ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 55 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 16: Capital Commitments (cont.) The Company will also issue $100,000 worth of fully paid ordinary shares to the Sellers as Deferred Consideration Shares at the time the Company makes an announcement that the Company intends to commence production and thereafter, upon production and sales, the Company will pay a 2.5% net profit Royalty on all minerals recovered from this tenement. At 30 June 2023, there are no further tenement purchase commitments by the Company. Note 17: Contingent Liabilities and Contingent Assets There are no contingent liabilities and contingent assets noted by the management. (2022: $nil) Note 18: Events after the Reporting Period No matters or circumstances have arisen since the end of the financial year that significantly affect or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years. Note 19: Cash Flow Information Reconciliation of cash flows from operating activities with loss for the year 2023 $ 2022 $ Net loss (1,645,916) (891,140) Non-cash expenses: Share based payment expense 57,732 344,582 Loss on disposal of property, plant and equipment - 737 Exploration and evaluation costs written off 324,942 - Depreciation and amortisation 4,819 862 Changes in assets and liabilities: Movement in trade and other receivables (9,394) (60,080) Movement in other current assets 45,082 (134,618) Movement in provision for employee entitlements 9,200 - Movement in trade and other payables 71,097 29,481 Net cash used in operating activities (1,142,438) (710,176) Note 20: Statement of Operations by Segment The Company has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Company operates solely in the natural resources exploration industry in Australia and has determined that this is the only operating segment. The Company is predominantly involved in mineral exploration and development. As the company has only one operating segment no additional financial information has been disclosed.
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