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"fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": {
"value": "\n
1. CORPORATE INFORMATION
The financial statements of MGC Pharmaceuticals Ltd for the year ended 30 June 2023 were authorised for issue
in accordance with a resolution of Directors on 29 September 2023. These consolidated financial statements and
notes represent those of MGC Pharmaceuticals Ltd (the \u201cCompany\u201d) and Controlled Entities (the \u201cconsolidated
group\u201d or \u201cGroup\u201d). MGC Pharmaceuticals Ltd is a for-profit company limited by shares incorporated and domiciled
in Australia whose shares are publicly traded on the Australian Securities Exchange (\u201cASX\u201d) and the main segment
of the London Stock Exchange (\u201cLSE\u201d). The registered office of the Company is Suite 1, 295 Rokeby Road, Subiaco,
WA 6008, Australia.
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based pharmaceutical company, focused on
developing and supplying accessible and ethically produced plant derived medicines, combining in-house research
with innovative technologies, with the goal of finding or producing treatments to for unmet medical conditions.
The Company\u2019s founders and executives are key figures in the global pharmaceuticals industry and the core
business strategy is to develop and supply high quality plant inspired medicines for the growing demand in the
medical markets in Europe, North America and Australasia.
MGC Pharma has a robust development pipeline targeting two widespread medical conditions and has further
products under development.
MGC Pharma has partnered with renowned institutions and academia to optimise the development of targeted
plant inspired medicines, to be produced in the Company\u2019s EU-GMP Certified manufacturing facilities.
MGC Pharma has a growing patient base in Australia, the UK, Brazil, and Ireland and has a global distribution
footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.
2. SIGNIFICANT ACCOUNTING POLICIES
a) Statement of Compliance
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board (\u201cAASB\u201d) and the Corporations Act 2001 as appropriate for \u2018for-profit\u2019
orientated entities.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial
statements containing relevant and reliable information about transactions, events and conditions. Compliance
with Australian Accounting Standards ensures that the financial statements and notes also comply with
International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standard Board
(\u201cIASB\u201d). Material accounting policies adopted in the preparation of these financial statements are presented
below and they have been consistently applied unless otherwise stated.
Basis of Preparation
The financial statements have been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of financial assets and liabilities.
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the consolidated group\u2019s accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed in note 3.
Financial report prepared on a going concern basis
The financial statements have been prepared on the going concern basis of accounting, which assumes the
continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary
course of business.
At 30 June 2023, the Group had a cash and cash equivalents balance of $239,821 and had a net working capital
deficit of $10,801,481, which included convertible notes with a face value of $9,179,515 repayable on 24 November
2022 if not converted prior to maturity. The Group incurred a loss for the year ended 30 June 2023 of $21,133,535
and had net cash outflows from operating and investing activities of $11,378,980.
The Group\u2019s cashflow forecast for the 12 months ending 30 September 2024 indicates that the Group will require
additional capital to refinance existing debt and fund ongoing corporate expenditure and working capital
requirements.
At the date of this report, the directors are satisfied there are reasonable grounds to believe that the Group will
be able to continue its planned operations, meet its obligations as and when they fall due and thus continue as a
going concern, for the following reasons:
\u2022 On 29 July 2022 the Group entered into a new convertible securities finance agreement (\u201cthe second
agreement\u201d) with Mercer Street Global Opportunity Fund, LLC (\u201cthe investor\u201d) to provide the Group with
a funding facility of up to a total of US$10,000,000. At the date of this report, convertible note funding of
US$4,733,120 has been received under this agreement in seven tranches.
\u2022 Any further drawdown of funds under the second agreement is at the investor\u2019s discretion, and the
Company having sufficient capacity under Chapter 7 of the ASX Listing Rules to issue the convertible notes,
or shareholder approval being obtained.
\u2022 The Convertible Securities Finance Agreement (\u201cthe first agreement\u201d) entered into with the investor on 8
September 2020 expired on 8 March 2022. At the date of this report, convertible notes with a face value
of US$2,100,000 remain on issue under the first agreement with an extended Maturity Date of 24
November 2022. On 1 February 2023, the Company executed an agreement to extend the maturity date
of the A$2,100,000 convertible notes on issue, which has extended the maturity date of these convertible
notes to 1 February 2024. The investor has the option to convert these convertible notes to ordinary
shares on or prior to the Maturity Date or to demand repayment, at their discretion.
\u2022 The ability of the Group to raise additional capital in the form of debt and/or equity as part of the future
plan.
The ability of the Group to continue as a going concern is dependent on:
\u2022 The Group being able to secure additional debt and/or equity funding as and when required during the
next 12 months to conduct its planned activities and meet its corporate expenditure requirements.
\u2022 The Group\u2019s current fundraising and commitment to further reducing overheads, as well as the
opportunity to restructure the agreements with Mercer.
These conditions indicate the existence of a material uncertainty that may cast a significant doubt about the
Group\u2019s ability to continue as a going concern.
Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge
its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the
financial statements. The financial report does not include any adjustments relating to the recoverability and
classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary
should the Group not be able to continue as a going concern.
b) Principles of Consolidation
The consolidated financial statements comprise the financial statements of MGC Pharmaceuticals Ltd and its
subsidiaries as at 30 June 2023 (\u201cthe Group\u201d).
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Specifically, the Group
controls an investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement with the other vote holders of the investee;
\u2022 Rights arising from other contractual arrangements; and
\u2022 The Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the
subsidiary.
Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of
the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to
bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated
in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary it, de-recognises the assets (including goodwill) and
liabilities of the subsidiary; de-recognises the carrying amount of any non-controlling interests; de-recognises the
cumulative translation differences recorded in equity; recognises the fair value of the consideration received;
recognises the fair value of any investment retained; recognises any surplus or deficit in profit or loss; and
reclassifies the parent\u2019s share of components previously recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.
The Group applies the acquisition method in accounting for business combinations. The cost of an acquisition is
measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the
amount of any non-controlling interest (NCI) in the acquiree. Acquisition costs are expensed as incurred.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the
amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed.
c) Foreign Currency
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial
statements are presented in Australian dollars, which is the Company\u2019s functional and presentation currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the statement of profit and loss and other comprehensive income, except when they
are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive
income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit
or loss on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Transaction differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
Foreign operations
On consolidation, the assets and liabilities of foreign operations are translated into Australian dollars at the rate of
exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation
purposes are recognised in other comprehensive income. On disposal of a foreign operation, the component of
other comprehensive income relating to that particular foreign operation is recognised in profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign
operation and translated at the spot rate of exchange at the reporting date.
d) Trade Receivables and Other Short-Term Debtors
Trade receivables and other short-term debtors are all classified as financial assets held at amortised cost on the
basis they are held with the objective of collecting contractual cash flows and the cash flows relate to payments of
principal and interest on the principal amount outstanding.
The Group applies the simplified approach in measuring expected credit losses (ECLs) for trade receivables and
other short-term debtors, whereby an allowance for impairment is considered across all trade receivables and
other short-term debtors, regardless of whether a credit event has occurred, based on the expected losses over
the lifetime of the receivable. Therefore, the Group does not track changes in credit risk but instead recognises a
loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s exposure to bad debts is not significant
and default rates have historically been very low. Trade and other short-term receivables are written off when
there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a
payment plan or the debtor failing to make timely contractual payments.
e) Other Financial Assets
Other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Other financial assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based
on both the business model within which such assets are held and the contractual cash flow characteristics of the
financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and
the consolidated entity had transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part, or all, of a financial asset, it\u2019s carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified
as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for
trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit,
or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are
recognised in profit or loss.
f) Impairment of Non-Financial Assets
Non-financial assets are tested for impairment when there is an indication that the asset may be impaired (which
is assessed at least each reporting date). Impairment exists when the carrying value of an asset or cash generating
unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.
Fair value less costs of disposal calculations are based on available data from binding sales transactions, conducted
at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. Value
in use calculations are based on a discounted cash flow (\u201cDCF\u2019) model, where relevant. The cash flows are derived
from the budget for the next five years and do not include restructuring activities that the Group is not yet
committed to or significant future investments that will enhance the performance of the assets of the CGU being
tested.
g) Current and Non-Current Classification
The Group presents assets and liabilities in the statement of financial position based on current/non-current
classification. An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the reporting period; or
\u2022 A cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.
All other assets are classified as non-current. A liability is current when it is:
\u2022 Expected to be settled in normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the reporting period; or
\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
h) Government Grants
Government grants are recognised when there is a reasonable assurance that the grant will be received and all
attached conditions will be compiled with. When the grant relates to an expense item, it is recognised as income
on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. When the
grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related
asset.
i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
of acquisition of the asset, or as part of an item of the expense. Receivables and payables in the statement of
financial position are shown inclusive of GST.
Cash flows are presented in the consolidated statement of cash flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
j) Leases
Group as Lessee
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on
a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject
to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised b
y the Group and payments of penalties for
terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised as expense in the period on which the event or
condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of office rental (i.e. those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are
considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as
expense on a straight-line basis over the lease term.
k) Investments in associates
Investments in associates and joint ventures are accounted for using the equity method.
The carrying amount of the investment and associates and joint ventures is increased or decreased to recognise
the group\u2019s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted
where necessary to ensure consistency with the accounting policies of the group.
Unrealised gains and losses on transactions between the group and its associates and joint ventures are eliminated
to the extent of the group\u2019s interest in those entities. Where unrealised losses are eliminated, the underlying asset
is also tested for impairment.
l) Other significant accounting policies
Refer to the relevant notes to the financial statements for other accounting policies, including revenue (note 4),
income taxes (note 6), government grants (note 4), cash and cash equivalents (note 7) inventory (note 8), plant
and equipment (note 10), share-based payments (note 28) and employee benefits (note 27).
m) Rounding of Amounts
The Company is a kind referred to in Legislative Instrument 2016/191 issued by the Australian Securities and
Investment Commission, relating to the \u201crounding off\u201d of amounts in the financial statements. Amounts in the
financial statements have been rounded off in accordance with that class order to the nearest dollar.
n) New and amended Accounting Standards and Interpretations adopted by the Group
The Group has adopted all of the new and revised Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective from 1 July
2022, with no material impact to the Group.
The Group has not early adopted any new or amended Accounting Standards or Interpretations issued but not yet
effective, the impacts of which are not expected to be material to the Group.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Directors evaluate estimates and judgements incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events
and are based on current trends and economic data, obtained both externally and within the Group. Judgements
and estimates which are material to the financial report are found at the following notes:
a) Share based payments (refer note 28).
b) Valuation of financial liabilities valued at fair value through profit or loss
(refer note 15).
c) Leases (refer note 14).
d) Research and development rebate (refer note 5c).
e) Impairment assessment of non-current assets (refer note 11 and note 12).
f) Expected credit losses (refer note 9).
4. REVENUE AND OTHER INCOME
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to
be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
consolidated entity identifies the contract with the customer, identifies the performance obligations in the contract
and determines the transaction price (which takes into account estimates of variable consideration and the time
value of money). The consolidated entity then allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered,
and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer
to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent
events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The
measurement of variable consideration is subject to a constraining principle whereby revenue will only be
recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable
consideration is subsequently resolved. Amounts received that are subject to the constraining principle are initially
recognised as deferred revenue in the form of a separate refund liability.
Revenue from sale of pharma products
Revenue from the sale of cannabinoids is recognised when the goods have been delivered, at which point the
customer obtains control of the goods. In most cases, sales are B2B with revenue recognised as they are delivered
to the pharmacy.
Revenue from consulting services
Revenue from providing clinical research services are recognised over time as the performance obligations are
satisfied.
Revenue from sale of non-pharma products
Revenue from the sales of non-pharma products is recorded when the products have been delivered to the
consumer, signifying transfer of ownership and the point the customer obtains control of the goods.
Interest revenue
Interest revenue is recognised using the effective interest rate method.
| 30-Jun-23 | 30-Jun-22 |
| a) Revenue from contracts with customers | | |
| $ | $ |
| | | |
| Pharma sales | | |
| 2,506,782 | 4,026,130 |
| Consulting services (clinical research fees and clinic consults) | | |
| 6,967 | 477,666 |
| Non-pharma sales | | |
| 873,818 | 228,216 |
| 3,387,567 | 4,732,012 |
| b) Finance income | | |
| | | |
| Interest income calculated using the effective interest rate | | |
| method | | |
| 240 | 301 |
| 240 | 301 |
| | | |
| c) Other operating income | | |
| Government grants | | |
| 528,213 | 9,190 |
| 528,213 | 9,190 |
Research and development rebates are accounted for as a government grant. Management judgement is required
to assess that the rebate meets the recognition criteria and in determining the measurement of the rebate
including the assessment of the eligibility and appropriateness of the apportionment of eligible expenses based on
research and development activities undertaken by the consolidated entity and taking into consideration relevant
legislative requirements.
Further, the Research and Development rebate program in Australia is a self-assessment regime and there is a
four-year period from the date of lodgement where the claim may be subject to a review by the Australian Taxation
Office or AusIndustry, with any amounts over-claimed being potentially subject to full repayment with interest and
penalties.
5. COST OF SALES AND EXPENSES
| 30-Jun-23 | 30-Jun-22 |
| a) Cost of sales | | |
| $ | $ |
| | | |
| Cost of goods sold - Pharma | | |
| 1,862,942 | 2,466,361 |
| Cost of sales \u2013 Consulting services | | |
| 6,296 | 415,255 |
| Cost of goods sold \u2013 Non-pharma | | |
| 67,652 | 40,503 |
| 1,936,890 | 2,922,119 |
| b) Administrative expenses | | |
| Corporate costs | | |
| 276,396 | 376,799 |
| Professional and consultancy fees | | |
| 976,377 | 1,270,081 |
| Directors\u2019 fees | | |
| 918,469 | 1,127,436 |
| Employee benefit expenses | | |
| 5,153,098 | 3,796,318 |
| Employee share based payment expense | | |
| 2,656,885 | 643,782 |
| Travel expenses | | |
| 924,940 | 975,851 |
| Marketing expenses | | |
| 926,914 | 1,009,157 |
| Depreciation | | |
| 751,937 | 247,689 |
| Office and administrative expenses | | |
| 2,202,057 | 2,382,248 |
| 14,787,073 | 11,829,361 |
| c) Other operating expenses | | |
| Unrealised foreign exchange | | |
| 33,230 | (240,520) |
| Realised foreign exchange | | |
| 1,183,422 | 155,952 |
| Inventory write-off | | |
| 164,215 | 166,323 |
| Laboratory operating expenses | | |
| 269,360 | 1,524,130 |
| Research expense | | |
| 1,992,670 | 2,717,797 |
| 3,642,897 | 4,323,682 |
| 30-Jun-23 | 30-Jun-22 |
| d) Impairment expense | | |
| Impairment of goodwill (refer note 11) | | |
| 3,145,724 | 3,903,156 |
| Impairment of work-in-progress balance on delayed site | | |
| - | 1,080,702 |
| Impairment of equity-accounted investments (refer note 12) | | |
| 1,231,245 | - |
| Impairment of financial assets | | |
| 155,971 | - |
| | | |
| 4,532,940 | 4,983,858 |
| 30-Jun-23 | 30-Jun-22 |
| e) Finance cost | | |
| Finance costs | | |
| 257,403 | 210,142 |
| 257,403 | 210,142 |
| Note | | |
| | 30-Jun-23 | 30-Jun-22 |
| f) Fair value movement on financial instruments | | | |
| Fair value loss on financial liability \u2013 convertible notes | | | |
| 15 | | |
| | 131,409 | 555,938 |
| Fair value loss on financial asset \u2013 investment in unlisted entity | | | |
| 20 | | |
| | - | 573,703 |
| Fair value gain on financial asset \u2013 pre-acquisition loan to MGC | | | |
| Pharmaceuticals (sro) | | | |
| 9 | | |
| | - | (533,984) |
| Fair value loss on financial asset \u2013 loans to third parties | | | |
| 9 | | |
| | - | 645,157 |
| | 131,409 | 1,240,814 |
6. INCOME TAX
The income tax expense/(benefit) for the period is the tax payable on the current period\u2019s taxable income based
on the applicable income tax rate for each jurisdiction adjusted by changes in the deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate
taxable income.
Deferred income tax is provided on all temporary differences at the statement of financial position date, arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements,
and are recognised for all taxable temporary differences,
\u2022 Except where the deferred income tax liability arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, the carry-forward of unused
tax credits and unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised:
\u2022 Except where the deferred income tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor the taxable profit or loss; and
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests and joint ventures, deferred tax assets are only recognised to the extent that it is probable that
the temporary differences will reverse in the foreseeable future extent that it is probable that the temporary
differences can be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the statement of financial position date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement of
profit or loss and other comprehensive income.
Tax Consolidation
The Company and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under
the tax consolidated legislation. Each entity in the Group recognises its own current and deferred tax assets and
liabilities. Such taxes are measured using the \u2018stand-alone taxpayer\u2019 approach to allocation. The Group notified
the Australian Taxation Office that it had formed an income tax consolidated group to apply from 21 October 2005.
The tax consolidated group has entered a tax funding agreement whereby each company in the Group contributes
to the income tax payable by the Group in proportion to their contributions to the Group\u2019s taxable income.
