Axiom 2014 Annual Report - page 107

Notes to the Financial Statements
for the year ended 30 September 2014
105
2014 Annual Report
17. Note to statement of cash flows
Reconciliation of loss from operations to net cash outflow from operating activities
2014
$000
2013
$000
Loss for the period
(14,845)
(9,051)
Non-cash items
Depreciation and amortisation
57
33
Interest expense
28
–
Share based payments expense
1,417
29
Impairment of inter-company loans
4,837
4,631
Impairment of mineral exploration expenditure
–
568
Changes in operating assets and liabilities
– Increase in other receivables
(199)
(59)
– Decrease in other payables
(104)
(1,126)
– Decrease in provisions
55
(64)
Net cash flows used from operations
(8,754)
(5,039)
18. Commitments
Operating lease commitments
2014
$000
2013
$000
Within 1 year
41
39
After 1 year but within 5 years
10
51
51
90
19. Related parties
a. Balances with related parties
During the year a loan of $28,093 was provided to Neil Gardyne Investments Pty Ltd (NGI), a related party to Director
Ryan Mount, at market rates. The liability of NGI has been discharged since 30 September 2014.
During the year an advance of $6,708 was provided to Ryan Richard Mount (a director of the Company) at market rates.
The advance has been repaid subsequent to 30 September 2014.
b. Transactions with related parties
During the year 32,077,498 shares were issued and allotted to NGI via rights issues, conversion of convertible notes,
and via share placements issued (Note 16(a)) all at market rates.
During the year 25,198,414 options were granted to NGI attaching to a private placement. Of these 5,555,555 expired and
19,642,858 remained under option at 30 September 2014. The 19,642,858 options were cancelled on 30 December 2014.
Stephen Ray Williams (non-executive Chairman of the Company) was a consultant to Kemp Strang Lawyers. During
the year $97,829 (inclusive of GST) was paid to Kemp Strang Lawyers for legal services on normal commercial terms.
Stephen Ray Williams was a consultant to Burrawong Holdings Pty Ltd. During the year $8,000 (exclusive of GST)
in consultancy fees was incurred to Burrawong Holdings Pty Ltd.
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