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Financial Instruments | 12 Months Ended
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Jun. 30, 2025
Financial Instruments [Abstract] |
FINANCIAL INSTRUMENTS | 23. FINANCIAL INSTRUMENTS The Group’s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. Risk management is carried out under policies approved by the Board of Directors and overseen by the Audit Committee.
(a) | Market Risk
(i) | Foreign Currency Risk
The Group engages in international purchase transactions and is exposed to foreign currency risk arising from various currency exposures, primarily with respect to the Australian dollar. The parent entity also has exposure to foreign exchange risk in the currency cash reserves it holds to meet its foreign currency payments. The Group does not make use of derivative financial instruments to hedge foreign exchange risk. The following financial assets and liabilities are subject to foreign currency risk, the currency of the original amounts are displayed in brackets, all the amounts in the table below are displayed in A$ at year-end spot rates:
|  | Consolidated Entity |
|  | 2025 |  |  | 2024 |
|  | A$ |  |  | A$ |
Cash and cash equivalents (USD) |  |  | 1,544,448 |  |  |  | 225,722 |
Trade and other payables (USD) |  |  | (495,145 | ) |  |  | (507,820 | )
Trade and other payables (£GBP) |  |  | 796 |  |  |  | (3,834 | )
Trade and other payables (JPY) |  |  | - |  |  |  | (2,992 | )
Total exposure |  |  | 1,050,099 |  |  |  | (288,924 | )
As shown in the table above, the Group is primarily exposed to changes in USD/AUD exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US-dollar denominated financial instruments and there is no impact on other components of equity. Based on the financial instruments held as of June 30, 2025, had the Australian dollar weakened/strengthened by 1.77% (2024: 0.35%, 2023: 3.6%) against the USD with all other variables held constant, the Group’s post-tax loss for the year would have been A$18,933 higher/lower (2024: A$1,000 higher/lower).
(ii) | Interest Rate Risk
Interest rate risk is the risk to the Group’s earnings and equity arising from movements in interest rates. The Group’s main interest rate risk arises from cash deposits. The Group’s exposure to interest rate risk has not changed since the prior year. At June 30, 2025, the Group had the following cash accounts:
| ● | A$2,423,027 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2025;
| ● | A$40,142 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2025;
| ● | A$8,027,852 in an Australian dollar cash maximiser account at an interest rate of 3.6% as of June 30, 2025;
| ● | A$500,266 in an Australian dollar transaction account at an interest rate of 1.05% as of June 30, 2025;
| ● | A$28,125,744 in six Australian dollar term deposit accounts with interest rates within a range of 1.5% to 4.82% as of June 30, 2025;
| ● | U.S.$160,769 (A$246,146) in a U.S. checking account at an interest rate of 0.00% as of June 30, 2025;
| ● | U.S.$29,069 (A$44,381) in U.S. Airwallex accounts at an interest rate of 0.00% as of June 30, 2025;
| ● | U.S.$821,384 (A$1,254,022) in a U.S. checking account at an interest rate of 0.00% as of June 30, 2025;
| ● | (A$2,835) in a Visa Credit card account at an interest rate of 0.00% as of June 30, 2025.
At June 30, 2024, the Group had the following cash accounts:
| ● | A$11,529,456 in an Australian dollar cash maximiser account at an interest rate of 2.7% as of June 30, 2024;
| ● | A$705,952 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2024;
| ● | A$182,048 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2024;
| ● | U.S.$138,388 (A$207,581) in U.S. checking accounts at an interest rate of 0.00% as of June 30, 2024;
| ● | U.S.$12,094 (A$18,141) in U.S. Airwallex accounts at an interest rate of 0.00% as of June 30, 2024
| ● | (A$4,293) in a Visa Credit card account at an interest rate of 0.00% as of June 30, 2024.