The Group has carried forward tax losses which have not been recognised as deferred tax assets as it is not
considered sufficiently probable that these losses will be recouped by means of future profits taxable in the
relevant jurisdictions.
| 30-Jun-23 | |
| | 30-Jun-22 |
| $ | |
| | $ |
| a) Major components of income tax expense for the periods | | |
| presented: | | |
| Current tax | | |
| 2,018 | |
| | - |
| Deferred tax | | |
| - | |
| | - |
| Income tax expense | | |
| 2,018 | |
| | - |
| b) The prima facie tax on (loss) before income tax is reconciled to | | |
| the income tax as follows: | | |
| Prima facie tax payable on (loss) before income tax at 25% (2022: | | |
| 25%) | | |
| (5,282,879) | (5,191,956) |
| Adjustments due to permanent differences | | |
| 1,860,385 | 1,125,513 |
| Deferred tax assets not brought to account | | |
| 3,422,494 | 4,066,443 |
| Under/over provision of prior year | | |
| 2,018 | - |
| Income tax expense | | |
| 2,018 | - |
| c) Deferred Tax Assets Not Brought to Account in Australia, the | | |
| benefits of which will only be realised if the conditions for | | |
| deductibility set out above are met: | | |
| Tax losses | | |
| 9,797,970 | 8,425,862 |
| Temporary differences | | |
| 363,744 | 579,706 |
| Total | | |
| 10,617,714 | 9,005,568 |
7. CASH AND CASH EQUIVALENTS
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities
of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value, and bank overdrafts.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Cash at bank | | |
| 239,821 | 1,886,347 |
| 239,821 | 1,886,347 |
8. INVENTORY
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a first-
in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated
costs of completion and costs necessary to make the sale.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Finished goods \u2013 at lower of cost and net realisable value | | |
| 523,405 | 819,615 |
| Raw materials \u2013 at cost | | |
| 839,097 | 1,018,188 |
| 1,362,502 | 1,837,803 |
9. TRADE AND OTHER RECEIVABLES
Trade receivables are generally due for settlement between thirty (30) and ninety (90) days from the date of
recognition. They are presented as current assets unless collection is not expected for more than 12 months after
reporting date.
| 30-Jun-23 | 30-Jun-22 |
| Current | | |
| $ | $ |
| Trade receivables | | |
| 208,742 | 738,531 |
| Other receivables | 249,259 | 422,515 |
| GST/VAT receivable | | |
| 73,313 | 776,068 |
| 1 | |
| Financial assets at fair value through profit or loss | | |
| | - | - |
| 531,314 | 1,937,114 |
Other receivables are non-interest bearing and are generally on terms of 30 days.
| 30-Jun-23 | 30-Jun-22 |
| 1 | | |
| Financial assets at fair value through profit or loss | | |
| $ | $ |
| Opening - financial asset at fair value through profit or loss | | |
| - | - |
| Loans acquired in asset acquisition | | |
| - | 256,527 |
| Loan repayment received | | |
| - | (61,424) |
| Foreign currency translation | | |
| - | (77,886) |
| Loans advanced to third parties | | |
| - | 527,940 |
| Net fair value loss on financial assets | | |
| - | (111,173) |
| Acquisition of MGC Pharmaceuticals (sro) | | |
| - | (533,984) |
| Closing \u2013 financial asset at fair value through profit or loss | | |
| - | - |
Pre-acquisition loan to MGC Pharmaceuticals (sro)
A loan was advanced to MGC Pharmaceuticals (sro) in the prior period and was classified as a financial asset at fair
value through profit or loss, with a fair value determined to be nil at the acquisition date of 31 September 2021
due to the equity risk associated with the loan. During the prior year, the Group acquired MGC Pharmaceuticals
(sro) and recognised a fair value gain of $533,984 to reverse the loss recorded in the year before. This was included
in the \u201cnet fair value gain/(loss) on financial assets\u201d line above. Subsequent to the acquisition, the loan eliminates
on consolidation. Subsequent to the acquisition, the loan eliminates on consolidation.
10. PLANT AND EQUIPMENT
Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of plant and equipment over
their expected useful lives as follows:
Plant and equipment 3-5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit
or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.
During the prior year the Group completed construction of a fully functioning GMP certified manufacturing facility
in Malta for liquid dose form products and the anti-inflammatory product ArtemiC\u2122. At 30 June 2023 the facility
had been fully commission with a GMP licence granted in March 2023. The facility was 80% funded by way of
grant from Malta Enterprises (refer to note 13c).
| | 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Plant and equipment | | |
| * | | |
| | | |
| - gross carrying amount at cost | 2,664,866 | 2,203,496 |
| - accumulated depreciation | | |
| (1,824,984) | (1,353,483) |
| 839,882 | 850,013 |
| | | |
| Malta manufacturing facility | | |
| - gross carrying amount at cost | | |
| 7,378,613 | 6,867,601 |
| - accumulated depreciation and impairment | | |
| (1,354,083) | (1,052,816) |
| 6,024,530 | 5,814,785 |
| | | |
| Total property, plant and equipment | 6,864,412 | 6,664,798 |
*
Plant and equipment primarily comprises of laboratory fixtures and fittings and equipment.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Property, plant and equipment movement | | |
| Opening balance at 1 July | | |
| 6,664,798 | 5,272,202 |
| Additions | | |
| 189,871 | 2,693,099 |
| Impairment | | |
| - | (1,080,702) |
| Depreciation | | |
| (539,498) | (247,686) |
| Foreign currency translation | | |
| 549,241 | 27,885 |
| 6,864,412 | 6,664,798 |
Impairment testing
Slovenia
The Group did not identify any indicators of impairment in relation to the Slovenia CGU, primarily the GMP
laboratory.
Malta
The Group\u2019s plant and equipment balance in Malta consisted of fully constructed manufacturing facility. This facility
was granted a GMP Licence in March 2023. The Group has decided that the larger project is no longer in the long
term interest of the company and has terminated the lease on that site. All capitalised design and engineering costs
relating to the larger project had been provided for in the previous year. The Group did not identify any indicators
of impairment in relation to the current facility.
11. INTANGIBLE ASSETS AND GOODWILL
| 30-Jun-23 | 30-Jun-22 |
| Goodwill | | |
| $ | $ |
| Opening balance at 1 July | | |
| 3,145,724 | 7,048,880 |
| - Impairment | (3,145,724) | (3,903,156) |
| - | 3,145,724 |
Impairment of MediCaNL Israel 2019 Ltd (MediCaNL)
On 21 April 2021, MGC Pharma completed the 100% acquisition of MediCaNL Israel 2019 Ltd (MediCaNL), an Israeli
company operating and providing specialist services to the pharmaceutical sector for development of new
medicines. Performance since acquisition has been lower than expected and the Group\u2019s impairment testing
determined that the recoverable amount of the CGU was nil as at 30 June 2023 and recorded an impairment
expense of $3,145,724 in the profit and loss.
Acquisition of MGC Pharmaceutical sro (Czech Republic) \u2013 asset acquisition
During the prior period, the Group acquired a 54% interest in MGC Pharmaceutical sro (Czech Republic), which in
turn held a 100% interest in MGC Pharmaceuticals Ltd (Russia). The acquisition occurred via a share transfer with
nil consideration. The acquiree did not meet the definition of a business and therefore the acquisition was
accounted for as an asset acquisition.
A non-controlling interest of $109,377 was recognised at the acquisition date. The non-controlling interest\u2019s share
of loss for the year was $309,951 (2022: $410,503) and the non-controlling interest\u2019s share of other comprehensive
income for the year was $338,825 (2022: $119,219).
Subsequent to the year end MGC Pharmaceutical (sro) was disposed of as being no longer relevant to the core
business of the Group.
12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
On 5
th
August 2022 the Company acquired 40% of the issued capital of ZAM Software Ltd, a private entity that
owns a real-time data collection software with proprietary Artificial Intelligence (AI) algorithms.
ZAM Software Ltd contributed A$nil operating profit after tax for the period from acquisition to 30 June 2023. At
30 June 2023 the Company determined that the recoverable amount of the investment was nil as at 30 June 2023
and recorded an impairment expense of $1,231,245 in the profit and loss.
13. PAYABLES AND DEFERRED REVENUE
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year, which remain unpaid at year end. The amounts are unsecured and are usually paid within 60 days of
recognition. They are recognised at fair value on initial recognition and subsequently measured at amortised cost,
using the effective interest rate method.
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months after the period end in which the employees render the related service
are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the
amounts expected to be paid when the liabilities are settled. The liability for annual leave and accumulating sick
leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are
presented as payables.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| a) Current trade and other payables | | |
| Trade payables | | |
| (2,185,662) | (2,523,618) |
| Accruals | | |
| (535,546) | (688,128) |
| Other payables | | |
| (582,618) | (307,460) |
| (3,303,826) | (3,519,206) |
| b) Deferred revenue - Current | | |
| Deferred revenues \u2013 customer advance | | |
| - | (1,559,501) |
| Deferred revenue \u2013 Malta grant* | | |
| (658,133) | (250,860) |
| (658,133) | (1,810,361) |
Deferred revenue represents the Group\u2019s obligation to transfer goods or services to a customer for which the Group
has received consideration at 30 June 2023.
Refer to note 19 for details on management of financial risk.
c) Deferred Revenue \u2013 Non-Current
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Deferred Revenue \u2013 Malta grant* | | |
| (4,277,865) | (3,679,413) |
| | (4,277,865) | (3,679,413) |
* During the year ending June 2021, the Group received approval for a grant from Malta Enterprises to cover 80% of the
construction costs of a production facility, to the value of \u20ac3,073,000 ($4,925,000). As at 30 June 2023, an amount of \u20ac2,908,000
$4,785,411 had been received from Malta Enterprise. In accordance with AASB 120, the grant is being recognised as income on
a systematic basis over the useful life of the building once completed. Under the conditions of the grant, the Group was to
complete construction of the facility within 6 months of 10 December 2020 and, should the Group cease operations in Malta
within five years from the start of operations, Malta Enterprise retains the right to take possession of assets funded through the
grant. In March 2021 the Group received approval from Malta Enterprise to extend the period for completion of construction to
October 2021. Construction was completed in October 2021 and the facility was issued a GMP licence in March 2023.
14. LEASES
At reporting date the Group has two long-term leases for the use of the land for the construction of facilities in
Malta \u2013 a 65 year lease entered into in the prior period for the larger site and a 5 year lease with 5 years option to
renew for the ArtemiC production facility. The Group also has other immaterial leases for office and lab rental.
Below are the carrying amounts of right-of-use assets recognised for the period:
| 30-Jun-23 | 30-Jun-22 |
| Right-of-use assets | | |
| $ | $ |
| Opening balance at 1 July | | |
| 2,133,685 | 1,869,006 |
| Additions of right-of-use assets in period | 217,527 | 422,213 |
| Depreciation of right-of-use assets | | |
| (212,439) | (157,534) |
| Decrease on early termination of lease | | |
| (1,628,799) | - |
| Foreign exchange | | |
| 78,702 | - |
| Closing balance | | |
| 588,676 | 2,133,685 |
Below are the carrying amounts of lease liabilities for the period:
| 30-Jun-23 | 30-Jun-22 |
| Lease liabilities | | |
| $ | $ |
| Opening balance at 1 July | | |
| 2,252,608 | 1,982,807 |
| Additions to lease liabilities | | |
| 217,527 | 422,213 |
| Interest on lease liabilities | | |
| 173,014 | 153,189 |
| Lease payments | | |
| (373,969) | (263,785) |
| Decrease on early termination of lease | | |
| (1,790,155) | - |
| Foreign exchange | | |
| 96,114 | (41,816) |
| Closing balance | | |
| 575,139 | 2,252,608 |
| | | |
| Current | 190,570 | 277,689 |
| Non-current | | |
| 384,569 | 1,974,919 |
| Total lease liability | | |
| 575,139 | 2,252,608 |
The following amounts were recognised in the consolidated statement of profit or loss and comprehensive income
for the period:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Depreciation on right-of-use asset | | |
| 212,439 | 157,534 |
| Interest expense on lease liabilities | | |
| 173,014 | 153,189 |
| Expense related to short-term leases | | |
| 38,844 | 118,738 |
| Total amounts recognised in profit or loss | | |
| 424,297 | 429,461 |
The following are amounts recognised in the consolidated statement of cash flows:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Total cash outflows for leases | | |
| 373,969 | 382,523 |
Malta long-term lease agreement
The group has determined that the larger site no longer meets the long term requirements of the group, and has
agreed an early termination of the lease agreement with the lessor. This has resulted in a significant decrease in
the long term lease liabilities and right of use assets of the company, with any differences expensed to the profit
and loss account.
Refer to note 23 for disclosures relating to additional commitments on the Malta leases.
15. FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
Convertible notes
Australian dollar denominator facility
In September 2020, the Company entered into a convertible note financing facility with Mercer Street Global
Opportunity Fund (Mercer), under which up to A$15,000,000 can be drawn down in exchange for the issue of a
number of convertible notes with a face value of A$1.00 each equal to 110% of the amount of funding received.
The facility expired on 8 March 2022 and can no longer be drawn on. The notes drawn under this facility were
repayable at face value 12 months from the date of the respective draw down, if not converted or repurchased
prior to maturity.
On 1 February 2023, the Company executed an agreement to extend the maturity date of the A$2,100,000
convertible notes on issue, which has extended the maturity date of these convertible notes to 1 February 2024
(2020 Extension Agreement).
The notes are convertible at the discretion of Mercer at any time prior to maturity, with a conversion price as
follows:
\u2022 The conversion price will be the lower of A$0.035 or 92% of the lowest daily VWAP of the Company\u2019s shares
selected by Mercer over the 10 trading days on which the Company\u2019s shares are traded on the ASX immediately
prior to the issue of the conversion notice, subject to the conversion price being no less than A$0.018.
US dollar denominated facility
In July 2021, the Company entered into a convertible note financing facility with Mercer Street Global Opportunity
Fund (Mercer), under which up to US$10,000,000 can be drawn down in exchange for the issue of a number of
convertible notes with a face value of US$1.00 each equal to 110% of the amount of funding received. The facility
expires on 18 January 2024. The notes are repayable at face value 18 months from the date of the respective draw
down, if not converted or repurchased prior to maturity (US$ Con Note Facility).
Between 19 July 2022 and 7 March 2023, the Company drew down US$4,733,120 (A$7,581,350) in funding from
the US$ Con Note Facility, issuing Mercer 4,733,120 US$1.00 convertible notes. The US$ convertible notes are
convertible at the discretion of Mercer at any time prior to maturity, with a conversion price as follows:
\u2022 The conversion price will be the lower of A$0.020 or 92% of the lowest daily VWAP of the Company\u2019s shares
selected by Mercer over the 10 trading days on which the Company\u2019s shares are traded on the ASX immediately
prior to the issue of the conversion notice, subject to the conversion price being no less than A$0.014.
On 1 February 2023, subsequent to the balance date, the Company executed an agreement with Mercer to vary
the US$ Con Note Facility so the convertible notes issued after 23 December 2022 would have a minimum
conversion price of A$0.010, and to seek shareholder approval, before 31 March 2023, to reduce the minimum
conversion price of the 3,410,000 US$1.00 convertible notes issued before 23 December 2022, reduced from
A$0.014 to A$0.010 (2022 Variation Agreement).
The convertible notes are determined to be hybrid financial instruments and have been designated as at fair value
through profit or loss.
| 30-Jun-23 | 30-Jun-22 |
| Financial liabilities at fair value through profit or loss | | |
| $ | $ |
| Convertible notes | | |
| Opening balance \u2013 at 1 July | 2,100,000 | 4,034,763 |
| Issue of convertible notes | | |
| 6,948,106 | - |
| Converted to ordinary shares | | |
| - | (2,490,701) |
| Loss on remeasurement of financial liability | | |
| 131,409 | 555,938 |
| Closing balance \u2013 fair value at 30 June | | |
| 9,179,515 | 2,100,000 |
The fair value (Level 3) of the hybrid contract was determined using valuation techniques including use of a Black-
Scholes option pricing model, with estimates of projected conversion prices and the following significant inputs to
the valuation at 30 June 2023:
| | Australian dollar | |
| facility | |
| | US dollar |
| | facility |
| Valuation date | 30 June 2023 | 30 June 2023 |
| Share price | $0.005 | $0.005 |
| Exercise price | $0.010 to $0.035 | |
| 1 | |
| | | $0.010 to $0.035 |
| | 1 |
| Expiry date | Feb 2024 | Feb \u2013 Sep 2024 |
| Expected future volatility | 150% | 150% |
| Risk free rate | 3.00% | 3.00% |
| Dividend yield | nil | nil |
1
calculated using a weighted average of $0.030
16. CONTRIBUTED EQUITY AND RESERVES
a) Contributed equity
Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any transaction
costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the proceeds
received.
| 30-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-22 |
| NUMBER | NUMBER | $ | $ |
| | | | | |
| Ordinary shares on issue, fully paid | 3,450,692,750 | 2,728,293,852 | 103,690,800 | 97,251,478 |
| 3,450,692,750 | 2,728,293,852 | 103,690,800 | 97,251,478 |
Reconciliation of movement in share capital
| No. Of Shares | Issue Price | Amount |
| Closing balance at 30 June 2021 | 2,319,502,595 | | 84,511,983 |
| Exercise of $0.045 Options \u2013 8 Jul 2021 | 55,555 | 0.0450 | 2,500 |
| Conversion of performance rights \u2013 8 Jul 2021 | 400,000 | | |
| | 0.0610 | |
| | | 24,400 |
| Conversion of Convertible Notes | | | |
| 1 | | | |
| \u2013 8 Jul 2021 | 14,792,899 | | |
| | 0.0380 | |
| | | 562,130 |
| Conversion of Convertible Notes | | | |
| 1 | | | |
| \u20133 Sep 2021 | 35,714,285 | | |
| | 0.0540 | |
| | | 1,928,571 |
| Exercise of $0.045 Options \u2013 9 Sep 2021 | 11,257,368 | | |
| | 0.0450 | |
| | | 506,581 |
| Conversion of performance rights \u20139 Sep 2021 | 3,550,000 | | |
| | 0.0610 | |
| | | 216,550 |
| Acquisition of MediCaNL (Tranche 2) \u2013 release of unissued | | | |
| shares - 20 Sep 2021 | | | |
| 17,923,153 | | |
| | - | |
| | | - |
| Conversion of performance rights \u2013 20 Sep 2021 | 300,000 | 0.0610 | 18,300 |
| Conversion of performance rights (Director) \u2013 7 Oct 2021 | | | |
| 600,000 | 0.0410 | 24,600 |
| Conversion of performance rights (Director) \u2013 24 Nov 2021 | | | |
| 600,000 | 0.0410 | 24,600 |
| Conversion of performance rights \u2013 24 Nov 2021 | | | |
| 200,000 | 0.0610 | 12,200 |
| Acquisition of MediCaNL (Tranche 3) \u2013 24 Nov 2021 \u2013 | | | |
| release of unissued shares | | | |
| 17,923,153 | - | - |
| Shares issued for UK/US placement \u2013 6 Dec 2021 | | | |
| 275,000,000 | 0.0371 | 10,194,370 |
| Consideration for Mercer CN extension \u2013 8 Dec 2021 | | | |
| 750,000 | 0.0420 | 31,500 |
| Conversion of performance rights \u2013 1 Feb 2022 | | | |
| 500,000 | 0.0610 | 30,500 |
| Employee bonus \u2013 1 Feb 2022 | | | |
| 1,440,117 | 0.0410 | 59,045 |
| Acquisition of MediCaNL (Tranche 4) \u2013 22 Feb 2022 \u2013 | | | |
| release of unissued shares | | | |
| 17,923,153 | - | - |
| Conversion of performance rights \u2013 7 Apr 2022 | | | |
| 900,000 | 0.0610 | 54,900 |
| Acquisition of MediCaNL (Tranche 5) \u2013 13 May 2022 \u2013 | | | |
| release of unissued shares | | | |
| 8,961,574 | - | - |
| Less: costs of issue | | | |
| - | | (951,252) |
| Closing balance at 30 June 2022 | | | |
| 2,728,293,852 | | 97,251,478 |
| | No. Of Shares | Issue Price | Amount |
| Opening balance at 1 July 2022 | 2,728,293,852 | | 97,251,478 |
| Issue of Mercer Commencement Shares \u2013 3 Aug 2022 | | | |
| 21,511,545 | 0.0200 | 430,231 |
| Issue of shares in lieu of cash \u2013 3 Aug 2022 | 15,000,000 | | |
| | 0.0200 | |
| | | 300,000 |
| Acquisition of ZAM Software Ltd \u2013 5 Aug 2022 | 65,841,924 | | |
| | 0.0187 | |
| | | 1,231,245 |
| Issue of shares in lieu of cash \u2013 26 Aug 2022 | 20,000,000 | | |
| | 0.0200 | |
| | | 400,000 |
| Issue of shares in lieu of cash \u2013 1 Nov 2022 | 15,000,000 | | |
| | 0.0100 | |
| | | 150,000 |
| Exercise of performance rights (T7) \u2013 1 Nov 2022 | 200,000 | | |
| | 0.0100 | |
| | | 2,000 |
| Exercise of performance rights (Class C) \u2013 27 Feb 2023 | 600,000 | | |
| | 0.0090 | |
| | | 5,400 |
| Share issue to UK placement \u2013 14 Apr 2023 | 180,005,680 | 0.0080 | 1,440,045 |
| Share issue to UK/AU placement \u2013 18 Apr 2023 | | | |
| 58,315,909 | 0.0080 | 466,527 |
| Share issue to Mercer \u2013 18 Apr 2023 | | | |
| 93,750,000 | 0.0080 | 750,000 |
| Issue of shares in lieu of cash \u2013 5 May 2023 | | | |
| 43,691,589 | 0.0107 | 467,500 |
| Issue of shares to employees in lieu of salaries \u2013 5 May | | | |
| 2023 | | | |
| 82,864,778 | 0.0107 | 886,653 |
| Issue of shares to employees in lieu of salaries \u2013 5 May | | | |
| 2023 | | | |
| 24, 617,673 | 0.0090 | 221,559 |
| Exercise of performance rights (T8) \u2013 21 Jun 2023 | | | |
| 1,000,000 | 0.0090 | 6,000 |
| Less: costs of issue | | | |
| - | | (317,838) |
| | | | |
| 3,350,692,950 | | 103,690,800 |
1.
