HOLISTA COLLTECH LIMITED — Annual Report 2021

Feb 25, 2021

Holista Colltech Limited Appendix 4E Preliminary final report

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1. Company details

Name of entity: Holista Colltech Limited ABN: 24094515992 Reporting period: For the year ended 31 December 2020 Previous period: For the year ended 31 December 2019

2. Results for announcement to the market

			$
Revenues from ordinary activities	down	2.1% to	7,106,635
Loss from ordinary activities after tax attributable to the owners of Holista
Colltech Limited	up	688.6% to	(5,440,426)
Loss for the year attributable to the owners of Holista Colltech Limited	up	688.6% to	(5,440,426)

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $5,440,426 (31 December 2019: $689,851).

3. Net tangible assets

Net tangible assets per ordinary security	Reporting period Cents 1.65	Previous period Cents 1.53

4. Control gained over entities

Not applicable

5. Loss of control over entities

Not applicable.

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

7. Dividend reinvestment plans

Not applicable.

Holista Colltech Limited Appendix 4E Preliminary final report

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8. Details of associates and joint venture entities

Not applicable.

9. Foreign entities

Details of origin of accounting standards used in compiling the report:

Australian Accounting Standards

10. Audit qualification or review

Details of audit/review dispute or qualification (if any):

The financial statements are in process of being reviewed by the auditors and their review report will be attached as part of the Annual Report once finalised.

11. Attachments

Details of attachments (if any):

The Preliminary Final Report of Holista Colltech Limited for the year ended 31 December 2020 is attached.

Holista Colltech Limited Appendix 4E Preliminary final report

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Company Update

Group Operations Review:

Holista Colltech Limited (Holista) delivered steady revenues for the year ended 31 December 2020 despite the global COVID-19 crisis that had a material but temporary impact on Group earnings.

Holista posted total revenue of $7.1 million for the 12-months ended 31 December 2020, which was 2.1% below that of 2019, as weakness in parts of its business due to the impact of COVID-19 was offset by strong growth in two key divisions.

Statutory net profit before tax for 2020 was a loss of $5.6 million compared with a net loss of $777,000 in the previous year that were largely due to significant one-off items. These included provisions for bad and doubtful debts ($3.3m) and legal costs associated with defending the Company against legal challenges.

The 2020 disruption caused by the global pandemic on Holista’s operations and change in the Group’s sales mix accounted for the balance of the difference between losses recorded in 2020 and 2019. Holista’s fastest growing businesses have smaller margins due to the required investments to build scale, expand into new markets and launch new product offerings.

During the financial year 2020 (FY2020), Holista and its controlled entities focused on four core areas:

• Healthy Food Ingredients

• Infection Control Solutions

• Dietary Supplements

• Ovine Collagen

Healthy Food Ingredients:

Holista’s Healthy Food Ingredients division is gaining momentum with sales increasing by 525% over the year before to just over $1 million in 2020. The growth is bolstered by orders from Kawan Food Berhad, which has developed the world’s first healthy low-Glycemic Index (GI) Asian flatbread using GI Lite™, and Rex Industry Berhad for Holista’s proprietary 80Less[TM] (low-calorie and low-GI) sugar substitute for use in its drinks. However, restrictions to control the spread of COVID-19 in Malaysia and Singapore meant that orders from Kawan and Rex in FY2020 were lower than was originally forecasted at the start of the year.

The division’s strong growth was also partly due to the expansion into the North American market with Costanzo’s Bakery, Inc. signing a binding agreement during FY2020 (announced October 2020) to purchase around US$2 million a year of Holista’s GI Lite™ Bread Premix, for three years.

Another significant event during the course of the year was the validation from the University of Sydney that tortillas made with GI Lite™ were at least 30% healthier compared to traditional versions of flatbreads sold around the world.

Holista’s proprietary food ingredients technologies can also be applied to the manufacture of healthier noodles, tapioca pearls (used in bubble tea) and sugar syrup without sacrificing taste.

Holista Colltech Limited Appendix 4E Preliminary final report

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Company Update (continued)

Infection Control Solutions:

Holista’s Infection Control Solutions business was another growth contributor as it achieved sales of $665,000 in FY2020. This is the first year that this business contributed to Group revenue as COVID-19 drove demand for its NatShieldTM range of products, which uses PathAway®.

