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SCIDEV LTD Interim / Quarterly Report 2018
65761_rns_2018-08-29_e1feba3b-7edd-4773-a6e7-b2be4bfae800.pdf
Interim / Quarterly Report
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Suite 105 48 Atchison Street St Leonards NSW 2065 Australia ABN 25 001 150 849
Phone: 61 0428 002 590 Email: [email protected] Website: www.scidev.com.au ASX code: SDV
SciDev Ltd
ABN 25 001 150 849
Appendix 4E - Preliminary Final Report - 30 June 2018
SciDev Ltd Appendix 4E Preliminary final report
1. Company details
| Name of entity: | SciDev Ltd |
|---|---|
| ABN: | 25 001 150 849 |
| Reporting period: | For the year ended 30 June 2018 |
| Previous period: | For the year ended 30 June 2017 |
2. Results for announcement to the market
| $ | |||
|---|---|---|---|
| Revenues from ordinary activities | up | 15.0%to | 2,213,767 |
| Profit from ordinary activities after tax attributable to the owners ofSciDev Ltd | up | 246.9%to | 1,001,868 |
| Profit for the year attributable to the owners of SciDev Ltd | up | 246.9%to | 1,001,868 |
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
This Appendix 4E should be read in conjunction with the Half-Year Financial Report of SciDev Ltd (SciDev or the Company) as at 31 December 2017 and the Annual Financial Report of SciDev, due to be released in September 2018, for the year ended 30 June 2018. It is also recommended that the Appendix 4E be considered together with any public announcements made by the Company since commencement of the 2017/18 financial year on 1 July 2017 in accordance with the continuous disclosure obligations arising under the Corporations Act, 2001.
The profit for the consolidated entity after providing for income tax and non-controlling interest amounted to $1,001,868 (30 June 2017: loss of $682,151). A significant contribution to the profit for the consolidated entity was the sale of Intec Zeehan Residues Pty Ltd (refer to Note 3 for further details), which contributed a net gain on sale of $1,989,200.
Revenue from the Company's core wastewater chemicals business increased by 15% to $2,213,767 from the prior year. Net cash outflows from operations during the year-ended 30 June 2018 were $892,345 a significant increase from the prior year's net outflows of $225,298. The increase in net cash outflows from operations was principally a result of increases in raw materials and consumables (2018: $1,251,282, 2017: $955,068), employee benefits expense and their associated costs (2018: $1,006,057, 2017: $741,253) and professional fees (2018: $543,446, 2017: $140,974). The principal reasons for these increases were higher sales and also higher raw material input costs, increased staffing numbers and in relation to professional fees several one-off items that will not re-occur in the 2018/19 financial year.
Events Occurring after the reporting period
On 9 July 2018, Company received a further payment of $50,000 from Tartana Resources Ltd (Tartana) in relation to sale to Tartana of Intec Zeehan Residues Pty Ltd. The remaining payment from Tartana of $210,000, including accrued interest, is due by 30 September 2018.
On 10 August 2018, the Company completed Tranche 2 of the share placement previously announced on 25 June 2018. Tranche 2 comprised the placement of 69,110,534 shares at an issue price of 0.6 cents per share to raise $414,663 before costs. An Extraordinary General Meeting of the Company was held on 2 August 2018 to approve matters relating to both Tranches of the share placement announced on 25 June 2018.
After year-end a further 800,000 Tartana shares have been issued to SciDev. The balance of the Tartana shares to be issued to SciDev, totalling 7,240,000 shares, will be issued in a tranched manner over the coming months.
On 16 July 2018, the Company announced that it had received a purchase order from Peabody Energy for a six-month commercial trial of an OptiFlox® System at the North Goonyella coking coal mine in Queensland.
No matter or circumstance has arisen since 30 June 2018 that has significantly affected or may significantly affect the consolidated entities operations, the results of these operations, or the consolidated entities state of affairs in future financial years.
SciDev Ltd Appendix 4E Preliminary final report
3. Net tangible assets
| Reporting | Previous | |
|---|---|---|
| Period | Period | |
| Cents | Cents | |
| Net tangible assets per ordinary security | 0.47 | 0.24 |
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.
8. Details of associates and joint venture entities Not applicable.
9. Foreign entities
Not applicable.
