TIDMCPX
RNS Number : 3018N
CAP-XX Limited
29 September 2021
Dissemination of a Regulatory Announcement that contains inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 .
29 September 2021
CAP-XX Limited
("CAP-XX" or the "Company")
Audited results for the year ended 30 June 2021
CAP-XX Limited, a world leader in the design and manufacture of
supercapacitors and energy management systems, is pleased to
announce its audited results for the year ended 30 June 2021.
Key highlights
-- Revenue up 14% on the previous year
-- Product sales revenue up 30% on last year
-- Adjusted EBITDA loss* of A$0.4 million, reduced from the previous year (A$1.6 million)
-- Commissioning of ex-Murata coating, DMF and DMT lines successfully completed within budget
-- Capacity and yield from these lines continue to increase in accordance with plan
-- CAP-XX continues to pursue patent infringement action against
Maxwell Technologies, now a wholly owned subsidiary of Tesla
Inc.
-- CAP-XX is pursuing a licensee for underpayment of royalties
-- CAP-XX continues to develop new IP around supercapacitors and energy storage
-- Cash reserves as at 30 June 2021 were A$0.2 million before
the post period end receipt of proceeds from exercise of employee
options and capital raising. A further R&D Tax rebate is
anticipated later this calendar year
-- The cash reserves at 30 June 2021 were lower than expected
due to underpayment of royalties by a licencee, delays in the sale
of the employee share options, and an increase in legal expenses in
the last quarter related to patent infringement and licencing
-- The new financial year has started well. Trading is in line with market expectations
* Adjusted to exclude net Murata project expenses, legal
expenses for patent infringement and expenses for a one off bad
debt provision.
Anthony Kongats, Chief Executive of CAP-XX said:
"We are pleased to be able to report a year of successful
transition, during which we have significantly expanded production
at our relocated headquarters in Sydney, while increasing revenues.
The major focus for CAP-XX remains to become profitable and
cashflow positive as soon as possible, by leveraging the recently
installed Murata production equipment to raise product sales. We
look forward to the future with increasing confidence."
Electronic copies of CAP-XX's audited annual report and accounts
for the year ended 30 June 2021 will shortly be available from the
Company's website: www.cap-xx.com
For further information contact:
CAP-XX Limited
Anthony Kongats (Chief Executive Officer) +61 (0) 2 9428 0139
Kreab (Financial PR)
Robert Speed +44 (0) 20 7074 1800
Allenby Capital (Nominated Adviser and Joint Broker)
David Hart / Alex Brearley (Corporate Finance) +44 (0) 20 3328 5656
Tony Quirke (Equity Sales)
Cenkos Securities plc (Joint
Broker)
Neil McDonald / Pete Lynch +44 (0) 13 1220 6939
More information is available at www.cap-xx.com
Notes to Editors:
CAP-XX (LSE: CPX) is a world leader in the design and
manufacture of thin, flat supercapacitors and energy management
systems used in portable and small-scale electronic devices, and to
an increasing extent, in larger applications such as automotive and
renewable energy. The unique feature of CAP-XX supercapacitors is
their very high power density and high energy storage capacity in a
space-efficient prismatic package. These attributes are essential
in power-hungry consumer and industrial electronics, and deliver
similar benefits in automotive and other transportation
applications. For more information about CAP-XX, visit
www.cap-xx.com
Chairman's Report
It has been a very busy but ultimately highly successful year
for CAP-XX, with progress in a broad range of areas setting the
Company on a path to achieving sustained and growing profitability.
I am pleased to report that the commissioning of the ex-Murata
Coating, DMF and DMT production lines in Sydney has been
successfully completed on budget. Efforts to build sales are
bearing fruit, with product sales up 30% year-on-year and the sales
order book has increased by more than 160% from July 2020 to July
2021. All of this was achieved against a backdrop of a very
challenging global environment as we work hard to mitigate the
negative impact of the COVID-19 pandemic. The new financial year
has started well. Trading is in line with market expectations.
