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Share-based payments
 12 Months Ended
Jun. 30, 2021
Text block [abstract]  
Share-based payments
Note 32. Share-based payments
All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $636,383 was recognised.
2021
 
Tranche
   
Grant date
     
Expiry date
     
A$
Exercise
price
     
Balance at the
start of the
year
     
Granted
     
Exercised
    
Expired/
lapsed on
termination
of
employment
    
Balance at the
end of the year
  
                 
1
      16/11/2015        16/11/2020      $ 2.200        236,667        —          —         (236,667 )      —    
2
      05/09/2016        05/09/2021      $ 1.630        50,000        —          —         —         50,000  
3
      12/10/2016        17/10/2021      $ 1.560        62,000        —          —         —         62,000  
4
      31/10/2016        01/11/2021      $ 1.380        12,500        —          —         —         12,500  
5
      21/11/2016        23/11/2021      $ 1.380        50,000        —          —         —         50,000  
6
      07/08/2017        07/08/2022      $ 0.670        224,000        —          (121,500 )      (15,500 )      87,000  
7
      05/02/2018        05/02/2023      $ 0.780        440,000        —          (120,000 )      —         320,000  
8
      04/01/2019        04/01/2024      $ 0.492        250,000        —          (200,000 )      (12,500 )      37,500  
9
      13/11/2019        04/01/2024      $ 0.492        1,200,000        —          —         —         1,200,000  
10
      13/01/2020        13/01/2025      $ 0.881        250,000        —          —         (50,000 )      200,000
11
      09/11/2020        13/01/2025      $ 1.132        —          1,200,000        —         —         1,200,000  
12
      09/11/2020        13/01/2025      $ 0.881        —          800,000        —         —         800,000  
13
      04/01/2021        04/01/2025      $ 1.690        —          200,000        —         —         200,000  
                               
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
                                  2,775,167        2,200,000        (441,500 )      (314,667 )      4,219,000  
                               
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Weighted average exercise price
 
             $ 0.797      $ 1.090      $ 0.620     $ 1.850     $ $0.826  
               
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
No options were forfeited during the year.
At the end of the period the following outstanding options were vested and exercisable:
- Options in tranche 1 have expired during the year
- Options in tranches
2-
8 were vested and exercisable except for tranche 6 which was vested as to 53%
- Options in tranche 9 were vested as to 1million of the 1.2million options on issue
- Options in tranches
10-12
were 25% vested
- Options in tranche 13 were unvested at year end
The weighted average remaining contractual life of options outstanding at the 30 June 2021 is 2.6 years.
2020
 
Tranche
  
Grant date
     
Expiry date
     
A$
Exercise
price
     
Balance at the
start of the
year
     
Granted
     
Modified
    
Expired
    
Balance at the
end of the year
  
                 
1
     04/03/2015        16/12/2019      $ 1.500        46,647        —          —         (46,647 )      —    
2
     04/03/2015        18/12/2019      $ 1.500        19,952        —          —         (19,952 )      —    
3
     24/06/2015        30/06/2020      $ 4.000        519,000        —          —         (519,000 )      —    
4
     16/11/2015        16/11/2020      $ 2.200        236,667        —          —         —         236,667  
5
     18/03/2016        01/02/2021      $ 1.990        300,000        —          (300,000 )      —         —    
6
     18/03/2016        01/02/2021      $ 1.990        200,000        —          (200,000 )      —         —    
7
     18/03/2016        01/02/2021      $ 2.610        250,000        —          (250,000 )      —         —    
8
     05/09/2016        05/09/2021      $ 1.630        50,000        —          —         —         50,000  
9
     12/10/2016        17/10/2021      $ 1.560        62,000        —          —         —         62,000  
10
     31/10/2016        01/11/2021      $ 1.380        12,500        —          —         —         12,500  
11
     21/11/2016        23/11/2021      $ 1.380        50,000        —          —         —         50,000  
12
     07/08/2017        07/08/2022      $ 0.670        224,000        —          —         —         224,000  
13
     05/02/2018        05/02/2023      $ 0.780        440,000        —          —         —         440,000  
14
     04/01/2019        04/01/2024      $ 0.492        250,000        —          —         —         250,000  
15
     13/11/2019        04/01/2024      $ 0.492        —          —          1,200,000       —         1,200,000  
16
     13/01/2020        13/01/2025      $ 0.881        —          250,000        —         —         250,000  
                              
