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INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 12 Months Ended
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Jun. 30, 2022
INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 7. INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 7.1. Cash and cash equivalents ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Cash at bank and on hand | ​ | 32,912,886 | ​ | 28,327,569 | ​ | 20,176,452
Money market funds | ​ | 562,380 | ​ | 7,718,544 | ​ | 22,346,409
​ |  | 33,475,266 |  | 36,046,113 |  | 42,522,861
​ 7.2. Other financial assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Current |  |  |  |  | ​ |
Restricted short-term deposits |  | 265,123 |  | 425,976 | ​ | 4,390,458
US Treasury bills | ​ | — | ​ | 7,885,937 | ​ | 7,768,410
Other investments |  | 5,136,010 |  | 2,849,485 | ​ | 1,277,525
​ |  | 5,401,133 |  | 11,161,398 | ​ | 13,436,393
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Non-current |  |  |  |  |  |
Shares of Bioceres S.A. |  | 444,870 |  | 355,251 |  | 321,705
Other investments |  | 174,971 |  | 742,211 |  | 998
​ |  | 619,841 |  | 1,097,462 |  | 322,703
​ Variations in the allowance for uncollectible trade receivables are reported in Note 7.18. The book value is reasonably approximate to the fair value given its short-term nature. The book value is reasonably approximate to the fair value given its short-term nature.
7.3. | Trade receivables
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Current | ​ | ​ | ​ | ​ | ​ | ​
Trade debtors | ​ | 111,950,965 | ​ | 87,709,287 | ​ | 53,047,035
Allowance for impairment of trade debtors |  | (7,142,252) |  | (5,858,503) |  | (3,886,832)
Shareholders and other related parties (Note 17) |  | 640,258 |  | — |  | 1,090,004
Allowance for impairment of shareholders and other related parties (Note 17) |  | — |  | — |  | (768)
Allowance for credit notes to be issued |  | (1,961,463) |  | (2,987,398) |  | (2,285,197)
Trade debtors - Joint ventures and associates (Note 17) |  | 22,429 |  | 221,048 |  | 120,992
Deferred checks |  | 8,242,373 |  | 9,699,738 |  | 25,461,399
​ |  | 111,752,310 |  | 88,784,172 |  | 73,546,633
Non-current | ​ | ​ | ​ | ​ | ​ | ​
Trade debtors | ​ | 200,412 | ​ | 135,739 | ​ | —
​ | ​ | 200,412 | ​ | 135,739 | ​ | —
​ The book value is reasonably approximate to the fair value given its short-term nature.
7.4. | Other receivables
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Current |  |  |  |  |  |
Taxes |  | 9,071,643 |  | 6,048,533 |  | 2,205,342
Receivables for PPE sales |  | 1,734,281 |  | — |  | —
Other receivables - Other related parties (Note 17) |  | 1,182 |  | 1,547 |  | 2,102
Other receivables - Parents companies and related parties to Parents (Note 17) |  | — |  | 770,549 |  | 102,069
Other receivables - Joint ventures and associates (Note 17) |  | 2,987,765 |  | 2,219,863 |  | 1,562,340
Prepayments to suppliers |  | 4,648,164 |  | 1,646,614 |  | 379,914
Prepayments to suppliers - Shareholders and other related parties (Note 17) |  | — |  | 132,625 |  | 81,737
Reimbursements over exports |  | 10,549 |  | 10,547 |  | 29,077
Prepaid expenses and other receivables |  | 1,110 |  | 1,021 |  | 128,650
Loans receivables |  | 230,000 |  | 230,000 |  | 230,000
Miscellaneous | ​ | 642,890 | ​ | 92,406 | ​ | 49,441
​ |  | 19,327,584 |  | 11,153,705 |  | 4,770,672
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Non-current |  |  |  |  |  |
Taxes |  | 218,159 |  | 862,771 |  | 328,701
Reimbursements over exports |  | 2,036,040 |  | 1,680,371 |  | 1,293,958
Miscellaneous |  | — |  | — |  | 80,914
​ |  | 2,254,199 |  | 2,543,142 |  | 1,703,573
​ The book value of financial instruments in this note is reasonable.
7.5. | Inventories
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Seeds |  | 1,183,915 |  | 404,774 |  | 1,300,998
Resale products |  | 35,080,737 |  | 21,368,521 |  | 13,843,157
Manufactured products | ​ | 21,725,042 | ​ | 10,902,683 | ​ | 8,079,553
Goods in transit |  | 4,340,232 |  | 1,169,303 |  | 1,292,239
Supplies |  | 17,534,434 |  | 6,320,594 |  | 5,930,471
Agricultural products |  | 47,284,512 |  | 21,984,626 |  | —
Allowance for obsolescence | ​ | (1,104,750) | ​ | (1,112,950) | ​ | (1,107,870)
​ |  | 126,044,122 |  | 61,037,551 |  | 29,338,548
​ The roll-forward of allowance for obsolescence is in Note 7.18. Inventories recognized as an expense during the years ended June 30, 2022, 2021 and 2020 amounted to $190,283,802 , $102,369,869 and $86,179,252, respectively. Those expenses were included in cost of sales. 7.6.Biological assets HB4® Program Bioceres’ HB4 Program is an identity-preserved production system for growing drought-tolerant soy and wheat. It has multiple objectives, which include expanding Bioceres’ seed inventories, allowing growers to field test Bioceres’ HB4 technology, providing fields for product demonstrations and validating the products’ regional positioning. HB4 seed varieties produced through the program are commercialized as an integrated product. The seed treatment process to produce the integrated seed product utilizes customized microbial solutions for seed nutrition and protection, including biological fungicides. For HB4 Soy, inoculants are also integrated, including last generation microbiological formulations that ensures greater microorganism survival over the seed, greater nodular dry mass, and better biological fixation of nitrogen. In addition to providing the integrated seed solution for planting, the HB4 program comprises Bioceres’ next-generation crop nutrition and protection technologies for