The Board remains of the view that the installation of the
additional production facilities at the Seven Hills facility will
be transformational for the Company's sales and profitability. At
full capacity, the lines will be able to produce around 4.8 million
DMF or DMT products per year and more than 2.4 million DMH products
per year, all at a much lower unit cost than the prismatic parts
which the Company currently manufactures in Malaysia. While full
production capacity of the coating, DMF and DMT production lines
has not yet been reached, the Board is very pleased with the demand
expressed by both pre-existing Murata customers and new
customers.
Demand from the top 10 potential customers already exceeds the
annual capacity of the production lines at the Seven Hills facility
Orders and shipments for these products continue to increase. As
the Board expected, the early product shipments have been to former
Murata customers. The Board expects that more than 75% of Murata's
former customers by value will be retained. These early sales have
been for smart meters, security products and medical devices.
Importantly, we are increasing new business in consumer products
and Internet of Things (IoT) sensor applications. As demand builds,
the Board will look at how to best grow sales, potentially by
adding new capacity and/or new product lines, in line with the
Company's plan. This includes the DMH line which is scheduled to be
commissioned in 2022 subject to customer pull and available CAP-XX
resources. Customer enquiries for DMH products are primarily for
applications such as gaming, tracking, electronic shelf labels,
medical devices, IoT sensors and smart credit cards.
During the year ended 30 June 2021 and subsequently, CAP-XX has
announced a number of commercial engagements where customers,
including Spire Health, RGM SpA, Sensys Networks, Everactive, Jack
(a start-up of AGC Automotive Europe), VAIMOO, Portal Instruments
and Epishine, have selected its supercapacitors for healthcare,
automotive, monitoring and solar end-use applications.
Like most businesses, the Company has experienced impacts due to
COVID-19. Local lockdowns in the Sydney area have meant that all
non-essential staff have had to work from home for most of the
year. The Company has also had to close production at Seven Hills
for short periods of time to reduce the risk of the spread of
COVID-19. Pleasingly, our production staff have now received at
least their first vaccination, and many have received their second.
Recruitment of engineers and technicians in Sydney has been delayed
due to Public Health Orders banning travel by candidates, which has
in turn delayed some production initiatives. Production efficiency
and output from Malaysia has been impacted by COVID-19. The ban on
CAP-XX engineers travelling to Malaysia; the compulsory shut down
of businesses there and a ban on bringing additional labour into
the country, have negatively impacted the Company's output. This
has also delayed production of our 3 Volt products, which requires
CAP-XX staff on site. On the demand side, a small but reducing
number of former Murata customers have advised the Company that
they are still holding large inventories of our products, due to
the combination of a short-term reduction in end customer demand
for their products, coupled with large final purchases made from
Murata before the production lines were closed for transfer.
Nevertheless, the Board believes that the Company has weathered
these impacts relatively well with product sales up 30% on the
previous year.
Licensing is also an important revenue stream for CAP-XX and the
Company continues to vigorously defend its intellectual property.
During the year, the Company investigated its options to recover
the US$4.95 million damages, plus legal fees awarded to the Company
against Ioxus, Inc. Ultimately, the Board decided that the
prospects for any recovery from the bankruptcy of Ioxus, Inc. or
related parties was very remote and didn't warrant further
expenditure. However, we will be alert for any breaches of the
Company's intellectual property by the new owner of the Ioxus
assets. CAP-XX continues to pursue a similar patent infringement
action against Maxwell Technologies, now a wholly owned subsidiary
of Tesla Inc., with the court-ordered mediation expected to
commence in the next few months. During the year the Company also
signed a licence agreement with Panasonic covering two expired
patents for a one-off fee. The level of the royalty payment
received from Panasonic was commensurate with Panasonic's modest
sales of supercapacitors and the royalty rates for other CAP-XX
licence agreements granted. The Company is now additionally in
dispute with one of its licencees over underpayment of royalties.