At June 30, 2023, the Group had the following cash accounts:
| ● | A$27,457 in an Australian dollar cash maximiser account at an interest rate of 1.44% as of June 30, 2023;
| ● | A$61,518 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2023;
| ● | A$18,864 in an Australian dollar transaction account at an interest rate of 0.00% as of June 30, 2023;
| ● | U.S.$10,279,099 (A$15,473,231) in U.S. checking accounts at an interest rate of 0.00% as of June 30, 2023;
| ● | A$42,713 in a 90 days term deposit at a fixed interest rate of 3.85% which matures on August 28, 2023;
| ● | A$150,000 in a 90 days term deposit at a fixed interest rate of 3.85% which matures on September 2, 2023;
The weighted average interest rate is 3.36% for cash and cash equivalents and 4.75% for other current assets and apart from usual variances in general rates of interest the Group is not exposed to any significant interest rate risk. Receivables and payables are non-interest bearing. The Group’s exposure to interest rates and the effective weighted average interest rate for classes of financial assets and liabilities is set out below:
|  | Floating |  |  | Fixed Interest Maturing in (A$) |  |  | Non-Interest |  |  |  |  |  | Average |
June 30, 2025 |  | Interest Rate (A$) |  |  | 1 year or less |  |  | 1-5 years |  |  | bearing (A$) |  |  | Total (A$) |  |  | Interest Rate |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 30,698,409 |  |  |  | (2,835 | ) |  |  | - |  |  |  | 2,463,168 |  |  |  | 33,158,642 |  |  |  | 3.130 | %
Trade and other receivables |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,937,607 |  |  |  | 3,937,607 |  |  |  |  |
Other current assets |  |  | - |  |  |  | 7,531,050 |  |  |  | - |  |  |  | 10,765 |  |  |  | 7,541,815 |  |  |  | 4.40 | %
Total Financial Assets |  |  | 30,698,409 |  |  |  | 7,528,215 |  |  |  | - |  |  |  | 6,411,540 |  |  |  | 44,638,064 |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,575,490 | ) |  |  | (2,575,490 | ) |  |  |  |
Lease liabilities |  |  | - |  |  |  | (66,912 | ) |  |  | (88,545 | ) |  |  | - |  |  |  | (155,457 | ) |  |  |  |
Total Financial Liabilities |  |  | - |  |  |  | (66,912 | ) |  |  | (88,545 | ) |  |  | (2,575,490 | ) |  |  | (2,730,947 | ) |  |  |  |
|  | Floating |  |  | Fixed Interest Maturing in (A$) |  |  | Non-Interest |  |  |  |  |  | Average |
June 30, 2024 |  | Interest Rate (A$) |  |  | 1 year or less |  |  | 1-5 years |  |  | bearing (A$) |  |  | Total (A$) |  |  | Interest Rate |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 11,529,456 |  |  |  | (4,293 | ) |  |  | - |  |  |  | 1,113,722 |  |  |  | 12,638,885 |  |  |  | 2.463 | %
Trade and other receivables |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,041,675 |  |  |  | 4,041,675 |  |  |  |  |
Other current assets |  |  | - |  |  |  | 30,091 |  |  |  | - |  |  |  | 10,577 |  |  |  | 40,668 |  |  |  | 3.515 | %
Total Financial Assets |  |  | 11,529,456 |  |  |  | 25,798 |  |  |  | - |  |  |  | 5,165,974 |  |  |  | 16,721,228 |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,619,947 | ) |  |  | (4,619,947 | ) |  |  |  |
Lease liabilities |  |  | - |  |  |  | (107,131 | ) |  |  | (51,914 | ) |  |  | - |  |  |  | (159,045 | ) |  |  |  |
Other current liabilities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (100,000 | ) |  |  | (100,000 | ) |  |  |  |
Total Financial Liabilities |  |  | - |  |  |  | (107,131 | ) |  |  | (51,914 | ) |  |  | (4,719,947 | ) |  |  | (4,878,992 | ) |  |  |  |
(b) | Credit Risk
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 no significant concentration of credit risk and it is not the Group’s policy to hedge credit risk. The Group ensures that surplus cash is invested with financial institutions of appropriate credit worthiness and limits the amount of credit exposure to any one counter party. There has been no significant change in the Group’s exposure to credit risk since the previous year. The carrying amount of the Group’s financial assets represents the maximum credit exposure.
(c) | Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group manages liquidity risk by maintaining sufficient bank balances to fund its operations and the availability of funding through committed credit facilities. Management monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash flows. See Note 1 (Going Concern Basis) of our accompanying financial statements.
|  | Maturities of Financial Liabilities |
2025 |  | Less than 6 months |  |  | 6-12 months |  |  | Greater than 12 months and less than 5 years |  |  | Total contracted cash flows |  |  | Carrying amounts |
Trade and other payables |  |  | (2,575,490 | ) |  |  | - |  |  |  | - |  |  |  | (2,575,490 | ) |  |  | (2,575,490 | )
Lease liabilities |  |  | (33,456 | ) |  |  | (33,456 | ) |  |  | (88,545 | ) |  |  | (155,457 | ) |  |  | (155,457 | )
Total |  |  | (2,608,946 | ) |  |  | (33,456 | ) |  |  | (88,545 | ) |  |  | (2,730,947 | ) |  |  | (2,730,947 | )
2024 |  | Less than 6 months |  |  | 6-12 months |  |  | Greater than 12 months and less than 5 years |  |  | Total contracted cash flows |  |  | Carrying amounts |
Trade and other payables |  |  | (4,619,947 | ) |  |  | - |  |  |  | - |  |  |  | (4,619,947 | ) |  |  | (4,619,947 | )
Lease liabilities |  |  | (53,566 | ) |  |  | (53,565 | ) |  |  | (51,914 | ) |  |  | (159,045 | ) |  |  | (159,045 | )
Total |  |  | (4,673,513 | ) |  |  | (53,565 | ) |  |  | (51,914 | ) |  |  | (4,778,992 | ) |  |  | (4,778,992 | )
| (d) | Capital Risk Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Group may issue new shares or reduce its capital, subject to the provisions of the Group’s constitution. The capital structure of the Group consists of equity attributed to equity holders of the Group, comprising contributed equity, reserves and accumulated losses disclosed in Notes 10, 11 and 12. By monitoring undiscounted cash flow forecasts and actual cash flows provided to the Board by the Group’s Management, the Board monitors the need to raise additional equity from the equity markets.
| (e) | Fair Value Estimation
The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective fair values, determined in accordance with the accounting policies disclosed in Note 1 to the financial statements.

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