growing both crops. The HB4 program also includes digital apps that give growers access to satellite-based images and data for monitoring crop health, soil conditions and weather, information that helps optimize crop yields. In addition to generating extensive and detailed data from each grower’s HB4 production fields, Bioceres is applying and leveraging data science and blockchain technology throughout the value chain - in crop storage, logistics and processing in order to guarantee HB4 identity and a complete farm-to-fork traceability. Joint operation with Espartina S.A. On November 15, 2021, Rizobacter Argentina S.A., a subsidiary of the Company, entered into an agreement with Espartina S.A. (“Espartina”) to share its business of producing grain crops. The joint operation is classified as a joint agreement as established in IFRS 11, while the parties are entitled to the assets and obligations over the related liabilities. Rizobacter Argentina S.A. recognizes as a joint operator, in relation to its participation, assets, liabilities, income and expenses. The production obtained is distributed according to the contributions made by each party. The in-kind contributions made during the period amount to $1.6 million. Each party decides the means of commercialization and the destination of the grains produced. Under the agreement, Rizobacter provides inputs and money necessary for producing the grains and according to the established participation percentages. For its participation, Espartina contributes all cultivation practices in fields, inputs not provided by Rizobacter, and all administrative expenses related to production. Changes in Biological assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Soybean |  | Corn |  | Wheat |  | Sunflower |  | Barley |  | Total
Beginning of the year |  | 54,162 |  | 27,646 |  | 2,230,959 |  | — |  | 3,071 |  | 2,315,838
Initial recognition and changes in the fair value of biological assets at the point of harvest |  | 3,539,061 |  | 1,088,089 |  | 1,601,002 |  | 31,042 |  | 128,836 |  | 6,388,030
Costs incurred during the year |  | 10,888,076 |  | 756,821 |  | 20,623,599 |  | 31,812 |  | 83,356 |  | 32,383,664
Exchange differences |  | 122,077 |  | 6,996 |  | 564,649 |  | 296 |  | 776 |  | 694,794
Decrease due to harvest |  | (14,603,376) |  | (1,879,552) |  | (24,975,796) |  | (63,150) |  | (203,139) |  | (41,725,013)
Year ended June 30, 2022 |  | — |  | — |  | 44,413 |  | — |  | 12,900 |  | 57,313
​ The closing balances as of June 30, 2021 of HB4 Soy and HB4 Wheat are included as opening balances for the year ended June 30, 2022 in the Soy and Wheat columns, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Soybean |  | Corn |  | Wheat |  | Barley |  | HB4 Soy |  | HB4 Wheat |  | Total
Beginning of the year |  | 105,101 |  | 271,754 |  | 45,639 |  | 34,050 |  | — |  | 509,184 |  | 965,728
Initial recognition and changes in the fair value of biological assets at the point of harvest |  | 981,551 |  | 250,443 |  | 284,903 |  | 35,847 |  | 741,799 |  | 531,712 |  | 2,826,255
Costs incurred during the year |  | 252,504 |  | 417,586 |  | 241,610 |  | 37,115 |  | 17,716,018 |  | 7,053,929 |  | 25,718,762
Exchange differences |  | (113,718) |  | (153,795) |  | (65,797) |  | (16,876) |  | (2,823,643) |  | (1,153,734) |  | (4,327,563)
Decrease due to harvest |  | (1,171,276) |  | (758,342) |  | (484,044) |  | (87,065) |  | (15,634,174) |  | (4,732,443) |  | (22,867,344)
Year ended June 30, 2021 |  | 54,162 |  | 27,646 |  | 22,311 |  | 3,071 |  | — |  | 2,208,648 |  | 2,315,838
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Soybean |  | Corn |  | Wheat |  | Barley |  | HB4 Wheat |  | Total
Beginning of the year |  | 237,723 |  | 32,856 |  | — |  | — |  | — | ​ | 270,579
Initial recognition and changes in the fair value of biological assets |  | 198,932 |  | 252,056 |  | 202,543 |  | 63,210 |  | — | ​ | 716,741
Decrease due to harvest |  | (447,132) |  | (252,372) |  | (227,303) |  | (59,626) |  | — | ​ | (986,433)
Cost incurred during the year |  | 284,951 |  | 314,950 |  | 87,615 |  | 38,033 |  | 509,184 | ​ | 1,234,733
Exchange differences |  | (169,373) |  | (75,736) |  | (17,216) |  | (7,567) |  | — | ​ | (269,892)
Year ended June 30, 2020 |  | 105,101 |  | 271,754 |  | 45,639 |  | 34,050 |  | 509,184 | ​ | 965,728
​ 7.7.Property, plant and equipment Property, plant and equipment as of June 30, 2022, 2021 and 2020, included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Gross carrying amount |  | 71,521,454 |  | 63,974,402 |  | 54,527,392
Accumulated depreciation |  | (21,613,129) |  | (16,019,806) |  | (13,012,286)
Net carrying amount |  | 49,908,325 |  | 47,954,596 |  | 41,515,106
​ 1. Net carrying amount for each class of assets is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net carrying | ​ | Net carrying | ​ | Net carrying
​ | ​ | amount | ​ | amount | ​ | amount
Class |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Office equipment | ​ | 269,538 | ​ | 288,920 | ​ | 188,280
Vehicles | ​ | 2,665,074 | ​ | 1,835,634 | ​ | 1,149,455
Equipment and computer software |  | 231,676 |  | 67,105 |  | 32,448
Fixtures and fittings |  | 3,546,919 |  | 2,967,431 |  | 3,679,075
Machinery and equipment |  | 5,811,960 |  | 5,125,728 |  | 5,449,233
Land and buildings |  | 34,240,384 |  | 35,674,513 |  | 29,746,076
Buildings in progress |  | 3,142,774 |  | 1,995,265 |  | 1,270,539
Total |  | 49,908,325 |  | 47,954,596 |  | 41,515,106
​ 2. Gross carrying amount as of June 30, 2022 is as follows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | ​
