Icon Energy Annual Report 2024 29 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2024 NOTE 1 - MATERIAL ACCOUNTING POLICY INFORMATION (Continued) - NOTE 2 - LOSS FROM OPERATING ACTIVITIES Loss from operating activities before income tax includes the following items: 30 June 2024 30 June 2023 $ $ Interest received 44,720 40,726 Refund - legal fees 120,000 - 164,720 40,726 Proceeds on disposal of inventory - 5,535 Written down value of inventory - - - 5,535 c. Asset write off Exploration and evaluation asset write off - 3,937,029 Plant and equipment write off 10,099 - 10,099 3,937,029 Superannuation 22,895 21,034 Audit and review of financial statements - Crowe - 64,700 Audit and review of financial statements - William Buck 53,610 - Tax advisory and other services - William Buck 8,305 - NOTE 3 - INCOME TAX EXPENSE (1,156,056) (5,537,787) Prima facie tax payable on loss before income tax at 30% (2023: 30%) (346,817) (1,661,336) Increase/(decrease) in income tax expense due to: - - 346,817 1,661,336 - - 69,462,201 68,061,959 20,838,660 20,418,588 81,445 66,971 4,964,728 4,851,736 1,495,665 1,867,314 1,962,551 2,035,806 22,801,212 22,454,394 (1,495,665) (1,867,314) 1,495,665 1,867,314 - - 22,801,212 22,454,394 CONSOLIDATED ENTITY Loss before tax expense d. Other expenses The end of year financial statements do not include any adjustment relating to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that may be necessary should the Company not be able to continue as a going concern. The reliance on future funding and the uncertainty surrounding the renewal of ATP 855 represent material uncertainties that could significantly impact the Group's ability to continue as a going concern. Consequently, these uncertainties may affect the realisation of assets and settlement of liabilities in the normal course of business and at the amounts stated in these financial statements. Receipt of Additional Funding: The Chairman has indicated he will offer additional support to be received in 3 tranches of $300,000 over the next 12 months as a non-interest bearing, unsecured loan with an option to convert the loan to Icon's securities. Transfer to Deferred Tax Asset Transfer to Deferred Tax Asset Mining and exploration costs Temporary differences Other Income Tax attributable to loss before tax a. Other income 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. Deferred tax benefits not brought to account Total deferred tax assets not brought to account - net b. Gain on sale of current assets Total deferred tax liabilities not brought to account Deferred Tax Liabilities Non deductible expenses Tax losses Potential tax benefit Provisions Total deferred tax benefits not brought to account Potential tax benefit NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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