PathAway® is made from all-natural ingredients and independent tests at Microbac Laboratories, Inc. have shown it to be 99.9% effective against the SARS-CoV-2 virus that causes COVID-19. Microbac is a US Department of Defence (DoD) and Environmental Laboratory Accreditation Program (ELAP) accredited laboratory.

Holista entered into a joint-venture (JV) in September 2020 with its long-standing US partner Global Infection Control Consultants LLC (GICC) to manufacture and market the M3® system, which works by dispensing PathAway® through heating, ventilation and air-conditioning (“HVAC”) systems in buildings to treat harmful pathogens, including airborne viruses. PathAway® is currently awaiting List N certification in the US. List N is managed by the US Environmental Protection Agency (EPA) and products on List N are deemed by the EPA to kill SARS-CoV-2.

From December of last year, Holista was able to start offering a “List N” solution to disinfect buildings and kill coronavirus by using the M3® system with Bioesque, which is secured from Laboratoire M2, while awaiting List N certification for PathAway®. The same range is also under registration with Australian Therapeutic Goods Administration to be offered along with M3®.

A further significant development during FY2020 was the acquisition of the intellectual property and all associated rights to Protectene™ by Holista from GICC. Protectene™ has all the benefits of PathAway® but is gentler on skin. The acquisition enables Holista to offer sanitising products that can be used on sensitive parts of the body, such as a nasal balm.

The nasal balm formulation is now finalised and will be launched in the United States, Malaysia and Singapore in the 2[nd] Quarter of 2021. In the interim, the nasal balm will undergo tests to show efficacy against coronavirus at the Pantai Medical Centre in Kuala Lumpur, Malaysia. The Company is also close to engaging a leading hospital in New York City to undertake further tests.

Dietary Supplements:

The Company’s Dietary Supplements division continued to be the largest income contributor to the group in 2020. Revenue from this business decreased by 21% to $5.2 million due to COVID-19 social restrictions and lockdowns in markets Holista operates in.

While operating conditions were challenging, Holista launched a new health supplement called Forti-5 in Malaysia to boost the body’s immune system and to fight infections in the 4[th] Quarter of 2020. Forti-5 stimulates the body’s natural production of glutathione with three essential amino acids.

Holista is developing other new products to be sold commercially this year, including chewable Omega-3 gummies for children.

Ovine Collagen:

The Collagen Manufacturing business was also impacted by the fallout from the global pandemic with sales falling 62% to $173,000 in FY2020 as most of our cosmetics manufacturing customers closed their production facilities for some time during the pandemic.

Holista Colltech Limited Appendix 4E Preliminary final report

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Company Update (continued)

Outlook

The volatility created by the global pandemic is expected to persist in 2021, but there has been a marked improvement in trading conditions across much of the Group’s operations since the start of the current financial year.

The strong momentum achieved by the Healthy Food Ingredients business is expected to continue as Costanzo’s launches a range of Low-GI white bread products using Holista’s technology next month across North America. The healthier and better tasting white bread is expected to be a significant growth driver for Holista from 2021 onwards.

Additionally, orders from Kawan Foods and Rex Industry are anticipated to improve this year as the disruptions from the pandemic in Malaysia and Singapore ease further. Holista is also close to commercialising low-calorie and low-GI tapioca pearls and sugar syrup for use in bubble tea. The pearls will complement Holista’s range of healthier food product ingredients, including those for flat breads, noodles and white bread.

Growing demand for sanitising solutions is also expected to persist in 2021 and beyond, even as mass COVID-19 vaccines are rolled out around the world. The ongoing long-term use of sanitisers bodes well for NatShield[™] and Protectene™ as Holista believes consumers will increasingly turn to all-natural and gentler solutions compared to alcohol-based products.

Holista also plans to expand its infection control offering this year to include nasal balms and the M3® system that can be used against airborne viruses in buildings and for fogging applications.

Holista filed a global patent for the nasal sanitising balm in July 2020 and has commissioned a TGA application to classify its sanitisers as “Therapeutic Goods” and for labelling rights to claim their effectiveness against COVID-19, successfully demonstrating that Path-Away® can kill 99.9% of SARS-CoV-2 in an independent lab, and planned testing of NatShield™ Nasal Sanitising Balm ahead of its potential launch in three overseas markets in 2021.

