Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 30 June 2016 30 June 2015 $ $ 32,708,365 42,267,462 Total $ 35,173,625 18,470,058 (11,376,221) 42,267,462 42,267,462 58,970 (1,903,623) (7,714,444) 32,708,365 NOTE 10 - TRADE AND OTHER PAYABLES 30 June 2016 30 June 2015 $ $ 233 565,410 113,275 211,255 113,508 776,665 Payables and accruals to a joint operations partner represent expenses are non-interest bearing. Balance at 1 July 2015 Balance at 30 June 2016 Balance at 30 June 2015 Additions Less: RDTI applied Less: Impairment CONSOLIDATED ENTITY Payables and accruals to a joint operations partner NOTE 9 - EXPLORATION AND EVALUATION EXPENDITURE Trade and sundry payables Reconciliations CONSOLIDATED ENTITY Additions Consolidated entity Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Exploration and Evaluation expenditure at cost Current Exploration and Evaluation expenditure incurred is carried forward for each area of interest. This expenditure is only carried forward if it is expected to be recovered through the successful development, commercial exploitation or alternatively sale of respective areas of interest or where the activities in the area of interest have not reached a stage which permits a reasonable assessment of economically recoverable reserves and active and significant operations in the area of interest are continuing. In assessing the recoverability of Exploration and Evaluation expenditure in the financial report, the directors have considered the impacts of relationships with joint venture operators, future funding arrangements and planned future expenditure in relation to mining leases held. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS In 2016, Exploration and Evaluation expenditure immediately expensed in the consolidated statement of profit or loss and other comprehensive income amounted to $150,062 (30 June 2015: $155,142) and consisted of amortisation costs of restoration asset and unwinding of discounting on the restoration provision. Liabilities arising from Exploration and Evaluation activities amounted to $233 and formed part of trade and other payables (Note 10) (30 June 2015: $565,410) Less: RDTI applied Balance at 1 July 2014 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 47 ICON ENERGY ANNUAL REPORT 2016