The Company is steadfast in its goal to be paid the royalties it
believes it is entitled to and will continue to pursue payment as
an integral part of vigorously defending its intellectual property.
In the meantime, the Company continues to develop new intellectual
property concerning supercapacitors and energy storage devices.
Total Company sales revenue for the year to 30 June 2021
increased by 14% to A$4.1 million (2020: A$3.6 million).
Pleasingly, product sales were up 30% from FY 2020, which is a
direct result of the strong pipeline of opportunities which have
been commented upon in prior year reports, recent trading updates
and the various announcements the Company has made. Licensing and
royalty revenues were down for the reasons mentioned above. The
reported EBITDA loss for the year to 30 June 2021 was a loss of
A$2.5 million (2020: loss of A$4.2 million), which includes the
amortisation of share-based payment expenses, Murata project
expenses, legal expenses for patent infringement and the adoption
of AASB16 in the prior year. When adjusted for these one-off
factors, the like for like comparison is an adjusted EBITDA Loss of
A$0.4 million (2020: loss of A$1.6 million).
During the year, 15 million employee share options were due to
expire. These options were all held in a single holding by the
Trustee of the Company's Employee Option Plan. This trust structure
had been set up in 2015 to provide legitimate tax benefits to the
Company's employees. At the expiry date, the Company's share price
was close to the option exercise price. As a result, the Trustee
and the employees agreed to exercise and sell the resulting shares
to minimise any cash calls on employees. In the process of
marketing the new shares resulting from the exercise of the
employee share options, the Company's joint broker, Cenkos,
identified extra demand for the Company's shares from institutional
investors. As a consequence, the Company agreed, following the
period end and in conjunction with the sale of the new shares
resulting from the exercise of options, to raise an additional
GBP2.6 million (net of expenses) through a placing of additional
shares. The funds from this placing will be used to commission the
DMH line, for new product development, new supply chain capability
and legal fees associated with patent infringement and
licencing.
The Board is confident that the successful commissioning of the
former Murata production lines will transform the Company's sales
and cash flow position.
Patrick Elliott
Chairman
29 September 2021
Business Review
Review of Operations and Activities
The Reported EBITDA loss for the year to 30 June 2021 was a loss
of A$2.5 million (2020: loss of A$4.2 million), which includes the
amortisation of share-based payment expenses. This loss also
includes A$2.8 million in Murata project expenses (a net figure of
A$1.6 million after the expected incremental R&D tax rebate)
(2020: A$2.1 million), A$0.3 million in legal expenses for patent
infringement, and approximately A$0.2 million for a one-off
increase in the bad debt provision. When adjusted for these one-off
factors, the like for like comparison was an adjusted EBITDA loss
of A$0.4 million (2020: loss of A$1.6 million).
Cash reserves as at 30 June 2021 were A$0.2 million, down from
A$2.9 million as at 30 June 2020.
The cash reserves were lower than expected due to underpayment
of royalties by a licencee, the sale of the employee share options
being delayed to after 30(th) June 2021, and an increase in legal
expenses in the last quarter related to patent infringement and
licencing. The 2021 year end cash position excludes the proceeds
after expenses of the recent capital raise (GBP2.6 million net of
expenses) and cash receipts following the exercise of employee
share options (GBP0.4 million). In addition, the Board anticipates
that the Company will be in receipt of a Federal Government R&D
tax rebate of approximately A$3.0 million, with these funds
expected to be received before the end of the current calendar
year. The Company continues to explore options to use a debt
facility to fund the Company's growth. However, in the current
climate the Board considers that many available debt-funding
options are too expensive. The Company does have a revolving line
of credit secured by the R&D tax rebate. There was A$1.4
million of this line of credit outstanding as at 30 June 2021, with
the proceeds from the recent capital raising being used to pay down
this facility.
As disclosed last year, two accounting adjustments need to be
taken into account when analysing the financial results for FY
2021. The first relates to the Company adopting AASB 16 from 1 July
2019. This standard replaces AASB 117 and for lessees eliminates
the classifications of operating leases and finance leases.