10. Audit statement
The financial statements have been audited and an unqualified opinion has been issued.
11. Attachments
The Appendix 4E - Preliminary Final Report of SciDev Ltd for the year ended 30 June 2018 is attached.
12. Signed
Kieran G Rodgers Managing Director Sydney 30 August 2018
SciDev Ltd Condensed consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2018
| Note | 2018$ | 2017$ | |
|---|---|---|---|
| Revenue | 2,213,767 | 1,925,233 | |
| Other income | 3 | 2,336,187 | 243,802 |
| Expenses | |||
| Changes in inventories | (4,345) | (46,673) | |
| Raw materials and consumables used | (1,251,282) | (955,068) | |
| Employee benefits expense | (1,006,057) | (741,253) | |
| Depreciation and amortisation expense | (194,171) | (152,193) | |
| Engineering and other consultant expenses | (2,896) | (157,684) | |
| Insurance | (34,129) | (44,081) | |
| Listing and share registry expenses | (35,075) | (38,635) | |
| Professional fees | (543,446) | (140,974) | |
| Rent and related expenses | (151,050) | (124,467) | |
| Travel, accommodation and conference | (143,211) | (90,162) | |
| Other expenses | (184,454) | (125,012) | |
| Finance costs | (6,111) | (26,628) | |
| Profit/(loss) before income tax (expense)/benefit | 993,727 | (473,795) | |
| Income tax (expense)/benefit | 8,141 | (123,545) | |
| Profit/(loss) after income tax (expense)/benefit for the year | 1,001,868 | (597,340) | |
| Other comprehensive income for the year, net of tax | - | - | |
| Total comprehensive income for the year | 1,001,868 | (597,340) | |
| Profit/(loss) for the year is attributable to: | |||
| Non-controlling interest | - | 84,811 | |
| Owners of SciDev Ltd | 1,001,868 | (682,151) | |
| 1,001,868 | (597,340) | ||
| Total comprehensive income for the year is attributable to: | |||
| Non-controlling interest | - | 84,811 | |
| Owners of SciDev Ltd | 1,001,868 | (682,151) | |
| 1,001,868 | (597,340) | ||
| Cents | Cents | ||
| Basic earnings per share | 13 | 0.20 | (0.23) |
| Diluted earnings per share | 13 | 0.20 | (0.23) |
SciDev Ltd Condensed consolidated statement of financial position As at 30 June 2018
| Note | 2018$ | 2017$ |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents4 | 568,187 | 938,714 |
| Trade and other receivables5 | 727,946 | 334,017 |
| Inventories | 236,184 | 231,839 |
| Other | 1,754 | 1,754 |
| Total current assets | 1,534,071 | 1,506,324 |
| Non-current assets | ||
| Available-for-sale financial assets6 | 1,500,000 | - |
| Other financial assets | 2,900 | 2,900 |
| Property, plant and equipment7 | 260,954 | 291,201 |
| Intangibles8 | 1,266,033 | 1,279,803 |
| Total non-current assets | 3,029,887 | 1,573,904 |
| Total assets | 4,563,958 | 3,080,228 |
| Liabilities | ||
| Current liabilities | ||
| Trade and other payables | 370,279 | 358,410 |
| Borrowings | 31,938 | 11,957 |
| Employee benefits | 167,247 | 163,365 |
| Total current liabilities | 569,464 | 533,732 |
| Non-current liabilities | ||
| Borrowings | - | 32,546 |
| Deferred tax | 44,109 | 52,250 |
| Total non-current liabilities | 44,109 | 84,796 |
| Total liabilities | 613,573 | 618,528 |
| Net assets | 3,950,385 | 2,461,700 |
| EquityIssued capital9 | 74,118,627 | 73,673,290 |
| Reserves | 2,210,703 | 2,169,223 |
| Accumulated losses | (72,378,945) | (73,380,813) |
| Total equity | 3,950,385 | 2,461,700 |
SciDev Ltd Condensed consolidated statement of changes in equity For the year ended 30 June 2018
| Issuedcapital$ | Reserves$ | Accumulatedlosses$ | Noncontrollinginterest$ | Total equity$ | |
|---|---|---|---|---|---|
| Balance at 1 July 2016 | 71,641,977 | 2,653,594 | (72,698,662) | 169,990 | 1,766,899 |
| Profit/(loss) after income tax expense for theyearOther comprehensive income for the year, netof tax | -- | -- | (682,151)- | 84,811- | (597,340)- |
| Total comprehensive income for the year | - | - | (682,151) | 84,811 | (597,340) |
