Financial Performance - Revenue from contracts with customers dropped to nil from AUD$79,843, attributed to undelivered orders due to customer cash flow difficulties[388] - Net loss after income tax for the year ended June 30, 2024, was AUD$3,546,195, compared to AUD$3,506,220 for the previous year[387] - Other income decreased by AUD$171,004 to AUD$146,884, comprising the Research and Development tax incentive and foreign exchange gain[398] Assets and Liabilities - Total assets decreased from AUD$22,494,636 to AUD$20,757,827, a decline of approximately 7.7%[385] - Total liabilities increased from AUD$3,836,144 to AUD$5,645,530, a rise of approximately 47%[385] - Intangible assets decreased by AUD$1,065,704 to AUD$20,437,958, primarily due to amortization[396] - Current liabilities increased significantly to AUD$3,866,065 as of June 30, 2024, from AUD$1,364,525 in the previous year, resulting in a working capital deficit of AUD$3,589,543[406] Cash Flow - Cash and cash equivalents decreased by AUD$374,702 to AUD$24,522, reflecting reduced cash inflow from financing activities[393] - Net cash used in operating activities decreased by AUD$699,964 to AUD$1,070,471 for the year ended June 30, 2024, from AUD$1,770,435 in the previous year[410] - Net cash from financing activities decreased by AUD$1,186,608 to AUD$843,939 for the year ended June 30, 2024, compared to AUD$2,030,547 in the previous year[411] Borrowings and Financing - As of June 30, 2024, borrowings increased to AUD$3,843,599 from AUD$2,476,705 in the previous year, primarily due to new convertible notes of AUD$1,745,897 and a shareholder loan of AUD$1,923,000[402] - The company raised approximately AUD$1,004,889 from a Convertible Note offering closed on October 3, 2023, with a maturity date of December 31, 2025[414] - The company completed its initial public offering on October 30, 2024, raising USD$5.2 million (approximately AUD$7.95 million) by issuing 1.3 million ordinary shares at US$4.00 per share[417] - The company does not expect to require additional capital apart from the proceeds of the recent offering, unless sales volumes are lower than expected[418] - The company has extended the terms of its unsecured loans until December 31, 2024, reducing immediate short-term liabilities[413] Expenses - Research expenses decreased by approximately 58% to AUD$276,057 from AUD$665,035, due to reduced product testing and validations[392] - Total corporate and administrative expenses decreased by AUD$171,451 to AUD$3,241,221 for the year ended June 30, 2024, compared to AUD$3,412,672 in the prior year[403] - Trade and other receivables decreased by AUD$162,286 to AUD$183,005, primarily due to a reduction in research and development tax refund receivable[395] Deferred Revenue - Deferred revenue increased by AUD$40,000 to AUD$125,359, indicating amounts received for purchase orders yet to be delivered[401]
Gelteq Limited(GELS) - 2024 Q4 - Annual Report