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Non-financial assets and liabilities

12 Months Ended

Jun. 30, 2024

Non-financial assets and liabilities [Abstract]

Note 9. Non-financial assets and liabilities

(a) Property, plant and equipment

	Plant and equipment $			Furniture, fittings and equipment $			Right-of-use assets $			Total $
At 30 June 2022
Cost or fair value		364,856			35,042			229,031			628,929
Accumulated depreciation		(345,343	)		(34,905	)		(21,945	)		(402,193	)
Net book amount		19,513			137			207,086			226,736
Year ended 30 June 2023
Opening net book amount		19,513			137			207,086			226,736
Additions		7,067			672			14,320			22,059
Depreciation charge		(7,203	)		(131	)		(41,328	)		(48,662	)
Closing net book amount		19,377			678			180,078			200,133
At 30 June 2023
Cost or fair value		371,923			35,714			243,351			650,988
Accumulated depreciation		(352,546	)		(35,036	)		(63,273	)		(450,855	)
Net book amount		19,377			678			180,078			200,133
Year ended 30 June 2024
Opening net book amount		19,377			678			180,078			200,133
Additions		195			-			-			195
Depreciation charge		(5,576	)		(339	)		(40,066	)		(45,981	)
Closing net book amount		13,996			339			140,012			154,347
At 30 June 2024
Cost or fair value		372,118			35,714			243,351			651,183
Accumulated depreciation		(358,122	)		(35,375	)		(103,339	)		(496,836	)
Net book amount		13,996			339			140,012			154,347

(b) Inventories

	30 June 2024						30 June 2023
	Current A$		Non- current A$		Total A$		Current A$		Non- current A$		Total A$
Raw materials and stores (Colostrum)		139,745		669,285		809,030		-		1,108,256		1,108,256
Work in progress		683,850				683,850		444,905		111,390		556,295
Finished goods (Travelan and Protectyn)		610,020		-		610,020		394,381		-		394,381
Other inventories		150,993		-		150,993		682		-		682
		1,584,608		669,285		2,253,893		839,968		1,219,646		2,059,614

(i) Impairment of inventories

The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventory, and in particular, the shelf life of inventories that affects obsolescence. Expected shelf-life is reassessed on a regular basis with reference to stability tests which are conducted by an expert engaged by the Company. A comprehensive stability study was completed in August 2020 and the reported findings support a shelf life of at least 130 months for the colostrum drug substance.

There were no short-dated finished goods as at 30 June 2024, resulting in no provision for finished goods as at 30 June 2024 (30 June 2023: nil).

	2024						2023
	Current $		Non- current $		Total $		Current $		Non- current $		Total $
Leave obligations (i)		265,952		8,605		274,557		237,328		1,882		239,210
Performance bonus		256,619		-		256,619		52,080		-		52,080
		522,571		8,605		531,176		289,408		1,882		291,290

The current portion of this liability includes all of the accrued annual leave, the unconditional entitlements to long service leave where employees have completed the required period of service and also for those employees that are entitled to pro-rata payments in certain circumstances. Total leave provision of $265,952 (2023: $237,328) is presented as current, since the group does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.

(d) Leases

(i)

Amounts recognized in the balance sheet

The balance sheet shows the following amounts relating to leases:

	30 June 2024 A$		30 June 2023 A$
Right-of-use assets¹
Properties		140,012		180,078
		140,012		180,078
Lease liabilities²
Current		40,556		38,767
Non-current		132,941		150,325
		173,497		189,092

1.	Included in the line item ‘property, plant and equipment’ in the consolidated balance sheet.

2.	Included in the line items ‘other current liabilities’ and ‘other non-current liabilities’ in the consolidated balance sheet.

(ii)

Amounts recognized in the statement of profit or loss

The statement of profit or loss shows the following amounts relating to leases:

	2024 A$		2023 A$
Depreciation charge of right-of-use assets
Properties		40,066		41,328
		40,066		41,328

Interest expense (included in finance cost)		7,576		9,652
Expense relating to short-term leases (included in other expenses)		-		-
Expense relating to leases of low-value assets that are not short-term leases (included in other expenses)		-		-
Expense relating to variable lease payments not included in lease liabilities (included in other expenses)		-		-
Cash paid for principal payments		47,293		35,015

The total finance cash outflow for leases in 2024 was $7,576.

The total finance cash outflow for leases in 2023 was $9,652.

(iii)

The group’s leasing activities and how these are accounted for

In November 2021, the group entered into a three-year commercial lease modification for office facilities in Blackburn North. This lease modification is effective from 1 January 2022 and includes an extension option for a further 3 years by written request to the landlord before 31 December 2024. There is no variability and no covenants included in the lease.