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Share-based payments | 12 Months Ended
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Jun. 30, 2018
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Share-based payments | Note 38. Share-based payments The options in tranches 1 - 3 in the table below have been issued as consideration for services rendered in relation to capital raising conducted during the previous year by the consolidated entity. The options in tranches 4 - 10 in the table below have been issued to employees under the ESOP. In total, A$165,222 (2017: A$475,189) of employee remuneration expense (all of which related to equity-settled share-based payment transactions) has been included in profit or loss and credited to share-based payment reserve. 2018
Tranche |  | Grant date |  |  | Expiry date |  |  | Exercise Price (post consol) |  |  | Balance at the start of the year |  |  | Granted |  |  | Share Consolidation |  |  | Forfeited on cessation of employment |  |  | Balance at the end of the year |
|  |  |  |  |  |  |  | A$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  |  | 04-03-2015 |  |  |  | 16-12-2019 |  |  | A$ | 1.50 |  |  |  | 466,470 |  |  |  | — |  |  |  | (419,823 | ) |  |  | — |  |  |  | 46,647 |
2 |  |  | 04-03-2015 |  |  |  | 18-12-2019 |  |  | A$ | 1.50 |  |  |  | 199,521 |  |  |  | — |  |  |  | (179,569 | ) |  |  | — |  |  |  | 199,521 |
3 |  |  | 24-06-2015 |  |  |  | 30-06-2020 |  |  | A$ | 4.00 |  |  |  | 5,190,000 |  |  |  | — |  |  |  | (4,671,000 | ) |  |  | — |  |  |  | 519,000 |
4 |  |  | 15-10-2015 |  |  |  | 16-11-2020 |  |  | A$ | 2.20 |  |  |  | 3,633,334 |  |  |  | — |  |  |  | — |  |  |  | (3,396,67 | ) |  |  | 236,667 |
5 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 1.99 |  |  |  | 3,000,000 |  |  |  | — |  |  |  | (2,700,000 | ) |  |  | — |  |  |  | 300,000 |
6 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 1.99 |  |  |  | 2,000,000 |  |  |  | — |  |  |  | (1,800,000 | ) |  |  | — |  |  |  | 200,000 |
7 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 2.61 |  |  |  | 2,500,000 |  |  |  | — |  |  |  | (2,250,000 | ) |  |  | — |  |  |  | 250,000 |
8 |  |  | 05-09-2016 |  |  |  | 05-09-2021 |  |  | A$ | 1.63 |  |  |  | 2,000,000 |  |  |  | — |  |  |  | (1,800,000 | ) |  |  | (150,000 | ) |  |  | 50,000 |
9 |  |  | 12-10-2016 |  |  |  | 17-10-2021 |  |  | A$ | 1.56 |  |  |  | 620,000 |  |  |  | — |  |  |  | (558,000 | ) |  |  | — |  |  |  | 62,000 |
10 |  |  | 31-10-2016 |  |  |  | 01-11-2021 |  |  | A$ | 1.38 |  |  |  | 500,000 |  |  |  | — |  |  |  | (450,000 | ) |  |  | (37,500 | ) |  |  | 12,500 |
11 |  |  | 21-11-2016 |  |  |  | 23-11-2021 |  |  | A$ | 1.38 |  |  |  | 2,000,000 |  |  |  | — |  |  |  | (1,800,000 | ) |  |  | (150,000 | ) |  |  | 50,000 |
12 |  |  | 07-08-2017 |  |  |  | 07-08-2022 |  |  | A$ | 0.67 |  |  |  | — |  |  |  | 224,000 |  |  |  | — |  |  |  | — |  |  |  | 224,000 |
13 |  |  | 05-02-2018 |  |  |  | 05-02-2023 |  |  | A$ | 0.78 |  |  |  | — |  |  |  | 440,000 |  |  |  | — |  |  |  | — |  |  |  | 440,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,109,325 |  |  |  | 664,000 |  |  |  | (16,628,392 | ) |  |  | (3,734,167 | ) |  |  | 2,410,766 |
Weighted average exercise price |  |  | A$ | 0.244 |  |  | A$ | 0.740 |  |  | A$ | 0.000 |  |  | A$ | 2.140 |  |  | A$ | 2.120 |
* | Options from Tranche 1 to Tranche 6, Tranches 8,10 and 11 listed above were vested and exercisable at the end of the period.
