the basis of the relative stand-alone selling price of each distinct
good or service to be delivered; and recognises revenue when or as each performance obligation is
satisfied in a manner that depicts the transfer to the customer of the goods or services promised.
Sale of goods
Revenue is recognised when control of the asset is transferred to the customer, generally, on delivery
of the goods.
Interest revenue is recognised when received.
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.
Grant revenue
Grants are recognised at their fair value where there is a reasonable assurance that the grant will be
received, and the Company will comply with all attached conditions. Grants relating to costs are
deferred and recognised in the profit or loss over the period necessary to match them with the costs
that they are intended to compensate. Grants relating to the purchase of property, plant and equipment
are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-
line basis over the expected lives of the related assets.
Other Revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
36
l.
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the consolidated entity 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.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially
recognised at the present value of the lease payments to be made over the term of the lease,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less
any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees, exercise price of a purchase option when the
exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The
variable lease payments that do not depend on an index or a rate are expensed in the period in which
they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying
amounts are remeasured if there is a change in the following: future lease payments arising from a
change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and
termination penalties. When a lease liability is remeasured, an adjustment is made to the
corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is
fully written down.
m. 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. No borrowing costs were recognised by the Group during the year.
n. Provisions
Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation
as a result of a past event, it is probable the consolidated entity will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation. The amount recognised as a
provision is the best estimate of the consideration required to settle the present obligation at the
reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time
value of money is material, provisions are discounted using a current pre-tax rate specific to the liability.
The increase in the provision resulting from the passage of time is recognised as a finance cost.
o. Employee Benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service
leave expected to be settled wholly within 12 months of the reporting date are measured at the
amounts expected to be paid when the liabilities are settled.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
37
Other long-term employee benefits
The liability for long service leave not expected to be settled within 12 months of the reporting date is
measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date using the projected unit credit method. Consideration is given
to expected future wage and salary levels, experience of employee departures and periods of service.
Expected future payments are discounted using market yields at the reporting date on corporate bonds
with terms to maturity and currency that match, as closely as possible, the estimated future cash
outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they
are incurred.
Share-based payments
Equity-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, rights to acquire shares or options over shares, that
are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is
independently determined using either the Binomial or Black-Scholes option pricing model that takes
into account the exercise price, the term of the option, the impact of dilution, the share price at grant
date and expected price volatility of the underlying share, the expected dividend yield and the risk free
interest rate for the term of the option, together with non-vesting conditions that do not determine
whether the consolidated entity receives the services that entitle the employees to receive payment.
No account is taken of any other vesting conditions.
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.
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.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to
satisfy the condition is treated as a cancellation. If the condition is not within the control of the
consolidated entity 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.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
38
p. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount
of GST incurred is not recoverable from the Australian Tax Office (ATO).
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 ATO is included with other receivables or 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 ATO are presented as operating
cash flows included in receipts from customers or payments to suppliers.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the tax authority.
q. Income Tax
The income tax expense for the period is the tax payable on the current period's taxable income based
on the income tax rate applicable in Australia adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected
to apply when the assets are recovered or liabilities are settled, based on those tax rates which are
enacted or substantively enacted in Australia. The relevant tax rates are applied to the cumulative
amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability.
An exception is made for certain temporary differences arising from the initial recognition of an asset
or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if
they arose on goodwill or in a transaction, other than a business combination, that at the time of the
transaction did not affect either accounting profit or taxable profit or loss.
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 deferred income tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised
to the extent that it has become probable that future taxable profit will allow the deferred tax asset to
be recovered.
Current and deferred tax balances attributable to amounts recognised directly in equity are also
recognised directly in equity.
r.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to
changes in presentation for the current financial period.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
39
s. Segment Reporting
The Group operates in the food industry in Australia and overseas. For management purposes, the
Group is organised into two operating segment which are; sale of plant protein ingredients to Business
to Business consumers (B2B Ingredients Segment); and sale of regenerative food and agricultural
products in Australia (Dirty Clean Food Segment).
Financial information is reported to the Board (Chief Operating Decision Maker) in these segments.
During the year, the Dirty Clean Food Segment was disposed of, as disclosed in note 32.
t.
Financial Risk Management
The Group’s activities expose it to a variety of financial risks; market risk, credit risk, liquidity risk and
cash flow interest risk. The Group’s overall risk management program focuses on the unpredictability
of financial markets and seeks to minimise potential adverse effects on the financial performance of
the Group.
(i) Market risk
Currently the Group is not exposed to any significant market risk.
(ii) Credit risk
The Group currently has no significant concentrations of credit risk.
(iii) Liquidity risk
The Group manages its liquidity risk by monitoring its cash reserves and forecast spending.
Management is cognisant of the future demands for liquid finance resources to finance the Group’s
current and future operations.
(iv) Cash flow interest risk
The Group is not exposed to any significant interest risk. The shareholders loan is interest free with no
fixed term of repayment.
(v) Foreign currency risk
The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and
financial liabilities denominated in a currency that is not the entity's functional currency. The risk is
measured using sensitivity analysis and cash flow forecasting.
u. 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.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
40
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
v. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Wide Open
Agriculture Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements
in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share
to take into account the after income tax effect of interest and other financing costs associated with
dilutive potential ordinary shares and the weighted average number of shares assumed to have been
issued for no consideration in relation to dilutive potential ordinary shares.
w. 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.
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.
x. 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 consolidated entity'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
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
41
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 consolidated entity'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.
y. Discontinued operations
A discontinued operation is a component of the consolidated entity that has been disposed of or is
classified as held for sale and that represents a separate major line of business or geographical area
of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of
operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued
operations are presented separately on the face of the statement of profit or loss and other
comprehensive income. When an operation is classified as a discontinued operation, the comparative
statement of profit or loss and OCI is re-presented as if the operation had been discontinued from the
start of the comparative year.
za. Business combinations
The acquisition method of accounting is used to account for business combinations regardless of
whether equity instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred,
equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and
the amount of any non-controlling interest in the acquiree. For each business combination, the non-
controlling interest in the acquiree is measured at either fair value or at the proportionate share of the
acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss.
On the acquisition of a business, the consolidated entity assesses the financial assets acquired and
liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic conditions, the consolidated entity's operating or accounting policies and other
pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the consolidated entity remeasures its
previously held equity interest in the acquiree at the acquisition-date fair value and the difference
between the fair value and the previous carrying amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair
value. Subsequent changes in the fair value of the contingent consideration classified as an asset or
liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured
and its subsequent settlement is accounted for within equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any
non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair
value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration
transferred and the pre-existing fair value is less than the fair value of the identifiable net assets
acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in
profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification
and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the
consideration transferred and the acquirer's previously held equity interest in the acquirer.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
42
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively
adjusts the provisional amounts recognised and also recognises additional assets or liabilities during
the measurement period, based on new information obtained about the facts and circumstances that
existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months
from the date of the acquisition or (ii) when the acquirer receives all the information possible to
determine fair value.
zb. Critical Accounting Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that may have a financial impact on the Group
and that are believed to be reasonable under the circumstances.