In September 2020 the Company entered into a $15,000,000 convertible note facility with Mercer Street Global Opportunity
Fund, in exchange for notes with a face value of $1.00 each, being 110% of the funding received. During the current and
prior periods there were a number of conversions of notes issued into equity. Refer to note 15 for additional information.
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the
number of shares held. At a shareholders\u2019 meetings each ordinary share is entitled to one vote when a poll is called,
otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value.
Capital risk management
The Group\u2019s objective when managing capital is to safeguard their ability to continue as a going concern, so that
they can continue to provide returns to shareholders and benefits to other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group manages its capital by assessing the Group\u2019s financial risk and
adjusts its capital structure in response to changes in these risks and in the market. These responses include the
management of debt levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the
prior year. The Group is not subject to any externally imposed capital requirements.
b) Reserves
i. Share Based Payment Reserve
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Opening balance at 1 July | | |
| 7,924,264 | 7,490,483 |
| Exercise of performance rights | | |
| (8,000) | (406,050) |
| Share based payments | | |
| 225,773 | 839,831 |
| 8,142,037 | 7,924,264 |
ii. Foreign currency translation reserve
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Opening balance at 1 July | | |
| (610,591) | 212,381 |
| Currency translation differences arising during the year | | |
| 925,997 | (822,972) |
| 315,406 | (610,591) |
Exchange differences arising on translation of the foreign controlled entities are taken to the foreign currency
translation reserve as described above. The reserve is recognised in profit and loss when the net investment is
disposed of.
17. DIVIDENDS
No dividends have been paid or provided in 2023 and 2022 financial year.
18. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the net profit or loss after income tax attributable to equity
holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the post income tax effect of interest and other financing costs associated with dilutive potential ordinary
share and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
| 30-Jun-23 | 30-Jun-22 |
| Earning per share | | |
| Basic loss per share (cents) | | |
| (0.71) | (0.79) |
| Diluted loss per share (cents) | | |
| (0.71) | (0.79) |
| Reconciliation of earnings to profit or loss | | |
| $ | $ |
| (Loss) used in calculating basic and diluted EPS | | |
| (20,823,584) | (20,347,439) |
| | | |
| Earnings per share | | |
| | | |
| Basic loss per share (cents) | | |
| (0.71) | (0.79) |
| Diluted loss per share (cents) | | |
| (0.71) | (0.79) |
| Reconciliation of earnings to profit or loss | | |
| $ | $ |
| (Loss) used in calculating basic and diluted EPS | | |
| (20,823,584) | (20,347,439) |
| Number | Number |
| Weighted average number of ordinary shares and potential | | |
| ordinary shares | | |
| | | |
| Weighted average number of ordinary shares used in calculating | | |
| basic and diluted EPS | | |
| 2,947,177,984 | 2,566,210,688 |
At 30 June 2023, the Company had the following convertible securities on issue: performance rights 18,400,000
(2022: 68,675,000), options 284,028,101 (2022: 94,432,986) and convertible notes face value of A$2,100,000 and
US$4,733,120 (2022: A$2,100,000). Given the Group made a loss during the current financial year, these potential
shares are considered non-dilutive and therefore not included in the diluted EPS calculation.
19. FINANCIAL RISK MANAGEMENT
The Group\u2019s financial instruments consist mainly of cash at bank, payables, receivables and the convertible notes.
The Group has not formulated any specific management objectives and policies in respect to debt financing,
derivatives or hedging activity. As a result, the Group has not formulated any specific management objectives and
policies in respect to these types of financial instruments. Should the Group change its position in the future, a
considered summary of these policies will be disclosed at that time.
The Group\u2019s current exposure to the risk of changes in the market is managed by the Board of Directors.
Market risks
The Group is exposed to a variety of financial risks through its financial instruments for example, interest rate risk,
liquidity risk and credit risk, equity price risk on the convertible notes, as well as foreign currency risk.
Interest rate risk
At reporting date, other than leases and the convertible notes carried at fair value, the Group does not have long
term borrowings and its exposure to interest rate risk is assessed as low. The group monitors its interest rate risk
through sensitivity analysis, as outlined below.
The consolidated group\u2019s exposure to interest rate risk which is the risk that a financial instrument\u2019s value will
fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes
of financial assets of the Group are summarised in the following tables:
| Floating | | | | | | |
| interest rate | | | | | | |
| | 1 Year or | | | | | |
| | less | | | | | |
| | | Over 1 to | | | | |
| | | 5 years | | | | |
| | | | Over 5 | | | |
| | | | Years | | | |
| | | | | Non- | | |
| | | | | interest | | |
| | | | | bearing | | |
| | | | | | Remaining | |
| | | | | | contractua | |
| | | | | | l | |
| | | | | | maturities | |
| | | | | | | Weigh |
| | | | | | | ted |
| | | | | | | averag |
| | | | | | | e |
| | | | | | | intere |
| | | | | | | st rate |
| 30-Jun-23 | $ | $ | $ | $ | $ | $ | % |
| Financial assets | | | | | | | |
| Cash and cash | | | | | | | |
| equivalents | | | | | | | |
| 239,821 | 239,821 | - | | - | 239,821 | 0.10% |
| Trade and other | | | | | | | |
| receivables | | | | | | | |
| - | - | - | | 531,314 | 531,314 | |
| 239,821 | 239,821 | - | - | 531,314 | 771,135 | |
| Financial liabilities | | | | | | | |
| Trade and other | | | | | | | |
| payables | | | | | | | |
| - | - | - | - | 3,303,826 | 3,303,826 | |
| Convertible notes | - | - | - | - | 9,179,515 | 9,179,515 | |
| Lease liabilities | - | 190,570 | 347,412 | 37,157 | - | 575,139 | |
| - | 190,570 | 347,412 | 37,157 | 12,483,341 | 13,058,480 | |
| 30-Jun-22 | $ | $ | $ | $ | $ | $ | % |
| Financial assets | | | | | | | |
| Cash and cash | | | | | | | |
| equivalents | | | | | | | |
| 1,886,347 | 1,886,347 | - | | - | 1,886,347 | 0.02% |
| Trade and other | | | | | | | |
| receivables | | | | | | | |
| - | - | - | | 1,937,114 | 1,937,114 | |
| 1,886,347 | 1,886,347 | - | - | 1,937,114 | 3,823,461 | |
| Financial liabilities | | | | | | | |
| Trade and other | | | | | | | |
| payables | | | | | | | |
| - | - | - | - | 3,519,206 | 3,519,206 | |
| Convertible notes | - | - | - | - | 2,100,000 | 2,100,000 | |
| Lease liabilities | - | 277,689 | 807,010 | 1,167,909 | - | 2,252,608 | |
| - | 277,689 | 807,010 | 1,167,909 | 5,619,206 | 7,871,814 | |
1
The initial investment amount for the convertible notes represented a 10% discount to their face value. As the notes are
accounted for at fair value through profit or loss, the Group would have exposure to fair value movements arising from changes
in market interest rates.
At 30 June 2023 and 2022, a reasonably possible change in interest rates would not have resulted in a material
change to the Group\u2019s post-tax loss or net assets for the year.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient cash to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group\u2019s reputation. The Group monitors forecast cash flows on regular basis to manage its liquidity
risk.
Credit risk
Management has assessed the credit risk exposure as minimal at reporting date. Credit risk arises from exposure
to trade receivables, deposits with banks and other receivables, the balances of which at 30 June 2022 represent
the Group\u2019s maximum exposure to credit risk. Management monitors its exposure to ensure recovery and
repayment of outstanding amounts. Cash deposits are only made with reputable banking institutions.
Foreign currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures, primarily with respect to the GBP (\u00a3), Euro (\u20ac), and ILS (\u20aa).
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the entity\u2019s functional currency. The risk is measured using cash flow
forecasting.
The consolidated entity has not entered into any derivative financial instruments to hedge such transactions and
anticipated future receipts or payments that are denominated in a foreign currency. The board manages the
purchase of foreign currency to meet operational requirements.
The consolidated entity\u2019s exposure to foreign currency risk at the reporting date was not material. A reasonably
possible change in the value of the Australian dollar against the above currencies at 30 June would not have had a
material effect on the Group\u2019s post-tax loss or net assets.
20. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines
whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
The following table presents the Group\u2019s financial assets and liabilities measured and recognised at fair value.
| 30 June 2023 | | | | |
| Level 1 | Level 2 | Level 3 | Total |
| Financial assets | | | | |
| $ | $ | $ | $ |
| Other financial assets (equity investments) | | | | |
| - | - | - | - |
| Closing balance at 30 June 2023 | - | - | - | - |
| Financial liabilities | | | | |
| Other financial liabilities (convertible note) | - | - | 9,179,515 | 9,179,515 |
| Closing balance at 30 June 2022 | | | | |
| - | - | 9,179,515 | 9,179,515 |
| 30 June 2022 | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | | | | |
| $ | $ | $ | $ |
| Other financial assets (equity investments) | | | | |
| - | - | 155,971 | 155,971 |
| Closing balance at 30 June 2022 | - | - | 155,971 | 155,971 |
| Financial liabilities | | | | |
| Other financial liabilities (convertible note) | - | - | 2,100,000 | 2,100,000 |
| Closing balance at 30 June 2022 | | | | |
| - | - | 2,100,000 | 2,100,000 |
Refer to note 10 for disclosures in relation to the loan accounted for as fair value through profit or loss (level 3).
| Movement of Level 3 financial instruments | | |
| 30-Jun-23 | 30-Jun-22 |
| Opening Balance | | |
| 155,971 | 564,186 |
| Addition of financial asset-investment in unlisted entity | - | 155,971 |
| Fair value loss on financial asset \u2013 investment in unlisted entity | | |
| - | (573,703) |
| Foreign exchange gain on financial asset | | |
| - | 9,517 |
| Impairment expense | | |
| (155,971) | |
| | - |
| Closing Balance | | |
| - | 155,971 |
a) Valuation techniques used to derive Level 1 fair values
The fair value of financial instruments recognised under Level 1 are measured based on the active market value,
determined in this case by the value a third party is willing to pay for the assets.
b) Valuation techniques used to derive Level 3 fair values
The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques. These valuation techniques maximise the use of observable market data where it is available and rely
as little as possible on entity specific estimates.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. A significant unobservable input to the valuation of the Group\u2019s investment in an unlisted entity classified within
level 3 of the fair value hierarchy in prior year was information obtained from the investee in relation to the value
per share of the most recent capital raising conducted by the entity, which was Euro 100/share ($151.63/share).
A 10% increase or decrease in the value per share of the unlisted entity would have a corresponding fair value
movement on the carrying value of the Group\u2019s investment. During the current year the value of the investment
was written down to nil.
Refer to note 15 for additional disclosures on the other financial liability accounted for at fair value through profit
or loss.
c) Fair value of other financial instruments
The Group also has a number of financial instruments that are not measured at fair value in the balance sheet. The
carrying value of cash, trade receivables and payables is a reasonable approximation of their fair values due to
their short-term nature.
21. CONTROLLED ENTITIES
The consolidated financial statements of the Group include:
| Country of | Percentage Owned (%)* | |
| Parent Entity: | | | |
| | | | |
| incorporation | | |
| | 30-Jun-23 | 30-Jun-22 |
| MGC Pharmaceuticals Ltd | | | |
| | | | |
| Australia | | |
| | | | |
| | | | |
| Subsidiaries of MGC Pharmaceuticals Ltd: | | | |
| | | | |
| MGC Pharma (UK) Limited | | | |
| | UK | | |
| | 100 | 100 |
| MGC Research (Aus) Pty Ltd | | | |
| | Australia | | |
| | 100 | 100 |
| Medicinal Cannabis Clinics Pty Ltd | | | |
| | Australia | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharma (UK) Limited: | | | |
| | | | |
| MGC Pharmaceuticals d.o.o | | | |
| | Slovenia | | |
| | 100 | 100 |
| Panax Pharma s.r.o | | | |
| | Czech Republic | | |
| | 87 | 87 |
| MGC Nutraceuticals d.o.o | | | |
| | Slovenia | | |
| | 100 | 100 |
| MGC Pharmaceuticals (sro) | | | |
| | Czech Republic | | |
| | 54 | 54 |
| MGC Pharma (Malta) Holdings Limited | | | |
| | Malta | | |
| | 100 | 100 |
| MGC Pharma (Malta) R&D Limited | | | |
| | Malta | | |
| | 100 | 100 |
| MedicaNL Israel 2019 Ltd | | | |
| | Israel | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharma (Malta) Holdings Limited | | | |
| | | | |
| MGC Pharma (Malta) Property Limited | | | |
| | | | |
| Malta | | | |
| | 100 | 100 |
| MGC Pharma (Malta) Operations Limited | | | |
| | | | |
| Malta | | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharmaceuticals (sro) | | | |
| | | | |
| MGC Pharmaceuticals Ltd (Russia) | | | |
| Russia | | | |
| | 100 | 100 |
* Percentage of voting power in proportion to ownership
22. SEGMENT REPORTING
The Group identifies operating segments on the basis of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker (\u201cCODM\u201d) in order to allocate resources to the segments
and to assess their performance.
The Group has assessed its operating segments and determined that the Group\u2019s operations comprise of two
segments. The first being the production and supply of medicinal cannabis products and the second being the
production and supply of non-cannabis phytomedicines, on the basis that the Group\u2019s CODM reviews financial
information in relation to operating results at the Group level.
Geographic information on the Group\u2019s revenue by location of operations for the period and total assets at 30 June
2023 is as follows:
| Malta | Israel | Slovenia | |
| | | | Australia and |
| | | | others |
| 30 June 2023 | | | | |
| $ | $ | | |
| | | $ | $ |
| Sales revenue | | | | |
| - | 7,098 | 2,846,926 | 533,543 |
| Total assets | 6,412,025 | 28,170 | 2,228,708 | 1,314,748 |
| 30 June 2022 | | | | |
| Sales revenue | - | 456,596 | 3,219,710 | 1,055,706 |
| Total assets | 8,639,316 | 572,711 | 3,507,953 | 5,837,838 |
23. CONTINGENCIES AND COMMITMENTS
a) Commitments
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| No later than one year | | |
| - | 37,396 |
| Later than one year and not later than five years | - | 36,767 |
| Total commitments | | |
| - | 74,163 |
Commitments relate to office leases in Slovenia, which had been signed prior to 30 June 2022 but not yet
commenced.
Malta long-term leases \u2013 construction commitments
Larger site - 65 year lease
Further to the approval of the Company\u2019s original planned project in Malta, the Company agreed to invest a
minimum of \u20ac6,000,000 in improvements to site, plant, machinery and equipment within 3 years from the date of
allocation of the site.
On allocation of a site, the Company also entered into a long-term lease with Malta Industrial Parks (refer note 14
for further details). The Emphyteutical lease requires that the allocated site is used solely for industrial purposes
and that the erection of proper, solid buildings costing no less than \u20ac2,700,000, net of value added tax, was to
commence within three months of the date of the necessary approvals being received, being 8 August 2019, but
be completed no later than eighteen months from the date all permits by law are issued. The Company agreed an
early termination of the lease with Malta Industrial Parks on the larger site during the year resulting the minimum
expenditure commitment is no longer required.
24. CASH FLOW INFORMATION
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Reconciliation of Cash Flow from Operations with Loss after Income | | |
| Tax | | |
| (Loss) after income tax | | |
| (21,133,535) | (20,767,823) |
| Cash flows excluded from loss attributable to operating activities | | |
| | | |
| Non-cash flows in loss | | |
| | | |
| Depreciation and amortisation | | |
| 751,937 | 141,438 |
| Gain on lease modifications | | |
| (161,356) | - |
| Share based payment expense | | |
| 2,656,885 | 524,494 |
| Loss on financial liabilities at fair value | | |
| 131,409 | 667,111 |
| Impairment of intangible assets | | |
| 3,145,724 | 4,983,858 |
| Impairment of equity investment | | |
| 1,231,245 | |
| Impairment of unlisted investment | | |
| 155,971 | 573,703 |
| Other non-operating Items | | |
| (216,338) | 7,647 |
| Other non-trading Income | | |
| (528,213) | (9,191) |
| Exchange differences | | |
| (88,636) | (240,518) |
| Changes in assets and liabilities, net of the effects of purchase of | | |
| subsidiaries | | |
| | | |
| Decrease / (increase) in inventory | | |
| 475,301 | (965,359) |
| Decrease / (increase) in trade and other receivables | | |
| 1,405,800 | 1,293,101 |
| Increase / (decrease) in trade payables and accruals | | |
| 188,631 | 1,633,314 |
| Cash flow used in operations | | |
| (11,985,175) | (12,158,225) |
25. AUDITOR\u2019S REMUNERATION
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Fees to Hall Chadwick (2022: Ernst & Young Australia): | | |
| | | |
| Fees for auditing the statutory financial report of the parent | | |
| covering the group and auditing the statutory financial reports | | |
| of any controlled entities | | |
| 140,000 | 199,925 |
| Fees for other services | | |
| - R&D rebate application and tax compliance | | |
| 14,918 | 29,075 |
| Total auditor\u2019s remuneration | | |
| 154,918 | 229,000 |
26. PARENT COMPANY DISCLOSURES
The financial information for the parent entity, MGC Pharmaceuticals Ltd, has been prepared on the same basis as
the consolidated financial statements.
i) Summary of financial information
The individual financial statements for the parent entity show the following aggregate amounts:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Current assets | | |
| 227,872 | 1,427,454 |
| Non-current assets | 18,735,115 | 10,015,355 |
| Total Assets | | |
| 18,962,987 | 11,442,809 |
| | | |
| Current liabilities | 10,570,460 | 3,517,037 |
| Total Liabilities | | |
| 10,570,460 | 3,517,037 |
| | | |
| Contributed equity | 103,690,800 | 97,251,478 |
| Share based payment reserve | | |
| 8,142,037 | 7,924,264 |
| Accumulated losses | | |
| (103,440,310) | (97,249,970) |
| Total Equity | | |
| 8,392,527 | 7,925,772 |
| | | |
| Loss for the year | (6,190,340) | (26,019,392) |
| Total comprehensive loss for the year | | |
| (6,190,340) | (26,019,392) |
ii) Commitments and contingent liabilities of the parent
The parent entity did not have any contingent liabilities or commitments as at 30 June 2023 (30 June 2022: nil)
other than as disclosed at note 23.
iii) Guarantees entered into the parent entity
There were no guarantees entered into by the parent entity.