Holista’s Dietary Supplements and Ovine Collagen businesses are recovering from the coronavirus economic conditions in FY2020. There has been a notable resumption in orders for Holista’s dietary supplements across all markets since the 4[th] quarter of 2020, while enquiry levels for its collagen product from cosmetics manufacturers around Asia have also increased.

Meanwhile, Holista has suspended payments to its US marketing partner, Eight Mercatus USA, since February 2021 as Eight Mercatus USA undertakes an internal review and formulates a new plan to address its disappointing performance in Natshield™ launching which was partly because of delay in N-listing of Path-Away®, launching of low Glycemic Index (GI) bread range and the water soluble supplements. Holista will consider resuming the partnership once Eight Mercatus USA presents a new credible plan to market and sell Holista's range of products and solutions in the US.

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Holista Colltech Limited ABN 24094515992

Preliminary Final Report - 31 December 2020

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Holista Colltech Limited Contents

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31 December 2020

Statement of profit or loss and other comprehensive income Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

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Holista Colltech Limited Statement of profit or loss and other comprehensive income For the year ended 31 December 2020

Note Revenue Revenue 1 Other income 2 Expenses Changes in inventories of finished goods and work in progress Raw materials and consumables used Distribution costs and other costs of sales Advertising and promotion Consultancy and professional fees Depreciation and amortisation expense Employee Benefits 3 Finance costs Foreign exchange (loss)/gain Impairment 3 Research and development Share-based payments expense Other expenses 3 Loss before income tax expense Income tax expense Loss after income tax expense for the year Other comprehensive income Items that will not be reclassified subsequently to profit or loss Foreign Currency translation Other comprehensive income for the year, net of tax Total comprehensive income for the year Loss for the year is attributable to: Non-controlling interest Owners of Holista Colltech Limited Total comprehensive income for the year is attributable to: Non-controlling interest Owners of Holista Colltech Limited Basic loss per share Diluted loss per share	Consolidated 2020 2019 $ $ 7,106,635 7,257,778 368,739 147,131 363,950 197,844 (3,484,941) (3,277,420) (404,327) (467,599) (473,592) (431,186) (939,209) (502,222) (220,869) (305,355) (2,891,621) (2,824,511) (68,406) (88,820) (381,130) (38,790) (3,310,442) 407,096 (339,850) (132,275) (168,170) (90,524) (746,008) (628,846) (5,589,241) (777,699) (69,652) (126,335) (5,658,893) (904,034) 92,338 44,092 92,338 44,092 (5,566,555) (859,942) (218,467) (214,183) (5,440,426) (689,851) (5,658,893) (904,034) 57,497 (66,319) (5,624,052) (793,623) (5,566,555) (859,942) Cents Cents (2.02) (0.29) (2.02) (0.29)
	(5,589,241) (69,652)
	(5,658,893) 92,338
	92,338
	(5,566,555)
	(218,467) (5,440,426)
	(5,658,893)
	57,497 (5,624,052)
	(5,566,555)
	Cents (2.02) (2.02)

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Holista Colltech Limited Statement of financial position As at 31 December 2020

Note Assets Current assets Cash and cash equivalents 4 Trade and other receivables 5 Inventories 6 Other current assets 7 Total current assets Non-current assets Property, plant and equipment 8 Right-of-use asset 9 Intangible assets 10 Deferred tax asset Other non-current assets 11 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 12 Contract liabilities 13 Borrowings 14 Leases 15 Short-term provisions Total current liabilities Non-current liabilities Borrowings 14 Leases 15 Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital 16 Reserves 17 Accumulated losses Equity attributable to the owners of Holista Colltech Limited Non-controlling interest Total equity	Consolidated 2020 2019 $ $ 2,725,237 101,400 1,558,415 3,218,105 1,108,346 675,782 682,575 1,010,820 6,074,573 5,006,107 1,112,490 1,317,918 124,824 158,982 106,281 776,121 132,184 137,921 481,641 529,489 1,957,420 2,920,431 8,031,993 7,926,538 1,673,473 2,626,814 458,729 515,719 401,173 337,341 28,155 39,702 13,414 17,687 2,574,944 3,537,263 430,605 436,236 82,764 108,437 275,000 275,000 788,369 819,673 3,363,313 4,356,936 4,668,680 3,569,602 21,707,478 14,548,515 (136,800) 2,329,439 (16,106,382) (12,455,239) 5,464,296 4,422,715 (795,616) (853,113) 4,668,680 3,569,602
	6,074,573
	1,112,490 124,824 106,281 132,184 481,641
	1,957,420
	8,031,993
	1,673,473 458,729 401,173 28,155 13,414
	2,574,944
	430,605 82,764 275,000
	788,369
	3,363,313
	4,668,680
	21,707,478 (136,800) (16,106,382)
	5,464,296 (795,616)
	4,668,680