(i) Accounting for share based payments
The Group’s accounting policy is stated in note 1 (o). The values of these share-based payments are
based on the market values of the goods or services acquired by the share-based payments.
(ii) Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
The consolidated entity assesses impairment of non-financial assets other than goodwill and other
indefinite life intangible assets at each reporting date by evaluating conditions specific to the
consolidated entity and to the particular asset that may lead to impairment. If an impairment trigger
exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal
or value-in-use calculations, which incorporate a number of key estimates and assumptions.
(iii) Useful lives of depreciable assets
Management reviews the useful lives of depreciable assets at each reporting date, based on the
expected utility of the assets to the Company.
(iv) Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate
is estimated to discount future lease payments to measure the present value of the lease liability at
the lease commencement date. Such a rate is based on what the consolidated entity estimates it would
have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the
right-of-use asset, with similar terms, security and economic environment.
(v) Business combinations
As discussed in note 1(za), business combinations are initially accounted for on a provisional basis.
The fair value of assets acquired, liabilities and contingent liabilities assumed are initially estimated by
the consolidated entity taking into consideration all available information at the reporting date. Fair
value adjustments on the finalisation of the business combination accounting is retrospective, where
applicable, to the period the combination occurred and may have an impact on the assets and
liabilities, depreciation and amortisation reported.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
43
2
Revenue and Other Income
2024
2023
$
$
Revenue from contracts with customers
Sale of goods
73,130
210
Other Income
Rent received1
18,000
17,000
Grants and incentives2
2,900,823
279,604
Interest income
61,289
164,140
Other income
238,336
105,920
Total other income
3,218,448
566,664
Total
3,291,578
566,874
1 Rent received is from McAlpine Farms which is co-owned by Stuart McAlpine a previous director of the Group.
2 Grants and incentives received relate to R&D government grants.
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Channel
B2B Ingredient Sales
73,130
210
73,130
210
Geographical regions
Australia
2,361
210
Europe
69,952
-
USA
817
-
73,130
210
Timing of revenue recognition
Goods transferred at a point in time
73,130
210
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
44
3
Other Administration Expenses
2024
2023
$
$
General expenses
444,522
238,143
Foreign exchange loss
32,553
-
Insurance expenses
234,950
82,313
Vehicle expenses
81,384
52,165
Office expenses
328,232
174,625
Production development & marketing
69,266
80,336
Regulatory costs
202,385
121,592
Subscriptions
121,139
100,454
Warehousing and supplies
53,333
137,178
Staffing expenses
45,532
25,052
Travel expenses
470,471
-
2,083,767
1,011,858
4
Cash and Cash Equivalents
2024
2023
$
$
Cash at bank
2,453,523
5,871,597
2,453,523
5,871,597
5
Trade and Other Receivables
2024
2023
$
$
Current
Accounts receivable
13,111
1,268,701
Provision for doubtful debts
-
(328,680)
13,111
940,021
GST receivable
184,574
95,863
Accrued revenue
51,000
1,103
Bonds and deposits
-
82,540
248,685
1,119,527
Non-Current
Lease term deposits
123,446
123,446
DCF receivable1
1,350,000
-
Deposit (refer to note 23)
-
200,000
1,473,446
323,446
1 $0.5 million of the DCF receivable is due within three years from the completion date of 23 April
2024, with the full balance of $1.5 million due within five years from the completion date. If these
payment milestones are not met, the shares in Dirty Clean Food Pty Ltd revert to Wide Open
Agriculture Limited.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
45
As at 30 June 2024, $150,000 of the sale consideration has been received.
2024
2023
$
$
Movement in the allowance for expected credit
losses are as follows:
Opening balance
328,680
68,387
Additional provision recognised
-
260,293
Provision written off
(328,680)
-
-
328,680
6
Other Current Assets
2024
2023
$
$
Workers Compensation
-
19,868
Insurances
32,350
133,985
Rent
-
58,089
Other
112,033
170,965
144,383
382,907
7
Inventory
2024
2023
$
$
Current
Finished Goods
-
1,206,778
Raw materials
-
745,887
-
1,952,665
During the financial year, $161,695 of inventory was impaired relating to the inventory in Wide Open
Agriculture Germany GmbH. In addition, $1,274,412 of inventory was impaired prior to divestment of DCF.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
46
8
Property, Plant & Equipment
2024
Net book value
Plant and
equipment
Leasehold
Improvements
Capital works
in progress
Total
$
$
$
$
At beginning of the
year
503,599
543,854
2,762,287
3,809,740
Additions
501,341
8,650
124,187
634,178
Acquisitions (note 34)
2,261,250
-
-
2,261,250
Transfers
2,886,474
-
(2,886,474)
-
Depreciation for the
year
(480,217)
(54,819)
-
(535,036)
Impairment
(920,072)
(497,685)
-
(1,417,757)
Disposals (note 32)
(757,160)
-
-
(757,160)
Foreign currency
translation
(51,787)
-
-
(51,787)
At 30 June 2024
3,943,428
-
-
3,943,428
2023
At beginning of the
year
487,599
569,808
1,534,236
2,591,643
Additions
89,269
33,235
1,284,591
1,407,095
Transfers
56,540
-
(56,540)
-
Depreciation for the
year
(129,809)
(59,189)
-
(188,998)
At 30 June 2023
503,599
543,854
2,762,287
3,809,740
Amortisation expenses charged to the profit and loss for the year amounted to $535,036
(2023: $188,998) of which $402,015 (2023: $91,409) related to continuing operations.
9
Right-of-use Assets
2024
2023
$
$
Non-current
Land and buildings – right-of-use
2,062,576
2,456,706
Less: Accumulated amortisation
(1,207,782)
(775,105)
854,794
1,681,601
Plant and equipment – right-of-use
394,002
494,190
Less: Accumulated amortisation
(394,002)
(304,788)
-
189,402
854,794
1,871,003
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
47
Amortisation expenses charged to the profit and loss for the year amounted to $521,892
(2023: $554,486) of which $329,488 (2023: $186,215) related to continuing operations.
2024
Land and
buildings
Plant and
equipment
Total
$
$
$
At beginning of the year
1,681,601
189,402
1,871,003
Modification and
remeasurement
(1,363,532)
(136,425)
(1,499,957)
Additions
1,005,640
-
1,005,640
Disposals
-
-
-
Amortisation for the year
(468,915)
(52,977)
(521,892)
At 30 June 2024
854,794
-
854,794
2023
At beginning of the year
2,130,028
333,290
2,463,318
Additions
-
-
-
Disposals
-
(37,829)
(37,829)
Amortisation for the year
(448,427)
(106,059)
(554,486)
At 30 June 2023
1,681,601
189,402
1,871,003
10 Secured Loan
2024
2023
$
$
Non-current
Secured loan
-
68,182
In a previous financial year, the Group lent two key suppliers $25,000 and $50,000 to fund
the purchase of equipment which increased supply of products available for sale under the
Dirty Clean Food brand. These loans were transferred to Dirty Clean Food Pty Ltd as part
of the sale of the business in 2024.
