Fair value measurement (Tables)

12 Months Ended

Jun. 30, 2022

As at 30 June 2022, the carrying value of all of the Group’s financial liabilities represented a reasonable approximation of the fair value of such liabilities.

Consolidated – 30 June 2021 (restated*)	Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000

Financial Liabilities
Embedded derivative – SAFE (issued 28 October 2020)		-		-		7,424		7,424
Embedded derivative – convertible note (issued 5 January 2021)		-		-		51,307		51,307
Embedded derivative – convertible note (issued on 1 April 2021)		-		-		37,990		37,990
Total liabilities		-		-		96,721		96,721

Movements in Level 3 Liabilities

Movements in level 3 liabilities during the current and previous financial year are set out below:

	Embedded derivatives			Total
Consolidated	US$’000			US$’000

Balance as at 1 July 2020		-			-
Fair value of embedded derivatives at issuance date		52,029			52,029
Loss recognized in profit and loss		44,692			44,692

Balance as at 30 June 2021		96,721			96,721
Fair value of embedded derivatives at issuance date		65,311			65,311
Loss recognized in profit and loss		390,743			390,743
Embedded derivatives converted to Equity on 16 November 2022		(552,775	)		(552,775	)

Balance as at 30 June 2022		-			-