Notes to the Consolidated Financial Statements for the year ended 30 June 2024 30 Icon Energy Annual Report 2024 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2024 NOTE 4 - KEY MANAGEMENT PERSONNEL REMUNERATION 30 June 2024 30 June 2023 $ $ (a) • 69,879 276,221 • - 495 • 7,766 29,130 • - 58,346 77,645 364,192 (b) (c) Transactions with Directors and Director Related Entities Professional fees: 17,125 - There was no oustanding amount included in the total above as at 30 June 2024 (30 June 2023: Nil). Lease Agreement: (d) Loans from Directors NOTE 393,458 - Loans advanced - 378,897 less: loan re-assessment (1,570) - Interest expense (included in finance cost) 53,501 14,561 Balance at the end of the year 8 445,389 393,458 45 7 448,702 1,480,927 448,747 1,480,933 There were no performance rights granted as remuneration during the period ended 30 June 2024 (30 June 2032: Nil). Key management personnel compensation comprised the following: Post employment benefits 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. 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 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The Group has a month-to-month lease agreement for its office building with an entity in which Mr. R. James has a controlling interest. The lease commenced on 8 December 2023. Under the lease agreement, no rent is payable by the Company. The Company is responsible for all outgoings associated with the leased premises, including utility costs, property taxes, and maintenance expenses. For the year ended 30 June 2024, the Company incurred outgoings and maintenance expenses totaling $1,008.42 related to this lease. The terms of the lease are more favorable to the Group compared to what would be available from unrelated third parties. There was no outstanding amount related to the lease as at 30 June 2024. Termination benefits NOTE 5 - CASH AND CASH EQUIVALENTS Professional fees paid in the ordinary course of business to Herb Hero Pty Ltd, a firm which Mr. P Wilson 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 2024 (30 June 2023: Nil). Performance rights provided as remuneration Long term benefits
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