​ | ​ | beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | currency | ​ | ​ | ​ | As of the
Class |  | of the year |  | Additions |  | Transfers |  | Disposals |  | translation |  | Revaluation |  | end of the year
Office equipment | ​ | 762,825 | ​ | 35,039 | ​ | — | ​ | — | ​ | 110,140 | ​ | — | ​ | 908,004
Vehicles | ​ | 3,512,217 | ​ | 1,113,557 | ​ | 8,238 | ​ | (233,674) | ​ | 861,641 | ​ | — | ​ | 5,261,979
Equipment and computer software | ​ | 592,126 | ​ | 235,216 | ​ | — | ​ | (59,016) | ​ | 157,023 | ​ | — | ​ | 925,349
Fixtures and fittings |  | 5,637,943 |  | — |  | 397,628 |  | (13) |  | 1,570,831 |  | — |  | 7,606,389
Machinery and equipment |  | 9,987,811 |  | 656,043 |  | 86,945 |  | (46,303) |  | 2,333,334 |  | — |  | 13,017,830
Land and buildings |  | 41,486,215 |  | — |  | 188,222 |  | (1,345,352) |  | 9,458,810 |  | (9,128,766) |  | 40,659,129
Buildings in progress |  | 1,995,265 |  | 1,418,935 |  | (681,033) |  | (427,093) |  | 836,700 |  | — |  | 3,142,774
Total |  | 63,974,402 |  | 3,458,790 |  | — |  | (2,111,451) |  | 15,328,479 |  | (9,128,766) |  | 71,521,454
​ Transfers corresponds to reclassifications to leased assets from finance leases assets. ​ 3. Accumulated depreciation as of June 30, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Depreciation
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | ​ | ​ | currency | ​ | ​ | ​ | as of the end
Class |  | the year |  | Disposals |  | Of the year |  | translation |  | Revaluation |  | of the year
Office equipment |  | 473,905 |  | — |  | 55,420 |  | 109,141 |  | — |  | 638,466
Vehicles |  | 1,676,583 |  | (211,024) |  | 956,409 |  | 174,937 |  | — |  | 2,596,905
Equipment and computer software |  | 525,021 |  | (58,667) |  | 136,708 |  | 90,611 |  | — |  | 693,673
Fixtures and fittings |  | 2,670,512 |  | — |  | 728,528 |  | 660,430 |  | — |  | 4,059,470
Machinery and equipment |  | 4,862,083 |  | (5,016) |  | 1,169,606 |  | 1,179,197 |  | — |  | 7,205,870
Land and buildings |  | 5,811,702 |  | — |  | 722,334 |  | 1,453,483 |  | (1,568,774) |  | 6,418,745
Total |  | 16,019,806 |  | (274,707) |  | 3,769,005 |  | 3,667,799 |  | (1,568,774) |  | 21,613,129
​ 4. Gross carrying amount as of June 30, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | ​ | ​ | ​ | ​ | Additions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of the | ​ | ​ | ​ | from | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | ​
​ | ​ | beginning | ​ | ​ | ​ | business | ​ | ​ | ​ | ​ | ​ | currency | ​ | ​ | ​ | As of the
Class |  | of year |  | Additions |  | combination |  | Transfers |  | Disposals |  | translation |  | Revaluation |  | end of year
Office equipment | ​ | 579,882 | ​ | 66,331 | ​ | 5,491 | ​ | — | ​ | (5,622) | ​ | 116,743 | ​ | — | ​ | 762,825
Vehicles | ​ | 2,977,542 | ​ | 987,101 | ​ | 466,024 | ​ | — | ​ | (1,045,656) | ​ | 127,206 | ​ | — | ​ | 3,512,217
Equipment and computer software | ​ | 465,679 | ​ | 66,263 | ​ | 13,952 | ​ | — | ​ | — | ​ | 46,232 | ​ | — | ​ | 592,126
Fixtures and fittings | ​ | 5,480,431 | ​ | 50,976 | ​ | — | ​ | 85,490 | ​ | — | ​ | 21,046 | ​ | — | ​ | 5,637,943
Machinery and equipment |  | 9,054,701 |  | 604,307 |  | — | ​ | — |  | (10,240) |  | 339,043 |  | — |  | 9,987,811
Land and buildings |  | 34,698,618 |  | — |  | 1,466,578 | ​ | 2,517,158 |  | — |  | 4,022,972 |  | (1,219,111) |  | 41,486,215
Buildings in progress |  | 1,270,539 |  | 1,030,847 |  | — | ​ | (438,492) |  | — |  | 132,371 |  | — |  | 1,995,265
Total |  | 54,527,392 |  | 2,805,825 |  | 1,952,045 | ​ | 2,164,156 |  | (1,061,518) |  | 4,805,613 |  | (1,219,111) |  | 63,974,402
​ 5. Accumulated depreciation as of June 30, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Depreciation
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Accumulated
​ | ​ | beginning of | ​ | Disposals / | ​ | ​ | ​ | currency | ​ | ​ | ​ | as of the end
Class |  | year |  | Transfers |  | Of the year |  | translation |  | Revaluation |  | of year
Office equipment | ​ | 391,602 | ​ | (3,265) | ​ | 45,174 | ​ | 40,394 | ​ | — | ​ | 473,905
Vehicles | ​ | 1,828,087 | ​ | (974,102) | ​ | 689,273 | ​ | 133,325 | ​ | — | ​ | 1,676,583
Equipment and computer software | ​ | 433,231 | ​ | — | ​ | 50,949 | ​ | 40,841 | ​ | — | ​ | 525,021
Fixtures and fittings | ​ | 1,801,356 | ​ | — | ​ | 683,537 | ​ | 185,619 | ​ | — | ​ | 2,670,512
Machinery and equipment |  | 3,605,468 |  | (10,239) |  | 898,522 |  | 368,332 |  | — |  | 4,862,083
Land and buildings |  | 4,952,542 |  | — |  | 681,084 |  | 517,991 |  | (339,915) |  | 5,811,702
Total |  | 13,012,286 |  | (987,606) |  | 3,048,539 |  | 1,286,502 |  | (339,915) |  | 16,019,806
​ 6. Gross carrying amount as of June 30, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | ​
​ | ​ | beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | currency | ​ | ​ | ​ | As of the
Class |  | of year |  | Additions |  | Transfers |  | Disposals |  | translation |  | Revaluation |  | end of year
Office equipment | ​ | 629,119 | ​ | 42,658 | ​ | — | ​ | — | ​ | (91,895) | ​ | — | ​ | 579,882
Vehicles | ​ | 3,604,537 | ​ | 248,800 | ​ | (264,069) | ​ | (139,369) | ​ | (472,357) | ​ | — | ​ | 2,977,542
Equipment and computer software | ​ | 955,657 | ​ | 27,961 | ​ | (375,242) | ​ | — | ​ | (142,697) | ​ | — | ​ | 465,679
Fixtures and fittings | ​ | 6,438,430 | ​ | 14,985 | ​ | 20,801 | ​ | — | ​ | (993,785) | ​ | — | ​ | 5,480,431
Machinery and equipment |  | 10,233,501 |  | 556,693 |  | (598,561) |  | — |  | (1,136,932) |  | — |  | 9,054,701
Land and buildings |  | 34,530,114 |  | 3,261 |  | 36,487 |  | — |  | (4,772,065) |  | 4,900,821 |  | 34,698,618