The above statement of financial position should be read in conjunction with the accompanying notes

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Holista Colltech Limited Statement of changes in equity For the year ended 31 December 2020

Consolidated Balance at 1 January 2019 Adjustment for change in Accounting policy - AASB 16 Balance at 1 January 2019 - restated Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Recognition of performance rights Transfer of expired option balance Transfer to and from reserves Balance at 31 December 2019	Issued capital $ 14,548,515 -	Share-based Payments Reserves $ 4,899,791 -	Foreign Currency Translation Reserve $ (228,428) -	Accumulated Losses $ (13,869,412) (224,652)	Non- controlling interest $ (786,794) -	Total equity $ 4,563,672 (224,652) 4,339,020 (904,034) 44,092 (859,942) 90,524 - - 3,569,602
	14,548,515 - -	4,899,791 - -	(228,428) - (103,772)	(14,094,064) (689,851) -	(786,794) (214,183) 147,864
	- - - -	- 90,524 (2,347,593) -	(103,772) - - 18,917	(689,851) - 2,347,593 (18,917)	(66,319) - - -
	14,548,515	2,642,722	(313,283)	(12,455,239)	(853,113)

The above statement of changes in equity should be read in conjunction with the accompanying notes

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Holista Colltech Limited Statement of changes in equity For the year ended 31 December 2020

Consolidated Balance at 1 January 2020 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Shares issued during the year (note 16) Transaction costs (note 16) Transfer of expired options balance Exercise of performance rights Shares based payment expenses Balance at 31 December 2020	Issued capital $ 14,548,515 - -	Share-based Payments Reserves $ 2,642,722 - -	Foreign Currency Translation Reserve $ (313,283) - (183,626)	Accumulated Losses $ (12,455,239) (5,440,426) -	Non- controlling interest $ (853,113) (218,467) 275,964	Total equity $ 3,569,602 (5,658,893) 92,338 (5,566,555) 6,527,337 (29,874) - - 168,170 4,668,680
	- 6,527,337 (29,874) - 661,500 -	- - - (1,505,783) (945,000) 168,170	(183,626) - - - - -	(5,440,426) - - 1,505,783 283,500 -	57,497 - - - - -
	21,707,478	360,109	(496,909)	(16,106,382)	(795,616)

The above statement of changes in equity should be read in conjunction with the accompanying notes

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Holista Colltech Limited Statement of cash flows For the year ended 31 December 2020

Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Finance costs Interest received Other revenue Income tax paid Net cash used in operating activities Cash flows from investing activities Purchase of property, plant and equipment 8 Purchase of intellectual property 10 Loans repaid/(advanced), net Increase / Refund of deposits/investments Net cash (used in)/from investing activities Cash flows from financing activities Proceeds from issue of shares 16 (Repayment of)/proceeds from borrowings,net Payments in respect to leases Share issue transaction costs Net cash from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Change in foreign currency held Cash and cash equivalents at the end of the financial year 4	Consolidated 2020 2019 $ $ 6,324,724 7,231,436 (10,342,180) (7,422,701) (68,406) (83,839) 23,405 9,221 268,856 133,678 (74,009) (28,770) (3,867,610) (160,975) (13,362) (70,985) (20,979) (39,548) - 73,226 (46,405) 52,516 (80,746) 15,209 6,527,337 - 146,750 (83,840) (64,702) (33,168) (29,874) - 6,579,511 (117,008) 2,631,155 (262,774) 101,400 357,705 (7,318) 6,469 2,725,237 101,400
	(3,867,610)
	(13,362) (20,979) - (46,405)
	(80,746)
	6,527,337 146,750 (64,702) (29,874)
	6,579,511
	2,631,155 101,400 (7,318)
	2,725,237

The above statement of cash flows should be read in conjunction with the accompanying notes

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 1. Revenue from contracts with customers