11 Trade and Other Payables
2024
2023
$
$
Current
Trade creditors
529,407
1,176,804
Accruals
71,487
65,229
Employee liabilities
293,249
448,992
Unearned grant funding*
500,000
-
Other
42,940
121,244
1,437,083
1,812,269
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
48
*During the year, the Group entered into Financial Assistance Agreement under the
Investment Attraction Fund (IAF) with the Minister for State Development, Jobs and Trade,
for the purpose of construction of a Western Australian based oat milk production facility.
The first tranche of funding of $500,000 was received during the year.
12 Lease Liabilities
The Group has leases for its warehouse facilities, and delivery trucks and forklifts for
distribution of goods and services.
2024
2023
$
$
Current
Lease liabilities
185,947
517,653
Non-Current
Lease liabilities
687,364
1,494,561
The Group has elected not to recognise a lease liability for short term leases (leases with an expected
term of 12 months or less) or for leases of low value assets. Payments made under such leases are
expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be
recognised as lease liabilities and are expensed as incurred.
The expense relating to payments not included in the measurement of a lease liability is as follows:
2024
2023
$
$
Short-term leases
-
15,301
Variable lease payments
-
8,072
-
23,373
13
Provisions
2024
2023
$
$
Current
Annual leave
155,167
420,498
Restoration provision
50,000
264,000
205,167
684,498
Non-Current
Long Service Leave
25,942
81,803
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
49
14
Borrowings and other financial liabilities
2024
2023
$
$
Current
NAB Overdraft
467,687
-
NAB Trade re-finance facility
-
112,339
R&D loan
522,575
-
990,262
112,339
Non-Current
Shareholder loan – Gross Liability
-
811,863
Less: Notional interest
-
(224,685)
-
587,178
During the previous financial year, the Group secured a financing agreement with National Australia
Bank to support the Group’s growth objectives to manufacture plant-based beverages in Australia.
The agreement included access to debt financing for up to AUD $12 million. This facility was cancelled
in March 2024, and is no longer available to the Group at 30 June 2024.
At 30 June 2024 the Group had an unsecured bank overdraft facility with NAB for up to $700,000, with
a variable interest rate of 10.72%. At 30 June 2024, $467,687 of this facility was drawn.
In March 2024 the Group took a loan out with Innovative Technology Funding Pty Ltd secured against
future R&D grant tax receipts. The interest rate on this loan is 16% and is repayable out of the
proceeds of the 2023-24 R&D grant submission. At 30 June 2024 the balance of this loan, including
accrued interest, was $522,575.
During the year the Shareholder loan was converted into a contingent grant, which is repayable only
when the Group makes Net profit after tax of more than $2 million for three consecutive years. As such,
it has been derecognised and recorded as a contingent liability (refer to note 23).
15
Issued Capital
2024
2023
2024
2023
$
$
Shares
Shares
Ordinary shares
57,902,531
47,303,293
223,523,419
143,281,773
Capital raising costs
(3,068,236)
(2,676,736)
-
-
54,834,295
44,626,557
223,523,419
143,281,773
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
50
(a) Movement in Ordinary Share Capital
No. of shares
Issue Price
Total
$
$
Balance at 1 July 2023
143,281,773
-
44,626,557
Tranche 1 Placement Shares Issued
29,757,740
0.20
5,951,063
Tranche 2 Placement Shares – Directors
815,000
0.20
163,000
Shares Issued to Executives(2)
805,851
0.15
120,878
Shares Issued to Directors – Placement Shares
575,000
0.20
115,000
Shares Issued to Advisors
188,055
0.16
30,089
Share Purchase Plan (SPP)
2,582,500
0.20
516,500
Share Purchase Plan Shortfall
1,017,500
0.20
203,500
Placement Shares
44,500,000
0.02
890,000
Share subscription funds in advance(1)
-
-
2,609,208
Less: Share issue costs
-
(391,500)
Balance at 30 June 2024
223,523,419
54,834,295
Balance at 1 July 2022
142,251,773
-
44,384,452
Options Exercised
280,000
0.15
65,442
Options Exercised
200,000
0.15
46,745
Options Exercised
50,000
0.20
13,059
Options Exercised
500,000
0.15
116,859
Balance at 30 June 2023
143,281,773
44,626,557
(1) Funds received at 30 June 2024 from investors to subscribe for shares at $0.02 each which were issued
on 15 July 2024
(2) Shares issued to key management personnel under the Employee securities incentive plan. The fair value
of the share-based payment was determined based on share price on grant date.
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of
the company in proportion to the number of and amounts paid on the shares held. The fully paid
ordinary shares have no par value and the company does not have a limited amount of authorised
capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote
and upon a poll each share shall have one vote.
16
Share-Based Payment Reserves
2024
2023
$
$
Unlisted options reserve (a)
Performance rights reserve (b)
4,990,603
81,074
4,545,473
81,074
5,071,677
4,626,547
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
51
(a) Unlisted Options Reserve
Balance at beginning of year
4,545,473
4,080,514
Options issued
445,130
550,063
Options exercised (transferred to issued capital)
-
(85,104)
Balance at end of year
4,990,603
4,545,473
On 16 November 2023, 885,000 unlisted options were issued as part of the employee incentive scheme
to Employees for nil consideration. The options have an exercise price of $0.226 and an expiry date of
17 November 2026. These options vested immediately.
On 17 November 2023, 2,324,572 unlisted options were issued as part of the employee incentive
scheme to Executives for nil consideration. The options have an exercise price of $0.26 and an expiry
date of 17 November 2026. These options vested immediately.
On 15 December 2023, 2,500,000 unlisted options were issued to the joint lead managers of the share
placement for nil consideration. The options have an exercise price of $0.25 and an expiry date of 1
December 2025. These options vested immediately.
On 15 December 2023, 750,000 unlisted options were issued to Directors for nil consideration. The
options have an exercise price of $0.233 and an expiry date of 15 December 2026. These options
vested immediately.