Buildings in progress |  | 668,614 |  | 752,339 |  | (57,288) |  | — |  | (93,126) |  | — |  | 1,270,539
Total |  | 57,059,972 |  | 1,646,697 |  | (1,237,872) |  | (139,369) |  | (7,702,857) |  | 4,900,821 |  | 54,527,392
​ 7. Accumulated depreciation as of June 30, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Depreciation
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Accumulated
​ | ​ | beginning of | ​ | Disposals/ | ​ | ​ | ​ | currency | ​ | ​ | ​ | as of the end
Class |  | year |  | Transfers |  | Of the year |  | translation |  | Revaluation |  | of year
Office equipment | ​ | 415,682 | ​ | — | ​ | 35,879 | ​ | (59,959) | ​ | — | ​ | 391,602
Vehicles | ​ | 1,818,836 | ​ | (173,482) | ​ | 426,623 | ​ | (243,890) | ​ | — | ​ | 1,828,087
Equipment and computer software | ​ | 832,185 | ​ | (307,816) | ​ | 28,170 | ​ | (119,308) | ​ | — | ​ | 433,231
Fixtures and fittings |  | 1,701,034 | ​ | — | ​ | 338,092 | ​ | (237,770) | ​ | — | ​ | 1,801,356
Machinery and equipment |  | 3,896,810 |  | (279,322) |  | 553,399 | ​ | (565,419) |  | — |  | 3,605,468
Land and buildings |  | 4,560,877 |  | — |  | 627,973 | ​ | (604,216) |  | 367,908 |  | 4,952,542
Total |  | 13,225,424 |  | (760,620) |  | 2,010,136 | ​ | (1,830,562) |  | 367,908 |  | 13,012,286
​ The depreciation charge is included in Notes 8.3 and 8.4.The Group has no commitments to purchase property, plant and equipment items. A detail of restricted assets is provided in Note 20. Revaluation of property, plant and equipment At a minimum, the Group updates their assessment of the fair value of its land and buildings at the end of each reporting year (after the revaluation policy was adopted), taking into account the most recent independent valuations and market data. Valuations were performed at June 30, 2022. Management determined the property, plant and equipment’s value within a range of reasonable fair value estimates. All resulting fair value estimates for properties are included in level 3. The following are the carrying amounts that would have been recognized if land and building were stated at cost. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Value at cost
Class of property |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Land and buildings |  | 20,661,443 |  | 17,937,729 |  | 12,549,876
​
7.8. | Intangible assets
Intangible assets as of June 30, 2022, 2021 and 2020 included the following ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Gross carrying amount |  | 94,229,557 |  | 78,019,203 |  | 42,832,837
Accumulated amortization |  | (17,524,688) |  | (10,676,841) |  | (7,499,373)
Net carrying amount |  | 76,704,869 |  | 67,342,362 |  | 35,333,464
​ Net carrying amount of each class of intangible assets is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net carrying | ​ | Net carrying | ​ | Net carrying
​ | ​ | amount | ​ | amount | ​ | amount
Class |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Seed and integrated products |  |  |  |  |  |
HB4 soy and breeding program |  | 29,802,534 |  | 27,611,142 |  | 7,345,923
Integrated seed products |  | 3,137,158 |  | 2,558,220 |  | 2,296,955
Crop nutrition |  | ​ |  | ​ |  | ​
Microbiological products |  | 5,792,348 |  | 3,996,657 |  | 2,503,631
Other intangible assets |  | ​ |  | ​ |  | ​
Trademarks and patents |  | 8,267,041 |  | 6,923,256 |  | 6,374,782
Software |  | 2,167,985 |  | 1,849,041 |  | 686,965
Customer loyalty |  | 22,537,803 |  | 19,404,046 |  | 16,125,208
RG/RS/OX Wheat | ​ | 5,000,000 | ​ | 5,000,000 | ​ | —
Total |  | 76,704,869 |  | 67,342,362 |  | 35,333,464
​ 1. Gross carrying amount as of June 30, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | Foreign | ​ | ​
​ | ​ | beginning of | ​ | ​ | ​ | currency | ​ | As of the end
Class |  | the year |  | Additions |  | translation |  | of the year
Seed and integrated products | ​ |  | ​ |  | ​ |  | ​ |
HB4 soy and breeding program | ​ | 27,611,142 | ​ | 3,759,946 | ​ | — | ​ | 31,371,088
Integrated seed products | ​ | 2,558,220 | ​ | — | ​ | 622,935 | ​ | 3,181,155
Crop nutrition |  | — |  | ​ |  | ​ |  | ​
Microbiological products |  | 6,037,680 |  | 1,389,738 |  | 1,428,003 |  | 8,855,421
Other intangible assets |  | — |  | ​ |  | ​ |  | ​
Trademarks and patents |  | 9,824,171 |  | — |  | 2,358,874 |  | 12,183,045
Software |  | 3,784,593 |  | 389,039 |  | 1,002,741 |  | 5,176,373
Customer loyalty |  | 23,203,397 |  | — |  | 5,259,078 |  | 28,462,475
RG/RS/OX Wheat |  | 5,000,000 |  | — |  | — |  | 5,000,000
Total |  | 78,019,203 |  | 5,538,723 |  | 10,671,631 |  | 94,229,557
​ 2. Accumulated amortization as of June 30, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortization
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of | ​ | ​ | ​ | ​ | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | Foreign currency | ​ | as of the end
Class |  | the year |  | Of the year |  | translation |  | of the year
Seed and integrated products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HB4 soy and breeding program | ​ | — | ​ | 1,568,554 | ​ | — | ​ | 1,568,554
Integrated seed products | ​ | — | ​ | 43,997 | ​ | — | ​ | 43,997
Crop nutrition | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Microbiological products | ​ | 2,041,023 | ​ | 505,133 | ​ | 516,917 | ​ | 3,063,073
Other intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trademarks and patents |  | 2,900,915 |  | 277,990 |  | 737,099 |  | 3,916,004
Software |  | 1,935,552 |  | 591,077 |  | 481,759 |  | 3,008,388
Customer loyalty |  | 3,799,351 |  | 1,174,641 |  | 950,680 |  | 5,924,672
Total |  | 10,676,841 |  | 4,161,392 |  | 2,686,455 |  | 17,524,688