Sale of goods	Consolidated 2020 2019 $ $ 7,106,635 7,257,778

Note 2. Other income

Note 2. Other income
Government Grants - Research and development Government Grants - Cashflow Boost and JobKeeper Subsidy Interest income Other income Other income	Consolidated 2020 2019 $ $ 163,540 133,678 105,316 - 23,405 9,221 76,478 4,232 368,739 147,131
	368,739

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 3. Loss before income tax

Note 3. Loss before income tax
Loss before income tax includes the following specific expenses: Impairment Impairment of other assets (note 7) Impairment of funds loaned recovered Doubtful debts expensed / (recovered) Impairment on expected credit losses Impairment of intangibles – Emulin trademark Impairment of Goodwill Total impairment Other Expenses Compliance and regulatory costs Insurance Other expenses Collie factory maintenance costs Audit fees Office expense and other occupancy costs Total Other Expenses Employee Benefit Expense Short-term Salary and wages Director Fees Superannuation Medical and Insurance Bonus and Incentive Travel Others Total Employee Benefit Expense Short-term Note 4. Current assets - cash and cash equivalents Cash at bank Cash on deposit	Consolidated 2020 2019 $ $ 448,086 - - (511,744) 46 298 2,341,655 - - 104,350 520,655 - 3,310,442 (407,096) 264,155 117,648 77,103 64,700 12,482 33,063 110,306 117,922 86,334 89,486 195,628 206,027 746,008 628,846 1,794,543 1,831,255 193,665 108,844 247,538 250,409 98,478 68,643 316,637 280,643 152,071 211,483 88,689 73,234 2,891,621 2,824,511 Consolidated 2020 2019 $ $ 310,191 101,400 2,415,046 - 2,725,237 101,400
	2,725,237

Note 4. Current assets - cash and cash equivalents

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 5. Current assets - trade and other receivables

Trade receivable Less: Impairment on expected credit losses Other receivables Amounts advanced to a related party Amounts advanced to a third party Less: Impairment on expected credit losses Interest receivable	Consolidated 2020 2019 $ $ 3,253,755 2,624,250 (1,751,581) - 1,502,174 2,624,250 5,117 62,495 180,623 180,623 294,534 294,534 (475,157) - 51,124 56,203 1,558,415 3,218,105
	1,502,174
	5,117 180,623 294,534 (475,157) 51,124
	1,558,415

Note 6. Current assets - inventories

Note 6. Current assets - inventories
Raw materials - at cost Finished goods - at cost Stock in transit	Consolidated 2020 2019 $ $ 948,667 302,726 33,336 373,056 126,343 - 1,108,346 675,782
	1,108,346

Note 7. Current assets - Other current assets

Note 7. Current assets - Other current assets
Prepayments Security deposits Other deposits Right-of-return assets	Consolidated 2020 2019 $ $ 243,504 614,602 320,463 303,921 17,474 14,645 101,134 77,652 682,575 1,010,820
	682,575

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 8. Non-current assets - property, plant and equipment

Note 8. Non-current assets - property, plant and equipment
Freehold land and buildings Less: Accumulated depreciation and impairment Plant and equipment Less: Accumulated depreciation Total plant and equipment	Consolidated 2020 2019 $ $ 1,017,689 2,577,466 (314,367) (1,799,081)
	703,322	778,385
	2,031,321 (1,622,153)	2,025,588 (1,486,055)
	409,168	539,533
	1,112,490	1,317,918

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 January 2019 Additions Exchange differences Transfers in/(out) Depreciation expense Balance at 31 December 2019 Additions Exchange differences Depreciation expense Balance at 31 December 2020	Freehold land and buildings $ 791,187 - 15,035 - (27,837)	Plant and Equipment $ 613,714 70,985 314 - (145,480)	Motor Vehicles $ 24,186 - 456 (24,642) -	Total $ 1,429,087 70,985 15,805 (24,642) (173,317)
	778,385 - (54,808) (20,255)	539,533 13,362 (1,351) (142,376)	- - - -	1,317,918 13,362 (56,159) (162,631)
	703,322	409,168	-	1,112,490

Note 9. Non-current assets - Right-of-use asset

Note 9. Non-current assets - Right-of-use asset
Properties Motor vehicles	Consolidated 2020 2019 $ $ 104,884 122,902 19,940 36,080
	124,824	158,982

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 9. Non-current assets - Right-of-use asset (continued)