Straight-line operating lease expense recognition has been replaced
with a depreciation charge for the right-of-use assets (included in
operating costs) and an interest expense on the recognised lease
liabilities (included in finance costs). A full explanation of this
adjustment can be found in Note 6 in the Notes to the Financial
Statements within this announcement. The second adjustment relates
to the higher than historical Research and Development expenditure,
which is a direct result of the costs incurred in the relocation
and commissioning of the acquired Murata plant and equipment. A
material percentage of the expenditure incurred can be claimed as
eligible Research and Development expenditure under the current
Australian Taxation Office guidelines and is subject to a rebate.
The amount of eligible Research and Development expenditure for FY
2021 totalled A$7.0 million (2020: A$7.4 million) which will
generate an expected Government rebate of approximately A$3.0
million (2020: A$3.2 million) which is anticipated to be received
before the end of the current calendar year.
The Company's sales pipeline is robust with many of the
opportunities being converted to sales orders. The outstanding
sales order book as at 30 June 2021 was more than 160% higher than
at the same time in the previous year. Total product sales revenue
for the year to 30 June 2021 was A$3.5 million (2020: A$2.7
million) which represents a 30% year-on-year increase. The
contributing factors underlying this increase were sales of DMF and
DMT products manufactured by CAP-XX at Seven Hills and sales of
cylindrical can supercapacitors. These increases offset the
contribution from Licensing and Royalties which was down from the
previous year.
Operational expenditure, excluding the direct costs of the
Murata project, decreased by 10% from A$6.7 million to A$6.0
million. The decrease in expenditure is attributable to lower
travel expenses across all departments due to the COVID-19
restrictions and a decrease in legal expenses principally
associated with patent infringement cases.
Research and Development expenditure has been held steady in FY
2021, with the focus being the development of new intellectual
property around supercapacitors, energy storage and related
applications.
Business Environment
The Board believes that CAP-XX's technology provides a
significant competitive advantage over existing supercapacitor
manufacturers such as TDK Corporation, Skeleton, Eaton, LSMtron,
Nippon Chemicon Corporation and other Chinese and Korean
competitors. The Board believes that these companies are unable to
match the CAP-XX technology in terms of thinness, power density,
energy density and reliability. Most of the Company's competitors
only manufacture higher-capacity cylindrical cells used in large
package modules and focus on applications where the combination of
thinness, energy density and power density are not important
considerations for the customer. These competitor products usually
prove unsuitable for the various markets collectively labelled the
Internet of Things (IoT) market, which is the key area that CAP-XX
is targeting with the former Murata products and CAP-XX's existing
prismatic products.
As reported previously, IoT applications, one of the fastest
growing segments of the electronics market, provide one of the
greatest opportunities for CAP-XX's products. Driven by customer
requests, manufacturers are constantly moving to new wireless
protocols and adding to the functions and applications available on
IoT enabled devices. Some of these new functions require high
electrical power within the actual IoT device. Examples are
e-locks, drug dispensing, facial recognition, and haptic feedback.
Other devices are powered by energy harvesting and are
battery-less. Others use low power batteries such as 3 Volt coin
cell batteries. All of this means that power management continues
to be an increasingly important consideration. The other important
factor is size, as devices have tended to become smaller whilst
their electrical power demands have increased. The Company has been
successful in winning new business from a range of these markets,
such as industrial actuators, e-locks, agricultural sensors,
wireless displays, smart-meters, payment and handheld terminals,
medical wearables, automotive dashcams and communication
systems.
In the past, CAP-XX has faced competition in various markets
from cheaper cylindrical supercapacitors where our thin form
factor, high power and long life are not valued as highly as lower
initial cost components from competitors. To counteract this, the
Company released a range of cylindrical cells. Modest sales revenue
for these products was first recorded during FY 2019. Since then,
sales have continued to grow strongly on a year-on-year basis, with
the Company being successful in winning a number of large volume
orders. Several new large volume opportunities are currently being
evaluated by customers.
