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AXIOM MINING LIMITED
ANNUAL REPORT 2015
89
Notes to the
financial statements
for the year ended 30 September 2015
COMPANY FINANCIAL REPORT
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
367
Share performance rights expense
395
336
902
703
8. Finance costs
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
45
Foreign exchange differences, net
19
7
Staff cost (excluding directors’ remuneration (Note 26)
Wages and salaries
395
751
Superannuation
18
44
413
795