Financial Report 21 SHARE-BASED PAYMENTS (CONTINUED) Movement in the number of share options on issue: 2024 2023 Number of Options Weighted Average Exercise Price ($) Number of Options Weighted Average Exercise Price ($) Total Options Outstanding at the beginning of the year 9,854,647 $2 .161 9,336,978 $1.257 Granted 6,825,000 $0.887 650,000* $1.020 Forfeited – – (63,000) $1.264 Exercised – – – – Expired (7,723,891) $2.209 (69,331) $1.440 Outstanding at year-end 8,955,756 $1.149 9,854,647* $2.161 Exercisable at year-end 1,722,423 $0.965 7,104,647* $2.131 OPTIONS RESERVE The number of options granted during the year pursuant to the ESOP was 6,825,000 (2023: 650,000), while no employee share options were exercised (2023: nil) and 7,723,891 employee and listed options expired during the financial year (2023: 132,331). The value of employee share options issued during the financial year has been calculated by using a modified binomial option pricing model applying the following inputs: Exercise prices $0.845 and $0.89 Underlying share prices Between $0.53 and $0.61 Days to expiration 912 to 1,827 Days to vesting 125 to 899 Expected share price volatility Between 65% and 85% Risk free interest rate Between 4.01% and 4.06% Historical volatility is assumed to be indicative of future volatility however future volatility may not replicate historical volatility. The life of the options is based on the contracted expiry date. RECOGNISED SHARE-BASED PAYMENT TRANSACTIONS Share based payment transactions recognised as operating expenses in the statement of comprehensive income during the financial years were as follows: For the year ended 30 June 2024 $ For the year ended 30 June 2023 $ Reversal of option expense for forfeited options that had not vested(i) – (53,573) Options expense for options issued during the year(ii) 834,773 338,684 834,773 285,111 (i) Reversal of option expense for forfeited options that had not vested No options lapsed without vesting during the financial year (2023: 63,000). (ii) Options grant expense for options issued during the year During the 2024 financial year, the Company issued 6,750,000 options under INOVIQ’s Incentive Option Plan. 6,450,000 of these options were issued to Company Chairman, David Williams, 250,000 to the CEO, Dr Leearne Hinch and 50,000 to the CSO, Dr Greg Rice, under the Company’s Incentive Option Plan. 75,000 options were also issued to employees. 57 Annual Report 2024
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