Depreciation charge of right-of-use assets Properties Motor vehicles Other Interest expense (included in finance cost) Note 10. Non-current assets - Intangible assets Goodwill Patents and licences Less: Accumulated amortisation	Consolidated 2020 2019 $ $ 18,019 13,741 14,458 6,184 - 7,785 32,477 27,710 7,334 9,024 Consolidated 2020 2019 $ $ - 572,378 216,788 314,864 (110,507) (111,121) 106,281 203,743 106,281 776,121
	216,788 (110,507)
	106,281
	106,281

Note 10. Non-current assets - Intangible assets

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 January 2019 Additions Disposals Exchange differences Amortisation expense Balance at 31 December 2019 Additions Exchange differences Impairment of assets Write off of assets Transfers in/(out) Amortisation expense Balance at 31 December 2020	Goodwill $ 568,161 - - 4,217 -	Patents and licences $ 386,556 17,285 (104,350) 4,292 (100,040)	Total $ 954,717 17,285 (104,350) 8,509 (100,040) 776,121 20,979 (58,755) (520,655) (85,234) (414) (25,761) 106,281
	572,378 - (51,723) (520,655) - - -	203,743 20,979 (7,032) - (85,234) (414) (25,761)
	-	106,281

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 11. Non-current assets - Other non-current assets

Loans to related parties	Consolidated 2020 2019 $ $ 481,641 529,489

Note 12. Current liabilities - trade and other payables

Note 12. Current liabilities - trade and other payables
Trade payables Accruals Amounts due to Directors Dividends payable Refund liability Other payables	Consolidated 2020 2019 $ $ 942,521 1,581,813 376,339 381,740 21,588 89,109 22,360 24,581 273,336 391,813 37,329 157,758
	1,673,473	2,626,814

Note 13. Current liabilities - contract liabilities

Advance deposits and deferred revenue	Consolidated 2020 2019 $ $ 458,729 515,719

Note 14. Current liabilities - borrowings

Current Borrowings Term Loan Banker's acceptance Loan from Related parties Total Current Borrowings Non-Current Borrowings Term Loan Total Borrowings	Consolidated 2020 $ 29,027 358,611 13,535	Consolidated 2019 $ 57,045 265,416 14,880
	401,173	337,341
	430,605	436,236
	831,778	773,577

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Holista Colltech Limited Notes to the financial statements 31 December 2020

Note 15. Current liabilities - Leases

Note 15. Current liabilities - Leases
Current Leases Non-Current Leases Total Leases Note 16. Equity - issued capital 2020 Shares Ordinary shares - fully paid 275,349,087 Movements in ordinary share capital Details Date Balance 1 January 2019 Balance 31 December 2019 Collateral placement with Acuity Capital 13 January 2020 Collateral placement with Acuity Capital 11 February 2020 Collateral placement with Acuity Capital 11 February 2020 Collateral placement with Acuity Capital 19 February 2020 Collateral placement with Acuity Capital 4 March 2020 Exercise of performance rights 8 April 2020 Collateral placement with Acuity Capital 20 April 2020 Share Issue transaction costs, net of tax Balance 31 December 2020	2020 Shares 275,349,087		Consolidated 2020 2019 $ $ 28,155 39,702 82,764 108,437 110,919 148,139 Consolidated 2019 2020 2019 Shares $ $ 234,039,087 21,707,478 14,548,515 Shares Issue price $ 234,039,087 14,548,515 234,039,087 14,548,515 385,000 $0.070 27,337 6,500,000 $0.120 800,000 5,500,000 $0.000 - 12,000,000 $0.150 1,800,000 10,625,000 $0.160 1,700,000 6,300,000 $0.100 661,500 - $0.000 2,200,000 - $0.000 (29,874) 275,349,087 21,707,478
			Shares 234,039,087	Issue price $0.070 $0.120 $0.000 $0.150 $0.160 $0.100 $0.000 $0.000
			234,039,087 385,000 6,500,000 5,500,000 12,000,000 10,625,000 6,300,000 - -
			275,349,087

Note 17. Equity - reserves

Foreign currency reserve Share-based payment reserve

Consolidated	Consolidated
2020	2019
$	$
(496,909)	(313,283)
360,109	2,642,722
(136,800)	2,329,439

Note 18. Equity - dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

This announcement has been approved by the Board of Directors.

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