Icon Energy Limited Annual Report 2023

Icon Energy Annual Report 2023 49 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2023 NOTE 4 - KEY MANAGEMENT PERSONNEL REMUNERATION 30 June 2023 30 June 2022 $ $ (a) • 276,221 374,766 • 495 2,053 • 29,130 37,267 • 58,346 - 364,192 414,086 (b) (c) Transactions with Directors and Director Related Entities - 19,106 (d) Loans from Directors NOTE - - Loans advanced 378,897 - Interest expense (included in finance cost) 14,561 - Balance at the end of the year 9 393,458 - 7 191 1,480,927 1,845,259 1,480,933 1,845,450 - - - 18,965 - (18,965) There were no performance rights granted as remuneration during the period ended 30 June 2023 (30 June 2022: Nil). Key management personnel compensation comprised the following: Post employment benefits Add: impairment reversal Short term employee benefits Cash on hand Cash at bank Remuneration of Directors is disclosed in the administration expenses within the Consolidated Statement of Profit or Loss and other Comprehensive Income whereas employee remuneration is within the employee benefits and expenses. Tenement consumables There was an oustanding amount of $4,796 (included in the total above) as at 30 June 2022. On 13 March 2023, Raymond James, a Director of the Company, signed a loan agreement for the amount of $520,000 to the Company on an interest-free unsecured loan for 2.5 years expiring 13 September 2025. CONSOLIDATED ENTITY Less: inventories sold In the year ended 30 June 2022, in accordance with AASB 102 Inventories, inventories impairment was reversed as a result of sale of inventory (note 2(b)) NOTE 5 - CASH AND CASH EQUIVALENTS Legal fees paid in the ordinary course of business to CKB Associates Lawyers, a firm which Mr. S Barry has a controlling interest. Performance rights holdings Balance at beginning of the year The loan is initially recognised at fair value in accordance with AASB 9 Financial Instruments. This is measured as the present value of all future cash flows, discounted using a standard business unsecured bank rate. The difference between fair value at initial recognition and the associated transaction cost is recognised as contributed equity in the Consolidated Statement of Financial Position. Loan is subsequently measured at amortised cost. The increase in the carrying amount of the loan due to the passage of time is recognised as finance cost in profit or loss. There were no performance rights granted under the executive short-term and long-term incentive scheme that were held during the financial year by Key Management Personnel during the period ended 30 June 2023 (30 June 2022: Nil). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 6 - INVENTORIES Performance rights provided as remuneration Long term benefits Termination benefits