Options issued in the form of share-based payments are valued using the Black-Scholes valuation
model. For options granted during the current financial year, the valuation model inputs used to
determine the fair value at the grant date, are as follows:
Number of
options
issued
Grant Date
Expiry
Date
Spot
Price
Exercise
Price
Volatility
Risk-
free
interest
rate
Dividend
Yield
Fair
Value
885,000
17/11/2023
16/11/2026
0.165
0.26
80.0%
4.09%
0.0%
$0.071
2,324,572
17/11/2023
17/11/2026
0.165
0.26
80.0%
4.09%
0.0%
$0.071
2,500,000
30/11/2023
1/12/2026
0.175
0.25
80.0%
4.10%
0.0%
$0.062
750,000
30/11/2023
15/12/2026
0.175
0.233
80.0%
4.01%
0.0%
$0.083
6,459,572
The fair value of the 6,459,572 options granted during the year was $445,130, of which $290,130 was
expensed during the year and $155,000 was recognised in equity as cost of issuing share capital as
follows:
2024
2023
$
$
Share-based payments expense
290,130
550,062
Capital raising costs
155,000
-
445,130
550,062
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
52
Set out below is the movement in the number of options exercisable during the financial year ended 30 June
2024:
Balance at Granted and
Balance at
the start of
recorded
Granted
Exercised
Expired/
the end of
the year
in Option
Reserve
Other1
other
the year
Unlisted Options
19,694,360
6,459,572
35,757,740
- (3,200,000) 58,711,672
(1) Comprising 34,747,740 free-attaching unlisted options issued to placement investors for nil
consideration and 1,010,000 options issued to employees as incentive for performance which are
to be lapsed after 30 June 2024.
Set out below is the movement in the number of options exercisable during the prior financial year:
Balance at
the start of
Expired/
Balance at
the end of
the year
Granted
Exercised
other
the year
Unlisted Options
17,784,818
5,549,542 (1,030,000) (2,610,000) 19,694,360
On 29 November 2022, 375,000 unlisted options were issued as part of the employee incentive
scheme for nil consideration. The options have an exercise price of $0.457 and an expiry date of 29
November 2025. These options vested immediately.
On 29 November 2022, 3,250,000 unlisted options were issued to Directors for nil consideration.
The options have an exercise price of $0.46 and an expiry date of 30 November 2025. These
options vested immediately.
On 21 February 2023, 1,924,542 unlisted options were issued to executives. The options have an
exercise price of $0.48 and an expiry date of 30 November 2025. These options vested
immediately.
Options issued in the form of share-based payments are valued using the Black-Scholes valuation
model. For options granted during the prior financial year, the valuation model inputs used to
determine the fair value at the grant date, are as follows:
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
53
Number of
options issued
Grant Date
Expiry Date
Spot
Price
Exercise
Price
Volatility
Risk-free
interest
rate
Dividend
Yield
Fair
Value
3,250,000
29/11/2022
29/11/2025
0.315
0.457
70.0%
3.24%
0.0%
$0.11
1,924,542
21/02/2023
30/11/2025
0.210
0.480
76.0%
3.4%
0.0%
$0.05
375,000
29/11/2022
29/11/2025
0.315
0.457
70.0%
3.24%
0.0%
$0.11
5,549,542
Set out below is the movement in the number of performance rights during the financial year ended 30 June 2024:
Set out below is the movement in the number of performance rights during the prior financial year:
On 19 December 2022, 324,296 performance rights were issued to two of the executives at no cost,
pursuant to the Employee Incentive Plan. The holder can choose to exercise the rights over a two-year
period into fully paid ordinary shares on a 1:1 conversion basis. These performance rights vested
immediately.
(b) Performance Rights Reserve
2024
$
2023
$
Balance at beginning of year
81,074
-
Performance rights issued to executives as incentive
-
81,074
Balance at end of year
81,074
81,074
Balance at
Balance at
the start of
Expired/
30 June
the year
Granted
Exercised
other
2024
Performance rights
324,296
-
-
-
324,296
324,296
-
-
-
324,296
Balance at
Balance at
the start of
Expired/
30 June
the year
Granted
Exercised
other
2023
Performance rights
-
324,296
-
-
324,296
-
324,296
-
-
324,296
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
54
The fair value of the performance rights granted during the prior year is as follows:
Number of rights
issued
Grant Date
Expiry Date
Spot Price
Fair value
169,196
12/12/22
11/12/24
$0.265
$0.265
155,100
13/12/22
12/12/24
$0.250
$0.250
Share-based payments expense can be reconciled as follows:
2024
2023
$
$
Options issued
290,130
550,062
Shares issued under Employee securities incentive plan
120,878
-
Performance rights issues
81,074
411,008
631,136
18
(a) Accumulated Losses
2024
2023
$
$
Accumulated losses at the beginning of the
financial year
(39,144,338)
(24,482,570)
Net loss attributable to members of the Group
(13,251,153)
(14,661,768)
Accumulated losses at the end of the financial year
(52,395,491)
(39,144,338)
18
(b) Foreign Currency Translation Reserve
2024
2023
$
$
Balance at the beginning of the financial year
-
-
Currency translation differences
(257,439)
-
Balance at the end of the financial year
(257,439)
-
19
Financial Risk Management
Capital management
The Group’s objective when managing capital is to safeguard its ability to continue as a going concern so
that it can continue to provide returns for shareholders and benefits to other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid, return capital to shareholders, issue new shares or
sell assets to reduce debt. Given the nature of the business, the Group monitors capital on the basis of
current business operations and cash flow requirements. There were no changes in the Group’s approach
to capital management during the year.
The Group's financial instruments consist mainly of deposits with banks, accounts receivable and
payable and borrowings.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
55
The totals for each category of financial instruments, measured in accordance with AASB 9 Financial
Instruments, as detailed in the accounting policies to these financial statements, are as follows:
Financial Instruments
Note
2024
2023
$
$
2024
Financial Assets
Cash and cash equivalents
4
2,453,523
5,871,597
Trade and other receivables*
5
1,414,111
941,124
Bonds, deposits and other receivables
5
-
82,540
Total financial assets
3,867,634
6,895,261
Financial Liabilities
Trade and other payables
11
1,437,083
1,812,269
Lease liabilities
12
873,311
2,012,217
Borrowings & other financial liabilities
14
990,262
699,517
Total financial liabilities
3,300,656
4,524,003
*Amount excludes GST
The fair value of the above financial instruments approximates their carrying values.
Financial Risk Management Policies
The Group’s overall risk management strategy seeks to assist the Group in meeting its financial
targets, whilst minimising potential adverse effects on financial performance.
Risk management policies are approved and reviewed by the Board of Directors on a regular basis.
These included the credit risk policies and future cash flow requirements.
The main purpose of non-derivative financial instruments is to raise finance for Group operations.
The Group does not have any derivative instruments at 30 June 2024 (30 June 2023: nil).
Financial risk management objectives
In common with all other businesses, the Group is exposed to risks that arise from its use of financial
instruments. This note describes the Group’s objectives, policies and processes for managing those
risks and the methods used to measure them. Further quantitative information in respect of those
risks is presented throughout these financial statements.