| Transactions with owners in their capacity asowners:Contributions of equity, net of transaction costs(note 10)Share-based paymentsTransactions with non-controlling interests | 2,031,313-- | -160,828(645,199) | --- | --(254,801) | 2,031,313160,828(900,000) |
| Balance at 30 June 2017 | 73,673,290 | 2,169,223 | (73,380,813) | - | 2,461,700 |
| Issuedcapital$ | Reserves$ | Accumulatedlosses$ | Noncontrollinginterest$ | Total equity$ | |
| Balance at 1 July 2017 | 73,673,290 | 2,169,223 | (73,380,813) | - | 2,461,700 |
| Profit after income tax benefit for the yearOther comprehensive income for the year, netof tax | -- | -- | 1,001,868- | -- | 1,001,868- |
| Total comprehensive income for the year | - | - | 1,001,868 | - | 1,001,868 |
| Transactions with owners in their capacity asowners:Contributions of equity, net of transaction costs(note 10)Share-based payments | 445,337- | -41,480 | -- | -- | 445,33741,480 |
| Balance at 30 June 2018 | 74,118,627 | 2,210,703 | (72,378,945) | - | 3,950,385 |
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying
SciDev Ltd Condensed consolidated statement of cash flows For the year ended 30 June 2018
| Note | 2018$ | 2017$ | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Receipts from customers (inclusive of GST) | 2,311,575 | 1,999,539 | |
| Payments to suppliers and employees (inclusive of GST) | (3,507,670) | (2,304,164) | |
| (1,196,095) | (304,625) | ||
| Interest received | 6,749 | 13,387 | |
| R&D tax offset received | 303,112 | 218,492 | |
| Interest and other finance costs paid | (6,111) | (26,628) | |
| Income taxes paid | - | (125,924) | |
| Net cash used in operating activities | (892,345) | (225,298) | |
| Cash flows from investing activitiesPayments for non-controlling interest in subsidiary | - | (660,000) | |
| Payments for property, plant and equipment | 7 | (97,045) | (190,764) |
| Payments for intangibles | 8 | (53,109) | (52,143) |
| Payments for security deposits | (10,800) | - | |
| Proceeds from disposal of Intec Zeehan Residues Pty Ltd | 250,000 | - | |
| Net cash from/(used in) investing activities | 89,046 | (902,907) | |
| Cash flows from financing activitiesProceeds from issue of shares | 9 | 445,337 | 2,100,000 |
| Share issue transaction costs | - | (147,859) | |
| Repayment of borrowings | (12,565) | (363,311) | |
| Net cash from financing activities | 432,772 | 1,588,830 | |
| Net increase/(decrease) in cash and cash equivalents | (370,527) | 460,625 | |
| Cash and cash equivalents at the beginning of the financial year | 938,714 | 478,089 | |
| Cash and cash equivalents at the end of the financial year | 4 | 568,187 | 938,714 |
Note 1. Statement of significant accounting policies
Statement of compliance
This preliminary final report (the Report) is to be read in conjunction with any public announcements made by SciDev Ltd during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and Australian Securities Exchange Listing Rules.
The preliminary final report has been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board and the Corporations Act 2001.
The Report is presented in Australian dollars, which is the functional currency of SciDev Ltd and its controlled entities and has been prepared on the basis of historical cost except in accordance with relevant accounting policies where assets and liabilities are stated at their fair values.
Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are consistent with those of the previous financial year.
Comparatives
Where necessary, comparative figures have been adjusted to comply with the changes in presentation in the current period.
Going concern
The consolidated entity generated an operating profit after income tax of $1,001,868 (2017: loss of $597,340) and net cash outflows from operations of $892,345 (2017: $225,298) in the year ended 30 June 2018. At 30 June 2018 the consolidated entity had net assets of $3,946,315 (2017: $2,461,700) and cash balances of $568,187 (2017: $938,714).
