Notes to the Consolidated Financial Statements for the year ended 30 June 2024 34 Icon Energy Annual Report 2024 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2024 30 June 2024 30 June 2023 Reconciliation of net cash used in operating activities to loss after income tax: $ $ Loss after income tax (1,156,056) (5,537,787) Add/(less) non-cash items: Asset write off 10,099 - Depreciation and amortisation 2,272 116,863 Impairment expense - 3,937,029 Finance costs 262,326 14,561 Adjustment for changes in assets and liabilities: Prepayments (160,069) (23,198) Trade and other receivables 47,844 (55,675) Trade and other payables (13,471) 80,952 Employee provisions (42,864) (34,492) Net cash used in operating activities (1,049,919) (1,501,747) NOTE 14 - JOINT ARRANGEMENTS AND MINING TENEMENTS HELD Basin Interest % Interest % 30 June 2024 30 June 2023 100.00% 0.00% Country of Date of Parent entity: Incorporation Incorporation 30 June 2024 30 June 2023 Icon Energy Limited Australia Subsidiaries of Icon Energy Limited: Icon Drilling Pty Ltd Australia 18 Nov 1994 100 100 NOTE 15 - CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The following is a list of active mining tenements held by Icon Energy Ltd and its subsidiaries. Oil and Gas ** Renewal application under consideration by the Department of Resources. % Owned CONSOLIDATED ENTITY NOTE 16 - SEGMENT INFORMATION NOTE 13 - CASH FLOW INFORMATION ATP 855P** Cooper Eromanga The Consolidated Entity operates in a single business segment, being the oil and gas exploration within Queensland. This is consistent with reporting to the Group's chief operating decision maker, who is the Board of Directors, that reviews internal management reports on at least a monthly basis. The financial results of this segment are equivalent to the financial statements of the Consolidated Entity as a whole.
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