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 Financial position 30 June 2019 30 June 2018 $ $ Assets Current assets 9,250,930 15,220,544 Non-current assets 8,520,795 33,840,854 Total assets 17,771,725 49,061,398 Liabilities Current liabilities 652,469 731,843 Non-current liabilities 5,561,015 5,352,116 Total liabilities 6,213,484 6,083,959 Net Assets 11,558,241 42,977,439 Equity Issued capital 101,984,750 101,984,750 Reserves - - Accumulated losses (90,426,509) (59,007,312) Total equity 11,558,240 42,977,438 Financial performance Loss for the year (31,439,128) (10,631,773) Other comprehensive income - - Total comprehensive income (31,439,128) (10,631,773) Carrying amount included in current liabilities - - Contingent liabilities of the parent entity On 12 October 2018, Justice Bond of the Supreme Court of Queensland delivered judgement in the matter of Baldwin versus Icon. The Plaintiffs’ claims against Icon Energy were dismissed and the Plaintiffs were ordered to pay Icon’s costs. Icon has recovered the costs. NOTE 21 - CONTINGENT LIABILITIES There are no other after balance sheet date events at the date of signing (30 June 2018: Nil). Following Dr. Jih’s retirement, Natalia Fraser was appointed as Chief Financial Officer and Company Secretary. The parent entity did not have any contractual commitments for the acquisition of property, plant or equipment as at 30 June 2019 or 30 June 2018. Guarantees entered into by the parent entity in relation to the debts of its subsidiaries NOTE 22 - EVENTS AFTER BALANCE DATE Subsequent to the conclusion of the financial year on 30th June 2019, Directors Dr. Kevin Jih and Derek Murphy retired from the Board after many years of service to the company. Icon would like to note and thank them for their valued contribution made to the company. NOTE 23 - PARENT ENTITY INFORMATION There are no contingent assets at the date of this report that require disclosure. Contingent liabilties are disclosed in note 21. The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements. Refer to Note 24 for a summary of the significant accounting policies relating to the Consolidated Entity. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 60 56 Icon Energy Annual Report 2019