Share-based payments (Tables)

12 Months Ended

Jun. 30, 2021

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

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.

Summary of valuation for each tranche of options

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