​ 3. Gross carrying amount as of June 30, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | ​ | ​ | ​ | ​ | Additions | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of the | ​ | ​ | ​ | from | ​ | ​ | ​ | Foreign | ​ | ​
​ | ​ | beginning of | ​ | ​ | ​ | business | ​ | Transfers / | ​ | currency | ​ | As of the
Class |  | year |  | Additions |  | combination |  | Disposals |  | translation |  | end of year
Seed and integrated products | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |
HB4 soy and breeding program (1) | ​ | 7,345,923 | ​ | 20,471,002 | ​ | — | ​ | (205,783) | ​ | — | ​ | 27,611,142
Integrated seed products | ​ | 2,296,955 | ​ | — | ​ | — | ​ | — | ​ | 261,265 | ​ | 2,558,220
Crop nutrition | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Microbiological products |  | 3,867,593 |  | 1,791,008 |  | — | ​ | (51,716) |  | 430,795 |  | 6,037,680
Other intangible assets |  |  |  |  |  |  | ​ |  |  |  |  |
Trademarks and patents |  | 8,432,746 |  | 4,834 |  | 499,329 | ​ | — |  | 887,262 |  | 9,824,171
Software |  | 2,088,929 |  | 2,205,796 |  | — | ​ | (711,441) |  | 201,309 |  | 3,784,593
Customer loyalty | ​ | 18,800,691 | ​ | — | ​ | 2,424,568 | ​ | — | ​ | 1,978,138 | ​ | 23,203,397
GLA/ARA safflower (Note 6) | ​ | — | ​ | 2,931,699 | ​ | — | ​ | (2,931,699) | ​ | — | ​ | —
RG/RS/OX Wheat (Note 6) |  | — |  | 5,000,000 |  | — | ​ | — |  | — |  | 5,000,000
Total |  | 42,832,837 |  | 32,404,339 |  | 2,923,897 | ​ | (3,900,639) |  | 3,758,769 |  | 78,019,203
(1)Of the total additions, $18.4 million are associated with Arcadia’s transaction mentioned in Note 6. 4. Accumulated amortization as of June 30, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortization
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of | ​ | ​ | ​ | Foreign | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | currency | ​ | as of the end of
Class |  | year |  | Of the year |  | translation |  | year
Crop nutrition | ​ |  | ​ |  | ​ |  | ​ |
Microbiological products | ​ | 1,363,962 | ​ | 523,992 | ​ | 153,069 | ​ | 2,041,023
Other intangible assets | ​ |  | ​ |  | ​ |  | ​ |
Trademarks and patents | ​ | 2,057,964 | ​ | 626,420 | ​ | 216,531 | ​ | 2,900,915
Software |  | 1,401,964 |  | 396,207 |  | 137,381 |  | 1,935,552
Customer loyalty |  | 2,675,483 |  | 842,363 |  | 281,505 |  | 3,799,351
Total |  | 7,499,373 |  | 2,388,982 |  | 788,486 |  | 10,676,841
​ 5. Gross carrying amount as of June 30, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​
​ | ​ | beginning of | ​ | ​ | ​ | ​ | ​ | currency | ​ | As of the
Class |  | year |  | Additions |  | Disposals |  | translation |  | end of year
Seed and integrated products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HB4 soy and breeding program | ​ | 6,120,336 | ​ | 1,225,587 | ​ | — | ​ | — | ​ | 7,345,923
Integrated seed products | ​ | 2,627,946 | ​ | 38,143 | ​ | — | ​ | (369,134) | ​ | 2,296,955
Crop nutrition | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Microbiological products |  | 3,267,200 |  | 1,358,315 |  | (286,496) |  | (471,426) |  | 3,867,593
Other intangible assets |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Trademarks and patents |  | 9,810,822 |  | — |  | — |  | (1,378,076) |  | 8,432,746
Software |  | 2,149,340 |  | 233,434 |  | — |  | (293,845) |  | 2,088,929
Customer loyalty |  | 21,873,093 |  | — |  | — |  | (3,072,402) |  | 18,800,691
Total |  | 45,848,737 |  | 2,855,479 |  | (286,496) |  | (5,584,883) |  | 42,832,837
​ 6. Accumulated amortization as of June 30, 2020, is as follows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortization
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | ​ | ​ | currency | ​ | as of the end of
Class |  | year |  | Of the period |  | Disposals |  | translation |  | year
Crop nutrition |  |  | ​ |  | ​ |  | ​ |  | ​ |
Microbiological products |  | 1,059,083 | ​ | 471,135 | ​ | (17,495) | ​ | (148,761) | ​ | 1,363,962
Other intangible assets |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trademarks and patents |  | 1,747,174 | ​ | 556,206 | ​ | — | ​ | (245,416) | ​ | 2,057,964
Software |  | 1,154,617 |  | 399,090 |  | — |  | (151,743) |  | 1,401,964
Customer loyalty |  | 2,271,437 |  | 723,103 |  | — |  | (319,057) |  | 2,675,483
Total |  | 6,232,311 |  | 2,149,534 |  | (17,495) |  | (864,977) |  | 7,499,373
​ The amortization charge is included in Notes 8.3 and 8.4. There are no intangibles assets whose use has been restricted or which have been delivered as a guarantee. The Group has not assumed any commitments to acquire new intangibles. Estimates There is an inherent material uncertainty related to Management’s estimation of the ability of the Group to recover the carrying amounts of internally generated intangible assets related to biotechnology projects because it is dependent upon Group`s ability to raise sufficient funds to complete the projects development, the future outcome of the regulatory process, and the timing and amount of the future cash flows generated by the projects, among other future events. Management’s estimations about the demonstrability of the recognition criteria for these assets and the subsequent recoverability represent the best estimate that can be made based on all the available evidence, existing facts and circumstances and using reasonable and supportable assumptions in cash flow projections. Therefore, the Consolidated financial statements do not include any adjustments that would result if the Group were unable to recover the carrying amount of the above-mentioned assets through the generation of enough future economic benefits.