There have been no substantive changes in the Group’s exposure to financial instrument risks, its
objectives, policies and processes for managing those risks or the methods used to measure them
from previous periods unless otherwise stated in this note.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
56
The board has overall responsibility for the determination of the Group’s risk management objectives
and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for
designing and operating processes that ensure the effective implementation of the objectives and
policies to the Group’s finance function. The Group’s risk management policies and objectives are
therefore designed to minimise the potential impacts of these risks on the Group where such impacts
may be material. The board receives monthly financial reports through which it reviews the
effectiveness of the processes put in place and the appropriateness of the objectives and policies it
sets. The overall objective of the board is to set policies that seek to reduce risk as far as possible
without unduly affecting the Group’s competitiveness and flexibility.
a. Market risk
Market risk for the Group arises from the use of interest-bearing financial instruments. It is the
risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in interest rate (see b. below)
b. Interest rate risk management
The Group’s main interest rate risk arises on borrowings obtained at variable rates. The Group
has bank overdraft facility of $467,687 at 30 June 2024. An increase/decrease in interest rates
of 100 basis points would have adverse/favourable effect on loss before tax of $4,677. This is
not considered a material movement.
The Group does not enter into any derivative instruments to mitigate this risk. As this is not
considered a significant risk for the Group, no policies are in place to formally mitigate this
risk.
c. Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently,
exposures to exchange rate fluctuations arise. At 30 June 2024, the Company held cash
valued in Australian dollars equivalent to $71,256, dominated in Euros at an exchange rate
of 1 EUR: 1.61011 AUD. The Group did not hold any other currency denominated in other
foreign currencies. The Group does not currently have a policy to manage exchange rate
exposures, including any hedging arrangements.
Foreign exchange sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to transactions
denominated in foreign currency. At 30 June, the Group has foreign currency liabilities of
$53,186, primarily Euros and British Pounds. If the exchange rate at 30 June had
worsened/strengthened by 10%, all other variables being constant, the Group’s loss before
tax would have increased/decreased by $5,319. This is not considered a material
movement.
The foreign exchange loss recorded by the Group was $32,553 in the financial year ending
30 June 2024 (2023: gain of $21,239).
d. Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Group. The Group has adopted a policy of dealing with
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
57
creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means
of mitigating the risk of financial loss from defaults.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-
ratings assigned by international credit-rating agencies.
The Group also bears credit risk in relation to the non-current receivable which is mitigated by
the Group having security to revert back the shares of Dirty Clean Food Pty Ltd in the event
that the payment milestones are not met, as detailed in note 5.
e. Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which
has established an appropriate liquidity risk management framework for the management
of the Group’s short-, medium- and long-term funding and liquidity management
requirements. The Group manages liquidity by maintaining adequate banking facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities.
Contractual cash flow
Weighted
average
effective
interest
Within 1
year
1 to 2
years
2 to 3
years
3 to 5
years
>5 years
Total
rate
$
$
$
$
$
$
2024
Trade and other
payables
-
1,437,083
-
-
-
-
1,437,083
Lease liabilities
6%
237,600
237,600
237,600
277,200
-
990,000
Borrowings
13.48%
990,262
-
-
-
-
990,262
2,664,945
237,600
237,600
277,200
-
3,417,345
2023
Trade and other
payables
-
1,812,269
-
-
-
-
1,812,269
Lease liabilities
7.33%
517,653
546,398
537,703
410,460
-
2,012,214
Borrowings
4.5%
112,339
-
-
-
587,178
699,517
2,442,261
546,398
537,703
410,460
587,178
4,524,000
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
58
20
Reconciliation of Loss after Tax to Net Cash
Outflow from Operating Activities
2024
2023
$
$
(Loss) after income tax
(13,251,153)
(14,661,768)
Amortisation expense
521,892
554,486
Depreciation
535,036
188,998
Non-cash interest costs
22,575
128,897
Share-based payments
411,008
631,136
Impairment of fixed assets
1,417,757
-
Impairment of inventory
1,436,107
-
Net loss on disposal of assets
92,812
-
Prepaid deposit write-off
200,000
Movement in make-good provision
(214,000)
Other grants and incentives
(604,826)
-
Unrealised currency loss/(gain)
32,553
(21,239)
Changes in assets and liabilities:
(Increase) in operating receivables
65,419
(85,196)
(Increase) in other assets
583,944
-
Decrease/(increase) in inventory
320,314
1,252,780
(Decrease)/Increase in operating payables
(98,667)
(34,889)
(Decrease)/Increase in provisions
(17,498)
173,922
Net cash (outflows) from operating activities
(8,546,727)
(11,872,873)
21
Income Tax Expense
2024
2023
$
$
Reconciliation between tax expense and pre-tax loss:
Accounting (loss) before income tax
(13,251,153)
(14,661,768)
Tax at the domestic income tax rate of 25% (2023:
25%)
(3,312,788)
(3,665,442)
Temporary differences
23,012
147,254
Permanent differences
(126,215)
243,289
Income tax benefit not recognised
3,415,991
3,274,899
Income tax expenses/(benefit)
-
-
Unrecognised temporary differences
Unused tax losses for which no deferred tax
asset recognised
45,813,261
36,487,400
Temporary difference
(3,933,182)
575,330
Adjustment recognised for prior periods
3,841,135
(1,164,348)
Total unrecognised temporary differences
45,721,214
35,898,382
Potential benefit at 25% (2023: 25%)
11,430,303
8,974,596
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
59
22
Remuneration of Auditors
2024
2023
$
$
Audit Services
RSM Partners Australia – Audit and review of financial
reports
102,665
59,500
102,665
59,500
23 Commitments for expenditure and contingencies
On 29 July 2016, the Group entered into a contract to acquire land from Buntine Holdings Pty Ltd
with a deferred consideration element. The details are:
-
Price of the land was $323,879.
-
Deposit of $50,000 paid on 29 July 2016 in the form of 1,000,000 shares at 0.05c each
-
Partial payment of $150,000 was made on 13 August 2018.
-
Remaining consideration to be paid in full no later than 8 years from 23 March 2016.
-
Interest to be paid on this outstanding amount at the annual rate of the RBA base rate
plus 2.5%. This has been treated as operational expense as Right of access and use.
-
The land has not been accounted for as fixed assets.
In April 2024 the Group decided not to pay the remaining consideration amount, and the land
reverted to the ownership of Buntine Holdings Pty Ltd. The $200,000 prepaid deposit has been
written-off to profit or loss.
On 20 November 2020, the Group exercised its option pursuant to the Option and Licence
Agreement to acquire exclusive commercial licence for the proprietary modified lupin protein
technology developed and patented by Curtin University. Details of the royalties payable to Curtin
University under the agreement are as follows:
-
Royalties payable by the Group to Curtin University on the basis of:
a
Production – a royalty of $120 per tonne of lupin protein isolate produced or
manufactured by the Group;
b
High sale value – a royalty of 12.5% of net sales revenue in excess of $6,000
per tonne of royalty sales product; and
c
Sub-licence revenues – a royalty of 12.5% of revenue derived by sub-licences.