27. RELATED PARTY TRANSACTIONS
a) Key Management Personnel Remuneration
Compensation
The aggregate compensation made to directors and other members of key management personnel of the
consolidated entity is set out below:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Short-term employee benefits | | |
| 918,469 | 1,156,634 |
| Post-employment benefits | - | - |
| Long-term benefits | | |
| - | - |
| Share-based payments | | |
| - | 328,542 |
| | | |
| 918,469 | 1,485,176 |
b) Transactions with Director related entities
Directors and officers, or their personally related entities, hold positions in other entities that result in them having
controls or significant influence over the financial or operating policies of those entities.
Refer to the remuneration report contained in the directors\u2019 report for details of non-remuneration related
transactions including amounts receivable and payable at the end of the year.
28. SHARE BASED PAYMENTS
Share based compensation relating to share options are recognised at fair value.
The fair value of the options is recognised as an employee benefit expense in the statement of profit or loss and
other comprehensive income, with a corresponding increase in equity. The total amount to be expensed is
determined by reference to the fair value of the options granted, which includes any market performance
conditions and the impact of any non-vesting conditions but excludes the impact of any service and non-market
performance vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are
allocated to share capital.
The fair value for all share options, as detailed below, are determined using a binomial option pricing method that
takes into account the exercise price, the term of the option, the probability of exercise, the share price at grant
date and expected volatility of the underlying share, the expected dividend yield and the risk-free interest rate for
the term of the option.
The inputs used for the valuations are tabled below for each class of security issued.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns
that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future
trends, which may also not necessarily be the actual outcome. The probability of the performance conditions
occurring, where applicable are included in determining the fair value of the options.
The assessed fair value at grant date of share based payments granted during the period was determined using a
binomial option pricing model that takes into account the exercise price, the price of the underlying share at grant
date, the life of the option, the volatility of the underlying share, the risk-free rate and expected dividend payout
and any applicable vesting conditions.
Management was required to make assumptions and estimates in order to determine the inputs into the binomial
option pricing model.
a) Performance Rights
2023
No additional performance rights were issued during the year.
2022
Directors
On 31 March 2021, the Company agreed to issue performance rights to the Directors and other management
personnel, to incentivise and retain its workforce. The performance rights issued to Directors were subject to
shareholder approval, which was received subsequent to year-end on 12 August 2021, refer to disclosure made in
the 2021 year below. As a result of the Company receiving shareholder approval at the General Meeting of
shareholders on 12 August 2021, MGC issued 64,200,000 performance rights to directors of the Company on 9
September 2021.
Employees
On 12 November 2021 the Company\u2019s Key Account Manager was issued 500,000 performance rights over fully paid
shares over the Company in accordance with the terms of their employment contract. The performance rights
were valued and expensed on the contract execution date of 30 April 2021 (Prior Year) and were valued at the
share price on that day being $0.06 per performance right.
Material terms of the Performance Rights issued are set out in the following table:
| Class | Vesting milestone | Performance rights | Milestone date |
| D | The participant remaining an Eligible Participant of the | | |
| Company\u2019s ESOP until 30 April 2022 | | |
| | 250,000 | 30 Apr 22 |
| E | The participant remaining an Eligible Participant of the | | |
| Company\u2019s ESOP until 30 April 2023 | | |
| | 250,000 | 30 Apr 23 |
| | | 500,000 | |
On 1 February 2022 the Company\u2019s Head of Quality Unit/QP was issued 1,440,117 fully paid ordinary shares in the
Company in accordance with the terms of their employment contract. The employee\u2019s contract, in consideration
for accepting a below market salary, includes the provision for the grant of an annual bonus of \u20ac37,200, at the
board\u2019s discretion, payable in fully paid ordinary shares. On 16 December 2021 the board approved the grant of
the bonus to the employee. The shares issued were expensed on grant using a share value of A$0.041 per share.
Reconciliation of Performance Rights
| Opening | | | | | |
| Balance | | | | | |
| Granted as | | | | |
| | i | | | |
| compensation | | | | |
| | Exercised | Lapsed | Outstanding at | |
| | | | 30 June | |
| | | | | Outstanding and |
| | | | | Exercisable at 30 |
| | | | | June |
| 2023 | | | | | |
| 68,875,000 | - | 1,800,000 | (48,475,000) | 18,400,000 | 18,400,000 |
| 2022 | | | | | |
| 37,550,000 | 64,700,000 | (7,050,000) | (26,525,000) | 68,875,000 | 14,950,000 |
i. Refer to \u201cPerformance rights\u201d section above for details of rights granted and vested during the period, which Director rights were still
subject to shareholder approval at 30 June 2022 and therefore had not yet been issued.
b) Options
2022
In consideration for the execution of the variation agreement to convertible notes facility with Mercer Street Global
Opportunity Fund (refer to note 15), the company agreed to issue Mercer 50,000,000 unlisted options with an
exercise price of $0.013 and an expiry date of 30 June 2025. The options issued were expensed on grant date as
share based payment expense using a fair value of A$0.013 per option.
Inputs to the valuation of the abovementioned options are tabled below.
| | Broker options |
| Number options issued | 50,000,000 |
| Grant date | 1 Feb 2023 |
| Spot price | $0.011 |
| Exercise price | $0.013 |
| Expiry date | 30 Jun 2025 |
| Expected future volatility | 29% |
| Risk free rate | 3.324% |
| Dividend yield | Nil |
| Value per option | $0.013 |
2021
On 15 December 2021, the \u00a35.5 million Placement announced on 1 December 2021 MGC Pharma issued 9,000,000
options over fully paid ordinary shares of the Company to the UK based Lead Manager under the terms of the
placement agreement.
Inputs to the valuation of the abovementioned options are tabled below.
| | Broker options |
| Number options issued | 9,000,000 |
| Grant date | 15 Dec 21 |
| Spot price | $0.042 |
| Exercise price | \u00a30.02 |
| Expiry date | 01 Dec 2024 |
| Expected future volatility | 70% |
| Risk free rate | 0.093% |
| Dividend yield | Nil |
| Value per option | $0.021 |
The Lead Manager\u2019s options have been valued based on the fair value of the equity instruments issued, as the
Company was unable to reliably determine the fair value of the services provided. Total amount included within
share issue costs equated to $187,191.
Table of share-based payment options
| Description | Opening | | | | |
| Balance | | | | |
| | Granted | Exercised | Lapsed | Closing |
| | | | | Balance |
| Unlisted options exercisable at | | | | | |
| \u00a30.01475 expiring 31 Mar 2023 | | | | | |
| 26,440,678 | - | - | (26,440,678) | - |
| Unlisted options exercisable at | | | | | |
| $0.026 expiring 31 Mar 2023 | | | | | |
| 7,692,308 | - | - | (7,692,308) | - |
| Unlisted options exercisable at $0.05 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 16,300,000 | - | - | - | 16,300,000 |
| Unlisted options exercisable at $0.06 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 17,500,000 | - | - | - | 17,500,000 |
| Unlisted options exercisable at $0.07 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 17,500,000 | - | - | - | 17,500,000 |
| Unlisted options exercisable at \u00a30.02 | | | | | |
| expiring 1 Dec 2024 | | | | | |
| 9,000,000 | - | - | - | 9,000,000 |
| Unlisted options exercisable at | | | | | |
| $0.013 expiring 30 Jun 2025 | | | | | |
| - | 50,000,000 | - | - | 50,000,000 |
| TOTAL | 94,432,986 | 50,000,000 | - | (34,132,986) | 110,300,000 |
Share-based payment expense
For the year ended 30 June 2023, the Group has recognised $1,339,385 of share-based payment expenses in the
statement of profit or loss (30 June 2022: $652,640) relating to share-based payments to directors and employees.
The Group has also recognised $1,317,500 (30 June 2022: $nil) of share-based payment expense in relation to
extinguishing financial liabilities.
29. EVENTS AFTER THE REPORTING DATE
Post year end, the Company conditionally raised \u00a30.65 million (A$1.24 million) (before expenses) by way of a
placing and subscription of 541,666,667 new ordinary shares of no-par value (Ordinary Shares) in the capital of the
Company (Fundraising Shares) at a price of 0.12 pence (0.23 cents) per Fundraising Share (\u201cIssue Price\u201d). The
Company also agreed to issue one free attaching option exercisable at 0.12 pence (0.23 cents) with an expiry date
of 14 July 2026 for every one Fundraising Share subscribed for under the Placement and Subscription.
Additionally, the Company launched a Share Purchase Plan to its Australian shareholders to raise up to $2,685,728.
The Company received applications from eligible shareholders totalling A$834,000 to subscribe for 362,608,570
new fully paid ordinary shares in the capital of the Company at A$0.0023 (0.23 cents) per Share, with A$1,851,728
to be placed under a Shortfall Offer. Subject to shareholder approval to be sought at the Company\u2019s upcoming
general meeting on 5 September 2023, applicants will receive one free attaching option exercisable at A$0.003
(0.3 cents) each on or before 31 July 2026 (Options) for every two (2) Shares subscribed for under the SPP, being
181,304,269 Options.
The Company terminated its operations in Czech and Russia subsequent to the year end.
The Company finalised early termination of its 65 year lease in Malta subsequent to the year end.
Other than those matters disclosed in the financial statements, there have been no significant events occurring
after the balance date which may affect either the Group\u2019s operations or results of those operations or the group\u2019s
state of affairs.
1. CORPORATE INFORMATION
The financial statements of MGC Pharmaceuticals Ltd for the year ended 30 June 2023 were authorised for issue
in accordance with a resolution of Directors on 29 September 2023. These consolidated financial statements and
notes represent those of MGC Pharmaceuticals Ltd (the \u201cCompany\u201d) and Controlled Entities (the \u201cconsolidated
group\u201d or \u201cGroup\u201d). MGC Pharmaceuticals Ltd is a for-profit company limited by shares incorporated and domiciled
in Australia whose shares are publicly traded on the Australian Securities Exchange (\u201cASX\u201d) and the main segment
of the London Stock Exchange (\u201cLSE\u201d). The registered office of the Company is Suite 1, 295 Rokeby Road, Subiaco,
WA 6008, Australia.
MGC Pharmaceuticals Ltd (LSE: MXC, ASX: MXC) is a European based pharmaceutical company, focused on
developing and supplying accessible and ethically produced plant derived medicines, combining in-house research
with innovative technologies, with the goal of finding or producing treatments to for unmet medical conditions.
The Company\u2019s founders and executives are key figures in the global pharmaceuticals industry and the core
business strategy is to develop and supply high quality plant inspired medicines for the growing demand in the
medical markets in Europe, North America and Australasia.
MGC Pharma has a robust development pipeline targeting two widespread medical conditions and has further
products under development.
MGC Pharma has partnered with renowned institutions and academia to optimise the development of targeted
plant inspired medicines, to be produced in the Company\u2019s EU-GMP Certified manufacturing facilities.
MGC Pharma has a growing patient base in Australia, the UK, Brazil, and Ireland and has a global distribution
footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": {
"value": "MGC Pharmaceuticals Ltd",
"dimensions": {
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"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_LegalFormOfEntity_E6_CY": {
"value": "company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_DomicileOfEntity_E5_CY": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_CountryOfIncorporation_E7_CY": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"ifrs-full_PrincipalPlaceOfBusiness_E9_CY": {
"value": "Australia",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
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"ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": {
"value": "Suite 1, 295 Rokeby Road, Subiaco,WA 6008, Australia",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
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},
"fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": {
"value": "2. SIGNIFICANT ACCOUNTING POLICIES
a) Statement of Compliance
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board (\u201cAASB\u201d) and the Corporations Act 2001 as appropriate for \u2018for-profit\u2019
orientated entities.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial
statements containing relevant and reliable information about transactions, events and conditions. Compliance
with Australian Accounting Standards ensures that the financial statements and notes also comply with
International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standard Board
(\u201cIASB\u201d). Material accounting policies adopted in the preparation of these financial statements are presented
below and they have been consistently applied unless otherwise stated.
Basis of Preparation
The financial statements have been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of financial assets and liabilities.
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the consolidated group\u2019s accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed in note 3.
Financial report prepared on a going concern basis
The financial statements have been prepared on the going concern basis of accounting, which assumes the
continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary
course of business.
At 30 June 2023, the Group had a cash and cash equivalents balance of $239,821 and had a net working capital
deficit of $10,801,481, which included convertible notes with a face value of $9,179,515 repayable on 24 November
2022 if not converted prior to maturity. The Group incurred a loss for the year ended 30 June 2023 of $21,133,535
and had net cash outflows from operating and investing activities of $11,378,980.
The Group\u2019s cashflow forecast for the 12 months ending 30 September 2024 indicates that the Group will require
additional capital to refinance existing debt and fund ongoing corporate expenditure and working capital
requirements.
At the date of this report, the directors are satisfied there are reasonable grounds to believe that the Group will
be able to continue its planned operations, meet its obligations as and when they fall due and thus continue as a
going concern, for the following reasons:
\u2022 On 29 July 2022 the Group entered into a new convertible securities finance agreement (\u201cthe second
agreement\u201d) with Mercer Street Global Opportunity Fund, LLC (\u201cthe investor\u201d) to provide the Group with
a funding facility of up to a total of US$10,000,000. At the date of this report, convertible note funding of
US$4,733,120 has been received under this agreement in seven tranches.
\u2022 Any further drawdown of funds under the second agreement is at the investor\u2019s discretion, and the
Company having sufficient capacity under Chapter 7 of the ASX Listing Rules to issue the convertible notes,
or shareholder approval being obtained.
\u2022 The Convertible Securities Finance Agreement (\u201cthe first agreement\u201d) entered into with the investor on 8
September 2020 expired on 8 March 2022. At the date of this report, convertible notes with a face value
of US$2,100,000 remain on issue under the first agreement with an extended Maturity Date of 24
November 2022. On 1 February 2023, the Company executed an agreement to extend the maturity date
of the A$2,100,000 convertible notes on issue, which has extended the maturity date of these convertible
notes to 1 February 2024. The investor has the option to convert these convertible notes to ordinary
shares on or prior to the Maturity Date or to demand repayment, at their discretion.
\u2022 The ability of the Group to raise additional capital in the form of debt and/or equity as part of the future
plan.
The ability of the Group to continue as a going concern is dependent on:
\u2022 The Group being able to secure additional debt and/or equity funding as and when required during the
next 12 months to conduct its planned activities and meet its corporate expenditure requirements.
\u2022 The Group\u2019s current fundraising and commitment to further reducing overheads, as well as the
opportunity to restructure the agreements with Mercer.
These conditions indicate the existence of a material uncertainty that may cast a significant doubt about the
Group\u2019s ability to continue as a going concern.
Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge
its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the
financial statements. The financial report does not include any adjustments relating to the recoverability and
classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary
should the Group not be able to continue as a going concern.
b) Principles of Consolidation
The consolidated financial statements comprise the financial statements of MGC Pharmaceuticals Ltd and its
subsidiaries as at 30 June 2023 (\u201cthe Group\u201d).
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Specifically, the Group
controls an investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement with the other vote holders of the investee;
\u2022 Rights arising from other contractual arrangements; and
\u2022 The Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the
subsidiary.
Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of
the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to
bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated
in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary it, de-recognises the assets (including goodwill) and
liabilities of the subsidiary; de-recognises the carrying amount of any non-controlling interests; de-recognises the
cumulative translation differences recorded in equity; recognises the fair value of the consideration received;
recognises the fair value of any investment retained; recognises any surplus or deficit in profit or loss; and
reclassifies the parent\u2019s share of components previously recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.
The Group applies the acquisition method in accounting for business combinations. The cost of an acquisition is
measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the
amount of any non-controlling interest (NCI) in the acquiree. Acquisition costs are expensed as incurred.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the
amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed.
c) Foreign Currency
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial
statements are presented in Australian dollars, which is the Company\u2019s functional and presentation currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the statement of profit and loss and other comprehensive income, except when they
are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive
income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit
or loss on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Transaction differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
Foreign operations
On consolidation, the assets and liabilities of foreign operations are translated into Australian dollars at the rate of
exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation
purposes are recognised in other comprehensive income. On disposal of a foreign operation, the component of
other comprehensive income relating to that particular foreign operation is recognised in profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign
operation and translated at the spot rate of exchange at the reporting date.
d) Trade Receivables and Other Short-Term Debtors
Trade receivables and other short-term debtors are all classified as financial assets held at amortised cost on the
basis they are held with the objective of collecting contractual cash flows and the cash flows relate to payments of
principal and interest on the principal amount outstanding.
The Group applies the simplified approach in measuring expected credit losses (ECLs) for trade receivables and
other short-term debtors, whereby an allowance for impairment is considered across all trade receivables and
other short-term debtors, regardless of whether a credit event has occurred, based on the expected losses over
the lifetime of the receivable. Therefore, the Group does not track changes in credit risk but instead recognises a
loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s exposure to bad debts is not significant
and default rates have historically been very low. Trade and other short-term receivables are written off when
there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a
payment plan or the debtor failing to make timely contractual payments.
e) Other Financial Assets
Other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Other financial assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based
on both the business model within which such assets are held and the contractual cash flow characteristics of the
financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and
the consolidated entity had transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part, or all, of a financial asset, it\u2019s carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified
as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for
trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit,
or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are
recognised in profit or loss.
f) Impairment of Non-Financial Assets
Non-financial assets are tested for impairment when there is an indication that the asset may be impaired (which
is assessed at least each reporting date). Impairment exists when the carrying value of an asset or cash generating
unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.
Fair value less costs of disposal calculations are based on available data from binding sales transactions, conducted
at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. Value
in use calculations are based on a discounted cash flow (\u201cDCF\u2019) model, where relevant. The cash flows are derived
from the budget for the next five years and do not include restructuring activities that the Group is not yet
committed to or significant future investments that will enhance the performance of the assets of the CGU being
tested.
g) Current and Non-Current Classification
The Group presents assets and liabilities in the statement of financial position based on current/non-current
classification. An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the reporting period; or
\u2022 A cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.