Options from Tranche 9 listed above include 1/4 vested options at the end of the period. All remaining options are expected to vest in future periods. No options have expired during the financial year. The weighted average remaining contractual life of options outstanding at the June 30, 2018 is 2.97 years. 2017
Tranche |  | Grant date |  |  | Expiry date |  |  | Exercise price |  |  | Balance at the start of the year |  |  | Granted |  |  | Exercised |  |  | Forfeited |  |  | Balance at the end of the year |
|  |  |  |  |  |  |  | A$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  |  | 04-03-2015 |  |  |  | 16-12-2019 |  |  | A$ | 0.150 |  |  |  | 466,470 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 466,470 |
2 |  |  | 04-03-2015 |  |  |  | 18-12-2019 |  |  | A$ | 0.150 |  |  |  | 199,521 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 199,521 |
3 |  |  | 24-06-2015 |  |  |  | 30-06-2020 |  |  | A$ | 0.400 |  |  |  | 5,190,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,190,000 |
4 |  |  | 15-10-2015 |  |  |  | 16-11-2020 |  |  | A$ | 0.220 |  |  |  | 5,200,008 |  |  |  | — |  |  |  | — |  |  |  | (1,566,674 | ) |  |  | 3,633,334 |
5 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 0.199 |  |  |  | 3,000,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,000,000 |
6 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 0.199 |  |  |  | 2,000,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,000,000 |
7 |  |  | 18-03-2016 |  |  |  | 01-02-2021 |  |  | A$ | 0.261 |  |  |  | 2,500,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,500,000 |
8 |  |  | 05-09-2016 |  |  |  | 05-09-2021 |  |  | A$ | 0.163 |  |  |  | — |  |  |  | 2,000,000 |  |  |  | — |  |  |  | — |  |  |  | 2,000,000 |
9 |  |  | 12-10-2016 |  |  |  | 17-10-2021 |  |  | A$ | 0.156 |  |  |  | — |  |  |  | 620,000 |  |  |  | — |  |  |  | — |  |  |  | 620,000 |
10 |  |  | 31-10-2016 |  |  |  | 01-11-2021 |  |  | A$ | 0.138 |  |  |  | — |  |  |  | 500,000 |  |  |  | — |  |  |  | — |  |  |  | 500,000 |
11 |  |  | 21-11-2016 |  |  |  | 23-11-2021 |  |  | A$ | 0.138 |  |  |  | — |  |  |  | 2,000,000 |  |  |  | — |  |  |  | — |  |  |  | 2,000,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,555,999 |  |  |  | 5,120,000 |  |  |  | — |  |  |  | (1,566,674 | ) |  |  | 22,109,325 |
Weighted average exercise price |  |  | A$ | 0.2680 |  |  | A$ | 0.1500 |  |  | A$ | 0.0000 |  |  | A$ | 0.2200 |  |  | A$ | 0.244 |
* | Options from Tranche 1 to Tranche 3 listed above were vested and exercisable at the end of the period.
Options from Tranche 4 listed above include 1/3 vested options at the end of the period. Options from Tranche 5 listed above include 1/4 vested and exercisable options at the end of the period. All remaining options are expected to vest in future periods. No options have expired during the year. The weighted average remaining contractual life of options outstanding at the June 30, 2017 is 3.55 years. Employee share options During the year ended June 30, 2018, 664,000 options have been issued to the employees during the year by the consolidated entity pursuant to the Company’s Employee Share Option Plan.
• |  | Tranche 9 of 224,000 options vesting equally over 4 years
• |  | Tranche 10 of 440,000 options vesting equally over 2 years in 6 monthly intervals
An option will only vest if the option holder continues to be a full-time employee with the Company or an Associated Company during the vesting period relating to the option. Conditions for an option to be exercised:
• |  | The option must have vested and a period of 1 year from the date the option was issued must have expired;
• |  | Option holder must have provided the Company with an Exercise Notice and have paid the Exercise Price for the option.
• |  | The Exercise Notice must be for the exercise of at least the Minimum Number of Options;
• |  | The Exercise Notice must have been provided to the Company and Exercise Price paid before the expiry of 5 years from the date the Option is issued.
