1 Under the original agreement with OIC a 25% commitment fee (USD$8.7m in total) was payable if milestones were not reached. As of December 31, 2023, it was probable this would not be reached and therefore it is now appropriate to accrue for this fee at USD$583k per month across the OIC Second Reserve Release Condition period.
2 The terms of the warrants issued to OIC result in them being treated as a derivative liability, which are carried at fair value. Changes in fair value are recorded through finance costs. Subsequent to December 31, 2023, the terms of these warrants have been amended such that they will be presented in equity for future periods.
3 Reflects the revaluation of the SPAC Warrants as of December 31, 2023 and the reclassification of the SPAC Warrants to Derivative financial instruments rather than Long term borrowings.
4 The terms of the PIUS borrowings limit the use of the restricted trust fund to certain situations, including loan repayment default. It was not expected that any of these situations would eventuate within 12 months from the balance date and hence the restricted trust fund has been reclassified to non-current. Reflects the reclassification of PIUS Borrowings to current liabilities from non current liabilities as a result of a breach of a covenant as of December 31, 2023 for which no waiver or grace period was then available. A waiver was subsequently received and this will be reported as Non Current at June 30, 2024.
5 Reflects reclassification of charges imposed on OEM bailment as revenue. Such charges constitute a discount to revenue receivable by the Company from OEM. The Company previously viewed these amounts as interest on prepayment of such amounts by the customer, but has concluded that, because the customer is a trade customer rather than a financing source, these amounts should be classified as a reduction in revenue rather than financing costs.
| 