Icon Energy Annual Report 2019

Notes to the Consolidated Financial Statements for the year ended 30 June 2019 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2019 NOTE 2 - LOSS FROM OPERATING ACTIVITIES (Continue) 30 June 2019 30 June 2018 $ $ Impairment of exploration expenditure (ATP855 and ATP 594) 25,909,794 655,133 Impairment of property, plant & equipment - 30,737 25,909,794 685,870 Superannuation 99,229 102,904 Audit and review of financial statements - Crowe 57,500 55,000 NOTE 3 - INCOME TAX EXPENSE (31,372,498) (4,037,191) Prima facie tax payable on loss before income tax at 30% (2018: 30%) (9,411,749) (1,211,157) 343 801 9,411,406 1,210,356 - - 56,783,201 52,962,543 17,034,960 15,888,763 2,615,551 295,762 6,120,801 5,978,408 2,620,906 1,882,251 19,655,866 17,771,014 5,022,194 30,110,710 1,506,658 9,033,213 18,149,207 8,737,801 NOTE 4 - KEY MANAGEMENT PERSONNEL REMUNERATION (a) • 1,667,288 1,671,012 • 21,318 19,878 • 149,541 149,940 1,838,147 1,840,830 Key management personnel compensation included in employee benefits: CONSOLIDATED ENTITY Total deferred tax liabilities not brought to account Income Tax attributable to loss before tax Temporary differences Deferred Tax Liabilities d. Impairment expense Long term benefits e. Other expenses Non deductible expenses Other Provisions Tax losses Potential tax benefit Total deferred tax benefits not brought to account Potential tax benefit Mining and exploration costs Total deferred tax assets not brought to account - net Refer to the remuneration report contained in the directors' report for details of the remuneration paid or payable to each member of the entity's key management personnel (KMP) for the year ended 30 June 2019. Post employment benefits NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Apart from the details disclosed in this note, no Director has entered into a material contract with the Company or Consolidated Entity since 1 July 2018 and there were no material contracts involving Directors' interests existing at year end. Increase/(decrease) in income tax expense due to: The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can utilise the tax benefits. Short term employee benefits Loss before tax expense Deferred tax benefits not brought to account 50 46 Icon Energy Annual Report 2019