These matters give rise to a material uncertainty that may cast doubt whether the consolidated entity can continue as a going concern and realise its assets and extinguish its liabilities in the ordinary course of business and at amounts stated in the financial statements. The continuing viability of the consolidated entity and its ability to continue as a going concern and meet its debts and commitments as and when they fall due are dependent upon the consolidated entity being successful in the following:
- New customer acquisition;
- Commercialisation of the OptiFlox® System with resultant increased product sales and technology leasing fees; and
- The raising sufficient capital by way of either additional debt and/or equity capital.
The Directors are of the opinion that sufficient additional funding will be secured and are themselves likely to participate in any future equity capital raising. The financial report has therefore been prepared on the basis of a going concern. This basis presumes that funds from the above sources will be available to finance future operations, and to repay liabilities and that the realisation of assets and settlement of liabilities will occur in the normal course of business.
However, the Directors note that if sufficient funds are not raised through the above-mentioned sources, the going concern basis may not be appropriate with the result that the group may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and in amounts different from those stated in the financial report.
Note 2. Operating segments
Identification of reportable operating segments
The consolidated entity operates in primarily one geographical segment, namely Australia. The primary business segment is the treatment of industrial waste including the manufacture and supply of chemicals for the treatment of waste water.
Operating and business segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors.
Note 3. Other income
| 2018$ | 2017$ | |
|---|---|---|
| Net foreign exchange gain | 20,181 | - |
| Net gain on disposal of Intec Zeehan Residues Pty Ltd | 1,989,200 | - |
| Subsidies and grants | 303,112 | 218,492 |
| Reimbursement of expenses | 23,694 | 25,310 |
| Other income | 2,336,187 | 243,802 |
Note 4. Current assets - cash and cash equivalents
| 2018$ | 2017$ | |
|---|---|---|
| Cash on hand | 150 | 150 |
| Cash at bank | 568,037 | 438,564 |
| ash on deposit | - | 500,000 |
| 568,187 | 938,714 |
Note 5. Current assets - trade and other receivables
| 2018$ | 2017$ | |
|---|---|---|
| Trade receivables | 457,430 | 303,480 |
| Other receivables | 14,266 | 30,537 |
| Amount due by Tartana Resources Ltd | 256,250 | - |
| 727,946 | 334,017 |
Note 6. Non-current assets - available-for-sale financial assets
| 2018$ | 2017$ | |
|---|---|---|
| Unlisted securities | 696,000 | - |
| Consideration from disposal of Intec Zeehan Residues Pty Ltd * | 804,000 | - |
| 1,500,000 | - |
*On 25 October 2017, SciDev entered into a conditional sale agreement to dispose of Intec Zeehan Residues Pty Ltd (IZR), whose principal asset was the Zeehan Zinc Project. The disposal was in order to generate cash flow for the expansion of the consolidated entity's core businesses. The disposal was completed on 22 January 2018, on which date control of IZR passed to the acquirer, Tartana Resources Ltd (Tartana).
The total consideration was $2,000,000 in cash and shares in Tartana. The first cash payment of $250,000 was received in December 2017. A further payment of $50,000 was received on 9th of July 2018. The remaining payment of $210,000, including accrued interest, is due by 30 September 2018. Prior to year-end, SciDev had been allotted 6,960,000 ordinary shares in Tartana at a deemed issue price of 10 cents per share. Subsequent to year-end a further 800,000 Tartana shares have been issued to SciDev. The balance of the Tartana shares to be issued to SciDev, totalling 7,240,000 shares, will be issued in a tranched manner over the coming months.