Minimum annual royalty payable by the Group to Curtin University as noted below:
-
Commencing on year 3 after the commencement date of the licence of $25,000;
-
Commencing on year 4 after the commencement date of the licence of $35,000;
-
Commencing on year 5 after the commencement date of the licence of $50,000 per year
averaged over a 3 year periods; and
-
Commencing on year 8 after the commencement date of the licence of $75,000 per year
until the end of the term and averaged over 3 year periods.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
60
2024
2023
$
$
Not longer than one year
35,000
25,000
Longer than one year, but not
longer than five years
533,333
185,000
Longer than five years
216,667
600,000
785,000
810,000
During the year the $604,826 Shareholder loan was converted into a contingent grant, which is
repayable only when the Group makes net profit after tax of more than $2 million for three
consecutive years. As such, it has been derecognised from statement of financial position at 30
June 2024 and recorded as a contingent liability.
24 Key Management Personnel Remuneration
2024
2023
$
$
Short-term employee benefits
1,097,331
1,150,831
Post-employment benefits
101,886
119,459
Long-term benefits
35,913
39,524
Share-based payments
383,254
547,513
1,618,384
1,857,327
25 Related Party Transactions
In addition to the transactions set out in note 15, 16, 23 and 24, the following related party
transactions occurred during the year.
On 29 July 2016 the Group entered into a contract to acquire land, 'East Kulimbah' from Buntine
Holdings Pty Ltd. The land is co-owned by Stuart McAlpine, a former Director of the Group. The
land purchase price was $323,879 of which the Group had paid $200,000 as at 30 June 2023.
The remaining consideration was to be paid in full no later than 23 March 2024. This purchase
contract was cancelled during the financial year as a result of a Board decision and agreed with
the seller. The prepaid purchase consideration was written off and is not refundable to the Group.
On 8 March 2024 the Group entered into a binding Memorandum of Understanding to sell its
Dirty Clean Food business to DCF Global Pty Ltd, a company controlled by Mr Jay Albany. Mr
Jay Albany resigned as Chief Executive Officer of the Group on 24 April 2024. Refer to note 32
for details of the sale of Dirty Clean Food by the Group.
In the prior financial year, the Group recognised rental income of $9,000 for the lease of farmland
to McAlpine Farms, and interest expense of $3,221 relating to the purchase of Kulimbah East
Block. McAlpine Farms is co-owned by Stuart McAlpine, a former Director of the Group. Rental
income of $13,500 and interest payable of $4,831 was outstanding as at 30 June 2023. No
transactions were noted in the current financial year.
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
61
All transactions were made on normal commercial terms and conditions no more favourable than
those available to other parties unless otherwise stated.
26 Basic and Diluted (Loss) per Share
2024
2023
$
$
Basic loss per share (cents)
(7.69)
(10.27)
Diluted loss per share (cents)
(7.69)
(10.27)
Loss attributable to members of Wide Open Agriculture Ltd
(13,251,153)
(14,661,768)
Weighted average number of shares outstanding
172,245,273
142,751,170
Loss from continuing operations attributable to members of
Wide Open Agriculture Ltd
(9,528,472)
(6,109,947)
Basic loss per share (cents)
(5.53)
(4.28)
Diluted loss per share (cents)
(5.53)
(4.28)
Loss from discontinuing operations attributable to members
of Wide Open Agriculture Ltd
(3,722,681)
(8,551,821)
Basic loss per share (cents)
(2.16)
(5.99)
Diluted loss per share (cents)
(2.16)
(5.99)
The Group has no ordinary share capital in respect of potential ordinary shares which would lead
to diluted earnings per share that shows an inferior view of the earnings per share. For this reason,
the diluted earning/(loss) per share for the year ended 30 June 2024 and 30 June 2023 is the same
as basic earning/(loss) per share.
27 Interest in subsidiaries
Subsidiaries
Country of Incorporation
Ownership
Interest
2024
2023
Dirty Clean Food Pty Ltd
Australia
-
100%
Wide Open Land Pty Ltd
Australia
100%
100%
Wide Open Plant Protein Pty
Ltd
Australia
100%
100%
Wide Open Agriculture
Germany GmbH
Germany
100%
-
28 Parent Entity Disclosures
Wide Open Agriculture Ltd
2024
2023
$
$
Statement of Financial Position
Current Assets
2,650,190
9,326,696
Non-Current Assets
7,079,121
6,072,371
Total Assets
9,729,311
15,399,067
Current Liabilities
2,480,130
3,126,759
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
62
Non-Current Liabilities
25,941
3,163,542
Total Liabilities
2,506,071
5,290,301
Net Assets
7,223,240
10,108,766
Equity
Issued Capital
54,834,295
44,626,557
Share-Based Payments Reserves
5,071,677
4,626,547
Accumulated Losses
(52,682,732) (39,144,338)
Total Equity
7,223,240
10,108,766
Loss attributable to equity holders of the company
(10,328,423) (14,661,768)
Contingent Liabilities
Responsibility for all contingent liabilities of the group is held by the parent entity. Please refer to Note
23 for further information.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and
30 June 2023.
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the group, as disclosed in note 1,
except for the following:
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
29 Intangible Assets
2024
2023
$
$
Balance at beginning of year
-
-
Additions from business combination
1,712,393
-
Amortisation
(45,845)
-
Total Intangible Assets
1,666,548
-
Additions relate to intangible assets provisionally acquired within the acquisition of Wide Open
Agriculture Germany GmbH. See note 34 for more details.
30
Dividends
The directors do not recommend the payment of a dividend in respect of the year ended 30 June
2024 (2023: nil).
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
63
31
Significant Events After the Reporting Date
Subsequent to year end, on 15 July 2024 the Group issued a total of 310,163,191 fully paid ordinary
shares at $0.02 per share with respect to share subscriptions prior to 30 June 2024 (refer to Note 15)
and additional $3.6 million after year-end, bringing the total raise to approximately $6.2 million under
tranche 2 of the placement offer to sophisticated investors and its priority offer to existing shareholders.
Further, on 19 July 2024 the Group issued a total of 177,331,596 free attaching options to placement
and priority offer investors, each exercisable at $0.03 and expiring 15 July 2026. The Group applied to
quote these options on the ASX on 22 July 2024.
On 13 August 2024 the Group announced the following Board and management changes:-
Yaxi Zhan was appointed as non-executive Chairperson;
Anthony Maslin transitioned from Chairperson to non-executive Director;
Ben Cole resigned as a Director; and
Matthew Skinner resigned as Interim Chief Executive Officer.
No other matter or circumstance has arisen subsequent to the end of the reporting date which has
significantly affected the operations of the Group, the results of the operations or the state of affairs of
the Group.