All other assets are classified as non-current. A liability is current when it is:
\u2022 Expected to be settled in normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the reporting period; or
\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
h) Government Grants
Government grants are recognised when there is a reasonable assurance that the grant will be received and all
attached conditions will be compiled with. When the grant relates to an expense item, it is recognised as income
on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. When the
grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related
asset.
i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
of acquisition of the asset, or as part of an item of the expense. Receivables and payables in the statement of
financial position are shown inclusive of GST.
Cash flows are presented in the consolidated statement of cash flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
j) Leases
Group as Lessee
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on
a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject
to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised b
y the Group and payments of penalties for
terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised as expense in the period on which the event or
condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of office rental (i.e. those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are
considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as
expense on a straight-line basis over the lease term.
k) Investments in associates
Investments in associates and joint ventures are accounted for using the equity method.
The carrying amount of the investment and associates and joint ventures is increased or decreased to recognise
the group\u2019s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted
where necessary to ensure consistency with the accounting policies of the group.
Unrealised gains and losses on transactions between the group and its associates and joint ventures are eliminated
to the extent of the group\u2019s interest in those entities. Where unrealised losses are eliminated, the underlying asset
is also tested for impairment.
l) Other significant accounting policies
Refer to the relevant notes to the financial statements for other accounting policies, including revenue (note 4),
income taxes (note 6), government grants (note 4), cash and cash equivalents (note 7) inventory (note 8), plant
and equipment (note 10), share-based payments (note 28) and employee benefits (note 27).
m) Rounding of Amounts
The Company is a kind referred to in Legislative Instrument 2016/191 issued by the Australian Securities and
Investment Commission, relating to the \u201crounding off\u201d of amounts in the financial statements. Amounts in the
financial statements have been rounded off in accordance with that class order to the nearest dollar.
n) New and amended Accounting Standards and Interpretations adopted by the Group
The Group has adopted all of the new and revised Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective from 1 July
2022, with no material impact to the Group.
The Group has not early adopted any new or amended Accounting Standards or Interpretations issued but not yet
effective, the impacts of which are not expected to be material to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_StatementOfIFRSCompliance_D904061238_CY": {
"value": "a) Statement of Compliance
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of
the Australian Accounting Standards Board (\u201cAASB\u201d) and the Corporations Act 2001 as appropriate for \u2018for-profit\u2019
orientated entities.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial
statements containing relevant and reliable information about transactions, events and conditions. Compliance
with Australian Accounting Standards ensures that the financial statements and notes also comply with
International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standard Board
(\u201cIASB\u201d). Material accounting policies adopted in the preparation of these financial statements are presented
below and they have been consistently applied unless otherwise stated.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D412017291_CY": {
"value": "Basis of Preparation
The financial statements have been prepared on an accruals basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of financial assets and liabilities.
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the consolidated group\u2019s accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed in note 3.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D480424314_CY": {
"value": "Financial report prepared on a going concern basis
The financial statements have been prepared on the going concern basis of accounting, which assumes the
continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary
course of business.
At 30 June 2023, the Group had a cash and cash equivalents balance of $239,821 and had a net working capital
deficit of $10,801,481, which included convertible notes with a face value of $9,179,515 repayable on 24 November
2022 if not converted prior to maturity. The Group incurred a loss for the year ended 30 June 2023 of $21,133,535
and had net cash outflows from operating and investing activities of $11,378,980.
The Group\u2019s cashflow forecast for the 12 months ending 30 September 2024 indicates that the Group will require
additional capital to refinance existing debt and fund ongoing corporate expenditure and working capital
requirements.
At the date of this report, the directors are satisfied there are reasonable grounds to believe that the Group will
be able to continue its planned operations, meet its obligations as and when they fall due and thus continue as a
going concern, for the following reasons:
\u2022 On 29 July 2022 the Group entered into a new convertible securities finance agreement (\u201cthe second
agreement\u201d) with Mercer Street Global Opportunity Fund, LLC (\u201cthe investor\u201d) to provide the Group with
a funding facility of up to a total of US$10,000,000. At the date of this report, convertible note funding of
US$4,733,120 has been received under this agreement in seven tranches.
\u2022 Any further drawdown of funds under the second agreement is at the investor\u2019s discretion, and the
Company having sufficient capacity under Chapter 7 of the ASX Listing Rules to issue the convertible notes,
or shareholder approval being obtained.
\u2022 The Convertible Securities Finance Agreement (\u201cthe first agreement\u201d) entered into with the investor on 8
September 2020 expired on 8 March 2022. At the date of this report, convertible notes with a face value
of US$2,100,000 remain on issue under the first agreement with an extended Maturity Date of 24
November 2022. On 1 February 2023, the Company executed an agreement to extend the maturity date
of the A$2,100,000 convertible notes on issue, which has extended the maturity date of these convertible
notes to 1 February 2024. The investor has the option to convert these convertible notes to ordinary
shares on or prior to the Maturity Date or to demand repayment, at their discretion.
\u2022 The ability of the Group to raise additional capital in the form of debt and/or equity as part of the future
plan.
The ability of the Group to continue as a going concern is dependent on:
\u2022 The Group being able to secure additional debt and/or equity funding as and when required during the
next 12 months to conduct its planned activities and meet its corporate expenditure requirements.
\u2022 The Group\u2019s current fundraising and commitment to further reducing overheads, as well as the
opportunity to restructure the agreements with Mercer.
These conditions indicate the existence of a material uncertainty that may cast a significant doubt about the
Group\u2019s ability to continue as a going concern.
Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge
its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the
financial statements. The financial report does not include any adjustments relating to the recoverability and
classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary
should the Group not be able to continue as a going concern.
b) Principles of Consolidation
The consolidated financial statements comprise the financial statements of MGC Pharmaceuticals Ltd and its
subsidiaries as at 30 June 2023 (\u201cthe Group\u201d).
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee. Specifically, the Group
controls an investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities
of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement with the other vote holders of the investee;
\u2022 Rights arising from other contractual arrangements; and
\u2022 The Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the
subsidiary.
Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of
the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to
bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated
in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary it, de-recognises the assets (including goodwill) and
liabilities of the subsidiary; de-recognises the carrying amount of any non-controlling interests; de-recognises the
cumulative translation differences recorded in equity; recognises the fair value of the consideration received;
recognises the fair value of any investment retained; recognises any surplus or deficit in profit or loss; and
reclassifies the parent\u2019s share of components previously recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.
The Group applies the acquisition method in accounting for business combinations. The cost of an acquisition is
measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the
amount of any non-controlling interest (NCI) in the acquiree. Acquisition costs are expensed as incurred.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the
amount recognised for NCI over the fair value of the identifiable net assets acquired and liabilities assumed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D1724501549_CY": {
"value": "c) Foreign Currency
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial
statements are presented in Australian dollars, which is the Company\u2019s functional and presentation currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the statement of profit and loss and other comprehensive income, except when they
are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive
income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit
or loss on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Transaction differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
Foreign operations
On consolidation, the assets and liabilities of foreign operations are translated into Australian dollars at the rate of
exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation
purposes are recognised in other comprehensive income. On disposal of a foreign operation, the component of
other comprehensive income relating to that particular foreign operation is recognised in profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign
operation and translated at the spot rate of exchange at the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D67320345_CY": {
"value": "Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the statement of profit and loss and other comprehensive income, except when they
are attributable to part of the net investment in a foreign operation.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive
income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit
or loss on a net basis within other income or other expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Transaction differences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_D1024013907_CY": {
"value": "d) Trade Receivables and Other Short-Term Debtors
Trade receivables and other short-term debtors are all classified as financial assets held at amortised cost on the
basis they are held with the objective of collecting contractual cash flows and the cash flows relate to payments of
principal and interest on the principal amount outstanding.
The Group applies the simplified approach in measuring expected credit losses (ECLs) for trade receivables and
other short-term debtors, whereby an allowance for impairment is considered across all trade receivables and
other short-term debtors, regardless of whether a credit event has occurred, based on the expected losses over
the lifetime of the receivable. Therefore, the Group does not track changes in credit risk but instead recognises a
loss allowance based on lifetime ECLs at each reporting date. The Group\u2019s exposure to bad debts is not significant
and default rates have historically been very low. Trade and other short-term receivables are written off when
there is no reasonable expectation of recovery, which may be indicated by the debtor failing to engage in a
payment plan or the debtor failing to make timely contractual payments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_mxc_DescriptionOfAccountingPolicyForOtherFinancialAssetsExplanatory_D547309229_CY": {
"value": "e) Other Financial Assets
Other financial assets are initially measured at fair value. Transaction costs are included as part of the initial
measurement, except for financial assets at fair value through profit or loss. Other financial assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based
on both the business model within which such assets are held and the contractual cash flow characteristics of the
financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and
the consolidated entity had transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part, or all, of a financial asset, it\u2019s carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified
as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for
trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit,
or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are
recognised in profit or loss.
",
"dimensions": {
"concept": "mxc:DescriptionOfAccountingPolicyForOtherFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_D1784463644_CY": {
"value": "f) Impairment of Non-Financial Assets
Non-financial assets are tested for impairment when there is an indication that the asset may be impaired (which
is assessed at least each reporting date). Impairment exists when the carrying value of an asset or cash generating
unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.
Fair value less costs of disposal calculations are based on available data from binding sales transactions, conducted
at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. Value
in use calculations are based on a discounted cash flow (\u201cDCF\u2019) model, where relevant. The cash flows are derived
from the budget for the next five years and do not include restructuring activities that the Group is not yet
committed to or significant future investments that will enhance the performance of the assets of the CGU being
tested.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_mxc_DescriptionOfAccountingPolicyForCurrentAndNoncurrentClassificationExplanatory_D1464600057_CY": {
"value": "g) Current and Non-Current Classification
The Group presents assets and liabilities in the statement of financial position based on current/non-current
classification. An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the reporting period; or
\u2022 A cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.
All other assets are classified as non-current. A liability is current when it is:
\u2022 Expected to be settled in normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the reporting period; or
\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
",
"dimensions": {
"concept": "mxc:DescriptionOfAccountingPolicyForCurrentAndNoncurrentClassificationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_D406300947_CY": {
"value": "h) Government Grants
Government grants are recognised when there is a reasonable assurance that the grant will be received and all
attached conditions will be compiled with. When the grant relates to an expense item, it is recognised as income
on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. When the
grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related
asset.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D118529765_CY": {
"value": "i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
of acquisition of the asset, or as part of an item of the expense. Receivables and payables in the statement of
financial position are shown inclusive of GST.
Cash flows are presented in the consolidated statement of cash flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_D706592253_CY": {
"value": "j) Leases
Group as Lessee
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain
ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on
a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject
to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised b
y the Group and payments of penalties for
terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised as expense in the period on which the event or
condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of office rental (i.e. those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are
considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as
expense on a straight-line basis over the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_D1796528753_CY": {
"value": "k) Investments in associates
Investments in associates and joint ventures are accounted for using the equity method.
The carrying amount of the investment and associates and joint ventures is increased or decreased to recognise
the group\u2019s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted
where necessary to ensure consistency with the accounting policies of the group.
Unrealised gains and losses on transactions between the group and its associates and joint ventures are eliminated
to the extent of the group\u2019s interest in those entities. Where unrealised losses are eliminated, the underlying asset
is also tested for impairment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_D2043959194_CY": {
"value": "l) Other significant accounting policies
Refer to the relevant notes to the financial statements for other accounting policies, including revenue (note 4),
income taxes (note 6), government grants (note 4), cash and cash equivalents (note 7) inventory (note 8), plant
and equipment (note 10), share-based payments (note 28) and employee benefits (note 27).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_mxc_DescriptionOfAccountingPolicyForRoundingOfAmountsExplanatory_D1583671426_CY": {
"value": "m) Rounding of Amounts
The Company is a kind referred to in Legislative Instrument 2016/191 issued by the Australian Securities and
Investment Commission, relating to the \u201crounding off\u201d of amounts in the financial statements. Amounts in the
financial statements have been rounded off in accordance with that class order to the nearest dollar.
",
"dimensions": {
"concept": "mxc:DescriptionOfAccountingPolicyForRoundingOfAmountsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D366166844_CY": {
"value": "n) New and amended Accounting Standards and Interpretations adopted by the Group
The Group has adopted all of the new and revised Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective from 1 July
2022, with no material impact to the Group.
The Group has not early adopted any new or amended Accounting Standards or Interpretations issued but not yet
effective, the impacts of which are not expected to be material to the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D1260513587_CY": {
"value": "3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Directors evaluate estimates and judgements incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events
and are based on current trends and economic data, obtained both externally and within the Group. Judgements
and estimates which are material to the financial report are found at the following notes:
a) Share based payments (refer note 28).
b) Valuation of financial liabilities valued at fair value through profit or loss
(refer note 15).
c) Leases (refer note 14).
d) Research and development rebate (refer note 5c).
e) Impairment assessment of non-current assets (refer note 11 and note 12).
f) Expected credit losses (refer note 9).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_mxc_DisclosureOfRevenueAndOtherIncomeExplanatory_D440228380_CY": {
"value": "
4. REVENUE AND OTHER INCOME
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to
be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
consolidated entity identifies the contract with the customer, identifies the performance obligations in the contract
and determines the transaction price (which takes into account estimates of variable consideration and the time
value of money). The consolidated entity then allocates the transaction price to the separate performance
obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered,
and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer
to the customer of the goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as
discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent
events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The
measurement of variable consideration is subject to a constraining principle whereby revenue will only be
recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue
recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable
consideration is subsequently resolved. Amounts received that are subject to the constraining principle are initially
recognised as deferred revenue in the form of a separate refund liability.
Revenue from sale of pharma products
Revenue from the sale of cannabinoids is recognised when the goods have been delivered, at which point the
customer obtains control of the goods. In most cases, sales are B2B with revenue recognised as they are delivered
to the pharmacy.
Revenue from consulting services
Revenue from providing clinical research services are recognised over time as the performance obligations are
satisfied.
Revenue from sale of non-pharma products
Revenue from the sales of non-pharma products is recorded when the products have been delivered to the
consumer, signifying transfer of ownership and the point the customer obtains control of the goods.
Interest revenue
Interest revenue is recognised using the effective interest rate method.
| 30-Jun-23 | 30-Jun-22 |
| a) Revenue from contracts with customers | | |
| $ | $ |
| | | |
| Pharma sales | | |
| 2,506,782 | 4,026,130 |
| Consulting services (clinical research fees and clinic consults) | | |
| 6,967 | 477,666 |
| Non-pharma sales | | |
| 873,818 | 228,216 |
| 3,387,567 | 4,732,012 |
| b) Finance income | | |
| | | |
| Interest income calculated using the effective interest rate | | |
| method | | |
| 240 | 301 |
| 240 | 301 |
| | | |
| c) Other operating income | | |
| Government grants | | |
| 528,213 | 9,190 |
| 528,213 | 9,190 |
Research and development rebates are accounted for as a government grant. Management judgement is required
to assess that the rebate meets the recognition criteria and in determining the measurement of the rebate
including the assessment of the eligibility and appropriateness of the apportionment of eligible expenses based on
research and development activities undertaken by the consolidated entity and taking into consideration relevant
legislative requirements.
Further, the Research and Development rebate program in Australia is a self-assessment regime and there is a
four-year period from the date of lodgement where the claim may be subject to a review by the Australian Taxation
Office or AusIndustry, with any amounts over-claimed being potentially subject to full repayment with interest and
penalties.
",
"dimensions": {
"concept": "mxc:DisclosureOfRevenueAndOtherIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCostOfSalesExplanatory_D1179118667_CY": {
"value": "5. COST OF SALES AND EXPENSES
| 30-Jun-23 | 30-Jun-22 |
| a) Cost of sales | | |
| $ | $ |
| | | |
| Cost of goods sold - Pharma | | |
| 1,862,942 | 2,466,361 |
| Cost of sales \u2013 Consulting services | | |
| 6,296 | 415,255 |
| Cost of goods sold \u2013 Non-pharma | | |
| 67,652 | 40,503 |
| 1,936,890 | 2,922,119 |
| b) Administrative expenses | | |
| Corporate costs | | |
| 276,396 | 376,799 |
| Professional and consultancy fees | | |
| 976,377 | 1,270,081 |
| Directors\u2019 fees | | |
| 918,469 | 1,127,436 |
| Employee benefit expenses | | |
| 5,153,098 | 3,796,318 |
| Employee share based payment expense | | |
| 2,656,885 | 643,782 |
| Travel expenses | | |
| 924,940 | 975,851 |
| Marketing expenses | | |
| 926,914 | 1,009,157 |
| Depreciation | | |
| 751,937 | 247,689 |
| Office and administrative expenses | | |
| 2,202,057 | 2,382,248 |
| 14,787,073 | 11,829,361 |
| c) Other operating expenses | | |
| Unrealised foreign exchange | | |
| 33,230 | (240,520) |
| Realised foreign exchange | | |
| 1,183,422 | 155,952 |
| Inventory write-off | | |
| 164,215 | 166,323 |
| Laboratory operating expenses | | |
| 269,360 | 1,524,130 |
| Research expense | | |
| 1,992,670 | 2,717,797 |
| 3,642,897 | 4,323,682 |
| 30-Jun-23 | 30-Jun-22 |
| d) Impairment expense | | |
| Impairment of goodwill (refer note 11) | | |
| 3,145,724 | 3,903,156 |
| Impairment of work-in-progress balance on delayed site | | |
| - | 1,080,702 |
| Impairment of equity-accounted investments (refer note 12) | | |
| 1,231,245 | - |
| Impairment of financial assets | | |
| 155,971 | - |
| | | |
| 4,532,940 | 4,983,858 |
| 30-Jun-23 | 30-Jun-22 |
| e) Finance cost | | |
| Finance costs | | |
| 257,403 | 210,142 |
| 257,403 | 210,142 |
| Note | | |
| | 30-Jun-23 | 30-Jun-22 |
| f) Fair value movement on financial instruments | | | |
| Fair value loss on financial liability \u2013 convertible notes | | | |
| 15 | | |
| | 131,409 | 555,938 |
| Fair value loss on financial asset \u2013 investment in unlisted entity | | | |
| 20 | | |
| | - | 573,703 |
| Fair value gain on financial asset \u2013 pre-acquisition loan to MGC | | | |
| Pharmaceuticals (sro) | | | |
| 9 | | |
| | - | (533,984) |
| Fair value loss on financial asset \u2013 loans to third parties | | | |
| 9 | | |
| | - | 645,157 |
| | 131,409 | 1,240,814 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfExpensesExplanatory_D1589403491_CY": {
"value": "5. COST OF SALES AND EXPENSES
| 30-Jun-23 | 30-Jun-22 |
| a) Cost of sales | | |
| $ | $ |
| | | |
| Cost of goods sold - Pharma | | |
| 1,862,942 | 2,466,361 |
| Cost of sales \u2013 Consulting services | | |
| 6,296 | 415,255 |
| Cost of goods sold \u2013 Non-pharma | | |
| 67,652 | 40,503 |
| 1,936,890 | 2,922,119 |
| b) Administrative expenses | | |
| Corporate costs | | |
| 276,396 | 376,799 |
| Professional and consultancy fees | | |
| 976,377 | 1,270,081 |
| Directors\u2019 fees | | |
| 918,469 | 1,127,436 |
| Employee benefit expenses | | |
| 5,153,098 | 3,796,318 |
| Employee share based payment expense | | |
| 2,656,885 | 643,782 |
| Travel expenses | | |
| 924,940 | 975,851 |
| Marketing expenses | | |
| 926,914 | 1,009,157 |
| Depreciation | | |
| 751,937 | 247,689 |
| Office and administrative expenses | | |
| 2,202,057 | 2,382,248 |
| 14,787,073 | 11,829,361 |
| c) Other operating expenses | | |
| Unrealised foreign exchange | | |
| 33,230 | (240,520) |
| Realised foreign exchange | | |
| 1,183,422 | 155,952 |
| Inventory write-off | | |
| 164,215 | 166,323 |
| Laboratory operating expenses | | |
| 269,360 | 1,524,130 |
| Research expense | | |
| 1,992,670 | 2,717,797 |
| 3,642,897 | 4,323,682 |
| 30-Jun-23 | 30-Jun-22 |
| d) Impairment expense | | |
| Impairment of goodwill (refer note 11) | | |
| 3,145,724 | 3,903,156 |
| Impairment of work-in-progress balance on delayed site | | |
| - | 1,080,702 |
| Impairment of equity-accounted investments (refer note 12) | | |
| 1,231,245 | - |
| Impairment of financial assets | | |
| 155,971 | - |
| | | |
| 4,532,940 | 4,983,858 |
| 30-Jun-23 | 30-Jun-22 |
| e) Finance cost | | |
| Finance costs | | |
| 257,403 | 210,142 |
| 257,403 | 210,142 |
| Note | | |
| | 30-Jun-23 | 30-Jun-22 |
| f) Fair value movement on financial instruments | | | |
| Fair value loss on financial liability \u2013 convertible notes | | | |
| 15 | | |
| | 131,409 | 555,938 |
| Fair value loss on financial asset \u2013 investment in unlisted entity | | | |
| 20 | | |
| | - | 573,703 |
| Fair value gain on financial asset \u2013 pre-acquisition loan to MGC | | | |
| Pharmaceuticals (sro) | | | |
| 9 | | |
| | - | (533,984) |
| Fair value loss on financial asset \u2013 loans to third parties | | | |
| 9 | | |
| | - | 645,157 |
| | 131,409 | 1,240,814 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_D1760713099_CY": {
"value": "6. INCOME TAX
The income tax expense/(benefit) for the period is the tax payable on the current period\u2019s taxable income based
on the applicable income tax rate for each jurisdiction adjusted by changes in the deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate
taxable income.
