Financial Report 15 ISSUED CAPITAL (CONTINUED) (B) TERMS AND CONDITIONS OF CONTRIBUTED EQUITY Ordinary shares Ordinary shares have the right to receive dividends as declared, and, in the event of the winding up of the Company, to participate in the proceeds from the sale of surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. (C) CAPITAL MANAGEMENT The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain an optimal capital structure, the Group may issue new shares or reduce its capital, subject to the provision of the Company’s Constitution and any relevant regulatory requirements. The capital structure of the Group consists of equity attributed to equity holders as disclosed in the Statement of Financial Position. The Board monitors the need to raise additional equity based on its ongoing review of the Group’s actual and forecast cash flows prepared by management. 16 RESERVES As at 30 June 2024 $ As at 30 June 2023 $ Share based payment reserve 1,803,134 1,679,616 Foreign currency translation reserve (26,810) (45,076) 1,776,324 1,634,540 Foreign currency translation reserve Balance at beginning of year (45,076) (51,766) Reclassification adjustment to income statement on disposal of subsidiary – 213,035 Foreign currency translation 18,266 (206,345) Balance at the end of the year (26,810) (45,076) Share based payment reserve* Balance at beginning of year 1,679,616 1,458,171 - Reversal of option expense for forfeited options that had not vested – (53,573) - Value of vested options that lapsed without being exercised transferred to accumulated losses (711,255) (63,666) - Fair value of options granted 834,773 338,684 Balance at end of year 1,803,134 1,679,616 * The share-based payment reserve is used to record the fair value of equity instruments issued to employees, directors, and contractors. 53 Annual Report 2024
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