Note 7. Non-current assets - property, plant and equipment
| 2018$ | 2017$ | |
|---|---|---|
| Plant and equipment - at cost | 619,949 | 522,904 |
| Less: Accumulated depreciation | (358,995) | (232,781) |
| 260,954 | 290,123 | |
| Office equipment - at cost | 31,028 | 31,028 |
| Less: Accumulated depreciation | (31,028) | (29,950) |
| - | 1,078 | |
| 260,954 | 291,201 |
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
| Plant andequipment$ | Officeequipment$ | Total$ | |
|---|---|---|---|
| Balance at 1 July 2016 | 225,872 | 2,673 | 228,545 |
| Additions | 190,764 | - | 190,764 |
| Disposals | (17,345) | - | (17,345) |
| Depreciation expense | (109,168) | (1,595) | (110,763) |
| Balance at 30 June 2017 | 290,123 | 1,078 | 291,201 |
| Additions | 97,045 | - | 97,045 |
| Depreciation expense | (126,214) | (1,078) | (127,292) |
| Balance at 30 June 2018 | 260,954 | - | 260,954 |
| Note 8. Non-current assets - intangibles | |||
| 2018$ | 2017$ | ||
| Goodwill - at cost | 1,030,018 | 1,030,018 | |
| Trademarks and intellectual property - at cost | 427,942 | 374,833 | |
| Less: Accumulated amortisation | (191,927) | (125,048) | |
| 236,015 | 249,785 | ||
1,266,033 1,279,803
Note 8. Non-current assets - intangibles (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
| TrademarksandIntellectual | |||
|---|---|---|---|
| Goodwill | property | Total | |
| $ | $ | $ | |
| Balance at 1 July 2016 | 1,030,018 | 239,072 | 1,269,090 |
| Additions | - | 52,143 | 52,143 |
| Amortisation expense | - | (41,430) | (41,430) |
| Balance at 30 June 2017 | 1,030,018 | 249,785 | 1,279,803 |
| Additions | - | 53,109 | 53,109 |
| Amortisation expense | - | (66,879) | (66,879) |
| Balance at 30 June 2018 | 1,030,018 | 236,015 | 1,266,033 |
Impairment testing
Goodwill which was acquired through a business combination, has been allocated to the Science Developments Pty Ltd cash-generating unit (CGU). The recoverable amount of the consolidated entity's goodwill has been determined by a valuein-use calculation using a discounted cash flow model, based on a 1-year projection period approved by management and extrapolated for a further 4 years using variable rates, together with a terminal value.
Key assumptions are those to which the recoverable amount of an asset or cash-generating units is most sensitive.
Key assumptions in the discounted cashflow model include:
- (a) Post-tax discount rate of 15% (2017: 12.5%) per annum;
- (b) Average revenue growth over the five-year period of 46% (2017: 25%);
- (c) Average growth in gross margin over the five-year period of 39% (2017: 26%); and
- (d) Average per annum increase in operating expenses of 16% (2017: 5%).
The discount rate of 15% post-tax reflects management's estimate of the time value of money and the consolidated entity's weighted average cost of capital, the risk-free rate and the volatility of the share price relative to market movements.
Management believes the projected revenue growth rate is prudent and justified, based on management's expectations of the Company's business development pipeline.
The budgeted gross margin is based on past performance and management's expectations for the future.
Management has budgeted for operating costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures.
Sensitivity to change of assumptions
If the next year's financial budget used in the value-in-use calculation had been 10% (2017: 10%) lower than management's estimates at 30 June 2018, the consolidated entity would have a recoverable amount in excess of $3.17 million (2017: $2.02 million) against the carrying amount of the cash generating unit to which the goodwill relates. If the post-tax discount rate applied to the cash flow projections of this CGU had been 30% (2017: 20%) higher than management's estimates (20% instead of 15%) (2017: 15% instead of 12.5%), the consolidated entity would have a recoverable amount in excess of $2.91 million (2017: $2.14 million) against the carrying amount of intangible assets and property, plant and equipment.
Note 9. Equity – issued capital
| 2018Shares | 2017Shares | 2018$ | 2017$ | |
|---|---|---|---|---|
| Ordinary shares - fully paid | 569,041,473 | 494,818,673 | 74,118,627 | 73,673,290 |
Movements in ordinary share capital
| Details | Date | Shares | Issue price | $ |
|---|---|---|---|---|
| Balance | 1 July 2016 | 299,818,669 | 71,641,977 | |
| Share placement | 19 December 2016 | 44,972,800 | $0.012 | 539,674 |
| Share purchase plan | 12 January 2017 | 50,000,004 | $0.012 | 600,000 |
| Share placement | 2 February 2017 | 80,027,200 | $0.012 | 960,326 |
| Acquisition of shares in Science Developments Pty | ||||
| Ltd | 27 February 2017 | 20,000,000 | $0.012 | 240,000 |
| Share issue transaction costs | - | $0.000 | (308,687) | |
| Balance | 30 June 2017 | 494,818,673 | 73,673,290 | |
| Share placement | 29 June 2018 | 74,222,800 | $0.006 | 445,337 |
| Balance | 30 June 2018 | 569,041,473 | 74,118,627 |
Share placement
30 June 2017 - The company issued 44,972,800 and 80,027,200 ordinary shares on 19 December 2016 and 2 February 2017 respectively, in terms of a conditional placement to sophisticated and professional investors at an issue price of 1.2 cents per share.