Deferred income tax is provided on all temporary differences at the statement of financial position date, arising
between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements,
and are recognised for all taxable temporary differences,
\u2022 Except where the deferred income tax liability arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, the carry-forward of unused
tax credits and unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised:
\u2022 Except where the deferred income tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor the taxable profit or loss; and
\u2022 In respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests and joint ventures, deferred tax assets are only recognised to the extent that it is probable that
the temporary differences will reverse in the foreseeable future extent that it is probable that the temporary
differences can be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the statement of financial position date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement of
profit or loss and other comprehensive income.
Tax Consolidation
The Company and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under
the tax consolidated legislation. Each entity in the Group recognises its own current and deferred tax assets and
liabilities. Such taxes are measured using the \u2018stand-alone taxpayer\u2019 approach to allocation. The Group notified
the Australian Taxation Office that it had formed an income tax consolidated group to apply from 21 October 2005.
The tax consolidated group has entered a tax funding agreement whereby each company in the Group contributes
to the income tax payable by the Group in proportion to their contributions to the Group\u2019s taxable income.
The Group has carried forward tax losses which have not been recognised as deferred tax assets as it is not
considered sufficiently probable that these losses will be recouped by means of future profits taxable in the
relevant jurisdictions.
| 30-Jun-23 | |
| | 30-Jun-22 |
| $ | |
| | $ |
| a) Major components of income tax expense for the periods | | |
| presented: | | |
| Current tax | | |
| 2,018 | |
| | - |
| Deferred tax | | |
| - | |
| | - |
| Income tax expense | | |
| 2,018 | |
| | - |
| b) The prima facie tax on (loss) before income tax is reconciled to | | |
| the income tax as follows: | | |
| Prima facie tax payable on (loss) before income tax at 25% (2022: | | |
| 25%) | | |
| (5,282,879) | (5,191,956) |
| Adjustments due to permanent differences | | |
| 1,860,385 | 1,125,513 |
| Deferred tax assets not brought to account | | |
| 3,422,494 | 4,066,443 |
| Under/over provision of prior year | | |
| 2,018 | - |
| Income tax expense | | |
| 2,018 | - |
| c) Deferred Tax Assets Not Brought to Account in Australia, the | | |
| benefits of which will only be realised if the conditions for | | |
| deductibility set out above are met: | | |
| Tax losses | | |
| 9,797,970 | 8,425,862 |
| Temporary differences | | |
| 363,744 | 579,706 |
| Total | | |
| 10,617,714 | 9,005,568 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D688568349_CY": {
"value": "7. CASH AND CASH EQUIVALENTS
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities
of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value, and bank overdrafts.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Cash at bank | | |
| 239,821 | 1,886,347 |
| 239,821 | 1,886,347 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInventoriesExplanatory_D1269708017_CY": {
"value": "8. INVENTORY
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a first-
in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated
costs of completion and costs necessary to make the sale.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Finished goods \u2013 at lower of cost and net realisable value | | |
| 523,405 | 819,615 |
| Raw materials \u2013 at cost | | |
| 839,097 | 1,018,188 |
| 1,362,502 | 1,837,803 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_D1785298583_CY": {
"value": "9. TRADE AND OTHER RECEIVABLES
Trade receivables are generally due for settlement between thirty (30) and ninety (90) days from the date of
recognition. They are presented as current assets unless collection is not expected for more than 12 months after
reporting date.
| 30-Jun-23 | 30-Jun-22 |
| Current | | |
| $ | $ |
| Trade receivables | | |
| 208,742 | 738,531 |
| Other receivables | 249,259 | 422,515 |
| GST/VAT receivable | | |
| 73,313 | 776,068 |
| 1 | |
| Financial assets at fair value through profit or loss | | |
| | - | - |
| 531,314 | 1,937,114 |
Other receivables are non-interest bearing and are generally on terms of 30 days.
| 30-Jun-23 | 30-Jun-22 |
| 1 | | |
| Financial assets at fair value through profit or loss | | |
| $ | $ |
| Opening - financial asset at fair value through profit or loss | | |
| - | - |
| Loans acquired in asset acquisition | | |
| - | 256,527 |
| Loan repayment received | | |
| - | (61,424) |
| Foreign currency translation | | |
| - | (77,886) |
| Loans advanced to third parties | | |
| - | 527,940 |
| Net fair value loss on financial assets | | |
| - | (111,173) |
| Acquisition of MGC Pharmaceuticals (sro) | | |
| - | (533,984) |
| Closing \u2013 financial asset at fair value through profit or loss | | |
| - | - |
Pre-acquisition loan to MGC Pharmaceuticals (sro)
A loan was advanced to MGC Pharmaceuticals (sro) in the prior period and was classified as a financial asset at fair
value through profit or loss, with a fair value determined to be nil at the acquisition date of 31 September 2021
due to the equity risk associated with the loan. During the prior year, the Group acquired MGC Pharmaceuticals
(sro) and recognised a fair value gain of $533,984 to reverse the loss recorded in the year before. This was included
in the \u201cnet fair value gain/(loss) on financial assets\u201d line above. Subsequent to the acquisition, the loan eliminates
on consolidation. Subsequent to the acquisition, the loan eliminates on consolidation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_D1168363604_CY": {
"value": "10. PLANT AND EQUIPMENT
Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of plant and equipment over
their expected useful lives as follows:
Plant and equipment 3-5 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic
benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit
or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits.
During the prior year the Group completed construction of a fully functioning GMP certified manufacturing facility
in Malta for liquid dose form products and the anti-inflammatory product ArtemiC\u2122. At 30 June 2023 the facility
had been fully commission with a GMP licence granted in March 2023. The facility was 80% funded by way of
grant from Malta Enterprises (refer to note 13c).
| | 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Plant and equipment | | |
| * | | |
| | | |
| - gross carrying amount at cost | 2,664,866 | 2,203,496 |
| - accumulated depreciation | | |
| (1,824,984) | (1,353,483) |
| 839,882 | 850,013 |
| | | |
| Malta manufacturing facility | | |
| - gross carrying amount at cost | | |
| 7,378,613 | 6,867,601 |
| - accumulated depreciation and impairment | | |
| (1,354,083) | (1,052,816) |
| 6,024,530 | 5,814,785 |
| | | |
| Total property, plant and equipment | 6,864,412 | 6,664,798 |
*
Plant and equipment primarily comprises of laboratory fixtures and fittings and equipment.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Property, plant and equipment movement | | |
| Opening balance at 1 July | | |
| 6,664,798 | 5,272,202 |
| Additions | | |
| 189,871 | 2,693,099 |
| Impairment | | |
| - | (1,080,702) |
| Depreciation | | |
| (539,498) | (247,686) |
| Foreign currency translation | | |
| 549,241 | 27,885 |
| 6,864,412 | 6,664,798 |
Impairment testing
Slovenia
The Group did not identify any indicators of impairment in relation to the Slovenia CGU, primarily the GMP
laboratory.
Malta
The Group\u2019s plant and equipment balance in Malta consisted of fully constructed manufacturing facility. This facility
was granted a GMP Licence in March 2023. The Group has decided that the larger project is no longer in the long
term interest of the company and has terminated the lease on that site. All capitalised design and engineering costs
relating to the larger project had been provided for in the previous year. The Group did not identify any indicators
of impairment in relation to the current facility.
11. INTANGIBLE ASSETS AND GOODWILL
| 30-Jun-23 | 30-Jun-22 |
| Goodwill | | |
| $ | $ |
| Opening balance at 1 July | | |
| 3,145,724 | 7,048,880 |
| - Impairment | (3,145,724) | (3,903,156) |
| - | 3,145,724 |
Impairment of MediCaNL Israel 2019 Ltd (MediCaNL)
On 21 April 2021, MGC Pharma completed the 100% acquisition of MediCaNL Israel 2019 Ltd (MediCaNL), an Israeli
company operating and providing specialist services to the pharmaceutical sector for development of new
medicines. Performance since acquisition has been lower than expected and the Group\u2019s impairment testing
determined that the recoverable amount of the CGU was nil as at 30 June 2023 and recorded an impairment
expense of $3,145,724 in the profit and loss.
Acquisition of MGC Pharmaceutical sro (Czech Republic) \u2013 asset acquisition
During the prior period, the Group acquired a 54% interest in MGC Pharmaceutical sro (Czech Republic), which in
turn held a 100% interest in MGC Pharmaceuticals Ltd (Russia). The acquisition occurred via a share transfer with
nil consideration. The acquiree did not meet the definition of a business and therefore the acquisition was
accounted for as an asset acquisition.
A non-controlling interest of $109,377 was recognised at the acquisition date. The non-controlling interest\u2019s share
of loss for the year was $309,951 (2022: $410,503) and the non-controlling interest\u2019s share of other comprehensive
income for the year was $338,825 (2022: $119,219).
Subsequent to the year end MGC Pharmaceutical (sro) was disposed of as being no longer relevant to the core
business of the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_D975988086_CY": {
"value": "12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
On 5
th
August 2022 the Company acquired 40% of the issued capital of ZAM Software Ltd, a private entity that
owns a real-time data collection software with proprietary Artificial Intelligence (AI) algorithms.
ZAM Software Ltd contributed A$nil operating profit after tax for the period from acquisition to 30 June 2023. At
30 June 2023 the Company determined that the recoverable amount of the investment was nil as at 30 June 2023
and recorded an impairment expense of $1,231,245 in the profit and loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_D1484655832_CY": {
"value": "
13. PAYABLES AND DEFERRED REVENUE
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year, which remain unpaid at year end. The amounts are unsecured and are usually paid within 60 days of
recognition. They are recognised at fair value on initial recognition and subsequently measured at amortised cost,
using the effective interest rate method.
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months after the period end in which the employees render the related service
are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the
amounts expected to be paid when the liabilities are settled. The liability for annual leave and accumulating sick
leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are
presented as payables.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| a) Current trade and other payables | | |
| Trade payables | | |
| (2,185,662) | (2,523,618) |
| Accruals | | |
| (535,546) | (688,128) |
| Other payables | | |
| (582,618) | (307,460) |
| (3,303,826) | (3,519,206) |
| b) Deferred revenue - Current | | |
| Deferred revenues \u2013 customer advance | | |
| - | (1,559,501) |
| Deferred revenue \u2013 Malta grant* | | |
| (658,133) | (250,860) |
| (658,133) | (1,810,361) |
Deferred revenue represents the Group\u2019s obligation to transfer goods or services to a customer for which the Group
has received consideration at 30 June 2023.
Refer to note 19 for details on management of financial risk.
c) Deferred Revenue \u2013 Non-Current
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Deferred Revenue \u2013 Malta grant* | | |
| (4,277,865) | (3,679,413) |
| | (4,277,865) | (3,679,413) |
* During the year ending June 2021, the Group received approval for a grant from Malta Enterprises to cover 80% of the
construction costs of a production facility, to the value of \u20ac3,073,000 ($4,925,000). As at 30 June 2023, an amount of \u20ac2,908,000
$4,785,411 had been received from Malta Enterprise. In accordance with AASB 120, the grant is being recognised as income on
a systematic basis over the useful life of the building once completed. Under the conditions of the grant, the Group was to
complete construction of the facility within 6 months of 10 December 2020 and, should the Group cease operations in Malta
within five years from the start of operations, Malta Enterprise retains the right to take possession of assets funded through the
grant. In March 2021 the Group received approval from Malta Enterprise to extend the period for completion of construction to
October 2021. Construction was completed in October 2021 and the facility was issued a GMP licence in March 2023.
13. PAYABLES AND DEFERRED REVENUE
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial
year, which remain unpaid at year end. The amounts are unsecured and are usually paid within 60 days of
recognition. They are recognised at fair value on initial recognition and subsequently measured at amortised cost,
using the effective interest rate method.
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months after the period end in which the employees render the related service
are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the
amounts expected to be paid when the liabilities are settled. The liability for annual leave and accumulating sick
leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are
presented as payables.
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| a) Current trade and other payables | | |
| Trade payables | | |
| (2,185,662) | (2,523,618) |
| Accruals | | |
| (535,546) | (688,128) |
| Other payables | | |
| (582,618) | (307,460) |
| (3,303,826) | (3,519,206) |
| b) Deferred revenue - Current | | |
| Deferred revenues \u2013 customer advance | | |
| - | (1,559,501) |
| Deferred revenue \u2013 Malta grant* | | |
| (658,133) | (250,860) |
| (658,133) | (1,810,361) |
Deferred revenue represents the Group\u2019s obligation to transfer goods or services to a customer for which the Group
has received consideration at 30 June 2023.
Refer to note 19 for details on management of financial risk.
c) Deferred Revenue \u2013 Non-Current
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Deferred Revenue \u2013 Malta grant* | | |
| (4,277,865) | (3,679,413) |
| | (4,277,865) | (3,679,413) |
* During the year ending June 2021, the Group received approval for a grant from Malta Enterprises to cover 80% of the
construction costs of a production facility, to the value of \u20ac3,073,000 ($4,925,000). As at 30 June 2023, an amount of \u20ac2,908,000
$4,785,411 had been received from Malta Enterprise. In accordance with AASB 120, the grant is being recognised as income on
a systematic basis over the useful life of the building once completed. Under the conditions of the grant, the Group was to
complete construction of the facility within 6 months of 10 December 2020 and, should the Group cease operations in Malta
within five years from the start of operations, Malta Enterprise retains the right to take possession of assets funded through the
grant. In March 2021 the Group received approval from Malta Enterprise to extend the period for completion of construction to
October 2021. Construction was completed in October 2021 and the facility was issued a GMP licence in March 2023.
14. LEASES
At reporting date the Group has two long-term leases for the use of the land for the construction of facilities in
Malta \u2013 a 65 year lease entered into in the prior period for the larger site and a 5 year lease with 5 years option to
renew for the ArtemiC production facility. The Group also has other immaterial leases for office and lab rental.
Below are the carrying amounts of right-of-use assets recognised for the period:
| 30-Jun-23 | 30-Jun-22 |
| Right-of-use assets | | |
| $ | $ |
| Opening balance at 1 July | | |
| 2,133,685 | 1,869,006 |
| Additions of right-of-use assets in period | 217,527 | 422,213 |
| Depreciation of right-of-use assets | | |
| (212,439) | (157,534) |
| Decrease on early termination of lease | | |
| (1,628,799) | - |
| Foreign exchange | | |
| 78,702 | - |
| Closing balance | | |
| 588,676 | 2,133,685 |
Below are the carrying amounts of lease liabilities for the period:
| 30-Jun-23 | 30-Jun-22 |
| Lease liabilities | | |
| $ | $ |
| Opening balance at 1 July | | |
| 2,252,608 | 1,982,807 |
| Additions to lease liabilities | | |
| 217,527 | 422,213 |
| Interest on lease liabilities | | |
| 173,014 | 153,189 |
| Lease payments | | |
| (373,969) | (263,785) |
| Decrease on early termination of lease | | |
| (1,790,155) | - |
| Foreign exchange | | |
| 96,114 | (41,816) |
| Closing balance | | |
| 575,139 | 2,252,608 |
| | | |
| Current | 190,570 | 277,689 |
| Non-current | | |
| 384,569 | 1,974,919 |
| Total lease liability | | |
| 575,139 | 2,252,608 |
The following amounts were recognised in the consolidated statement of profit or loss and comprehensive income
for the period:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Depreciation on right-of-use asset | | |
| 212,439 | 157,534 |
| Interest expense on lease liabilities | | |
| 173,014 | 153,189 |
| Expense related to short-term leases | | |
| 38,844 | 118,738 |
| Total amounts recognised in profit or loss | | |
| 424,297 | 429,461 |
The following are amounts recognised in the consolidated statement of cash flows:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Total cash outflows for leases | | |
| 373,969 | 382,523 |
Malta long-term lease agreement
The group has determined that the larger site no longer meets the long term requirements of the group, and has
agreed an early termination of the lease agreement with the lessor. This has resulted in a significant decrease in
the long term lease liabilities and right of use assets of the company, with any differences expensed to the profit
and loss account.
Refer to note 23 for disclosures relating to additional commitments on the Malta leases.
15. FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
Convertible notes
Australian dollar denominator facility
In September 2020, the Company entered into a convertible note financing facility with Mercer Street Global
Opportunity Fund (Mercer), under which up to A$15,000,000 can be drawn down in exchange for the issue of a
number of convertible notes with a face value of A$1.00 each equal to 110% of the amount of funding received.