32
Discontinued Operations
Description
On 23 April 2024 the consolidated entity sold Dirty Clean Food Pty Ltd (incorporated in Australia), a
subsidiary of Wide Open Agriculture Limited, for consideration of $1,500,000 resulting in a loss on
disposal before income tax of $92,812. Whilst Dirty Clean Food Pty Ltd generated the majority of the
Group’s revenue up to the date of sale, operating losses were projected to continue and the directors
decided to dispose of it to focus on the plant protein business.
Financial performance information
Consolidated
2024
2023
$
$
Revenue
8,921,198
11,449,155
COGS
(7,851,092)
(10,743,324)
Gross profit
1,070,106
705,831
Other income
331,493
205,403
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
64
Consolidated
2024
2023
$
$
Employee benefits expense
3,140,036
4,618,835
Selling expense
827,566
2,471,061
Consultancy and legal fees
205,431
759,585
Finance costs
58,259
60,449
Amortisation expense
192,404
465,228
Depreciation expense
133,021
131,873
Other expenses
567,562
956,024
Total expenses
5,124,280
9,463,054
Loss on discontinued operations before income tax
(3,722,681)
(8,551,821)
Income tax expense
-
-
Loss after income tax expense from discontinued operations
(3,722,681)
(8,551,821)
Cashflows attributable to discontinued operations:
Cash inflow / (outflow) from operating activities
(3,079,794)
(8,601,926)
Cash inflow / (outflow)from investing activities
(128,304)
(1,432,191)
Carrying amounts of assets and liabilities disposed
Consolidated
2024
2023
$
$
Trade and other receivables
679,794
-
Inventories
656,360
-
Other current assets
136,405
-
Property, plant and equipment
757,160
-
Other non-current assets
15,223
-
Total assets
2,244,942
-
Trade and other payables
473,235
-
Provisions
178,895
-
Total liabilities
652,130
-
Net assets
1,592,812
-
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
65
Details of the disposal
Consolidated
2024
2023
$
$
Total sale consideration
1,500,000
-
Carrying amount of net assets disposed
1,592,812
-
Loss on disposal before income tax
(92,812)
-
Loss on disposal after income tax
(92,812)
-
33
Operating Segments
Identification of reportable operating segments
The consolidated entity is organised into two operating segments based on differences in products and
services provided, being plant protein operations and the Dirty Clean Food business. These operating
segments are based on the internal reports that are reviewed and used by the Board of Directors (who are
identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining
the allocation of resources.
Types of products and services
The principal products and services of each of these operating segments are as follows:
Plant protein operations
development, manufacture and sale of plant protein products, primarily
derived from lupins
Dirty Clean Food business
supply of regenerative food and beverage products
There were no intersegment transactions during the year ended 30 June 2024.
In the prior financial year, the consolidated entity did not operate through or report on distinct operating
segments.
Operating segment information
Dirty Clean
Food
Plant Protein
Total
$
$
$
Consolidated - 2024
Revenue
Sales to customers
8,921,198
73,130
8,994,328
Intersegment sales
-
-
-
Other revenue
331,493
3,218,448
3,549,941
Total revenue and other income
9,252,691
3,291,579
12,544,270
EBITDA
(3,338,997)
(8,620,107) (11,959,104)
Depreciation and amortisation
(325,425)
(731,503)
(1,056,927)
Finance costs
(58,259)
(176,862)
(235,121)
Profit before income tax expense
(3,722,681)
(9,528,472) (13,251,153)
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
66
Dirty Clean
Food
Plant Protein
Total
$
$
$
Income tax expense
-
-
-
Profit after income tax expense
(3,722,681)
(9,528,472) (13,251,153)
Assets
Segment assets (1)
-
10,784,807
10,784,807
Total assets
10,784,807
Segment liabilities (1)
-
3,531,765
3,531,765
Total liabilities
3,531,765
(1) All assets and liabilities of the Dirty Clean Food operating segment were disposed of on 23 April 2024 as
outlined in Note 32
34
Business Combinations
On 26 October 2023, Wide Open Agriculture Germany GmbH, a wholly owned subsidiary of Wide Open
Agriculture Limited, acquired Prolupin GmbH’s production business operations for the total consideration of
EUR 2,500,000 ($4,187,500). The acquisition has been accounted for on a provisional basis as at 30 June
2024.
The acquisition contributed revenue of $70,421 and a loss after tax of $3,021,091 for the period from 26
October 2023 to 30 June 2024. If the acquisition had occurred on 1 July 2023 the full year contributions to
the consolidated entity would have been $84,505 revenue and a loss of $3,625,309.
Details of the acquisition are as follows:
Fair value
$
Plant and equipment
2,261,250
Inventories (raw materials and semi-finished products)
213,857
Intangible assets (Patents – relates to Prolupin)
502,500
Intangible assets (Trademarks – relates to Made with Luve)
251,250
Net identifiable assets acquired
3,228,857
Goodwill
958,643
Net assets acquired
4,187,500
Acquisition date fair value of total consideration transferred
-
Cash payment
4,187,500
Acquisition costs expensed to profit and loss
319,597
Total cash payments
4,507,097
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
AS AT 30 JUNE 2024
67
Entity name
Entity type
Country of
incorporation
Ownership
interest %
Tax residency
Parent Entity
Wide Open Agriculture Ltd
Body corporate
Australia
Australia
Subsidiaries
Wide Open Land Pty Ltd
Body corporate
Australia
100%
Australia
Wide Open Plant Protein
Pty Ltd
Body corporate
Australia
100%
Australia
Wide Open Agriculture
Germany GmbH
Body corporate
Germany
100%
Germany
WIDE OPEN AGRICULTURE LIMITED
ABN 866 049 138 22
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTORS’ DECLARATION
68
In the directors' opinion:
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board as described in note 1 to the financial
statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial
position as at 30 June 2024 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable;
the information disclosed in the Consolidated Entity Disclosure Statement is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
On behalf of the directors
Director:
____________________
Yaxi Zhan
Non-Executive Chairperson
Dated this 4th October 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Wide Open Agriculture Limited for the year ended 30 June
2024, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA
Perth, WA
TUTU PHONG
Dated: 4 October 2024
Partner
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the
members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm
which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WIDE OPEN AGRICULTURE LIMITED
Opinion
We have audited the financial report of Wide Open Agriculture Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
material accounting policy information, the consolidated entity disclosure statement and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2024 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We 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 confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
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 report, which indicates that the Group has incurred a net loss of
$13,251,153, had net cash outflows from operating activities of $8,546,727 and net cash outflows from investing
activities of $4,991,275 for the year ended 30 June 2024. As stated in Note 1, this condition, along with other
matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most 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.
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
How our audit addressed this matter
Business Combination – Acquisition of Prolupin GmbH
Refer to Note 34 in the financial statements
On 26 October 2023, Wide Open Agriculture
Germany GmbH, a wholly owned subsidiary of the
Company, acquired Prolupin GmbH’s production
business operations for a total consideration of
$4,187,500. The acquisition has been accounted
for on a provisional basis as at 30 June 2024.