As previously articulated, automotive applications such as
truckStart, Stop-Start systems, regenerative energy capture or KERS
(Kinetic Energy Recovery Systems), distributed power, hybrid
electric vehicles and electric vehicles still present substantial
opportunities for large supercapacitors. A number of CAP-XX's
competitors are active in these markets, and the Board believes
that the Company has significant advantages over the competition in
certain applications. However, because of the significant resources
that each project requires and the long time lag between product
evaluation and mass production, the Board has taken the decision to
focus the Company's resources on IoT applications and take a lower
risk, longer-term, more patient approach to the opportunities for
large supercapacitors with the focus being on a small number of key
automotive projects.
Opportunities
The overall direct sales pipeline for CAP-XX's supercapacitors
continues to be large in quantum and varied in terms of the
targeted markets. The key IoT target markets remain similar to the
previous year, with IoT wearables, health, automotive, security,
smart-metering, energy harvesting and consumer products having the
most appeal and presenting the largest volume opportunities. While
many applications are strictly confidential and cannot be
disclosed, the Company has, over the last year, announced details
of several customers applications with the approval of those
customers.
Our customers' markets are constantly evolving as new products
and technologies threaten the incumbents. In this environment,
CAP-XX needs to always remain alert and be flexible to changing
business conditions and market needs. This creates opportunities to
offer products that address what our markets want.
CAP-XX is continuing to refine the products that it offers for
the various IoT applications and other markets. The Company has
introduced the Murata range of DMF and DMT thin prismatic
supercapacitors to address the space-constrained and/or
power-hungry needs of many IoT products. These products are already
being shipped from the Company's new Seven Hills factory. The
Company plans to commission and commence shipments of the very thin
DMH supercapacitor by next year. At only 400 microns in thickness,
the Board believes that this is the best performing supercapacitor
in its class.
The Company also plans to use its 3 Volt chemistry in certain
models of supercapacitors currently made in Malaysia. Assuming that
sales of these 3 Volt products are as expected, the Company will
eventually look to produce 3 Volt products on the DMF line at Seven
Hills. The development of the 3 Volt product has been targeted to
meet demand for small, inexpensive, energy efficient power
solutions for thin wearables, key FOBs and other IoT devices,
especially those using 3 Volt coin cell lithium ion batteries, such
as the CR2032 battery.
In the future, there is an opportunity to migrate this same 3
Volt technology into larger prismatic supercapacitors, automotive
modules and other products for high-energy, high-power
applications. As already noted, CAP-XX is concentrating on a small
number of automotive opportunities. To further increase the
Company's likelihood of success, the Board is investigating a
strategy of partnering with automotive and military Tier-1/Tier-2
suppliers, through either a new license agreement or a joint
venture, to supply the automotive markets. The Board believes that
such partnerships will be beneficial for all parties involved.
The Company intends to continue using its intellectual property
to develop additional substantial and recurring income. A
significant benefit of the existing licencing agreements is that
they validate CAP-XX's technology leadership in the field of
supercapacitors and energy storage, and the potential for
supercapacitors as a mainstream consumer electronics technology.
Our licensees' product lines and sales activities are also
increasing our exposure to markets and customers that were
previously beyond the Company's reach. It is also important to note
that the strategy of our licensees is to offer product ranges
targeted at certain end markets. As such, none of them meet the
product type or size requirements for all markets and all
applications, leaving scope for CAP-XX to supply these other
markets directly using products made by CAP-XX and its contract
manufacturers.
There remain several additional opportunities for the Company to
pursue new licencing arrangements. Some of these are at differing
stages of discussions. Others may require the Company to enforce
its patent rights through court action, as already noted in the
Chairman's statement.
Strategies for Growth
Given the increasing levels of market interest in CAP-XX's
technology and its high-performance supercapacitors, the Company
believes that the IoT markets, in particular, offer significant
opportunities for growth and to reach the key strategic objective
of CAP-XX achieving profitability and positive cashflow.
