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AXIOM MINING LIMITED
ANNUAL REPORT 2015
97
Notes to the
financial statements
for the year ended 30 September 2015
COMPANY FINANCIAL REPORT
19. Share capital (continued)
d. Capital management
The Company’s primary objectives when managing capital is to safeguard the Company’s ability to continue as a going
concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products
and services commensurately with the level of risk and by securing access to finance at a reasonable cost.
The Company actively and regularly reviews and manages its capital structure to maintain a balance between the higher
shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a
sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.
2 . Note to statement of cash flows
Reconciliation of loss from operations to cash used in operations:
2015
AU$000
2014
AU$000
Loss for the year
(10,390)
(14,845)
Adjustments for:
Depreciation
66
57
Interest expense
189
28
Share based payments expense
902
703
Impairment of amounts due from subsidiaries
3,778
4,837
Fair value loss on embedded derivative liability
86
–
(5,369)
(9,220)
–
Decrease/(increase) in prepayment and other receivables
40
(199)
–
Increase/(decrease) in trade and other payables
953
(104)
–
Decrease in provisions
17
55
Cash used in operations and net cash flows used in operating activities
(4,359)
(9,468)
21. Commitments
Operating lease commitments
The Company leases its office premise under operating lease arrangements. Leases for the property are negotiated for
two years.
At 30 September 2015, the Company had total future minimum lease payments under non-cancellable operating leases
falling due as follows:
2015
AU$000
2014
AU$000
Within 1 year
15
41
After 1 year but within 5 years
–
10
15
51