7.9. | Goodwill
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Rizobacter Argentina S.A. |  | 28,080,271 |  | 22,277,336 |  | 20,094,633
Bioceres Crops S.A. |  | 7,523,324 |  | 6,003,780 |  | 5,432,222
Insumos Agroquímicos S.A. | ​ | 470,090 | ​ | 470,090 | ​ | —
​ |  | 36,073,685 |  | 28,751,206 |  | 25,526,855
​ The Group is required to test whether goodwill has suffered any impairment on an annual basis. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the determination of a discount rate in order to calculate the present value of the cash flows. Rizobacter CGU. This CGU is composed of all revenues collected through Rizobacter from the production and sale of proprietary and third-party products, both in the domestic and international markets. Additionally, Rizobacter generates revenue from the formulation, fragmentation and resale of third-party products. Among the main groups of products are i) microbiological products (bio-inductors/inoculants, biological fertilizers and bio-controllers); ii) crop and seed protection (treatments, adjuvants, baits, stored grains and seed treatment); and iii) crop nutrition (fertilizers). Packs are generally a combination of a microbiological product (bio-inductors/inoculants) with a crop and seed protection product (treatments). Bioceres Crops CGU. This CGU is composed of the expected revenues from the commercialization of intensive R&D products that previously were allocated on the equity participation. Insuagro CGU. This CGU is composed of all revenues collected through Insuagro from the production and sale of proprietary and third-party products, both in the domestic markets. Management has made the estimates considering the cash flow projections projected by the management and third-party valuation reports on the assets, intangible assets and liabilities assumed. The key assumptions utilized are the following: ​
Key assumption |  | Management’s approach
--- | --- | ---
Discount rate | ​ | The discount rate used ranges was 17% for Rizobacter and Bioceres Crops and 22% for Insuagro. The weighted average cost of capital (“WACC”) rate has been estimated based on the market capital structure. For the cost of debt, the indebtedness cost of the CGUs was used. For the cost of equity, the discount rate is estimated based on the Capital Asset Pricing Model (CAPM). The value assigned is consistent with external sources of information.
Budgeted market share of joint ventures and other customers | ​ | The projected revenue from the products and services of the CGUs has been estimated by the management based on market penetration data for comparable products and technologies and on future expectations of foreseen economic and market conditions. The value assigned is consistent with external sources of information.
Budgeted product prices | ​ | The prices estimated in the revenue projections are based on current and projected market prices for the products and services of the CGUs The value assigned is consistent with external sources of information.
Growth rate used to extrapolate future cash flow projections to terminal period | ​ | The growth rate used to extrapolate the future cash flow projections to terminal period is 2%. The value assigned is consistent with external sources of information.
​ Management believes that any reasonably possible change in any of these key assumptions would not cause the aggregate carrying amount of the CGU to exceed its recoverable amount. The variations in goodwill occurred during the years, besides the addition of Insuagro CGU, correspond to translation differences. There have been no goodwill impairment indicators.
7.10. | Trade and other payables
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Trade creditors |  | 94,653,017 |  | 51,389,515 |  | 37,139,351
Shareholders and other related parties (Note 17) |  | 44,579 |  | 52,864 |  | 1,031,710
Trade creditors - Parent company (Note 17) |  | 670,730 |  | 193,718 |  | 2,210,308
Trade creditors - Joint ventures and associates (Note 17) |  | 29,082,325 |  | 17,669,027 |  | 14,409,853
Taxes |  | 1,265,771 |  | 2,556,945 |  | 2,163,552
Miscellaneous |  | 133,198 |  | 229,339 |  | 335,088
​ |  | 125,849,620 |  | 72,091,408 |  | 57,289,862
​ The book value of financial instruments in this note is reasonable. 7.11. Borrowings ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Current | ​ | ​ | ​ | ​ | ​ | ​
Bank overdrafts |  | — |  | 32,838 |  | 73,362
Bank borrowings |  | 48,305,535 |  | 33,684,287 |  | 47,646,912
Corporate bonds |  | 12,845,934 |  | 24,742,752 |  | 12,611,940
Trust debt securities |  | 6,492,733 |  | 3,470,448 |  | —
Net loans payables- Parents companies and related parties to Parent (Note 17) |  | 3,657,266 |  | 3,578,921 |  | 3,389,521
Subordinated loan | ​ | — | ​ | 11,276,611 | ​ | —
​ |  | 71,301,468 |  | 76,785,857 |  | 63,721,735
Non-current |  | ​ |  | ​ |  | ​
Subordinated loan | ​ | — | ​ | — | ​ | 10,364,045
Bank borrowings |  | 9,912,901 |  | 4,161,827 |  | 3,497,671
Corporate bonds |  | 61,264,268 |  | 37,826,641 |  | 18,364,894
Net loans payables- Parent companies and related parties to Parent (Note 17) |  | 3,000,000 |  | 6,000,000 |  | 9,000,000
​ |  | 74,177,169 |  | 47,988,468 |  | 41,226,610
​ The carrying value of some borrowings as of June 30, 2022, 2021 and 2020 are measured at amortized cost differ from their fair value. The following fair values measured are based on discounted cash flows (Level 3) due to the use of unobservable inputs, including own credit risk. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 06/30/2022 | ​ | 06/30/2021 | ​ | 06/30/2020
​ | ​ | Amortized | ​ | ​ | ​ | Amortized | ​ | ​ | ​ | Amortized | ​ | ​
​ |  | cost |  | Fair value |  | cost |  | Fair value |  | cost |  | Fair value
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank borrowings |  | 48,305,535 |  | 46,589,131 |  | 33,684,287 |  | 32,770,615 |  | 47,646,912 |  | 43,046,111
Corporate Bonds |  | 12,845,934 |  | 12,467,941 |  | 24,742,752 |  | 24,085,087 |  | 12,611,940 |  | 11,997,981
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current |  | ​ |  | ​ |  |  |  |  |  |  |  |
Bank borrowings |  | 9,912,901 |  | 9,344,755 |  | 4,161,827 |  | 3,864,666 |  | 3,497,671 |  | 3,072,395