The Company continues to engage in discussions aimed at securing
business in the IoT space with a significant number of global
original equipment manufacturers (OEMs). CAP-XX is strengthening
its relationships with these organisations and has regular
engineering meetings with design teams, manufacturing groups and
contract manufacturers. The Company is unable to comment on
specific clients, but the Board is pleased with the overall
progress and is confident that the available market for
supercapacitors is increasing as manufacturers become more familiar
with the technology.
Over the last year, the Company has aligned its marketing
activities to specifically focus on a number of different IoT
markets, such as asset tracking, automotive, e-locks, medical
devices, handheld terminals, smart meters, wearables and wireless
sensors. The efforts to date have produced a significant increase
in visits to the Company's webpages and sales enquiries. The Board
expects for this growth to continue. CAP-XX's strong environmental
credentials, which have been recognised by the London Stock
Exchange providing the Company with its Green Economy Mark, are
consistent with this strategy.
The Company will continue to monitor new opportunities to
increase its sales, through its current distributors, via direct
sales to customers and new product offerings. These offerings may
take the form of complementary energy storage devices and modules.
The Company is also increasing the size of its own sales force and
adding new distributors to ensure that global coverage and
penetration is maximised.
It is important that the Company is able to benefit from the
large investment made over many years in building its patent
portfolio. Where third parties are found to be infringing these
patent rights, the Company has and will continue to vigorously
defend its rights, even if this means pursuing legal action as it
did successfully against Ioxus.
Research and Development
The markets in which the Company operates are competitive and
are characterised by rapid technological change. CAP-XX has a
strong competitive position in prismatic supercapacitors in all of
its target markets as a result of its capability to produce
supercapacitors with a high energy and power density in a small,
conveniently sized, flat package. CAP-XX's devices are also
lightweight, work over a broad temperature range and have an
operating lifetime measured in years.
To stay ahead of the competition, the Company is developing a
strong pipeline of new products to follow the 3 Volt products
already discussed. CAP-XX's R&D efforts are focused on a mix of
short, medium and long-term opportunities, covering new products,
cost reductions and improved product performance. CAP-XX has a
research facility within its Seven Hills site in Sydney, Australia,
where a team of six scientists work to maintain CAP-XX's leading
technology position in electrodes, separators and electrolyte
materials and their assembly into supercapacitor devices. This team
is supported by 12 engineers. During 2021, significant progress has
been made in a number of key areas including improvements on the
ex-Murata coating, DMF and DMT lines, new cell chemistries,
improving the life of cells, developing new packaging concepts,
reducing the cost per cell and developing new electronics to
optimise the performance of the Company's modules. CAP-XX has also
signed numerous collaboration agreements with leading research
institutions, whilst the Company's Scientific Advisory Board
provides CAP-XX with clear direction on commercially relevant
technologies for its ongoing R&D programme.
The Company's success depends on its ability to protect and
prevent any infringements of its intellectual property. To protect
this important asset, the Company has considerable intellectual
property embodied in its patents covering the design, manufacture
and use of its high-performance supercapacitors. The CAP-XX patent
portfolio currently consists of nine patent families, with 19
granted national patents with an additional four patent
applications pending in various jurisdictions. The Company's
intellectual property strategy has been to build value by focusing
on opportunities to capture market share and exclude competition,
with an IP portfolio capable of generating licensing revenue. The
Directors believe that comprehensive embodiments and interlocking
patent groups, combined with a 'quick to file, quick to abandon'
policy, have given the Company a strong and focused IP
portfolio.
Outlook
The major focus for CAP-XX continues to be to become profitable
and cashflow positive as soon as possible by leveraging the
successful commissioning of the newly installed former Murata
production equipment to facilitate increased product sales.
