XML 21 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Other Income
 6 Months Ended
Mar. 31, 2021
Other Income  
Other Income
Note 3   Other Income

 

Grant Income

 

During the six months ended March 31, 2021, the Company received $497,931 of a $995,862 research grant awarded by the Michael J. Fox Foundation for Parkinson’s Research. The grant will be used to fund a clinical trial in the Company’s lead compound, ANAVEX®2-73 for the treatment of Parkinson’s disease.

 

The grant income is being deferred when received and amortized to other income as the related research and development expenditures are incurred. During the three and six months ended March 31, 2021, the Company recognized $10,820 and $10,820, respectively (2020: $0 and $0, respectively) of this grant on its statements of operations within grant income.

 

During the year ended September 30, 2017, the Company was awarded grant funding in the amount of $597,886. The grant was received in equal quarterly installments over a period of two years ending during the year ended September 30, 2020, in exchange for a commitment to complete clinical testing for a therapeutic drug candidate for the treatment of Rett syndrome.

 

The grant income was deferred when received and amortized to other income as the related research and development expenditures were incurred. During the three and six months ended March 31, 2020, the Company recognized $74,944 and $149,888, respectively of this grant on its statements of operations within grant income.

 

Research and Development Incentive Income

 

Research and development incentive income represents the receipt by the Company’s Australian subsidiary, of the Australian research and development incentive credit, (the “ATO R&D Credit”).

 

During the three and six months ended March 31, 2021, the Company recorded research and development incentive income of $960,879 (AUD 1,244,133) and $2,230,195 (AUD 2,980,095) (2020: $717,328 (AUD 1,203,000) and $1,660,543 (AUD 2,548,000)), respectively, in respect of the ATO R&D Credit for eligible research and development expenses incurred during the period.