Icon Energy Limited Annual Report 2023

Notes to the Consolidated Financial Statements for the year ended 30 June 2023 58 Icon Energy Annual Report 2023 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2023 a) Financial position 30 June 2023 30 June 2022 $ $ Assets Current assets 2,357,481 1,886,253 Non-current assets 13,976 5,110,044 Total assets 2,371,456 6,996,297 Liabilities Current liabilities 4,976,216 225,050 Non-current liabilities 393,459 5,031,977 Total liabilities 5,369,675 5,257,027 Net Assets (2,998,220) 1,739,269 Equity Issued capital 104,116,869 103,458,324 Accumulated losses (107,256,189) (101,719,053) Total equity (3,139,321) 1,739,271 b) Financial performance Loss for the year (5,537,137) (1,467,800) Other comprehensive income - - Total comprehensive income (5,537,137) (1,467,800) Carrying amount included in current liabilities - - d) Contingent liabilities of the parent entity NOTE 24 - STATEMENT OF ACCOUNTING POLICIES (a) 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. NOTE 23 - PARENT ENTITY INFORMATION Standards and Interpretations issued but not yet adopted NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The parent entity did not have any contractual commitments for the acquisition of property, plant or equipment as at 30 June 2023 or 30 June 2022. c) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The following is a summary of the material accounting policies adopted by the Consolidated Entity in the preparation of the financial statements. The accounting policies have been consistently applied unless otherwise stated. Changes in Accounting Policies Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2023 reporting periods. Some of them are available for early adoption at 30 June 2023, but have not been applied in preparing this financial report. The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. Standards and Interpretations adopted The Consolidated Entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. None of these have had a material impact on Consolidate Entity's financial statements.