Corporate Bonds |  | 61,264,268 |  | 56,550,746 |  | 37,826,641 |  | 32,656,097 |  | 18,364,894 |  | 16,135,876
​ 7.12. Employee benefits and social security ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Current | ​ | ​ | ​ | ​ | ​ | ​
Salaries, accrued incentives, vacations and social security |  | 7,337,774 |  | 2,341,351 |  | 2,960,542
Key management personnel (Note 17) |  | 281,347 |  | 2,338,727 |  | 1,550,050
​ |  | 7,619,121 |  | 4,680,078 |  | 4,510,592
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current | ​ | ​ | ​ | ​ | ​ | ​
Key management personnel (Note 17) | ​ | — | ​ | — | ​ | 534,038
​ | ​ | — | ​ | — | ​ | 534,038
​ 7.13. Deferred revenue and advances from customers ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Advances from customers |  | 5,895,313 |  | 6,277,313 |  | 2,865,437
​ |  | 5,895,313 |  | 6,277,313 |  | 2,865,437
​ 7.14. Government grants ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
At of the beginning of the year |  | 784 |  | 3,605 |  | 10,208
Received during the year |  | 1,766 |  | 4,749 |  | 32,073
Currency conversion difference |  | (2,550) |  | (5,268) |  | (13,944)
Released to the statement of profit or loss |  | — |  | (2,302) |  | (24,732)
At the end of the year |  | — |  | 784 |  | 3,605
​ The Group received government grants to fund research and development projects, some of which are related to the acquisition of property, plant and equipment while others are related to payment for certain expenses like salaries or inputs. Grants are generally implemented through direct payments to the supplier, delivery of cash or loans at subsidized rates. There are neither unfulfilled conditions nor other contingencies attaching to government grants or government assistance. 7.15.Provisions ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Provisions for contingencies |  | 603,022 |  | 449,847 |  | 417,396
​ |  | 603,022 |  | 449,847 |  | 417,396
​ The Group has recorded a provision for probable administrative, judicial and out-of-court proceedings that could arise in the ordinary course of business, based on a prudent criterion according to its professional advisors and on Management’s assessment of the best estimate of the amount of possible claims. These potential claims are not likely to have a material impact on the results of the Group’s operations, its cash flow or financial position. Management considers that the objective evidence is not enough to determine the date of the eventual cash outflow due to a lack of experience in any similar cases. However, the provision was classified under current or non-current liabilities, applying the best prudent criterion based on Management’s estimates. There are no expected reimbursements related to the provisions. The roll forward of the provision is in Note 7.18. In order to assess the need for provisions and disclosures in its consolidated financial statements, Management considers the following factors: (i) nature of the claim and potential level of damages in the jurisdiction in which the claim has been brought; (ii) the progress of the eventual case; (iii) the opinions or views of tax and legal advisers; (iv) experience in similar cases; and (v) any decision of the Group`s management as to how it will respond to the eventual claim. 7.16.Private warrants ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020
Private warrants |  | — |  | — |  | 1,686,643
​ |  | — |  | — |  | 1,686,643
​ Private warrants did not reach the fixed-for-fixed’ condition mentioned in the subsection b) of the Note 4.13. Therefore, they were classified as a financial liability and valued at its fair value applying a simulation model of the share price trajectory under the hypothesis of geometric Brownian motion. At inception, the fair value of Private warrants using a volatility of 32% (implied volatility of Public warrants), share price of $5.35 and risk-free rate of 2.43%, was $3.4 million. As of June 30, 2019, their fair value using a share price of $5.30 and risk-free rate of 1.7631%, decrease to $2.8 million and the Group recognized a finance gain of $0.6 million. As of June 30, 2020, their fair value using a share price of $6.06 and risk-free rate of 0.29%, decrease to $1.7 million and the Group recognized a finance gain of $1.2 million. On August 24, 2020, the Company completed an offer to exchange any and all of its 24,200,000 outstanding warrants, for either 0.12 Ordinary Shares (the “Exchange Shares”) or $0.45 in cash per Warrant, without interest (the “Cash Consideration”, and together with the Exchange Shares, the “Exchange Consideration”), at the election of the holder (the “Offer”). The Offer was made upon the terms and subject to the conditions set forth in the Company’s Tender Offer Statement and Schedule 13E-3 Statement on Schedule TO, originally filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on July 27, 2020, as amended and supplemented, and the related letter of election and transmittal and other offer materials. Based on information provided by Continental Stock Transfer & Trust Company, the depositary for the Offer, a total of 21,938,774 warrants were validly tendered and not properly withdrawn prior to the expiration of the Offer. The Company accepted for exchange all such Warrants and paid an aggregate amount of approximately $115,062 of the Cash Consideration and issued an aggregate of 2,601,954 Exchange Shares in exchange for the warrants tendered. Following the Offer, the Company redeemed the 2,261,226 warrants that were not validly tendered or exchanged pursuant to the Offer for $0.405 in cash per warrant. The Company paid an aggregate amount of approximately $915,796 for these warrants. As a result of the Offer and the redemption of the warrants, the Group recognized a total financial loss of $6.2 million in “Changes in fair value of financial assets or liabilities and other financial results” (Note 8.6) as consequence of the comparison between the fair value as of June 30, 2020 and the total amount paid. 7.17. Convertible notes On March 6, 2020, we issued $42.5 million convertible notes (“Notes”) in a private placement. The Notes originally would mature on March 6, 2023 unless earlier