Options Valuation In order to obtain a fair valuation of these options, the following assumptions have been made: The Black Scholes option valuation methodology has been used with the expectation that the majority of these options would be exercised towards the end of the option term. Inputs into the Black Scholes model includes the share price at grant date, exercise price, volatility, and the risk free rate of a five year Australian Government Bond on grant date. Risk-free rate and grant date For all tranches, the risk-free rate of a five-year Australian Government bond on grant date was used. Please refer to the table below for details. Options in Tranches 6 to 13 have various vesting periods and exercising conditions. These options are unlisted as at 30/06/2018. No dividends are expected to be declared or paid by the consolidated entity during the terms of the options. The underlying expected volatility was determined by reference to historical data of the Company’s shares over a period of time. No special features inherent to the options granted were incorporated into measurement of fair value. Based on the above assumptions, the table below sets out the valuation for each tranche of options:
Grant date |  | Expiry date |  |  | Share price at Grant Date |  |  | Exercise price |  |  | Volatility (%) |  |  | Remaining Option Life |  |  | Risk free Rate |  |  | Fair value per option |
|  |  |  |  | A$ |  |  | A$ |  |  |  |  |  |  |  |  |  |  |  | A$ |
04/03/2015 |  |  | 16/12/2019 |  |  | A$ | 0.180 |  |  | A$ | 1.500 |  |  |  | 120.00 | % |  |  | 2.46 | % |  |  | 2.07 | % |  | A$ | 1.500 |
04/03/2015 |  |  | 18/12/2019 |  |  | A$ | 0.180 |  |  | A$ | 1.500 |  |  |  | 120.00 | % |  |  | 2.47 | % |  |  | 2.07 | % |  | A$ | 1.500 |
24/06/2015 |  |  | 30/06/2020 |  |  | A$ | 0.245 |  |  | A$ | 4.000 |  |  |  | 150.00 | % |  |  | 3.00 | % |  |  | 2.02 | % |  | A$ | 2.170 |
15/10/2015 |  |  | 16/11/2020 |  |  | A$ | 0.140 |  |  | A$ | 2.200 |  |  |  | 158.11 | % |  |  | 3.38 | % |  |  | 2.04 | % |  | A$ | 1.280 |
18/03/2016 |  |  | 01/02/2021 |  |  | A$ | 0.115 |  |  | A$ | 1.990 |  |  |  | 130.00 | % |  |  | 3.59 | % |  |  | 2.00 | % |  | A$ | 0.810 |
18/03/2016 |  |  | 01/02/2021 |  |  | A$ | 0.115 |  |  | A$ | 1.990 |  |  |  | 130.00 | % |  |  | 3.59 | % |  |  | 2.00 | % |  | A$ | 0.860 |
18/03/2016 |  |  | 01/02/2021 |  |  | A$ | 0.115 |  |  | A$ | 2.610 |  |  |  | 130.00 | % |  |  | 3.59 | % |  |  | 2.00 | % |  | A$ | 0.870 |
05/09/2016 |  |  | 05/09/2021 |  |  | A$ | 0.105 |  |  | A$ | 1.630 |  |  |  | 122.00 | % |  |  | 4.19 | % |  |  | 1.60 | % |  | A$ | 0.840 |
12/10/2016 |  |  | 17/10/2021 |  |  | A$ | 0.098 |  |  | A$ | 1.560 |  |  |  | 122.00 | % |  |  | 4.30 | % |  |  | 1.89 | % |  | A$ | 0.780 |
31/10/2016 |  |  | 01/11/2021 |  |  | A$ | 0.090 |  |  | A$ | 1.380 |  |  |  | 122.00 | % |  |  | 4.34 | % |  |  | 1.87 | % |  | A$ | 0.720 |
21/11/2016 |  |  | 23/11/2021 |  |  | A$ | 0.092 |  |  | A$ | 1.380 |  |  |  | 122.00 | % |  |  | 4.40 | % |  |  | 2.10 | % |  | A$ | 0.730 |
07/08/2017 |  |  | 07/08/2022 |  |  | A$ | 0.430 |  |  | A$ | 0.670 |  |  |  | 74.50 | % |  |  | 4.00 | % |  |  | 1.95 | % |  | A$ | 0.206 |
05/02/2018 |  |  | 05/02/2023 |  |  | A$ | 0.500 |  |  | A$ | 0.780 |  |  |  | 74.50 | % |  |  | 3.00 | % |  |  | 1.95 | % |  | A$ | 0.200 |

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