The transaction was treated as a business
combination in accordance with AASB 3 Business
Combinations.
This was considered a key audit matter because
the accounting for the transaction is complex and
involves significant judgments. These include the
determination of the fair value of the assets
acquired and liabilities assumed.
Our audit procedures included:
•
Obtaining the purchase agreement and other
associated documents to obtain an understanding of
the
transaction
and
the
related
accounting
considerations;
•
Determination that the acquisition met the definition
of a business combination in accordance with
Australian Accounting Standards;
•
Assessing management’s determination of the
acquisition date and the fair value of consideration;
and
•
Assessing the disclosures in the financial statements.
Discontinued Operations - Sale of Dirty Clean Foods Pty Ltd
Refer to Note 32 in the financial statements
On 23 April 2024, the Company sold Dirty Clean
Food Pty Ltd, a wholly owned subsidiary, for
consideration of $1,500,000. This has been
classified as a discontinued operation in the
financial statements.
The accounting for discontinued operations
involved significant judgement and estimates, in
relation to the fair value of net assets disposed and
the presentation and disclosure of the discontinued
operations in accordance with AASB 5 Non-current
assets held for sale and Discontinued Operations.
Given
the
materiality
of
the
discontinued
operations to the financial statements and the level
of judgement involved, this is considered a key
audit matter.
Our audit procedures included:
•
Assessing
management’s
assessment
on
the
classification of the operation as discontinued and
ensuring it met the relevant criteria set out in the
Australian Accounting Standards;
•
Assessing management’s determination of the date
of the sale of Dirty Clean Foods Pty Ltd;
•
Assessing management’s determination of the sale
consideration, fair value of net assets disposed and
loss on disposal; and
•
Assessing the disclosures in the financial statements.
Other Information
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 30 June 2024 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group 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.
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/admin/file/content102/c3/ar2_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 the directors’ report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Wide Open Agriculture Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA
Perth, WA
TUTU PHONG
Dated: 4 October 2024
Partner
73
ADDITIONAL ASX INFORMATION
SHAREHOLDER INFORMATION
Additional information required by the Australian Stock Exchange and not shown elsewhere in this report is as
follows. The information is current as at 16 September 2024:
Fully Paid Ordinary Shares
a) Distribution of Securities
b) Substantial holders
The names of substantial shareholders in accordance with section 671B of the Corporations Act 2001 are:
Holder
Number of Shares
%
Liam Cornelius
106,323,333
19.92
Anthony Maslin
27,004,379
5.05
c) Twenty largest shareholders (ASX:WOA)
The names of the twenty largest holders of securities (unconsolidated)) are:
Rank
Name
16-Sept-24
%IC
1
MR LIAM RAYMOND CORNELIUS
57,000,000
10.68
2
DUKETON CONSOLIDATED PTY LTD
49,323,333
9.24
3
MR ANTHONY MASLIN & MS MARITE NORRIS
20,719,379
3.88
4
MRS YULIAN LIU
20,000,000
3.75
5
MRS FANJA PON
18,572,532
3.48
6
FANJA PON & HANS RAVE
14,379,037
2.69
7
BNP PARIBAS NOMINEES PTY LTD
12,072,991
2.26
8
MORGAN STANLEY AUSTRALIA SECURITIES
(NOMINEE) PTY LIMITED
12,055,059
2.26
9
COMMONLAND FOUNDATION
12,000,000
2.25
10
CITICORP NOMINEES PTY LIMITED
10,651,271
2.00
11
MR ROHAIN IAN CORNELIUS
10,000,000
1.87
12
HARDY ROAD INVESTMENTS PTY LTD
9,750,000
1.83
13
ARADIA SF PTY LTD
7,500,000
1.41
14
MR KA KUEN DOMINIC SUM
7,500,000
1.41
15
MR BEN COLE
6,371,786
1.19
74
16
MR ANTHONY ROBERT FREDERICK MASLIN & MRS
MARITE NICOLE NORRIS
6,235,000
1.17
17
ICE COLD INVESTMENTS PTY LTD
5,000,000
0.94
18
SEAMUS IAN CORNELIUS
5,000,000
0.94
19
BEN COLE
5,000,000
0.94
20
HELMSHOEVE HOLDING B.V
4,830,723
0.91
Total
308,781,642
57.86
Balance of register
224,904,968
42.14
Grand total
533,686,610
100.00
Listed Options Over Shares (ASX:WOAO)
a) Distribution of Securities
b) Substantial holders
The names of substantial option holders are:
Holder
Number of Options
%
Liam Cornelius
52,750,000
29.74
Yulian Liu
10,000,000
5.64
Anthony Maslin
9,250,000
5.21
c) Twenty largest option holders (ASX:WOAO)
The names of the twenty largest holders of securities (unconsolidated) are:
16 Sep 2024
%IC
MR LIAM RAYMOND CORNELIUS
28,500,000
16.07
DUKETON CONSOLIDATED PTY LTD
24,250,000
13.67
MRS YULIAN LIU
10,000,000
5.64
BNP PARIBAS NOMINEES PTY LTD
8,100,001
4.57
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED
7,500,000
4.23
HARDY ROAD INVESTMENTS PTY LTD
6,625,000
3.74
75
MR ANTHONY MASLIN &
MS MARITE NORRIS
6,250,000
3.52
MR ROHAIN IAN CORNELIUS
5,000,000
2.82
MR KA KUEN DOMINIC SUM
3,750,000
2.11
ARADIA SF PTY LTD
3,750,000
2.11
MR ANTHONY ROBERT FREDERICK MASLIN &
MRS MARITE NICOLE NORRIS
3,000,000
1.69
ICE COLD INVESTMENTS PTY LTD
2,500,000
1.41
MADORA FUTURE PTY LTD
2,500,000
1.41
SEAMUS IAN CORNELIUS
2,500,000
1.41
LIQUIDITY TECHNOLOGY PTY LTD
2,500,000
1.41
BILGOLA NOMINEES PTY LIMITED
2,500,000
1.41
BEN COLE
2,500,000
1.41
RIYA INVESTMENTS PTY LTD
2,000,000
1.13
MCALPINE WA SUPER PTY LTD
AS TRUSTEE FOR THE S&L MCALPINE SUPERANNUATION FUND
2,000,000
1.13
MS SERENE LIM & MR NICHOLAS RUSSELL WARD
2,000,000
1.13
Total
127,725,001
85.99
Balance of register
49,606,615
14.01
Grand total
177,331,616
100.00
Performance Rights
The Company has the following performance rights to acquire fully paid ordinary shares (1 for 1 basis) on
issue:
Tranche
Number of Rights
Expiry Date
Vested and
Exercisable
Tranche A
169,196
11/12/2022
169,196
Tranche B
155,100
12/12/2022
155,100
324,296
324,296