Axiom Mining 2015 Annual Report

COMPANY FINANCIAL REPORT

Notes to the financial statements for the year ended 30 September 2015

89

5. Significant accounting estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company makes impairment of amounts due from subsidiaries based on an assessment of the recoverability of the receivables. This assessment is based on the net asset value of these subsidiaries and the directors reassess the impairment at the end of each reporting period.

6. Revenue The Company did not earn any revenue during the year (2014: Nil).

7. Share-based payment

2015 AU$000

2014 AU$000

Share option expense

507 395 902

367 336 703

Share performance rights expense

8. Finance costs

AXIOM MINING LIMITED ANNUAL REPORT 2015

2015 AU$000

2014 AU$000

Interest on convertible notes

311

36

Fair value loss on embedded derivative liability

86

–

Interest on bank borrowings

–

2

397

38

9. Loss before tax

2015 AU$000

2014 AU$000

Loss before tax is arrived at after charging: Lease payments under operating leases of land and buildings

27 19

45

Foreign exchange differences, net

7

Staff cost (excluding directors’ remuneration (Note 26) Wages and salaries

395

751

Superannuation

18

44

413

795