The facility expired on 8 March 2022 and can no longer be drawn on. The notes drawn under this facility were
repayable at face value 12 months from the date of the respective draw down, if not converted or repurchased
prior to maturity.
On 1 February 2023, the Company executed an agreement to extend the maturity date of the A$2,100,000
convertible notes on issue, which has extended the maturity date of these convertible notes to 1 February 2024
(2020 Extension Agreement).
The notes are convertible at the discretion of Mercer at any time prior to maturity, with a conversion price as
follows:
\u2022 The conversion price will be the lower of A$0.035 or 92% of the lowest daily VWAP of the Company\u2019s shares
selected by Mercer over the 10 trading days on which the Company\u2019s shares are traded on the ASX immediately
prior to the issue of the conversion notice, subject to the conversion price being no less than A$0.018.
US dollar denominated facility
In July 2021, the Company entered into a convertible note financing facility with Mercer Street Global Opportunity
Fund (Mercer), under which up to US$10,000,000 can be drawn down in exchange for the issue of a number of
convertible notes with a face value of US$1.00 each equal to 110% of the amount of funding received. The facility
expires on 18 January 2024. The notes are repayable at face value 18 months from the date of the respective draw
down, if not converted or repurchased prior to maturity (US$ Con Note Facility).
Between 19 July 2022 and 7 March 2023, the Company drew down US$4,733,120 (A$7,581,350) in funding from
the US$ Con Note Facility, issuing Mercer 4,733,120 US$1.00 convertible notes. The US$ convertible notes are
convertible at the discretion of Mercer at any time prior to maturity, with a conversion price as follows:
\u2022 The conversion price will be the lower of A$0.020 or 92% of the lowest daily VWAP of the Company\u2019s shares
selected by Mercer over the 10 trading days on which the Company\u2019s shares are traded on the ASX immediately
prior to the issue of the conversion notice, subject to the conversion price being no less than A$0.014.
On 1 February 2023, subsequent to the balance date, the Company executed an agreement with Mercer to vary
the US$ Con Note Facility so the convertible notes issued after 23 December 2022 would have a minimum
conversion price of A$0.010, and to seek shareholder approval, before 31 March 2023, to reduce the minimum
conversion price of the 3,410,000 US$1.00 convertible notes issued before 23 December 2022, reduced from
A$0.014 to A$0.010 (2022 Variation Agreement).
The convertible notes are determined to be hybrid financial instruments and have been designated as at fair value
through profit or loss.
| 30-Jun-23 | 30-Jun-22 |
| Financial liabilities at fair value through profit or loss | | |
| $ | $ |
| Convertible notes | | |
| Opening balance \u2013 at 1 July | 2,100,000 | 4,034,763 |
| Issue of convertible notes | | |
| 6,948,106 | - |
| Converted to ordinary shares | | |
| - | (2,490,701) |
| Loss on remeasurement of financial liability | | |
| 131,409 | 555,938 |
| Closing balance \u2013 fair value at 30 June | | |
| 9,179,515 | 2,100,000 |
The fair value (Level 3) of the hybrid contract was determined using valuation techniques including use of a Black-
Scholes option pricing model, with estimates of projected conversion prices and the following significant inputs to
the valuation at 30 June 2023:
| | Australian dollar | |
| facility | |
| | US dollar |
| | facility |
| Valuation date | 30 June 2023 | 30 June 2023 |
| Share price | $0.005 | $0.005 |
| Exercise price | $0.010 to $0.035 | |
| 1 | |
| | | $0.010 to $0.035 |
| | 1 |
| Expiry date | Feb 2024 | Feb \u2013 Sep 2024 |
| Expected future volatility | 150% | 150% |
| Risk free rate | 3.00% | 3.00% |
| Dividend yield | nil | nil |
1
calculated using a weighted average of $0.030
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfReservesAndOtherEquityInterestExplanatory_D947376479_CY": {
"value": "16. CONTRIBUTED EQUITY AND RESERVES
a) Contributed equity
Issued and paid up capital is recognised at the fair value of the consideration received by the Group. Any transaction
costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the proceeds
received.
| 30-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-22 |
| NUMBER | NUMBER | $ | $ |
| | | | | |
| Ordinary shares on issue, fully paid | 3,450,692,750 | 2,728,293,852 | 103,690,800 | 97,251,478 |
| 3,450,692,750 | 2,728,293,852 | 103,690,800 | 97,251,478 |
Reconciliation of movement in share capital
| No. Of Shares | Issue Price | Amount |
| Closing balance at 30 June 2021 | 2,319,502,595 | | 84,511,983 |
| Exercise of $0.045 Options \u2013 8 Jul 2021 | 55,555 | 0.0450 | 2,500 |
| Conversion of performance rights \u2013 8 Jul 2021 | 400,000 | | |
| | 0.0610 | |
| | | 24,400 |
| Conversion of Convertible Notes | | | |
| 1 | | | |
| \u2013 8 Jul 2021 | 14,792,899 | | |
| | 0.0380 | |
| | | 562,130 |
| Conversion of Convertible Notes | | | |
| 1 | | | |
| \u20133 Sep 2021 | 35,714,285 | | |
| | 0.0540 | |
| | | 1,928,571 |
| Exercise of $0.045 Options \u2013 9 Sep 2021 | 11,257,368 | | |
| | 0.0450 | |
| | | 506,581 |
| Conversion of performance rights \u20139 Sep 2021 | 3,550,000 | | |
| | 0.0610 | |
| | | 216,550 |
| Acquisition of MediCaNL (Tranche 2) \u2013 release of unissued | | | |
| shares - 20 Sep 2021 | | | |
| 17,923,153 | | |
| | - | |
| | | - |
| Conversion of performance rights \u2013 20 Sep 2021 | 300,000 | 0.0610 | 18,300 |
| Conversion of performance rights (Director) \u2013 7 Oct 2021 | | | |
| 600,000 | 0.0410 | 24,600 |
| Conversion of performance rights (Director) \u2013 24 Nov 2021 | | | |
| 600,000 | 0.0410 | 24,600 |
| Conversion of performance rights \u2013 24 Nov 2021 | | | |
| 200,000 | 0.0610 | 12,200 |
| Acquisition of MediCaNL (Tranche 3) \u2013 24 Nov 2021 \u2013 | | | |
| release of unissued shares | | | |
| 17,923,153 | - | - |
| Shares issued for UK/US placement \u2013 6 Dec 2021 | | | |
| 275,000,000 | 0.0371 | 10,194,370 |
| Consideration for Mercer CN extension \u2013 8 Dec 2021 | | | |
| 750,000 | 0.0420 | 31,500 |
| Conversion of performance rights \u2013 1 Feb 2022 | | | |
| 500,000 | 0.0610 | 30,500 |
| Employee bonus \u2013 1 Feb 2022 | | | |
| 1,440,117 | 0.0410 | 59,045 |
| Acquisition of MediCaNL (Tranche 4) \u2013 22 Feb 2022 \u2013 | | | |
| release of unissued shares | | | |
| 17,923,153 | - | - |
| Conversion of performance rights \u2013 7 Apr 2022 | | | |
| 900,000 | 0.0610 | 54,900 |
| Acquisition of MediCaNL (Tranche 5) \u2013 13 May 2022 \u2013 | | | |
| release of unissued shares | | | |
| 8,961,574 | - | - |
| Less: costs of issue | | | |
| - | | (951,252) |
| Closing balance at 30 June 2022 | | | |
| 2,728,293,852 | | 97,251,478 |
| | No. Of Shares | Issue Price | Amount |
| Opening balance at 1 July 2022 | 2,728,293,852 | | 97,251,478 |
| Issue of Mercer Commencement Shares \u2013 3 Aug 2022 | | | |
| 21,511,545 | 0.0200 | 430,231 |
| Issue of shares in lieu of cash \u2013 3 Aug 2022 | 15,000,000 | | |
| | 0.0200 | |
| | | 300,000 |
| Acquisition of ZAM Software Ltd \u2013 5 Aug 2022 | 65,841,924 | | |
| | 0.0187 | |
| | | 1,231,245 |
| Issue of shares in lieu of cash \u2013 26 Aug 2022 | 20,000,000 | | |
| | 0.0200 | |
| | | 400,000 |
| Issue of shares in lieu of cash \u2013 1 Nov 2022 | 15,000,000 | | |
| | 0.0100 | |
| | | 150,000 |
| Exercise of performance rights (T7) \u2013 1 Nov 2022 | 200,000 | | |
| | 0.0100 | |
| | | 2,000 |
| Exercise of performance rights (Class C) \u2013 27 Feb 2023 | 600,000 | | |
| | 0.0090 | |
| | | 5,400 |
| Share issue to UK placement \u2013 14 Apr 2023 | 180,005,680 | 0.0080 | 1,440,045 |
| Share issue to UK/AU placement \u2013 18 Apr 2023 | | | |
| 58,315,909 | 0.0080 | 466,527 |
| Share issue to Mercer \u2013 18 Apr 2023 | | | |
| 93,750,000 | 0.0080 | 750,000 |
| Issue of shares in lieu of cash \u2013 5 May 2023 | | | |
| 43,691,589 | 0.0107 | 467,500 |
| Issue of shares to employees in lieu of salaries \u2013 5 May | | | |
| 2023 | | | |
| 82,864,778 | 0.0107 | 886,653 |
| Issue of shares to employees in lieu of salaries \u2013 5 May | | | |
| 2023 | | | |
| 24, 617,673 | 0.0090 | 221,559 |
| Exercise of performance rights (T8) \u2013 21 Jun 2023 | | | |
| 1,000,000 | 0.0090 | 6,000 |
| Less: costs of issue | | | |
| - | | (317,838) |
| | | | |
| 3,350,692,950 | | 103,690,800 |
1.
In September 2020 the Company entered into a $15,000,000 convertible note facility with Mercer Street Global Opportunity
Fund, in exchange for notes with a face value of $1.00 each, being 110% of the funding received. During the current and
prior periods there were a number of conversions of notes issued into equity. Refer to note 15 for additional information.
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the
number of shares held. At a shareholders\u2019 meetings each ordinary share is entitled to one vote when a poll is called,
otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value.
Capital risk management
The Group\u2019s objective when managing capital is to safeguard their ability to continue as a going concern, so that
they can continue to provide returns to shareholders and benefits to other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group manages its capital by assessing the Group\u2019s financial risk and
adjusts its capital structure in response to changes in these risks and in the market. These responses include the
management of debt levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the
prior year. The Group is not subject to any externally imposed capital requirements.
b) Reserves
i. Share Based Payment Reserve
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Opening balance at 1 July | | |
| 7,924,264 | 7,490,483 |
| Exercise of performance rights | | |
| (8,000) | (406,050) |
| Share based payments | | |
| 225,773 | 839,831 |
| 8,142,037 | 7,924,264 |
ii. Foreign currency translation reserve
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Opening balance at 1 July | | |
| (610,591) | 212,381 |
| Currency translation differences arising during the year | | |
| 925,997 | (822,972) |
| 315,406 | (610,591) |
Exchange differences arising on translation of the foreign controlled entities are taken to the foreign currency
translation reserve as described above. The reserve is recognised in profit and loss when the net investment is
disposed of.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDividendsExplanatory_D11136247_CY": {
"value": "17. DIVIDENDS
No dividends have been paid or provided in 2023 and 2022 financial year.
",
"dimensions": {
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}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_D1194390932_CY": {
"value": "
18. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is calculated by dividing the net profit or loss after income tax attributable to equity
holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the post income tax effect of interest and other financing costs associated with dilutive potential ordinary
share and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
| 30-Jun-23 | 30-Jun-22 |
| Earning per share | | |
| Basic loss per share (cents) | | |
| (0.71) | (0.79) |
| Diluted loss per share (cents) | | |
| (0.71) | (0.79) |
| Reconciliation of earnings to profit or loss | | |
| $ | $ |
| (Loss) used in calculating basic and diluted EPS | | |
| (20,823,584) | (20,347,439) |
| | | |
| Earnings per share | | |
| | | |
| Basic loss per share (cents) | | |
| (0.71) | (0.79) |
| Diluted loss per share (cents) | | |
| (0.71) | (0.79) |
| Reconciliation of earnings to profit or loss | | |
| $ | $ |
| (Loss) used in calculating basic and diluted EPS | | |
| (20,823,584) | (20,347,439) |
| Number | Number |
| Weighted average number of ordinary shares and potential | | |
| ordinary shares | | |
| | | |
| Weighted average number of ordinary shares used in calculating | | |
| basic and diluted EPS | | |
| 2,947,177,984 | 2,566,210,688 |
At 30 June 2023, the Company had the following convertible securities on issue: performance rights 18,400,000
(2022: 68,675,000), options 284,028,101 (2022: 94,432,986) and convertible notes face value of A$2,100,000 and
US$4,733,120 (2022: A$2,100,000). Given the Group made a loss during the current financial year, these potential
shares are considered non-dilutive and therefore not included in the diluted EPS calculation.
19. FINANCIAL RISK MANAGEMENT
The Group\u2019s financial instruments consist mainly of cash at bank, payables, receivables and the convertible notes.
The Group has not formulated any specific management objectives and policies in respect to debt financing,
derivatives or hedging activity. As a result, the Group has not formulated any specific management objectives and
policies in respect to these types of financial instruments. Should the Group change its position in the future, a
considered summary of these policies will be disclosed at that time.
The Group\u2019s current exposure to the risk of changes in the market is managed by the Board of Directors.
Market risks
The Group is exposed to a variety of financial risks through its financial instruments for example, interest rate risk,
liquidity risk and credit risk, equity price risk on the convertible notes, as well as foreign currency risk.
Interest rate risk
At reporting date, other than leases and the convertible notes carried at fair value, the Group does not have long
term borrowings and its exposure to interest rate risk is assessed as low. The group monitors its interest rate risk
through sensitivity analysis, as outlined below.
The consolidated group\u2019s exposure to interest rate risk which is the risk that a financial instrument\u2019s value will
fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes
of financial assets of the Group are summarised in the following tables:
| Floating | | | | | | |
| interest rate | | | | | | |
| | 1 Year or | | | | | |
| | less | | | | | |
| | | Over 1 to | | | | |
| | | 5 years | | | | |
| | | | Over 5 | | | |
| | | | Years | | | |
| | | | | Non- | | |
| | | | | interest | | |
| | | | | bearing | | |
| | | | | | Remaining | |
| | | | | | contractua | |
| | | | | | l | |
| | | | | | maturities | |
| | | | | | | Weigh |
| | | | | | | ted |
| | | | | | | averag |
| | | | | | | e |
| | | | | | | intere |
| | | | | | | st rate |
| 30-Jun-23 | $ | $ | $ | $ | $ | $ | % |
| Financial assets | | | | | | | |
| Cash and cash | | | | | | | |
| equivalents | | | | | | | |
| 239,821 | 239,821 | - | | - | 239,821 | 0.10% |
| Trade and other | | | | | | | |
| receivables | | | | | | | |
| - | - | - | | 531,314 | 531,314 | |
| 239,821 | 239,821 | - | - | 531,314 | 771,135 | |
| Financial liabilities | | | | | | | |
| Trade and other | | | | | | | |
| payables | | | | | | | |
| - | - | - | - | 3,303,826 | 3,303,826 | |
| Convertible notes | - | - | - | - | 9,179,515 | 9,179,515 | |
| Lease liabilities | - | 190,570 | 347,412 | 37,157 | - | 575,139 | |
| - | 190,570 | 347,412 | 37,157 | 12,483,341 | 13,058,480 | |
| 30-Jun-22 | $ | $ | $ | $ | $ | $ | % |
| Financial assets | | | | | | | |
| Cash and cash | | | | | | | |
| equivalents | | | | | | | |
| 1,886,347 | 1,886,347 | - | | - | 1,886,347 | 0.02% |
| Trade and other | | | | | | | |
| receivables | | | | | | | |
| - | - | - | | 1,937,114 | 1,937,114 | |
| 1,886,347 | 1,886,347 | - | - | 1,937,114 | 3,823,461 | |
| Financial liabilities | | | | | | | |
| Trade and other | | | | | | | |
| payables | | | | | | | |
| - | - | - | - | 3,519,206 | 3,519,206 | |
| Convertible notes | - | - | - | - | 2,100,000 | 2,100,000 | |
| Lease liabilities | - | 277,689 | 807,010 | 1,167,909 | - | 2,252,608 | |
| - | 277,689 | 807,010 | 1,167,909 | 5,619,206 | 7,871,814 | |
The initial investment amount for the convertible notes represented a 10% discount to their face value. As the notes are
accounted for at fair value through profit or loss, the Group would have exposure to fair value movements arising from changes
in market interest rates.
At 30 June 2023 and 2022, a reasonably possible change in interest rates would not have resulted in a material
change to the Group\u2019s post-tax loss or net assets for the year.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient cash to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group\u2019s reputation. The Group monitors forecast cash flows on regular basis to manage its liquidity
risk.
Credit risk
Management has assessed the credit risk exposure as minimal at reporting date. Credit risk arises from exposure
to trade receivables, deposits with banks and other receivables, the balances of which at 30 June 2022 represent
the Group\u2019s maximum exposure to credit risk. Management monitors its exposure to ensure recovery and
repayment of outstanding amounts. Cash deposits are only made with reputable banking institutions.
Foreign currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency
exposures, primarily with respect to the GBP (\u00a3), Euro (\u20ac), and ILS (\u20aa).
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the entity\u2019s functional currency. The risk is measured using cash flow
forecasting.
The consolidated entity has not entered into any derivative financial instruments to hedge such transactions and
anticipated future receipts or payments that are denominated in a foreign currency. The board manages the
purchase of foreign currency to meet operational requirements.
The consolidated entity\u2019s exposure to foreign currency risk at the reporting date was not material. A reasonably
possible change in the value of the Australian dollar against the above currencies at 30 June would not have had a
material effect on the Group\u2019s post-tax loss or net assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory_D912048941_CY": {
"value": "20. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines
whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
The following table presents the Group\u2019s financial assets and liabilities measured and recognised at fair value.
| 30 June 2023 | | | | |
| Level 1 | Level 2 | Level 3 | Total |
| Financial assets | | | | |
| $ | $ | $ | $ |
| Other financial assets (equity investments) | | | | |
| - | - | - | - |
| Closing balance at 30 June 2023 | - | - | - | - |
| Financial liabilities | | | | |
| Other financial liabilities (convertible note) | - | - | 9,179,515 | 9,179,515 |
| Closing balance at 30 June 2022 | | | | |
| - | - | 9,179,515 | 9,179,515 |
| 30 June 2022 | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | | | | |
| $ | $ | $ | $ |
| Other financial assets (equity investments) | | | | |
| - | - | 155,971 | 155,971 |
| Closing balance at 30 June 2022 | - | - | 155,971 | 155,971 |
| Financial liabilities | | | | |
| Other financial liabilities (convertible note) | - | - | 2,100,000 | 2,100,000 |
| Closing balance at 30 June 2022 | | | | |
| - | - | 2,100,000 | 2,100,000 |
Refer to note 10 for disclosures in relation to the loan accounted for as fair value through profit or loss (level 3).
| Movement of Level 3 financial instruments | | |
| 30-Jun-23 | 30-Jun-22 |
| Opening Balance | | |
| 155,971 | 564,186 |
| Addition of financial asset-investment in unlisted entity | - | 155,971 |
| Fair value loss on financial asset \u2013 investment in unlisted entity | | |
| - | (573,703) |
| Foreign exchange gain on financial asset | | |
| - | 9,517 |
| Impairment expense | | |
| (155,971) | |
| | - |
| Closing Balance | | |
| - | 155,971 |
a) Valuation techniques used to derive Level 1 fair values
The fair value of financial instruments recognised under Level 1 are measured based on the active market value,
determined in this case by the value a third party is willing to pay for the assets.
b) Valuation techniques used to derive Level 3 fair values
The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques. These valuation techniques maximise the use of observable market data where it is available and rely
as little as possible on entity specific estimates.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. A significant unobservable input to the valuation of the Group\u2019s investment in an unlisted entity classified within
level 3 of the fair value hierarchy in prior year was information obtained from the investee in relation to the value
per share of the most recent capital raising conducted by the entity, which was Euro 100/share ($151.63/share).