CAP-XX Limited
Consolidated statement of profit or loss
For the year ended 30 June 2021
Consolidated
2021 2020
Currency: Australian Dollars Notes $ $
Revenue from continuing operations 1 4,100,853 3,587,957
Cost of sales 2 (2,341,474) (1,721,152)
------------ -------------
Gross Profit 1,759,379 1,866,805
Other revenue 1 522 24,075
Other income 3 3,435,402 3,692,290
General and administrative
expenses (2,385,905) (2,819,282)
Process and engineering expenses (576,825) (906,693)
Selling and marketing expenses (902,950) (884,646)
Research and development expenses (1,484,203) (1,496,001)
Project expenses (2,766,537) (3,728,633)
Share based payments expense (105,113) (279,886)
Other expenses 4 (504,588) (376,744)
------------ -------------
Loss before income tax (3,530,818) (4,908,715)
------------ -------------
Income tax benefit - -
Net loss for the year (3,530,818) (4,908,715)
------------ -------------
Loss attributable to owners
of CAP-XX Limited (3,530,818) (4,908,715)
============ =============
Earnings per share for loss
attributable to the ordinary
equity holders of the Company Cents Cents
Basic loss per share 5 (0.8) (1.3)
Diluted loss per share 5 (0.8) (1.3)
CAP-XX Limited
Consolidated statement of comprehensive income
For the year ended 30 June 2021
Consolidated
2021 2020
Currency: Australian Dollars Notes $ $
Loss for the year (3,530,818) (4,908,715)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translation
of foreign operations 38,766 (22,894)
Other comprehensive loss for
the year, net of tax 38,766 (22,894)
Total comprehensive loss for
the year attributable to owners
of CAP-XX Limited (3,492,052) (4,931,609)
CAP-XX Limited
Consolidated statement of financial position
As at 30 June 2021
Consolidated
June 30, 2021 June 30, 2020
Currency: Australian Dollars Notes $ $
ASSETS
Current assets
Cash and cash equivalents 182,601 2,895,482
Receivables 802,299 576,665
Inventories 1,066,265 1,290,248
Other 3,196,976 3,613,230
--------------- -----------------
Total current assets 5,248,141 8,375,625
--------------- -----------------
Non-current assets
Property, plant and equipment 3,039,208 1,557,015
Right of use assets 2,906,473 3,198,340
Other 204,808 204,808
--------------- -----------------
Total non-current assets 6,150,489 4,960,163
--------------- -----------------
Total assets 11,398,630 13,335,788
--------------- -----------------
LIABILITIES
Current liabilities
Payables 980,708 1,720,179
Lease liabilities 165,852 135,272
Provisions 734,051 641,358
Interest bearing liabilities 1,400,000 -
--------------- -----------------
Total current liabilities 3,280,611 2,496,809
--------------- -----------------
Non-current liabilities
Lease liabilities 2,414,646 2,524,557
Provisions 746,734 727,268
-----------------
Total non-current liabilities 3,161,380 3,251,825
--------------- -----------------
Total liabilities 6,441,991 5,748,634
--------------- -----------------
Net assets 4,956,639 7,587,154
=============== =================
EQUITY
Contributed equity 108,766,530 108,010,106
Reserves 6,433,864 6,289,985
Accumulated losses (110,243,755) (106,712,937)
-----------------
TOTAL EQUITY 4,956,639 7,587,154
=============== =================
Consolidated statement of cash flows
For the year ended 30 June 2021
Consolidated
2021 2020
Currency: Australian Dollars $ $
Cash flows from operating activities
Receipts from customers (inclusive
of goods and services tax) 3,892,287 3,645,279
Payments to suppliers and employees
(inclusive of goods and services
tax) (10,044,227) (9,822,550)
------------ -----------
(6,151,940) (6,177,271)
Tax credit received 3,142,561 1,590,983
Grants Received 387,902 207,904
Interest paid on lease liabilities (229,010) (102,220)
Interest received 522 24,075
------------ -----------
Net cash (outflow) from operating
activities (2,849,965) (4,456,529)