converted or repurchased. The conversion price of the Notes was $8.00 per share (the “Strike Price”). The Notes were convertible into cash, ordinary shares or a combination of cash and shares at the holders’ option upon maturity or the occurrence of a change of control. At any time prior to maturity, we could elect to convert the Notes into ordinary shares through a mandatory conversion, provided that our free float exceeds $100 million and the share price has traded above the Strike Price for 10 consecutive days. The Convertible notes accrued interest payable semi-annually beginning on June 15, 2020 at a rate of 11.5% per year payable in cash or in kind at our option. Payments in kind were capitalized by adding such interest to the outstanding principal amount of the Notes on each corresponding interest payment date. On March 16, 2022, Bioceres entered into an agreement with the holders of the Notes to convert 75% of the outstanding principal amount of $49.1 million into 4.6 million of shares that were issued on April 1, 2022. On August 5, 2022, we issued new secured guaranteed notes corresponding to the remaining 25% of the outstanding capital and the repurchase of the underlying 1,526,454 common shares for $24 million. The secured guaranteed notes mature 48 months after the issue date and bear interest at 9.0% from the issue date through 24 months after the issue date, 13.0% from 25 through 36 months after the issue date and 14.0% from 37 through 48 months after the issue date. Interest is payable semi-annually. They have no conversion rights into Bioceres ordinary shares. Bioceres can repurchase the new notes at par value at the end of months 24 and 36. Additionally, on August 8, 2022, the Group has issued secured guaranteed convertible notes for a total principal amount of $55 million. The notes have a 4-year maturity and accrue interest at an annual interest rate of 9%, of which 5% is payable in cash and 4% in-kind. At any time up to maturity the note holders might opt to convert the outstanding principal amount into common shares of Bioceres at a strike price of $18 per share. The Company can repurchase the notes voluntarily 30 months after the issue date. The carrying value of convertible notes as of June 30, 2022 measured at amortized cost does not differ significantly from their fair value. ​ 7.18. Changes in allowances and provisions ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Uses and | ​ | conversion | ​ | ​
Item |  | 06/30/2021 |  | Additions |  | reversals |  | difference |  | 06/30/2022
DEDUCTED FROM ASSETS |  |  |  |  |  |  |  |  |  |
​ |  |  |  |  |  |  |  |  |  |
Allowance for impairment of trade debtors |  | (5,858,503) |  | (1,598,042) |  | — |  | 314,293 |  | (7,142,252)
Allowance for obsolescence |  | (1,112,950) |  | (849,641) |  | 270,032 |  | 587,809 |  | (1,104,750)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total deducted from assets |  | (6,971,453) |  | (2,447,683) |  | 270,032 |  | 902,102 |  | (8,247,002)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
INCLUDED IN LIABILITIES |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Provisions for contingencies |  | (449,847) |  | (292,732) |  | — |  | 139,557 |  | (603,022)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total included in liabilities |  | (449,847) |  | (292,732) |  | — |  | 139,557 |  | (603,022)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total |  | (7,421,300) |  | (2,740,415) |  | 270,032 |  | 1,041,659 |  | (8,850,024)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Additions | ​ | ​ | ​ | Currency | ​ |
​ | ​ | ​ | ​ | ​ | ​ | from business | ​ | Uses and | ​ | conversion | ​ | ​
Item |  | 06/30/2020 |  | Additions |  | combination |  | reversals |  | difference |  | 06/30/2021
DEDUCTED FROM ASSETS |  |  |  |  |  |  |  |  |  |  |  |
​ |  |  |  |  |  |  |  |  |  |  |  |
Allowance for impairment of trade debtors |  | (3,886,832) |  | (698,741) |  | (852,926) |  | 284,727 |  | (704,731) |  | (5,858,503)
Allowance for impairment of related parties |  | (768) |  | — |  | — |  | 565 |  | 203 |  | —
Allowance for obsolescence |  | (1,107,870) |  | (643,530) |  | (8,850) |  | 474,945 |  | 172,355 |  | (1,112,950)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total deducted from assets |  | (4,995,470) |  | (1,342,271) |  | (861,776) |  | 760,237 |  | (532,173) |  | (6,971,453)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
INCLUDED IN LIABILITIES |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Provisions for contingencies |  | (417,396) |  | (162,321) |  | — |  | 3,503 |  | 126,367 |  | (449,847)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total included in liabilities |  | (417,396) |  | (162,321) |  | — |  | 3,503 |  | 126,367 |  | (449,847)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total |  | (5,412,866) |  | (1,504,592) |  | (861,776) |  | 763,740 |  | (405,806) |  | (7,421,300)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Uses and | ​ | conversion | ​ | ​
Item |  | 06/30/2019 |  | Additions |  | reversals |  | difference |  | 06/30/2020
DEDUCTED FROM ASSETS |  |  |  |  |  |  |  |  |  |
​ |  |  |  |  |  |  |  |  |  |
Allowance for impairment of trade debtors |  | (3,360,224) |  | (1,520,928) |  | 2,115 |  | 992,205 |  | (3,886,832)
Allowance for impairment of related parties |  | (75,596) |  | (879) |  | 45,516 |  | 30,191 |  | (768)
Allowance for obsolescence |  | (406,818) |  | (984,207) |  | 6,390 |  | 276,765 |  | (1,107,870)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total deducted from assets |  | (3,842,638) |  | (2,506,014) |  | 54,021 |  | 1,299,161 |  | (4,995,470)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
INCLUDED IN LIABILITIES |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Provisions for contingencies |  | (439,740) |  | (208,377) |  | 7,852 |  | 222,869 |  | (417,396)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total included in liabilities |  | (439,740) |  | (208,377) |  | 7,852 |  | 222,869 |  | (417,396)
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Total |  | (4,282,378) |  | (2,714,391) |  | 61,873 |  | 1,522,030 |  | (5,412,866)
​

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