30 June 2018 - The company issued 74,222,800 ordinary shares on 29 June 2018 in terms of a placement to sophisticated and professional investors at an issue price of 0.6 cents per share.
Share purchase plan
30 June 2017 - On 12 January 2017 the company issued 50,000,004 ordinary shares under a Share Purchase Plan at an issue price of 1.2 cents per share. The plan was fully subscribed.
Acquisition of Science Developments Pty Ltd
30 June 2017 - The company exercised its option to acquire the remaining 50% of Science Developments Pty Ltd. The consideration paid for the exercise of the option amounted to $900,000 and was comprised of $660,000 in cash and the issue of 20,000,000 ordinary shares at an issue price of 1.2 cents per share.
Note 10. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 11. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note:
| Ownership interest | |||
|---|---|---|---|
| Name | Principal place of business /Country of incorporation | 2018% | 2017% |
| Intec Copper Pty Ltd | Australia | 100.00% | 100.00% |
| Intec Envirometals Pty Ltd | Australia | 100.00% | 100.00% |
| Science Developments Pty Ltd | Australia | 100.00% | 100.00% |
| Intec Zeehan Residues Pty Ltd* | Australia | - | 100.00% |
* Intec Zeehan Residues Pty Ltd was a wholly-owned subsidiary of Intec Envirometals Pty Ltd. Intec Zeehan Residues Pty Ltd was sold during the 2018 financial year.
Note 12. Events after the reporting period
On 9 July 2018, Company received a further payment of $50,000 from Tartana Resources Ltd (Tartana) in relation to sale to Tartana of Intec Zeehan Residues Pty Ltd. The remaining payment from Tartana of $210,000, including accrued interest, is due by 30 September 2018.
On 10 August 2018, the Company completed Tranche 2 of the share placement previously announced on 25 June 2018. Tranche 2 comprised the placement of 69,110,534 shares at an issue price of 0.6 cents per share to raise $414,663 before costs. An Extraordinary General Meeting of the Company was held on 2 August 2018 to approve matters relating to both Tranches of the share placement announced on 25 June 2018.
After year-end a further 800,000 Tartana shares have been issued to SciDev. The balance of the Tartana shares to be issued to SciDev, totaling 7,240,000 shares, will be issued in a tranched manner over the coming months.
On 16 July 2018, the Company announced that it had received a purchase order from Peabody Energy for a six-month commercial trial of an OptiFlox® System at the North Goonyella coking coal mine in Queensland.
No matter or circumstance has arisen since 30 June 2018 that has significantly affected or may significantly affect the consolidated entities operations, the results of these operations, or the consolidated entities state of affairs in future financial years.
Note 13. Share-based payments
On 14 August 2017, the company issued 6.5 million unquoted options to executives and staff (not Directors). The options were granted under the SciDev Ltd Employee Share Scheme. The options have an exercise price of 2,5 cents, vested on grant date and expire on 28 November 2019. The value of the options granted was $30,568.
On 28 December 2017, the company issued 5 million unquoted options to a key service provider (non-Director) for services rendered. The options have an exercise price of 2.5 cents, vested on grant date and expire on 28 November 2019. The value of the options granted was $10,912.
Note 14. Earnings per share
| 2018$ | 2017$ | |
|---|---|---|
| Profit/(loss) after income taxNon-controlling interest | 1,001,868- | (597,340)(84,811) |
| Profit/(loss) after income tax attributable to the owners of SciDev Ltd | 1,001,868 | (682,151) |
| Number | Number | |
| Weighted average number of ordinary shares used in calculating basic earnings per share | 495,225,373 | 386,472,852 |
| Weighted average number of ordinary shares used in calculating diluted earnings per share | 495,225,373 | 386,472,852 |
| Cents | Cents | |
|---|---|---|
| Basic earnings per share | 0.20 | (0.23) |
| Diluted earnings per share | 0.20 | (0.23) |
Options are considered to be potential ordinary shares but were anti-dilutive in nature and therefore the diluted loss per share is the same as the basic loss per share.