============ ===========
Cash flows from investing activities
Payments for property, plant
and equipment (1,708,614) (1,083,862)
Net cash (outflow) from investing
activities (1,708,614) (1,083,862)
============ ===========
Cash flows from financing activities
Proceeds from issue of shares
(net of costs) 613,224 6,094,441
Proceeds from borrowings 1,329,530
Principal repayments for lease
liability (135,822) (64,830)
Net cash inflow from financing
activities 1,806,932 6,029,611
============ ===========
Net increase/(decrease) in
cash and cash equivalents (2,751,647) 489,220
Cash and cash equivalents at
the beginning of the financial
year 2,895,482 2,429,156
Effects of exchange rate changes
on cash and cash equivalents 38,766 (22,894)
------------ -----------
Cash and cash equivalents at
the end of the financial year 182,601 2,895,482
============ ===========
Notes to the financial statements
Basis of preparation
The financial information included in this announcement does not
constitute statutory accounts within the meaning of the Australian
Corporations Act 2001. Whilst the financial information has been
computed in accordance with Australian equivalents to International
Financial Reporting standards and other authoritative
pronouncements of the Australian Accounting Standards Board, Urgent
Issues Group Interpretations and the Corporations Act 2001, this
announcement does not itself contain sufficient information to
comply with those requirements.
Note 1 Revenue Consolidated
2021 2020
$ $
Sale of Goods 3,516,344 2,708,697
License Fees & Royalties 584,509 879,260
4,100,853 3,587,957
--------- ---------
Other revenue
Interest 523 24,075
--------- ---------
523 24,075
--------- ---------
Note 2 Cost of Sale of Goods Consolidated
2021 2020
$ $
Direct materials and labour 2,155,076 1,575,024
Indirect manufacturing expenses 186,398 146,128
2,341,474 1,441,927
------------ ---------
Note 3 Other income Consolidated
2021 2020
$ $
Foreign Exchange Gains - (net) - 161,809
R&D Tax Incentive 3,047,500 3,324,481
Miscellaneous Income 387,902 206,000
----------------------------------- ----------
3,435,402 1,600,033
----------------------------------- ----------
Note 4 Other Expenses Consolidated
2021 2020
$ $
Provision for Withholding
Tax Diminution 16,615 48,094
Foreign Exchange Losses -
(net) 24,923 -
Provision for expected credit
loss 103,664 109,817
Provision for make good on
premises - 116,613
Interest - lease liabilities 232,666 102,220
Interest - R&D Advance 126,720 0
504,588 376,744
--------------- ------------------
Note 5 Loss per share Consolidated
2021 2020
$ $
Net loss (3,530,818) (4,908,715)
Loss per share - undiluted ($0.008) ($0.012)
Weighted Average Shares in
Issue during the year 449,700,290 381,242,863
Note 6 AASB16 Reconciliation Consolidated
2021 2020
$ $
Adoption of AASB 16 as at
1 July 2020 - 45,707
Balance from previous year 2,659,829 -
Additions 56,491 2,678,952
Interest on lease liabilities 229,010 102,220
Repayments on lease liabilities (364,832) (167,050)
Balance as at 30 June 2021 2,580,498 2,659,829
Consolidated
Note 7 EBITDA Calculation
2021 2020
$ $
Net loss - Reported (3,530,818) (4,908,715)
Net Project Expenditure 1,563,093 2,106,678
Patent Infringement expenses 315,421 667,344
AASB 16 - Lease expenses - 88,330
------------- --------------------
Bad Debt Provision 210,000
------------- --------------------
Net Loss - Adjusted (1,442,304) (2,813,395)
Depreciation 574,779 206,183
Share based payments 105,113 279,886
Interest expense 359,386
Interest Income (522) (24,075)
Adjusted EBITDA (403,548) (1,584,369)
------------- --------------------
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END
FR UWUORAUUKUUR
(END) Dow Jones Newswires
September 29, 2021 02:00 ET (06:00 GMT)
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