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
                                 2,660,766        250,000        450,000       (585,599 )      2,775,167  
                              
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Weighted average exercise price
 
             $ 1.960      $ 0.880      $ 2.348     $ 3.716     $ 0.797  
               
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
At the end of the period the following outstanding options were vested and exercisable:
- Options in tranches 4, 8, 10, 11 and 13 were vested and exercisable
- Options in tranche 16 were unvested
- Options in the other tranches were vested as follows: 9: 75%, 12: 50% 14: 50% and 15: 67%.
All remaining options are expected to vest in future periods.
The weighted average remaining contractual life of options outstanding at the 30 June 2020 is 2.78 years.
Employee share options
During the year ended 30 June 2021, 2,200,000 options have been issued to the employees by the consolidated entity pursuant to the Company’s Employee Share Option Plan.
 
•  
Tranche 11 vests in four equal
6-monthly
tranches from 1 January 2021
 
•  
Tranche 12 vests in four equal annual amounts from 13 January 2021
 
•  
Tranche 13 vests in four equal annual tranches from 4 January 2022
Options within all tranches 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.
 
•  
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 1 to 13 have various vesting periods and exercising conditions. These options are unlisted as at 30 June 2021.
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
Life
(years)
   
Risk free
Rate (%)
   
Fair value
per option
05/09/2016
    05/09/2021    $0.105    $1.630    122.00%    1.16    1.60%    $0.840
12/10/2016
    17/10/2021    $0.098    $1.560    122.00%    1.29    1.89%    $0.780
31/10/2016
    01/11/2021    $0.090    $1.380    122.00%    1.20    1.87%    $0.720
21/11/2016
    23/11/2021    $0.092    $1.380    122.00%    1.20    2.10%    $0.730
07/08/2017
    07/08/2022    $0.430    $0.670      74.50%    2.08    1.95%    $0.206
05/02/2018
    05/02/2023    $0.500    $0.780      74.50%    2.58    1.95%    $0.200
04/01/2019
    04/01/2024    $0.340    $0.493      74.50%    3.50    1.95%    $0.140
13/11/2019
    04/01/2024    $0.410    $0.493      74.50%    4.20    1.95%    $0.180
13/01/2020
    13/01/2025    $0.620    $0.881      74.50%    4.50    1.95%    $0.340
09/11/2020
    09/11/2024    $0.890    $1.132      90.00%    2.10    0.10%    $0.379
09/11/2020
    09/11/2024    $0.890    $1.132      90.00%    2.30    0.10%    $0.403
09/11/2020
    09/11/2024    $0.890    $1.132      90.00%    2.60    0.10%    $0.425
09/11/2020
    09/11/2024    $0.890    $1.132      90.00%    2.80    0.10%    $0.446
09/11/2020
    13/01/2025    $0.890    $0.881      90.00%    2.20    0.10%    $0.450
09/11/2020
    13/01/2025    $0.890    $0.881      90.00%    2.70    0.10%    $0.490
09/11/2020
    13/01/2025    $0.890    $0.881      90.00%    3.20    0.10%    $0.520
09/11/2020
    13/01/2025    $0.890    $0.881      90.00%    3.70    0.10%    $0.550
04/01/2021
    04/01/2025    $1.185    $1.169      90.00%    2.50    0.19%    $0.520
04/01/2021
    04/01/2025    $1.185    $1.169      90.00%    3.00    0.19%    $0.576
04/01/2021
    04/01/2025    $1.185    $1.169      90.00%    3.50    0.19%    $0.627
04/01/2021
    04/01/2025    $1.185    $1.169      90.00%    4.00    0.19%    $0.671