A 10% increase or decrease in the value per share of the unlisted entity would have a corresponding fair value
movement on the carrying value of the Group\u2019s investment. During the current year the value of the investment
was written down to nil.
Refer to note 15 for additional disclosures on the other financial liability accounted for at fair value through profit
or loss.
c) Fair value of other financial instruments
The Group also has a number of financial instruments that are not measured at fair value in the balance sheet. The
carrying value of cash, trade receivables and payables is a reasonable approximation of their fair values due to
their short-term nature.
21. CONTROLLED ENTITIES
The consolidated financial statements of the Group include:
| Country of | Percentage Owned (%)* | |
| Parent Entity: | | | |
| | | | |
| incorporation | | |
| | 30-Jun-23 | 30-Jun-22 |
| MGC Pharmaceuticals Ltd | | | |
| | | | |
| Australia | | |
| | | | |
| | | | |
| Subsidiaries of MGC Pharmaceuticals Ltd: | | | |
| | | | |
| MGC Pharma (UK) Limited | | | |
| | UK | | |
| | 100 | 100 |
| MGC Research (Aus) Pty Ltd | | | |
| | Australia | | |
| | 100 | 100 |
| Medicinal Cannabis Clinics Pty Ltd | | | |
| | Australia | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharma (UK) Limited: | | | |
| | | | |
| MGC Pharmaceuticals d.o.o | | | |
| | Slovenia | | |
| | 100 | 100 |
| Panax Pharma s.r.o | | | |
| | Czech Republic | | |
| | 87 | 87 |
| MGC Nutraceuticals d.o.o | | | |
| | Slovenia | | |
| | 100 | 100 |
| MGC Pharmaceuticals (sro) | | | |
| | Czech Republic | | |
| | 54 | 54 |
| MGC Pharma (Malta) Holdings Limited | | | |
| | Malta | | |
| | 100 | 100 |
| MGC Pharma (Malta) R&D Limited | | | |
| | Malta | | |
| | 100 | 100 |
| MedicaNL Israel 2019 Ltd | | | |
| | Israel | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharma (Malta) Holdings Limited | | | |
| | | | |
| MGC Pharma (Malta) Property Limited | | | |
| | | | |
| Malta | | | |
| | 100 | 100 |
| MGC Pharma (Malta) Operations Limited | | | |
| | | | |
| Malta | | | |
| | 100 | 100 |
| Subsidiaries of MGC Pharmaceuticals (sro) | | | |
| | | | |
| MGC Pharmaceuticals Ltd (Russia) | | | |
| Russia | | | |
| | 100 | 100 |
* Percentage of voting power in proportion to ownership
",
"dimensions": {
"concept": "mxc:DisclosureOfControlledEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": {
"value": "22. SEGMENT REPORTING
The Group identifies operating segments on the basis of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker (\u201cCODM\u201d) in order to allocate resources to the segments
and to assess their performance.
The Group has assessed its operating segments and determined that the Group\u2019s operations comprise of two
segments. The first being the production and supply of medicinal cannabis products and the second being the
production and supply of non-cannabis phytomedicines, on the basis that the Group\u2019s CODM reviews financial
information in relation to operating results at the Group level.
Geographic information on the Group\u2019s revenue by location of operations for the period and total assets at 30 June
2023 is as follows:
| Malta | Israel | Slovenia | |
| | | | Australia and |
| | | | others |
| 30 June 2023 | | | | |
| $ | $ | | |
| | | $ | $ |
| Sales revenue | | | | |
| - | 7,098 | 2,846,926 | 533,543 |
| Total assets | 6,412,025 | 28,170 | 2,228,708 | 1,314,748 |
| 30 June 2022 | | | | |
| Sales revenue | - | 456,596 | 3,219,710 | 1,055,706 |
| Total assets | 8,639,316 | 572,711 | 3,507,953 | 5,837,838 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_E24_CY": {
"value": "23. CONTINGENCIES AND COMMITMENTS
a) Commitments
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| No later than one year | | |
| - | 37,396 |
| Later than one year and not later than five years | - | 36,767 |
| Total commitments | | |
| - | 74,163 |
Commitments relate to office leases in Slovenia, which had been signed prior to 30 June 2022 but not yet
commenced.
Malta long-term leases \u2013 construction commitments
Larger site - 65 year lease
Further to the approval of the Company\u2019s original planned project in Malta, the Company agreed to invest a
minimum of \u20ac6,000,000 in improvements to site, plant, machinery and equipment within 3 years from the date of
allocation of the site.
On allocation of a site, the Company also entered into a long-term lease with Malta Industrial Parks (refer note 14
for further details). The Emphyteutical lease requires that the allocated site is used solely for industrial purposes
and that the erection of proper, solid buildings costing no less than \u20ac2,700,000, net of value added tax, was to
commence within three months of the date of the necessary approvals being received, being 8 August 2019, but
be completed no later than eighteen months from the date all permits by law are issued. The Company agreed an
early termination of the lease with Malta Industrial Parks on the larger site during the year resulting the minimum
expenditure commitment is no longer required.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCashFlowStatementExplanatory_E18_CY": {
"value": "24. CASH FLOW INFORMATION
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Reconciliation of Cash Flow from Operations with Loss after Income | | |
| Tax | | |
| (Loss) after income tax | | |
| (21,133,535) | (20,767,823) |
| Cash flows excluded from loss attributable to operating activities | | |
| | | |
| Non-cash flows in loss | | |
| | | |
| Depreciation and amortisation | | |
| 751,937 | 141,438 |
| Gain on lease modifications | | |
| (161,356) | - |
| Share based payment expense | | |
| 2,656,885 | 524,494 |
| Loss on financial liabilities at fair value | | |
| 131,409 | 667,111 |
| Impairment of intangible assets | | |
| 3,145,724 | 4,983,858 |
| Impairment of equity investment | | |
| 1,231,245 | |
| Impairment of unlisted investment | | |
| 155,971 | 573,703 |
| Other non-operating Items | | |
| (216,338) | 7,647 |
| Other non-trading Income | | |
| (528,213) | (9,191) |
| Exchange differences | | |
| (88,636) | (240,518) |
| Changes in assets and liabilities, net of the effects of purchase of | | |
| subsidiaries | | |
| | | |
| Decrease / (increase) in inventory | | |
| 475,301 | (965,359) |
| Decrease / (increase) in trade and other receivables | | |
| 1,405,800 | 1,293,101 |
| Increase / (decrease) in trade payables and accruals | | |
| 188,631 | 1,633,314 |
| Cash flow used in operations | | |
| (11,985,175) | (12,158,225) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_D771102490_CY": {
"value": "25. AUDITOR\u2019S REMUNERATION
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Fees to Hall Chadwick (2022: Ernst & Young Australia): | | |
| | | |
| Fees for auditing the statutory financial report of the parent | | |
| covering the group and auditing the statutory financial reports | | |
| of any controlled entities | | |
| 140,000 | 199,925 |
| Fees for other services | | |
| - R&D rebate application and tax compliance | | |
| 14,918 | 29,075 |
| Total auditor\u2019s remuneration | | |
| 154,918 | 229,000 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_mxc_DisclosureOfParentCompanyDisclosures_D827260821_CY": {
"value": "26. PARENT COMPANY DISCLOSURES
The financial information for the parent entity, MGC Pharmaceuticals Ltd, has been prepared on the same basis as
the consolidated financial statements.
i) Summary of financial information
The individual financial statements for the parent entity show the following aggregate amounts:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Current assets | | |
| 227,872 | 1,427,454 |
| Non-current assets | 18,735,115 | 10,015,355 |
| Total Assets | | |
| 18,962,987 | 11,442,809 |
| | | |
| Current liabilities | 10,570,460 | 3,517,037 |
| Total Liabilities | | |
| 10,570,460 | 3,517,037 |
| | | |
| Contributed equity | 103,690,800 | 97,251,478 |
| Share based payment reserve | | |
| 8,142,037 | 7,924,264 |
| Accumulated losses | | |
| (103,440,310) | (97,249,970) |
| Total Equity | | |
| 8,392,527 | 7,925,772 |
| | | |
| Loss for the year | (6,190,340) | (26,019,392) |
| Total comprehensive loss for the year | | |
| (6,190,340) | (26,019,392) |
ii) Commitments and contingent liabilities of the parent
The parent entity did not have any contingent liabilities or commitments as at 30 June 2023 (30 June 2022: nil)
other than as disclosed at note 23.
iii) Guarantees entered into the parent entity
There were no guarantees entered into by the parent entity.
",
"dimensions": {
"concept": "mxc:DisclosureOfParentCompanyDisclosures",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_D1581139183_CY": {
"value": "27. RELATED PARTY TRANSACTIONS
a) Key Management Personnel Remuneration
Compensation
The aggregate compensation made to directors and other members of key management personnel of the
consolidated entity is set out below:
| 30-Jun-23 | 30-Jun-22 |
| $ | $ |
| Short-term employee benefits | | |
| 918,469 | 1,156,634 |
| Post-employment benefits | - | - |
| Long-term benefits | | |
| - | - |
| Share-based payments | | |
| - | 328,542 |
| | | |
| 918,469 | 1,485,176 |
b) Transactions with Director related entities
Directors and officers, or their personally related entities, hold positions in other entities that result in them having
controls or significant influence over the financial or operating policies of those entities.
Refer to the remuneration report contained in the directors\u2019 report for details of non-remuneration related
transactions including amounts receivable and payable at the end of the year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_D1593659307_CY": {
"value": "28. SHARE BASED PAYMENTS
Share based compensation relating to share options are recognised at fair value.
The fair value of the options is recognised as an employee benefit expense in the statement of profit or loss and
other comprehensive income, with a corresponding increase in equity. The total amount to be expensed is
determined by reference to the fair value of the options granted, which includes any market performance
conditions and the impact of any non-vesting conditions but excludes the impact of any service and non-market
performance vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are
allocated to share capital.
The fair value for all share options, as detailed below, are determined using a binomial option pricing method that
takes into account the exercise price, the term of the option, the probability of exercise, the share price at grant
date and expected volatility of the underlying share, the expected dividend yield and the risk-free interest rate for
the term of the option.
The inputs used for the valuations are tabled below for each class of security issued.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns
that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future
trends, which may also not necessarily be the actual outcome. The probability of the performance conditions
occurring, where applicable are included in determining the fair value of the options.
The assessed fair value at grant date of share based payments granted during the period was determined using a
binomial option pricing model that takes into account the exercise price, the price of the underlying share at grant
date, the life of the option, the volatility of the underlying share, the risk-free rate and expected dividend payout
and any applicable vesting conditions.
Management was required to make assumptions and estimates in order to determine the inputs into the binomial
option pricing model.
a) Performance Rights
2023
No additional performance rights were issued during the year.
2022
Directors
On 31 March 2021, the Company agreed to issue performance rights to the Directors and other management
personnel, to incentivise and retain its workforce. The performance rights issued to Directors were subject to
shareholder approval, which was received subsequent to year-end on 12 August 2021, refer to disclosure made in
the 2021 year below. As a result of the Company receiving shareholder approval at the General Meeting of
shareholders on 12 August 2021, MGC issued 64,200,000 performance rights to directors of the Company on 9
September 2021.
Employees
On 12 November 2021 the Company\u2019s Key Account Manager was issued 500,000 performance rights over fully paid
shares over the Company in accordance with the terms of their employment contract. The performance rights
were valued and expensed on the contract execution date of 30 April 2021 (Prior Year) and were valued at the
share price on that day being $0.06 per performance right.
Material terms of the Performance Rights issued are set out in the following table:
| Class | Vesting milestone | Performance rights | Milestone date |
| D | The participant remaining an Eligible Participant of the | | |
| Company\u2019s ESOP until 30 April 2022 | | |
| | 250,000 | 30 Apr 22 |
| E | The participant remaining an Eligible Participant of the | | |
| Company\u2019s ESOP until 30 April 2023 | | |
| | 250,000 | 30 Apr 23 |
| | | 500,000 | |
On 1 February 2022 the Company\u2019s Head of Quality Unit/QP was issued 1,440,117 fully paid ordinary shares in the
Company in accordance with the terms of their employment contract. The employee\u2019s contract, in consideration
for accepting a below market salary, includes the provision for the grant of an annual bonus of \u20ac37,200, at the
board\u2019s discretion, payable in fully paid ordinary shares. On 16 December 2021 the board approved the grant of
the bonus to the employee. The shares issued were expensed on grant using a share value of A$0.041 per share.
Reconciliation of Performance Rights
| Opening | | | | | |
| Balance | | | | | |
| Granted as | | | | |
| | i | | | |
| compensation | | | | |
| | Exercised | Lapsed | Outstanding at | |
| | | | 30 June | |
| | | | | Outstanding and |
| | | | | Exercisable at 30 |
| | | | | June |
| 2023 | | | | | |
| 68,875,000 | - | 1,800,000 | (48,475,000) | 18,400,000 | 18,400,000 |
| 2022 | | | | | |
| 37,550,000 | 64,700,000 | (7,050,000) | (26,525,000) | 68,875,000 | 14,950,000 |
i. Refer to \u201cPerformance rights\u201d section above for details of rights granted and vested during the period, which Director rights were still
subject to shareholder approval at 30 June 2022 and therefore had not yet been issued.
b) Options
2022
In consideration for the execution of the variation agreement to convertible notes facility with Mercer Street Global
Opportunity Fund (refer to note 15), the company agreed to issue Mercer 50,000,000 unlisted options with an
exercise price of $0.013 and an expiry date of 30 June 2025. The options issued were expensed on grant date as
share based payment expense using a fair value of A$0.013 per option.
Inputs to the valuation of the abovementioned options are tabled below.
| | Broker options |
| Number options issued | 50,000,000 |
| Grant date | 1 Feb 2023 |
| Spot price | $0.011 |
| Exercise price | $0.013 |
| Expiry date | 30 Jun 2025 |
| Expected future volatility | 29% |
| Risk free rate | 3.324% |
| Dividend yield | Nil |
| Value per option | $0.013 |
2021
On 15 December 2021, the \u00a35.5 million Placement announced on 1 December 2021 MGC Pharma issued 9,000,000
options over fully paid ordinary shares of the Company to the UK based Lead Manager under the terms of the
placement agreement.
Inputs to the valuation of the abovementioned options are tabled below.
| | Broker options |
| Number options issued | 9,000,000 |
| Grant date | 15 Dec 21 |
| Spot price | $0.042 |
| Exercise price | \u00a30.02 |
| Expiry date | 01 Dec 2024 |
| Expected future volatility | 70% |
| Risk free rate | 0.093% |
| Dividend yield | Nil |
| Value per option | $0.021 |
The Lead Manager\u2019s options have been valued based on the fair value of the equity instruments issued, as the
Company was unable to reliably determine the fair value of the services provided. Total amount included within
share issue costs equated to $187,191.
Table of share-based payment options
| Description | Opening | | | | |
| Balance | | | | |
| | Granted | Exercised | Lapsed | Closing |
| | | | | Balance |
| Unlisted options exercisable at | | | | | |
| \u00a30.01475 expiring 31 Mar 2023 | | | | | |
| 26,440,678 | - | - | (26,440,678) | - |
| Unlisted options exercisable at | | | | | |
| $0.026 expiring 31 Mar 2023 | | | | | |
| 7,692,308 | - | - | (7,692,308) | - |
| Unlisted options exercisable at $0.05 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 16,300,000 | - | - | - | 16,300,000 |
| Unlisted options exercisable at $0.06 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 17,500,000 | - | - | - | 17,500,000 |
| Unlisted options exercisable at $0.07 | | | | | |
| expiring 31 Aug 2023 | | | | | |
| 17,500,000 | - | - | - | 17,500,000 |
| Unlisted options exercisable at \u00a30.02 | | | | | |
| expiring 1 Dec 2024 | | | | | |
| 9,000,000 | - | - | - | 9,000,000 |
| Unlisted options exercisable at | | | | | |
| $0.013 expiring 30 Jun 2025 | | | | | |
| - | 50,000,000 | - | - | 50,000,000 |
| TOTAL | 94,432,986 | 50,000,000 | - | (34,132,986) | 110,300,000 |
Share-based payment expense
For the year ended 30 June 2023, the Group has recognised $1,339,385 of share-based payment expenses in the
statement of profit or loss (30 June 2022: $652,640) relating to share-based payments to directors and employees.
The Group has also recognised $1,317,500 (30 June 2022: $nil) of share-based payment expense in relation to
extinguishing financial liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D971556021_CY": {
"value": "29. EVENTS AFTER THE REPORTING DATE
Post year end, the Company conditionally raised \u00a30.65 million (A$1.24 million) (before expenses) by way of a
placing and subscription of 541,666,667 new ordinary shares of no-par value (Ordinary Shares) in the capital of the
Company (Fundraising Shares) at a price of 0.12 pence (0.23 cents) per Fundraising Share (\u201cIssue Price\u201d). The
Company also agreed to issue one free attaching option exercisable at 0.12 pence (0.23 cents) with an expiry date
of 14 July 2026 for every one Fundraising Share subscribed for under the Placement and Subscription.
Additionally, the Company launched a Share Purchase Plan to its Australian shareholders to raise up to $2,685,728.
The Company received applications from eligible shareholders totalling A$834,000 to subscribe for 362,608,570
new fully paid ordinary shares in the capital of the Company at A$0.0023 (0.23 cents) per Share, with A$1,851,728
to be placed under a Shortfall Offer. Subject to shareholder approval to be sought at the Company\u2019s upcoming
general meeting on 5 September 2023, applicants will receive one free attaching option exercisable at A$0.003
(0.3 cents) each on or before 31 July 2026 (Options) for every two (2) Shares subscribed for under the SPP, being
181,304,269 Options.
The Company terminated its operations in Czech and Russia subsequent to the year end.
The Company finalised early termination of its 65 year lease in Malta subsequent to the year end.
Other than those matters disclosed in the financial statements, there have been no significant events occurring
after the balance date which may affect either the Group\u2019s operations or results of those operations or the group\u2019s
state of affairs.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}